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2021-03-31-accounts

Charity number: 1143181

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditor's report on the financial statements 6 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 21

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Mrs HR Wiseman, Chair
Ms HA Richardson
VS Woodell
Charity registered
number
1143181
Principal office
Co-operative House
Warwick Technology Park
Gallows Hill
Warwick
CV34 6DA
Independent auditor
Cooper Parry Group Limited
Chartered Accountants
Statutory Auditor
One Central Boulevard
Blythe Valley Business Park
Solihull
West Midlands
B90 8BG
Bankers
Barclays Bank plc
One Snow Hill
Snow Hill Queensway
Birmingham
B3 2WN
Solicitors
Anthony Collins Solicitors LLP
134 Edmund Street
Birmingham
B3 2ES
Settlor
The Midcounties Co-operative Limited
Co-operative House
Warwick Technology Park
Gallows Hill
Warwick
CV34 6DA

Page 1

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2020 to 31 March 2021.

Objectives and activities

a. Objectives and aims

The object of the charity is to promote and support charitable purposes as the trustees may from time to time determine. The charity believes that community groups run by local people who want to tackle local issues are at the heart of building stronger communities. The charity believes in supporting local communities and wishes to provde support to local groups to work within their communities.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Significant activities

The charity operates a grant programme for the benefit of communities within the areas in which The Midcounties Co-operative Limited trades.

c. Grant making

The charity is assisted in the award of grants by its grant panel. The charity awards community grants of up to £2,000; as well as smaller low level grants of up to £250. Applicants must be a member of The Midcounties Cooperative Limited and membership should have been in place for at least three months prior to application. Grants are not awarded to individuals or statutory organisations.

d. Volunteers

The charity is supported in its work by The Midcounties Co-operative Limited which oversees the work of the charity. Members of The Midcounties Co-operative Limited's Member Engagement Committee act as the charity's grant panel. The Trustees are extremely grateful for this voluntary contribution to the work of the Charity.

Achievements and performance

a. Charitable activities

During the year the charity awarded grants of £106,290 (2020: £213,480) to 146 (2020: 298) community organisations. Further analysis of grants awarded in provided in note 6 of the financial statements; together with some examples of individual grants awarded.

Page 2

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

b. Investment policy and performance

Performance of the investment manager, Tilney, is regularly reviewed and monitored against appropriate benchmarks. Following the COVID pandemic, close contact is maintained with Tilney to ensure the Trustees are aware of the expected impact to the investment portfolio in the medium and long term.

The charity's ability to fund its planned grant programme is principally dependent upon the total return achieved on its investments, which, as noted are professionally managed. The endowment funds are managed by the charity's investment manager, Tilney, whose appointment is within the control of the Trustees. The principal external factor governing the charity's total investment return is general market conditions.

The Trustees continue to monitor investment performance closely in light of the current outbreak of Coronavirus.

Financial review

a. Financial position

The Trustees are satisfied with the financial state of affairs of the Charity. At the year end the balance on the unrestricted general fund was £20,416 (2020: £118,957).

b. Reserves policy

It is the policy of the Trustees to maintain sufficient unrestricted general funds, having set aside any designated funds for specific future purposes or projects, at a level which provides sufficient free funds to meet any foreseeable financial obligations.

c. Investment policy and objectives

The Charity's investments are managed by Tilney. The statement of investment principals prepared by the Trustees, after consultation with the Charity's investment advisor, defines the way the Charity's investments and liquid funds are to be managed. The statement is reviewed at least annually.

The Charity's portfolio is invested for the long term, over seven years, in medium to low risk holdings. The Charity's investment objective is to provide an annual income to provide funds for its grant programme and administration costs; as well as maintaining or increasing the real capital value of its investments.

d. Principal funding

The Charity's principal sources of funding for grant making are the income derived from its endowment fund investments; periodic grants from The Midcounties Co-operative Fund Limited and the realisation of its endowment fund investments which The Midcounties Co-operative Limited, as settlor, may determine.

Structure, governance and management

a. Constitution

The Midcounties Co-Operative Community Fund is a registered charity, number 1143181, and is constituted under a Trust deed dated 14 June 2011.

Page 3

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

Trustees are appointed by The Midcounties Co-operative Limited, as settlor. The Midcounties Co-operative Limited has determined that the Trustees shall be the President and the two Vice-Presidents of the Society's Board of Directors. The Midcounties Co-operative Limited, as settlor, may also remove and replace any Trustee in the same way that it makes appointments.

There must be at least three trustees, unless a corporate trustee is appointed, in which case the corporate trustee may act alone.

c. Organisational structure and decision making

The Charity is managed by the Board of Trustees. A secretary is appointed by the Trustees to administer the day to day operations of the Charity. The Trustees hold three meetings each year. The Trustees are supported by The Midcounties Co-operative Limited which oversees the work of the Charity and members of The Midcounties Co-operative Limited's Member Engagement Committee act as the Charity's grant panel.

d. Induction and training of new Trustees

On appointment Trustees are provided with a copy of the declaration of trust, a copy of the Charity's latest annual report of the Trustees and financial statements, and minutes of the meetings of Trustees for the previous year. Recent appointees have all been familiar with the duties of a Trustee but the Charity would organise attendance on a suitable course if necessary.

e. Risk management

The Trustees have a duty to identify and review the risks to which the Charity is exposed to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have assessed the risks to which the Charity is exposed, in particular those related to operations and finances of the Charity and they are satisfied that systems are in place to manage their exposure to major risks.

