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2022-12-31-accounts

CHARITY REGISTRATION NUMBER: 1154749 COMPANY REGISTRATION NUMBER: CE001433

Sid Vale Association CIO

Unaudited Financial Statements

31 December 2022

Sid Vale Association CIO

Financial Statements

Year ended 31 December 2022

Pages
Trustees' annual report 1 to 7
Independent examiner's report to the trustees 8
Statement of financial activities 9
Statement of financial position 10
Notes to the financial statements 11 to 22

Sid Vale Association CIO

Trustees' Annual Report

Year ended 31 December 2022

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

Reference and administrative details

Registered charity name Sid Vale Association CIO Charity registration number 1154749 Principal office 36a Fore Street Sidmouth Devon EX10 8AQ President A Darrant The trustees E Harrison Resigned 9 December 2022 E Warren - Secretary G Turner - Treasurer N Hyman V Huntington R Huntington H Hodge A Tanner – Chairman Appointed Acting Chairman 9 December 2022 Resigned Vice Chairman and appointed Chairman 27 March 2023 A Clarke P Rose Appointed 30 January 2023 P Wragg Appointed 30 January 2023 G Cross Appointed 30 January 2023 Company secretary E Warren Independent examiner N Smy ACA Westcotts Chartered Accountants Queens House New Street Honiton Devon EX14 1BJ Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA HSBC Bank Plc Fore Street Sidmouth Devon EX10 8AA

- 1 -

Sid Vale Association CIO

Trustees' Annual Report (continued)

Year ended 31 December 2022

Structure, governance and management

Nature of governing document

The Charity is governed by its Constitution dated 26th November 2013 and as amended on 15 June 2021.

Recruitment and appointment of trustees

The number of Trustees must be within 3 and 20 inclusive. The board of Trustees may appoint additional Trustees between AGMs and such appointees must be elected by the members at the next AGM. The Trustees retire on rotation and may make themselves available for re-election. When particular skills are required, we may advertise to recruit new Trustees; this will normally be done locally but it is not necessary for Trustees to reside in the Sid Vale.

All newly appointed Trustees are provided with a copy of the charity's constitution, the latest Trustees' Report and Annual Accounts, the SVA Health and Safety Policy and the SVA Safeguarding Policy. Appropriate background checks and self-declarations are always obtained.

Major risks and management of those risks

Risk management is an important part of the successful and effective management of SVA charity and safeguarding of our funds and assets.

By managing risk effectively, SVA Trustees can help ensure that:

The SVA's trustees have ultimate responsibility for risk and regularly review and assess the risks faced by SVA in all areas of its work and plan for the management of those risks. The Trustees recognise the legal requirement for a risk management statement in their annual report.

While the responsibility for risk management is led by trustees, everyone involved in the charity's activities has a part to play in risk management. To ensure this is co-ordinated effectively and that we follow an agreed risk management framework, the process is overseen by a named trustee who does not manage all the risks but ensures that the policy and process is followed across the organisation.

Each area of the SVA activity is led by a trustee, who will be responsible carrying out a risk assessment as and when required. The process includes identifying, assessing, recording, managing, reviewing and reporting on risks in their area of work. A standard template for recording SVA risks will be used and a consistent RAG rating used for reporting. All red scored risks will be reported to the co-ordinator prior to each Trustees meeting.

The policy and process will be reviewed each year to ensure that it is up to date. The policy is available on the website and from the 36a Fore Street office. All trustees receive guidance and training on use of the risk management process.

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Sid Vale Association CIO

Trustees' Annual Report (continued)

Year ended 31 December 2022

Structure, governance and management (continued)

Policy on reserves

Funds of £3,831k were comprised of a permanent endowment of £3,012k and generally available reserves of £819k. The SVA does not set lower and upper limits for its reserves. This is because:

The Trustees consider the level of reserves to be adequate to meet commitments to its members, and to provide a fund for any future opportunities to acquire land for the benefit of the community. A Designated Reserve is being set aside (£5k pa, balance £30k in 2022) to provide for future works to the Museum which is held on a tenant's repairing lease.

Investment policy and objectives

Investments comprise the Keith Owen endowment and other surplus funds. With effect from January 2020, in accordance the Trustees' resolution of 25th November 2019, the investments have been held in a Balanced Fund, managed by a Discretionary Fund Manager.

