The Gredley Charitable Trust REPORT AND FINANCIAL STATEMENrs For the year ended 31 March 2021 Charity R¢gistratioll No l(K)0266
The Gredley Charitable Trust INDEX TO Accouwrs Legal and administrative information Rwrt of the Trnstees Trnstees, responsibilities Independent Examiner's Rei Statement of financial activities Balance shect A¢¢ounting policles Notes to the accounts 10-15
The Gredley Charitable Trust LEGAL AND ADMINISTRATIVE INFORMATION Ycar ¢lld 31 March 2021 TRUSTEES WJ Gredl¢y JV Gredley MS Butcher SM Porter TCO Gredl PG Scott PRNCIPAL OFFICE AND REGISTERED ADDRESS Unex Hous Church Lane Si¢t¢hworth Newmarket Cambridgeshire CB8 gfN tNDEPENDENT EXAMINER RSM UK Tax and Accounting Limited Blenheim House N¢wmarkd Road Bury St Edmunds Suffolk IP33 3SB Coutts & Co 440 Strand IA)ndon WC2R OQS Page I
The Gredley Charitable Trust REPORT OF THE TRUSTEES Year endd 31 March 2021 The trustees prwit their report together with th¢ fJnaDcial statements of the clwity for the year ended 31 March 2021. Thefinan¢ial statements compris¢ the Statement of Financial A¢¢ivili¢s and the Balance SheeL togeiher with supporting notes. The fjnancial stat¢ments have been prwared in accordance with the accounting poli¢i¢s set out on pages 8 and 9 and Comply with the charity's deed, the Charities Act 2011 and Accounting and Repotting by Charities.. Sta¢¢ment of Recommended Prn¢tice applicable to charitie8 preparing their accountg in accordance with th¢ Financial Rew)rting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). CONSTITUTION The Gredl¢y Charitable Trust is constitutd und¢r a trnst deed dated 10 Au8USt 1990 and is a registered charity No 1000266. OBJECTtVES AND AcfIvITIES FOR THE PUBLIC BENEFTr The obj¢cts of the charity are the purnuit of charitable activities. mainly th¢ orgRnising and f]nancing of annual sumrnw day trips to the coa8L 30¢ial outings a ChristhS dinner for the older residen15 of Newmarket. Suffo]k and the surrounding villages. It also donates amounts to other charities and to cauges which have a Charitable aim. The ¢harity in*nd$ to continue th¢8¢ activities unchanged. The iTUSt¢¢s confirni that they have referred io the guidan¢¢ ¢ontained in th¢ Charity Commission's generdl guidance on publi¢ b¢nefit when trviewing the Trusi's aims and objectives and in detern]ining the grant muking policy for the y¢ar, and in planning future tiVitieS. ORGANISATION The tsuste¢8 who have seryd during the year and since the year end are s¢t out on page l. Th¢ appointsn¢nt of new or addition&1 trustees is vestcd in the settlor. MT WJ Gredl¢y during bis lifetime. The total number of tNste¢s SI1] not be more than cight and not le&8 than thre¢. Decision3 a made by a majority vote of the trustees. New trust¢¢S are identified and appointed by the cimtinuing tsleeS and made aware of th¢ gov¢rnin8 do¢um¢nL administrative procedu9 and the nature of the ttust genernlly. New trustees are given a copy of ¢he Charity Commission's bookld on the spOnsIbl11ty of trusl¢e$ and the previous year's accounts. The trustees ar¢ ¢llcouraged to att¢nd Appropriate external training ¢v¢nts wheLr these will facilitatc th¢ undenthg of their role. The ChArity has purchased indell]nity insurance on behalf of the ¢rust¢w. GRANT MAKtNG POLICY Th¢ tnteeS decide from time to time what donations tomake and wbat activities to fimd in accordance with the principal IA)jects as set out aiKJve. In addition. un80li¢iled trquests for grants Are reviewed as they a re1Ve$1 RELATED PARTIES The charity uses the pr¢mises of companies controlled by family members of its settler and trustee, WJ Gred]ey. Jn aggregate th¢ companies derive no profit from the provision of these SeiCe$. KEY MANAGEMENT PERSONNEL REMUNERATION The tnjstees consider the Board of Trustees as compromising the key managemeni p¢rsonnel of the clwity in charge of directing and controlling the charity and rnnning and operating th¢ ¢lwiry on A day to daybasis. No remuneration w&9 paid during this or the previous year. ACHIEVEMENTS AND PERFORMANCE Thecharity continued to a¢hieve its Stat objectives and perforniance during th¢ yearalbeil to a lesserextent due to the on-going ¢omplications arising from the Covid-19 pandemic. Page 2
