2020-12-31-accounts - Andrews Charitable Trust

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Contents	Contents
Reference details forthe Trust in the year ended 31 December 2020....		..........3
Trustees' report for the year ended 31	December 2020.	..........4
Rructure, governance and corporation Audit Report..	information	27 ........33
Consolidated statement offinancial activities. .		........37
Trust statement offinancial activites.		........39
Consolidated balance sheet.		........40
Trust balance sheet.		........42
Consolidated statement ofcash flows.		........43
Notes to the financial statements.		......44

ANDREWS	CHARITABLE TRUST
(Acompany	limited by guarantee)

					Restricted	Unrestricted	Total	To/e/
					funds	funds	funds	funds
				Note	2020 6	2020 6	2020 6	2019f
Income from:
Donations and gmnis						24,982	24,982	385
Other trading activities						20,218,285	20,216,266	26, 76,636
Inveshnenls						591,986	591,666	285,243
Other Income						2,142,211	2,142,211
Total income						22,975,414	22,975,414	26,464,464
Expenditure on:
Raising funds						23,315,513	23,316,513	27,1 43,851
Chantable activities						450,024	460,024	362,817
Totalexpenditure						23,765437	2$,766,537	27,508,468
Net expenditure before net
(losses)/gains on	investments					(790,123)	,123) (790	(1,04 2,004)
Net (losses)/gains	on	investments				(687+14)	(687314)	I153,956
Net expenditure Transfers to Non-Contmlling			Interests	25		(1,477~7) (135,106)	(1g77,437) (135,106)	(888,048)
Total transfers						(135,106)	(135,106)
Net movement in	funds before other
recognised losses Other recognised losses;						(1,612,643)	(1,612,643)	(888,048)
Losses on revaluation		offixed assets				(436,000)	(435,000)	(4,670)
Net movement in	funds					(2,047,543)	(2,047,643)	(892,718)

					Restricted	Unresbicted	Total	Total
					funds	funds	funds	funds
					2020	2020	2020	2019
						K	6
Reconciliation offunds:
Total funds brought		to&ward			83,231	19&486,767	19,669,996	20,462,616
Net expenditure attributable				to the
parent Trust						(712,834)	(712,834)	(894,485)
Net losses Trust	attributable		tothe	parent		(1,054,019)	(1,064,019)	163,956
					83,2$1	17,719,914	17,803,145	19,722,107
Net expend8ure athibutable				to non-
controlling	interests					(88,978)	(88,978)	(152,209)
Transfers	attributable		to non-controlling
interests						(135,106)	(135&106)
Net losses	attnbutable		to non-
controlling	interests					(68,295)	(63&295)
Total funds carried			forward		83,231	17,427,535	17,510,766	19,569,898

					Restricted	Unrestricted	Total	Tokl
					funds	funds	funds	funds
					2020 8	2020 2	2020f	2019
Income from:
Donations and grants						24,982	24,982	385
								I
Chat2able activities						158,099	158,099	55,461
Distribubon from Andrews &Parlners				Limited		725,440	725,440
Other						43,558	43,558	229,76
Total income						952,079	952,079	265,62
Expenditure on:
Char8able activities						(450,024)	(450,024)	(362,817)
Total expenditure						(450,024)	(450,024)	(362,817)
Net goes)/income	before Investment
(loss)lgain)						502,055	602,055	(77,189)
Net (losses)l gains	on investments					(187,314)	(187,314)	153,956
Net (losses)l gains	on investment		properties			(500,000)	(500,000)
Net goes)/gains before other recognised gains and losses						(185,259)	(185,259)	76,767
Losses on revaluation of investments				in
subsidiaries						(844,466)	(644366)	(1,352,968)
Net movement in	funds					(1,029,725)	(1,029,726)	(1,276,20
Reconciliation of Total funds brought	funds: forward				83,231	16,930,252	17,013~	'l8,289,684
Movement in funds						(1.029,725)	(1,029,725)	(1,276,20
Total funds carried		forward			83g$1	16,$00,527	16,883,758	17,013,483

