Charity r•glstratlon number 1194243 BERKSWELL CHARITIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 Weaver Buckworth & Partners 22 Ensign Business Centre Westwood Way Westwood Busine88 Park Coventry CV4 8JA BERKSWELL CHARITIES LEGAL AND ADMINISTRATIVE INFORMATION Tru8t•O8 Rev. Dr. M Q Bratton Mrn J Eth￿rdS Mr C T Powell Mrn P Charl10n￿haPPard B P Connor, JP DL Mrs T MG4tamney Mr A Yates Mr P Smrth Mr D Bell (A4winted 27 April 20211 (Appointed 27 April 2021} (Appointed 27 ApNI 20211 (Appointed 27 April 2021} (ApFointed 27 April 20211 {Appointed 27 April 20211 (Appointed 27 April 2021) (Appointed 27 April 20211 I￿)pointed 27 April 2021) Ch•rfty numb•r 1194243 Prlnclpal addr••• Stroma Broch 52 Meeting House Lane Balsall Common Covenlry Wesl Midbnd8 United lQng¢S)m CVI 7FX Ind•p•nd•nt •xamlnor lthaver Bucth>rth & Partners 22 Ensign Bus1r￿S Centre IAÈstNood Way Businw Park Coventry CV4 8JA BERKSWELL CHARITIES CONTENTS Pago Trustees. reFQrt ststement of trustees, re8ponsibilities 11 Independent examinefs rep)rt 12 Statement of financial actiwtiO8 13 Balan¢e 8heet 14 Nole8 to Ihe financial Statements 15-25 BERKSWELL CHARITIES TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2022 The Trustees Pfesent their rewrt with the ffinancial stslemenls of the Charity for the period 1st September 2021 to the 31st of March 2022. The Trustees have adopted the provtsK)ns of the Statement of Recommended Practice ISORPI 'knounting and Reporting by Charik$' FRS102 issued in October 2019. The¥e accounts cover the seven months from 1 $1 September 2021 to the 31st of March 2022 and serve as tha flr$l set of accounts fof Charty number 1194243 folk)wing its Conversh￿ lo 8erkswell Charities CIO Charty number 1194243 and Companies House number CE025854 on the 27th ofApril 2021. The value of assets after payment of all debts transfe￿ed lo Berkswell Chafiti8s CIO on the 31st of August 2021 was identrfied wrthin the closing accounts of Berkswell Charities registered charity number 216605 £9,351,762. The unin¢orForatsd charity. 8erkswell Charthes, was femowj fr￿1 thè Charity Register folbwlng authorisalion from thè Chadty Commi58ion dated the 2nd March 2021. The financial statements have been propared in ac£ordance wrth the accounting policies set out in note 1 to the rinancial statements and compty with the charity's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities.. Slatsment of R0￿Mmended Prathee appli¢able to eharitie$ pr8paring their account8 in accordance with thg Financial Reporting Stsndard applicablo in the UK and R8put4ic of I￿land IFRS 102)" leffertlve 1 Jonuary 2019). Obl•ctlvo• and a¢tlvltl ObJ•cts of th• Ch*rlty 1 The objécts of the charity are for the bonefft of the publi¢ in the •r8a of bènefit, being tho Pafl8h of Befkswell and surrounding areas. lal lil The provision and maintenance of a silo for tho School (within thè meaning of the Education Act$} In or n8ar Berkswell, Wèsl Midlands, th8 School being defined as 8erkswell Church of England Primary Schoc4, Wast Midlands, OT any other school which Toplaces rt under the EdUcat￿Tr Acts. (al lill The 8dvancemonl of education of pupils in th• prin￿pIeS of tho Church of England lincluding social and physical Irainingi through the prow8ion of items, 8eNces, facilities, and speci81 b6nefits of any kind not required to be provided by the Local Aulhorty for the Èenefit of the School and rts pupils. Ibl The relief of poverty among th• inhabtsnts of the are8 of b8nefft. induding by the prow8lon of housing accommodation. l¢} To further tho religious and other charitable purposes of ts Church of EngL9nd in the parish by maintaining and repairing the fabric 8nd contents ol the Pamh Church of 8ethswell. {d) Such other charitsbie purrrtxes for the bonefft of the inhabrtants of the area of berbefft as the trustees think fit. The trustees have paid due regard to guidanee issued by the Chanty Commission in deciding what actNities the charity should undertake. BERKSWELL CHARITIES TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Slgnlficant Actlviti The Trustees of Berkswall char￿e$ in line wtth gocd govemanee and al all tsmes ac*ng in the interests of the Charity have Identif￿ obieclivgs for the short, medium. and long term. Short Tgmi The Trustees, following a full and detail&J review of all their prwrties. aim to bring all the properti98 UP to an acceptable standard. Modlum T•rni To e8tabli$h a lund specifically lo provide new AJm8houses within the Parish of Berkswell for the banefit of those in need within