Public benefit

The Charity undertakes, in normal circumstances, the following activities to further public benefit:

Monitoring planning applications; seeking to protect the historic built environment and conservation areas for the benefit of residents and visitors; and safeguarding the East Devon Area of Outstanding Natural Beauty for the enjoyment and leisure of residents and visitors;

Maintaining the SVA's owned open space and woodland for free access to the public; maintaining the SVA's own stretch of bank on the River Sid and reporting to the relevant authorities the condition of the River Sid generally;

Maintaining a Museum which includes exhibits of local historical and geological interest, changing annually. There is a dedicated area for exhibits and events aimed at young people, to involve and interest children in local artistic, historical, and geological matters. Admission is free to members, with a low charge for non-members;

Administering the Keith Owen Fund, a Permanent Endowment left to the SVA by a local resident. The Fund is intended to provide grants to local sporting, educational, environmental and leisure groups to facilitate appropriate projects where other funding may not be available. The KOF Committee has a wide remit and each application, which can come from all quarters, is considered by a dedicated subcommittee of Trustees and lay members from the community;

Organising walks throughout the year, in town and countryside, to places of historical or environmental interest;

Arranging talks on subjects of local interest to audiences of up to 150, or 100 online; and,

Publishing books and pamphlets on matters of local interest.

The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

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Sid Vale Association CIO

Trustees' Annual Report (continued)

Year ended 31 December 2022

Objectives and activities

Objects and aims

The objects of the Association in accordance with its Constitution dated 26th November 2013 and amended 15th June 2021, are:

In the Valley of the River Sid in East Devon and its environs:

The Association is administered and managed, in accordance with the Constitution, by a body of charity trustees elected or re-elected at an Annual General Meeting and called the Management Committee which comprises the formal offices of Chairman, Vice-Chairman, Secretary and Treasurer, and up to 16 ordinary members.

The Management Committee appoints committees to undertake the activities of the Association. A committee must contain at least one Trustee, and report regularly to the Management Committee.

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Sid Vale Association CIO

Trustees' Annual Report (continued)

Year ended 31 December 2022

Objectives and activities (continued)

Objectives, strategies and activities

The Association's Activities are implemented through a number of Committees covering:

The displays and events are designed to involve and interest the Museum's young visitors.

- 5 -

Sid Vale Association CIO

Trustees' Annual Report (continued)

Year ended 31 December 2022

Achievements and performance

The Sidmouth Museum was open for its first full operational year post-Covid and continued its policy of charging admission fees for non-members. Despite the fall in donations, the Museum recorded an operational surplus in 2022, thereby contributing the SVA's core reserves.

The Keith Owen Fund Committee met on its regular 2-monthly cycle throughout 2022 and considered seven award applications. From these, four awards were made with a total value of £34,000. Interest in the fund however remained significantly below the levels prior to Covid. There may be several reasons for this, but it could be that 2022 was a year where voluntary organisations were simply continuing to get themselves re-established post-Covid.

Improvements were continued at The Knapp, which was acquired in 2019. This open space, formerly owned by EDDC, abuts and is linked to our own area known as Peaslands Knapp. Together, they are an important area of publicly accessible open space within the built-up centre of Sidmouth.

At the beginning of 2023, our membership numbered 1,885 individuals, 105 of whom joined in 2022. This was down from 2021 when 183 joined, but that was an exceptional year. We lost 88 members in 2022.

Financial review

The principal source of income is dividends from our investments, held in a balanced fund; this produced income of £85k (2021: £81k). Our target had been £70k. Together with other sources, total operating income for 2022 was £121k (2021: £127k). The investment fund unfortunately suffered from the world's economic travails and fell by £390k. After charitable expenditure of £99k, our net funds fell by £367k. Total funds as at the end of 2022 were £3,831k (2021: £4,199k).

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Sid Vale Association CIO

Trustees' Annual Report (continued)

Year ended 31 December 2022

Trustees' responsibilities statement

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

Law applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity for the period. In preparing those 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 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 disclose with reasonable accuracy at any time the financial position of the Charity and that enable them to ensure that financial statements comply with the Charities Act 2011 and the applicable Charity (Accounts and Reports) Regulations. They are also responsible for safeguarding the assets of the company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on 27 March 2023 and signed on behalf of the board of trustees by:

A Tanner - Chairman Trustee

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Sid Vale Association CIO

Independent Examiner's Report to the Trustees of Sid Vale Association CIO

Year ended 31 December 2022

I report to the trustees on my examination of the financial statements of Sid Vale Association CIO ('the charity') for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr N Smy ACA Independent Examiner Westcotts Chartered Accountants Queens House New Street Honiton Devon EX14 1BJ

