2020-12-31-accounts

Charity Registration No. 201418

BANBURY CHARITIES

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

BANBURY CHARITIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mrs J W May
	Mrs J M Colegrave
	Miss A M Heritage
	Mrs V J Fisher
	Mr M A Humphris (Chairperson)
	Mr K P Mallon
	Mr J P Briggs
	Mr C G Clarke
	Mr J T Blinkhorn
	Mr J A Donaldson
	Mrs S J Williams
	Mr N A Mepham	(Appointed 24 February 2021)
Clerk to the trustees	Ms M J Tarrant
	36 West Bar
	Banbury
	Oxfordshire
	OX16 9RU
Charity number	201418
Principal address	36 West Bar
	Banbury
	Oxfordshire
	OX16 9RU
Auditors	Whitley Stimpson Limited
	Penrose House
	67 Hightown Road
	Banbury
	Oxfordshire
	OX16 9BE
Bankers	Lloyds Bank plc
	12 High Street
	Banbury
	Oxfordshire
	OX16 5EF
Solicitors	Aplins
	36 West Bar
	Banbury
	Oxfordshire
	OX16 9RU
Property advisors	White Commercial

BANBURY CHARITIES

CONTENTS

	Page
Trustees' report	1 - 6
Independent auditor's report	7 - 9
Statement of financial activities	10 - 11
Balance sheet	12
Statement of cash flows	13
Notes to the accounts	14 - 29

BANBURY CHARITIES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and accounts 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 charity's governing document (scheme dated 20 January 1971 as amended by schemes dated 13 August 1979, 1 September 1999 and 2 July 2003) , the Charities Act 2011 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 2019).

Objects of the charity

B anbury Charities is a group of eight registered charities (registration number 201418). The charities ’ objects, as set out in the Charity Commission Schemes, are applicable to those within a five mile radius of Banbury Cross or, in the case of the Banbury Poor Trust, within ten miles and are as follows:

Bridge Estate Charity

To benefit inhabitants for wh om provision is not made out of rates, taxes or other public funds.

In making grants to the Trustees of other Charities for the benefit of the inhabitants of the area of the Borough of Banbury.

Countess of Arran ’ s Charity (known as Lady Arran ’ s Charity)

To assist beneficiaries who are preparing for, entering upon, or engaged in any profession or trade, occupation or service by providing them with outfits or by payment of fees, travelling expenses or by such other means for their advancement in life or to enable them to earn a living.

To promote the education (including social and physical training) of beneficiaries.

In providing such special benefits of any kind not normally provided by the local education authority for any school in the said area.

" Beneficiaries " of this charity mean s “young persons who have not attained the age of 25 years who in the opinion of the Trustees are in need of financial assistance” .

Within the Countess of Arran's Charity sits a sub-fund, known as The Brodey Fund, the key objects of which are as follows:

To assist young persons under the age of 25 years who are in need of financial assistance to fund their studies specifically to support those studying science, technology, engineering and mathematics.

To provide support in relation to course fees, costs of equipment, materials or study aids, transport costs and other costs that the Trustees believe are in the spirit of the Donor’s Wishes with an amount offered to an individual at the discretion of the Trustees.

Banbury Arts and Educational Charity

To assist schools, colleges or other institutions of further education in providing facilities for the promotion of education in the arts, literature and science.

To assist young persons under the age of 25 years in that area in need of financial assistance who are studying the arts, literature or science at such institutions.

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BANBURY CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Banbury Almshouses Charity

To provide and maintain almshouses accommodation for poor persons.

Banbury Sick Poor Fund

To benefit sick poor persons by:

• the supply of special food and medicines, medical comforts, extra bedding, fuel and medical and surgical appliances ;

• the provision of domestic help ;

• the grant of money ; and

• such other means as the trustees think fit.

Banbury Welfare Trust

To relieve persons who are in conditions of need, hardship or distress.

To pay for such items, services or facilities by way of donations or subscriptions to institutions or organisations which provide or which undertake to provide such items, services or facilities for such persons.

Banbury Poor Trust

To benefit:

• poor persons ;

• persons suffering from illness, accident, old age or incapacity ;

• any hospital home or infirmary body , society or institution ; and

• the maintenance, education, training, apprenticeship, outfitting or equipment of children or young persons or for persons of any age intending or beginning to enter or adopt any business , trade or occupation.

Banbury Recreation Charity

To provide or assist in the provision of facilities for the physical recreation of the inhabitants of the town of Banbury and the neighbo u rhood thereof in the interests of social welfare in order to improve their conditions of life.