the Parish and surrounding area. Long Torn1 To build 8ddlllonal Almshouse propertig8 for tho8• in need wrthin the Parish of Berk8wéII and th8 surrounding area. Alm•hou•• Proport1 The Charities, Almshouse properties lolal fourteon in number, eight of which are Jituated in Church Lane, Berkswell, whilst the remaining six are in CrorrNg11 Lane. Burton Green. Church L*n• There were threa void pericds al the Almshouses during the accounting period. The resident ot Flat 10 Church Lane moved into long-lem residential care and a VOKI existed from the 7th of Jung until the 25th of October 2021 during which tsme significant upgrading and fenovation works were Completed. New ￿sIdents were apponted on the 25th of October 2021. Following the resident at Flat 9 Church Lane moving into 410 Crmell Lana works commenced at Flat 9 10 renovate and upgrade the proporty. 11 is n¢)w reody to be occupied and a new Tesidenl should be appointed in April 2022. The completion of Iheso works has n¢y•W concluded the cg)mplgtMin of tho renovothin programme of all the 8lm8hou8e prop8rtrt8 in 8trkswell whKh commenced in 2019. Cromw•ll Lane. A void also existed al 410 Cromwell Lane for the penod 16th of September 2021 until th9 31st of January 2022. The resident at Flat 9 Church Lane moved into the proF¢ty following the Comp￿tion of the renovation work8. The v￿d at 410 Cromwell Lane foll¢)wed the sad passing of much cared for almshouse residents who (*'ed within a short space of one another after INing in the almshouse since 1992. True recognition of the security the almshouse provided to them and a loss to Charrties almshou$8 community. These void Feriods resulted in a loss of Week￿ maintenance contributions of £2,337 and a loss of contribution to the communal fijel fvnd of £256. Utilty bills during the ¥0￿ pericwJ$ amountsd to £335. The lolal weekty maintenance contributitin receNed was £47.374 aNi the fuel d)arge of £3,504. BERKSWELL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 other Propert106 Rontal Income In 2021 rent reviews were undertaken In respect of the privaie residential propertie8 save for of the propert18s. An incrementsl rent Teview was completed during the current ￿￿untr.n9 period. During the ac£ountsng period, the lease was completed upon the VIlL4ge Stores Iherety providing an Income in respe¢t of this property which had not been received $ince August 2020 such inttffie commencing March 2022. £53,019 Total ino)me from the investm¢nt properties Expondlturn. The Tru8lee¥ have continued in earnest with the maintenancL and upgrading of th• Almshouse propertl98. The aim i¥ that this would continue on a cyclical basis folltywing the commeneémenl of thé renovations in 2019. Con8equantiy, higher gxpendiWr6 has LKcurred with wncurrent ￿riOdS. 11 is anli¢ipaled that this programme of upgrading will eonlinue and will be cy¢lical at a ralè of one Almshouse per year unl8ss cireumslances necessitate otherwisè. All of the Almshousgs al Church Lane have now boen fully renovated. One of the six Almshouses at Cromwell Lane has n¢)w teen completely renovated and another has had 8 new bothrert)m frtted. Alm4hou8 Durlng th• a¢￿UntIng period. the fr*llowing ￿m•hous¢S have Upgrad￿ al a cost of.. Flat 10 - £3,578 Flat 9 £14,2S9 410 Cromwell Lano- £20,738 416 Cromwg11 Lane - £3,931 Totsl Costs- £42,506 These costs include. Decorating, New Krt¢h8ns. New Batnrooms, P￿ing of Kttchen and Bathrooms, Plumbing, Electrical Upgr•din9. New Central Hgatlng, Carpots. Fumishings, Skp Hire and Electrical Condth'on Installab'on Reports. Having adopted a policy lo upgrade the Almshouse propettss on 8 cyclical basis wowk continued al the remaining property"e$ whilst renovation OCCUTred on others. Thése repairs and general maintenance total cost £5,561. During the accounting period. 1st April io the 31st of August 2021 which covered the ￿riod of the closing accounts of the unincorp)rated Chanty no 216605 the Trusle8s had agreed. for the boTh￿l of the residgnts living in the AlmshoLsse8 in Cromwell Lanè acousb"c windows and w)rches were Instal￿ in 5 of the 6 propert'es. This W88 deemed lo be necessary to mrtigate the impact of sound in the direct vicinity of the properties caused during HS2 construction The sum of this cost at 31st AugusL 2021 was £18.074. During the void period at 410 Cromwell Lane, the final almshouse had acousts"¢ windows installed and the final payment of £5.000 was made. The Trustees, following discussKJns wilh the res￿entS also agreed that rt wtyjld be ben6ficial rf a hedg0 