REGISTERED CHARITY NUMBER: 201486
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
SIR THOMAS WHITE'S NORTHAMPTON CHARITY
SIR THOMAS WHITE'S NORTHAMPTON CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Report of the Independent Auditors | 6 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 18 |
| Detailed Statement of Financial Activities | 19 to 20 |
SIR THOMAS WHITE'S NORTHAMPTON CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
In making loans free of interest to young men and women, aged between 21 and 34, residing in Northampton. In making educational Grants to young men and women over the age of 16 and under the age of 25 years residing in Northampton.
Income: £200,000 to £250,000 (excluding loan repayments)
Public benefit
The Trustees have had regard to the Charity Commission guidance on public benefit. As per the charities activities above, the Trustees believe the public benefit in the charity's activities is clear.
Grant making policy
Subject to the constraints of the Scheme, the Trustees make grants to assist the education of young men and women in need of financial assistance.
In 2011 the Trustees agreed to make a grant to Northampton University of £100,000, for which the University received match funding from the Government of £50,000. This has meant that each year a new scholar is nominated and receives £1,500 per year for a three year course. The first student was nominated in 2013, and further students were nominated in subsequent years. The first student was nominated in 2013, and further students were nominated in subsequent years. In 2020, the University suggested only two students to be considered for the Scholarship and, following videos received from the applicants, it was agreed that neither of the two scholars should be the next recipient of the Scholarship, but each scholar was awarded a grant of £1,000. At the interviews, the Trustees did not identify an outstanding student, and no full fees scholarship was awarded.
During 2020, the Trustees made a grant of £15,000 to Moulton College.
The Trustees continue to look for other charities that would benefit, and agreed to make grants to various charities including, amongst others, Sport 4 Fitness, C2C Social Action, The Lowdown, and The Manna House.
During the course of 2020, the Trustees also made grants totalling £311,468.
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees remain committed to making grants to individuals and organisations where their funds will make a difference and are pleased to have made grants totalling £311,468 throughout the year.
Loan Debtors
As at 31st December 2020, there were six shortfalls on insurances repaid in 2020, and two loans that have been with HCR Hewitsons' Debt Services for recovery.
As at 31st December 2020, the balance of the sum due from borrowers paying their loans by way of instalments was £13,872.
FINANCIAL REVIEW
Financial position
The Distribution Meeting was held on 16th January 2020 and was held at Delapre Abbey Northampton, with a number of the Trustees attending to act as hosts. A cheque for £257,196 was received from the main Coventry Charity.
At the year end unrestricted reserves totalled £3,129,032 (2019: £3,270,381).
Loans given in 2020
There were no new loans made in 2020.
Investment policy and objectives
The Trustees rely on their financial consultants for advice in relation to the selection of investments. Cave & Sons continued to be the Trustees' financial advisers and produced quarterly statements of income and valuations which were circulated to the Trustees and discussed at their meetings.
The investment policy was reviewed in 2019. It was agreed that the Trustees would seek to achieve capital and income growth with an emphasis on an overall rate of return. This was achieved by a quarterly review of the portfolio by the financial advisers and the adoption of a low to medium risk investment policy. The financial advisors also attend one meeting a year to review the annual progress of the Charity's investments.
At the meeting of the Trustees held on 16th June 2008 it was agreed that Cave & Sons should be given discretion to manage the Trustees' portfolio.
Reserves policy
Up to 2002 the Scheme only gave Trustees powers to accumulate funds (after payment of appropriate management costs) and to make loans to qualifying applicants. Except for losses arising from loans not repaid, the effect of the scheme has been to result in increasing reserves. From 2002, the Scheme has been amended to give Trustees powers to make grants as well as loans and this has led to reductions in reserves. The Trustees will review the reserves and grant policies from year to year. The Trustees aim to invest any monies not required for loans, grants and working capital to provide additional income to cover management costs.
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Trustees, with the consent of the Charity Commission, agreed to change the name of the charity to "Sir Thomas White's Northampton Charity" and the Scheme of 17 May 2010 refers.
Governing Instrument
Main Scheme dated 30 July 1915
Indenture dated 26 July, 1552 and schemes of the Commissioners dated 21 May 1901, 30 July 1915, 20 July 1972, 16 July 2002, 17 May 2010 and 4 May 2016.
