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2021-12-31-accounts

St Monica Trust

Report of the Trustee and consolidated financial statements Registered charity number 202151

Year ended 31 December 2021

Report of the Board and consolidated financial statements Year ended 31 December 2021

Contents

Report of the Trustee 1
Statement of Trustees’ responsibilities 20
Independent auditors’ report to the members of St Monica Trust 21
Consolidated statement of financial activities (including and income and expenditure 25
account)
Charity statement of financial activities 26
Consolidated cash flow statement 27
Consolidated and charity balance sheets 28
Notes 29

Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021

The Council presents its annual report and the audited consolidated financial statements for the year ended 31 December 2021. This report consolidates the results of St Monica Trust and its subsidiaries St Monica Trading Limited and Somerdale Pavilion Trust.

The financial statements comply with the memorandum and articles of association 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) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Reference and administrative details of the Charity, its Trustee and Advisers

The Trust was founded by Henry and Monica Wills in 1925. The Trust is constituted by a Charity Commission Scheme sealed on 30 June 2005. The subsidiary St Monica Trading Limited was incorporated on 17 November 2017 and the subsidiary Somerdale Pavilion Trust was incorporated on 17 December 2018.

Registered Address of the Trust St Monica Trust Cote Lane Bristol BS9 3UN Charity Registration Number 202151

Trustee

St Monica Trustee Company Limited (a company limited by guarantee registered number 9357207) is the sole Trustee of St Monica Trust by virtue of the Charity Commission Scheme dated 19 December 2016. The directors of St Monica Trustee Company Limited, the Corporate Trustee, have ultimate responsibility for the administration of the charity and are regarded for internal governance purposes as being a trustee. The Directors are referred collectively in this report as the Council of St Monica Trust, the members of which served throughout the year and since the year-end and are set out below:

The Council

Mr T S Ross - President and Chair of the Trust Professor J McGeehan CBE Lady Wills Mr M Bothamley Miss H Morgan Mrs D J England Venerable C A Froude Dr A D Garrad CBE Mr J R Ancell Mr A T Yates (resigned 31 December 2021) Mrs L O’Driscoll (appointed 20 October 2021) Mrs S Darwall Smith DL Ms A Duff (appointed 20 October 2021) Dr F C Forrest Dr M D McCaldin

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Members of the Council serve for three years, being eligible for re-election for up to three periods. The Scheme provides for the appointment by the Council of six members of Council, six nominations by the Society of Merchant Venturers of Bristol (SMV) and three members nominated respectively by the Bishops of Bristol, Gloucester and Bath & Wells. Sir David Wills Bt was elected Patron of the Trust upon retiring as a Trustee on 30 June 2006.

Chief Executive

The Trust appointed Mr D Williams as Chief Executive in April 2015. Mr Williams joined the Trust from the Accord Group, where he was Executive Director for Health Care and Support. Previously, Mr Williams worked as Head of Strategy and Service Development for Housing 21 and has also held senior positions with a number of other leading charities.

Management of the Permanent Endowment

The Endowment of St Monica Trust includes the investment fund of the Trust from which an income is derived and utilised for charitable purposes. This investment fund is managed on the Trust’s behalf by the Society of Merchant Venturers of Bristol (“SMV”) in its capacity as Endowment Trustee of the Trust. The Society was incorporated by Royal Charter in 1552 by King Edward VI with amendments by subsequent monarchs in 1566, 1639, 1643, 1665, and 1988.

The Society of Merchant Venturers, as Endowment Trustee of St Monica Trust, implement the investment strategy and asset allocation as recommended by the Endowment Trustees’ Investment Strategy Group having regard to the financial requirements of the Trust. In turn, the Finance and Investment sub-Committee and the Estates and Property sub Committee have particular management and advisory responsibilities for the endowment and report directly to the Investment Strategy Group. The overall investment strategy and objectives are subject to the approval of the Council.

Auditor KPMG LLP 66 Queen Square Bristol BS1 4BE Bankers NatWest Bank plc 32 Corn Street Bristol BS99 7UG Solicitor Womble Bond Dickinson (UK) LLP 3 Temple Quay Temple Back East Bristol BS1 6DZ

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Investment Advisers Cambridge Associates
80 Victoria Street
Cardinal Place
London
SW1E 5JL
Tilney Smith & Williamson Investment Management LLP
Portwall Place
Portwall Lane
Bristol
BS1 6NA
Commercial Property Managing Alder King LLP
Agent Pembroke House
15 Pembroke Road
Bristol
BS8 3BA
Agricultural Estates and Land Savills
Steward 14 Cirencester Office Park
Tetbury Road
Cirencester
GL7 6JJ

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

2 Structure, Governance and Management of the Group

History

The Trust was founded by Henry and Monica Wills in 1925.

The group is structured as three entities – the parent charity St Monica Trust and its wholly owned subsidiaries St Monica Trading Limited (incorporated on 17 November 2017) and Somerdale Pavilion Trust (incorporated on 17 December 2018). The parent conducts the charitable operations of St Monica Trust. St Monica Trading Limited was established to conduct the commercial operations undertaken at St Monica Trust’s retirement village at Keynsham. The current activities being undertaken by the company include the sale of food in the B Block Café and Somer Dining Restaurant and secondly, the provision of leisure services. These services are available to residents and members of the general public. Somerdale Pavilion Trust was established to conduct the charitable activities of that Trust in providing and maintaining a pavilion, playing fields and other facilities for the use of the inhabitants of Keynsham and the surrounding areas.

Governing instrument and objects

The Trust is constituted by a Charity Commission Scheme sealed on 30 June 2005.

An amendment to the Trust’s governing document was granted by the Charity Commission on 26 February 2010. The objects of the Trust, defined in clause 4 of the Scheme, which should be referred to for exact details, are from this date:

“The objects of the charity are, for the public benefit, the relief of those individuals (and if appropriate their spouses) who are in need by reason of age, disability or ill-health by the provision of:

(a) accommodation and associated facilities; and/or (b) other services or assistance”.

Organisational structure

As of 1 January 2021, following an executive restructure, the committee structure was amended to ensure that the committee structure follows the revised operational structure of the Trust. Membership of the existing committees at the year-end was as follows:

The Finance and Transformation Committee

The purpose of the Committee is to exercise oversight of the business health of the Trust including the establishing of annual budgets and liaising with the Endowment Trustee in relation to financial planning. It is also responsible for overseeing the Trust’s transformation programme.

Mr A T Yates - Chair (until 31 December 2021) Mr J R Ancell - (Chair from 1 January 2022) Professor J McGeehan CBE Mr H L M Bothamley Dr A D Garrad CBE Ms L O’Driscoll Mr T S Ross - President, Ex officio Venerable C A Froude Mrs D J England - Deputy Chair

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

The Care Committee

The main function of this Committee is to exercise oversight and advise the Council on all matters relating to the quality of care of the Trust’s residents and all operations of the Trust subject to CQC regulation.

Mr T S Ross - President, Ex Officio Mr F Forrest - Chair Mr M McCaldin - Deputy Chair Mrs S Darwall Smith DL Venerable C A Froude Miss H Morgan

Group Services Committee

The purpose of the Committee is to exercise oversight of internal operational activities of the Trust, as carried out in the villages and care homes.

Mr T S Ross - President, Ex Officio Mr R J Ancell - Chair Mrs D J England Ms A Duff Professor J McGeehan CBE

Charitable Impact

The purpose of this Committee is to assume delegated responsibility on behalf of the Council of the St Monica Trust in overseeing the operation, management and development of the Trust’s Charitable Impact Directorate which includes but is not limited to Community Giving (Individual Giving and Organisational Giving), allocation of the Endowment Income, pastoral care, volunteering, community engagement and strategic partnerships.

Mr T S Ross - President, Ex Officio Mrs S Darwall Smith DL - Chair Venerable C A Froude - Deputy Chair Lady Wills Mr M Bothamley Mrs C Duckworth DL - co-opted

The Property, Housing and Development Committee

The purpose of this Committee is to oversee the operational and financial performance of the Trust’s residential property and care village, as well as consider and oversee any developments undertaken by the Trust.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

The Property, Housing and Development Committee (continued)

Mr T S Ross - President, Ex officio Mr H L M Bothamley - Chair Mr J R Ancell Ms A Duff Ms L O’Driscoll Mr H Evan - co-opted

The Nursing Committee

The purpose of the Committee is to oversee the operational and financial performance and efficiency of the nursing homes, including but not limited to occupancy and staffing.