could be planted along the boundary of the prwrty whith abuts onlo Cromwell Lane. Professional consultants advised thal the hedge would act as a barrier against dust and debris together with being a secondary sound barrier. It would also serve lo provide some element of pnvacy to the re$￿entS due lo the increased presence of contraclors in the vicinity. BERKSWELL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Initial works by way of surveys arKI project assessment were undertaken by Lockhart Garratt already incurred as accounted for within the final accounts of the unincorp)rated Chanty were £4,026. During the current accounting period, these works were o)mplét&J and the final costs of £10,498 were paid. Contlng•nt Ilabllltlu for the HS2 Croml￿11 Lan• Fund• A¢oustic fencing along the boundary line of construction works £1.740. Ongoing Structural Monitoring - £9(MJ Additional costs that fom)ed Ihe nbnning of the Ajmshouse premises includ8d". ler Ral•8- £728 TV Llcen8es- £136 Garden Maintenance- £2,194 Window Cbaning- £535 Subscriptions- £457 Reports - £60 Bank Charges- £80 Communal Lighting - £291 011- £3,319 Servicing ond LGSC- £582 Fire Alarms - £385 Stsirlifts- £250 Due lo th• level of work undertakon and ￿sts ther￿f, tt has not been possibl8 for any contTibulion8 to be made towards the ERF (Emergency Repair Fund) and CMF (Cydical Maintonance Fund) during the accounting period, Othor Proport1 Exp•ndltur• The repairs and maintenance of the comm•raal and prNate res￿ential properties Iwe been tyPiCg1 throughout the accounting ￿r1¢xl save for the detailed capital expenditure idenbfied, Village Stores- Soundproofing along one wall to IA*bbers Cotta9e- e2.980 Edwards Cottage- Damp work- £912 The Cottage- Gas Connection - £1.132 The Cottage - Boiler Deposit- £500 Total Costs of Ropairs to Investment ProFerbes Additional costs incurred that fomed tha running of the resKl•nlsal and ¢ximmeraal premises included.. £12.586 Inspeclionsl Reports - £680 Legal Expenses- £2.244 Servicing - £1,087 Gardens - £432 Bank Charges- £62 Land Agents Fees- £2,254 Thg Cottag• The installation of gas rEntral heating to the property shoukl be completed in April 2022 and a IHbility current oxisls for the cost of th8 system of £2,760. BERKSWELL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Incom• Inva8tm•nts The inve$tments produced an irKL¥ne of £56,360 during ts 7 months of the accounting period. Pro-rala against the 2020r2021 income this figure is similar lo the inttlme of the prev￿uS year. The investments had grown during the accounting p8riod lo the 31 $1 of August 2021 by approximatety £400,000 but during the current accounb.ng peri¢xI the investr)ent valuat￿n$ had fluctuated. and the pefmanent endowment value had decreased by £92,000 The investment In￿Me units value was 308 pence per unit on the 31st of Avgusl but on the 31 $1 of March 2022, rt had decreased lo 301 pgnce unrt a 2.5% deerease. The accumulation units held We￿ 483 pence a unit on the 31 sl of August 2021 but during the xcounting period. they had de¢rea6ed to 477 p8nce per unil a 1.$ % deGrea8e slnee the 31¥1 of August 2021. An accumulation fund has been created in April 2021 called thè Mmshouse Project Fund in line wrth the short- tsm objectives of the Trustees The specffic purpose of the fund is the growth of a fund to develop nèw Almshouses within the Parish and provide addIt￿nal social housing for those In need in line with the Charities Objects. The fund eurrenlly stands at £138.CQO and payments have been made into this fund during the current accounting peri¢xI 01 £119,500. In¥￿tMont Prop0rt1•• During the accountsng period. the lease was comploled upon the Villagè Stores thereby providing an income in resped of this property which had not been received since August 2020 such income commen¢ing March 2022. £S3.019 Total income from the investment properties All steps wero tsken by the Trustees to provide clarlty and assist wsth ongoing forecasting and budgeting concerning the Charities, permanent endowment pr¢wrb"es to 8nsure maximis0t￿n of income from the investment properties is obtained under Chanty r¢quirements. Other Management Expondrture Salary- £16.397 TaxlNI - £5.766 Pension ContTibutions- £1839 Bank Charges - £41 Subscriplion3- £205 Account8nts- £3.672 Legal Costs - £1,566 Professional Reports - £100 Insurance - £39 Clerks Exp8nsg$ - £690 Management Expenses- £738 Payroll Costs - £180 Postage & Stationery- £214 Total - £31,442 BERKSWELL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Achievomtnts