The Gredley Charitable Trust REPORT OF THE TRUSTEES Year endcd 31 March 2021 FNANCIAL REVIEW During the year the charity bad a net increase in fimds of £91,728 (2020: £12,939). Th¢ prTucipal funding souwe for the yw was th¢ T¢nt and asso¢iat¢d incom¢ on the inv&stment property of £96,582 {2020.. £96,316). FUNDRAISING No ¢xt¢rnal thndrai8ing tiVitieS a und¢rtaken by the Charity. INVESTMENT POLICY AND PERFORfvL4NCE In March 2010 the trustees used £1.664.920 of the fitnds to purchas¢ an investment property. Rents receivable from this propety bkve Ser#(ed A yield of approxim&tely 5.8% (2020.. 5.70A} in the year. RESERVES POLICY At 31 mAh 2021 total reseryes were £2518.937. It 18 the policy of the charity to finance its expendttiwe, as it arises. from income. To the extent that income 18 not llY utilised in any one year, it is caTTied fonvard for use in years. The thistees have decid&1 to keep surplus cash on deN)sit to finance ¢xpenditure in the future. RISK MANAGEMENT The trustee8 hav¢ examined the major strategic. business and operational risks which the chartty faces And Confim that systems have be established 80 that the nttessary steps can be tsken lo le&sen these risks. The charity 13 ¢XP08ed lo financial risk5 arisingprimaTily from the inveslments that it holds. The charity I d¢veloFKd an iDt¢rnal fiaTll¢woTk for id¢ntifyiug risks that ¢a¢h inv¢sttn¢Dt is 5¢d io atLd their impact on economic capital. This pro¢ess is risk based and utilises ttugtee member knowledge and experience to manage the capital rquirements and to ensure that chaTityhas the r]nancial strength and capital adequacy to supp* its a¢tiviti¢s. Covid-19 was d¢¢lar¢d a$ a global pand¢mi¢ on I l Mh 2020. Th¢ imp8¢t of th¢ measures pul in place to combat the Outbak rontinu¢ to cau8¢ significaul disruption to busin¢S8¢5 e¢onomies. The trustees have ken appropriate a¢tion$ to endeavour to mitigate th¢ impa¢t on th¢ TftL PLANS FOR THE FufuRE The Trust pl8n$ lo ¢oniinue organisitig and financing Annual summer day trips and social outings subject to th¢ re8tri¢tions encountered from the Covid-19 p8nd¢mi¢. Christsna8 dinners for older residents in th¢ Newinark¢l w¢r¢ r¢plac by Christmas haTllp¢TS. Th¢ Trust also plans to ¢ontinu¢ to make donations other Charities. Rentsl income from the Trnst's iDvestm¢nt propety is expe¢ted to fund continuing ¢haritabl¢ Activities. Approv¢d on bebalf of the Trnstees on 25th January 2022. TCO Gredley Trustee Page 3
The Gredley Charitable Trust TRUSTEES. RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENrs Year ended 31 March 2021 The tswst¢es are res[M)nSile for pr¢paTing the Trslees, Report and the financial stat¢m¢nts in accordaThce with applicable law and United Kingdom Accounting Standards (Unit¢d Kingdom Generally Acceptal Accounting Practice). Th¢ law applicable to charities in England & Wales requires the Intee$ to prepare financial statements for each financial year which giv¢ a tn and fair view of the state of affairs of th¢ dwity and of the incoming re80urc¢s and &pplication of re8our¢es of the charity forthat period. Jn preparin8 th&qe financial ststemen the In1¢¢$ ar¢ required to: select suitsble accounting FK)l1ci and then apply them consistently; observe the m¢tbods and principles in th¢ Charities SORP. ake judgments and estimates that are reasonabl¢ and prudent" sta wh¢iher applicable a(untillg standards hove b¢en followrf subject to any matuial d¢partuirs dis¢los¢d and explained in the financial stat¢m¢nts' prepare the financial statetnents on the going concern basis unless it is inappTopriate to presume that the ¢lwity will continue in busine&8. The Intyt¢¢8 ar¢ responsible forkeeping prw accounting records that disclose with r¢asongble accuracy ot ny time th¢ financial position of the charity and enabl¢ them to ensure that the f]nancial stat¢m¢nts comply with the Charili¢s Act 2011, the upplicablc Charity (Accounts and RepoTts) Regulations and the provisions of the tnJ8t deed. They are also responsible for safeguarding the assets of th¢ ¢h&rity and hence for taking reasonabl¢ $lq)s for the prevention artd ¢Jetection of fraud and other irregularities. Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREDLEY CHARITAB[ TRUST I report lo the tNslee's on my examination of the financiaI statements of The Gredley chitable TnLsI (the 'charity') for the year ended 31 Mar¢h 2021. Resp)D$lblllties •lld basls of report As the tsus¢ee8 of the ch8rity* you are responsible the pr¢parntion of the accounts in accordance with the reqtsirements of the Chariti¢s Act 2011 ("the Act'y. I report in respect of my examination of the charlty's accounts carried out und¢T section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by th¢ Charity Commission ulldcr section 145(5)(b) of the ACL An independent examination does not fftnvolve gathering the idence that would be required in all audit ond consequently does not cov¢r all the matters that an auditor considers in giving their opinion on the a¢counts. The planning and conduct of an audit goes beyond the limitd assurance that an independent examination can proiide. Consequently. l express no opinion to whether the aceounts present a 't and fair view, and my report is limitrd ¢0 those specific matt¢rs 8¢1 Out in the independent examiner's statement. Independent examlner'i statement I have complded my examination. I confirni that no matttlal Juatl¢rs have come to my attention in connection with the examination wbirh gives me cause to beli¢ve that in. any matetial r¢spect: the aceounting records were nol kept in resW of the charity requir by section 130 of th¢ Ch8riti&s A¢t' or the a¢¢ounts do not a¢rd with the accounting records: or the accounts do not Comply with the applicable requirements conceming the forni and content of accounts Set out in the chariti (Accounts and Reports) Regulations 2008 other than any requirement that the a¢¢ounts give a 'true and fair, view which 18 not a matter considered as part of an independellt examination. I hav¢ no ¢on¢erns and have come acro88 other matta? in eonn¢¢tion with the examination io which tention should be drawn in this rert in order to enable a pmper undetstanding of the a¢¢ounts to b¢ reached. Clair6 S6tth6rland Name: Claire Suiherland Name of appli¢able listed bY.. The Insiilule DfCharleredAccouNlants irt Englandand Wal ReleVt prnfelonaj qualification or membership of profe&8ional body: CharteredAccowitsni On behalf of RSM UK Tax and Accounting Limit Chartered Accountants Blenheim House NewTnarket Road Bury St Edmund8 Suffo]k IP33 3SB 26 January 2022 Page 5
The Gredley Charitable Trust STATEMENf OF FINANCIAL ACTIVITIES Year ended 31 March 2021 Noies Total fvnds Unrestri¢ted 2021 Total fimds Unrestricted 2020 In¢oJn¢ And endovrnients froJD: Donations and legacies Investsnents 114,193 114,047 Total JD¢ome 114,193 114,047 ExpeDdlthre Invesmient manag¢m¢nt costs ExndItUre on charitsble activities 2,087 20,378 1,986 99,122 Tot81 expendithre 22.465 101,108 Net movement In funds 91.728 12,939 R¢¢oDclllation of fundy Totsl funds brought forward at l April 2020 io 2.427209 2,414.270 Total funds carried fonyard at 31 March 2021 io £2,518.937 £2,427209 Page 6
The Gredley Charitable Trust BALANCE SHEET 31 Matrh 2021 NoleJ 2021 2020 FIXED ASSErs Tanle assets: tnveslment properties Motor vehicles Investments I,5(,000 8.959 loo 1 00,[m)0 11,947 1,509.059 1.512.047 CURREKf ASSETS Debtors Cash at bank .030.519 4.790 935,087 3.721 1,035.309 938,808 CREDITORS: Amounts fa]ling due within one year (25.431) (23,646) NET CURRENT ASSETS 1.009.878 915,162 TIYTAL NET ASSE'IB £2.518.937 £2,427,209 FUNDS - UNRESTRicfED 10 £2518,937 £2,427209 The financial slalements on pages 6 to 15 were opproved and authl8¢d frir issue by the trustees on 25th January 2022 and signed on its behalf by.. TCO Gredley Trustee Page 7