			CONSOLIDATED BALANCE SHEET	CONSOLIDATED BALANCE SHEET
			ASAT 31DECEMBER2020
				2020		2019
			Note	6
Fixed assets
Intangible assets			14	262,268		308,545
Tangible assets			15	6,301,355		6,494,082
Investments			17	$18,298		1,080,612
Sodal investments			18	1,661,602		1,582,442
Inveshnent property			16	3,000,000		3,500,000
				11,043,423		12,966,281
Current assets
Debtors			19	2,800~7	3,170,770
Cash at bank and		In hand		9,612407	6,564,267
				12,412,854	9,735,043,
Creditors: amounts		falling due within	one
year			20	(2,539,752)	(2,491,923)
Net current assets				9,873,102		7,243,120
Total assets less		current liabilities		20,016526		20,209,401
Creditors: amounts		falling due after	more
than one year			21	(2,500,000)		(27,419)
Provisions for liabilities				(894,071)		(611,984)
Total net assets				17,522~		10,560,998
Charity funds
Restricted funds			25	83,231		83,231
Unrestricted funds
General funds			25	13,746,08$	15,133,849
Revalua5on reserve				1,965,691	2,332,396
Total unresuicted'		funds	25	15,710,T80		17,465,946
Total funds				15,794,011		17,549,176
Non~ntroliing	interests			1,728,443		2,020,822
				17,622~		19,569,998

		TRUST BAIANCE SHEET	TRUST BAIANCE SHEET
		AS AT 31	DECEMBER2020
			2020		2019
		Note	6
Fixed assets
Tangible assets		15	169,351		180,518
Investments		17	10,376,382		11,408, 102
Social investments		18	1,561,502		1,582,442
Investment property		16	3,000,000		3,500,000
			16,097,235		16,671,222
Current assets
Debtors		19	354,060
Cash at bank and	in hand		711,516	556,403
			1,066,676	556,403
Creditors: amounts	falling due within one
year		20	(179,052)	(214,142)
Net current assets			886,523		342,261
Total net assets			15,983,758		17,013,483
Charity funds
Restricted funds		25	83,231		83,231
Unrestricted funds
General funds		25	15,900,527	16,930,252
Total unrestricted	funds	25	15,900,527		16,030,252
Total funds			15,983,758		17,013,483

	CONSOLIDATED STATEMENT OF CASH FLOWS	CONSOLIDATED STATEMENT OF CASH FLOWS	CONSOLIDATED STATEMENT OF CASH FLOWS
	FOR THEYEAR ENDED 31DECEMBER2020
				2020	. 2019
			Note	8
Cash flows from operating	activities
Net cash used in operating activities			27	(1,739,602)	(1,,172,597)
Cash flows from investing	activities
Dividends. interests and rents from investments				269.810	i301,958
Proceeds from the sale oftangible fixed assets				68,671	i202,596
Purchase oftangible fixed assets and social investments				(144,174)	(927,299)
Purchase ofinvestments				(25,000)
Profit on disposal ofbranch				322,166
Government grants received				2,029,810
Net cash provided byl(used	in) investing	activities		2,620,973	(422,735)
Cash flows from financing	activities
Repayments ofborrowing				(92,703)	(if93,745)
Interest paid				(5,422)
Newbankloans				2,500,000
Dividends paid to minority interest				(135,106)
Net cash provided byl(used	in) financing	activities		2,256,769	(193,746)
Change in cash and cash equivalents in		the year		3,048,140	(1,789,377)
Cash and cash equivalents at the beginning		ofthe year		6,564,267	B)353,544
Cash and cash equivalents	atthe end ofthe year		28	9,612/07	6,554,257
The notes on pages 44to75form part ofthese financial statements

iation is provided on	the followi	ng bases:
Freehold property		- 50years
Short-term leasehold	property	- Unexpired	period ofthe lease
Motor vehicles		- 4years
Fixtures and fittings		-2to5years

					Unrestricted	Total	Total
					funds	funds	funds
					2020	2020	2D19
					E	E
	Consolidated	turnover	ofAndrews 8 Partners	Limited	20,216,255	20,216,255	26,178,836
	Total 2019				26,178,636	26,178,836
B.	Investment	income
					Unrestricted	Total	Total
					funds	funds	funds
					2020	2020	2019
					E	E
	Arising from	listed investments			43,558	43,558	50,338
	Arising from	investment	properties		88,875	88,875	179,424
	Arising from	social investments			69,224	69,224	55,481
	Interest receivable				68,153	68,153
	Profit on disposal ofbranch				322,15B	322,16B
					591,900	Bst,sae	i zas,z43
	Total2019				285,243	285,243