During March 2020 the United Kingdom entered a period of lockdown as a result of the COVID 19 pandemic, the Trustees continue to assess the long term impact of the pandemic on the Charity.

Plans for future periods

The Charity's aims and objectives remain constant and are not expected to change from one year to the next.

Page 4

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The auditor, Cooper Parry Group Limited, has indicated its willingness to continue in office.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mrs HR Wiseman Chair

Date: 29 September 2021

Page 5

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

Opinion

We have audited the financial statements of The Midcounties Co-Operative Community Fund (the 'charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Page 6

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

[Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.]

A further description of our responsibilities for the audit of the financial statements is located 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 charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Cooper Parry Group Limited Chartered Accountants Statutory Auditor One Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 8BG

Date: 4 October 2021

Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and endowments from:
Donations and legacies
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
Total expenditure
Net expenditure before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
-
26,038
26,038
-
124,579
124,579
(98,541)
-
(98,541)
118,957
(98,541)
20,416		 Endowment
funds
2021
£
-
-
-
10,046
-
10,046
(10,046)
239,072
229,026
1,488,675
229,026
1,717,701		 Total
funds
2021
£
-
26,038
26,038
10,046
124,579
134,625
(108,587)
239,072
130,485
1,607,632
130,485
1,738,117		 Total
funds
2020
£
201,078
36,456
237,534
10,309
231,979
242,288
(4,754)
(97,845)
(102,599)
1,710,231
(102,599)
1,607,632

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 21 form part of these financial statements.

Page 9

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
13
Restricted funds
13
Unrestricted funds
13
Total funds		 604
55,772
56,376
(36,848)		 2021
£
1,718,589
19,528
1,738,117
1,738,117
1,717,701
-
20,416
1,738,117		 331
139,586
139,917
(21,822)		 2020
£
1,489,537
118,095
1,607,632
1,607,632
1,488,675
-
118,957
1,607,632

The financial statements were approved and authorised for issue by the Trustees on 29 September 2021 and signed on their behalf by:

Mrs HR Wiseman

Chair

The notes on pages 11 to 21 form part of these financial statements.

Page 10

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

The Midcounties Co-operative Community Fund is a charity registered with the Charity Commission (Charity Number: 1143181).

The address of the registered office is Co-operative House, Warwick Technology Park, Gallows Hill, Warwick, CV34 6DA.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Midcounties Co-Operative Community Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

Considering the ongoing Covid-19 pandemic and its expected impact upon the Community Fund, the Trustees have considered whether any adjustments are required to the financial statements. As at the 31st March 2021 balance sheet date, there is still some market uncertainty surrounding the Covid-19 pandemic but it is not expected to have a material impact on the going concern of the Community Fund.

The Trustees of the charitable fund have reviewed the Market Comment Review by its investment managers, Tilney at 31st March 2021 and the cash flow forecasts prepared by the Midcounties Cooperative Limited through to January 2023, from whom periodic grants are received. The forecasts were prepared taking into account the expected continued impact of Covid-19.

Based on the above mitigating actions the Trustees of the charity believe that it remains appropriate to prepare the financial statements on a going concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Page 11

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 12

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Endowment funds comprise restricted funds that have been gifted by a foundation for the investment by the charity, which cannot be withdrawn by the charity for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Grants
Grants
4.
Investment income
Income from listed investments
Income from listed investments		 Unrestricted
funds
2021
£
-
Unrestricted
funds
2020
£
201,078
Unrestricted
funds
2021
£
26,038
Unrestricted
funds
2020
£
36,456		 Total
funds
2021
£
-
Total
funds
2020
£
201,078
Total
funds
2021
£
26,038
Total
funds
2020
£
36,456

Page 13

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Expenditure on raising funds

Costs of raising voluntary income

Investment management costs
Investment management costs		 Endowment
funds
2021
£
10,046
Endowment
funds
2020
£
10,309		 Total
funds
2021
£
10,046
Total
funds
2020
£
10,309

6. Analysis of grants

Grants, Direct costs - Community assistance
Grants, Direct costs - Community assistance		 Grants to
Institutions
2021
£
106,290
Grants to
Institutions
2020
£
213,480		 Total
funds
2021
£
106,290
Total
funds
2020
£
213,480

No singularly material grants were made during the year. 57 grants of between £251-£2,000 in value were made during the year totalling £84,910. 89 low level grants of up to £250 totalling £21,380 were made during the year. A sample of the grants the Charity has made during the year is detailed in note 17.