Structure, governance and management

Trustees:

Mrs J W May Mrs J M Colegrave Miss A M Heritage Mrs P H Madeiros (Resigned 12 February 2020) Mrs V J Fisher Mr M A Humphris (Chairperson) Mr K P Mallon Mr J P Briggs Mr C G Clarke Mr J T Blinkhorn Mr J A Donaldson Mrs S J Williams Mr N A Mepham (Appointed 24 February 2021)

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BANBURY CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees of the charities are all unpaid volunteers consisting of nominative trustees, appointed by Cherwell District Council for a term of four years each, and co-opted trustees, being residents or business persons of the Banbury area appointed by the trustees for a term of five years, due care and attention being paid to an individual’s eligibility and competence. Any competent trustee may be re-appointed at the end of their term of appointment.

The Trustees operate with the assistance of a permanent Legal Clerk. Whenever a new Trustee is appointed the Clerk will take the Trustee through each of the Trust Schemes administered by the Charity and emphasis is given to the requirements and o bjects of each Trust and the matters to which the Trustees need to give regard when dealing with applications for grants. The new Trustee signs a declaration for fit and proper persons to comply with the Charities Act 2011.

The management structure of the charities consists of the clerk to the Trustees and her assistant who administer the charity on a part-time basis for a set fee as agreed annually by the trustees.

Objectives and activities

The Trustees of Banbury Charities continue to provide support to those in need within the community whose requests accord with the objects of the Charities.

These objects, with the exception of those of Banbury Almshouse Charity, are met by inviting applications for grants from both individuals and organisations resident in or within a five mile radius of Banbury or, in the case of the Banbury Poor Trust, within a ten mile radius. The Trustees will then review each application in detail and, when considered necessary and appropriate, meet the applicants and visit the projects to establish the merits of each application and the benefits to the community from such projects.

A decision is then made by the trustees collectively (by way of majority) at regular trustees’ meetings as to the level of grants to be awarded to each applicant. Grants to students are determined by a fixed scale dependent upon the level of parental income.

The objects of the Banbury Almshouse Charity are met by the upkeep and running of an Almshouse in Banbury which comprises separate accommodation for six occupants and for which a weekly maintenance charge is paid by the occupants. The Almshouse may not be sold by the Trustees.

There have been no material changes in the policies adopted by the charities in order to further its objectives since the previous financial year end.

Individuals applying for help are encouraged to obtain a letter of support from their social worker, carer or other persons in authority to support and give credence to their application.

When monies are advanced to individuals cheques are made payable whenever possible to the supplier of the items required as opposed to the individual applicant thereby ensuring that monies are used for the purpose intended.

Similarly when monies are applied in respect of, e.g. building works, monies are not made available until confirmation is received from the applicant that the balance of monies required to complete the project are available, thus ensuring that monies are not granted for projects which do not proceed. Trustees will frequently attend projects upon completion to ascertain that monies have been properly applied and that the project accords with the terms of the original application.

In general the Trustees respond to applications for assistance rather than create their own projects and, in view of this, their aims and key objectives are to safeguard and grow the Charities’ assets whilst utilising income to further the Charities’ Objects.

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BANBURY CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charities should undertake. The Trustees have operated each Charity in accordance with the relevant Charitable Scheme.

It is apparent from the name of the Charity such as Welfare Trust, Sick Poor Fund, Almshouses, Banbury Poor Trust and Banbury Recreation Charity that utilisation of Trust funds for such purposes are for the public benefit and thereby satisfy the Public Benefit requirements.

Achievements and performance

In furtherance of its charitable objectives, the charities paid a total of 30 Grants to institutions during the year (201 9 - 66 ) of which 17 were for £1,000 or more (201 9 - 34 ) as disclosed in n ote 7 to the accounts. The charities paid a total of 197 grants to individuals during the year (201 9 - 146 ). The average level of grants paid to individuals was £283 (201 9 – £ 423 ).

The T rustees’ objectives of achieving sustained income to meet the ongoing needs of the beneficiaries and claimants on the charity’s funds, and of capital growth to meet income requirements into the future were considered to be met.

The Trustees meet the fund manager on a biannual basis and have expressed a requirement for a mix of capital growth and income. The Charities' objectives are to promote medium to long term capital growth in order to maintain or improve the real value of the fund and to generate a reasonable level of income to finance the ongoing calls on the Charities' funds.