					Unrestricted	Total	Total
					funds	funds	funds
					2020	2020	2019
					6	6
Government		grant	income: Rates	relief grant	665,000	665,000
Government		grants: Coronavirus		Job Retention Scheme	1,364,510	1,364,510
Rental income					83,299	83,299
Insurance	income				29,402	29,402
					2,142,211	2,142,211
Analysis	of	grants
					Grants to	Total	Total
					Institutions	funds	funds
					2020	2020	2019
					E	8	8
Grants, Establish			young people		37,000	37,000	69,998
Grants, Carers					45,332	45,332	50,000
Grants, Relief ofpoverty					142,559	142,559	9,000
Grants, Christian					72,000	72,'000	90,000
					296,891	296,891	218,998
Total 2019					218,998	218,998

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	furrds
		2020	2020 6	2020 6	2019f
Establish-young	people		93,032	93,032	140,031
Carers			62,270	62,270	74,760
Relief ofpoverty			195,821	195,821	13,457
Christian			98,901	98,901	134,569
Total2020			450,024	450,024	!362,617
Total 2019		4,423	358,394	362,817

		Activities	Grant
		undertaken	funding of	Support	Total	Total
		directly	activities	costs	funds	funds
		2020f	2020f	2020f	2020f	2019f
Establish-younp	people	37,179	37.000	18.853	93,032	, 140,031
Carers		3,477	45,332	13,461	62,270	74,760
Relief ofpoverty		10,934	142,559	42,328	195,821	13,457
Christian		5,523	72,000	21,378	98,901	134,569
Total 2020		57,113	290,891	96'020	450'024	1362'617
Total 2019		33,442	216,998	110,377	362,617

	Establish
	young		Relief of		Total	Total
	people	Carers	poverty	Christian	funds	funds
	2020 6	2020 6	2020f	20206	20206	2019f
Depreciation	21,268				211268	19,934
Promotion
expenses	939	205		326	2,115	419
Properly
expenses	14,972	3,272	10,289	5,197	33,730	13,089
Total 2020	37,179	3,477	10,934	5,523	57,1'I3	33,442
Total 2019	33,442				33,442

			Establish
			young		Relief of		Total	Total
			people	Carers	poverty	Christian	funds	funds
			2020f	2020 K	2020 E	2020 E	2020	2019 E
Staff costs			9,279	11,388	35,749	18,055	74,451	81,359
Depreciation								14,707
Office costs			2,835		1,948		6,387	13,982
Auditor's
remuneration			1,456	318	1,001	505	3,280	14,524
Trustees'
expenses			150	33	103	52	338	439
Meeting
expenses								925
Investment
property
expenses								4,042
Amortised	grant							(19,601)
Professional		and
legal fees			5,133		3,527	1,782	11,564
Total 2020			18,853	13,461	42,328	21,378	96,020	110,377
Total 2019			36,663	26,071	4,613	46,130	110,377

Auditor's remuneration
			2020f	2019 5
Fees payable tothe Trust's auditor	forthe audit ofthe Trust's annual
accounts			6,000	6,800
Fees payable tothe Trust's auditor	in respect of:
Auditing offinancial statements of	subsidiaries	ofthe Trust	30,000	34,550
Taxation compliance services			11,500	20,000
All non-audit services not included	above		6,000	2,400

Staff costs
				Group	Group	Trust	Trusl
				2020	2019	2020	2019
				5		6
Wages and	salaries			12,768,514	14,957,507	63,095	58,448
Social security costs				1,305,792	1,480,813	6,697	7,076
Contribution	to detined	contribution	pension
schemes				478,577	558,054	4,659	5,835
				14~552~663	f8~996~374	74j45'I	81,359

		Group	Gloup	Trus't	Trust
		2020	2019	2020	2019
		No.	No.	No.	No.
Estate Agency		218	198
Other activities		246	248
Charitable	activities	2	2
		466

Group	Group
2020	2019
No.	No.

