2021-12-31-accounts - Friends Of Michelham Priory

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REGISTERED CHARITY NUMBER: 1071377

`REPORT OF THE TRUSTEES AND`

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021

`FOR`

`FRIENDS OF MICHELHAM PRIORY`

Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE

FRIENDS OF MICHELHAM PRIORY

`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021`

		`Page`
`Report of the Trustees`	`1`	`to`	`3`
`Independent Examiner's Report`		`4`
`Statement of Financial Activities`		`5`
`Balance Sheet`		`6`
`Notes to the Financial Statements`	`7`	`to`	`10`
`Detailed Statement of Financial Activities`		`11`

FRIENDS OF MICHELHAM PRIORY

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021`

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31stDecember2021.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewith the
FinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1 January
2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

TheadvancementofeducationofthepublicinthehistoryofMichelhamPriorybytheprovisionof promotion,
support,assistanceandimprovementofthePriory,itsamenities,groundsandbuildingsthrough the
activities of a group of Friends.

`ACHIEVEMENT AND PERFORMANCE`

`Charitable activities`

The Friends have continued to support Michelham Priory.

`FINANCIAL REVIEW`

`Principal funding sources`

DuringtheyeartheFriendsreceivedincomefromdonations,subscriptionsandfundraisingevents. During
theyeartheSussexArchaeologicalSocietyrefundedunusedmoniesof£89,988inrelationto previous
payments made to them towards the house refurbishment.

`Reserves policy`

The funds of the Friends shall be devoted solely to their stated objects.

TheexecutivecommitteehasthepowertoinvestfundsoftheFriendsinanyoftheinvestments authorised
undertheTrusteeInvestmentAct1961andtheCharitiesAct1993(Section24),providedthat before
exercisingsuchpowers,theexecutivecommitteeseeksprofessionalwrittenadvicefromapersonof standing
who is authorised to give investment advice under the Financial Services Act 1986.

`FUTURE PLANS`

TheFriendsarecommittedtopayingforfurthercostsinconnectionwiththereinterpretationofthe Priory.
ThemembershipoftheFriendswillnowbemanagedbyMichelhamPriorywiththeincomebeingpassed to
the Friends. The Friends will continue to handle any legacies left to the Friends of Michelham Priory.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Thecharityisgovernedbyitsgoverningdocument,theConstitutionoftheFriendsofMichelhamPriory dated
18thJune1998,asamendedon27thJune1998,15thMarch2000,15thMay2007,6thMarch2013and 2nd
March2016andconstitutesanunincorporatedcharity.TheConstitutioniscurrentlybeingreviewed and
updated.

`Recruitment and appointment of new trustees`

ThePresidentandVice-PresidentareappointedattheAnnualGeneralmeeting,willholdofficefor three
years and will be eligible for re-election.

TheChairman,Vice-Chairman,SecretaryandTreasurerareelectedattheAnnualGeneralMeetingby the
members, will hold office for one year and will be eligible for re-election.

`Public Benefit`

ThetrusteeshaveconsideredtheirdutysetoutinSection17oftheCharitiesAct2011tohavedueregard to
publicbenefitguidancepublishedbytheCommissionandintheiropiniontheirreportonthe achievements
and performance demonstrates that they have complied therewith.

Page 1

FRIENDS OF MICHELHAM PRIORY

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021`

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Risk management`

ThetrusteescontinuetomonitorthemajorriskstowhichtheTrustisexposedandaresatisfied that
adequate systems are in place to mitigate exposure to those risks.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Charity number`

`Principal address`

Michelham Priory
Upper Dicker
Hailsham
East Sussex
BN27 3QS

`Trustees`

Miss S Sole - Treasurer
Mrs E Francis - Membership Secretary (resigned 9/4/2021)
Ms A Johnston - Chairman
Ms H B F Tait - Vice Chairman/Secretary (resigned 3/12/2021)
D Swales - Vice Chairman (appointed 20/1/2022)
Ms H Winters - Secretary (appointed 30/9/2021)
Ms S Baker - Membership Secretary (appointed 20/1/2022)

`Committee members:`

Miss J Kershaw (deceased 10/1/2022)
Mr C Neighbour (resigned 4/4/2022)
Ms L Turner
Mr P Clinton
Mr D Cuttell
Mr P Cavie
Mr S Higgins
Mr B Burchett

`Independent Examiner`

Carol Barfoot FCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE

`Main bankers`

Natwest Bank Plc
96 Terminus Road
Eastbourne
East Sussex
BN21 3AA

Page 2

FRIENDS OF MICHELHAM PRIORY

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021`

Approved by order of the board of trustees on 1st June 2022 and signed on its behalf by:

Miss S Sole - Treasurer - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
FRIENDS OF MICHELHAM PRIORY

`Independent examiner's report to the trustees of Friends of Michelham Priory`

IreporttothecharitytrusteesonmyexaminationoftheaccountsofFriendsofMichelhamPriory(the Trust)
for the year ended 31st December 2021.