Beneficial Area - Northampton
The Trustees, with the consent of the Charity Commission, agreed to amend the Scheme to refer to "Northampton" rather than "the Borough of Northampton" to widen the area of benefit.
Special Resolution dated 20th July 2020.
Recruitment and appointment of new trustees
At the meeting of the Trustees held on 17th February 2020 Mr T J Hadland was appointed Chairman and Mr U Gravesande was appointed Deputy Chairman for the ensuing year. This was in accordance with the 1915 Scheme of the Northampton Municipal General Charities which had stated that the appointment of the Chairman and Deputy should take place at the first meeting of the year.
Following completion of the Special Resolution dated 20th July 2020 the Trustees agreed that they would appoint Trustees themselves so that Trustees with the skills needed by the Charity can be appointed by them rather than Northampton Borough Council.
Prior to their first meeting, Trustees are sent papers which include a history of the charity, copy Charity Scheme, accounts and various notes and copy forms that are used by the clerks. No formal training is given.
Administration of the Charity
The day to day administration of the charity has been delegated to HCR Hewitsons.
All financial decisions are agreed by the Trustees at their meetings, and all cheques are signed by two Trustees.
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
As the Charity is a loan making body, the Trustees consider the main area of risk relates to the non repayment of the loans.
Accordingly, the Trustees, in addition to requiring three sureties to guarantee the loan, also require that each borrower take out a life endowment policy and assign this to the Trustees as additional security for the repayment of the loan.
The Trustees also identified that the lack of notification of the change of address by the borrowers of himself and his sureties as an additional risk. To lessen the risk they have decided to send out mail shots periodically requiring the confirmation of addresses of all parties by the borrowers.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 201486
Principal address
c/o HCR Hewitsons Elgin House Billing Road Northampton NN1 5AU
Trustees
T J Hadland U Gravesande F H Wire G W Simmons (resigned 20/7/20) W A Howes J Nightingale P L Ager J K M Bulteel J Conroy A Simpson J March T Whenham M Wilkinson Cllr A King Cllr S Beardsworth Cllr D Stone Cllr J Lane D Kelk A Perry
Auditors
DNG Dove Naish LLP, Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Financial Consultants:
Cave & Sons Lockgates House Rushmills Bedford Road Northampton NN4 7YB
Clerks to the Trustees:
HCR Hewitsons Solicitors Elgin House, Billing Road, Northampton NN1 5AU
Bankers:
National Westminster Bank Plc 41 The Drapery Northampton
HM Revenue & Customs Number: X8076
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SIR THOMAS WHITE'S NORTHAMPTON CHARITY
Opinion
We have audited the financial statements of Sir Thomas White's Northampton Charity (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and 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 (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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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;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' 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 Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SIR THOMAS WHITE'S NORTHAMPTON CHARITY
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with 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 a Report of the Independent Auditors 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.
Irregularities, 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:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing and recognition of investment income. posting of any unusual journals along with complex transactions and manipulating the charities' key performance indicators such as grants paid and loan repayments, to meet targets. We discussed these risks with the finance management and designed audit procedures to test the timing of investment revenue, the repayment of loans given out & tested a sample of grants paid out to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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.
DNG Dove Naish LLP, Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Date: 28 October 2021
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Charitable activities 3 Loans and grants to individuals and institutions Investment income 2 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Loans and grants to individuals and institutions Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted fund £ 257,196 89,387 346,583 8,319 383,703 392,022 (95,162) (140,601) 3,269,633 3,129,032 |
2019 Total funds £ 251,095 91,826 342,921 8,143 396,001 404,144 267,864 206,641 3,062,992 3,269,633 |
|---|---|---|
The notes form part of these financial statements
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
BALANCE SHEET 31 DECEMBER 2020
| Notes FIXED ASSETS Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted fund £ 2,503,398 386,454 291,841 678,295 (52,661) 625,634 3,129,032 3,129,032 3,129,032 3,129,032 |
2019 Total funds £ 2,605,586 512,961 181,116 694,077 (30,030) 664,047 3,269,633 3,269,633 3,269,633 3,269,633 |
|---|---|---|
The notes form part of these financial statements
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The presentation currency for the financial statements is Pound Sterling (£).