Date: 12 May 2023

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Sid Vale Association CIO

Statement of Financial Activities

Year ended 31 December 2022

Year ended 31 December 2022 31 December 2022
2022 2021
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 4 13,569 2,000 – 15,569 26,717
Other trading activities 5 19,011 – – 19,011 19,475
Investment income 6 86,249 – – 86,249 81,048
───────── ─────── ──── ───────── ─────────
Total income 118,829 2,000 – 120,829 127,240
═════════ ═══════ ════ ═════════ ═════════
Expenditure
Expenditure on
charitable activities 7,8 (94,804) (3,802) – (98,606) (90,565)
───────── ─────── ──── ───────── ─────────
Total expenditure (94,804) (3,802) – (98,606) (90,565)
═════════ ═══════ ════ ═════════ ═════════
Net (losses)/gains on
investments 11 (14,134) – (375,462) (389,596) 303,022
───────── ─────── ───────── ───────── ─────────
Net (expenditure)/income
and net movement in funds 9,891 (1,802) (375,462) (367,373) 339,697
═════════ ═══════ ═════════ ═════════ ═════════
Reconciliation of funds
Total funds brought forward 795,963 15,420 3,387,300 4,198,683 3,858,986
───────── ──────── ──────────── ──────────── ────────────
Total funds carried forward 805,854
═════════		 13,618
════════		 3,011,838
════════════		 3,831,310
════════════		 4,198,683
════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 11 to 22 form part of these financial statements.

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Sid Vale Association CIO

Statement of Financial Position

31 December 2022

2022 2021
Note £ £ £
Fixed assets
Tangible fixed assets 16 263,306 263,810
Heritage assets 17 401 401
Investments 18 3,081,489 3,493,793
──────────── ────────────
3,345,196 3,758,004
Current assets
Stocks 19 8,000 8,000
Debtors 20 3,000 1,000
Cash at bank and in hand 483,048 439,055
───────── ─────────
494,048 448,055
Creditors: amounts falling due within one year 21 (7,934) (7,376)
───────── ─────────
Net current assets 486,114 440,679
──────────── ────────────
Total assets less current liabilities 3,831,310 4,198,683
════════════ ════════════
Funds of the charity
Endowment funds 3,011,838 3,387,300
Restricted funds 13,618 15,420
Unrestricted funds 805,854 795,963
──────────── ────────────
Total charity funds 22 3,831,310 4,198,683
════════════ ════════════

These financial statements were approved by the board of trustees and authorised for issue on 27 March 2023, and are signed on behalf of the board by:

G Turner - Treasurer Trustee

A Tanner - Chairman Trustee

The notes on pages 11 to 22 form part of these financial statements.

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Sid Vale Association CIO

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The charity is a public benefit entity and is registered with the Charity Commission in England and Wales as a charitable incorporated organisation. The address of the principal office is 36a Fore Street, Sidmouth, EX10 8AQ, Devon.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The Charity has taken advantage of the exemption in FRS102 from the requirement to produce a cashflow statement because it is a small charity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Fund accounting

Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Permanent endowment funds are those donated for use in a particular area or for specific purposes, where there is no power to convert the capital into income.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Resources expended

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustee’s meetings and reimbursed expenses.

Tangible assets

Individual fixed assets costing £0.01 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

In addition to the assets shown in the balance sheet the Association owned the following, land which has been gifted or acquired over the years and comprises:

Freehold Land and Property:

Leasehold Land and Property:

There are no known costs of any land owned by the charity. The land is used for charitable purposes and there is no intention to dispose of the land or develop any areas. It is not practical to quantify the market value for the land due to its charitable purpose and use.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 20% reducing balance

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Heritage assets

The Charity has previously prepared accounts on the Receipts and Payments basis due to it being within the thresholds and has therefore shown asset additions through the Statement of Financial Activities.

The charity will recognise purchase heritage asset additions over £100 at cost in accordance with the SORP and Charities Act.

Heritage assets are defined as tangible property with historical, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture.

The Charity considers its museum exhibits fall within this definition.

The majority of the Charity's heritage assets have been donated over many years.

The exhibits in the Museum range in scale, age and nature, a full inventory list can be viewed on request. The exhibits are valued for insurance purposes at £170,456.

Investments

Current asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments comprise the Keith Owen legacy and other surplus funds. In accordance with delegated authority of the Trustees investments are held within a discretionary fund.