The funds are measured against the FTSE 100 and the FTSE all share index and against various other standard market comparators. Rental levels are measured against market figures achievable on the occasion of each rent review relying upon the professional advice from the Charities' Property Surveyor and Valuer.

Banbury Charities grant making policy ensures that its expenditure meets its charitable objectives and aims.

Financial review

The financial transactions during the year and the charities’ financial position at the year end are shown on pages 10 – 12 of the accounts.

The main source of income for the Charity accrues from the rent of commercial property within the town but income also derives from further funds invested with COIF and M&G. The investment policy is reviewed at each biannual review and also in between such reviews whenever the financial manager might introduce a new ethical financial product.

The income referred to above is expended in meeting such applications for assistance as fall within the Charities’ terms of reference and which are regarded by the trustees as being meritorious.

The Trustees consider that the Charities’ financial position at the end of the year is satisfactory.

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BANBURY CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Reserves policy

The Trustees have established a general reserves policy to ensure that Banbury Charities can maximise its programme for beneficiaries and manage the impact of any unplanned fluctuations in the value of its net income. General reserves provide some protection to the organisation and its charitable programme and provide time to adjust to changing financial circumstances. As at 31 December 20 20 the free reserves of the charities are £57,240 (201 9 - £ 41,951 ). Notwithstanding this the Trustees consider that the current level of free reserves is sufficient to enable the charities to meet their charitable objectives and will therefore continue the policy of distributing incoming resources by way of grants.

As at 31 December 2020 the charity held designated funds of £Nil (2019 - £Nil) of which the reserves policy is included in note 20 of the accounts. Restricted funds at 31 December 2020 totalled £37,167 (2019 - £31,943) of which the reserves policy is included in note 19 of the accounts. There were also endowment funds at 31 December 2020 totalling £8,058,525 (2019 - £7,889,390) of which the reserves policy is included in note 21 of the accounts.

Risk factors

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.

The main risk to the charity is the volatility of the commercial rental market and the ability to let their commercial properties. The trustees are mitigating this risk by consistently evaluating the properties held and enlisting a professional advisor to assist with their portfolio strategy.

As at the point of signing the accounts, there is a n ongoing world wide pandemic of Covid-19. This outbreak of Covid-19 is causing restrictions on the population in the UK, which is having an impact on the financial activity of the whole economy. The trustees have assessed its impact and expect to receive increased requests from those on low income for white goods, carpets and school uniforms; possible increases in requests for support in mental health initiatives due to Covid-19; and possible increase in requests for technology iPads from schools and individuals should the Covid-19 restrictions not be removed as quickly as hoped. In addition the trustees expect rental income to fall with businesses struggling and/or failing and expect tenants to request rent free periods. T he trustees will continue to manage the charity through this position.

Plans for the future

As for the future of the Charity, the Trustees will continue to endeavour to maintain the capital base of the Charity so far as possible in these difficult financial times and to meet the requests emanating from local organisations and individuals in need, notwithstanding a reduction in income.

A content-managed website has been designed with a view to bring Banbury Charities to the attention of those who are unaware of the Charity and who would benefit from assistance www.banburycharities.co.uk.

Asset cover for funds

Note 23 to the accounts shows the assets and liabilities attributable to the various funds by type. These assets, with the exception of the almshouse property which cannot be sold by the trustees, are available and sufficient to meet the charities' obligations on a fund-by-fund basis.

Details of the charities' commitments are set out in note 16 to the accounts.

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BANBURY CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to the auditors

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

On behalf of the board of trustees

Mr M A Humphris (Chairperson)

Trustee Dated: 6 May 2021

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BANBURY CHARITIES

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BANBURY CHARITIES

Opinion

We have audited the financial statements of Banbury Charities (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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BANBURY CHARITIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BANBURY CHARITIES

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees' r eport; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the S tatement of Trustees' r esponsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with section 154 of the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

I rregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below .

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to the misuse and misallocation of charity funds, and the risk of income being materially misstated due to fraud. We considered the extent to which non-compliance might have a material effect on the financial statements, and considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks related to income.