Mr T S Ross - President, Ex officio Dr M Mccaldin - Chair Miss H Morgan - Deputy Chair Lady Wills

The Audit Committee

The purpose of this Committee is to assume delegated responsibility on behalf of the Council of the St Monica Trust for ensuring that there is a framework for accountability; for examining and reviewing relevant systems and methods of control, both financial and otherwise including risk analysis and risk management; and for ensuring the Trust is complying with all relevant aspects of the law, regulations and good practice.

Mr T S Ross - President, Ex Officio Mr M Bothamley - Chair Mr J R Ancell Venerable C A Froude

The Trustee Nominations Committee

The Committee is responsible for nomination to Council of new Trustees.

Mr T S Ross – President, Ex Officio Mr M Bothamley (Chair) Mrs S Darwall Smith DL Mrs D J England Dr A D Garrad CBE Venerable C A Froude

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

The Remuneration Committee

The Committee is responsible for oversight of reward strategy, executive pay and supporting the appraisal of the Chief Executive’s performance.

Mr T S Ross - President, Ex Officio Mrs D J England - Chair Mr R Ancell Dr A D Garrad

Trustee induction and training

The Corporate Trustee is appointed in accordance with the provisions of the Scheme of St Monica Trust. The Directors of the Company are regarded for the internal governance purposes as being a Trustee of the Charity. On appointment each Trustee signs a Code of Conduct and attends induction meetings with other Trustees and Executives. Trustees are given a Trustee Handbook, which includes the Trustee Code of Conduct, the Charity Commission Scheme, a copy of the Risk Register and procedures on issues such as delegation of authority, recruitment, equal opportunities, investment, reserves and conflict of interest and other guidance. This information contains role descriptions of Trustees and senior executives and a copy of the Charity Commission leaflet CC3. New Trustees meet with the President and Chief Executive and are invited to an induction tour of each of the Trust’s locations. According to their skills and aptitude, they take responsibility for at least one area of activity by appointment to a sub-committee of the Council. Training needs are assessed and met.

Senior Staff Pay policy

The Trust recognises the importance of transparency and accountability in all aspects of our work and we are committed to open information. This includes transparency about our Executive Team’s salaries and how they are set.

The Trustee considers the Council and sub-committees and the Chief Executive as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 28 to the accounts.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and, in accordance with the Trust’s policy, withdraw from decisions where a conflict of interest arises.

The pay of the Charity’s Chief Executive is reviewed annually and normally increased in accordance with average earnings. The remuneration is bench-marked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Risk assessment

In the light of the Corporate Governance guidance contained within the Statement of Recommended Practice “Accounting and Reporting by Charities”, the Council with the assistance of the Society of Merchant Venturers of Bristol have examined the major risks faced by the Trust and the endowment. They have developed systems to monitor and control these risks to mitigate the impact that they may have on the Trust in the future. Each Committee of the Council reviews aspects of the risks pertinent to that Committee. The Audit Committee is responsible for the overall review and update of the Risk Register at least once a year.

Financial risk management

The following statements summarise the Trust’s policy in managing identified forms of financial risk:

• Price risk – The Trust negotiates contracts and fee rates to finance aspects of the Trust’s activities and incorporates this information into its business plan. Salary costs are communicated to staff during the formal annual review of salaries. Prices of services and materials purchased are subject to contracts with suppliers, based on current market prices. The Trust is also able to respond to purchase price inflation by adjusting in most cases our fee income accordingly.

• Liquidity risk – the Trust currently has borrowing facilities of £40.7m expiring in June 2022 (2020: £40.9m), £20.7m was drawn down as at 31 December 2021 (2020: £24.9m), of which £0.7m is longterm (2020: £24.7m). These were replaced in June 2022 with a new £20m revolver bank loan with Natwest.

• Interest rate cash flow risk – the Trust is able to place surplus funds in a short-term deposit account with its bankers. The Trust carries the risk of interest rate fluctuations on its £20m RCF. The magnitude of the size of the loan is considered insignificant.

• Investment market risk – the Trust invests in a diversified portfolio of investments and properties in order to spread the risk.

Going concern

The Trust’s activities, together with the factors likely to affect its future development, performance and position are set out in this Report of the Trustee. The balance sheet on page 28 sets out the financial position of the Trust and its cash flows can be seen in the cash flow statement on page 27.

The Trust meets its day-to-day working capital requirements through a combination of cash generated by the sale of leasehold properties, investment income from the permanent endowment and Revolving Credit Facilities. The latter also funds any capital development expenditure.

The Trustees have reviewed financial forecasts for a period of 12 months and beyond from the date of signature of these financial statements. Key uncertainties are:

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Going concern continued

Having considered these uncertainties and other factors including the value of its endowment assets, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future not withstanding its net current liability position. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Related parties and connected charities

Details of related parties and connected charities and transactions with them are disclosed in note 28 to the financial statements.

Reserves

The accounting policies on pages 29 to 35 describe the various funds of the Trust. Note 22 to the Financial Statements shows the assets and liabilities attributable to the various funds by type and summarises the year’s movement on each fund.

The Trustee policy is to build up unrestricted reserves equivalent to approximately 12 months projected operating costs of the Residential Care and Support and the Grants and Gifts objects. This will be achieved through retained surpluses on the Unrestricted Fund and will incorporate the value of the Designated Fund. At 31 December 2021 the value of unrestricted reserves was £38.0m (2020: £38.8m).

Grant-making policy – Residents’ subsidies and support in the community

Applications for subsidies against full fees for residents and grants to support the community are monitored by the Council.

3. Objectives, Activities, Achievements and Performance

(A) Overview

The Trust continued to feel the impact of the coronavirus pandemic throughout 2021. A primary objective of the Trust remained our ongoing response to COVID-19 and protecting the health and well-being of our residents, colleagues and volunteers from the virus.

The restructuring of the Executive team and creation of new directorates was successfully embedded in 2021. The first phase of the Trust’s recovery plan delivered £1m of operating efficiencies whilst maintaining key frontline services. It is anticipated that the recovery plan will run until the end of the 2023 financial year.

The decision taken by Trustees in 2020 to close the Care at Home service to customers outside of the Trust’s villages was implemented in the 2[nd] quarter of 2021. This facilitated the restructure of Care and Support services across our retirement villages.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

(B) The focus of our work

In 2021 a major focus of the Trust remained the protection of both its residents and staff as successive waves of the pandemic were felt through the year.

The Trust’s key actions included:

During 2021 the Trust’s average death rate amongst residents was less than the previous 5 year average, which is testimony to the hard work and dedication of the Trust’s workforce.

An important focus of our work in 2021 was the embedding of changes to the management structure, specifically the new directorates created in 2020 (Nursing Homes, Residential Property and Development, Charitable Impact, Group Services). Our Care at Home service was closed and our Care and Support services successfully restructured.

As part of our Transformation Programme a project management office (PMO) was created to ensure robust and clear methodology for new projects. This programme successfully delivered the launching of our new intranet and the introduction of electronic payslips in 2021. A supplier for our new digital finance system was chosen and groundwork completed for launch in early 2022.

An endowment income strategy was created which defines how the endowment income received by the Trust is distributed within both operational services and externally to achieve maximum charitable benefit.

We also commenced surveys and released £20m from our endowment following a Charity Commission S282 approval and resolution by the Trustees to redesignate £20 million of the permanent endowment for capital repair and improvement projects across our existing sites.

(C) The strategies we use to deliver our objectives

The objectives of St Monica Trust focus the work of the Charity on older people and adults with a physical disability or long-term illness. The mission statement of the Charity is ‘Working together to support and celebrate the lives of older people’ and the strategies we use to meet such objectives include:

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

In recent years, caring for people living with Alzheimer’s disease and other forms of dementia has become a central feature of the services offered by the Trust. This highly specialist care is provided in safe and positive environments where activities and therapies are a regular part of daily life.

Inside our Villages, we provide Pastoral care and spiritual care for residents and staff across all sites and encourage a diverse and vibrant community with the support of our Village Engagement Coordinators.

The Team also works outside our villages to improve the well-being of older people living across the West of England. Whatever we are doing in the community, we work with local organisations and individuals to effect change.

Some of our work focuses on developing ongoing relationships with organisations, individuals, stakeholders and decision makers across the region in order to contribute to collectively improving the well-being of older people in the area.

Working across Bristol, Bath and Northeast Somerset, North Somerset and South Gloucestershire, we provide funding and support to organisations working with older people, finding ways to use our resources more effectively.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Through our Charitable Giving work, we provide individuals over 50 years old who have a long-term disability or illness gifts of essential items and/ or short-term grants to offer support through a crisis, which is paid at a level which will not affect benefits or tax credits.