and porforniancè Donatlon8 mado from 1st Sgpt•mb•r 2021 to 318t M•rch 2022 B•rksw•ll Church oi england Alded S¢h¢)ol. During the accounting pgriod. the following financk81 assistance was paKI to the Sthool. The Arthur James Bequest of £557.20 was p¥id to the School to be placed Into a speu'al fund in a¢cordance with the terms of the beque81 to as8tst pupll8 who otherwi88 may not be able to attend edu¢alional vi8rt4 oither residential or day. Oth•r Donatlon• lo 8•rk8wo11 C of E Prlmary School Th8 Trustees also agreed to make the follcming donat￿n¥ in fft8r￿t of repaiTs and maintenance lo tho school buildings. The Trustees agreed lo pay lo the $¢hool the sum of £22,914 to enable the replacarnènl of five standard doors wrth fire doors and an upgrade of the emorg6ncy lighting lo meet current safety standards. Addilion811y, the repl8cem8nl of fluorescent lighting with n6w LED fittings increases the energy efficiency of the building Of thi$ sum. £16,104 paymont has been pa￿. The balance of £6,810 will be paid onc& the remaining work 1$ eompleted. Total donation$ lo the 8chool during the acc#)unting period - £16.861 Fln*nclal A•8l•t•nc• to 8•nofi¢l•rfM In th• Arn• of B•n•fft Donations to the negdy. during the year, amounted lo £4.324. Donations lo various othèr beneficiarios.. Coventry Cathedral - £365 HS2 Respite Don*ions In re8PeCt of the residents of Crcmnwell Lane- £2,995 Agr••d Donatlon• for th• forthcomlng •¢countlng p•rlod Berk$w811 Sd)001- £6,810 War Memorial- £2,000 BERKSWELL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Investmont Perfonnan Invè•tment Incom•. The Charities, investments are managed by CCLA and were invest&J in the COIF Charities Investsnenl Fund up until the 2nd of July 2021. The Twstoes, following careful considerats.on of th8 merits and risk to income, resolved at that lime to take up a Iow•WSt opportunty made by CCL4 to transfer the inv&slments to the COIF Ethical Investrment Fund. The decision was taken as a result of the low cost of transfer and the Trusteés, ongoing ¢ommilmenl to ensure that the Chanty Funds are invested as ethically as possible without impacting the level ol income received. The decision was taken folkming careful consider*Jon by th8 Trustees of the perfcmance of the tsvo funds ovor th¢ pr¢eeding 10 yearn whdi wa8 very much on par one ￿Other. The investment objective of the Fund is to promdo real l¢)n*tèm) growth and an ineom8. rising over lime from a portfolb managed within a dear risk control framework. Th8 Charitie8 Investments Funds produced a £56.360 incom8 y￿Id for the 7 months. The overall value of the lolal portfolio decreased from £4.449,438 10 £4,391.923 a decrease of £57,515 during the 8eventh-month accounting period whKh ￿ refflectNe of the flucbjab.ng inve8th18nt market. Accumulatlon Unlt Fund• Tho three funds held in a¢¢umuLqtson units for exceptional repairs and cyclical maintenance of the properties hov8 incraased their values over thè financi81 period. All dividends paid are r&invo$ted in these funds thereby increasing the value of these funds from the set of a¢tounls. Planned eontnbubons will continue in line with tho budget. Overall. the generated income, currently. 18 proving suffioent lo cover all the Ch8ri1188' requirements. Increasod roasonabl¢ and necessary management costs, repairs and maintenance havg limrtgd th• lovol of free re8eNes available for distributson. Portfollo Analy81• The Ch8ri1ies' investment objects a￿ lo prolecl. in so far as is reasonable. with th8 avoidance of undue risk. the real valuo of the eapilal and income of the Portfolio. after allowance for inflatson. The Tru$te8s also wish lo obtaln dlversfficatlon of Invesmients through the use of and admlnistrative advantagès trom, Investment Ihrough. the COIF Ethical Fund8. Investment reviews tske place within Ihe Charitres. regular meetings which are recorded within the Charity minutes The Trustees. decision to move the funds to the EthKal Funds is gvidgnce of their ongoing reviews. An assessment of other investment managers is ¢urnntty in prctess to ensure that the Charities, inveslment returns. and growth are on par acr088 the market. Flnan¢lal r•vl•w Th? Rw•rvo0 Polley Thè Trustees Consider that the incom8 reserve held in the Unrestricted Inc¢)me Fund of £300,000 1$ $ufficienl to ensure the ongoing viability of the Charities. The levd of reserves is reviewed annualty. These funds are periodicalty inve51ed in the Chanty Official Ethical Fund unrts sinc£ the 2nd of July 2021 and a review