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BANBURY CHARITIES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BANBURY CHARITIES

Audit procedures performed included:

• Discussion amongst the audit team regarding the susceptibility of the client to fraud;

• Consideration of the risk of fraud when documenting and reviewing internal controls and procedures;

• Enquiring of management how they: assess the risk of fraud; and identify and respond to the risks of fraud;

• Enquiring of management whether they have any knowledge of actual or suspected frauds or noncompliance with laws and regulations

• Review of how those charged with governance exercise oversight of management's process for identifying and responding to the risk of fraud; and

• Substantive testing of income and debtors;

• Review of journals for unusual items;

• Review VAT return entries and perform analytical procedures on VAT balances;

• Review of bank reconciliations for evidence of window dressing;

• Review of minutes of meetings of those charged with governance; and

• Substantive testing on charitable expenditure including grants awarded.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 14 May 2021

Whitley Stimpson Limited

Chartered Accountants Statutory Auditor Penrose House 67 Hightown Road Banbury, Oxfordshire OX16 9BE

Whitley Stimpson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006

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BANBURY CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Endowment funds funds funds 2020 2020 2020 Notes £ £ £ Income from: Donations and gifts 3 26,300 - - Almshouse maintenance charges 21,735 - - Investment income 4 222,376 244 - Total income and endowments 270,411 244 - Expenditure on: Raising funds 5 82,165 - - Charitable activities 6 169,660 - - Total resources expended 251,825 - - Net gains/(losses) on investments 10 1,683 - 169,135	Total Unrestricted Designated Restricted Endowment funds funds funds funds 2020 2019 2019 2019 2019 £ £ £ £ £ 26,300 26,000 - - 312,500 21,735 21,133 - - - 222,620 389,553 - 186 - 270,655 436,686 - 186 312,500 82,165 56,624 - - - 169,660 263,452 - - - 251,825 320,076 - - - 170,818 4,059 - - 538,483	Total 2019 £ 338,500 21,133 389,739 749,372 56,624 263,452 320,076 542,542

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BANBURY CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Net incoming resources before transfers Gross transfers between funds Net incoming resources Other recognised gains and losses Revaluation of tangible fixed assets Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020	20,269 (4,980) 15,289 - 15,289 41,951 57,240	244 4,980 5,224 - 5,224 31,943 37,167	169,135 - 169,135 - 169,135 7,889,390 8,058,525	189,648 - 189,648 - 189,648 7,963,284 8,152,932	120,669 (83,532) 37,137 - 37,137 4,814 41,951	- (19,452) (19,452) - (19,452) 19,452 -	186 4,812 4,998 - 4,998 26,945 31,943	850,983 98,172 949,155 (73,172) 875,983 7,013,407 7,889,390	971,838 - 971,838 (73,172) 898,666 7,064,618 7,963,284

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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BANBURY CHARITIES

BALANCE SHEET AS AT 31 DECEMBER 2020

Notes Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Capital funds Endowment funds 19 Income funds Restricted funds 20 Unrestricted funds	2020 £ £ 860,000 7,179,639 8,039,639 9,214 283,743 292,957 (179,664) 113,293 8,152,932 8,058,525 37,167 57,240 8,152,932	2019 £ £ 860,000 4,592,303 5,452,303 15,010 2,663,712 2,678,722 (167,741) 2,510,981 7,963,284 7,889,390 31,943 41,951 7,963,284

The financial statements were approved by the Trustees and authorised for issue on 6 May 2021 and are signed on its behalf by:

Mr M A Humphris (Chairperson)

Trustee

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BANBURY CHARITIES

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 Notes £ £ Cash flows from operating activities Cash (absorbed by)/generated from operations 24 (186,071) Investing activities Purchase of listed investments (2,416,518) Proceeds on disposal of investment property - Purchase of freehold property - Proceeds on disposal of other investments - Investment income 222,620 Net cash (used in)/generated from investing activities (2,193,898) Net cash used in financing activities - Net (decrease)/increase in cash and cash equivalents (2,379,969) Cash and cash equivalents at beginning of year 2,663,712 Cash and cash equivalents at end of year 283,743

2019 £ £ 188,556 (312,500) 683,472 (98,171) 1,100,000 389,739 1,762,540 - 1,951,096 712,616 2,663,712

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BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance with the Charities Act 2011 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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

There are risks and uncertainties relating to the impact of the Covid - 19 outbreak in the UK , which could be considered a threat to the continued going concern status of the charity . As at the date of approving these accounts , the trustees have assessed the impact of Covid-19 and 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 unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds must be held as capital assets by the charities, either as permanent endowments where the trustees do not have the power to convert the capital into income or as expendable endowments where the trustees have the power (but not a duty) to convert the capital into income and apply it in accordance with the charitable objects.

Further explanation of the nature and purpose of the charities' funds and of transfers between funds, including allocations to designated funds, is included in the notes to the accounts.