The Trust continues to be a core member of the Bristol Older People’s Funding Alliance, sharing community intelligence and adopting a more strategic approach to grant giving for older people, encouraging collaboration with the aim of maximizing the funding available in the city.

• Recruitment and retention of staff

The St Monica Trust aims to recruit and retain a high calibre workforce in order to deliver the high quality of care that we have built our reputation upon.

Recruiting the ‘right’ people that share the Trust’s values is equally as important as recruiting people with the right skills. We offer a competitive pay and benefits package and are continually reviewing ways of improving this. Our aspiration is to become a Real Living Wage employer and to increase the basic pay of all our staff. This will aid the continual challenge of recruitment felt by all in the social care sector.

We ensure employees are supported in the workplace using an annual performance management process that cascades organisational objectives and focuses on personal development at regular intervals during a 12-month period. We aspire to be a high-quality employer.

The Trust prides itself on its training and development provision for employees, employing an in-house team of skilled trainers that deliver tailored training both internally to St Monica Trust staff and externally to other care providers; and we are also an accredited assessment centre for health and social care qualifications. All colleagues must complete a comprehensive mandatory training programme upon appointment and undertake regular updates to stay up to date. Tailored training is provided upon request to teams to target specific areas of need.

In 2021 we launched our new online learning platform LEARN which will allow colleagues to access high quality online and in-person training and help managers to monitor and arrange training for their teams more easily.

Delivering well-being for older people is the Trust’s mission statement; this aim also extends to the well-being of colleagues. Promoting the health and well-being of colleagues is not only seen as a positive staff retention initiative but also contributes to the quality of care provided to residents/customers in terms of promoting continuity of care through reduced absenteeism, and improved staff morale.

(D) Public benefit and maximising access to our services

The Trustee of St Monica Trust has referred to the Charity Commission’s general guidance on public benefit when reviewing and planning the work of the Charity. The concern of the Trustees has been to ensure that the Trust, in servicing the needs of older people, has due regard to the particular needs of those individuals within the beneficiary group who live in poverty.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Whilst all persons who receive support from our Charitable Giving team are individuals who can be regarded as in financial need, people who access our other services emanate from a range of socio-economic backgrounds. The legal and regulatory framework in relation to payment by the state for care remains firmly rooted in a system of means testing. For example, any individuals who have money or assets in excess of £23,250 will find themselves responsible for meeting the cost of living in a care home.

When approximately 75% of the population over 65 years own their own property, quite clearly the welfare state assumes financial responsibility for only a percentage of people who need care.

Thus, along with other voluntary organisations, the Trust engages with people in need of a service, some of whom can afford the fee and others who are unable to meet such costs. The traditions and the philosophy of the Trust, and indeed the guidance of the Charities Act 2011, ensure that the Trust makes provision for individuals who are unable to pay the fees for relevant services and thus are able to benefit and not be excluded from the Trust’s services.

In 2021, the Trust helped 18,172 (2020: 19,245) people, of which 16,916 or 93.1% (2020: 17,807 or 92.5%) were afforded financial support by the Trust.

Of the total above, the Trust helped 1,594 individuals in 2021 (2020: 1,835) in its residential care services (care homes and retirement villages), of which 24% or 338 (2020: 34%, 617 people), were afforded financial support by the Trust. The year-on-year reduction of individuals helped in our residential care services was primarily as a result of the closure for refurbishment of our shortterm care unit at our Westbury Fields Village. The Trust’s Care at Home service also assisted 180 individuals in their own home (2020: 220).

The Trust also helped 424 individuals (2020: 509) in financial need through the Charitable Giving Team’s Individual Giving scheme via 533 gifts and short-term grant awards, plus a further 1,210 people through funding essential information and advice services in the area. In addition, a further 16,916 (2020: 16,451) people benefitted indirectly from the Trust’s financial support for local, community-based organisations.

The St Monica Trust Charitable Impact Directorate aims to ease the financial pressure and improve the daily lives of older people, by helping them to buy the essential things they need or supporting them through a crisis. This is achieved through individual giving and organisation / community based support. Most recently we have collaborated with another local Charity to provide the right funds in order to support boiler repairs for older people and with our four local Age UKs to provide information and advice services post-pandemic.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

In 2021, the team operated in the following manner:

Individual Giving

Individual Giving
Requests received 795 gift and grant requests received (2020: 927)
The fast-track Winter Fuel Fund through the Individual Giving
scheme, launched in November 2021, was a huge success,
supporting thosein fuelpoverty.
Gifts awarded 431gifts awardedworth£161,218 (2020: £142,450)
Short-term grants 102 new short-term grants awarded
45 people receiving a short-term grant at the year end
Value of short-term grants: £47,390 (2020: £89,830)

Organisation Giving

Organisations Grants were awarded to 32 organisations worth £472,701 (2020:
£513,781)
The Mental Health and Older People Fund was launched in 2021
to support organisations working with older people post-Covid
around mental health issues. £245,000 was made available to six
organisations with an eighteen-month commitment. We have
connected all of the organisations to share, learn and support each
other.
In 2020, a three-year commitment totalling £570,000 was provided
through the Community Development Fund, with The Grateful
Society contributing £90,000 for the majority of the grant to the
Wellspring Settlement. The funds were distributed to six
organisations in Bristol, North Somerset and South
Gloucestershire with a focus on reengaging older people with
their communities. Most roles started in early 2021 and end in
early 2024. In 2021 our financial commitment has been £150,000.
In addition to the above, a proposal from St Paul’s Carnival led to
a decision from Committee to support a Community Engagement
Co-ordinator in a similar way to the other six funded projects. A
grant of £30,000 was awarded in 2021.
In October 2021, we met with Bath Ethnic Minority Senior
Citizens Association to review their bid to the Mental Health
Fund. As a result, we proposed to Committee a grant of £22,000
for the delivery and administration of their existing mental health
project which focusses its work on older Rastafari men. This
project has previously benefitted from one-off grants from the

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Organisations
Continued.		 Nationwide Foundation and Avon and Somerset Police and our
grant awarded in November 2021 will cover the work for 12
months and will keep a project going that would otherwise have
closed at Christmas.
2021 saw the sixth year of our successful collaboration with
Quartet Community Foundation, providing grants to
organisations working with older people in North Somerset.
Since its launch in 2016, £189,750 has been granted to 26
organisations.
In 2021 the Bristol Older Peoples Funding Alliance worked in
partnership with local services, providing £100,000 of funding to
improve the lives of older people during the pandemic.
Information
and
Advice for individuals		 In 2021, a total of £40,000 was awarded to provide specialist
information and advice services to individuals across the local
area.Thisfundingis expectedtoreach 1,210individuals.

Community Impact Summary

People helped At least 424 individuals were helped directly and many more
were helped through the work of organisations funded. This
included 16,916individuals supportedby SMT funding.
Total net giving £721,309 (2020: £746,061)
Charitable Impact
DirectorateTeam		 £245,000 (2020: £253,670)
TOTAL
CHARITABLE
**IMPACT COST **		 £966,309 (2020: £999,731)

2021 also saw the culmination of:

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Report of the Board and consolidated financial statements Year ended 31 December 2021

The objectives and achievements of the Endowment Trustee were as follows:

The objectives for the year:

The composite benchmark for allocation of financial investments is as follows: The composite benchmark for allocation of financial investments is as follows:
% Benchmark
The composite benchmark for allocation of financial investments is as follows: The composite benchmark for allocation of financial investments is as follows:
% Benchmark
17% FTSE 350 High Yield Index
15% Barclays Global Aggregate Bond Index(Hedged)
40% MSCI World Index
15% HFRI Fund of Funds Diversified Index
8% MSCI EmergingMarkets Index
5% FTSE Hi-Yield Cash-PayCapped Index

Achievements for the year have been as follows:

Summary: The market value of St Monica Trust’s investments managed by the Endowment Trustee increased from £293 million at 31 December 2020 to £319 million at 31 December 2021 (this includes the Commercial Property at Block C which has been treated as an investment property in both years).

Over seven billion COVID-19 vaccines were administered worldwide in 2021, helping life to return to a semblance of normality. This helped lift real GDP by 5.9%, the fastest growth rate in over 40 years. Economic recovery drove optimism back into risk assets. Companies delivered strong earnings growth despite the pandemic lingering. Inflation was pushed higher by accommodative policy and pent-up demand at a time when global supply chains were disrupted, and labour markets stretched. During the year the Bank of England’s Monetary Policy Committee increased the base rate from 0.1% to 0.25%.

