**REGISTERED COMPANY NUMBER: 08366365 (England and Wales) REGISTERED CHARITY NUMBER: 1155555**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
## **FOR**
**BC TRUST**
Venitt and Greaves Statutory Auditors Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
**BC TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Report of the Independent Auditors**|4|to|5|
|**Statement of Financial Activities**||6||
|**Statement of Financial Position**|7|to|8|
|**Statement of Cash Flows**||9||
|**Notes to the Statement of Cash Flows**||10||
|**Notes to the Financial Statements**|11|to|18|
## **BC TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2021. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The principal activities of the charitable company in the year under review were that of the advancement of education and religious practice in accordance with the teachings of the Orthodox Jewish faith, and the relief of poverty.
The financial results of the Charitable Company's activities for the year ended 31 January 2021 are fully reflected in the attached financial statements together with the notes thereon.
## **Public benefit**
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charitable company for the public benefit are detailed in the Objectives and Activities section of the report.
## **Grantmaking**
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the charitable company.
## **STRATEGIC REPORT**
## **Achievement and performance**
## **Charitable activities**
During the year under review the charity received donations that amounted to £1,118,548 (2020: £642,495) and the charity made grants to institutions that amounted to £890,609 (2020: £97,150).
## **Investment performance**
During the year under review the charity received rental income of £307,203 (2020: £240,656).
## **Financial review**
## **Principal funding sources**
The charity is financially dependent on income from investment property and charitable donations.
## **Investment policy and objectives**
The company's memorandum and articles of association, which permit the company's funds to be invested in securities or properties of any kind and situated anywhere in the world, control the trustees' investment powers.
The trustees will consider suitable investments as and when they arise.
## **Reserves policy**
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
## **Going concern**
The trustees are confident that the charity will continue to operate in the foreseeable future.
## **Future plans**
There are no current plans to change the activities or modus operandi in the foreseeable future.
Page 1
**BC TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
## **Related parties**
Details of transactions with related parties are disclosed in the notes to the financial statements.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
08366365 (England and Wales)
## **Registered Charity number**
1155555
## **Registered office**
50 Wellington Avenue London N15 6BA
## **Trustees**
M Rothfeld B D Rudzinski N Rudzinski Y Y Silberstein
## **Company Secretary**
N Rudzinski
## **Auditors**
Venitt and Greaves Statutory Auditors Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of BC Trust 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Page 2
**BC TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that 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 Charity 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Venitt and Greaves, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 November 2021 and signed on the board's behalf by:
N Rudzinski - Trustee
Page 3
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BC TRUST**
## **Opinion**
We have audited the financial statements of BC Trust (the 'charitable company') for the year ended 31 January 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 January 2021 and of its 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 charitable company'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.
## **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 Report of the Independent Auditors 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.
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 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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 4
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BC TRUST**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 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 a Report of the Independent Auditors 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.
