Charity Registration No. 1164175
Company Registration No. 09537230 (England and Wales)
GLOVER'S TRUST
INCORPORATING GLOVER'S TRUST ENDOWED FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Pamela Johnston Peter Edmonds Robert Strachan Janet Upton Alison Bessey David Skellum Helen Menniss John Davenport Michael Hepburn Charity number 1164175 Company number 09537230 Principal address Sarah Glover House 31 Sarah Glover Close Sutton Coldfield West Midlands B73 5BW Registered office Sarah Glover House 31 Sarah Glover Close Sutton Coldfield West Midlands B73 5BW Accountants Trevor Jones & Co Old Bank Chambers 582-586 Kingsbury Road Erdington Birmingham B24 9ND
GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiners' report | 4 |
| Statement of financial activities | 4 |
| Summary income & expenditure account | 6 |
| Balance sheet | 6 - 7 |
| Notes to the accounts | 8 - 17 |
GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the constitution, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
The accounts prepared represent Glover's Trust and incorporate the linked charity Glover's Trust Endowed Fund. The comparatives are those of Glover's Trust Endowed Fund.
Objectives and activities
The Trust was set up in 1824, with its Trustees drawn from leading Anglican and Non-Conformist Churchmen. Their role was to administer the Trust for the purpose of affording relief and protection to poor, aged, and godly persons.
The first almshouses were ancient cottages in Steelhouse Lane, Birmingham, which eventually made way for the Birmingham General Hospital. Further almshouses were erected in 1853 in Steelhouse Lane, but development eventually led the Trustees to acquire the present site in Chester Road, Sutton Coldfield where the present almshouses were built in 1932. On the 2nd May 2017 the site was renamed Sarah Glover Close.
The Trust now provides residential homes for people of needy means and can currently house up to 4 3 elderly persons. It is a condition that the almshouses residents must be in need, resident within the city of Birmingham or its environs, and be able to live independent lives.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The activities of the Trust are funded by investment income and contributions by the residents. Major repairs or improvements are generally funded by way of grants or any other available source.
Achievements and performance
Financial review
A surplus , prior to appropriations, of £40,018 (2019 - £ 99,739 surplus was attained).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month’s expenditure. The Trustees then consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
On 21st March 2016 the Trust commenced a refurbishment and remodelling programme of its entire housing stock. The project will also include the erection of two new cottages and the upgrading of onsite services. The project was completed in June 2017.
In view of the recent building project it had been decided not to make any transfers to either the Cyclical Maintenance Fund or Extraordinary Repair Fund.
Structure, governance and management
The charity was established by a charitable trust deed in 1824, it became a registered charity on 25 September 1963. Glovers Trust changed its name to Glovers Trust Endowed Fund by a deed dated 24 November 2015.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Pamela Johnston Peter Edmonds Robert Strachan
Janet Upton Alison Bessey David Skellum Helen Menniss John Davenport Michael Hepburn Adam White (Resigned 18 November 2020) Edwina Connell (Appointed 19 May 2020 and resigned 2 November 2020)
The Trust is managed by its Trustees, who once appointed remain in place until they choose to formally resign. New Trustees are appointed by informal means.
The Trustees' time and efforts are not remunerated, but are on a purely voluntary basis.
P Johnston is responsible for the day to day management of the charity.
The charity is a Linked entity with Glover's Trust Endowed Fund.
There are no related party transactions requiring disclosure.
Disabled persons
The charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Covid 19
Having put in place the Government recommended measures to deal with the Covid19 pandemic, we are pleased to be able to report that no incidences of Covid19 have occurred at our site.
The Board would like to take this opportunity to thank the Residents, their family and friends, members of Staff and all our contractors for their diligence and assistance given to achieve this outcome.
The Trustees' r eport was approved by the Board of Trustees.