Asset Allocation: The broad asset allocation at 31 December 2021 was: Agricultural property – 54% Commercial property – 2% Financial investments – 37% Cash on deposit – 7%

This accords with the broad target asset allocation of 60% property and 40% financial investments.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

Agricultural Property Investments:

For the 10 years to 31 December 2021 the portfolio achieved its objective of attaining an average annual real (inflation adjusted) total return of at least 3%. Actual average annual performance was 8.9% per annum for the 10 years against the inflation + 3% benchmark of 4.9%.

During the year three parcels of land at Brockworth were disposed of and the net consideration will be reinvested to produce an income for the charity.

Financial Investments:

A detailed financial investment strategy has been produced to provide the required income for the Trust’s operations, both short and long term, and to ensure future capital growth. By using the advisory management of Cambridge Associates, the Endowment Trustee has been able to interview and select the best managers from a wide section of the investment market and so diversify the risk.

The composition of the portfolio was fairly stable in 2021.

For the 10 years to 31 December 2021 the portfolio achieved its objective of attaining an average annual real (inflation adjusted) total return of at least 3%. Actual average annual performance was 7.9% per annum for the 10 years against the inflation +3% benchmark of 4.9%.

For the 3 years to 31 December 2021 the portfolio returned 8.9% against the benchmark of 8.1%.

Income:

The Endowment Investments provided the Trust with £6.66m (2020: £6.02m) of net unrestricted funds in 2021 against a target of £6.5m, a surplus of £0.16m. Income is measured on a three-year rolling basis and for the three years to 31 December 2021 the Endowment Investments provided the Trust with £19.52m against the target of £19.50m, a surplus of £19k. The COVID pandemic had a significant impact on dividends paid and the Endowment Trustee considers the portfolio was well diversified to respond to the unprecedented situation facing the Trust.

In addition to the endowment income provided, the Trustees asked the Endowment Trustee to manage Block C, a commercial building at the Chocolate Quarter during 2020. A surrender premium was negotiated in respect of one floor occupied by a tenant, and this resulted in additional income of £1.95m being recognised in 2020 in respect of this.

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Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

4. Financial review

The Trust’s financial position at the end of 2021 was strong, with unrestricted reserves of £38.0 million (2020: £38.8 million) and net assets of £332.1 million (2020: £305.6 million). Unrestricted funds include £18.0 million (2020: £20.0m) in an expendable endowment fund. This fund was created in 2020 from the permanent endowment following the approval by the Charity Commission of a resolution made by the Trustees under section 282 of the Charities Act. This resolution was made in direct response to the risks posed by the Covid-19 pandemic and the resulting transfer provides additional resource to the charity to effectively mitigate those risks.

The Trust is reliant on the unrestricted income from the Permanent Endowment, which in 2021 was £6.6 million compared with the target for the year of £6.5 million ((2020: £6.0 million) compared to a target of £6.5 million).

Subsidiary company results

These statements include the trading activity for St Monica Trading Limited. The principal activity of the company is to undertake the commercial operations at the Trust’s retirement village at Keynsham. The current activities include catering and leisure facilities offered to residents and members of the general public. The trading result for the year was a profit of £10k which will be used to support the Trust’s charitable objectives.

These statements include the trading activity for Somerdale Pavilion Trust. The principal activity of the charitable company is to provide and maintain a pavilion, playing fields and other facilities for the use of the inhabitants of Keynsham and the surrounding areas. The trading result for the year was a profit of £91k.

5. Plans for future periods

The Trust will deliver the following objectives in 2022:

The Trust will complete its care home restructure plan. This aims to deliver consistency in organisational structures, roles and ways of working. We believe this is needed to ready ourselves for the challenges that lie ahead as well as enhancing the living environment and experience for our residents. In particular, we want to

We will launch our new finance system in 2022 and embed its use across our frontline and support services. This will greatly enhance our ability to forecast expenditure and monitor budgets.

We will create a 10 year strategic plan by early 2023 for the period 2023-2033 which will include a detailed 3 year action plan.

18

Report of the Board and consolidated financial statements Year ended 31 December 2021

Report of the Trustee for the year ended 31 December 2021 (continued)

We will continue with our recovery plan with the aim of returning the organisation to overall breakeven (total income vs total costs) by the end of 2023. We will create efficient services that are attractive to both residents and staff.

Where we can, we will seek to help protect our staff from cost of living rises by increasing basic pay and our aspiration to become a Real Living Wage employer.

The Trust will embark on a major asset infrastructure update across our sites following the completion of asset surveys by Alder King in Autumn 2022. These surveys will help us to identify all the key works that need to be done over the coming years including refurbishment and redecoration of all key facilities plus the renewal of some key asset components. The first stage of the John Wills refurbishment is currently in progress and will be completed in 2022.

The building of Block D will commence at The Chocolate Quarter in 2022. Comprising 44 apartments (including 18 that will be affordable), this will complete The Chocolate Quarter development and opening in the first half of 2024.

We intend to get outline planning permission for the development of the DEFRA land at Westbury Fields by the end of 2022.

In addition, in 2022 we also aim to:

Disclosure of information to auditors

The Trustees who held office at the date of approval of this Report of the Trustee confirm that, so far as they are each aware, there is no relevant audit information of which the Charity’s auditors are unaware; and each Trustee has taken all the steps that he/ she ought to have taken as a Trustee to make himself/ herself aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

Auditors

St Monica Trust, Board of Trustees re-appointed auditors KPMG LLP at its Board meeting held on 22 June 2022.

By order of the Board

Mr Timothy Ross President of the Council

19

Report of the Board and consolidated financial statements Year ended 31 December 2021

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements

Under charity law, the trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and regulations. The trustee is required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustee:

The trustee is required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustee to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

20

Independent auditors’ report to the Trustee of St Monica Trust

Opinion

We have audited the financial statements of St Monica Trust (“the charity”) for the year ended 31[st] December 2021 which comprise the statements of financial activities, balance sheet and related notes, including the accounting policies on 29 to 35.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charity or to cease its operations, and as they have concluded that the charity’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charity’s business model and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charity will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

21

Independent auditors’ report to the Trustee of St Monica Trust

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that management may be in a position to make inappropriate accounting entries.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the fraud risk management controls.

We also performed procedures including:

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

As the Charity is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including charities legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, employment law, and certain aspects of charity legislation recognising the financial and regulated nature of the Charity’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

22

Independent auditors’ report to the Trustee of St Monica Trust

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The trustees are responsible for the other information, which comprises the Report of the Trustee. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in their statement set out on page 20, the trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an

23

Independent auditors’ report to the Trustee of St Monica Trust

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity’s trustees as a body, in accordance with section 144 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. 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 auditor’s 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………………………..………

Jonathan Brown for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 66 Queen Square Bristol BS1 4BE

Date: ……25 July 2022………………………

24

Report of the Board and consolidated financial statements Year ended 31 December 2021

Consolidated statement of financial activities (including an income & expenditure account) for the year ended 31 December 2021

Note
Income
Income from charitable activities
Residential care and support
Accommodation income
Generated funds
Investment income
4
Total income
Expenditure
Costs of raising funds
Investment management charges
6a
Property operational costs
6b
Commercial trading operations
6c
Total costs of generating funds
6
Charitable activities
Costs in furtherance of the Trust’s objects
Residential care and support
7
Accommodation costs
Community support
Governance
8
Total charitable expenditure
Total expenditure
Net income/(expenditure) before investment
gains/ (losses)
Realised
and
unrealised
gains
on
investments
14
Net income/(expenditure) for the year
before transfers
Transfers between funds
9
Actuarial gain/(loss) on defined benefit
pension
29
Net movement in funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
Funds
Designated
fund
Other
restricted
funds
Expendable
endowment
funds
Permanent
endowment
funds
Total
Funds
2021
£’000
£’000
£’000
£’000
£’000
£’000

33,019
-
-
-
-
33,019
2,120
602
-
-
-
2,722
9,012
-
6
-
-
9,018


Total
Funds
2020

£’000


31,886

2,005

10,216
44,151
602
6
-
-
44,759
44,107
(44)
-
-
-
(829)
(873)
(1,325)
-
-
-
-
(1,325)
(34)
-
-
-
(974)
(1,008)
(886)

(1,078)
(459)
(1,403)
-
-
-
(1,803)
(3,206)
(41,866)
-
(6)
-
(81) (41,953)
(1,054)
-
-
-
-
(1,054)
(966)
-
-
-
-
(966)
(73)
-
-
-
-
(73)
(2,423)
(43,177)

(860)

(1,000)

(80)
(43,959)
-
(6)
-
(81) (44,046)		 (45,117)
(45,362)
-
(6)
-
**(1,884) (47,252) **		 (47,540)


(1,211)
602
-
-
(1,884)
(2,493)
(30)
-
47
-
28,805
28,822		 (3,433)

4,981
(1,241)
602
47
-
26,921
26,329
1,643
290
-
(1,987)
54
-
-
-
-
-
183
183
1,548

-

(241)
402
892
47
(1,987)
27,158
26,512
12,778
5,961
367
20,000
266,477 305,583
1,307
304,276
13,180
6,853
414
18,013
293,635 332,095		 305,583

Incoming resources and resulting net movement in funds in each year arise from continuing operations. The group has no recognised gains or losses for the current or previous year other than those shown above.