14.	Intangible assets
	Group
		Goodwill
		8
	Cost
	At 1January 2020	867,033
	At 31December 2020	$67,033
	Amortisation
	At 1January2020	558,488
	Charge for the year	46,277
	At31 December 2020	604,765
	Net book value
	At 31December 2020	262,268
	At31December 2019	308,545

		Short-term
	Freehold	leasehold	Motor	Fixtures
	property 6	property K	vehicles 6	and fittings 8	Total 8
Cost orvaluation
At 1January2020	4,390,000	248,597	1,321Q69	11,261,308	17I221,174
AddiTions				144,174	144,174
Disposals			(234364)		(234,484)
Revaluations	(426,000)	(10,000)			(435,000)
At31 December 2020	3,965,000	238,697	1,086,805	11,405,482	16l695,884
Depreciation
At 1January 2020	58,533	176,161	978,244	9,513,554	10,726,492
Charge for the year	6,066	1W1	106,605	823,296	937,408
On disposals			(210464)		(210,464)
On revalued assets	(52,466)	(6,441)			(58,907)
At 31December 2020	12,133	171,161	874+85	10,336,850	11,394,629
Net book value
At31December 2020	3,952,867	67436	212/20	1,068,632	5,301,355
At31December 2019	4,331,407	72,436	343,025	1,747,754	5,494,082

15.	Tangible fixed assets (continued)
	Trust
		Fixtures and
		fittings
		6
	Costorvaluation
	At 1January 2020	212,672
	At 31December 2020	212,672
	Depreciation
	At 1January 2020	32,054
	Charge for the year	21,267
	At 31 December 2020	53,321
	Net book value
	At 31December 2020	159,351
	Af31December 2019	180,818

Investment	property
Group
		Freehold
		investment
		property
		5
Valuation
At1 January2020		3,'500,000
Degdt on revaluafion		(500,000)
At 31 Deoernber 2020		3,'000,000
Trust
		Freehold
		inv'estment
		property
		5
Valuation
At 1January	2020	3,500,000
Deficit on revaluation		(600,000)
At31 December 2020		3,000,000

									Listed		Unlisted
								investments		investments		Total
Group											5
Cost or	valuation
At 1January 2020								1,0$0r612				1,080,812
Additions											25,000	25,000
Revaluations									(187,314)			(187,314)
At31 December 2020									893,298		25,000	918,298
								Investments
									in
								subsidiary			Listed
								companies		investments		Total
Trust									5		5	5
Cost or	valuation
At 1January 2020								10,327,550			1,080,612	11,408,162
Revaluations									(844,466)		(187,314)	(1,031,780)
At31December 2020								9,483,084			S93,298	10,376,382
Principal subsidiaries
The following were		subsidiary		undertakings			ofthe Trust
Names								Company	Principal activity			Holding
								number
Andrews	&Partners	Limited						235326	Holding		company	84%
Andrews	Estate Agents		Limited					700540	Estate	agencyand		84%
									financial		services
Andrews	Pension Trust		Limited					537669	Pension		Trustee	84%
Andrews	Letting &Management				Limited			1538384	Letting		agents	84%
Andrews	West Street Management					Limited		5617915	Block	management		84%
									services

Group and T	rust
				Mustard
				Seed
			Establish	Properties	Total
			5	5	5
Cost orvaluation
At 1January2020			1,570,468	50,000	1,620,466
			1,570,468	50,000	1,620,466
Impairment	provision
At 1January	2020		38,026		38,026
Provision for	the year		20,940		20,940
			58,966		56,M6
Net book value
At 31December 2020			1,511,502	50,000	1,561,502
At 31December 2019			1,532~2	50,000	1,582,442
Social investments		comprise:
				Property	Total
				2020	2020
					5
Estabiish				1,511,502	1,511,502
				Other	Total
				2020	2020
				5	8
Mustard Seed Properties				50,000	50,000

