**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.
Page 1
**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.
Page 2
**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.
Page 3
**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
Page 4
**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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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.
Page 5
**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).
- 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 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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
**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
Page 7
**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
Page 8
**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
Page 9
**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.
Page 10
continued...
**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|
Page 11
continued...
**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|
|---|---|---|---|
Page 12
continued...
**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|
|---|---|
|||
Page 13
continued...
**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**
Page 14
continued...
**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).
Page 15
continued...
**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.
Page 16
continued...
**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|
|---|---|---|---|
|||||
Page 17
continued...
**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.
Page 18
**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)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 19
**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|
|---|---|---|
This page does not form part of the statutory financial statements
Page 20