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 Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Venitt and Greaves Statutory Auditors Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 115 Craven Park Road South Tottenham London N15 6BL
26 November 2021
Page 5
## **BC TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
Investment income
4
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Charitable
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|31.1.21
Unrestricted
fund
£
1,118,548
307,203
1,425,751
249,773
890,609
8,358
1,148,740
277,011
4,444,694
4,721,705|31.1.20
Total
funds
£
642,495
240,656|
|---|---|---|
|||883,151|
|||467,597
97,150
91,586|
|||656,333|
|||226,818
4,217,876|
|||4,444,694|
The notes form part of these financial statements
Page 6
## **BC TRUST**
## **STATEMENT OF FINANCIAL POSITION 31 JANUARY 2021**
|Notes
**FIXED ASSETS**
Investment property
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
15
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
**TOTAL FUNDS**|31.1.21
Unrestricted
fund
£
10,491,035
270,760
108,729
379,489
(1,412,827 )
(1,033,338 )
9,457,697
(4,735,992 )
4,721,705
4,721,705
4,721,705|31.1.20
Total
funds
£
10,491,035
270,760
24,623
295,383
(1,602,328 )
(1,306,945 )
9,184,090
(4,739,396 )
4,444,694
4,444,694
4,444,694|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
Page 7
**BC TRUST**
## **STATEMENT OF FINANCIAL POSITION - continued 31 JANUARY 2021**
The financial statements were approved by the Board of Trustees and authorised for issue on 26 November 2021 and were signed on its behalf by:
B D Rudzinski - Trustee
N Rudzinski - Trustee
The notes form part of these financial statements
Page 8
## **BC TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of investment property
Net cash provided by/(used in) investing activities
**Cash flows from financing activities**
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|31.1.21
£
87,510
87,510
-
-
50,000
(53,404)
(3,404)
84,106
24,623
108,729|31.1.20
£
(718,320)
(718,320)
(70,101)
(70,101)
2,820,000
(2,073,075 )
746,925
(41,496)
66,119
24,623|
|---|---|---|
The notes form part of these financial statements
Page 9
## **BC TRUST**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2021**
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|
|---|---|---|---|
|||31.1.21|31.1.20|
|||£|£|
||**Net income for the reporting period (as per the Statement of Financial**|||
||**Activities)**|277,011|226,818|
||**Adjustments for:**|||
||Increase in debtors|-|(75,000)|
||Decrease in creditors|(189,501)|(870,138)|
||**Net cash provided by/(used in) operations**|87,510|(718,320)|
## 2.
## **ANALYSIS OF CHANGES IN NET DEBT**
|**Net cash**
Cash at bank
**Debt**
Debts falling due after 1 year
**Total**|At 1.2.20
£
24,623
24,623
(4,739,396 )
(4,739,396 )
(4,714,773 )|Cash flow
£
84,106
84,106
3,404
3,404
87,510|At 31.1.21
£
108,729
108,729
(4,735,992 )
(4,735,992 )
(4,627,263 )|
|---|---|---|---|
The notes form part of these financial statements
Page 10
**BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
## **Financial instruments**
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously
continued...
Page 11
## **BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
## **2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS**
In the application of the charity’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.
## **3. DONATIONS AND LEGACIES**
|Donations
**4.**
**INVESTMENT INCOME**
Rents received
**5.**
**RAISING FUNDS**
**Raising donations and legacies**
Fund raising events
**Investment management costs**
Management commissions
Property repairs
Bank loan interest
Legal and professional fees
Insurance
Rent
Utilities
Aggregate amounts|31.1.21
£
1,118,548
31.1.21
£
307,203
31.1.21
£
19,427
31.1.21
£
13,130
42,249
153,016
6,475
4,746
10,000
730
230,346
249,773||31.1.20
£
642,495|
|---|---|---|---|
||||31.1.20
£
240,656|
||||31.1.20
£
82,955
31.1.20
£
12,352
23,017
296,699
49,259
3,315
-
-|
||||384,642|
||||467,597|
continued...
Page 12
## **BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
## **6. CHARITABLE ACTIVITIES COSTS**
Charitable
## **7. GRANTS PAYABLE**
Charitable
Grant funding of activities (see note 7) £ 890,609 31.1.21 31.1.20 £ £ 890,609 97,150
Grants payable to institutions during the year were:
|Charity|Amount (£)|
|---|---|
|Amud Hatzdokoh Trust|107,295|
|Chevras Mo'oz Ladol|58,959|
|Edupoor Limited|42,524|
|Inspirations|15,598|
|Kehal Chasidei Wiznitz Limited|11,551|
|Keren Hatzolas Doros Alei Siach|46,718|
|Keren Chochmas Shloma Trust|13,416|
|Keren Ezra Mimtzika|19,500|
|Kollel Veyoel Moshe|28,565|
|Kupas Rashbi|11,629|
|Mosdos Bobov|27,034|
|Sharei Chesed (London)|12,382|
|Support The Charity Worker|15,786|
|Beis Aharon Trust Ltd|32,726|
|Tchabe Kollel Limited|16,003|
|Yesamach Levav|25,387|
|Donations less than £10,000|293,701|
|Total|778,774|
continued...