of the investrmenls takes place regulady. The trustees have assessed the major risks to whth the charity is exp)sed. and are satisfied thal systems are in place to miligale oxposure lo th6 major risks. BERKSWELL CHARITIES TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 structure. governanc8 and managomont The Charity, in ils CUTrenl fomi as a CIO, was e5tablish8d by a Constrtutson dated 27th of April 2021 The CIO was creaied following the approval of the Charity Commission to Convert the unincorporated charity, Berkswell Chanlies registered ¢h8nty number 216605. to a CIO. It is registered wrth the Charty Commis¥ion under number 1194243. The Iru8lees who served during the peric•J and up to the date of signature of the finanGial Statements were.. Rev. Dr. M Q 8ratton {Apwnted 27 Apnl 2021) Mrs J Edwards IApp¢inted 27 April 20211 Dr D E Stableforth (Apwnted 27 April 2021 and retired 12 Septomber 2021) Mr C T Powell (Appointed 27 April 20211 Mrs P Chartlon-sheppard (Appointed 27 April 2021) B P Connor, JP DL {Appointed 27 April 2021) Mrs T Mtt4tsmney (Appointed 27 April 20211 MrA Yates (Appointed 27 April 20211 Mr P Smith {Appointsd 27 April 2021) Mr D Bell (Appointed 27 April 2021) Rocrultm•nt and Appolntm•nt of N•w Tru•t• The body of Trustees musl con8i8t ol not less than 4 nor more than 9 appointed tru¥l•e8.' 1 ex offb'o tru8108', and not less than 1 nor morè than 2 nominated trusteès. The EX￿￿￿10 Trustee sh811 be The Rector of Sl John tho Baptist Church. The Parcwm•nt fvnds funds fund8 gonoral deslgnated 2022 2022 Total 2022 2022 Other trading activities Investrnenls Other income 103,799 66,446 150 103,799 66,446 150 Totsl Incom• 170.395 170.395 Raising funds 77,828 77,828 Charitsble activiti08 58,127 58,127 Material othor expenditure 14,443 14,443 Total oxp•ndltur• 1 SO.398 1SO.398 Nel gainslllosse$l on investrnents 12 {10,1951 {7.790) {143,8041 1181,7891 Not Incomlnglloutgolngl r••ourcM b•forn trnn•f•rn 9,802 (7,7901 1143.804} 1141,792) Gro88 Iransfors b6tsYeen fund$ {96,5001 96.500 N•t outgolng r••ourc•• (86.6981 88.710 {143.804} 1141.792) Oth•r r•cagnl8•d g•ln• and IOM Othef gains or108Se8 13 5,241.923 326.789 3.783,051 9.351,763 N•t mov•m•nt In fund8 5.155.225 415.499 3.839.247 9,209.971 Fund balances 8127 ￿)ri12021 Fund bglan¢o8 at 31 March 2022 5,155,225 415.499 3,639,247 9,209,971 The statement of financial activit￿ indudes all gains and losses recoJnised in the period. Al income and exFenditure derive continuing xtMt*s. 13- BERKSWELL CHARITIES BALANCE SHEET ASAT31 MARCH 2022 2022 Flxod as80ts Tangible assets Investment properties Investrnents 14 16 16 1,515,279 3.226.155 4,334,154 9,075,588 Currnnt as8•t• D8blors Cash at bank and in hand 17 31,201 237,705 268.9C6 (54.523} Cr•dltor•: *mount• falllng due wlthln on• y••r Nel current a8sets 214,383 Total •••ot• lo•• ¢urr•nt1S•bllltl•• 9,289,971 Credltor•: 4mount• falllng du• •ft•r mor• Ih•n on• y••r 19 180,0001 N•t ￿l•t• 9,209.971 C*pltAI lund8 Endowment funds Incom• lund• 3.639,247 Designated funds.. School Extraordinary Repair Fund Almshouses Emergency Repair and Cycl￿al Maintenance Fund Residential and Commeroal Properties Extraordinary Repair Fund Almshou8e Project Fund 111,667 82.428 8S.752 135,652 21 415,499 5.155,225 General unrestricted fundg 5.570,724 9,209,971 The financial statements were approved by the Trustees on ..37.7/2. Z.. Mr C T Powell Tru8t•o 14- BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 Accountlng pollcl•s Charlty inforn)atlon Berkswell Charities is a Charilable Incorporated Organisation {ClOI 1.1 Ac¢ountlng convontlon The financial statements have baen prepared in accordance wrth the chartty's governing document. the Charitses Act 2011, FRS 102 Yhe Financial Rewrts'ng Stsndard applicable in the UK and Republic ol Ireland" ('FRS 102.) and the Charities SORP "Acwunting and Reporting by Charities. Statement of Recomrnended Prathce aFplicable to charities preparing their accounts in accordance with the Financk41 ReF*)rting Standard applicable in the UK and Republic of Ireland {FRS 102)" leffectyv8 1 January 20191. Tho charity is a Public Benefrt Entrty as defined by FRS 102. The charty ha8 taken advantage of tho provisvJns In the SORP for chanties not to prepare a stat￿nent ol Cash Flows. The financial statem•nts have doparted from the Charib'e$ (Accounts and Report81 Rogulalions 2008 only to the extent required lo prowde a true and fair view. Thi8 departure has involved following the Slalen)ènl of Recommended Practice for chanlies applying FRS 102 rathar than the version ol the Statement of Récommènded Proctice which 18 referred to in tha R&Ju￿￿n$ bul which has 8ince been withdrawn. The financial statements are prepared in sterling. which 1$ the funclional ejjrrency of the charity. Monetary amounts in these financial statements am rounded to the nearest £. Thg financial slalements have been prepared under the historical ¢081 ￿nvention. modffigd to Include the revaluation of freehold properties and lo includé investment pro￿rtIeS and certain financial instruments gt fair value. The pnn¢ipal accounting polic￿9 adopled are sel out bélow. 