25

Report of the Board and consolidated financial statements Year ended 31 December 2021

Charity statement of financial activities for the year ended 31 December 2021

Note
Income
Income from charitable activities
Residential care and support
Accommodation income
Generated funds
Investment income
4
Total income
Expenditure
Costs of raising funds
Investment management charges
6a
Property operational costs
6b
Commercial trading operations
6c
Total costs of generating funds
6
Charitable activities
Costs in furtherance of the Trust’s objects
Residential care and support
7
Accommodation costs
Community support
Governance
8
Total charitable expenditure
Total expenditure
Net income/(expenditure) before investment
gains/ (losses)
Realised
and
unrealised
gains
on
investments
14
Net income/(expenditure) for the year
before transfers
Transfers between funds
9
Actuarial gain/(loss) on defined benefit
pension
29
Net movement in funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
Funds
Designated
fund
Other
restricted
funds
Expendable
endowment
funds
Permanent
endowment
funds
Total
Funds
2021
£’000
£’000
£’000
£’000
£’000
£’000

32,101
-
-
-
-
32,101
2,120
602
-
-
-
2,722
9,012
-
6
-
-
9,018


Total
Funds
2020

£’000


31,620

2,005

10,216
43,233
602
6
-
-
43,841
43,841
(44)
-
-
-
(829)
(873)
(1,325)
-
-
-
-
(1,325)
(34)
-
-
-
(974)
(1,008)
(886)

(1,078)
(459)
(1,403)
-
-
-
(1,803)
(3,206)
(41,040)
-
(6)
-
(81) (41,127)
(1,054)
-
-
-
-
(1,054)
(966)
-
-
-
-
(966)
(67)
-
-
-
-
(67)
(2,423)
(42,830)

(860)

(1,000)

(73)
(43,127)
-
(6)
-
(81) (43,214)		 (44,763)
(44,530)
-
(6)
-
**(1,884) (46,420) **		 (47,186)


(1,297)
602
-
-
(1884)
(2,579)
(30)
-
47
-
28,805
28,822		 (3,345)

4,981
(1,327)
602
47
-
26,921
26,243
1,643
290
-
1,987
54
-
-
-
-
-
183
183
1,636

-

(241)
316
892
47
1,987
27,158
26,426
12,682
5,961
367
20,000
266,477 305,487
1,395
304,092
12,998
6,853
414
18,013
293,635 331,913		 305,487

Incoming resources and resulting net movement in funds in each year arise from continuing operations. The group has no recognised gains or losses for the current or previous year other than those shown above.

26

Report of the Board and consolidated financial statements Year ended 31 December 2021

Consolidated cash flow statement for the year ended 31 December 2021

Note
Cash flows from operating activities
Net (expenditure)/income
Dividends and Interest receivable
Depreciation of tangible assets
Profit on disposal of accommodation
Losses/(gains) on investment assets
Actuarial gains on pension scheme less contributions paid
Change in trade and other debtors
Change in stocks
Change in trade and other creditors

Net cash (used in)/from operating activities
Cash flows from investing activities
Interest received
Dividend income received
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Purchase of investments
Increase in fixed asset investment cash deposits
Proceeds from sale of investments

Net cash from/(used in) investing activities
Cash flows from financing activities
Repayment of bank loans
Loan drawdowns
Net cash (used in)/from financing activities
26
Movements in cash and cash equivalents in the reporting year
Cash at bank and in hand at beginning of year
Cash at bank and in hand at end of year
26		 2021
£’000
26,512
(2,505)
2,867
(1,064)
(28,822)
(353)
(2,283)
(1)
9,086
3,437
-
2,505
(3,024)
2,120
(9,480)
(14,675)
26,148
3,594
(4,122)
-
4,122
2,909
9,798
12,707		 2020
£’000
1,307
(2,286)
2,788
(504)
(4,981)
122
6,289
13
856
3,604
19
2,267
(3,488)
1,365
(19,222)
(1,994)
19,207
(1,846)
1,634
-
1,634
3,392
6,406
9,798

27

Report of the Board and consolidated financial statements Year ended 31 December 2021

Consolidated and charity balance sheets at 31 December 2021

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: due within one year
17
Net current liabilities
Total assets less current liabilities
Creditors: due after more than one year
18
Net assets excluding pension liability
Pension liability
29
Net assets
Permanent endowment fund net of pension
liability
Other restricted funds
19
Total restricted funds
Designated fund
20
Expendable endowment fund
21
Unrestricted fund
Total unrestricted funds
Total funds		 Group
2021
2020
£’000
£’000

148,388
149,287
319,858
293,029
468,246
442,316


44
43
13,344
11,061
12,707
9,798
26,095
20,902


(47,807)
(24,629)


(21,712)
(3,727)
466,534
438,589
(105,911)
(124,125)
340,623
314,464
(8,528)
(8,881)

332,095
305,583

293,635
266,477
414
367

294,049
266,844

6,853
5,961
18,013
20,000
13,180
12,778

38,046
38,739

332,095
305,583		 Charity
2021
2020
£’000
£’000


148,381
149,279

319,858
293,029
468,239
442,308



40
43

13,228
11,060

12,523
9,619

25,791
20,722



(47,678)
(24,537)


(21,887)
(3,815)

466,352
438,493
(105,911)
(124,125)
340,441
314,368
(8,528)
(8,881)

331,913
305,487


293,635
266,477

414
367


294,049
266,844


6,853
5,961

18,013
20,000

12,998
12,682


37,864
38,643


331,913
305,487		 Charity
2021
2020
£’000
£’000


148,381
149,279

319,858
293,029
468,239
442,308



40
43

13,228
11,060

12,523
9,619

25,791
20,722



(47,678)
(24,537)


(21,887)
(3,815)

466,352
438,493
(105,911)
(124,125)
340,441
314,368
(8,528)
(8,881)

331,913
305,487


293,635
266,477

414
367


294,049
266,844


6,853
5,961

18,013
20,000

12,998
12,682


37,864
38,643


331,913
305,487
442,308
43
11,060
9,619
20,722
(24,537)
(3,815)
438,493
(124,125)

314,368

(8,881)
305,487
266,477
367
266,844
5,961
20,000
12,682
38,643
305,487

These financial statements were approved by the Board on 22 June 2022 and were signed on its behalf by:

Mr Timothy Ross President of the Council

28

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes

(forming part of the financial statements)

Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), which have been applied consistently.

St Monica Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Notwithstanding the Trust’s net current liabilities of £1.7m at the end of 2021, the Trustees have prepared the financial statements on a going concern basis which they consider is appropriate for the following reasons.

The Trustees have reviewed cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible on the operations and its financial resources, the group and charity will have sufficient funds to meet its liabilities as they fall due for that period.

As noted in the Report of the Trustee, this has included looking at plausible downside scenarios. In the event that a combination of any of these scenarios occurred affecting the operations of the Trust, £123.9 million of endowment assets as at the balance sheet date can be liquidated in less than one month. This amount would support the charity’s normal operations for more than two years.

Consequently, the Trustees are confident that the group and charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Basis of consolidation

These consolidated financial statements include the financial statements of St Monica Trust ("the charity") and St Monica Trading Limited and Somerdale Pavilion Trust (“the subsidiaries”). These financial statements consolidate the results of the charity and its wholly owned subsidiaries on a lineby-line basis.

The trading results of the subsidiaries are disclosed in notes 2 and 3 to these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In applying the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

29

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

The Trustees consider that besides the points listed below there are no other critical judgements or sources of estimation uncertainty requiring disclosure.