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.

Incoming resources from endowment funds are unrestricted.

Rental income represents the total amount receivable for the year in respect of properties owned by the charities and let to tenants under short-term leases.

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BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Income from listed investments comprises dividends received on investments with the Charities' Official Investment Fund and Municipal & General Charity Multi Asset Fund .

1.5 Resources expended

Liabilities and related expenditure are recognised in full in the accounts as soon as an obligation arises.

Costs of generating funds comprises solely of the insurance costs of the investment properties.

Charitable activ ities include expenditure associated with the almshouses and all grants paid in accordance with the charities objectives and aims.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

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.

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 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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 ) .

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 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.

• 15 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.10 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.

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 trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts 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 payables 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.

1.11 Grants payable

Grants payable are charged to the income and expenditure account in the period at which they have been approved and committed and a constructive obligation exists. Any grants approved in principle but where conditions attached to the award have not yet been met are included in the notes to the accounts as commitments (note 16).

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.

• 16 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and gifts

	Unrestricted	Total	Unrestricted	Endowment	Total
	funds		funds	funds
				general
	2020	2020	2019	2019	2019
	£	£	£	£	£
Donations and gifts	26,300	26,300	26,000	312,500	338,500

Grants made from Bridge Estate to the Banbury Welfare Trust and Lady Arran's are included within donations and gifts, and in grants payable in the Statement of Financial Activities.

4 Investment income

Unrestricted Restricted funds funds 2020 2020 £ £ Rental income 145,536 - Income from listed investments 76,832 - Interest receivable 8 244 222,376 244	Total Unrestricted Restricted funds funds 2020 2019 2019 £ £ £ 145,536 286,214 - 76,832 103,320 - 252 19 186 222,620 389,553 186	Total 2019 £ 286,214 103,320 205 389,739

5 Raising funds

	Unrestricted	Unrestricted
	funds	funds
	2020	2019
	£	£
Investment property expenses
Rates	13,000	77
Light and heat	554	(46)
Repairs and renewals	23,885	21,295
Legal fees	9,122	-
Support costs	24,119	23,960
Investment property expenses	70,680	45,286
Insurance and professional costs
Insurance and professional costs	11,485	11,338
	82,165	56,624

• 17 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Charitable activities

Almshouse property expenses 2020 £ Charitable expenditure (see note 9) 12,312 Grant funding of activities (see note 7) - Support costs (see note 9) - Governance costs (see note 9) - 12,312	Grant funding activity Support costs 2020 2020 £ £ - - 112,200 - - 30,149 - 14,999 112,200 45,148	Total 2020 Almshouse property expenses 2019 £ £ 12,312 11,302 112,200 - 30,149 - 14,999 - 169,660 11,302	Grant funding activity Support costs 2019 2019 £ £ - - 208,291 - - 29,050 - 14,809 208,291 43,859	Total 2019 £ 11,302 208,291 29,050 14,809 263,452

• 18 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Grants payable

7 Grants payable
		Total	Total
		2020	2019
	Grants to institutions:
Bridge Estate	Age UK (Oxfordshire)	-	2,048
	All Saints Church Middleton Cheney	-	5,000
	Banbury Community Church	-	2,200
	Banbury PHAB Club	-	1,500
	Banbury Welfare Trust	26,000	26,000
	Bloxham pre-school	1,500	-
	British Red Cross	2,250	4,085
	Cherwell DC: Youth & Community Centre	-	10,000
	Citizens Advice Bureau	2,103	-
	Citizens Advice - Grant Administration Scheme	-	1,500
	Community Albums	-	2,000
	Dashwood Out of School Care Club	-	3,250
	Frank Wise School	-	3,358
	Green Pastures CE Nursing Home	-	2,780
	Helen & Douglas House	3,000	-
	IMPS Oxford Hospitals Charity	-	2,000
	Katharine House Hospice	-	7,825
	Life Education	2,000	2,000
	Nicodemus Trust	-	1,200
	Restore	1,700	-
	Rotary Club of Banbury	1,000	-
	Royal Air Force Air Cadets	-	3,000
	Samaritans	1,830	1,650
	See Saw Charity	-	1,000
	SSAFA	-	1,000
	Standing in the Gap	1,039	-
	St. Leonard's Church	-	2,500
	Style Acre Banbury SABRe	-	1,745
	William Morris School	3,639	-
	Wykham Park Academy	1,000	1,200
	Other (7 < £1,000, 2019 - 22)	3,170	8,649
Lady Arrans	Other (1 < £1,000, 2019 - 7)	104	1,126
Arts and Educational	Cherwell Theatre Company	1,500	-
	Other (0 < £1,000, 2019 - 1)	-	500
Banbury Recreation Charity	Activate Learning	1,166	2,453
	Banbury & District Table Tennis Assoc.	-	2,000
	Banbury Cricket Club	-	15,000
	Banbury Rugby Union FC	-	10,000
	Banbury Sea Cadets	-	3,000
	Banbury United Community FC	2,100	-
	Bishop Loveday CE School	-	2,500
	Chasewell Community Association	-	5,000
	Oxfordshire Play Association	-	1,500
	Puritans Radio	1,025	-
	Rotary Club of Banbury Cherwell	-	1,500