1.2 Golnq con¢•rn Al the limè of approving Ihe financi818tstements, the trustee8 havg a reasonable expectation that the charity has adequate resource8 to conbnue in operational exi$lence for the foreseeable future. Thus the trustees continue lo adopt the going C•)ncem basis of accounting in prepanng the financial 8tat•m8nts, 1.3 Ch•rlL9blo fund• Unrestricted funds are available for use at the diKr•tion of th8 tru#lees in furtheran￿ of th6lr charitable obieclives. De8ignaled funds comprise ftsnds which have been sel a*de at the discretion of the trusle8s for SFeofic purposes. The purposes and uses ol the designated funds affj set oul in the not&s lo the financial statements. Endowmeni funds are sutpct io speuft ¢onditM)ns by donors that the capital must maintained by the charity. 1A Income Incom8 is rec¢gnised when the charity is legally entsued lo it after any perfomiance conditions have been met, the amounts can be measured felk9bly. and 51 is probable that income will be received. 15- BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 A¢eountlng pollcles {Contlnued> 1.$ Expondltur• Expenditure is recognised as soon as there is a 18gal or cons1rl￿ts've obligalK)n committing the charity to that expenditure, rt is probable that a transfer of economic benefits will be required in 8ettlemenl and the amount of the obl￿atIon can be measured reliabty. Expenditure Is accounted for on an accruals basis and ha$ been classified under headings that aggregate all cost related lo the category. ￿ere costs canrDt be directly attributed lo particuLqr hèadings they have teen allocated lo activit￿ on a basis con5151ent with the u8e of resources. 1.6 Tanglblo fix•d a8•0ts Tangible fixed assets are initially measured at cost and subsequenty moasured at ￿$1 or valuation, net of depreciation and any impairment10ssgs. Depro¢iation is recognis¢d 80 as to write the cost or valUat￿n of assets less their re8￿Ual value8 over their uselul lives on the foll¢)wing bases.. Freehold land and building$ at 2% straight line on the building8 valu8b.on from lot January. 2012 al 25% straight line. Office equipment The gain or l¢)3s arising on the disF4)sal of an asset is detemiined as the difference be￿een thè sale proceed8 and the carrying value of thè asset. and is reeognised in the statement of financial activits'es. 1.7 Inve8tm•nt prop•rtl•• Investment propert58s ara to bg rgvaued by the Tru#tee8 whon they ctJnsld&r that their value will be materially different to the currenl value In the accounts. Any additions In the interim period be￿een valuab'on$ are Carr￿ at co$1 until the next ValUat￿1n is eArried out. Any aggregate surplu$ or defial arislng from chang08 in markot value 1$ recognised in profit or bs6. Th8 Charity holds Mle to the Chur¢h of England School al Berkswell This was appropriated by tho local authority under the Education Ad 1947 and the local authonty uses rt without any rent being pald to the Charity. The propgty was last valL￿d in 2019 buL atthough th8 Charrty owns lrtle lo the proFfjty the Loc4 authority has perpetual use of the property until such a tsmg as the school might close. The Twstees believe that there is little likeliho¢)d of the sthool dosing in the fO￿see•ble future and the asset is therefore extremety unlikely lo be ¢apable of realisabon. In the a￿UMStanceS the Truslees consider il appropriate to acknowledge th[8 and have induded the sthool at a nominal value of £1. 1.8 Flx•d a88et Inv•8tm•nts Fixed asset investments are inrtially measured al transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in net incomel(expendilurel for the year. Transactwjn Costs are expensed as incurred. 1.9 Impalmont of fix•d assets Al eoeh reporting end date, the charty revthvs Ihe carrying amunts of ts tsngible assets to delemine whether there is any indication that those assets have suffered an impairment loss. If any such indution exists, the recovefable amount of the asset is esbmated in order to detemine the exient of the imFeirment loss lif any). 