2021-03-31-accounts - Bristol Charities

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Company registration number: 05402303 Charity registration number: 1109141

Bristol Charities

(a company limited by guarantee)

GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended

31 March 2021

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||| |---|---| |TABLE OF CONTENTS| |Page| |Reference and Administrative Details|2| |Chair and CEO’s message|4| |Mission Statement and Values|5| |Charity Structure|6| |Trustees’ Report|7| |Statement of Trustees’ Responsibilities|18| |Independent Auditors’ Report|19| |Consolidated Statement of Financial Activities|22| |Consolidated Balance Sheet|23| |Company Balance Sheet|24| |Consolidated Statement of Cash Flows|25| |Notes to the Financial Statements|27|

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Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Reference and Administrative Details

Trustees

Richard Gore BA (Joint Hons) (Chair)[(1, 2, 3, 5, 6)] Paul Staples FCA, BSc (Hons) (Vice Chair)[ (1, 2, 4, 6)] Michelle Meredith[(3)] Harriet Bosnell BA (Hons) Cantab[(1, 2, 3, 4)] Jonathan O'Shea FCCA, BSc (Hons)[ (1, 2, 4, 6)] Nolan Webber BA (Hons), Chartered FCSI[ (1, 2, 4, 5)] Rachel Howell MA, MSc, CPsychol, AFBPsS[(1, 3, 5)] Andy Mennell BA, MSc, CIHCM[(2, 6)] Olivia Spencer BA, BSc, RIBA[(1, 3, 4)] Keith Low BSc (Hons) MRICS[(1)] Patrick Finch MBA, FRICS[(1)] Elizabeth Carrington-Porter Cert Mgmt. (Open)[(3, 4)] Ian Dunn BA (Hons)[(1, 4)]

Appointed 23 September 2020

(1) Member of Assets & Finance Committee

(2) Member of Audit & Health and Safety Committee

(3) Member of Grants Committee

(4) Member of Investment Management Group

(5) Member of Nominations Committee

(6) Member of Remuneration Committee

Patron Mary Prior MBE

CEO and Company Secretary Anne Anketell BA (Hons)

Principal & Registered Office 17 St Augustine's Parade Bristol BS1 4UL

Telephone: 0117 930 0301 Email: info@bristolcharities.org.uk Website: www.bristolcharities.org.uk

Property Advisers

Alder King LLP Pembroke House 15 Pembroke Road Bristol BS8 3BA

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Reference and Administrative Details (continued)

Investment Managers Smith & Williamson Investment Management LLP Portwall Place Portwall Lane Bristol BS1 6NA

Baring Asset Management Ltd 155 Bishopsgate London EC2M 3XY (until 7 May 2021)

Auditors Milsted Langdon LLP Freshford House Redcliffe Way Bristol BS1 6NL Bankers Handelsbanken 66 Queen Square Bristol BS1 4JP Legal Advisers Womble Bond Dickinson LLP 3 Temple Quay Temple Back East Bristol BS1 6DZ

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Message from the Chair and CEO

At the start of the financial year, none of us could have imagined having to respond to a global pandemic. The impact of the Coronavirus Pandemic has created unprecedented challenges for the whole of society but has been acute for older and vulnerable people and for those living in poverty.

The Charity responded swiftly to the crisis as it unfolded, putting plans in place to be able to continue to run, with most of our office-based colleagues working from home.

During this difficult year, we have continued to provide vital support to our residents, helping some of the most vulnerable members of our community to remain safe in their homes. We are incredibly grateful to our support staff and contractors who continued to provide essential services for our residents.

We also wanted to ensure that we continued to make grants to support both individuals and also our communities. Whilst we have not been able to provide our community-based activities due to restrictions, the Charity has, during the year, adapted its grant giving programmes and processes, doing things in new ways, and reaching people in new places. Our grants have been used to support wider communities, funding a wide range of projects and organisations working with many of those hit hardest by the crisis.

This year despite the pandemic we have made strong progress against our plan to build more accommodation for older people. During the second half of the year we spent time on negotiations around the acquisition of the Vassall Centre site. We are very pleased to announce the completion of this acquisition in May 2021. The Vassall Centre is an ambitious project for the Charity and will require a resilient and innovative approach. This challenge is one that we are more than ready to meet, the Charity remains financially secure despite the pandemic and continues to grow and evolve as it meets today’s challenges head on.

RICHARD GORE Chair of Trustees

ANNE ANKETELL Chief Executive

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Mission Statement & Values

This is the mission statement for the Bristol Charities Group.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Charity Structure

The charity is structured as follows:

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report

Our Achievements and Performance

Progress against our Objectives

During the year we have made strong progress on all of our objectives.

GOAL A – INCREASE THE NUMBER OF EXCELLENT QUALITY HOMES WE PROVIDE

During the year, we identified an opportunity to acquire a large site in Fishponds in Bristol. The site is just over three acres and currently provides office space to a number of voluntary sector organisations as well as conference facilities. The conference business run on site by the previous owners has been badly affected due to Covid-19, losing around 90% of its bookings as customers adapted to remote meetings and virtual conferences and training.

Much of the second half of the year has been spent in negotiations with the previous owners in preparation for the purchase of the site, and we were pleased to complete the acquisition in May 2021. Our plans for the site are to take a Placemaking approach, building not just accommodation for older people, but to seek partnerships that will enable us to provide affordable housing for families, and community facilities that might include a nursery, a Café, community health facilities etc.

Developing the Vision and Strategy for the Vassall Centre will be a key piece of work for the Charity in the coming year.

GOAL B – IMPROVE THE SERVICES WE PROVIDE

Grants - The past year has been a challenging one for our grant giving activity. The pandemic has meant the closure of some grant funded activities such as Community Development Projects for most of the year and the individual grants programme for several months. Individual Grant giving was affected during the first lockdown by supply issues and all community activities were stopped because of restrictions around shielding vulnerable people and around social distancing.

The Charity, in response to these difficulties, re-directed funding and during the first lockdown in March 2020 through to July 2020, we worked with the four Children’s Centres in Bristol. They were able to tell us what local needs were and provide a channel for funding. This was a successful initiative with help being very quickly directed to people in need and all funds were distributed and accounted for. The largest proportion of money was spent on food, baby supplies, personal hygiene products and household products and equipment.

As we remained unable to resume community activities during the year, in November 2020 the Charity diverted funds into a community chest using a slightly different approach. We grouped funds geographically and defined a set of outcomes we would like to see. This resulted in a very diverse set of applications from a range of organisations that the Charity would not normally come into contact with. Many of the organisations who we funded during this period were very small community groups and charities.

During the year we also began giving grants directly to carers organisations rather than just to individual carers. Whilst the pandemic has impacted on how many of these carers’ projects were delivered, we have been impressed with the creative ways that have been used to change delivery models and achieve outcomes.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

In the second half of the year when restrictions lifted, we were able to resume our Grants for Individuals programme and have seen a sharp rise in applications for Grants. During the year we funded the following:

Asset Management – During 2020, we carried out a procurement exercise for our Facilities Management service. Undertaking this exercise was a key element of our Value for Money Strategy to ensure financial efficiency and to choose the best partners to work with the Charity. It also gave us the opportunity to review and refine the service specification and improve our monitoring processes. After a full procurement process, we appointed the incumbent provider Alder King.

Housing Management – The pandemic has had an impact on providing services at our Housing Schemes. Whilst our staff and contractors continue to provide direct services to residents, the biggest impact was around lettings activity. Referrals, assessments and viewings had to cease for much of the year in line with Government restrictions impacting negatively on void levels particularly at our Haberfield House Extra Care Scheme.

Performance on arrears, and income collection however has remained strong. We finished the year with 5.9% (2020: 17.0%) overall voids of which 5.6% (2020: 16.5%) were attributable to Haberfield House. Income Collection was 99.2% (2020: 97.8%) and Arrears at 3.0% (2020: 3.4%).

During 2020 we undertook a Customer Satisfaction Survey with our Residents. Our survey showed overall satisfaction with the Charity at 87% (2019: 92%). Satisfaction with the quality of homes was 95% (2019: 95%) and 91% (2019: 95%) were happy with the services provided by their scheme manager. Satisfaction with repairs and maintenance was 82% (2019: 86%).

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

GOAL C – MAINTAIN AND RAISE THE CHARITY’S PROFILE DURING THE CURRENT CRISIS

The year has seen a number of opportunities for the Charity to reach out to parts of the community and particularly smaller community groups we would not have had contact with before using our adapted Grants Programme. In addition to this, we undertook a number of specific projects to work on and improve our profile. We completed a total refresh of our website at the end of 2020. The newly developed website now accurately reflects the developments in our work and we feel it better meets the needs of our customers.

To support us on our journey and particularly in developing our newly acquired Vassall Centre project, the Charity has, for the first time, employed the services of a PR and Communications agency. Spirit PR join us as part of our extended team and have been working with us on developing a Communications Strategy. Their input will be invaluable in managing the stakeholder engagement and consultation that will be a crucial part of the placemaking work we plan for the Vassall Centre.

GOAL D – ENSURE THAT THE CHARITY REMAINS FINANCIALLY RESILIENT

Like a lot of other voluntary sector organisations, the Charity has been keen to understand how the pandemic could affect the Charity in the immediate and longer term. During the year we continually monitored our investment performance, re-forecasting budgets, particularly Grants budgets. We continued our focus on sustainability, balancing the need to adapt plans to deliver new grant programmes to help beneficiaries, with investment in seeking growth opportunities whilst at the same time carefully tracking the performance of our investment portfolio.

In terms of our investment properties, a number of agreed goals have been achieved during the year. The sale of the freehold of 1 St Augustine’s Parade was completed; essential repairs to the head office building at 17 St Augustine’s Parade were undertaken and the ground floor retail dilapidations work was completed, ensuring that the retail unit is ready to be marketed.

The Charity finished the year in a strong position, realising further gains on investment valuations, and re-valuation gains on investment properties in the latter part of the year. We remain active in countering the effects of the pandemic, adapting current services to respond to restrictions, careful monitoring and planning around income and improving our use of digital technology.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued) Looking Forward

At their Strategy planning Day in March 2021, the Trustees agreed a new Five-Year Strategy for the Charity with the following overarching Strategic Goals.

Our Five-Year Strategy for Growth: To realise our vision through responsible growth, delivering on expectations in terms of both quality and costs.

Our Five-Year Strategy for Services: Our Customers need to be at the centre of everything we do. We need to listen to their views on their homes, the services we provide and the future so that we can provide high quality services for them.

Our Five-year Strategy for People, Process and Technology: We will support and develop a motivated and committed workforce who understand and unite behind our purpose, vision and values and who live the organisational behaviours. Our leadership will be strong, diverse, agile and accountable to ensure that Bristol Charities is able to achieve its objectives. We will embrace digital technology thereby offering greater choice and flexibility and innovation in the way we operate.

Our Five-Year Strategy for Finance and Governance: To ensure we are financially secure for the future and that we can continue to re-invest in our services, innovation, improvement and in our people. We will ensure that equality, diversity and inclusion is central to all of our strategies and plans.

