Registered Company number 04839758
The Vale of Glamorgan Agricultural Society (A company limited by guarantee)
Report and financial statements Year ended 31 December 2021
Charity number 1108960
The Vale of Glamorgan Agricultural Society Index to the Accounts Year ended 31 December 2021
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Management Committee | 2 |
| Responsibilities of the Management Committee | 4 |
| Independent Examiners' Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes Forming Part of the Financial Statements | 8 |
The Vale of Glamorgan Agricultural Society Report of the Management Committee Year Ended 31 December 2021
Administrative Information
Charity and Company Name
The Vale of Glamorgan Agricultural Society
Charity Registration Number
1108960
Company Registration Number
4839758
Registered Office and Operational Address
Llys Ffynnon Penllyn Nr Cowbridge Vale of Glamorgan CF71 7RQ
Management Committee
A G Thomas Chair J Hanks Show Director H J Price Treasurer J Arnott A E Banks D E Harris L M Price C Thomas I Thomas
Company Secretary
S Fenner
Independent Examiner
Williams Ross Limited, 4 Ynys Bridge Court, Gwaelod y Garth, Cardiff, CF15 9SS
Bankers
HSBC, 61 High Street, Cowbridge, South Glamorgan CF71 1YJ
Investment Portfolio Fund Managers
NFU Mutual Select Investments Limited, Tiddington Road, Stratford-upon-Avon, Warwickshire, CV37 7BJ
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The Vale of Glamorgan Agricultural Society Report of the Management Committee Year Ended 31 December 2021
The management committee are pleased to present their annual report together with the financial statements of the charity for the year ended 31 December 2021 which are also prepared to meet the requirements for directors’ report and accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Companies Act 2006 and Accounting and Reporting by Charities: Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 21 July 2003 and registered as a charity on 11 April 2005. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and Appointment of Management Committee
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association, at each annual general meeting, one third of the Trustees who are subject to retirement by rotation or the number nearest to one third shall retire from office.
Where a trustee retires by rotation he or she shall, if willing to act, be deemed to have been re-appointed.
Trustee Induction and Training
Any new trustees are only appointed where they are recommended by the existing trustees or where a member qualified to vote at the meeting gives notice to propose that person for appointment.
The trustees involved in the charity are from various professional backgrounds and several have many years’ experience within the field of agriculture and are expected to attend at least one of the four meetings held quarterly in addition to the annual general meeting to discuss the business of the charity.
Risk Management
The Management Committee has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant external risks to funding have led to the developments of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.
Procedures are in place to ensure compliance with health and safety of volunteers, visitors and livestock on show day and to ensure a consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Plans for Future Periods
The charity plans continuing the activities outlined below in the forthcoming years subject to satisfactory funding arrangements. In the future, if the right opportunity presents itself, the charity may wish to purchase a permanent show site.
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The Vale of Glamorgan Agricultural Society Report of the Management Committee Year Ended 31 December 2021
Objectives and Activities
The company’s objects and principal activities are: -
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a) The advancement of industry in general and of the rural economy and agriculture in particular in the Vale of Glamorgan through the promotion of improvements in, breeding, rearing and health of livestock, agricultural produce, the safety and utility of agricultural equipment, machinery and implements and the encouragement of skills development and husbandry in the agricultural industry and in furtherance thereto to hold shows in furtherance of an ancillary to the foregoing objects but not otherwise: and
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b) To advance education to the general public and in particular education in agriculture, animal husbandry and allied industries; and
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c) To promote the conservation protection and improvement of the physical and natural environment.
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities and consider that they have complied with their duty under section 17(5) of the Charities Act 2011. All the charitable activities focus on the provision of services which all members of the public are able to enter and attend.
Achievements/ Performance
One of the main areas of charitable activity is to hold shows for the exhibition of livestock, poultry, farm and horticultural produce, machinery, tools, appliances, clothing etc. As a result of the ongoing coronavirus pandemic, the 2021 Agricultural show could not take place. A deposit paid in January 2020 to secure marquee accommodation for the 2020 show has been rolled forward to the 2022 show.
The Society provides Vale Show Bursaries to young people who help out at the show on a voluntary basis. Applicants must be between the ages of 16 and 26 and the bursary is awarded to help further the education or assist the young person in business. Directors allocate the amount available on an annual basis and the bursary committee decide who is eligible. In 2017 a trailer was purchased for the Cows on Tour Farming Education Team for use from 2017 onwards. Only two small charitable donations were made during 2021.
Financial Review
The charity had an overall net surplus of £32,285 during the financial year (2020 – net deficit of £15,629). The income excluding investment income and the unrealised gains on investments increased by £9,972 from the previous year (2020 – decrease of £142,284). This increase was a result of securing government grant funding in the year.
Investment Policy
The total market value of investments under management at 31 December 2021 amounted to £491,518 (2020 - £458,451) with an original cost of £346,628.