The Gredley Charitsble Trust AccoifNTING POLICIES BASIS OF AccouNfiNfj The OUnts have been ptTpaTed under the historical cost convention with it¢ms tEcognised at cost or tr8llsaction value unless otherwise stated in the relevant note th¢s¢ accounts. Th¢ awouDts have been prepared in a¢¢ordanee with the Statement of Recommended Practice.. Accounting and R¢porting by Charities pr¢pariDg their accounts in accordance with th¢ Financial Reporting Standard app]ible in the UK Bnd Republic of Ireland IFRS 102) and th¢ Charitia Act 2011 and the Financial Rewting Stsndanl applicable in the United Kingdom and Republic of Ireland (FRS 102). GOING CONCERN The chty is Considered to be a goin8 concern on the basis that li has net assets at the balance sheth date. When as8¢ssing the going cimcan wsition of the ¢harity, the TTUStees have ¢onsid¢r¢d the on-going impact 8nd uncertainty surrounding the Covid-19 pandemic as well as the financial position of the charity. The in¢om¢ of the charity is priniarily derived from investtnent ittcome which ha8 Continued to be generatryj despite th¢ impact of Covid-19. Th¢ charity has minimal overhead expens¢s. does not incur any staff costs and charitabl¢ ¢xpendilure is at the discretion of th¢ Trustees so this b¢ amended in any year in order to Tanain in line with the level of income. Therefore, the Trustees have concluded that it is appropriate to ¢ontinu¢ to prepare the financial 3tsl¢ments on the going concern basis. GROUP ACCOtTTr The fin¢1&1 statements pre5enl infomwtion alx)ut the charity 48 an individual entity and not about its group. The chArity and its subsidiary undertaking Comprise a small sized group. Th¢ charity has therefore takcn advantage of the exemptions provided by the Charitie8 knt 2011 (Chyritsble Companies Audit and Group Accounts Provisions) Order 2008, and the Charitias (A(xounts and Reports) R¢8ulations 2(XJ8 not to prepare group accounts. DONATIONS AND LEGACIES Income from donations are Te¢ognis¢d when the charity has entitlm¢Dt to the income, it is probable that the in¢orn¢ will be rtteived thc amount of the income can b¢ r¢liobly measuttd. rNVESTMENT INCOME Investment income is accounted for in the period to which it rel&tes. Expenditure is included on an a¢¢nlS basis as a liability is incurred. It in¢ludes aDy VAT which canDOt recovered attd is par( of the expenditure to which it relate8. Charitoble expendilure COmPTiS¢S those costs incurred by the chArity in the delivery of its activities for ils beneficiaries. Property costs relate to those ¢osis inCued by the charity in Telation to property insurance and repairs, and are included in the StAtemu)t of Financial Activitie8 as inv¢stsnenl management costs. GRANTS PAYABLE Grants payable are accounted for when paid or where an W1ndItIonal commitmcnt to pyment is made. FUNDS Unrestricted funds Are donations and other incomi7>g ffSoU£S received or generated foT the objects of the charity without further specified punx)sc and are available as generdl funds. Page 8
The Gredley Charitable Trust AccouKfING POLICIES TANGIBLE FIXED ASSETS AND DEPRECIATION All a&8ets 008ting MO than £1,000 are capita]ised. Depreciation is provided at a 25¥f* reducing balance basis on motor vehicles io write down assel lo ils estimated residual valu¢ ov¢r its ¢xFwted useful life. Invejknent properl1 gre initially measur1 at cost and Subsequently me8sured at fair valu¢. Changes in fair value Are cOgniS¢d in profit or loss, INVESTMENTS Investsn¢nts in subsidiary ar¢ stated al Cost (Note 7). FJNANCIAL JNSTRUMENrs Ftnancial assets and financial liabilitie8 are recognised when the Charity becomes a party to the contractual PTOVi8ions of ihe instrument, and are offset only wben the Charity currently has &1¢8ally enforceable right to sel off the recOlsed amounts and intends either to settle on a net basis, or to realise th¢ a8S¢t and settle the liability 8imultartwusly. FiDan¢ial jiabililies and equity instTuments are classified acci)rding to the substan¢¢ of the ciyntrdctual aTTangements entered into. An equity inslnunent is any wnlwt that¢vid¢ll8 A residual interestin the assets of th¢ Charity after dUCting all of its liabilities. FINANCIAL ASSETS Amounts owcd by subsidiaryundeTthking and trade debtors wbich are receivable within OD¢ yeaT and do not constilute a financing IransactlOD are initiaIly measured at the tranwtion prA¢¢ and sub8equendy me8sur¢d al amortised cost. FINANCIAL LIABILrrIES Other creditOTS (including accruals) payable within one year that do not constitute a financing tronsaction re initially measured at the transaction PTice and subsequently measured at amortised cost, being the transaction Price less any amounts settled. Page 9