Pamela Johnston
Trustee Dated: 18 May 2021
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOVER'S TRUST
I report to the Trustees on my examination of the financial statements of Glover's Trust (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Trevor Jones & Co
Old Bank Chambers 582-586 Kingsbury Road Erdington Birmingham B24 9ND
Dated: 24 May 2021
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Designated Glovers Trust funds funds funds Notes £ £ £ Income from: Donations and legacies 3 248 - - Charitable activities 4 188,854 - - Transfer from linked charity 5 - - 1,000 Investments 6 7,663 - - Total income and endowments 196,765 - 1,000 Expenditure on: Charitable activities 7 152,928 - 528 Net gains on investments 10 (4,291) - - Net movement in funds 39,546 - 472 Fund balances at 1 January 2020 933,016 125,638 2,162 Fund balances at 31 December 2020 972,562 125,638 2,634 |
Total 2020 £ 248 188,854 1,000 7,663 197,765 153,456 (4,291) 40,018 1,060,816 1,100,834 |
Total 2019 £ 506 178,279 1,000 35,466 215,251 169,722 54,210 99,739 961,077 1,060,816 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| All income funds 2020 £ Gross income 196,765 (Losses)/gains on investments (4,291) Total income in the reporting period 192,474 Total expenditure from income funds 152,928 Net income for the year 39,546 |
2019 £ 214,251 54,210 |
|---|---|
| 268,461 169,224 |
|
| 99,237 |
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 11 Current assets Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets Capital funds Endowment funds - general Income funds Endowment funds - designated Unrestricted funds General unrestricted funds Revaluation reserve |
2020 £ £ 3,093,641 20,716 551,489 180,633 752,838 (70,996) 681,842 3,775,483 (2,674,649) 1,100,834 2,634 125,638 857,799 114,763 972,562 1,100,834 |
2019 £ £ 3,123,746 11,084 557,564 164,274 732,922 (61,963) 670,959 3,794,705 (2,733,889) 1,060,816 2,162 125,638 812,675 120,341 933,016 1,060,816 |
|---|---|---|
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 18 May 2021
Pamela Johnston David Skellum Trustee Trustee
Company Registration No. 09537230
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Glover's Trust is a private company limited by guarantee incorporated in Engalnd and Wales. The registered office is Sarah Glover House, 31 Sarah Glover Close, Sutton Coldfield, West Midlands, B73 5BW.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
These financial statements for the year ended 31 December 2020 are the first financial statements of Glover's Trust prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2019. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated ed funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Unrestricted and designated funds represent income and expenditure for Glover's Trust Endowed Fund.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Resources expended
All expenditures is recognised in the period in which a liability is incurred and has been classified under headings that aggregate all costs related 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.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities are costs incurred in the trust’s educational operations.
Governance costs include the costs attributable to the trust’s compliance with constitutional and statutory requirements, including audit, strategic management and trusts’ meetings and reimbursed expenses.
All resources expended are inclusive of irrecoverable VAT.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings 2-10% straight line Fixtures, fittings & equipment 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Capital and Revenue Grants
Capital grants received for the purchase of fixed assets are deducted from the cost of the assets.
Revenue grants received are matched against that expenditure by being included in incoming resources in the Statement of Financial Activities. The related expenditure is included in resources expended.
1.12 Designated Funds
Extraordinary Repair Fund
Amounts transferred to this fund represent amounts set aside to carry out major repairs, improvements or rebuilding to housing properties.
Cyclical Maintenance Fund
Amounts transferred to this fund represent amounts set aside to carry out ordinary maintenance and repair to housing properties which recur at infrequent intervals.
Recoupment of Notional Capital Reserves
This reserve had been set up, under an Order of the Charity Commissioners in 1966, to build up the assets of the trust over a period of fifty years in order to recover a £45,500 depletion of assets in past years in the form of a disposal of freehold property. The Charity Commissioners sealed this Order on 30 December 2002 but the reserve needs to be retained for the Permanent Endowment of the Trust.