`Responsibilities and basis of report`

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActand in
carryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharityCommission under
section 145(5)(b) of the Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

Carol Barfoot FCA
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE

6th June 2022

Page 4

FRIENDS OF MICHELHAM PRIORY

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021`

2021
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
1,114
Other trading activities
2
224
Investment income
3
-
Other income
89,988
Total
91,326
EXPENDITURE ON
Raising funds
724
Charitable activities
Michelham Priory
192
Total
916
Net gains/(losses) on investments
-
NET INCOME/(EXPENDITURE)
90,410
RECONCILIATION OF FUNDS
Total funds brought forward
26,460
TOTAL FUNDS CARRIED FORWARD
116,870 2020
Total
funds
£
3,133
-
205
-
3,338
816
10,237
11,053
(5,729)
(13,444)
39,904
26,460

The notes form part of these financial statements

Page 5

FRIENDS OF MICHELHAM PRIORY

`BALANCE SHEET 31ST DECEMBER 2021`

`2021` `Unrestricted` `fund` `Notes` `£` `CURRENT ASSETS` `Debtors` `5` `-` `Cash at bank` `116,870` `116,870` `NET CURRENT ASSETS` `116,870` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `116,870` `NET ASSETS` `116,870` `FUNDS` `6` `Unrestricted funds` `116,870` `TOTAL FUNDS` `116,870`	`2020` `Total` `funds` `£` `1,705` `24,755`
	`26,460`
	`26,460`
	`26,460`
	`26,460`
	`26,460`
	`26,460`

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon1stJune 2022
and were signed on its behalf by:

S Sole - Treasurer - Trustee

The notes form part of these financial statements

Page 6

FRIENDS OF MICHELHAM PRIORY

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102) (effective
1January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicable in
theUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshave been
preparedunderthehistoricalcostconvention,withtheexceptionofinvestmentswhichareincluded at
market value.

`Financial reporting standard 102 - reduced disclosure exemptions`

Thecharityhastakenadvantageofthefollowingdisclosureexemptionsinpreparingthese financial
statements,aspermittedbyFRS102'TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.

`Taxation`

The charity is exempt from tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

continued...

Page 7

FRIENDS OF MICHELHAM PRIORY

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021`

`2. OTHER TRADING ACTIVITIES`

`2.` `OTHER TRADING ACTIVITIES`
`Fundraising events` `3.` `INVESTMENT INCOME` `Dividends received`	`2021` `£` `224` `2021` `£` `-`	`2020` `£` `-`
		`2020` `£` `205`

`4. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stDecember2021 nor
for the year ended 31st December 2020.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31stDecember2021norforthe year
ended 31st December 2020.

`5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`Other debtors` `6.` `MOVEMENT IN FUNDS` `Unrestricted funds` `General fund` `TOTAL FUNDS` `Net movement in funds, included in the above are as follows:` `Unrestricted funds` `General fund` `TOTAL FUNDS`	`At 1/1/21` `£` `26,460` `26,460` `Incoming` `resources` `£` `91,326` `91,326`	`2021` `2020` `£` `£` `-` `1,705` `Net` `movement` `At` `in funds` `31/12/21` `£` `£` `90,410` `116,870` `90,410` `116,870` `Resources` `Movement` `expended` `in funds` `£` `£` `(916)` `90,410` `(916)` `90,410`

continued...

Page 8

FRIENDS OF MICHELHAM PRIORY

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021`

`6. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

		`Net`
		`movement`	`At`
	`At 1/1/20`	`in funds`	`31/12/20`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`39,904`	`(13,444)`	`26,460`
`TOTAL FUNDS`	`39,904`	`(13,444)`	`26,460`

Comparative net movement in funds, included in the above are as follows:

	`Incoming`	`Resources`	`Gains and`	`Movement`
	`resources`	`expended`	`losses`	`in funds`
	`£`	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`3,338`	`(11,053)`	`(5,729)`	`(13,444)`
`TOTAL FUNDS`	`3,338`	`(11,053)`	`(5,729)`	`(13,444)`

A current year 12 months and prior year 12 months combined position is as follows:

		`Net`
		`movement`	`At`
	`At 1/1/20`	`in funds`	`31/12/21`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`39,904`	`76,966`	`116,870`
`TOTAL FUNDS`	`39,904`	`76,966`	`116,870`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedin the
above are as follows:

	`Incoming`	`Resources`	`Gains and`	`Movement`
	`resources`	`expended`	`losses`	`in funds`
	`£`	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`94,664`	`(11,969)`	`(5,729)`	`76,966`
`TOTAL FUNDS`	`94,664`	`(11,969)`	`(5,729)`	`76,966`

continued...

Page 9

FRIENDS OF MICHELHAM PRIORY

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021`

`7. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31st December 2021.

Page 10

FRIENDS OF MICHELHAM PRIORY

`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021`

	`2021`	`2020`
	`£`	`£`
`INCOME AND ENDOWMENTS`
`Donations and legacies`
`Donations`	`234`	`530`
`Annual subscriptions`	`880`	`2,603`
	`1,114`	`3,133`
`Other trading activities`
`Fundraising events`	`224`	`-`
`Investment income`
`Dividends received`	`-`	`205`
`Other income`
`Sussex archaeological society`	`89,988`	`-`
`Total incoming resources`	`91,326`	`3,338`
`EXPENDITURE`
`Raising donations and legacies`
`Insurance`	`195`	`328`
`Printing, postage and stationery`	`529`	`488`
	`724`	`816`
`Charitable activities`
`Sundries`	`35`	`-`
`Acer trees`	`-`	`237`
`Sussex Past - Covid preparations`	`-`	`10,000`
`Website costs`	`157`	`-`
	`192`	`10,237`
`Total resources expended`	`916`	`11,053`
`Net income/(expenditure) before gains`
`and losses`	`90,410`	`(7,715)`
`Realised recognised gains and losses`
`Realised gains/(losses) on fixed asset`
`investments`	`-`	`(5,729)`
`Net income/(expenditure)`	`90,410`	`(13,444)`

This page does not form part of the statutory financial statements

Page 11