The Trustees also agreed the following Annual Objectives to deliver our Five-Year Strategic Goals:

Growth

Develop a placemaking vision and delivery roadmap for the Vassall Centre
Actively engage and consult with the community and other key stakeholders on the Vassall Centre vision and roadmap
Explore partnerships and joint ventures that will support delivery of our vision for the Vassall Centre
Explore opportunities to expand our Grant giving through providing a range of ways that funders and philanthropists can partner with us to get their funds directly to people in need

Services

Develop a strategy to work with our residents to help shape our services
Deliver the improvement action plan for the Vassall Centre properties
Ensure the new FM contract delivers an efficient and effective maintenance service
Ensure all property compliance actions are completed within recommended timescales
Develop a grants programme that will enhance the communities we work with in the wake of the pandemic and support our vision for the Vassall Centre

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

People, Process and Technology

We will develop our people by providing blended learning opportunities and digital solutions
Investigate accredited career development programmes and support managers on succession pathways
Offer placement/apprenticeship opportunities at the Vassall Centre
Review staff structure in light of the acquisition of the Vassall Centre
Develop a Digital Strategy and roadmap

Finance and Governance

Complete an assessment of financial capacity to fund growth
Maintain a robust approach to financial viability and governance ensuring we meet all finance KPI’s
Complete the review and refresh of the Investment Management strategy
Complete the review of office accommodation requirements with key decisions made on the medium to long term plan for head office

Trustee Recruitment

Candidates are recruited based on the skills, experience and knowledge that will be needed on the Board. The Nominations Committee undertakes a regular skills analysis to identify gaps on the Board. Any recruitment campaigns focus on the specific skills and experience required to fill those gaps. Two new Trustees were appointed in 2020.

The charity has a role description for the Trustee and Chair posts and the recruitment pack is updated annually. Applicants have the opportunity to meet the Chair and the Chief Executive before being interviewed by 2 members of the Nominations Committee. Recommendations to appoint are then made by the Nominations Committee to the Board.

Training, Induction and Appraisal of Trustees

New Trustees take part in a structured Induction Programme, attending meetings with key staff and other Trustees, visiting projects and sites and are encouraged to attend all committees to really get an understanding of the work of the charity.

Trustees are sent information on a regular basis on training courses and briefings. The CEO report on the Board of Trustees’ meeting agenda provides updates on policy/legislation changes. Trustees who have attended training are encouraged to share knowledge with fellow Trustees.

There is a Trustee appraisal policy and procedure in place. The Board of Trustees is committed to assessing its own performance as a Board in order to identify its strengths and areas in which it may improve its functioning. An evaluation process is carried out every two years. Trustees recognise that effective leadership and good decision making is enabled though a diverse board membership, a culture of listening to and acting on diverse perspectives. The Board’s aim is to focus on bringing strength to the charity by increasing diversity.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

Public Benefit

The objects and aims of Bristol Charities are contained in the company’s Memorandum of Association. Bristol Charities’ mission is to provide opportunities and support for people and communities to improve lives through grants, housing and charitable projects. We make a difference to the people and communities we work with by supporting older people to live independently. Our work ranges from the provision of accommodation and services for older people to the distribution of grants to those most in need. The Trustees have considered the Charity Commission guidance on public benefit from section 17 of the Charities Act 2011. We believe that the work of Bristol Charities has directly benefitted people by:

Providing excellent, purpose-built accommodation through our four almshouses, each one offering on site support and a safe community setting for older, vulnerable people
Supporting people to connect with their communities, take part in activities, increasing their wellbeing and reducing loneliness and isolation
Providing grants to support individuals and families living in crisis or hardship when there is nobody to help

The Trustees’ Report section (pages 7 - 11) sets out the aims and strategies of the charity and demonstrates how the aims and activities of the charity during the year were carried out for the Public Benefit.

Grant Making Policy

Bristol Charities is a charitable grant making trust. It has 4 main areas of charitable funding:

a) Relief in Need (including Community Chest Fund)

b) Relief in Sickness and Disability

c) Relief of Carers

d) Educational Funds for the Advancement of Education

The principles which underpin the Trustees’ governance of the charity’s grant-making consider the scale of the grant related activity and strike a balance between direct involvement in decisions, and efficient, responsive customer service for applicants. The governance principles are as follows:

The Board of Trustees has ultimate responsibility for all grant-making decisions in line with the Charity’s objectives, purposes and priorities for the time being, and any restrictions agreed with donors and funding partners
The Trustees may give certain decision-making responsibilities to its standing Committees, Board members or to the Chief Executive within its framework of delegation
All Trustees understand the Charity’s grant-making principles and processes and have opportunities to engage in and learn from grant making activities There are grant-making criteria to provide clear information from the Trustees to those individuals and groups who want to apply for grants. The Board has delegated responsibility to its Grants committee to review the criteria from time to time and, if necessary, to amend or update them.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

Pay Policy for Senior Staff

The Board of Directors, who are the charity’s Trustees, along with the senior management team comprise the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. The pay of the senior management team is reviewed annually by the Remuneration Committee.

Risk Management

The Board of Trustees assess risk annually with additional operational and financial risk assessment through delegation to the relevant committee and to the Audit & Health and Safety Committee. It oversees its responsibility through its review of the effectiveness of the charity’s Risk Framework. This framework is designed to support informed decision-making regarding the risks that affect the charity’s performance and its ability to achieve its objectives.

Management of risk is embedded into our day-to-day activities and well-established processes and policies are in place to manage them. All our employees have a role in reducing risk through our internal control framework.

Risks are recorded in a risk register and are evaluated in terms of impact and likelihood. The register also provides for a consistent approach to identifying assessing and dealing with the risks facing the charity to ensure they do not exceed the level of risk the charity is willing to assume. The register is designed to manage, rather than eliminate, the risks to the charity’s objectives and to provide reasonable, but not absolute mitigation of these risks. The Audit and Health & Safety Committee bi-annually reviews the results of the risk reviews undertaken by management and approves an annual risk-based internal audit plan which covers the major risks identified.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

Principal Risks and Uncertainties

Trustees and staff have, during the year, reviewed the principle risks to the charity. Actions to mitigate these risks have been developed and progress on these actions monitored regularly at both Board and senior team level. Trustees are satisfied that these mitigating actions have reduced the following risks to an acceptable level:

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Risks: Management Actions
The Charity’s Income  Ongoing review and monitoring by Investment Managers
Streams are adversely  Ongoing Review by Investment Management Group
impacted by Covid 19  Income reductions incorporated into forecasts and plans
 Continued KPI monitoring of Voids, Rental Income and
Arrears.
 Recommencing letting activity when restrictions are lifted
Next Development fails to  Detailed Due diligence undertaken pre-acquisition of the
make a return on Vassall Centre
investment impacting on  Long term financial modelling completed
Charity’s financial  Board scrutiny and approval
resilience
Capital required for  FM Provider completed a comprehensive cyclical
cyclical maintenance is maintenance
larger or happens earlier  Separate Investment Account for sinking fund for cyclical
than expected, adversely works set up and transfer sums agreed for future years
impacting the working  Cash Flow Forecasts revised with any changes to cyclical
capital availability of the maintenance projections and other capital outlay
Charity
Major Outbreak of Covid  Risk Assessments undertaken for all buildings and staff
either in a scheme or  Covid Secure measures in place in all schemes
amongst staff results in  Cleaning regime in place for communal areas
serious illness/death and  Home working for office-based staff
Business Interruption  PPE for all Housing 21 Care Staff
 Vaccination rollout promoted and supported for staff and
residents
IT Security of accounts  Annual programme of works in conjunction with our IT
could be compromised by support providers.
remote working resulting  Achieving and maintaining an industry-recognised cyber
in corruption of business security standard.
processes and
unauthorised access.
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Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

Financial review

The Bristol Charities Group reported incoming resources in the year of £1,945,637 (2020: £2,267,447) including profit on sale of property of £230,879 (2020: £205,791). The surplus for the year was £2,664,168 (2020: deficit of £1,717,643). The reported surplus for the year is driven by investment valuation gains of £2,694,597 (2020: losses of £1,817,797).

i) Housing services

Total group income from housing services for the year was £1,208,727 (2020: £1,011,578) and total expenditure on housing services was £1,459,654 (2020: £1,465,957), giving a deficit for the year of £250,927 (2020: £454,379).

The deficit for the year includes a £385,455 net deficit on housing endowment funds which arises from depreciation of housing assets. A surplus on unrestricted housing funds of £134,528 was realised for the year.

The first residents moved into Haberfield House at the end of April 2019 and therefore the year under review represents the first full year of Haberfield House contributing to housing services’ financial performance. Occupancy at Haberfield has increased steadily during the year and at the end of the year, 54 out of 60 units were occupied. This number has increased to a high of 58 after the year end.

Similarly, three new units at Barstaple housing scheme were completed in October 2019 so 2020-21 represents the first full year that these units have contributed to housing services’ financial performance.

2020-21 represents the second year that a planned preventative maintenance arrangement has been in place with Alder King LLP. This arrangement has been extended for a minimum of three years from 1 April 2021 after a rigorous procurement exercise.

A bank loan facility of £3m was fully drawn down in a prior period to fund the development of Haberfield House. During the reporting period the loan was no longer required and was fully repaid to Handelsbanken on 24 June 2020. Loan interest charged in the year was £16,828 (2020: £87,783) and was calculated at a rate of LIBOR + 2.1%.

ii) Grants

Individual grants totalling £241,361 (2020: £307,557) and organisational grants totalling £124,600 (2020: £118,567) were awarded during the year, giving total grant awards for the year of £365,961 (2020: £426,124).

The year-on-year reduction in total grant awards arises directly as a result of the reduction in investment income seen during the year (see Investments section below).

Despite the reduction in investment income, trustees elected to implement two new organisational grant giving initiatives, the details of which are shown in note 9 to the financial statements. These initiatives were in response to the Covid-19 pandemic and the subsequent needs arising in the community.

iii) Investments

The group’s investment policy is noted in the accounting policies on page 31. During the period under review the trustees have delegated management of the group’s investments, excluding investment property, to Baring Asset Management Ltd and Smith & Williamson Investment Management LLP.

The start of the reporting period coincided with the global drop in financial markets caused by the early stages of the Covid-19 pandemic. Markets have picked back up over the reporting period and the group’s investments were at their highest ever value at the year end, and these values have risen further since the year end.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report (continued)

iii) Investments (continued)

In January 2015 the Trustees set an annual income target for each fund of £188,442 per annum for the year ending 31 March 2015, with the value of the income generated to rise in line with average earnings as measured by the Average Weekly Earnings (regular pay) index each year thereafter. Therefore each portfolio’s target income for the year was £221,923 (2020: £214,418).

Smith & Williamson and Barings portfolios generated income for the year of £190,657 and £209,006, respectively, meaning neither achieved the target for the year. However, this is indicative of global market trends, with the deferral or cancellation of dividend payments bringing widespread reductions in income as a result of the Covid-19 pandemic. Whilst capital values have recovered to pre-pandemic levels, we anticipate income recovery being a slower process.