			Group	Group	Trust	Trust
			2020 6	2019f	2020 6	2019 5
Trade debtors			1,531,297	1,418,988
Amounts owed by group undertaldngs					364,060
Other debtors			222,640	775,485
Prepayments	and accrued income		377,428	640,487
Tax recoverable				31,744
Deferred taxation			669,082	306,092
			2,800rl47	3,170,775	354,060
Creditors: Amounts		falling due within one year
			Group	Group	Trust	Trust
			2020	2019	2020	2019
			6		6
Obligations under finance lease and hire
purchase contracts			26,763	92,037
Trade ci'editors			27,216	52,893
Corporation tax			38469
Other taxation	and social security		1,204,103	805,404
Pension fund	loan payable			95,430
Other creditors			153,304	33,353	33,350	33,350
Accruais and	deferred	income	1.090,107	1,412,805	145,702	' 180,792
			2,539,752	2,491,923	179,082	214,142
Creditors: Amounts		falling due after more than	one year
					Group	Group
					2020	2019
					6
Bank loans					2,500,000
Other loans						27,419
					2800000	27419

							Balance at
	Balance at 1						31
	January				Transfers	Gainsl	December
	2020f	Income f	Expenditure	f	inloutf	{Losses)f	2020f
Unrestricted
funds
Charitable
General Fund	z,see,134	226,639	{450,024)		725,440		3,457,189
Investment
Property
Revaluation
Reserve	3,600,000					(500,000)	3,000,000
Investment
Revalua8on
Reserve	1,970,480					(1$7,314)	1,783,166
Trading Group
General Reserve	6,707,935	22,748,7?5	(23,315,513)		(636/62)		5,504,735
Non-controlling
interest	2,020,822				(224,084)	(68,295)	1,728,443
Trading Group
Revaluation
Reserve	2,332,396					(366,705)	1,9IL9,691
	19,486,767	22,975,414	(23,765,637)		{135,108)	(1,122,314)	17I439,224
Restricted
funds
Establish	83,231						$3/31
offunds	19(669)998	22 975I414	(23766y637)		{135106)	(1122314)	1?I5~455

~ment offunds	(continued)
Statement offunds	- prior year
						Balance at
	Balance at					31
	1January			Transfers	Gainer	December
	2019	Income f	Expenditure	inrout 8	(Losses) 8	2019 8
Unrestricted
funds
Charitable
General Fund	3,027,900	55,866	(358,394)		229,762	2,955,134
Investment
Property
Revaluation
Reserve	3,500,000					3,500,000
Investment
Revaluation
Reserve	1,970,480					1,970,480
Trading Group
General Reserve	7,366,585	26,178,836	(27,143,851)	152,209	153,956	6,707,935
Non-controlling
interest	2„173,031			(152,209)		2,020,822
Trading Group
Revaluation
Reserve	2,337,066				(4,670)	2,332,398
	20,375,082	26,234,702	(27,502,045)		379,048	19,486,767
Restricted
funds
Establish	87,654		(4,423)			83,231
Total offunds	20,462,716	26,234,702	(27,506,468)		379,048	f9,569,998

Analysis	ofnet assets between funds - prior per	iod
		Restricted	Unrestricted	Total
		funds	funds	funds
		2019	2019	2019
				5
Tangible fixed assets			6,494,682	6,494,682
Intangible	fixed assets		308,545	308,545
Fixed asset investments			1,080,612	1,080,512
Investment	property		3,500,000	3,500,000
Social investments			1,582,442	1,582,442
Current assets		83,231	9,651,812	9,735,043
Creditors	due within one year		(2,49'I,923)	(2,491,923)
Creditors	due in more than one year		(27,419)	(27,419)
Provisions	for liabilities and charges		(611,984)	(611,984)
Tl		83,231	19,486,767	19,569,998

			2020	2019
			6
Movements	on grant commitments
At 1January			197/32	245„332
Grants approved		in the year	309891	170,995
Grants paid	in the year		(296,891)	(218,998)
At31 December			209,832	197,332

roup payments under non-cancellable operating leases ssfollows:	mae uure mn	mum
	Group	Group
	2020	2019
	5	5
Not later than 1 year	970,202	542,553
Later than 1 year and not later than 5years	2,768~8	2,246,525
Later than 5years	1,277,805	1,203,911
	5,006,446	4,295,292

	2020	2019
	5
Not later than 1 year	231,535	215,535
Later than 1 year and not later than 5years	426j000	621000
	657,535	637,535