Investment properties

The valuation of investment properties is a critical accounting judgement in respect of the application of the Trust's accounting policies. The method by which the Trustees have assessed the fair value of the investment properties at year end is described in detail in note 14. The valuations are based on company data, including current rental rates, occupancy, terms and conditions of leases and upon market related assumptions such as yield and discount rates. An element of ‘hope value’ is also included in the valuation of properties in line with accounting standards.

Leasehold Apartment Sales

The established method of accounting for leasehold apartment sales at the Trusts’ established sites at Cote Lane, Westbury Fields, Monica Wills House and Sandford Station is that receipts are held as a liability until conclusion of the lease as detailed in the Lifetime Lease Accounting Policy Note. At The Chocolate Quarter a lease is offered which provides the leaseholder with a choice between equity participation and fixed return. The accounting treatment of an equity participation lease is that the initial sale results in recognition of income and costs in the Statement of Financial Activities. The Trust has followed the general principle for income recognition in the Charities SORP and FRS 102.

Defined benefit pension scheme

The Trust has an obligation to pay pension benefits to certain employees and past employees. The cost of these benefits and the present value of the obligation depends on a number of factors, including life expectancy, salary increases, and the discount rate on corporate bonds. The principal assumptions made by the Trust can be found in note 29. Management estimates these factors in determining the net pension obligations in the balance sheet. The assumptions reflect historical experience and current trends.

Donations and legacies

Dividends and interest on capital and income fund investments are included as income in the financial statements on an accruals basis.

Voluntary income

This is credited to the appropriate fund in the year in which it is receivable.

Government grants

These are credited to the appropriate fund in the year in which they are receivable.

Residential care and support

Fees from residents and other service-user income is credited to the unrestricted fund on an accruals basis.

30

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Accommodation Income

The Trust offers leases to tenants on a fixed repayment basis (i.e the tenant will receive the price they paid on exit) on all its sites. In addition, at The Chocolate Quarter it also offers an equity participation basis (i.e. the exit amount is driven by the market). Where the lessee opts for a fixed repayment, the proceeds are recognised as a liability in accordance with the lifetime leases accounting policy described on page 32. However, where the lessee opts for the equity participation arrangement, the Trust is under no obligation to repurchase the apartment until the property has been sold on to a new tenant.

Therefore, the proceeds from the initial sale of a property under an equity participation lease are recognised as income in the statement of comprehensive income, with a corresponding cost of sale recognised in accommodation costs.

Under both the fixed repayment and equity participation arrangements, the Trust becomes entitled to a surrender fee, payable at the end of the lease, which is accrued annually over the life of the lease. This is recognised within accommodation income in the statement of financial activities (SoFA) as it is earned.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs are allocated or apportioned to one of the functional categories of resources expended in the statement of financial activities.

(a) Costs of generating funds relate to those costs incurred in the management of the fixed asset investments.

(b) Costs in furtherance of the Trust’s objects relate to those costs incurred in running and supporting the objects of the Trust.

Support costs

Support costs are apportioned to categories of expenditure, and only governance costs are separately disclosed.

Grants payable

Grants are awarded from the Community Fund and a detailed analysis and explanation of grants awarded has been provided in the Report of the Trustee.

Irrecoverable VAT

Any irrecoverable VAT is charged to the statement of financial activities or capitalised as part of the cost of the related asset, where appropriate.

31

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

Tangible fixed assets

All expenditure on the acquisition, enhancement, production or installation of fixed assets for use by the Trust and all receipts of such assets by way of gift are capitalised and included in the balance sheet at cost. The freehold land and property is included in fixed assets at cost. Assets with a value below £1,000 are not capitalised.

Tangible fixed assets include apartments which may be disposed of within 12 months through an equity participation lease (see accommodation income accounting policy above).

Capitalisation of finance costs

All finance costs in respect of the bank loan obtained for the Keynsham, Westbury-on-Trym, Bedminster and Sandford developments up to the point when these developments commenced normal operations are capitalised within tangible fixed assets and are being amortised over the life of the asset to which they relate.

Depreciation

Depreciation is provided with the intention of writing off the costs of tangible fixed assets (to residual values) over their useful lives. The provision is calculated using the straight-line method at the following rates:

Assets in the course of construction Nil
Freehold buildings 2%
Special building assets 14%
Furniture and equipment 12.5% to 33.3%
Motor vehicles 25%

Freehold land is not depreciated. The residual values of freehold buildings were revised by management during 2014. The revision resulted in a reduction to the depreciation expense of £1.4m in that year.

Impairment reviews

Impairment reviews are carried out annually which includes consideration of current selling price of properties against the carrying value of each asset.

Lifetime leases

The Trust provides a lifetime leasehold purchase scheme for up to 351 properties across four of its sites in which the lease operates for the duration of the purchaser’s occupation of the property and then reverts to the Trust on their departure. The cash received under this scheme is returned to the lease holder or their estate when the lease is determined. The Trust, therefore, always has a liability

32

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

to repay the full value of the lease proceeds, which is reflected in the balance sheet as amounts due to lifetime leasehold tenants. When a lease is determined, the Trust will sell the lease on to another purchaser under the same lifetime lease arrangement, thus restoring the funding and the liability to repay the value of the lease when, in turn, it is determined.

In addition, the Trust has a further 136 leasehold properties at its site in Keynsham. The lessee has an option at this site to have a fixed repayment lease with the liability recognised as described in the above policy. However, where the lessee opts for an Equity Participation arrangement the accounting policy is as described in the Accommodation Income note on page 31.

Investments

Both current and fixed asset investments are stated at mid-market value at the balance sheet date. This is not in accordance with FRS 102 which recommends bid value but is consistent with the entity’s performance management process. Using bid values would lead to a reduction in the valuation of these listed investments of an amount which is considered by the Trustee to be immaterial.

All recognised gains and losses on investments are shown separately in the statement of financial activities. The investments in the subsidiary undertakings are stated at cost.

Investment properties

Investment properties are included in the balance sheet at their open market value on an existing use basis. The valuation is determined on the basis of professional advice and includes an element of hope value in line with accounting standards. In accordance with FRS 102 investment properties are revalued annually and the aggregate surplus or deficit is included as an unrealised gain or loss within the permanent endowment fund. No depreciation or amortisation is provided in respect of freehold investment properties.

Stocks

Stocks consist of catering supplies and have been valued at the lower of cost and net realisable value.

Leased assets

Rentals in respect of operating leases are charged directly to the statement of financial activities on a straight-line basis over the lease term.

Pension costs

The employees of the Trust are eligible to join a group personal pension plan with Aviva or with the National Employment Savings Trust (NEST). The Trust’s pension contributions for current employees are charged to the statement of financial activities in the year in which the obligation to make contributions arises.

The Trust pays certain discretionary pensions, which are not funded under a closed defined benefit scheme. The pension liability in respect of this obligation is recognised in the balance sheet based on annual actuarial valuations. Actuarial gains or losses are included in the statement of financial activities.

33

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Further details in respect of unfunded pension liabilities are contained in note 29. The Trustees have confirmed with the Charity Commission that the pension liability may be treated as a deduction from the Permanent Endowment Fund, and, as a result, the Permanent Endowment Fund in the “Funds” section of the balance sheet is shown net of the estimated pension liability.

Basic financial instruments

(a) Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

(b) Interest-bearing borrowings classified as basic financial instruments

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

(c) Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(d) Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the charity's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Permanent endowment fund

The permanent endowment fund incorporates the original endowment together with surpluses arising from disposals of investments, that element of gravel royalties which represents the depletion of the site and, by orders of the Charity Commission, the recoupment from income by annual contributions, over 25 years or 30 years, of capital expenditure made on real estate improvements and leasehold property.

Expendable endowment fund

On 16 November 2020 the Charity Commission approved a resolution made by the Trustees to redesignate £20 million of the permanent endowment for use by the Trust in furtherance of its objectives and as if it were income. The result was that £20 million was transferred from permanent

34

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

endowment funds into an unrestricted expendable endowment fund. As expenditure is incurred, balances will be transferred from the expendable endowment fund into the unrestricted fund.

Restricted funds

These are other funds for which the donor has specifically restricted the purpose for which they can be used. The amounts in the funds represent the monies remaining for future expenditure. There are two restricted funds which are held by the Trust and explained in more detail below:

(a) Residents’ legacy fund

These are funds donated by residents, which have restricted purposes for which they can be applied.

(b) Community support fund

These are funds donated by beneficiaries of the Trust’s community support services, which have restricted purposes for which they can be applied.