Page 14

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Grant
funding of
activities
2021
£
106,290
Grant
funding of
activities
2020
£
213,480		 Support
costs
2021
£
18,289
Support
costs
2020
£
18,499		 Total
funds
2021
£
124,579
Total
funds
2020
£
231,979

Analysis of support costs

Auditor's remuneration
Bank charges
Grant administration costs
Auditor's remuneration
Bank charges
Grant administration costs		 Activities
2021
£
2,880
409
15,000
18,289
Activities
2020
£
2,880
619
15,000
18,499		 Total
funds
2021
£
2,880
409
15,000
18,289
Total
funds
2020
£
2,880
619
15,000
18,499

Page 15

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Auditor's remuneration

2021 2020
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 2,880 2,880

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).

10. Fixed asset investments

Cost or valuation
At 1 April 2020
Additions
Disposals
Revaluations
Foreign exchange movement
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Listed
investments
£
1,373,397
322,703
(244,524)
239,072
(10,020)
1,680,628
1,680,628
1,373,397		 Cash account
£
116,140
(322,703)
244,524
-
-
37,961
37,961
116,140		 Total
£
1,489,537
-
-
239,072
(10,020)
1,718,589
1,718,589
1,489,537

11. Debtors

Due within one year
Other debtors		 2021
£
604
604		 2020
£
331
331

Page 16

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Creditors: Amounts falling due within one year

Amounts due to The Midcounties Co-operative Limited
Accruals and deferred income
Grants accrued		 2021
£
32,580
3,768
500
36,848		 2020
£
17,580
3,742
500
21,822

Page 17

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Endowment funds
The Midcounties Co-operative
Fund
Total of funds		 Balance at 1
April 2020
£
118,957
1,488,675
1,607,632		 Income
£
26,038
-
26,038		 Expenditure
£
(124,579)
(10,046)
(134,625)		 Gains/
(Losses)
£
-
239,072
239,072		 Balance at
31 March
2021
£
20,416
1,717,701
1,738,117

The Midcounties Co-operative Limited endowed the charity in 2011 with funds from its dormant shareholders accounts. The Midcounties Co-operative Fund is to provide an income for a grant programme for the benefit of communities in the areas in which The Midcounties Co-operative Limited trades. In accordance with the declaration of trust, income arising on the endowment fund shall be expended together with up to 5% of the capital value of the endowment fund or such greater or lessor amount as the settlor may determine. During the year £nil was transferred from The Midcounties Cooperative Fund to the general fund.

Page 18

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
Endowment
funds
The
Midcounties
Co-operative
Fund
Total of funds		 Balance at
1 April 2019
£
13,402
1,696,829
1,710,231		 Income
£
237,534
-
-		 Expenditure
£
(231,979)
(10,309)
(242,288)		 Transfers
in/out
£
100,000
(100,000)
-		 Gains/
(Losses)
£
-
(97,845)
(97,845)		 Balance at
31 March
2020
£
118,957
1,488,675
1,607,632

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
-
56,376
(35,960)
20,416		 Endowment
funds
2021
£
1,718,589
-
(888)
1,717,701		 Total
funds
2021
£
1,718,589
56,376
(36,848)
1,738,117

Page 19

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
-
140,779
(21,822)
118,957		 Endowment
funds
2020
£
1,489,537
(862)
-
1,488,675		 Total
funds
2020
£
1,489,537
139,917
(21,822)
1,607,632

15. Related party transactions

The Midcounties Co-operative Limited, the settlor, has the right to appoint and remove the charity's trustees. The trustees are the President and two Vice-Presidents of the Society's Board of Directors. The Midcounties Co-operative Limited oversees the work of the charity and members of its Member Engagement Committee act as the charity's grant panel. During the year The Midcounties Co-operative Limited provided grants to the charity of £nil (2020: £201,078) and was reimbursed grant administration costs of £15,000 (2020: £15,000). At the 31 March 2021 a balance of £32,580 (2020: £17,580) was owed to The Midcounties Co-operative Limited.

Page 20

THE MIDCOUNTIES CO-OPERATIVE COMMUNITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Grants paid

Name of insititution
Amersham Band
Cotswolds Dog & Cats Home
Newent Initiative Trust
The Chamwell Centre Charity
Saul Under Fives
Share and Repair Stonehouse CIC
Gloucestershire Nightstop
1st Tewkesbury Boys Brigade
The Door Youth Project
The Hummingbird Centre Cancer Support Centre
Kidlington Methodist Church Society
Blackbird Leys Neighbourhood Support Scheme
South Leigh Playground Association
North Leigh Parochial Church Council Youth Work Account
William Fletcher School PTA
Charlbury Cricket Club
Navigate Cooperative Ltd
Wem Bowling Club
Edstaston Village Hall
The Katherine Allport Foundation
Chase Meadow Community Centre
Wolverhampton Samaritans
Walsall Community Church Money Advice Project
St Mary's School PTA
The Open Door Centre (Swindon & District Ltd
Other grants to institutions		 2021
£
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
56,290
106,290		 2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,750
-
-
-
-
211,730
213,480

Page 21