Page 13
## **BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
## **8. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Finance|costs|Totals|
||£|£|£|
|Other resources expended|1,158|7,200|8,358|
|**NET INCOME/(EXPENDITURE)**||||
|Net income/(expenditure) is stated after charging/(crediting):||||
|||31.1.21|31.1.20|
|||£|£|
|Auditors' remuneration||7,200|4,200|
## **9. NET INCOME/(EXPENDITURE)**
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 January 2021 nor for the year ended 31 January 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 January 2021 nor for the year ended 31 January 2020.
## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**|Unrestricted
fund
£
642,495
240,656|
|---|---|
||883,151|
||467,597
97,150
91,586|
||656,333|
||226,818
4,217,876|
continued...
Page 14
## **BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
|**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
**TOTAL FUNDS CARRIED FORWARD**
**12.**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 February 2020
and 31 January 2021
**NET BOOK VALUE**
At 31 January 2021
At 31 January 2020
The investment properties were valued on an open market basis on 31 January 2021 by the trustees.
**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.1.21
£
Other debtors
270,760
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.1.21
£
Other creditors
1,401,427
Accrued expenses
11,400
1,412,827||Unrestricted
fund
£
4,444,694
£
10,491,035
10,491,035
10,491,035
31.1.20
£
270,760
31.1.20
£
1,593,928
8,400
1,602,328|Unrestricted
fund
£|
|---|---|---|---|
||||4,444,694|
|||||
|||||
|||||
Page 15
continued...
**BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
## **15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|||31.1.21|31.1.20|
|---|---|---|---|
|||£|£|
|Bank loans (see note|16)|4,735,992|4,739,396|
Included within creditors due after more than one year is the amount of £50,000 received under the Bounce Back Loan Scheme (BBLS). The loan is unsecured, guaranteed by the government, and attracts an interest rate of 2.5% after the interest free period in the first year.
## **16. LOANS**
An analysis of the maturity of loans is given below:
|Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
Repayable otherwise than by instalments:
Bank loans more 5 yrs non-inst|31.1.21
£
50,000
1,866,830
2,819,162|31.1.20
£
-|
|---|---|---|
|||1,919,396
2,820,000|
## **17.**
## **MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.2.20
£
4,444,694
4,444,694
Incoming
resources
£
1,425,751
1,425,751|Net
movement
in funds
£
277,011
277,011
Resources
expended
£
(1,148,740 )
(1,148,740 )|At
31.1.21
£
4,721,705|
|---|---|---|---|
||||4,721,705|
||||Movemen
in funds
£
277,011|
||||277,011|
Page 16
continued...
## **BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
## **17. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|At 1.2.19
£
**Unrestricted funds**
General fund
4,217,876
**TOTAL FUNDS**
4,217,876
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
883,151
**TOTAL FUNDS**
883,151
A current year 12 months and prior year 12 months combined position is as follows:
At 1.2.19
£
**Unrestricted funds**
General fund
4,217,876
**TOTAL FUNDS**
4,217,876||Net
movement
in funds
£
226,818
226,818
Resources
expended
£
(656,333)
(656,333)
Net
movement
in funds
£
503,829
503,829|At
31.1.20
£
4,444,694|
|---|---|---|---|
||||4,444,694|
||||Movement
in funds
£
226,818
226,818
At
31.1.21
£
4,721,705|
||||4,721,705|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
2,308,902
2,308,902|Resources
expended
£
(1,805,073 )
(1,805,073 )|Movement
in funds
£
503,829|
|---|---|---|---|
||||503,829|
continued...
Page 17
**BC TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021**
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 January 2021.
## **19. RESPONSE TO COVID -19**
The Trustees have closely monitored the Government guidance in response to the Covid-19 Pandemic and have implemented measures in line with Governmental guidelines. The Trustees have assessed the impact of Covid 19 on the entity and conclude that there are no items resulting from the Covid-19 Pandemic which require disclosure beyond those that have been disclosed elsewhere in the accounts.
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