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
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
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts | 248 | 506 |
| Charitable activities | ||
| Contributio | Contributio | |
| ns from | ns from |
|
| residents | residents |
|
| 2020 | 2019 |
|
| £ | £ |
|
| Other income | 188,854 | 178,279 |
| Other trading activities | ||
| 2020 | 2019 | |
| £ | £ | |
| Transfer from linked charity | 1,000 | 1,000 |
4 Charitable activities
5 Other trading activities
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
6 Investments
| Income from listed investments Income from unlisted investments Interest receivable 7 Charitable activities Glover's Trust 2020 2020 £ £ Glover's Trust donation - 528 Charges and interest 42,334 - Donation 1,000 - General costs 30,691 - Heat and light 8,529 - Insurance 3,321 - Legal and professional 8,011 - Maintenance 20,479 - Rates 4,979 - Resident's welfare 100 - Staff costs 33,484 - 152,928 528 152,928 528 Analysis by fund Unrestricted funds 152,928 - Glover's Trust - 528 152,928 528 For the year ended 31 December 2019 Unrestricted funds 169,224 - Glover's Trust - 498 169,224 498 |
UnrestrictedUnrestricted funds funds 2020 2019 £ £ 19,391 20,753 144 338 (11,872) 14,375 7,663 35,466 Charitable activities Total 2020 Total 2019 £ £ 528 498 42,334 51,009 1,000 1,000 30,691 30,906 8,529 8,249 3,321 3,443 8,011 7,892 20,479 26,082 4,979 5,221 100 2,653 33,484 32,769 153,456 169,722 153,456 169,722 152,928 169,224 528 498 153,456 169,722 169,224 498 169,722 |
|---|---|
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year.
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2020 | 2019 |
|---|---|
| Number | Number |
| 3 | 2 |
10 Net gains/(losses) on investments
| Revaluation of investments Gain/(loss) on sale of investments Tangible fixed assets Cost At 1 January 2020 Additions Disposals At 31 December 2020 Depreciation and impairment At 1 January 2020 Depreciation charged in the year At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 |
UnrestrictedUnrestricted funds funds 2020 2019 £ £ (5,578) 58,595 1,287 (4,385) (4,291) 54,210 Land and buildings Fixtures, fittings & equipment Total £ £ £ 3,047,758 175,184 3,222,942 - 5,086 5,086 (7,000) - (7,000) 3,040,758 180,270 3,221,028 42,141 57,056 99,197 12,150 16,040 28,190 54,291 73,096 127,387 2,986,467 107,174 3,093,641 3,005,617 118,129 3,123,746 |
|---|---|
11 Tangible fixed assets
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 12 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 13 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 14 Current asset investments Listed investments 15 Loans and overdrafts Bank loans Payable within one year Payable after one year The long-term loans are secured by fixed charges over the property. 16 Creditors: amounts falling due within one year Notes Bank loans 15 Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2020 £ 551,489 2020 £ 15,100 5,616 20,716 2020 £ 551,489 2020 £ 1,385,945 49,820 1,336,125 2020 £ 49,820 1,334 3,641 198 16,003 70,996 |
2019 £ 557,564 2019 £ 8,135 2,949 11,084 2019 £ 557,564 2019 £ 1,433,015 44,650 1,388,365 2019 £ 44,650 1,235 1,033 198 14,847 61,963 |
|---|---|---|
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
17 Creditors: amounts falling due after more than one year
| Notes Bank loans 15 Other Long term creditor |
2020 £ 1,336,125 1,338,524 2,674,649 |
2019 £ 1,388,365 1,345,524 2,733,889 |
|---|---|---|
Included in other long term creditors are grants received of £1, 338,524 (201 9 - £1,345,524).
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
18 Analysis of net assets between funds
| Analysis of net assets between funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Glovers | Total | Unrestricted | Designated | Glovers Trust |
Total | |
| funds | funds | Trust funds | funds | funds | funds |
|||
| 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 |
2019 | |
| £ | £ | £ | £ | £ | £ | £ |
£ | |
| Fund balances at 31 December 2020 are | ||||||||
| represented by: | ||||||||
| Tangible assets | 3,093,641 | - | - | 3,093,641 | 3,123,746 | - | - |
3,123,746 |
| Current assets/(liabilities) | 553,570 | 125,638 | 2,634 | 681,842 | 543,159 | 125,638 | 2,162 |
670,959 |
| Long term liabilities | (2,674,649) | - |
- | (2,674,649) | (2,733,889) | - | - |
(2,733,889) |
| 972,562 | 125,638 | 2,634 | 1,100,834 | 933,016 | 125,638 | 2,162 |
1,060,816 |
The unrealised gains represents the increase in the value of the investments over their cost.
The grants are repayable upon disposal of the property.
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GLOVER'S TRUST INCORPORATING GLOVER'S TRUST ENDOWED FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
19 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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