Unrestricted fund

Operating income together with income arising from permanent endowment and unrestricted fund investments is credited to the unrestricted fund. The Charity Commission Scheme permits the fund to be applied towards contributions to the management expenses, the expenses related to running the operational activities, establishing a reserve fund and paying annuities and gifts. Any balance remaining may be accumulated for endowment purposes, but in practice is currently retained as unrestricted funds as explained in the reserves policy in The Report of the Trustee.

Designated fund

A designated fund exists to hold a proportion of the community fee and exit fees for the Equity Participation and Fixed Repayment leasehold options as detailed in the Accommodation Income accounting policy. These funds are set aside for future maintenance costs.

Subsidiaries

Details of subsidiary undertakings owned by the charity are disclosed in notes 2 and 3.

Financial activities of the charity

The financial activities shown in the consolidated statement includes those of the charity’s wholly owned subsidiaries, St Monica Trading Limited and Somerdale Pavilion Trust.

35

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

2 Trading subsidiary’s results (St Monica Trading Limited)

Turnover
Cost of sales
Gross profit
Administration and other costs
Trading profit
Other income
Net income
Management charge from St Monica Trust
Tax on profit
Retained profit for the year
Retained profit
Retained profit carried forward		 2021
2020
Total
Total
£’000
£’000
301
324
(98)
(105)
203
219
(193)
(204)
10
15
-
-
10
15
-
-
-
-
10
15
10
15

Gift aid and distributions totalling £10,261 (2020: £14,890) will be made post year end in relation to the current year.

36

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

The assets and liabilities of the subsidiary were:

Fixed assets
Current assets
Creditors: amounts falling due within one year
Provisions for liabilities and charges
Net assets
Profit and loss reserve
Equity shareholders’ funds
Statement of changes in equity
Balance at 1 January 2020
Period ended 31 December 2020
Profit and total comprehensive income for the period
Distributions to parent charity under gift aid
Balance at 31 December 2020
Year ended 31 December 2021
Profit and total comprehensive income for the year
Distributions to parent charity under gift aid
Balance at 31 December 2021		 2021
2020
Total
Total
£’000
£’000
-
-
14
19
(4)
(4)
10
15
10
15
10
15
Share
Capital
Profit and
loss reserves
Total
£
£
£
1
163,576
163,577
-
14,890
14,890
(163,576) (163,576)
1
14,890
14,891
-
10,261
10,261
-
(14,890) (14,890)
1
10,261
**10,262 **

37

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

3 Trading subsidiary’s results (Somerdale Pavilion Trust)

Income
Grant income
Charitable activities
Other trading activities
Expenditure
Charitable activities
Other
Net income
Net movement in funds
Total funds brought forward
Total funds carried forward		 2021
2020
Total
Total
£’000
£’000
81
98
314
290
300
263
695
651
572
572
32
18
(604)
(590)
91
61
91
61
81
20
172
81

38

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

The assets and liabilities of the subsidiary were:

Fixed assets
Current assets
Creditors: amounts falling due within one year
Net assets
Total restricted funds
Total unrestricted funds
Total funds
4 Investment income
Group and charity
(a) Unrestricted fund
Commercial investment properties
Agricultural investment properties
Listed and other investments
Interest on cash deposits
Other investments
(b) Restricted funds
Distributions from CCLA Investment Management Limited		 2021
2020
Total
Total
£’000
£’000
7
8
301
235
(136)
(162)
172
81
-
-
172
81
172
81
2021
2020
£’000
£’000
2,262
4,216
4,251
3,714
2,458
2,262
0
19
41
-
9,012
10,211
6
5
9,018
10,216

39

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

5 Analysis of total resources expended

Group

Costs of generating
funds
(note 6)
Charitable
expenditure
Residential care and
support (note 7)
Accommodation costs
Community support
Governance costs
(note 8)		 Staff costs Depreciation Other costs
2021
2020
£’000
£’000
£’000
£’000
£’000

-
-
3,206
3,206
2,423
29,783
2,867
9,303
41,953
43,177
-
-
1,054
1,054
860
245
-
721
966
1,000
73
73
80
30,028
2,867
11,151
44,046
45,117
30,028
2,867
14,357
47,252
47,540

All support costs have been allocated to one charitable activity (Residential care and support).

Charity

Charity
Costs of generating
funds
(note 6)
Charitable
expenditure
Residential care and
support (note 7)
Accommodation costs
Community support
Governance costs
(note 8)		 Staff costs Depreciation Other costs
2021
2020
£’000
£’000
£’000
£’000
£’000

-
-
3,206
3,206
2,423
29,465
2,865
8,797
41,127
42,830
-
-
1,054
1,054
860
245
-
721
966
1,000
-
-
67
67
73
29,710
2,865
10,639
43,214
44,763
29,710
2,865
13,845
46,420
47,186

40

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

6 Costs of generating funds

Group and charity

(a) Investment management charges
Society of Merchant Venturers of Bristol – reallocation of salaries,
overheads and general advisory
Investment manager fees
Agricultural estate management
Commercial properties management
(b) Property operational costs
Agricultural estates
Commercial properties
(c) Major repairs & other costs
Agricultural estates
Total costs of generating funds
7 Residential care and support
Group
Staff costs
Residential services
Site services
Provisions and catering
Insurance
Property and equipment (including depreciation)
Miscellaneous
Expendable Endowment (excluding pay costs)
Management and administration		 2021
2020
£’000
£’000

253
251
202
239
374
352
44
44
873
886
607
379
718
699
1,325
1,078
1,008
459
3,206
2,423
2021
2020
£’000
£’000
29,783
30,956
675
909
1,781
1,284
1,071
1,205
445
394
5,363
6,050
887
658
180
-
1,768
1,721
41,953
43,177

7 Residential care and support Group

41

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Charity

Staff costs
Residential services
Site services
Provisions and catering
Insurance
Property and equipment (including depreciation)
Miscellaneous
Expendable Endowment (excluding pay)
Management and administration
8 Governance costs
Group
Auditor’s remuneration (including irrecoverable VAT)
- for audit
- other professional services
Trustee expenses
Charity
Auditor’s remuneration (including irrecoverable VAT)
- for audit
- other professional services
Trustee expenses		 2021
2020
£’000
£’000
29,465
30,575
643
895
1,710
1,210
1,039
1,188
445
394
5,289
6,003
639
884
180
-
1,717
1,681
41,127
42,830
2021
2020
£’000
£’000
48
48
25
31
-
1
73
80
42
40
25
32
-
1
67
73

Neither the Council, nor persons connected with them, received any remuneration or other benefits from the Trust during the current or previous year. Reimbursement of expenses amounted to £nil during the year (2020: £nil).

42

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

9 Transfers

9 Transfers
Group and charity
Service Charge Transfer (A)
Expendable endowment (B)
Total Transfers		 Unrestricted
fund
Designated
fund
Other
restricted
funds
Expendable
Endowment
funds
Permanent
endowment
funds
£’000
£’000
£’000 £’000
£’000
(344)
290
-
-
54
1,987
-
-
(1,987)
1,643
290
-
(1,987)
54

(A) During the year £344,000 (2020: £344,000) has been transferred out of the unrestricted fund which represents service charges received from residents. The transfer is part of an agreement to designate funds for future maintenance costs on the Westbury-on-Trym, Cote Lane, Sanford and Bedminster sites, £290,000 (2020: £290,000) has been transferred into the designated fund and £54,000 (2020: £54,000) into the permanent endowment fund.

(B) During the year £1,987,000 (2020: £Nil) has been transferred from the expendable endowment fund into the unrestricted funds

10 Staff numbers and costs

The average headcount in the year for the group was 1,578 (2020: 1,596). The full time equivalent average number of persons employed by the group during the year, including directors, analysed by category, was as follows:

Residential care and support
Community support
Management of the Trust
The aggregate payroll costs were as follows:
Wages and salaries
Social security costs
Pensions
Agency staff costs		 2021
Total
£’000
780
4
24
808
2021
Total
£’000
25,249
1,784
921
2,074
30,028		 2020
Total
£’000
847
3
23
873
2020
Total
£’000
26,280
1,822
988
2,104
31,194

43

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

During the current and previous year, the Trustees were not paid any remuneration or reimbursed for expenses, and no Trustees made donations to the charity.

Key management remuneration in total for the year was £943,096 (7 People) compared to 2020 £965,170 (8 People).