The investments can be converted into cash at short notice and are therefore highly liquid, for this reason they are classified as current assets.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Impairment of fixed assets (continued)

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Financial instruments (continued)

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

Unrestricted Restricted Total Funds
2022 Funds Funds 2022
£ £ £
Donations
Donations 5,268 – 5,268
Regular giving and capital donations 3,879 – 3,879
Legacies
Legacies 2,500 2,000 4,500
Grants
Grants receivable 1,922 – 1,922
──────── ───────
────────
13,569 2,000 15,569
════════ ═══════
════════
Unrestricted Restricted Total Funds
2021 Funds Funds 2021
£ £ £
Donations
Donations 4,759 – 4,759
Regular giving and capital donations 3,089 – 3,089
Legacies
Legacies 2,000 – 2,000
Grants
Grants receivable 16,869 – 16,869
──────── ────
────────
26,717 – 26,717
════════ ════
════════

5. Other trading activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Income from sales of goods and
services 17,911 17,911 18,375 18,375
Income from other trading activities 1,100 1,100 1,100 1,100
────────
────────		 ──────── ────────
19,011 19,011 19,475 19,475
════════
════════		 ════════ ════════

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

6. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Income from listed investments 86,249 86,249 81,048 81,048
════════
════════		 ════════ ════════

7. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
2022 Funds Funds 2022
£ £ £
Awards 27,662 – 27,662
Other charitable activities 58,155 3,802 61,957
Support costs 8,987 – 8,987
──────── ───────
────────
94,804 3,802 98,606
════════ ═══════
════════
Unrestricted Restricted Total Funds
2021 Funds Funds 2021
£ £ £
Awards 17,600 – 17,600
Other charitable activities 58,477 5,691 64,168
Support costs 8,797 – 8,797
──────── ───────
────────
84,874 5,691 90,565
════════ ═══════
════════

8. Expenditure on charitable activities by activity type

Activities
undertaken Total funds Total fund
directly Support costs 2022 2021
£ £ £ £
Awards 27,662 – 27,662 17,600
Other charitable activities 61,957 – 61,957 64,168
Governance costs – 8,987 8,987 8,797
──────── ─────── ──────── ────────
89,619 8,987 98,606 90,565
════════ ═══════ ════════ ════════

Awards are granted in accordance with the charity’s objectives and the Keith Owen Memorandum of Intention. Details of grants paid in the year can be provided by contacting the Charity Treasurer.

Details of Institutional grants can be found on the Charity's website:

https://www.sidvaleassociation.org.uk/keith-owen-fund/grant-awards

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

9. Analysis of support costs

Unrestricted Total Unrestricted Total Funds
Funds Funds 2022 Funds 2021
£ £ £ £
Independent examination fees 1,422
1,422
1,580		 1,580
Insurance 3,736
3,736
2,897		 2,897
Other governance costs 3,829
3,829
4,320		 4,320
─────── ───────
───────
───────
8,987
═══════
8,987
═══════
8,797

═══════		 8,797

═══════

10. Taxation

The charity is a registered charity and is therefore exempt from taxation.

11. Net (losses)/gains on investments

Unrestricted Endowment Total Funds
2022 Funds Funds 2022
£ £ £
Gains/(losses) on listed investments (14,134) (375,462) (389,596)
═════════ ═════════
═════════
Unrestricted Endowment Total Funds
2021 Funds Funds 2021
£ £ £
Gains/(losses) on listed investments 10,992 292,030 303,022
════════ ═════════
═════════
12. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 504 3,841
════
═══════
13. Independent examination fees
2022 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,422
═══════		 1,580

═══════

14. Staff costs

The Charity has no employees, therefore no employee received emoluments of more than £60,000 during the year.

- 18 -

Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

15. Trustee remuneration and expenses

No trustee, nor any person connected with them, have received any remuneration from the Charity during the year.

16. Tangible fixed assets

Land and Plant and
buildings machinery Total
£ £ £
Cost
At 1 January 2022 and 31 December 2022 263,306 22,663 285,969
═════════ ════════ ═════════
Depreciation
At 1 January 2022 – 22,159 22,159
Charge for the year – 504 504
───────── ──────── ─────────
At 31 December 2022 – 22,663 22,663
═════════ ════════ ═════════
Carrying amount
At 31 December 2022 263,306 – 263,306
═════════ ════════ ═════════
At 31 December 2021 263,306 504 263,810
═════════ ════════ ═════════
Heritage assets
Heritage
asset
£
Cost or valuation
At 1 January 2022 and 31 December 2022 401
════
Accumulated depreciation
At 1 January 2022 and 31 December 2022 –
════
Carrying amount
At 31 December 2022 401
════
At 31 December 2021 401
════