Trustees seek capital growth at a level which is at least commensurate with inflation as defined by the Office for National Statistics. Barings and Smith & Williamson portfolios showed capital growth of 15.3% and 22.6%, respectively. Both these growth figures far exceed the relevant inflation measure of 0.5% (CPI measured at September 2020).

The trustees have implemented an ethical investment policy which now ensures that direct investments in companies which generate the majority of their revenues from alcohol, tobacco, pornography or gambling are excluded from the group’s holdings, as are direct investments in companies which are known or suspected to treat their employees poorly or with disregard to prevailing law and regulation.

Investment properties were professionally valued at £1,717,000 on 31 March 2021; a £320,000 (22.9%) increase on the previous valuation of £1,397,000 which was undertaken in 2016.

iv) Going concern and reserves policy

Trustees have continued to monitor the effects of the Covid-19 pandemic both during the year and since the year end and have made changes to the charity’s operations accordingly. Under the terms of the charity’s Reserves Policy and in forming a view on the charity’s Going Concern, trustees have noted:

The charity has a risk management framework which is updated annually. Risks identified are reviewed by the Audit and Health & Safety Committee every six months.
The charity has adequate insurance cover in place to mitigate against a potential business interruption event which might cause a loss of income or the need to relocate its Head Office function away from 17 St Augustine’s Parade.
The other risks to the charity and the protective steps taken to mitigate against them.
The charity’s investments have proven resilient against the Covid-19 pandemic.
The charity’s housing income from residents is secure, voids are closely monitored and housing demand remains high and has done throughout the Covid-19 pandemic.
The charity holds reserves at a level which is at or exceeds the Reserves Policy.

Taking the above into account, trustees have determined that an appropriate level of free reserves is shown as follows;

Six months of projected Head Office costs (i) One month of projected housing costs (ii) One month of projected Vassall Centre costs (ii) One year of housing sinking fund contributions (iii)	£ 234,000 55,000 17,000 182,000 488,000

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Report

iv) Financial review - Going concern and reserves policy (continued)

(i) Six months of Head Office costs is deemed appropriate as the Head Office is function is funded through management charges payable by other group operations. If an operation was to fail putting Head Office viability in doubt, six months would be a reasonable time for trustees to make alternative plans for Head Office or to identify alternative funding sources.

(ii) One month of housing and Vassall Centre costs is deemed appropriate as the nature of these activities means that one month is likely to represent a maximum time period over which they may be required to operate without any additional income.

(iii) This represents the annual contribution required to housing sinking funds in order to build up sufficient funds to cover the cost of the likely cyclical maintenance programme over the life of that programme. It is anticipated that these funds will be formally designated during 2021-22.

Actual free reserves at the year end are shown as follows;

ctual free reserves at the year end are shown as follows;
Unrestricted funds total Less those held in tangible fixed assets Unrestricted free reserves Excess funds over reserves policy balance	£ 6,189,078 (429,874)
	5,759,204
	5,271,204

Therefore there is a £5,271,204 (2020: £5,749,747) surplus of free reserves at the year end. Trustees have determined that this is appropriate given;

The charity’s development plans for the coming years
Remaining economic uncertainty caused by the Covid-19 pandemic
Internal balance sheet risk such as that arising from the situation where cumulative sinking fund contributions are not sufficient to meet the capital maintenance requirements of the group at any given time

Disclosure of Information to Auditor

The trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustee confirms that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the Trustees of the charity on 21 September 2021 and signed on their behalf by:

…………………………………………………………… Richard Gore (Chair of Trustees)

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Trustees’ Responsibilities Statement

The Trustees (who are also directors of Bristol Charities for the purposes of company law) are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.

In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Approved by the Trustees and signed on their behalf by:

…………………………………………………………… Richard Gore (Chair of Trustees) Date: 21 September 2021

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Independent Auditor's Report to the Members and Trustees of Bristol Charities

Opinion

We have audited the financial statements of Bristol Charities (the 'parent charitable company') and its subsidiaries (the ‘group’) for the year ended 31 March 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and parent charitable company's affairs as at 31 March 2021 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Independent Auditor's Report to the Members and Trustees of Bristol Charities – continued

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Chair and CEO’s Message and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Chair and CEO’s Message and Trustees' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Chair and CEO’s Message and the Trustees' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

adequate and sufficient accounting records have not been kept by the group and parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 18), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Independent Auditor's Report to the Members and Trustees of Bristol Charities – continued

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group and parent charitable company operates in and how the group and the parent charitable company are complying with the legal and regulatory framework;
Inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the group’s and parent charitable company’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the group’s and parent charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s and parent charitable company's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and parent charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

........................................ Mrs S R Jenkins (Senior Statutory Auditor) For and on behalf of Milsted Langdon LLP Chartered Accountants and Statutory Auditor Freshford House, Redcliffe Way, Bristol BS1 6NL

Date:

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Consolidated Statement of Financial Activities for the Year Ended 31 March 2021

(Including Consolidated Income and Expenditure Account)

Note Income and Endowments Donations and legacies 2 Charitable activities 3 Investment income 4 Other incoming resources 5 Grants, including capital grants Total Expenditure Charitable Activities 6 Other expenditure Total Gains / (losses) on investments 16 Net income / (expenditure) Gross transfers between funds 22 Other recognised gains and losses 24 Net movement in funds Reconciliation of funds Total funds brought forward Fund balances carried forward 21 Actuarial (losses) / gains on defined benefit pension schemes	Unrestricted Restricted Endowment Funds Funds Funds 2021 £ £ £ £ 1,383 - - 1,383 1,208,727 - - 1,208,727 82,756 395,299 - 478,055 21,783 4,810 230,879 257,472 - - - - 1,314,649 400,109 230,879 1,945,637 (1,093,153) (442,403) (427,946) (1,963,501) - (2,967) - (2,967) (1,093,153) (445,370) (427,946) (1,966,468) 2,329 - 2,692,268 2,694,597 223,826 (45,261) 2,495,201 2,673,766 20,135 (20,135) - - (9,598) - - (9,598) - 234,363 (65,396) 2,495,201 2,664,168 5,954,714 170,986 31,632,387 37,758,087 6,189,078 105,590 34,127,587 40,422,255	2020 £ 2,367 1,074,309 662,276 218,484 310,011
		2,267,447 (2,173,945) (1,910)
		(2,175,855) (1,817,797)
		(1,726,205)
		- 8,562 -
		(1,717,643) 39,475,730
		37,758,087

All the group’s activities derive from continuing operations during the above two periods.

The funds breakdown for 2020 is shown in note 30.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Bristol Charities – 05402303

Consolidated Balance Sheet at 31 March 2021

Notes FIXED ASSETS Tangible assets 15 Housing properties 14 Investments 16 CURRENT ASSETS Debtors 18 Cash at bank and in hand Creditors falling due within one year 19 Net current assets Total assets less current liabilities Creditors falling due after more than one year 20 Net assets FUNDS Endowment reserves 21 Restricted reserves 21 Unrestricted reserves: general reserves 21 Total funds 21	2021 £ 96,253 20,151,620 16,348,069 36,595,942 466,797 4,929,098 5,395,895 (647,752) 4,748,143 41,344,085 (921,830) 40,422,255 34,127,587 105,590 6,189,078 40,422,255	2020 £ 114,148 20,511,722 13,690,284
		34,316,154
		218,275 7,878,894
		8,097,169 (3,709,924)
		4,387,245
		38,703,399 (945,312)
		37,758,087
		31,632,387 170,986 5,954,714 37,758,087

The notes on pages 27 to 60 form part of these accounts.

The company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime .

The financial statements were approved by the Board of Trustees and authorised for issue on 21 September 2021 and signed on their behalf by:

__________ Richard Gore (Chair of Trustees)

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Bristol Charities – 05402303

Company Balance Sheet at 31 March 2021

Notes FIXED ASSETS Tangible assets 15 Investments 16 CURRENT ASSETS Debtors 18 Cash at bank and in hand Creditors falling due within one year 19 Net current assets Total assets less current liabilities Creditors falling due after more than one year 20 Net assets FUNDS Endowment reserves 21 Restricted reserves 21 Unrestricted reserves: general reserves 21 Total funds 21	2021 £ 9,764 14,166,038 14,175,802 251,413 281,792 533,205 (281,669) 251,536 14,427,338 (177,057) 14,250,281 14,166,916 87,981 (4,616) 14,250,281	2020 £ 14,603 11,867,290
		11,881,893
		143,233 468,627
		611,860 (283,601)
		328,259
		12,210,152 (200,058)
		12,010,094
		11,833,685 156,509 19,900 12,010,094

The notes on pages 27 to 60 form part of these accounts.

The company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime .

The financial statements were approved by the Board of Trustees and authorised for issue on 21 September 2021 and signed on their behalf by:

__________ Richard Gore (Chair of Trustees)

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Bristol Charities

Consolidated Statement of Cash Flows for the Year Ended 31 March 2021

Cash flow from Operating Activities Net income Adjustments to cash flows from non cash items Interest payable Profit on disposal of tangible fixed assets Investment income Interest receivable Depreciation Working capital adjustments (Increase)/Decrease in debtors (Decrease) in creditors Net cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Purchase of investments Sale and revaluation of investments Investment income Interest received Net cash flows from investing activities Cash flows from financing activities Interest payable Repayment of bank loan Net cash flows from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March	2021 £ 2,664,168 16,828 (230,879) (437,443) (40,612) 420,200 2,392,261 (248,522) (85,654) 2,058,085 (48,018) 236,694 (1,367,596) (1,290,188) 437,443 40,612	2020 £ (1,717,643) 87,783 (205,791) (586,049) (76,227) 405,252
		(2,092,675) 668,833 (514,902)
		(1,938,744)
		(943,548) 211,655 (1,119,601) 2,937,398 586,049 76,227
	(1,991,053)	1,748,180
	(16,828) (3,000,000) (3,016,828) (2,949,796) 7,878,894 4,929,098	(87,783) -
		(87,783)

		(278,347)
		8,157,241 7,878,894

All cash flows are derived from continuing operations during the above two periods. The company is a qualifying entity for the purposes of FRS102 and have elected to claim exemption under FRS102 paragraph 1.12(b) not to present a Company statement of cash flows.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Bristol Charities Consolidated Statement of Cash Flows for the Year Ended 31 March 2021	Bristol Charities Consolidated Statement of Cash Flows for the Year Ended 31 March 2021	Bristol Charities Consolidated Statement of Cash Flows for the Year Ended 31 March 2021	Bristol Charities Consolidated Statement of Cash Flows for the Year Ended 31 March 2021
Analysis of net funds - Group Cash at bank and in hand Debt due within one year Net cash Cash at bank and in hand Debt due within one year Debt due after more than one year Net cash	At 1 April 2020 £ 7,878,894 (3,000,000) 4,878,894 At 1 April 2019 £ 8,157,241 - (3,000,000) 5,157,241	Financing cash flows £ (3,016,828) 3,000,000 (16,828) Financing cash flows £ (278,347) - - (278,347)	Other cash flows £ 67,032 - 67,032 Other non cash changes £ (3,000,000) 3,000,000 -	At 31 March 2021 £ 4,929,098 -
				4,929,098
				At 31 March 2020 £ 7,878,894 (3,000,000) -
				4,878,894

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Bristol Charities meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the charitable company, and rounded to the nearest £.