• 19 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

• 7 Grants payable

The Sunshine Centre The Warriner School Other (1 < £1,000, 2019 - 2) Grants to individuals (197 grants, 2019 - 146)	(Continued) - 1,050 - 2,000 300 1,423 56,426 146,542 55,774 61,749 112,200 208,291

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits from the charity during the year or prior year .

9 Description of charitable activities

Almshouse property expenses Repairs and renewals Insurance Light and heat Rates Telephone Subscriptions Professional fees Support costs Clerk fees Governance costs Clerk fees Auditors' remuneration Remuneration of auditors for non-audit work - accountancy	Total 2020 £ 4,372 1,094 3,866 1,317 1,633 - 30 12,312 30,149 30,149 6,030 7,126 1,843 14,999	Total 2019 £ 4,102 1,059 3,538 465 1,761 28 349 11,302 29,050 29,050 5,990 7,055 1,764 14,809

• 20 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

10 Net gains/(losses) on investments

Unrestricted Endowment funds funds general 2020 2020 £ £ Revaluation of investments 1,683 169,135 Gain/(loss) on sale of investments - - 1,683 169,135	Total Unrestricted Endowment funds funds general 2020 2019 2019 £ £ £ 170,818 4,059 525,011 - - 13,472 170,818 4,059 538,483	Total 2019 £ 529,070 13,472 542,542

11 Taxation

The charities are exempt from Income Tax but not from Value Added Tax. Irrecoverable VAT is included in the cost of those items to which it relates.

12 Employees

There were no employees during the year or prior year.

13 Tangible fixed assets

Tangible fixed assets
	Freehold property
	£
Cost
At 1 January 2020	860,000
At 31 December 2020	860,000
Carrying amount
At 31 December 2020	860,000
At 31 December 2019	860,000

An external valuation of the freehold property (Almshouse) is carried out annually by White Commercial, Chartered Surveyors at the balance sheet date. The basis of the valuation included in the accounts is insurance value. The trustees are unable to ascertain the historical cost of the property.

• 21 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Fixed asset investments

Listed investments Investment properties	2020 £ 5,034,639 2,145,000 7,179,639	2019 £ 2,457,303 2,135,000 4,592,303

Fixed asset investments revalued

An external valuation of the freehold investment properties is carried out annually by White Commercial, Chartered Surveyors at the balance sheet date. The basis of valuation included in the accounts is fair value subject to existing leases. The trustees are unable to ascertain the historical cost of all the freehold properties. The historical cost of the listed investments as at 31 December 2020 was £3,604,829 (2019 - £1,188,311). Listed investments are valued by reference to quoted market price. All investment assets are held within the United Kingdom.

Movements in fixed asset investments

Cost or valuation At 31 December 2019 Additions Valuation changes At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019	Freehold property Listed investments £ £ 2,135,000 2,457,303 - 2,416,518 10,000 160,818 2,145,000 5,034,639 2,145,000 5,034,639 2,135,000 2,457,303	Total £ 4,592,303 2,416,518 170,818 7,179,639 7,179,639 4,592,303

• 22 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Fixed asset investments The investment properties owned by the charities were as follows: Library Buildings, Banbury 14 Canada Close, Banbury 36 Church Lane, Banbury 5 White Lion Walk, Banbury Land at Waterstock Canoe Club, Cropredy, Banbury Unit 9, Glenmore Business Park, Kidlington Unit 10, Glenmore Business Park, Kidlington Unit 12, Glenmore Business Park, Kidlington The following listed investments held by the charity represent more than 5% of the total investment portfolio value: Charities Official Investment Fund income shares: Bridge Estate Fund Lady Arran's Charity Banbury Almshouse Charity Banbury Sick Poor Fund Banbury Arts and Educational Charity Banbury Welfare Trust Banbury Poor Trust Banbury Recreation Charity The Brodey Fund Charities Official Investment Fund accumulation shares: Bridge Estate Fund M&G Charity Multi Asset fund: Banbury Almshouse Charity - Income shares Banbury Almshouse Charity - Accumulation shares 15 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income

