Trustee of Municipal Charities
For meeting on 16[th] June 2022
End of Year Financial Report
1 Purpose of Report
- 1.1The 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 2021 and ending 31[st] March 2022.
2 Overview
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2.1The financial position statement for the Bedford Municipal Charities, as attached in Appendix A to the report shows a net income of £6,316 for the period from 1[st] April 2021 to 31[st] March 2022.
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2.2The Balance Sheet position, as attached in Appendix B to the report, sets out the level of total available funds at £1,571,710 made up of unrestricted funds that stood at £1,514,467 and NMCT restricted funds at £57,243 as at 31[st] March 2022.
3 Income and Expenditure Statement – (Appendix A)
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3.1The income and expenditure statement for the Bedford Municipal Charities sets out the composition of the net income of £6,316 for the 12-month period from 1[st] April 2021 to 31[st] March 2022.
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3.2The actual income for the 12-month period ending 31[st] March 2022 is £41,287 including dividends of £1,037 and interest of £18 from Norah Mavis investment in Imperial Tobacco. This year’s return was slightly higher than forecasted due to the decision to sale the fixed interest fund and re invest the proceeds into the COIF investment fund as well as the additional units purchased with the NMCT funds.
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3.3The total expenditure for the 12-month period ending 31[st] March 2022 was £34,971. This total is not inclusive of the grant awarded to Puttenhoe Residential Care Home on the meeting of the 10 Mar 2022.
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The Municipal Charities overall expenditure increased by 8% year on year with most of the increase seen in the contingency grants (furniture and equipment). This is in line with the economic hardships being faced by individuals due to the effects of the pandemic and aftermath.
4 Balance Sheet – (Appendix B)
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4.1The Balance sheet position, as attached in Appendix B to the report, sets out the level of available funds that currently stand at £1,571,710. This is made up of The Municipal Charities unrestricted funds of £1,514,467 and NMCT restricted funds at £57,243. This represents a £119,132 increase on the level of funds from the previous financial year.
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4.2The movement is predominantly due to an increase in the value of investments held, the COIF investment fund alone increased by £113,000.
5 Charity Account Preparation
- 5.1The 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.
Mike Batty Manager (Business Partner) for Financial Control Bedford Borough Council
| APPENDIX A |
||||||
|---|---|---|---|---|---|---|
| Municipal Charities- | ||||||
Income & Expenditure Statement as at 31.03.22 |
Municipal Charities |
NMCT | ||||
| Total Unrestricted Funds |
Restricted Funds |
Total | ||||
| 31-Mar-21 | 31-Mar-22 | 31-Mar-22 | 31-Mar-22 | |||
| Income | £ | |||||
| COIF - Dividend | -41,354 | -39,962 | -39,962 | |||
| CAF Bank Interest incl NMCT Held by BBC | -27 | -18 | -18 | |||
| Imperial Brands - Dividend | -1,098 | -1,307 | -1,307 | |||
| Imperial Brands - Interest | -34 | 0 |
- | |||
| Total Income | -42,514 | -39,980 | -1,307 | -41,287 | ||
| Expenditure | ||||||
| Fuel Grants / one of grant | 3,883 |
3,5 83 |
- | 3,583 | ||
| Contingency Grants (Furniture & Equipment) | 23,269 |
26,2 27 |
- | 26,227 | ||
| 27,152 |
29, 810 |
- |
29,8 10 |
|||
| Other Expenditure: | ||||||
Almoners Allowance |
3,183 |
3,1 80 |
- | 3,180 | ||
| Insurance | 1,271 |
1,2 71 |
- | 1,271 | ||
| Bank Charges | 79 |
1 48 |
- | 148 | ||
| Administration costs | 184 |
1 35 |
- | 135 | ||
| Data Protection | 0 |
- |
- | 0 | ||
| Miscellaneous | 503 |
4 29 |
- | 429 | ||
| 5,220 |
5, 163 |
- |
5,16 3 |
|||
| Total Expenditure | 32,372 |
34, |
- |
34,97 |
| 971 1 |
|
|---|---|
| Net Income(-)/Expenditure(+) | -10,142 -5,009 -1,307 -6,316 |
| Reconciliation of Funds | |
| Unrealised gain(-)/loss(+) on Investments | -225,877 -112,968 152 -112,816 |
| Total Funds Brought Forward | -1,216,559 -1,396,490 -56,087 -1,452,578 |
| InvestedFunds | |
| Total Funds Carried Forward | -1,452,579 -1,514,468 -57,243 -1,571,711 |
| Municipal Charities- | APPENDIX B 31-Mar-22 1,440,99 0 28,73 5 15,139 76,185 458 10,204 0 0 86,847 1,571,710 -73,785 -1,440,682 -1,514,467 -13,873 -43,370 -57,243 -1,571,710 |
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|---|---|---|---|---|---|
Balance Sheet as at 31.03.22 |
|||||
| 31-Mar-21 | |||||
| Fixed Assets | |||||
| Investments | 1,328,022 |
||||
| Investments NMCT - COIF | |||||
| Investment - Norah Mavis Campbell Trust |
14,025 | ||||
| Current Assets | |||||
| Balance at Bank - CAF Gold | 99,643 | ||||
| Cash held by BBC | 681 | ||||
| COIF Dividend Receivable | 9,756 | ||||
| Imperial Tobacco Dividend Receivable | 451 | ||||
| Current Liabilities | |||||
| Creditors | - | ||||
| Net Current Assets | 110,531 | ||||
| Total Assets | 1,452,578 | ||||
| Funds | |||||
| Unrestricted Funds: | |||||
| Proft & Loss account | -68,777 | ||||
Unrealised gain(-)/loss(+) on Investment |
-1,327,714 | ||||
| Total Unrestricted Funds | **-1,396,491 ** | ||||
| Restricted Funds: | |||||
| NMCT - Unrealised gain(-)/loss(+) on All Investments |
-14,025 | ||||
| NMCT Grant Reserve | -42,062 | ||||
| Total Restricted Funds | -56,087 | ||||
| Total available Funds c/fwd | -1,452,578 |