Basis of consolidation

Following the incorporation of Bristol Charities as at 1 April 2005, consolidated accounts have been prepared. The group’s financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method.

Orchard Homes, Orchard Homes Design and Build Limited and William Jones’s Almshouse Charity are consolidated within these accounts as Bristol Charities is the sole Trustee of the entities.

Bristol Charities recorded gross income for the year of £467,699 (2020: £619,550) and a surplus for the year of £2,240,187 (2020: deficit of £1,583,162) largely due to investment gains.

Bristol Charities has taken exemption from presenting its unconsolidated statement of financial activities under section 408 of Companies Act 2006.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Going concern

Bristol Charities’ activities and future plans are set out in the Trustees’ Report.

Bristol Charities manages its activities with positive unrestricted bank balances. The Trustees’ forecasts and projections, taking account the impact of Covid-19 and of reasonably foreseeable changes in income and expenditure, show that Bristol Charities will be able to continue to operate on this basis.

Investment and rental income represent Bristol Charities’ largest income streams with substantial investments in the Common Pooled Investment Fund held. Two firms, Baring Asset Management Ltd and Smith & Williamson Investment Management LLP, were appointed to manage the non-property investments and each was initially allocated 50% of the portfolio. After the end of the reporting period Baring Asset Management Ltd wound down their UK Multi-Asset Funds and as a result Bristol Charities moved its holdings to Smith & Williamson Investment Management LLP as an interim measure until a new investment manager can be appointed. The investment policy is for a balanced return with a medium level of risk. The Trustees seek to produce the optimum total return, commensurate with at least maintaining the capital value in line with inflation, as defined by the National Statistics.

The Trustees consider that the demand for the Charity’s services will continue as housing schemes are currently nearly fully occupied and demand for both housing and grants is high.

Based on the above the Trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report of the Trustees and financial statements.

Key sources of estimation uncertainty

In the application of the group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Income and endowments

Voluntary income including donations, gifts and legacies and grants that provide core funding, or are of general nature, are recognised where there is entitlement, receipt is probable, and the amount can be measured with sufficient reliability. Such income is only deferred when:

1) the donor specifies that the grant or donation must only be used in future accounting periods; or
2) The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Rental income from investment properties is included on an accruals basis.

Investment income, including that deriving from the Bristol Charities Common Investment Fund, is included on an accruals basis. Income relating to grant endowment held in the Common Investment Fund is restricted, and income relating to Orchard Homes endowments held in the Common Investment Fund is unrestricted.

Interest receivable on cash balances is recognised on an accruals basis.

Other income is recognised on an accruals basis and is recognised when there is entitlement, and the receipt is probable and the amount can be measured with sufficient reliability.

Interest on term loans

Interest receivable and payable on terms loans is recognised using the effective interest rate method.

Expenditure

Expenditure is recognised when a liability is incurred. Grant payments are recognised when a constructive obligation arises that results in the payment becoming due.

Charitable activities

Charitable activities include both the direct costs and support costs relating to these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources (e.g. allocating staff costs on the time spent and other costs by their usage).

Governance costs

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Irrecoverable VAT

Bristol Charities, Orchard Homes and William Jones’s Almshouse Charity are not registered for VAT and cannot recover input VAT. Input VAT charged to these entities is non-recoverable and is aggregated to the net invoiced cost and expensed in the SOFA as incurred.

Fund structure

Unrestricted funds comprise those funds that the Trustees are free to use in accordance with the charitable objects of the charity.

Restricted funds are funds that have been given for particular purposes either by other charities for which Bristol Charities is trustee, or by private individuals.

Endowment funds represent those assets that must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as either restricted or unrestricted income, as appropriate. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Tangible fixed assets

Tangible fixed assets are capitalised at cost where the asset has a useful economic life that is more than a year.

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property (excluding land) is depreciated over fifty to one hundred years on a straight-line basis.

Housing properties are stated at cost. The cost of such properties includes the cost of acquiring land and buildings and development expenditure.

Depreciation is charged so as to write off the cost of assets, other than land, over their estimated lives as follows:

• Alterations to leasehold properties are capitalised on completion and depreciated over between five and fifty years on a straight-line basis over the period of the lease.

• Computers, other office equipment, fixtures and equipment are depreciated over between three and ten years on a straight-line basis.

An impairment review will be undertaken when an indication of impairment has been identified.

Redundancy and Payment In Lieu of Notice

Any staff that are made redundant are compensated by the Charity making a payment for redundancy. The redundancy payment is calculated in accordance with statutory redundancy guidelines published by the HM Government. Where staff are not required to work out their full notice the Charity will make a Payment In Lieu of notice based on their daily salary for the period not worked.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Pension costs

The Charity implemented auto-enrolment for its employees in March 2016 and undertakes re-enrolment as required. The Charity contributes to the Growth Plan 4 Scheme for certain staff, a scheme which is run by The Pensions Trust. The assets of the scheme are held separately from those of the Charity. The annual contributions payable are charged to the Statement of Financial Activities as they become payable. This scheme is a defined contribution scheme.

The Charity makes deficit contributions to a final salary scheme, the Scottish Voluntary Sector Final Salary Pension Scheme, for certain members of staff. The scheme is in a separate fund where the assets are held and administered by The Pensions Trust. Service costs, net interest expense and measurements in respect of the scheme are charged to the Statement of Financial Activities. The scheme closed to new members in January 2000 and closed to future accrual at 1 March 2011.

The Charity also makes deficit contributions to the Growth Plan 3 Scheme. The scheme closed to future accruals on 1 March 2011. This scheme was a defined benefit scheme which closed to future contributions in October 2013.

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Fixed asset investments

Investments are included at their mid-market value at the balance sheet date. Any gain or loss on valuation is taken to the endowment funds and reflected in the Statement of Financial Activities. Investment properties are included at market value. Market value is assessed by RICS registered values at least every five years.

Government grants

Social housing grants are booked to the Income and Expenditure account in the year of receipt in the consolidated accounts in accordance with Charities SORP FRS 102. This accounting treatment is different from how the grants are dealt with in Orchard Homes’ annual accounts whereby the grant income is booked to creditors and amortised to the income and expenditure account over the expected useful life of the asset. Social Housing Grant is repayable in certain circumstances, primarily following the sale of a relevant property when the repayable amount will often be restricted to the net proceeds of sale.

Other grants are recognised when all conditions of entitlement have been met.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of fi nancial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Investments

Investments in subsidiaries are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting policies (continued)

Taxation

Bristol Charities is a registered charity and as such is entitled to relevant tax exemptions on its charitable income and gains properly applied under normal circumstances for its charitable purposes.

Grants payable

Grants payable are charged in the year when the offer is pledged to the recipient.

Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named in the Reference and Administrative details section. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Annual Accounts for Year Ended 31 March 2021

Bristol Charities

Notes to the Financial Statements for the Year Ended 31 March 2021

2. Income from donations and legacies

All donations and legacies in both the current and prior year are sundry donations applicable to unrestricted funds.

3. Income from charitable activities

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |-| |Community development activities (unrestricted)|62,732| |Housing (unrestricted):| |Maintenance charges and rents|1,168,316|1,110,401| |Service and utility charges|98,318|91,677| |Losses from voids|(75,740)|(207,061)| |Sundry income|17,833|16,560| |1,208,727|1,074,309|

----- End of picture text -----

In the year ended 31 March 2020 all income was attributable to unrestricted funds.

4. Investment income

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2021|2020| |£|£|£|£| |From fixed asset investments|82,756|395,299|478,055|662,276|

----- End of picture text -----

In the year ended 31 March 2020 there was income of £155,542 attributable to unrestricted funds and income of £506,634 attributable to restricted funds.

5. Other income

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total|Total| |funds|funds|funds|2021|2020| |£|£|£|£|£| |-| |Sundry income|21,783|4,810|26,593|12,693| |Gains on sale of fixed assets|-|-|230,879|230,879|205,791| |21,783|4,810|230,879|257,472|218,484|

----- End of picture text -----

Sundry income attributable to unrestricted funds includes £17,448 of Coronavirus Job Retention Scheme grant receipts relating to four furloughed staff members.

The gain on sale of fixed assets related to the sale of Furber Property 3 Rossiters Lane (2020: the sale of Furber Property 42 Lavington Road).

In the year ended 31 March 2020 there was £9,056 attributable to unrestricted funds, £3,637 attributable to restricted funds and £205,791 attributable to endowment funds.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

6. Expenditure on charitable activities

By fund Unrestricted funds £ Depreciation and amortisation 35,077 Grant funding - Allocated support costs 1,033,836 Governance 24,240 1,093,153 By activity Grant giving £ Staff costs (direct) - Staff costs (allocated) 38,276 Service costs - Maintenance and property - Administration - Grants made 365,961 Governance - Support costs (allocated) 38,166 Property depreciation - Loan interest - 442,403	Restricted funds £ - 442,223 - 180	Endowment funds £ 385,123 - 42,823 -	Total 2021 £ 420,200 442,223 1,076,659 24,420	Total 2020 £ 405,254 501,680 1,236,801 30,210
1,093,153	442,403	427,946	1,963,501	2,173,945
Grant giving £ - 38,276 - - - 365,961 - 38,166 - -	Housing £ 171,589 56,953 - 575,578 34,963 - 10,800 191,382 401,532 16,828	Other £ 22,429 - 157 3,766 16,701 - 18,420 - - -	Total 2021 £ 194,018 95,229 157 579,344 51,664 365,961 29,220 229,548 401,532 16,828	Total 2020 £ 222,079 120,026 7,718 580,912 35,305 426,124 30,210 260,938 402,850 87,783
442,403	1,459,625	61,474	1,963,501	2,173,945

Expenditure on charitable activities was £1,963,501 (2020: £2,173,945) of which £1,093,153 (2020: £1,182,661) was attributable to unrestricted funds, £442,403 (2020: £503,761) was attributable to restricted funds and £427,946 (2020: £487,523) was attributable to endowment funds.