(Continued) 2020 2019 £ £ 435,000 435,000 215,000 215,000 100,000 90,000 245,000 245,000 385,000 385,000 120,000 120,000 215,000 215,000 215,000 215,000 215,000 215,000 2,145,000 2,135,000 2020 2019 £ £ 1,014,254 124,023 556,472 19,197 8,765 8,247 21,541 20,266 116,720 109,814 6,685 5,977 81,515 76,692 1,933,439 1,819,039 1,055,538 44,601 124,132 113,086 2,396 2,589 113,182 113,772 5,034,639 2,457,303 2020 2019 £ £ 4,329 8,943 4,885 6,067 9,214 15,010

• 23 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

16 Commitments

As at 31 December 2020 the following grants had been approved by the trustees for future payment:

Grants to institutions: Full Circle/Age Friendly Banbury Rotary Tour de Trigs Orchard Fields CPS St. Joseph's CPS Tooleys Boatyard Trust Wykham Park & Space Studio	2020 £ 10,000 5,000 - - 5,000 - 20,000	2019 £ 10,000 5,000 3,800 1,900 5,000 1,000 26,700

There is no legal or constructive obligation on Banbury Charities to pay the above sums which may be contingent upon specific criteria being met, therefore they have not been provided in these accounts. It is the intention of the trustees to pay the above grants out of existing expendable endowment funds within the next twelve months.

17 Creditors: amounts falling due within one year

Other taxation and social security Payments received on account Deferred income Other creditors Accruals	2020 £ 914 13,807 24,770 115,450 24,723 179,664	2019 £ 1,231 15,583 23,358 115,450 12,119 167,741

As at 31 December 2020 there was deferred income of £3,175 (2019 - £3,571). This related to insurance received in advance.

• 24 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Related parties

A number of the charities' trustees have interests in organisations which have benefited from grants awarded by the charities during the year as follows:

			Grants	paid
Trustee	Organisation	Interest	2020	2019
			£	£
Miss A M Heritage	Rotary Club of Banbury Cherwell	Member	750	1,500
Miss A M Heritage	The Sunshine Centre	Prepares minutes		1,450
Mr C G Clarke	Banbury Sea Cadets	Trustee		3,000
Mr C G Clarke	Bishop Loveday C of E Primary	Two daughters teachers at
	School	the school		2,500
Mr C G Clarke	Chasewell Community Centre	Chairman		5,000
Mr C G Clarke	Royal Air Force Air Cadets	Trustee		3,000
Mr C G Clarke	Wykham Academy	Student known to Mr C G
		Clarke	1,500
Mr M A Humphris	Banbury United Community FC	Member	2,100	2,453
Mr M A Humphris	Rotary Club of Banbury Cherwell	Member	750	1,500
Mr M A Humphris	Samaritans	Landlord of property	1,830	1,650
Mr J A Donaldson	Rotary Club of Banbury	Member		1,140
Mrs J M Colegrave	Banbury Rugby Union Football Club	Husband involved in club		10,000
Mr J P Briggs	Banbury Cricket Club	Vice president of club		15,000
Mr J P Briggs	Banbury Rugby Union Football Club	Vice president of club		10,000
Mrs J W May	Rotary Club of Banbury Cherwell	Husband main organiser		1,500
Mrs P H Madeiros	Green Pastures Christian Nursing	Board of directors
	Home			2,780
Mrs P H Madeiros	Banbury Community Faithworks	Member
	Furniture Project			3,050

• 25 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19 Endowment funds

Endowment funds
		Movement in funds				Movement in funds
	Balance at	Net incoming/	Gain/(loss)	Transfers	Balance at	Net incoming/	Gain/(loss)	Transfers	Balance at
	1 January 2019	(outgoing)			1 January 2020	(outgoing)			31 December
		resources				resources			2020
	£	£	£	£	£	£	£	£	£
Permanent endowments
Banbury Almshouse Charity	844,251	-	(71,588)	98,172	870,835	-	325	-	871,160
Expendable endowments
Bridge Estate Fund	2,807,242	-	79,433	-	2,886,675	-	33,741	-	2,920,416
Lady Arran's Charity	1,045,810	312,500	119,252	-	1,477,562	-	12,578	-	1,490,140
Banbury Arts and Educational Charity	527,828	-	16,986	-	544,814	-	6,906	-	551,720
Almshouse Extraordinary Repair Fund	185,779	-	27,993	-	213,772	-	(3,638)	-	210,134
Banbury Poor Trust	64,830	-	11,862	-	76,692	-	4,823	-	81,515
Banbury Recreation Charity	1,537,667	-	281,373	-	1,819,040	-	114,400	-	1,933,440
	7,013,407	312,500	465,311	98,172	7,889,390	-	169,135	-	8,058,525