1.10 Cash and ¢a8h equlvalents Cash and cash equivalents deposits hekd at call with banks. 16- BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Accountlng poli¢i•8 Icontlnuodl 1.11 Flnan¢l•l Instrumonts The charity has 61ècted to appty the provisions of Seth"on 11 '8a$ic Financial Instfuments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 10 all of rt8 financ￿1 instruments. Financial instruments are recognised in the charity's balan￿ sheet when the charity bacomes party lo the conlraclual provisions of the in$lrument. Finan¢ial assets and liabilities are offset, with the net amounts presented in the financid statements. when there is a legally enforceable nghl to set off th8 recognised aMI￿ntS and there Is an inlenb'on to settle on a net basis or lo reali8e the a8881 and 8etUe th8 liability simultaneously. 8aslc Ilnanclal •ssets B8sic Inancial assets. wh￿h indude dgbtors arKI tssh and bank balance8, ar& measured al tran88ction price. B•¥l¢ flnanclal Ilabllltlg¥ Ba$1¢ finanual liabilities, induding creditors are recogni8ed at tranwtion prKe. 1.12 Employ•• ben•flt• The ¢08t of any unused hdiday ents'uement is recognised in the period in whi¢h the employee's services are roceived. Teminabon benefits ar• r•cogni8ed immedwtety as an expgnsg WI￿1 the charity 18 demonstrably committed lo lerminale the employmont of an employee or io prowd& lenninats.on Èénefils. 1,13 R•tlrnm•nt bon•fits Payments lo defined contribution retirement benefft 8¢heme8 are char￿d a$ an expensg a$ they fall due. Crltlcal accountlng Mtlmatsj •nd Judg•mont• In th• appliealion of the ch8rity'$ accounting politye$. the trustees are required to mako judgements, estimates and assumptsons about the carrying amcmjnl of a88ets and l￿bIlitieS that are not readily apparent from other sources. The estimales and associated assumptions are based on histori￿1 èxperience and other fo¢lors that are considered lo be relevant. Actual results may dffier from those e5kn"mates. The e¥limate8 and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are rewgni8ed in th8 period in which the eskn.mate is revised where the revision affects only that period, Of in the period of the revision and future periods where tr* rew8ion offects both current and future P8ri¢)ds. Oth•r trndlng activitlos Unmtrlct•d funds genèral 2022 Trading income from properbes 103,799 17- BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Inv•stmènts Unr•strlctod fund8 g8neral 2022 Income from unli$led invastrnents Interest receivabl• 66.397 49 66,446 Oth•r Incom• Unr•8trfctod fund• g•neral 2022 150 Sundry Incom• Raltylng fund• Unr••trktod fund• g•nor•l 2022 Rates, water, eledricty, insurance, wpairs et¢. relating to proparbes 77,828 77.828 18- BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Charlt•ble a¢tlvltlo• 2022 Grant funding of activities (see note 8} Share of governance costs (see note 9} 21,258 36,869 58,127 Grnnts p•yabl• 2022 Grants to institulbon8'. Berkswell C cf E ￿ded School A. James Bequest Others 16,104 557 365 17,026 Grants to individuals 4,232 21,258 19- BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Support costs Support Gov•rnan¢e costs 2022 Support Govemance costs costs Staff costs Depreciation Clert's expense8 reimburs•J 24,201 236 24.201 236 Legal and professional Sundry expenses Accountancy Bank charyes Stslionery 5.758 2.157 3,252 189 410 5,758 2,157 3,252 189 410 36,869 36,869 Analy8ed befv4een Charitable acliviti&s 36.869 36,869 Governancé costs include$ payments to the independent examiners of £3,000 for examination fegs and £252 for olh•r sèrvices. 10 Tru•t• None of the Iruslees lor any ￿r$on$ o)nnected WI￿ them) received any remunerats'on or benefits from tho charity during the peri¢)d. 11 Employ••• Th? averag• monthly numb•r d •mployee• during tho period w••.. 2022 Nurnb•r Employmont costs 2022 Wages and salaries other pell3￿ costs 22.362 1.839 24,201 There were no emp￿yeeS whose annual remuneralion was rrmjre than £60,Tr)0. BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 12 Ngt gain811108808} on inv•stments Unmtrlctad Unrostrlctgd Endovmient fund• fund• fund• gon•ral dMlgn*t 2022 2022 Totsl 2022 2022 Revaluation of investments 110,1951 (7.7901 1143,8041 1161.789} 13 Othor galn8 or1080 Unrn•trbot•d Unr••lrlct•d Endowm•nt fund• fundty lund• gen•r•l dHlgnat•d 2022 2022 2022 Acquired from Berkswoll Charib8810216605) on 1¥t S•plember, 2021 15.241.923) 1326,7891 {3.783,0511 14 T•nglbl• flx•d a•••ts Frnehold land and bulldlng1 Tot•1 •qulpmnt Cost or v4lu•llon Addition8 Acquired from Borkswell Chariti68102186051 on 1st septem￿r, 2021 959 959 1,762.000 1,782,801 At 31 March 2022 1.762.OCw) 1.780 1.763,760 D•pr•cl•tlon and Impalrni•nt Depreciation charged in the period Acqvired from Berkswell charrt￿lO2168o5l on 1st September. 