The Gredley Charitable Trust NOTES TO THE ACCOUNrs For the ¢8r ended 31 March 2021 DONATION INCOME 2021 2020 Donati(m from related undertaking tNVESTMENT INCOME 2021 2020 Other inlerest Renthl and associated income 17,611 96,582 17.731 96.316 £114,193 £114,047 EXPENDITURE Inveslment management Charitabl¢ CQ818 activities Totsl 2021 Total 2020 Costs directly *llotated to aetlvltles TT8nsportlCaterin Entertainment Vehicle expenses Grt8 payable Insurance & other admin costs Accoulltancy fees Propety insurance and r¢pairs 465 8,304 5,000 3,109 3,500 465 8,304 5,0¢)0 3,109 3,500 2,087 71.108 l5,523 3.250 3.136 6.105 1.986 2,087 Total resourees expeDded 2021 £2.087 £20,378 £22,465 £101.108 Tot81 re8our¢es expended 2020 £1,986 £99.122 Accountancy re include £2,900 (2020.. £2,800) in respc£l of indep1 ewdminers fees. REMUNERATION OF EMPLOYEES AND KEY MANAGEMENT PERSONNEL The Charity considets its key manag¢m¢nt personnel comprises its Trustees. The total employment benefi¢s. including employer pension Cost of key management persoDn¢l, were £Nil (2020., £Nil). There were no employees in this Charity in 2020 or 2021. Trnst¢¢s recetvd no remuneration (2020: £Nil) and were not reimbursed for any oftheir expen8e8 in th¢ year (2020: £Nil). Poge 10
The Gredley Charitable Trust NOTES TO THE AccouNrs For the year ended 31 March 2021 GRANTS PAYABLE 2021 2020 I grant (2020: 3) as followB: The Ellestnere Centre Sietchworth Parochial Church Council Dullingham V.E. Day Celebration$ St Nicholas Hospice Care 1.000 5,000 5,0(K) Nil institutional grant (2020: 1 xrtstiMtional grdnts) of not mo than £500 to charities and other causcs which have a c])aritable aim.. 250 £3.250 TANGIBLE FIXED ASss Investrnt propety Valuation At l Apri] 2020 al 31 Marcb 2021 £1,500.0 The historic Cost of the prop¢rty is £1.664.920 (2020. £1,664.920) at 31 March 2021. The fair value of the CoMpY'S inv¢8tment properties has been arrived flt by WJ Gredley (a tTUStee) and AG Monis using a basis of market Vae. The valuation was bo8¢d on recent market transactioDS on an arnl's length basis for similar properties. The tangible fixed &8sets are primarily held lo provide an investrn¢nt return. Motor vehi¢l¢s Cost.. I April 2020 and 31 March 2021 50.392 Depreciation: l Aptii 2020 Charged in year 38,H5 2,988 31 March 2021 41,433 Net book valu 31 March 2021 £8,959 31 March 2020 £11,947 Pagell
The Gredley Charitable Trust NOTES TO THE ACCOUNTS Forth¢ year ended 31 Marth 2021 Investment in subsidiary Va]uation or nominal value or cost At l April 2020 and 31 March 2021 £l(M) Investrn¢nt in subsidiary: Cla&s of holding PrOrtIOn held Name Oftenfact Limited Ordinary iooy The Tegistered offi¢e of Ollcnfact Limited is Unex House, Church Lane. Stetchworth. Newn)8, Carnbridg¢shitE. CB8 grN. The aggr¢t¢ ¢apital and reserv¢8 and results for th¢ Ye are included in Note I l. The unlisted illv¢stments wtre primarily held to provide an investment rethrn. DEWtORS 2021 2020 Trade d¢biors Amount due from subsidiary undertaking ArnouDt due from related undethg Other debtors 3,240 574.020 448,575 4,684 561248 366,445 7.394 £1,030,519 £935,087 CREDITORS 2021 2020 Other ¢reditors A¢¢nlS And deferred inrn¢ 31 25,400 31 23,615 £25,431 £24,041 Deferred income comprises.. Brought fonvard Def¢rr¢d in the year Released in th¢ year 22.2 21.900 (22.200) 22.2(K) 22,2(N) (22,2(K)) Deferred income Carri fojivard £21,900 £22,2 Defeffed incomc relatcs to rental incorne for the following quarter. Page 12