The charity is pursuing a policy of capital growth. Investment performance is regularly reviewed with the portfolio managers and investment decisions are subject to the management committee’s approval.
Reserves Policy
The management committee have examined the charity’s requirements for reserves in light of the main risks to the charity. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure. In 2021 the budgeted expenditure was again revised down from the 2019 levels to minimise expenditure wherever possible to take account of the loss of income. It is intended that the expenditure will return to 2019 levels post pandemic once agricultural shows are permitted to run in the traditional way.
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The Vale of Glamorgan Agricultural Society Report of the Management Committee Year Ended 31 December 2021
Reserves Policy (continued)
The present level of reserves available to the charity is £509,440 (2020 - £477,603) with available free reserves of £507,408 (2020 - £474,956). The trustees believe these reserves are reasonable as they are needed in part to meet the working capital requirements of the charity. There is also a need to retain sufficient reserves to fund the potential purchase of a permanent show site.
Responsibilities of the Management Committee
The management committee (who are also the directors of the Vale of Glamorgan Agricultural Society for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting departures disclosed and explaining in the financial statements;
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prepare financial statements on the gointhat the charitable company will continue on that basis.
The management committee are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and that enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The management committee are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement as to disclosure to our independent examiners
In accordance with company law, as the company’s directors, we certify that:
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so far as we are aware, there is no relevant information of which the company’s independent examiners are unaware; and
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as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the charity’s independent examiners are aware of that information.
Approved by the trustees on 23 March 2022 and signed on its behalf by:
H J Price Treasurer
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Independent Examiners' Report to the Management Committee of The Vale of Glamorgan Agricultural Society
I report on the accounts of the company for the year ended 31 December 2021, which are set out on pages 1 to 12.
Respective responsibilities of the management committee and examiners
The management committee (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The management committee consider that an audit is not required for this year under Part 16 of the Companies Act 2006 and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and
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to state whether particular matters have come to our attention.
Basis of independent examiners' report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiners' statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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� to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice (FRS 102);
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
John Chown …........................................... for and on behalf of Date Williams Ross Limited Chartered Accountants 4 Ynys Bridge Court Gwaelod Y Garth Cardiff CF15 9SS
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The Vale of Glamorgan Agricultural Society Statement of Financial Activities
(Including Income and Expenditure Account) Year ended 31 December 2021
| Notes Income Donations 2 Income from investments 3 Income from charitable activities: Show income 4 Government grants receivable Total income Expenditure Expenditure on raising funds Investment portfolio management charges Expenditure on charitable activities Show costs 5 Bursaries Total expenditure Net gains/ (losses) on investments Net income for the year Reconciliation of funds Total funds brought forward Total funds carried forward Net income for the year before gains / (losses) on investments |
2021 £ 11,216 6,118 - 11,998 29,332 1,492 23,996 - 25,488 3,844 28,441 32,285 477,603 509,888 |
2020 £ 11,527 6,541 1,715 - 19,783 1,377 31,003 - 32,380 (12,597) (3,032) (15,629) 493,232 477,603 |
|---|---|---|
The statement of financial activities includes all gains and losses in the year.
All income and expenditure derive from continuing activities.
All activities relate to an unrestricted fund.
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The Vale of Glamorgan Agricultural Society Balance Sheet 31 December 2021
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash in bank and in hand Creditors: amounts falling due within one year 14 Net current assets Net assets Funds Unrestricted funds 15 Total funds |
£ £ 2,032 491,518 493,550 1,122 18,286 19,408 (3,070) 16,338 509,888 509,888 509,888 2021 |
£ £ 2,647 458,451 461,098 1,230 15,515 16,745 (240) 16,505 477,603 477,603 477,603 2020 |
|---|---|---|
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements are prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
Approved by the Board for issue on 23 March 2022
| A G Thomas | H J Price |
|---|---|
| Director | Director |
| COMPANY REGISTRATION NUMBER: 04839758 |
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The Vale of Glamorgan Agricultural Society Notes forming part of the Financial Statements Year ended 31 December 2021
1. Accounting Policies
a) Establishment
The Vale of Glamorgan Agricultural Society is a charitable company, charity number 1108960. It was incorporated on 21 July 2003 and registered as a charity on 11 April 2005. The registered office of the charity is Llys Ffynnon, Penllyn, Cowbridge, Vale of Glamorgan, CF71 7RQ.
b) Basis of Preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Vale of Glamorgan Agricultural Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value apart from investments which are stated at market value.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
c) Reconciliation with previous Generally Accepted Accounting Practice
- In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS102 and Charities SORP FRS102 the restatement of comparative items was required. No restatements were required.
d) Fund accounting
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
e) Donated services
In accordance with the Charities SORP (FRS 102), the general volunteer time provided to the charity is not recognised and refer to the trustees' report for more information about their contribution.
f) Income
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be applied with reasonable accuracy.
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Donations Donations are included when receivable.