17. Heritage assets

- 19 -

Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

18. Investments

Other
investments
£
Cost or valuation
At 1 January 2022 3,493,793
Additions –
Fair value movements (412,304)
────────────
At 31 December 2022 3,081,489
════════════
Impairment
At 1 January 2022 and 31 December 2022 –
════════════
Carrying amount
At 31 December 2022 3,081,489
════════════
At 31 December 2021 3,493,793
════════════
All investments shown above are held at valuation.
The above carrying amounts are recognised as follows:
2022
£
At 31 December 2022
Held at fair value 3,081,489
Held at historical cost 3,086,631
At 31 December 2021
Held at fair value 3,493,793
Held at historical cost 3,108,201
19. Stocks
2022 2021
£ £
Raw materials and consumables 8,000
8,000
═══════
═══════
20. Debtors
2022 2021
£ £
Other debtors 3,000
1,000
═══════
═══════
21. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 7,934
7,376
═══════
═══════

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Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

22. Analysis of charitable funds

Unrestricted funds

At Gains and At
2022 1 Jan 2022 Income Expenditure Transfers losses
31		 Dec 2022
£ £ £ £ £ £
General Funds 770,963 118,829
(94,804)		 (5,000) (14,134) 775,854
Designated Fund 25,000 –
–		 5,000 – 30,000
───────── ─────────
────────		 ─────── ───────── ─────────
795,963 118,829
(94,804)		 – (14,134) 805,854
═════════ ═════════
════════		 ═══════ ═════════ ═════════
At Gains and At
2021 1 Jan 2021 Income Expenditure Transfers losses 31 Dec 2021
£ £ £ £ £ £
General Funds 722,605 127,240
(84,874)		 (5,000) 10,992 770,963
Designated Fund 20,000 –
–		 5,000 – 25,000
───────── ─────────
────────		 ─────── ──────── ─────────
742,605 127,240
(84,874)		 – 10,992 795,963
═════════ ═════════
════════		 ═══════ ════════ ═════════

General funds

These reserves are available for the general furtherance and objectives of the Association. The Trustees consider the level of reserves to be adequate to meet commitments to the majority of its members who have paid for life membership, and to provide a Fund for any future opportunities to acquire land for the benefit of the community.

Designated funds

Funds to be designated in respect of significant premises maintenance and repairs.

Restricted funds

At Gains and
At
2022 1 Jan 2022 Income Expenditure Transfers losses
31 Dec 2022
£ £ £ £ £ £
Restricted Fund 15,420 2,000
(3,802)		 – –
13,618
════════ ═══════
═══════		 ════ ════
════════
At Gains and
At
2021 1 Jan 2021 Income Expenditure Transfers losses
31 Dec 2021
£ £ £ £ £ £
Restricted Fund 21,111 –
(5,691)		 – –
15,420
════════ ════
═══════		 ════ ════
════════

Landscape Fund jointly held with the National Trust for the purchase of land in the Sid Valley.

- 21 -

Sid Vale Association CIO

Notes to the Financial Statements (continued)

Year ended 31 December 2022

22. Analysis of charitable funds (continued)

Endowment funds

At Gains and At
2022 1 Jan 2022 Income Expenditure Transfers losses 31 Dec 2022
£ £ £ £ £ £
Permanent
Endowment Fund 3,387,300 –
–		 – (375,462) 3,011,838
════════════ ════
════		 ════ ══════════ ════════════
At Gains and At
2021 1 Jan 2021 Income Expenditure Transfers losses 31 Dec 2021
£ £ £ £ £ £
Permanent
Endowment Fund 3,095,270 –
–		 – 292,030 3,387,300
════════════ ════
════		 ════ ═════════ ════════════

To be applied in accordance with a Memorandum of Intention dated 4th June 2007.

23. Analysis of net assets between funds

Unrestricted Restricted Endowment Total Funds
2022 Funds Funds Funds 2022
£ £ £ £
Tangible fixed assets 263,306 – – 263,306
Heritage assets 401 – – 401
Investments 69,651 – 3,011,838 3,081,489
Current assets 480,430 13,618 – 494,048
Creditors less than 1 year (7,934) – – (7,934)
───────── ──────── ────────────
────────────
Net assets 805,854 13,618 3,011,838 3,831,310
═════════ ════════ ════════════
════════════
Unrestricted Restricted Endowment Total Funds
2021 Funds Funds Funds 2021
£ £ £ £
Tangible fixed assets 263,810 – – 263,810
Heritage assets 401 – – 401
Investments 106,493 – 3,387,300 3,493,793
Current assets 432,635 15,420 – 448,055
Creditors less than 1 year (7,376) – – (7,376)
───────── ──────── ────────────
────────────
Net assets 795,963 15,420 3,387,300 4,198,683
═════════ ════════ ════════════
════════════

24. Contingencies

Grants approved in or before 2022 but unclaimed as at 31st December 2022 £12,800 (£11,322 in 2021).

25. Related party transactions

There were no related party transaction during the year.

- 22 -