2021 14,443 236 14,679 233.157 645 233,802 Al 31 Ma￿h 2022 247.6¢XI 881 248,481 C•rying amount At 31 March 2022 1,514,400 879 1,515,279 The carying value of land included in land and buiklings comprises Almshouse5 in Church Lane, Berkswell and Cromwell Lane, Burton Green. These prope￿e$ were professionally valued by MessTS. G¢)dfrey Payton. Chartered Surveyors on 31 sl December 2018. The trustees have revalued the properties on 31st August, 2021 using their best estimate of fair value. The Ajmshouses have been included at this revised valuation less the ac£umulated depreaation of the buildings. 21 BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 14 Tangible flxgd 48SOt8 At 31 March 2022, had the revalued assets been carried at historic eost ￿sS ac£umuL8ted depreciation and accumulated impairment losses. thwr ¢8￿y1n9 amount woukl have been appro￿rnatety £62,851 (- £-1. (Contlnu•dl 18 Inv•8tm•nt prop•rty 2022 F•lr v•luo At 27 April 2021 Acquired from 8erkswell Charikne8102186051 on 1st September. 2021 3,226,1 S5 At 31 March 2022 3,226,155 The residential and commercial inv¢sfftnt pmpert1•8 were valued by Godfrey Payton, Chartered Surveyors al their market value a3 at 31 st December, 2018. The tru81888 have revalued the properties a8 81318tAugu81, 2021 using their be81 jydgement of fair vall￿. The Charity holds lit￿ to the Church of England School al Berkswell. This was appropriated by the local authority under the Education Act 1947 and the loeal authority uses it wilhoul any rent being paid to the Charlty. On the 318t December. 2018, Profe98iono1 valuers Godfrey Payton, Chortered Surveyors valued the school premises al £3,000,000. Although the Charitses own tstle lo the property the Local Authority ha8 perpetual use of the propefty until Such tsmo as the sthool might dose. Tha Trustees believe that there 18 littlè likeliho¢)d of the school closing in the foreseeable future and thg asset is therofore extremely unlikely lo be Capable of Tealisation. In the circumstsnces the Tru8teos consider il appropriate to acknowledje this and have Included the School at a norninal value of £1. 16 Flxod 48801 Invo8tm•nts Ll8t•d Inv￿tMentS Colt or v•lu¥Uon Al 27 April 2021 Additions Valuation Changes Acquirèd trom Bethswell Charitles102186051 on 1st September. 2021 Disposals 119,500 1161,7891 4,449.443 173,0001 At 31 March 2022 4,334,154 Carrylng amount Al 31 March 2022 4.334.154 BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 17 D•btOT¥ 2022 Amounts falllng du• wlthln ono y•ar. Debtors and prepayments 31,201 18 Cmdltorn: amounts falllng du• wlthin on• y••r 2022 Other credrtors 54.523 other creditors includes a balance of £49.5LX% t*ing the n81 amount outstanding that ts anb'¢lp8ted to be paid wrthin one year from the amvnl reeeived from HS2 in November, 2020 to cover expenditur8 for tho benofrt of the current and future residents of any Almshou￿ on Cromwall Lane 19 Cr•dltor•: amount• fallSng du• •ft•r mor• than on• yoar 2022 Other creditors 80.000 Other Greditors includes a balafi￿ of £80,000 being the net amount outstanding that 1$ anticipated to b6 pald within one year from the amount r￿e1Ved from HS2 in N¢)vember. 2020 to cover expenditure for tho benefit of the current and fijlure residents of any ￿m$house$ cffl Cromwell Lone. 20 R•tlrnm•nt ￿n*fft 8ch•m D•fln•d ¢ontrlbutlon •oh•m The Charity operates a dèfined contribution p8nsN?n scheme for all qualfying employeos. The a$$el8 of the scheme are held separately from those of the thanty in on independenlly administered fvnd. The ¢harge to profft or loss in respect of defined conth'bution 8chemès was £1.839. BERKSWELL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 22 An•ty8i8 ol not assets bo￿On luDd8 Unr￿tricted D•slgn•tsd Endowmont funds funds funds 2022 2022 2022 Total 2022 Fund balances at 31 March 2022 are rèpresented by.. Tangible assets Investment properties Investments Current assetsllliabilitie¥l Long term liabilitie8 1,515.279 3,226,155 279.408 214,383 180,OCM)} 1.515,279 3.226,155 415,499 3,639,247 4,334,154 214.383 {80,0001 5,1S5.22S 415.499 3,639,247 9,209.971 23 R•latsd party trnfiMctlon• There were no di8cbsable related paty tran8¥tion$ during th¥ peritrj.