Going Concern
The financial statements have been prepared as a going concern. The Trustees have taken into account a period of 12 months post the approval of the financial statements date and confirmed their assessment that the charity is a going concern.
Significant Judgements & Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the statement of financial activities. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Loans
The loans are held at present value and are receivable as they fall due for repayment. A provision is made annually for all loans that are due for repayment prior to the current year, as well as 1% of all outstanding current loans. The provision is recognised in the Statement of Financial Activities.
2. INVESTMENT INCOME
| Dividends & interest received Deposit account interest 3. INCOME FROM CHARITABLE ACTIVITIES Activity Funds received from Coventry Loans and grants to individuals and institutions |
2020 £ 88,879 508 89,387 2020 £ 257,196 |
2019 £ 90,398 1,428 91,826 2019 £ 251,095 |
2019 £ 90,398 1,428 |
|---|---|---|---|
| 91,826 |
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
4. RAISING FUNDS Investment management costs
| Portfolio management 5. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) £ Loans and grants to individuals and institutions 55,526 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Clerks charges FCA charge Travel Debt recovery Data protection Net change in provision for loans unlikely to be repaid Distribution meeting 7. GRANTS PAYABLE Loans and grants to individuals and institutions |
Grant funding of activities (see note 7) £ 311,468 |
2020 £ 8,319 Support costs (see note 8) £ 16,709 2020 £ 53,547 380 - (510) - 1,041 1,068 55,526 2020 £ 311,468 |
2019 £ 8,143 Totals £ 383,703 2019 £ 53,000 363 150 (253) 40 (3,841) - 49,459 2019 £ 329,989 |
|---|---|---|---|
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
7. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| 2020 £ Northampton Academy Grant 20,000 Moulton College 15,000 Screen Northants 10,000 SLC payment re Hannah Taylor 9,608 The Lowdown 6,000 C2C Social Action 5,000 Manna House 4,000 Northampton School for Boys 2,500 Sport 4 Fitness 2,500 University of Northampton - Northampton Saints - Fernie Fields - Kings Heath Boxing Club - Warts and All Theatre - Northampton Town FC - The Bee Hive - ABF Soldiers Charity - 74,608 The total grants paid to individuals during the year was as follows: 2020 £ Royal and Derngate - Grants to individuals 236,860 236,860 8. SUPPORT COSTS Governance Management Finance costs £ £ £ Loans and grants to individuals and institutions 110 464 16,135 |
2019 £ - 19,450 - 30,000 - - - - 40,000 14,000 10,000 6,818 5,000 3,000 2,250 1,800 1,550 133,868 2019 £ 196,121 - 196,121 Totals £ 16,709 |
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| 2020 Loans and grants to individuals and institutions £ Website costs 110 Bank charges 464 Auditors' remuneration - auditing of accounts 1,596 Auditors' remuneration for non audit work 3,906 Clerks charges 10,633 16,709 |
2019 Total activities £ 132 421 1,545 3,855 10,600 16,553 |
|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
During the year no expenses were paid to trustees, for expenses paid for on behalf of the charity and then reimbursed (2019: £Nil).
Travel expenses of £Nil were paid by the charity on behalf of zero trustees to attend the distribution meeting (2019: £150 paid on behalf of three Trustees to attend meeting).
The annual contribution lunch held on behalf of the main Sir Thomas White's Charity, was this year held by the Charity. These costs are shown within direct costs for the year. The Trustees were all invited to attend, and those who did paid a £10 contribution to the charity to partially cover the costs of the lunch that was provided. Total contributions received was £110.
10. STAFF COSTS
There were no employees for the year ended 31 December 2020 nor the year ended 31 December 2019.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable activities Loans and grants to individuals and institutions Investment income Total |
Unrestricted fund £ 251,095 91,826 342,921 |
|---|---|
EXPENDITURE ON
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Raising funds Charitable activities Loans and grants to individuals and institutions Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 12. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Unrestricted fund £ 8,143 396,001 404,144 267,864 206,641 3,062,992 3,269,633 Listed investments £ 2,605,586 569,935 (576,961) (95,162) 2,503,398 2,503,398 2,605,586 |
|
|---|---|---|
There were no investment assets outside the UK.