The Gredley Charitable Trust N(YfES TO THE ACCOUNTS For the year ended 31 March 2021 10 MOvEMErS IN FUNDS At l April Jncomit 2020 Re8OUW Outgoing At 31 March Resourc 2021 Unrestricted fimds: (3¢neral reserves 2.427209 114.193 (22.465) 2,518.937 Tolal unrestricted fijnds £2,427209 £114,193 £(22.465) £2,518,937 At l April 2019 Incoming Oul8oitig Ai 31 N(arch 2020 Unrestri¢t¢d funds: G¢n¢rnl tEserve8 2.414.270 114.047 (101.108) £2,427209 Total unrestricted funds £2.414270 £114.047 £(101.108) £2,427209 General fimds- To the exteni that re50lle8 are not fully utiliseAI in any year for the further4ll¢¢ of the objects of the cbarity. such sutplus resources ar¢ carria forward for use in sub8¢qvcnt yea. Page 13
The Gredley Charitable Trust NOTES TO THE ACCOUNTS For the ¢ar cnded 31 March 2021 SUBSIDIARY COMPANY The charity owns the whole of th¢ issued ordinary share ¢apitsl of Oft¢nf&et Limited, a company registered in England. The subsidiary company is an investsnent holding company. A summary of the results of the subsidiary is shown below.. 2021 2020 Turnover Related costs 600 (5,712) (9.251) 0tIng10$S (8,651) {5,1 l2) Inrest receivabl¢ and similar income Int¢r&qt payable 9.804 (14,413) 22,680 (14,512) (Lossypmfit on ordinary activities before and after tation £(13.260) £3,056 2021 2020 The aggregate of th¢ 8ssets, liabilities and funds w&8: Awts Liabilities 600,000 {574,020) 600,488 {561,248} Net assets £25,980 £39.240 Capithl and reserves: Called up sh8re capital (representing 100 ordinary shares of £1 each) Revaluation reserv¢ Profit and loss account loo 50,138 (24258) 100 50,138 (10.998) £25,980 £39,240 The company owns a freehold prorty which it int¢nds to develop profitably. 12 TAXATION The Grley Charithle Tn1 is aregistered chlty and, as such. its incom¢ and gains falling within Sections 518 to 564 of Part 10 of the Income Tax Act 2007 and Seclion 256 of the Taxation of Chargeable Gains Act 1992 are ex¢mpi from Corporation tax to the extent that they are applied to ils ¢haritable objectives. Page 14
The Gredley Charitable Trust NOTES TO THE ACCOUNTS For the ythr ended 31 March 2021 13 RELATED PARTY TRANSAcfioNS Un¢x Holdings Limited. a related company by VIrti of tt director being a truste¢ of the charity. rechar8¢d ihe charity £nil (2020.. £6,500) for expenses in¢uTred on its behalf and incury¢d expenses of £1.350 (2020.. £nil) on behalf of the cbarity which were not rechar&.d. Interest of £3,190 (2020: £3.190) receivable on the bank balance h¢ld by the company on behalf of the Charity. At 31 March 2021 £354,745 (2020.. £351555) was due from the company and this is included in debtors. Un¢x Finance Limited. a lated company by viffl of 8 dirtctDr betng a trustee of the charity. re¢harged the charity £16,949 (2020.. £95.655) for expenses incurred on its behalf. and collected rent and associat¢d income of £95.889 (2020: £99,026) on behalf of th¢ clwity. At 31 Mwrh 2021 the balance due from this entity was £93,830 (2020.. £14,890). The charity has given o loan of £250,0(M) to its subsidiary company, Ofienfact Limited? repayable ol) dernand. The loan is secured and interest is payable at the Tale of 3 % per annum above th¢ b8se rate. In addition. £324,020 (2020.. £311.248) is due from the subsidiary company on its Current accounL During the year thded 31 March 2021, the total inteK8t payabl¢ was £14.470 (2020." £14.630). 14 SECUIUTY The Trnst has the benefit of a legal charge over Oftenfact Limited's freehold property in resp¢¢l of all monies due from the subsidiary company. Oftcnfact Limited. 15 RENf BcEIvABLE Ai th¢ year end the ehariiy had contracted with tenants under non-¢ancellable operating lease4 for the following tllre minimwn lease payments: 2021 2020 Amounts receivable: Within one year Between two and five years 63,000 40,734 63,000 103.734 £103,734 £166,734 The operating lea8¢s represent leases of on¢ propw to tbiThl partiu. The l¢ases are registered over ternis of15 years (2020: 15 yeat3). There ar¢ no options in place for ¢itherparty lo extend the lease ternis. Page J5