7. Head office costs and allocation of support costs

Total Head office costs, including allocated support costs, consist of;

Staff costs Property costs Administration costs Depreciation costs Staff costs, allocated expenditure Allocated support costs	2021 £ 272,680 51,421 152,549 1,437 478,087 162,609 315,478 478,087	2020 £ 359,957 60,075 165,706 592
		586,330
		185,045 401,285 586,330

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

7. Head office costs and allocation of support costs (continued)

Allocated support costs consist of;

	Salary	Salary	Property &		Admin
	Costs		Deprec'n		Costs	2021	2020
	£		£		£	£	£
Community Development	-		1,157		3,339	4,496	8,944
Almshouses	40,138		38,920		112,324	191,382	245,867
Grant Giving	26,975		7,506		21,664	56,145	68,798
Newly built properties	6,477		1,646		4,750	12,873	15,758
Future properties	33,092		2,331		6,728	42,152	51,598
CIPF	3,389		1,297		3,744	8,430	10,320

Year ended 31 March 2021	110,071		52,858		152,549	315,478	401,285

Year ended 31 March 2020	174,912		60,667		165,706	401,285	273,122
8. Governance costs Audit fees Audit of the financial statements Other fees paid to auditors		Unrestricted funds £ 24,240 4,800 29,040		Restricted funds £ 180 - 180		Total 2021 £ 24,420 4,800 29,220	Total 2020 £ 25,660 4,550 30,210

Governance costs were £29,220 (2020: £30,210) of which £29,040 (2020: £30,039) was attributable to unrestricted funds and £180 (2020: £171) was attributable to restricted funds.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year 9. Grant making Grants paid to institutions Paid from Dr Owen's Charity Bristol Grammar School Paid to Dr T Whites Essex Estates & Grays Inn Paid from Miss EM Merchant Trust DHI Bath Reach Out 2020 Carers Support Centre Age UK Bristol Khaas Paid from Barry T Jones Fund Clifton High School Badminton School Bristol Grammar School QEH School Paid from Relief in Need Charity East Bristol Children's Centre (i) North Bristol Children's Centre (i) South Bristol Children's Centre (i) St Paul's Nursery and Children's Centre (i) Alive Activities Ltd (ii) Ashton Gate Out of School Care (ii) Ashton Vale Club for Young People (ii) B&A Church (ii) Bristol Association for Neighbourhood Daycare (ii) Bristol Muslim Cultural Society (ii) Bristol Refugee Rights (ii) BS3 Community Development (ii) Coexist Community Kitchen CIC (ii) Friends of Hannah More (ii) Greater Stockwood Alliance (ii) Henry's After School Play Scheme (ii) Integrative Saturday School (ii) Mothers for Mothers (ii) Sammy's Pop Up Club (ii) St Bernadette's Out of School Club (ii) St Paul's Advice Centre (ii) The Ape Project (ii)	Ended 31 March 2021 2021 2020 £ £ 56,075 74,687 3,114 3,994 - 3,711 11,978 14,076 4,951 5,000 1,500 - - 9,600 7,500 - 9,400 - (7,500) 7,500 2,004 - 1,978 - 2,000 - 2,000 - 2,000 - 1,300 - 1,390 - 2,000 - 1,000 - 1,960 - 2,000 - 1,694 - 2,000 - 2,000 - 2,000 - 1,000 - 2,000 - 2,000 - 1,000 - 2,000 - 1,255 - 1,000 -
Total grants paid to institutions Grants paid to individuals	124,600 118,567 241,361 307,557
Total grants Paid	365,961 426,124

Notes to the Financial Statements for the Year
9. Grant making
Grants paid to institutions
Paid from Dr Owen's Charity
Bristol Grammar School
Paid to Dr T Whites Essex Estates & Grays Inn
Paid from Miss EM Merchant Trust
DHI Bath Reach Out 2020
Carers Support Centre
Age UK Bristol
Khaas
Paid from Barry T Jones Fund
Clifton High School
Badminton School
Bristol Grammar School
QEH School
Paid from Relief in Need Charity
East Bristol Children's Centre (i)
North Bristol Children's Centre (i)
South Bristol Children's Centre (i)
St Paul's Nursery and Children's Centre (i)
Alive Activities Ltd (ii)
Ashton Gate Out of School Care (ii)
Ashton Vale Club for Young People (ii)
B&A Church (ii)
Bristol Association for Neighbourhood Daycare (ii)
Bristol Muslim Cultural Society (ii)
Bristol Refugee Rights (ii)
BS3 Community Development (ii)
Coexist Community Kitchen CIC (ii)
Friends of Hannah More (ii)
Greater Stockwood Alliance (ii)
Henry's After School Play Scheme (ii)
Integrative Saturday School (ii)
Mothers for Mothers (ii)
Sammy's Pop Up Club (ii)
St Bernadette's Out of School Club (ii)
St Paul's Advice Centre (ii)
The Ape Project (ii)

Ended 31 March 2021
2021
2020
£
£
56,075
74,687
3,114
3,994
-
3,711
11,978
14,076
4,951
5,000
1,500
-
-
9,600
7,500
-
9,400
-
(7,500)
7,500
2,004
-
1,978
-
2,000
-
2,000
-
2,000
-
1,300
-
1,390
-
2,000
-
1,000
-
1,960
-
2,000
-
1,694
-
2,000
-
2,000
-
2,000
-
1,000
-
2,000
-
2,000
-
1,000
-
2,000
-
1,255
-
1,000
-

Total grants paid to institutions
Grants paid to individuals

124,600
118,567
241,361
307,557

Total grants Paid

365,961
426,124

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

9. Grant making (continued)

During the year the Trustees made the decision to utilise some of the Relief in Need Charity’s grants funds to support the following initiatives;

(i) In response to the challenges posed to the childcare sector by the Covid-19 pandemic, a number of Children’s Centres were supported with grant funding.
(ii) A Community Chest Fund was established to support local community projects with grants of up to £2,000. Funding was directed to projects that met demonstrable needs in their local communities. Take up for the Community Chest Fund was high and the grant budget was fully spent.

10. Staff costs

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |Salaries and wages|320,509|403,950| |Social security costs|33,724|35,456| |Other pension costs|61,142|48,530| |415,374|487,936| |The number of employees whose emoluments fell within the following bands was;| |2021|2020| |No.|No.| |£90,000 to £100,000|1|1|

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The number of employees whose emoluments fell within the following bands was;

£90,000 to £100,000

The Charity considers key management personnel to be the Chief Executive and the Director of Finance. The total employee benefits, including employer pension contributions, of the key management personnel of the Group were £205,584 (2020: £183,958).

The average number of staff employed by the Group during the year was as follows;

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|||||| |---|---|---|---|---| |2021|2020| |Number|FTE|Number|FTE| |Almshouse Staff|5|4|5|3| |Clerical Staff|8|6|7|6| |Day Service Staff including Community Development|1|1|3|3| |14|11|15|12|

----- End of picture text -----

During the year the Group received grants totalling £17,448 from the Coronavirus Job Retention Scheme, covering four furloughed staff members. Of this, £3,606 related to the Charity, covering one furloughed staff member.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

11. Pension costs

Growth Plan Scheme for Current Staff

The Charity contributes to the Pensions Trust Growth Plan schemes for current staff (see note 24 for more information). The assets of the scheme are held separately from those of the Charity. The annual contributions are charged to expenses as they become payable.

Historic Final Salary Pension Scheme

Bristol Charities used to offer a final salary pension scheme, but this scheme was closed to new members with effect from January 2000. The assets of the scheme are held separately from those of Bristol Charities in an independently held fund administered by The Pensions Trust.

The scheme is in deficit, and there is a deficit reduction plan. The required deficit contributions are reviewed every three years, and a new level was set to run from April 2019. Contributions will increase by 3% in each year. The contributions required after that will depend on the findings of the next review.

The scheme closed to future accrual at 31 March 2010 and from 1 April 2011 contributions in respect of future service have ceased. The two current members are, from 1 April 2011, members of the Pension Trust Growth Plan scheme.

Further information on this scheme, the Scottish Voluntary Sector Final Salary Pension Scheme (SVSPS) is included in note 24.

Growth Plan 3 Scheme Deficit

Contributions for current staff were being invested in Growth Plan 3. The capital invested by employees in Growth Plan 3 was guaranteed. This scheme is in deficit, and a deficit reduction plan was put in place at the start of the financial year.

The Pensions Trust closed Growth Plan 3 to contributions in October 2013, and future contributions are now made to Growth Plan 4, which is a money purchase scheme.

Pensions creditor: the pension contributions payable at the year end were £8,654 (2020: £1,037).

Pension cost in the year:

Pension deficit interest, Historic Final Salary Scheme (SVSPS) Pension deficit interest, Growth Plan 3 Scheme Contributions to the Pensions Trust Growth Plan 4 scheme for current staff Contributions to other money purchase schemes for current staff	2021 2020 £ £ 5,000 3,000 465 319 13,705 11,588 41,971 36,942 61,142 51,849

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

12. Net (income) / expenditure

Net (income) / expenditure for the year includes;

Depreciation of tangible fixed assets Depreciation of housing properties (Surplus) on sale of fixed assets Auditors remuneration For Bristol Charities parent and consolidation For other subsidiaries Social housing grant income	2021 £ 18,668 401,532 (230,879) 13,620 10,800 -	2020 £ 15,880 389,372 (205,791) 13,500 12,160 (310,011)

During the prior year Social housing grants totalling £310,011 were received for the purposes of adding three new housing units at Barstaple Almshouse. Social housing grants in the current year were £nil.

13. Trustees’ remuneration and expenses

During the year the following trustee expenses were incurred;

Reimbursement of Trustee travel costs Trustee training costs Trustee recruitment costs	2021 £ - 1,620 - 1,620	2020 £ 235 - 343 578

No Trustees, nor any persons connected with them, received any remuneration from the Group during either the current or prior year.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

14. Housing properties

Group - Freehold property

Group - Freehold property
Cost At 1 April 2020 Additions Disposals At 31 March 2021 Depreciation At 1 April 2020 Charge for the year Disposals At 31 March 2021 Net book value at 31 March 2021 Net book value at 31 March 2020	Almshouses Housing Total £ £ £ 21,931,588 117,251 22,048,839 47,245 - 47,245 - (7,292) (7,292)
	21,978,833 109,959 22,088,792
	1,513,666 23,451 1,537,117 400,414 1,118 401,532 - (1,477) (1,477)
	1,914,080 23,092 1,937,172
	20,064,753 86,867 20,151,620
	20,417,922 93,800 20,511,722

The Housing balance of £86,867 (2020: £93,800) represents the net book value of the Furber Fund housing properties. One Furber Property was sold in the year having been vacated in the prior year.

The value of land included in housing properties is £1,757,648 (2020: £1,757,648).