The historical cost of the investments at the year end was £2,238,185 (2019: £2,196,597).
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
13. DEBTORS
| Amounts falling due within one year: Loans Provision for loans unlikely to be repaid Other debtors Accrued income Amounts falling due after more than one year: Loans Provision for loans unlikely to be repaid Aggregate amounts Loans Sir Thomas White's Loan Due for repayment 2013 and earlier (provided for as doubtful) 2014 (provided for as doubtful) 2015 (provided for as doubtful) 2016 (provided for as doubtful) 2019 (provided for as doubtful) 2020 2021 2022 2023 2024 2025 2027 2028 2029 Less:Provision for loans unlikely to be repaid |
2020 £ 13,872 (13,872) 725 - 725 389,625 (3,896) 386,454 2020 £ 4,656 1,800 2,899 4,226 - 300 160,380 120,645 74,600 15,000 2,500 10,000 4,000 2,500 403,497 (17,768) 385,729 |
2019 £ 14,403 (14,403) 121 160 281 517,858 (5,178) 512,961 2019 £ 4,836 1,970 2,930 4,666 2,918 122,383 162,880 121,078 74,600 15,000 2,500 10,000 4,000 2,500 533,017 (19,581) 512,680 |
||
|---|---|---|---|---|
Loans that are due for repayment in 2021 and earlier are shown in the accounts as due in less than one year and any due after that date are shown as more than one year.
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accruals 15. MOVEMENT IN FUNDS At 1/1/20 £ Unrestricted funds General fund 3,269,633 TOTAL FUNDS 3,269,633 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 346,583 (392,022) TOTAL FUNDS 346,583 (392,022) |
2020 £ 47,100 5,561 52,661 Net movement in funds £ (140,601) (140,601) Gains and losses £ (95,162) (95,162) |
2019 £ 24,630 5,400 30,030 At 31/12/20 £ 3,129,032 3,129,032 Movement in funds £ (140,601) (140,601) |
|
|---|---|---|---|
Comparatives for movement in funds
| At 1/1/19 £ Unrestricted funds General fund 3,062,992 TOTAL FUNDS 3,062,992 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 342,921 (404,144) TOTAL FUNDS 342,921 (404,144) |
Net movement in funds £ 206,641 206,641 Gains and losses £ 267,864 267,864 |
At 31/12/19 £ 3,269,633 3,269,633 Movement in funds £ 206,641 206,641 |
|
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
16. GRANT COMMITMENTS
The following grant commitments exist and have been agreed at the year end, but are contingent on the projects either being fully financed and/or full detailed reports being received, prior to any amounts being paid out by the charity.
| Moulton College Apprentice Supermarket Northampton Academy Screen Northants |
2020 £ 30,000 - - - 30,000 |
2019 £ - - 20,000 10,000 30,000 |
|---|---|---|
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020, nor the year ended 31 December 2019.
18. ULTIMATE CONTROLLING PARTY
The charity is under the control of its trustees as listed within the trustees report.
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOME AND ENDOWMENTS Investment income Dividends & interest received Deposit account interest Charitable activities Funds received from Coventry Total incoming resources EXPENDITURE Investment management costs Portfolio management Charitable activities Clerks charges FCA charge Travel Debt recovery Data protection Net change in provision for loans unlikely to be repaid Distribution meeting Grants to institutions Grants to individuals Support costs Management Website costs Finance Bank charges Governance costs Auditors' remuneration - auditing of accounts Auditors' remuneration for non audit work Clerks charges Total resources expended Net expenditure before gains and losses |
2020 £ 88,879 508 89,387 257,196 346,583 8,319 53,547 380 - (510) - 1,041 1,068 74,608 236,860 366,994 110 464 1,596 3,906 10,633 16,135 392,022 (45,439) |
2019 £ 90,398 1,428 91,826 251,095 342,921 8,143 53,000 363 150 (253) 40 (3,841) - 133,868 196,121 379,448 132 421 1,545 3,855 10,600 16,000 404,144 (61,223) |
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This page does not form part of the statutory financial statements
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SIR THOMAS WHITE'S NORTHAMPTON CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Realised and unrealised gains and losses Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2020 £ (95,162) (140,601) |
2019 £ 267,864 206,641 |
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This page does not form part of the statutory financial statements
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