The schemes of the Bridge Estate Fund, Lady Arran's Charity, Banbury Arts and Educational Charity, Banbury Poor Trust and Banbury Recreation Charity require the trustees to let and otherwise manage all the assets belonging to the charities other than those required to be retained or occupied for the purposes of the charities. The objects of each of these charities are stated in the trustees' report on page 1 of the accounts.

The scheme of the Banbury Almshouse Charity requires that the A lmshouse belonging to the charity shall be used for the residence of its occupants. This property may not be sold by the trustees and is, therefore, permanently endowed. The objects of Banbury Almshouse Charity are stated in the trustees' report on page 1 of the accounts.

The Almshouse Extraordinary Repair Fund is required, under the terms of the scheme of the Banbury Almshouse Charity, to be maintained for the purpose of providing for the extraordinary repair, improvement or building of the almshouse belonging to that charity. The fund is maintained by the investment of an annual sum out of the income of Banbury Almshouse Charity in accumulation shares of the National Association of Almshouses Common Investment Fund.

• 26 -

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

BANBURY CHARITIES

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

			Movement in funds	Movement in funds		Movement in funds	Movement in funds
		Balance at	Incoming	Transfer	Balance at	Incoming	Transfer	Balance at
	1	January 2019	resources		1 January 2020	resources		31 December
								2020
		£	£	£	£	£	£	£
Almshouse
Cyclical
Maintenance
Fund		26,945	186	4,812	31,943	244	4,980	37,167

The Almshouse Cyclical Maintenance Fund was established for the purpose of providing for those items of ordinary maintenance and repair of the A lmshouse belonging to Banbury Almshouse Charity which recur at infrequent intervals. The fund is represented by monies deposited with the National Savings Bank and is maintained by transfers out of the income of Banbury Almshouse Charity . During the year there was a transfer from the unrestricted fund to the restricted fund to meet the ongoing maintenance needs of the Almshouses.

21 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for the purpose of a sinking fund for Canada Close:

		Balance at	Transfers		Balance at	Balance at
	1	January 2019		1	January 2020	31 December
						2020
		£	£		£	£
Canada Close sinking fund		19,452	(19,452)		-	-
		19,452	(19,452)		-	-

The purpose of this fund was specifically for if or when the units are vacant and the need should arise for the payment of empty unit rates to the Council and/or repairs that occur while the units are empty. Following the sale of Canada Close properties this has been utilised in the prior year by transferring the balance to the Bridge Estate.

• 27 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

22 Analysis of changes in net funds

The charity had no debt during the year.

23 Analysis of net assets between funds

Unrestricted funds Restricted funds Endowment funds 2020 2020 2020 £ £ £ Fund balances at 31 December 2020 are represented by: Tangible assets - - 860,000 Investments 28,225 - 7,151,414 Current assets/(liabilities) 29,015 37,167 47,111 57,240 37,167 8,058,525	Total Unrestricted funds Designated funds Restricted funds Endowment funds 2020 2019 2019 2019 2019 £ £ £ £ £ 860,000 - - - 860,000 7,179,639 26,242 - - 4,566,061 113,293 15,709 - 31,943 2,463,329 8,152,932 41,951 - 31,943 7,889,390	Total 2019 £ 860,000 4,592,303 2,510,981 7,963,284

• 28 -

BANBURY CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

24	Cash generated from operations	2020	2019
		£	£
	Surplus for the year	189,648	971,838
	Adjustments for:
	Investment income recognised in statement of financial activities	(222,620)	(389,739)
	Gain on disposal of investments	-	(13,472)
	Fair value gains and losses on investments	(170,818)	(529,070)
	Movements in working capital:
	Decrease in debtors	5,796	130,898
	Increase in creditors	11,923	18,101
	Cash (absorbed by)/generated from operations	(186,071)	188,556

• 29 -