2021-03-31-accounts - Municipal Charities

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Trustee of Municipal Charities

1.1 The purpose of this report is to provide the Trustees with the outturn position, and set out the income and expenditure statement, and balance sheet for the period beginning 1[st] April 2020 and ending 31[st] March 2021.

2.1 The financial position statement for the Bedford Municipal Charities, as attached in Appendix A to the report shows a net income of £10,141 for the period from 1[st] April 2020 to 31[st] March 2021.
2.2 The Balance Sheet position, as attached in Appendix B to the report, sets out the level of total available funds at £1,452,578 made up of unrestricted funds that stood at £1,396,491 and NMCT restricted funds at £56,087 as at 31[st] March 2021.

3.1 The financial position statement for the Bedford Municipal Charities sets out the composition of the net income of £10,141 for the 12-month period from 1[st] April 2020 to 31[st] March 2021.
3.2 The actual income for the 12-month period ending 31[st] March 2021 is £42,513 including dividends of £1,098 and interest of £34 from Norah Mavis since the merger. Income has increased significantly due to the £250,000 investment that was made at the beginning of last year.
3.3 The total expenditure for the 12-month period ending 31[st] March 2021 was £32,372 which includes a NMCT grant that was awarded to Friends for Life. The Municipal Charities overall expenditure fell by 10% to £31,372 compared to 2019/20. The majority of the reduction is in respect of grant payments that reduced from £26,210 in 19/20 compared to £23,269 in 20/21.

4.1 The Balance sheet position, as attached in Appendix B to the report, sets out the level of available funds that currently stand at £1,452,578. This is made up of The Municipal Charities unrestricted funds of £1,396,491 and NMCT restricted funds at £56,087. This represents a £289,000 increase on the level of funds from the previous financial year.
4.2 The movement is predominantly due to an increase of £223,000 in the value of investments held as well as the assets gained from the merger with Norah Mavis Campbell Trust.

5.1 The current position statement is prepared on an accruals basis that enable the recognition of the income and expenditure in the period to which it relates in line with the CIPFA statement of Recommended Practice. The value of the transactions undertaken by the Charity within the financial period is beneath the threshold to require an audit of its accounts.

Manager (Business Partner) for Financial Control Bedford Borough Council

Appendix A

Income COIF - Dividend CAF- Interest Imperial Brands - Dividend NMCT - Interest Total Income Expenditure Fuel Grants / one off grant Contingency Grants (Furniture & Equipment) Other Expenditure: Almoners Allowance Insurance Bank Charges Administration costs Data Protection Miscellaneous Total Expenditure Net Income(-)/Expenditure(+) Reconciliation of Funds Unrealised gain(-)/loss(+) on Investments Total Funds Brought Forward Total Funds Carried Forward	31-Mar-20 £ -29,493 -445 -29,938 3,716 26,210 *29,927* 3,135 1,271 65 180 - 220 4,871 34,798 4,860	*Municipal* *Charities* Unrestricted Funds 31-Mar-21 £ -41,354 -27 -41,381 2,883 23,269 *26,152* 3,183 1,271 79 184 - 503 5,220 31,372 -10,009 -223,358 -1,163,123 -1,396,491	*NMCT* Restricted Funds 31-Mar-21 £ -1,098 -34 -1,132 1,000 - *1,000* 0 1,000 -132 -2,519 -53,436 -56,087	Total Funds 31-Mar-21 £ -41,354 -27 -1,098 -34
				-42,513
				3,883 23,269
				27,152
				3,183 1,271 79 184 0 503
				5,220
				32,372 -10,141 -225,877 -1,216,559 -1,452,578

Appendix B

Fixed Assets Investments Investment - Norah Mavis Campbell Trust Current Assets Balance at Bank - CAF Gold Municipal Charities NMCT Cash held by BBC COIF Dividend Receivable Imperial Tobacco Dividend Receivable Current Liabilities Creditors *Net Current Assets* Total Assets Funds Unrestricted Funds: Profit & Loss account Unrealised gain(-)/loss(+) on Investment Restricted Funds: NMCT - Unrealised gain(-)/loss(+) on Investments NMCT - Cash Transfer - 15/10/20 NMCT - Profit & Loss account Total available Funds c/fwd		31-Mar-20 1,104,664 51,186 - 7,274 - - 58,460 1,163,123 -58,768 -1,104,356 -1,163,123		31-Mar-21 1,328,022 14,025 58,712 40,930 681 9,756 451 -
				110,531
				1,452,578 -68,777 -1,327,714 -14,025 -41,930 -132 -1,452,578