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Income from investments
All investment income is included in the Statement of Financial Activities when receivable.
g) Expenditure and irrecoverable VAT
Expenditure is included in the accounts on an accruals basis. Expenditure includes any VAT which cannot be recovered.
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Expenditure on raising funds includes all expenses incurred with managing the investment portfolio.
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Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The Vale of Glamorgan Agricultural Society Notes forming part of the Financial Statements Year ended 31 December 2021
1. Accounting Policies
h) Tangible fixed assets
Depreciation on tangible fixed assets is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office Equipment 7 years Computer Equipment 3 years
Individual fixed assets costing £500 or more are capitalised at cost.
i) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/ (losses) on investments' in the Statement of Financial Activities.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.
j) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel and governance costs which support the activities of the charity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change and value.
l) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
m) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
n) Use of accounting estimates and areas of judgement
The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying the credit union's accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements are disclosed below:
o) Valuation of investments
The trustees exercise judgement in the valuation of the quoted investments and securities held by the charity. The valuation applied are derived from the investment fund manager reports which indicate the market value of the investments and securities at a given date.
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The Vale of Glamorgan Agricultural Society Notes forming part of the Financial Statements Year ended 31 December 2021
| 2. Donations and grants Subscriptions and donations Vale of Glamorgan Council donation 3. Income from investments Dividend income 4. Show income Show entry fees Show space - stand fees Catalogues - sponsorship Gate and car parking receipts Catering Analysis of expenditure on charitable activities 5. Show costs Preparation costs and equipment hire Prizes Catering and entertaining Judges, fees and expenses Section official expenses Stewards Printing and stationery Advertising Insurance Donations Equipment depreciation Support costs (see note 6) Governance costs (see note 6) 6. Analysis of governance and support costs Secretarial services Postage, telephone and sundries Affiliation fees and licences Indemnity insurance directors and officers Professional and consultancy fees Bank charges |
2021 £ 11,216 - 11,216 2021 £ 6,118 6,118 2021 £ - - - - - - 2021 £ 3,080 - - 77 - - 180 - 2,106 550 615 16,528 860 23,996 General Support £ 16,000 528 - - - - 16,528 |
2020 £ 11,527 - 11,527 2020 £ 6,541 6,541 2020 £ - 270 1,401 - 44 1,715 2020 £ 8,294 20 1,440 - - 40 70 76 2,400 220 615 16,728 1,100 31,003 Governance £ - - 345 - 515 - 860 |
|---|---|---|
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The Vale of Glamorgan Agricultural Society Notes forming part of the financial statements Year ended 31 December 2021
7.
| Net income for the year | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Depreciation | 615 | 615 |
| Independent examiner's remuneration | - | - |
8. Staff costs and numbers
There were no staff costs during the year (2020 - nil). Secretarial services were provided on a self-employed basis.
9. Trustee remuneration and related party transactions
No members of the management committee received any remuneration during the period (2020 - Nil). No travel costs were reimbursed to any members of the management committee as none were incurred (2020 - Nil).
No trustee or other person related to the charity had any personal interest in any transaction entered into by the charity during the period (2020 - Nil).
10. Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
| 11. Tangible fixed assets Cost/Valuation At 1 January 2021 Additions Disposals At 31 December 2021 Accumulated depreciation At 1 January 2021 Charge for the year Depreciation on disposals At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Fixtures, Plant & Fittings & Machinery Equipment £ £ 16,979 1,138 - - - - 16,979 1,138 14,332 1,138 615 - - - 14,947 1,138 2,032 - 2,647 - |
Total £ 18,117 - - 18,117 15,470 615 - 16,085 2,032 2,647 |
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The Vale of Glamorgan Agricultural Society Notes forming part of the financial statements Year ended 31 December 2021
12. Fixed Asset Investments
| Movement in fixed assets listed investments Carrying value at 1 January (market value) Additions to investments at cost Disposals at carrying value Net gain/ (loss) on investments Carrying value at 31 December (market value) |
2021 £ 458,451 4,627 - 28,440 491,518 |
2020 £ 466,320 5,163 (10,000) (3,032) 458,451 |
|---|---|---|
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange.
Liquidity risk is anticipated to be low as all assets are traded on the open market. The charity's investments are mainly traded in markets with good liquidity and high trading volumes. The charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
The main risk for the financial instruments held by the charity is the volatility of investments. The charity manages this risk by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.
| Debtors Prepayments and accrued income 14. Creditors: Amounts falling due within one year Accruals and deferred income 15. Movements in funds At 1 January 2021 Income £ £ Unrestricted funds: General funds 477,603 29,332 Total unrestricted funds 477,603 29,332 |
Expenditure £ (25,488) (25,488) |
2021 £ 1,122 1,122 2021 £ 3,070 3,070 Gains & Losses £ 28,441 28,441 |
2020 £ 1,230 1,230 2020 £ 240 240 At 31 December 2021 £ 509,888 509,888 |
|---|---|---|---|
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