All housing properties are held in subsidiary undertakings and therefore no housing properties note is prepared for Bristol Charities as parent charity.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

15. Other tangible fixed assets

Group Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value at 31 March 2021 Net book value at 31 March 2020	Alterations to leasehold property £ 32,183 - 32,183 32,183 - 32,183 - -	Furniture and fittings £ 127,017 - 127,017 33,503 12,035 45,538 81,479 93,514	Total £ 240,870 773
			241,643
			126,722 18,668
			145,390

			96,253
			114,148

Charity Cost At 1 April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value at 31 March 2021 Net book value at 31 March 2020	Alterations to leasehold property £ 32,183 -	Computer equipment £ 64,296 180
	32,183	64,476
	32,183 -	49,693 5,019
	32,183	54,712

	-	9,764
	-	14,603

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

16. Fixed Asset Investments

Listed investments

Market value at 1 April 2020 Additions Disposals Charges Cash withdrawn Adjustment to market value Market value at 31 March 2021 Historical cost Investments at market value comprised: Group 2021 2020 £ £ Investment Properties 1,717,000 1,397,000 UK Fixed Interest 1,279,015 894,531 Private equity 1,313,932 1,456,720 UK Quoted equities 2,493,267 1,808,072 UK Investment & Unit Trusts 349,405 320,735 Overseas Equities 2,803,434 1,995,333 Barings pooled funds 6,348,451 5,535,511 Cash 43,565 282,382 16,348,069 13,690,284	Group Charity £ £ 13,690,284 11,867,289 1,400,981 1,214,340 (966,421) (837,673) (33,385) (28,935) (36,842) (36,842) 2,293,452 1,987,859 16,348,069 14,166,037 12,687,778 10,955,170 Charity 2021 2020 £ £ 1,487,826 1,210,975 1,108,301 775,415 1,138,557 1,262,743 2,160,482 1,567,310 302,769 278,026 2,429,250 1,729,635 5,501,102 4,798,404 37,750 244,781 14,166,037 11,867,289	Charity £ 11,867,289 1,214,340 (837,673) (28,935) (36,842) 1,987,859
		14,166,037
		10,955,170

Realised and unrealised gains and losses in the year were:

Realised gains Unrealised gains / (losses)	Group 2021 2020 £ £ 223,228 93,469 2,471,369 (1,911,266) 2,694,597 (1,817,797)	Charity 2021 2020 £ £ 193,479 81,022 2,142,081 (1,656,762) 2,335,560 (1,575,740)

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

16. Fixed Asset Investments (continued)

Included in the Common Pool Investment Fund are investment properties with a market value of £1,717,000 (2020: £1,397,000). The properties which make up this valuation are:

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|||| |---|---|---| |2021|2020| |£|£| |17 St Augustine’s Parade, Bristol BS1 4UL|625,000|515,000| |Playground at Blackdown Road, Portishead BS20 6DN|12,000|12,000| |26-29 St Augustine’s Parade, Bristol BS1 4UL|245,000|245,000| |John Milton Clinic, Brentry, Bristol BS10 7DP|675,000|465,000| |Amelia Court, Pipe Lane, Bristol BS1 5AA|160,000|160,000| |1,717,000|1,397,000|

----- End of picture text -----

The properties were formally valued at 31 March 2021 and as such the Trustees are satisfied that the above values are representative of the fair values of the properties at the balance sheet date.

The valuations assigned to 26-29 St Augustine’s Parade and Amelia Court are based on the market valuation of income receivable from the sites which is split 60% to Bristol City Council and 40% to Bristol Charities.

At 31 March 2021 the Group held 2,676,309 (2020: 2,682,612) units in the Bristol Charities Common Investment Fund, of which 2,319,093 (2020: 2,325,396) were held by the parent charity Bristol Charities. During the year the Charity and Group withdrew 6,303 units from the Fund.

Investments over 5% of the total value at the balance sheet date for both Group and Charity were the Barings pooled funds which had a Group value of £6,348,451 (2020: £5,535,511) of which £5,501,102 (2020: £4,798,404) was held by the parent Charity.

Investments in group undertakings and participating interests

----- Start of picture text -----
|||| |---|---|---| |Charity|2021|2020| |£|£| |Cost and net book value| |Share holding in Orchard Homes Design & Build Ltd|1|1|

----- End of picture text -----

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

17. Bristol Charities Common Investment Fund

Bristol Charities is corporate trustee of Bristol Charities Common Investment Fund, also known as the Common Pool Investment Fund (CPIF). The results of CPIF are consolidated into the financial statements of Bristol Charities. Information on the CPIF’s unit values, balance sheet values and fund movements are shown below:

a) Unit values Units value at year end	2021 2020 £ £ 6.10844 5.10334 Group	2021 2020 £ £ 6.10844 5.10334 Charity

b) Unit holdings Endowment Funds: Grant-giving charities Relief in Need Relief of Sickness and Disability Educational charities Barry T Jones Fund Miss E M Merchant Dr. Owen's Charity Rev. Dr. T White's Essex Estates Rev. Dr. T White's Grays Inn Lane Trust Almshouse charities Orchard Homes Endowment Reserves Unrestricted Funds Total CPIF unit holdings	2021 2020 Units Units 1,182,325 1,182,325 496,933 496,933 29,503 29,503 86,351 86,351 80,620 80,620 423,981 423,981 10,959 10,959 8,421 8,421 2,319,093 2,319,093 357,216 357,216 - 6,303 2,676,309 2,682,612 Group	2021 2020 Units Units 1,182,325 1,182,325 496,933 496,933 29,503 29,503 86,351 86,351 80,620 80,620 423,981 423,981 10,959 10,959 8,421 8,421 2,319,093 2,319,093 - - - 6,303 2,319,093 2,325,396 Charity
	2,319,093 357,216 -
	2,676,309
		2021 2020 £ £ 7,222,160 6,033,807 3,035,485 2,536,019 180,217 150,564 527,470 440,680 492,462 411,430 2,589,862 2,163,720 66,942 55,928 51,439 42,974 14,166,037 11,835,123 - - - 32,166 14,166,037 11,867,289 Charity
c) Holding values 2021 2020 £ £ Endowment Funds: Grant-giving charities Relief in Need 7,222,160 6,033,807 Bristol Relief of Sickness and Disability Cha 3,035,485 2,536,019 Educational charities 180,217 150,564 Barry T Jones Fund 527,470 440,680 Miss E M Merchant 492,462 411,430 Dr. Owen's Charity 2,589,862 2,163,720 Rev. Dr. T White's Essex Estates 66,942 55,928 Rev. Dr. T White's Grays Inn Lane Trust 51,439 42,974 14,166,037 11,835,122 Almshouse charities Orchard Homes Endowment Reserves 2,182,032 1,822,996 Unrestricted Funds - 32,166 Total CPIF holding values 16,348,069 13,690,284 Group

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

17. Bristol Charities Common Investment Fund (continued) (d) Income account (return) Gross income Managed portfolios Income from investment property Charges Legal and professional fees Bristol Charities Final distribution Undistributed income carried forward Distribution pence per unit (e) Balance sheet Managed portfolio at market value Investment property at market value Net investment fund (f) Statement of movement in net assets Net assets at start of year Investment gains/(losses) for the year Realised (losses)/gains in investments sold in the year Additions Proceeds of investment disposals Cash withdrawn in year Valuation gains Portfolio Manager charges Net assets at end of year	2021 2020 £ £ 399,664 493,941 80,426 104,108
	480,090 598,049 (11,157) - (12,000) (12,000)
	456,933 586,049 (456,933) (586,049)
	- -
	17.05 21.85
	2021 2020 £ £ 14,631,069 12,293,284 1,717,000 1,397,000
	16,348,069 13,690,284
	2021 2020 £ £ 13,690,284 15,508,081
	223,228 (1,817,797) 1,400,981 1,119,601 (1,189,648) (1,377,257) (36,842) - 2,293,452 294,516 (33,385) (36,860)
	2,657,785 (1,817,798)
	16,348,069 13,690,284

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

18. Debtors

Trade debtors Due from group undertakings Prepayments Accrued income Other debtors	Group 2021 2020 £ £ 57,513 78,402 - - 339,356 75,920 67,707 57,444 2,221 6,509 466,797 218,275	Charity 2021 2020 £ £ 19,448 43,401 163,240 32,038 10,198 9,359 57,543 57,414 984 1,021 251,413 143,233

Included in prepayments is £185,000 for a 10% deposit paid on the purchase of an investment property. The purchase was completed on 7 May 2021.

19. Creditors falling due within one year

Bank loans Trade creditors William Jones's Schools Foundation loan Due to group undertakings Deferred income Pensions deficit Other taxation and social security Other creditors Accruals	Group 2021 2020 £ £ - 3,000,000 72,085 35,143 480 480 - - 49,601 37,279 38,423 51,815 9,248 743 155,224 150,528 322,691 433,936 647,752 3,709,924	Charity 2021 2020 £ £ - - 14,072 24,328 - - 1,368 29,627 34,136 21,450 38,423 51,815 9,248 743 71,052 84,302 113,370 71,336 281,669 283,601

The £3,000,000 bank loan in place at the end of the prior year was no longer required and the trustees took the decision to repay the loan in full on 24 June 2020.

Deferred income

Deferred income is made up of investment property and almshouse property rent and maintenance charges billed in advance.

Balance at 1 April Released to incoming resources Amounts deferred in year Balance at 31 March	Group 2021 2020 £ £ 37,279 26,984 (37,279) (26,984) 49,601 37,279 49,601 37,279	Charity 2021 2020 £ £ 21,450 26,984 (21,450) (26,984) 34,136 21,450 34,136 21,450

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

20. Creditors due after more than one year

Group Charity 2021 2020 2021 2020 £ £ £ £ William Jones's Schools Foundation loan 1,440 1,920 - - Pensions deficit 177,057 200,058 177,057 242,568 Social Housing Grants 743,334 743,334 - - 921,830 945,312 177,057 242,568 The Social Housing Grants creditor is Recycled Capital Grant Funding (RCGF) and is monies previously advanced by Homes England to Lady Haberfield’s Almshouse Charity to be reinvested into qualifying almshouse property. 21. Funds	Group Charity 2021 2020 2021 2020 £ £ £ £ William Jones's Schools Foundation loan 1,440 1,920 - - Pensions deficit 177,057 200,058 177,057 242,568 Social Housing Grants 743,334 743,334 - - 921,830 945,312 177,057 242,568 The Social Housing Grants creditor is Recycled Capital Grant Funding (RCGF) and is monies previously advanced by Homes England to Lady Haberfield’s Almshouse Charity to be reinvested into qualifying almshouse property. 21. Funds	Group Charity 2021 2020 2021 2020 £ £ £ £ William Jones's Schools Foundation loan 1,440 1,920 - - Pensions deficit 177,057 200,058 177,057 242,568 Social Housing Grants 743,334 743,334 - - 921,830 945,312 177,057 242,568 The Social Housing Grants creditor is Recycled Capital Grant Funding (RCGF) and is monies previously advanced by Homes England to Lady Haberfield’s Almshouse Charity to be reinvested into qualifying almshouse property. 21. Funds	Group Charity 2021 2020 2021 2020 £ £ £ £ William Jones's Schools Foundation loan 1,440 1,920 - - Pensions deficit 177,057 200,058 177,057 242,568 Social Housing Grants 743,334 743,334 - - 921,830 945,312 177,057 242,568 The Social Housing Grants creditor is Recycled Capital Grant Funding (RCGF) and is monies previously advanced by Homes England to Lady Haberfield’s Almshouse Charity to be reinvested into qualifying almshouse property. 21. Funds	Group Charity 2021 2020 2021 2020 £ £ £ £ William Jones's Schools Foundation loan 1,440 1,920 - - Pensions deficit 177,057 200,058 177,057 242,568 Social Housing Grants 743,334 743,334 - - 921,830 945,312 177,057 242,568 The Social Housing Grants creditor is Recycled Capital Grant Funding (RCGF) and is monies previously advanced by Homes England to Lady Haberfield’s Almshouse Charity to be reinvested into qualifying almshouse property. 21. Funds	Group Charity 2021 2020 2021 2020 £ £ £ £ William Jones's Schools Foundation loan 1,440 1,920 - - Pensions deficit 177,057 200,058 177,057 242,568 Social Housing Grants 743,334 743,334 - - 921,830 945,312 177,057 242,568 The Social Housing Grants creditor is Recycled Capital Grant Funding (RCGF) and is monies previously advanced by Homes England to Lady Haberfield’s Almshouse Charity to be reinvested into qualifying almshouse property. 21. Funds
ENDOWMENT FUNDS Grant-giving charities; Relief in Need Charity Relief in Sickness & Disability Charity Educational charities Barry T Jones Fund Miss E M Merchant Trust Dr Owen's Charity Rev Dr T White's Essex Estates Rev Dr T White's Gray's Inn Lane Trust Total Endowment Funds of the Charity Almshouse charities; Orchard Homes William Jones's Almshouse Charity Total Endowment Funds of the Group RESTRICTED FUNDS Grant-giving charities; Relief in Need Charity Relief in Sickness & Disability Charity Educational charities Barry T Jones Fund Miss E M Merchant Trust Dr Owen's Charity Rev Dr T White's Essex Estates Rev Dr T White's Gray's Inn Lane Trust Total Restricted Funds of the Charity William Jones's Almshouse Charity Total Restricted Funds of the Group	At 1 April 2020 £ 6,033,074 2,535,711 150,546 440,626 411,380 2,163,457 55,921 42,970	Total income £ - - - - - - - -	Total expenditure £ - - - - - - - -	Gains and transfers £ 1,189,534 499,962 29,683 86,876 81,113 426,565 11,025 8,473	At 31 March 2021 £ 7,222,608 3,035,673 180,228 527,502 492,493 2,590,022 66,947 51,442
	11,833,685 18,646,664 1,152,037	- 230,879 -	- (403,516) (24,430)	2,333,231 359,037 -	14,166,916 18,833,064 1,127,607
	31,632,387	230,879	(427,946)	2,692,268	34,127,587
	142,057 (26,156) 4,699 1,555 34,355 (1) - -	201,530 84,703 5,029 14,719 13,742 72,268 1,868 1,435	(246,685) (91,457) (5,974) (12,711) (21,870) (60,223) (1,868) (1,435)	(9,554) - - - - (12,045) - -	87,348 (32,910) 3,754 3,563 26,227 (1) - -
	156,509 14,477	395,294 4,815	(442,223) (3,147)	(21,599) 1,464	87,981 17,609
	170,986	400,109	(445,370)	(20,135)	105,590

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

21. Funds (continued)

UNRESTRICTED FUNDS Of the Charity Of other group entities Total Unrestricted Funds of the Group TOTAL FUNDS Of the Charity Of the Group	At 1 April 2020 £ 19,900 5,934,815 5,954,715 12,010,094 37,758,088	Total income £ 11,517 1,303,132 1,314,649 406,811 1,945,637	Total expenditure £ (38,318) (1,054,835) (1,093,153) (480,541) (1,966,468)	Gains and At 31 March transfers 2021 £ £ 2,285 (4,616) 10,581 6,193,694 12,866 6,189,078 2,313,917 14,250,281 2,684,999 40,422,255

The purpose of each of the Charity’s endowment funds and its corresponding restricted income fund is as follows;

Relief in Need. The relief of persons resident in the City of Bristol who are in need, hardship or distress.

Relief in Sickness & Disability. The relief of persons resident in the City of Bristol who are sick, convalescent, disabled or infirm by relieving their suffering or assisting their recovery.

Educational charities. The provision of grants to create access to opportunities for young people who are resident in the City of Bristol where no loans or public funds are available.

Barry T Jones Fund: The provision of grants to charitable independent schools engaged in Secondary education within the City and County of Bristol.

Miss E M Merchant Trust: The provision of grants to carers who have limited means living in the City of Bristol or within a 10-mile radius of Bristol city centre.

Dr Owen’s Charity: Income accrued from this fund is required to be distributed 83.33% to Bristol Grammar School and 16.67% to Orchard Homes.

Rev Dr T White’s Essex Estates: Income accrued from this fund is required to be distributed to Revered Dr White.

Rev Dr T White’s Gray’s Inn Lane Trust: Income accrued from this fund is required to be distributed 50% to Bristol Grammar School and 50% to Reverend Dr White.

The Orchard Homes almshouse charity and William Jones’s Almshouse Charity endowment funds and funds of subsidiary entities which hold almshouse properties for the provision of charitable housing in Bristol and Monmouth, respectively.

The William Jones’s Almshouse Charity restricted funds relates to service charges and sinking fund contributions for the leasehold common parts at Cwrt William Jones, Monmouth.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

22. Gross transfers between funds

Donation from Relief In Need subsidising Henbury and Brentry Community Hub
Donation from Relief In Need subsidising Hotwells Community Hub
Grant allocation from Dr George Owen's Charity to Orchard Homes
William Jones's Almshouse Charity contribution to the Sinking Fund
Total transfers between funds to 31 March 2021
Donation from Relief In Need subsidising Henbury and Brentry Community Hub
Donation from Relief In Need subsidising Greater Brislington Community Hub
Donation from Relief In Need subsidising Hotwells Community Hub
Grant allocation from Dr George Owen's Charity to Orchard Homes
William Jones's Almshouse Charity contribution to the Sinking Fund
Total transfers between funds to 31 March 2020

Unrestricted
Restricted
Funds
Funds
2021
2021
£
£
7,076
(7,076)
2,478
(2,478)
12,045
(12,045)
(1,464)
1,464
20,135
(20,135)
Unrestricted
Restricted
Funds
Funds
2021
2021
£
£
34,795
(34,795)
1,634
(1,634)
19,569
(19,569)
14,985
(14,985)
(1,255)
1,255
69,728
(69,728)

Transfers from Relief in Need Charity relate to the funding of Bristol Charities’ own unrestricted funds operations are in accordance with the objects of the Relief in Need Charity.

The allocation from the Dr George Owen’s Charity is the amount that is allocated to Orchard Homes.

All transfers are in accordance with the objects of the transferring charity or fund.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

Analysis of net assets between funds

Unrestricted Year ended 31 March 2021 Funds £ GROUP Tangible fixed assets 429,874 Fixed asset investments - Net current assets / (liabilities) 5,937,701 Creditors falling due after more than one year (178,497) 6,189,078 CHARITY Tangible fixed assets 9,764 Fixed asset investments - Net current (liabilities) / assets 162,677 Creditors falling due after more than one year (177,057) (4,616) Unrestricted funds reported in the balance sheet: GROUP £ Unrestricted funds - general 6,404,558 Unrestricted funds - pension deficit (SVSPS) (198,000) Unrestricted funds - pension deficit (GP3) (17,480) Total Unrestricted funds 6,189,078 Unrestricted Year ended 31 March 2020 Funds £ GROUP Tangible fixed assets 466,504 Fixed asset investments 32,163 Net current assets / (liabilities) 5,658,025 Creditors falling due after more than one year (201,978) 5,954,714 CHARITY Tangible fixed assets 14,603 Fixed asset investments 32,168 Net current (liabilities) / assets 173,187 Creditors falling due after more than one year (200,058) 19,900	Restricted Funds £ - - 105,590 - 105,590 - - 87,981 - 87,981 CHARITY £ 210,864 (198,000) (17,480) (4,616) Restricted Funds £ - - 170,986 - 170,986 - - 156,509 - 156,509	Endowment Funds £ 19,817,999 16,348,069 (1,295,148) (743,333) 34,127,587 - 14,166,038 878 - 14,166,916 Endowment Funds £ 20,159,366 13,658,121 (1,441,766) (743,334) 31,632,387 - 11,835,122 (1,437) - 11,833,685	Total £ 20,247,873 16,348,069 4,748,143 (921,830)
			40,422,255
			9,764 14,166,038 251,536 (177,057)
			14,250,281
			Total £ 20,625,870 13,690,284 4,387,245 (945,312)
			37,758,087
			14,603 11,867,290 328,259 (200,058)
			12,010,094

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

24. Pension schemes

Scottish Voluntary Sector Pension Scheme (SVSPS) and Growth Plan Series 3 (GP3)

The company participates in the schemes, multi-employer schemes which provide benefits to some 102 (SVSPS) and 950 (GP3) non-associated employers. The schemes are defined benefit schemes in the UK. It is not possible for the group to obtain sufficient information to enable it to account for the schemes as defined benefit schemes. Therefore it accounts for the schemes as defined contribution schemes.

The schemes are subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The schemes are classified as a 'last-man standing arrangement'. Therefore the group is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficits following withdrawal from the schemes. Participating employers are legally required to meet their share of the scheme deficits on an annuity purchase basis on withdrawal from the schemes.

Full actuarial valuations for the schemes were carried out with an effective date of 30 September 2017. These valuations showed assets of £120.0m (SVSPS) and £794.9m (GP3), liabilities of £145.9m (SVSPS) and £926.4m (GP3) giving deficits of £25.9m (SVSPS) and £131.5m (GP3). To eliminate these funding shortfalls, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the schemes as follows:

Deficit contributions (for the Schemes as a whole)

SVSPS From 1 April 2019 to 30 September 2026: £1,404,638 per annum From 1 April 2019 to 30 September 2027: £136,701 per annum

The contributions to 30 September 2027 are in respect of those employers that have agreed concessions (both and present with the Trustees).

GP3 From 1 April 2019 to 31 January 2025: £11,243,000 per annum

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. All contributions are payable monthly and increasing by 3% each year on 1 April.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

24. Pension schemes (continued)

Note that the schemes’ previous valuations were carried out with an effective date of 30 September 2014. These valuations showed assets of £88.2m (SVSPS) and £793.4m (GP3), liabilities of £122.1m (SVSPS) and £969.9m (GP3) giving deficits of £33.9m (SVSPS) and £176.5m (GP3). To eliminate these funding shortfalls, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the schemes as follows:

Deficit contributions (for the Schemes as a whole)

SVSPS

----- Start of picture text -----
||| |---|---| |£1,323,116 per annum| |From 1 April 2016 to| |31 October 2029:| |(payable monthly and increasing by 3% each on 1st April)| |£292,376 per annum| |From 1 April 2016 to| |30 September 2031:| |(payable monthly and increasing by 3% each on 1st April)| |£37,475 per annum| |From 1 April 2016 to| |30 September 2031:| |(payable monthly)| |GP3| |£12,945,440 per annum| |From 1 April 2016 to| |30 September 2025:| |(payable monthly and increasing by 3% each on 1st April)| |From 1 April 2016 to|£54,560 per annum| |30 September 2028:|(payable monthly and increasing by 3% each on 1st April)|

----- End of picture text -----

The recovery plan contributions for SVSPS are allocated to each participating employer in line with their estimated share of the scheme liabilities. The recovery plan contributions for GP3 are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the schemes are in deficit and where the group has agreed to a deficit funding arrangement the group recognises liabilities for these obligations. The amounts recognised are the net present values of the deficit reduction contributions payable under the agreements that relate to the deficits. The present values are calculated using the discount rates detailed in these disclosures. The unwinding of the discount rates is recognised as a finance cost.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

24. Pension schemes (continued)

Present values of provisions

----- Start of picture text -----
||||| |---|---|---|---| |31 March 2021|31 March 2020|31 March 2019| |(£s)|(£s)|(£s)| |Present value of provision – SVSPS|198,000|217,000|254,000| |Present value of provision – GP3|17,480|20,712|25,125|

----- End of picture text -----

Reconciliation of opening and closing provisions

----- Start of picture text -----
|||||| |---|---|---|---|---| |SVSPS|GP3| |Period ended 31 March|Period ended 31 March| |2021|2020|2021|2020| |£'000|£'000|£|£| |Provision at start of period|217|254|20,712|25,125| |Unwinding of the discount factor (interest expense)|5|3|465|319| |Deficit contribution paid|(33)|(32)|(4,295)|(4,170)| |Remeasurements - impact of change in assumptions|9|(8)|598|(562)| |Provision at end of period|198|217|17,480|20,712|

----- End of picture text -----

Income and expenditure impact

----- Start of picture text -----
|||||| |---|---|---|---|---| |SVSPS|GP3| |Period ended 31 March|Period ended 31 March| |2021|2020|2021|2020| |£'000|£'000|£|£| |Interest expense|5|3|465|319| |Remeasurements - impact of change in assumptions|9|(8)|598|(562)|

----- End of picture text -----

----- Start of picture text -----
||||| |---|---|---|---| |Assumptions| |31 March 2021|31 March 2020|31 March 2019| |% per annum|% per annum|% per annum| |Rate of discount – SVSPS|0.86|2.57|1.46| |Rate of discount – GP3|0.66|2.53|1.39|

----- End of picture text -----

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

24. Pension schemes (continued)

Deficit contributions schedules (for Bristol Charities)

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8	SVSPS		GP3
	31 March 2021 31 March 2020 31 March 2019 £'000 £'000 £'000 34 33 32 35 34 33 36 35 34 38 36 35 39 38 36 20 39 38 - 20 39 - - 20		31 March 2021 31 March 2020 31 March 2019 £ £ £ 4,423 4,295 4,170 4,556 4,423 4,295 4,693 4,556 4,423 4,028 4,693 4,556 - 4,028 4,693 - - 4,028 - - - - - -

The group must recognise liabilities measured as the present value of the contributions payable that arise from the deficit recovery agreements and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive group’s balance sheet liabilities.

25. Commitments

a) Capital commitments

At the year end there were contractual agreements in place for capital works to be undertaken after the year end at almshouse properties as follows;

GROUP Works at Haberfield House, Stockwood Works at Cwrt William Jones, Monmouth Total Group capital commitments	2021 £ 50,589 23,452 74,041	2020 £ 33,919 -
		33,919

All capital commitments were in subsidiary entities and none were in the parent Charity.

b) Operating commitments

Total operating lease commitments due in future years at the balance sheet date were;

GROUP AND CHARITY Due not later than one year Due between one and five years Total Group and Charity operating commitments	2021 £ 1,285 2,569 3,854	2020 £ 1,285 3,854
		5,139

Annual Accounts for Year Ended 31 March 2021

Bristol Charities

Notes to the Financial Statements for the Year Ended 31 March 2021

25. Commitments (continued)

c) Other financial commitments

On 1 February 2020 the Bristol Charities group entered into a 15-month contract for Facilities Management Services, ending on 31 March 2021. The contract was re-tendered during the year and a new 36-month contract was entered into with effect from 1 April 2021. The total commitments of the Group and Charity arising from this contact are as follows;

GROUP Due not later than one year Due between one and five years Total Group commitments CHARITY Due not later than one year Due between one and five years Total Charity commitments	2021 £ 36,000 72,000 108,000 2021 £ 3,300 6,600 9,900	2020 £ 29,258 -
		29,258 2020 £ 4,213 -
		4,213

26. Principal subsidiaries

Bristol Charities has three principal subsidiaries which have been consolidated into these group financial statements. These are Orchard Homes (registered charity number 1109141/17), William Jones’s Almshouse Charity (registered charity number 230514) and Orchard Homes Design and Build Ltd (registered company number 09864047).

Orchard Homes (OH) is a registered social landlord and also a registered charity. It is a provider of almshouse accommodation for older people in Bristol and operates solely in the UK. It has no share capital and is included on the basis of a uniting direction issued by the Charity Commission dated 20 May 2005. Orchard Homes is under the sole control of Bristol Charities.

William Jones’s Almhouse Charity (WJA) is a registered charity and a provider of almshouse accommodation for older people in Monmouth. It is consolidated as it is under the sole control of Bristol Charities, with Bristol Charities being its sole corporate trustee.

Orchard Homes Design and Build Ltd (OHDB) was incorporated on 9 November 2015 to provide design and construction services to Orchard Homes. Bristol Charities owns 100% of the share capital of Orchard Homes Design and Build Ltd.

The income, expenditure and gains for each subsidiary for the years ended 31 March 2021 and 31 March 2020 are as follows;

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

26. Principal subsidiaries (continued)

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2021|2020| |OH|WJA|OHDB|OH|WJA|OHDB| |£|£|£|£|£|£| |Income|1,376,567|205,891|48,886|1,235,630|194,790|183,775| |Expenditure|(1,249,660)|(238,387)|(46,555)|(1,262,968)|(246,263)|(150,646)| |-|-|-|-| |Other gains and transfers|359,037|(242,058)| |Surplus/ (deficit) for the year|485,944|(32,496)|2,331|(269,396)|(51,473)|33,129|

----- End of picture text -----

The total year end reserves for each subsidiary for the years ended 31 March 2021 and 31 March 2020 were as follows;

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |OH|22,192,863|21,706,917| |WJA|1,326,249|1,358,745| |OHDB|2,332|33,130|

----- End of picture text -----

27. Ultimate controlling parties

Ultimate control is held by the Trustees of Bristol Charities as listed in the Reference and Administrative Details.

28. Related party transactions

The Charity has taken advantage of the exemption under Section 33 of FRS102 not to disclose transactions within entities whose voting rights are 100% wholly controlled within Bristol Charities group.

29. Non-adjusting events after the reporting period

On 7 May 2021 the Group completed the purchase of the Vassall Centre in Fishponds, Bristol. A deposit of £185,000 was paid prior to the year end and this is shown in prepayments at the balance sheet date. The Vassall Centre will be held by Orchard Homes as an investment property, with a view to developing the site into a housing operations asset at some point in the future.

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

30. Statement of Financial Activities – prior year

Income and Endowments Donations and legacies Charitable activities Investment income Other incoming resources Grants, including capital grants Total Expenditure Charitable Activities Other expenditure Total Gains / (losses) on investments Net income / (expenditure) Gross transfers between funds Other recognised gains and losses Net movement in funds Reconciliation of funds Total funds brought forward Fund balances carried forward Actuarial (losses) / gains on defined benefit pension schemes	Unrestricted Restricted Endowment Funds Funds Funds 2020 £ £ £ £ 2,367 - - 2,367 1,074,309 - - 1,074,309 155,642 506,634 - 662,276 9,056 3,637 205,791 218,484 - - 310,011 310,011 1,241,374 510,271 515,802 2,267,447 (1,184,572) (501,850) (487,523) (2,173,945) - (1,910) - (1,910) (1,184,572) (503,760) (487,523) (2,175,855) (4,270) - (1,813,527) (1,817,797) 52,532 6,511 (1,785,248) (1,726,205) 69,728 (69,728) - - 8,562 - - 8,562 - 130,822 (63,217) (1,785,248) (1,717,643) 5,823,892 234,203 33,417,635 39,475,730 5,954,714 170,986 31,632,387 37,758,087	2019 £ 492 828,710 638,484 20,393 1,344,000
		2,832,079 (1,589,750) -
		(1,589,750) 373,710
		1,616,039
		- 151,699 -
		1,767,738 37,707,992
		39,475,730

Bristol Charities

Annual Accounts for Year Ended 31 March 2021

Notes to the Financial Statements for the Year Ended 31 March 2021

Funds – prior year

ENDOWMENT FUNDS Grant-giving charities; Relief in Need Charity Relief in Sickness & Disability Charity Educational charities Barry T Jones Fund Miss E M Merchant Trust Dr Owen's Charity Rev Dr T White's Essex Estates Rev Dr T White's Gray's Inn Lane Trust Total Endowment Funds of the Charity Group almshouse charities Total Endowment Funds of the Group RESTRICTED FUNDS Grant-giving charities; Relief in Need Charity Relief in Sickness & Disability Charity Educational charities Barry T Jones Fund Miss E M Merchant Trust Dr Owen's Charity Rev Dr T White's Essex Estates Rev Dr T White's Gray's Inn Lane Trust Total Restricted Funds of the Charity William Jones's Almshouse Charity Total Restricted Funds of the Group UNRESTRICTED FUNDS Of the Charity Of other group entities Total Unrestricted Funds of the Group TOTAL FUNDS Of the Charity Of the Group	At 1 April 2019 £ 6,834,245 2,872,445 170,538 499,138 466,010 2,450,756 63,347 48,676 13,405,155 20,012,481 33,417,635 183,181 (16,592) 8,761 3,120 44,068 (1) - - 222,537 11,666 234,203 At 1 April 2019 £ 52,525 5,771,367 5,823,892 13,680,217 39,475,730	Total income £ - - - - - - - - - 515,802 515,802 258,296 108,561 6,445 18,864 17,612 92,624 2,394 1,840 506,636 3,637 510,273 Total income £ 112,916 1,128,458 1,241,374 619,552 2,267,449	Total expenditure £ - - - - - - - - - (503,760) (503,760) (243,422) (118,125) (10,507) (20,429) (27,325) (77,639) (2,394) (1,840) (501,681) (2,081) (503,762) Total expenditure £ (210,101) (978,741) (1,188,842) (711,782) (2,196,364)	Gains and At 31 March transfers 2020 £ £ (801,171) 6,033,074 (336,734) 2,535,711 (19,992) 150,546 (58,512) 440,626 (54,630) 411,380 (287,299) 2,163,457 (7,426) 55,921 (5,706) 42,970 (1,571,470) 11,833,685 (225,822) 19,798,701 (1,797,292) 31,632,387 (55,998) 142,057 - (26,156) - 4,699 - 1,555 - 34,355 (14,985) (1) - - - - (70,983) 156,509 1,255 14,477 (69,728) 170,986 Gains and At 31 March transfers 2020 £ £ 64,560 19,900 13,730 5,934,814 78,290 5,954,714 (1,577,893) 12,010,094 (1,788,730) 37,758,087