The number of employees whose emoluments, excluding pension contributions, were in excess of £60,000 per annum fell within the following bands:

2021 2020
Number Number
£60,001 to £70,000 4 4
£70,001 to £80,000 4 2
£80,001 to £90,000 - 2
£90,001 to £100,00 3 2
£100,001 to £110,000 2 -
£110,001 to £120,000 - -
£120,001 to £130,000 - -
£130,001 to £140,000 1 1
£140,001 to £150,000 1 1
£150,001 to £160,000 - -
£160,001 to £170,000 1 -
£170,001 to £180,000 - -
£180,001 to £190,000 - -
£190,001 to £200,000 - 1
£200,001 to £210,000 - -
£220,001 to £230,000 1 -

These members of staff have pension benefits accruing under the group personal pension plan.

44

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

11 Net movement on funds is stated after charging

2021 2020
£’000 £’000
Auditors’ remuneration – Charity (excluding VAT) 36 36
Auditors’ remuneration – Subsidiaries (excluding VAT) 4 4
Auditors’ remuneration – for other professional services 25 31
Depreciation and other amounts written off tangible fixed assets 2,867 2,424
Inventories recognised as an expense 1,064 1,205
12 Taxation
The charity is not liable to taxation on the net income from its primary activity. Stated below are the
tax details of the subsidiary St Monica Trading Limited:
2021 2020
£’000 £’000
Current tax
UK corporation tax on results of the year - -
Tax on profit on ordinary activities - -
Factors affecting the tax charge for the current period
The tax assessed for the period differs from the standard rate of corporation tax in the UK (19%),
_(2020: 19%)._The differences are explained below:
2021 2020
£’000 £’000
Current tax reconciliation
Profit before tax (of trading subsidiary only) 10 15
Current tax at 19% 2 3
Effects of:
Gift Aid payments (2) (3)
Total current tax charge (see above) - -

45

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

13 Tangible fixed assets

Group
Cost
At beginning of year
Transfers
Additions
Disposals in the year
At end of year
Depreciation
At beginning of year
Charge for year
Depreciation on disposals
At end of year
Net book value
At 31 December 2021
At 31 December 2020		 Assets in the
course of
construction
£’000
1,693
1,373
-		 Freehold
land and
buildings
£’000
154,350
-
491
(1,039)
153,802
14,221
758
(16)
14,963
138,839
140,129		 Furniture
and
equipment

£’000

22,978

-

1,137

(2053)

22,062

15,595

2,079

(2021)
15,653
6,409
7,383
Motor
vehicles

£’000
396
-
23

(11)
408
314
30

(10)
334
74
82		 Total

£’000

179,417

-

3,024

(3,103)
3,066
179,338
-
-
-
30,130

2,867

(2,047)
-
30,950
3,066
148,388
1,693
149,287

The above schedule includes finance costs of £3,896,000 (2020: £3,890,000) relating to loan interest and charges incurred for financing the Chocolate Quarter, Monica Wills House, the sheltered flats and the Garden House Annexe at Cote Lane, and the Sandford developments.

Land costing £27,025,000 (2020: £27,025,000) is not depreciated.

The Trustee’s review of the fixed assets has concluded that their value is not impaired.

46

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Charity
Cost
At beginning of year
Transfers
Additions
Disposals in the year
At end of year
Depreciation
At beginning of year
Charge for year
Depreciation on disposals
At end of year
Net book value
At 31 December 2021
At 31 December 2020		 Assets in the
course of
construction
£’000
1,693
-
1,373
-
3,066
-
-
-
-
3,066
1,693		 Freehold
land and
buildings
£’000
154,350
-
491
(1,039)		 Furniture and
equipment

£’000

22,969

-

1,137

(2,053)
Motor
vehicles
Total

£’000
£’000

396
179,408

-
-

23
3,024

(11)
(3103)

408
179,329

314
30,129

30
2,866

(10)
(2,047)

334
30,948

74
148,381
82
149,279
Motor
vehicles
Total

£’000
£’000

396
179,408

-
-

23
3,024

(11)
(3103)

408
179,329

314
30,129

30
2,866

(10)
(2,047)

334
30,948

74
148,381
82
149,279
153,802
22,053
408
179,329
14,221
758
(16)
15,594

2,078

(2021)
314

30

(10)
30,129

2,866

(2,047)
14,963
15,651
334
30,948
138,839
6,402
74
148,381
140,129 7,376 82
149,279

47

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

14 Fixed asset investments

Group

roup
Cost
At beginning of year
Transfer from Fixed
Assets
Additions
Disposals
At end of year
Revaluation –
unrealised gains
At beginning of year
Disposals
Net gains arising on
revaluation
At end of year
Net book value
At 31 December
2021
At 31 December 2020		 Investment
Properties
Financial
securities
Cash on
deposit
Other
investments
Total
£’000
£’000
£’000
£’000
£’000*
55,578
89,556
7,794
2,924
155,852
-
-
-
-
-
16
9,464
14,675
-
24,155
(657)
(4,107)
-
(2,700)
(7,464)
54,937
94,913
22,469
224
172,543
124,123
15,308
-
(2,254)
137,177
(1,981)
(742)
-
2,363
(360)
591
9,861
-
46
10,498
122,733
24,427
-
155
147,315
177,670
119,340
22,469
379
319,858
179,702
104,864
7,794
669
293,029

There were total realised and unrealised gains during the year of £28,822,000 (2020: £4,981,000).

48

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Investments with a market value of greater than 5% of total quoted securities at 31 December 2021 and 2020:

Investment Portfolio Portfolio
2021 2020
Artemis Equity Income Fund - -
Brummer Multi-Strategy 2 XL Fund 5.3% 5.8%
NinetyOne (formerly Investec UK Special Situations Fund) 5.5% 5.5%
Newton Global Higher Income Fund 7.3% 9.6%
JO Hambro Global Select Equity Fund 8.1% 7.2%
KBI Institutional Developed Equity Fund 9.5% 8.0%
Trojan Income Fund 5.4% 5.4%
Kiltearn Global Equity Fund 7.6% 7.4%
Liontrust (formerly Neptune Income Fund) - -

The total cumulative surplus/(deficit) on revaluing investment properties is as follows:

Commercial property (note (a) & (c))
Agricultural property (note (b))		 2021
2020
£’000
£’000
1,281
2,261
121,452
121,862
122,733
124,123

(a) The commercial property within the permanent endowment fund was valued as at 31 December 2021 by CBRE Limited in accordance with the latest version of the RICS Valuation – Global Standards (incorporating the International Valuation Standards) and the UK national supplement (the ‘Red Book’) current as the Valuation Date.

(b) The agricultural property has been valued at 31 December 2021 by Savills (UK) Limited in accordance with the RICS Valuation – Global Standards (incorporating the IVSC International Valuation Standards) effective from 31 January 2020 with a special assumption to disregard development hope value and not accrue any value for a potential change of use of any part of the portfolio unless a planning permission has been obtained. Development hope value has then been assessed separately and included in the asset valuation at 31 December 2021.

(c) Block C at The Chocolate Quarter has been valued at 31 December 2021 by Alder King LLP in accordance with the RICS Valuation – Global Standards (Red Book) effective 31 January 2020 – incorporating the International Valuation Standards, UK VPGA 1 of the Red Book UK national supplement and FRS102 ‘The Financial Reporting Standard’ applicable to the United Kingdom and Republic of Ireland.

49

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Charity

Cost
At beginning of year
Transfer from Fixed
Assets
Additions
Disposals
At end of year
Revaluation –
unrealised gains
At beginning of year
Disposals
Net gains arising on
revaluation
At end of year
Net book value
At 31 December 2021
At 31 December 2020		 Subsidiary
undertakings
Investment
Properties
Financial
securities
Cash on
deposit
Other
investments
Total
£’000
£’000
£’000
£’000
£’000
£’000*
-
55,578
89,556
7,794
2,924
155,852
-
-
-
-
-
-
-
16
9,464
14,675
-
24,155
-
(657)
(4,107)
-
(2,700)
(7,464)
-
54,937
94,913
22,469
224
172,543
-
124,123
15,308
-
(2,254)
137,177
-
(1,981)
(742)
-
2,363
(360)
-
591
9,861
-
46
10,498
-
122,733
24,427
-
(155)
147,315
-
177,670
119,340
22,469
379
319,858
-
179,702
104,864
7,794
669
293,029

The charity owns 100% of the issued share capital of St Monica Trading Limited (company registration number: 11070522), a company incorporated in England and Wales. The total share capital is £1 – too small to show in the rounded figures above. The principal activities of this company are conducting the commercial operations undertaken at St Monica Trust’s retirement village at Keynsham.

15 Stocks

Group Charity
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Sundry stocks 44 43 44 43

Stock relates to catering purchases in the SoFA of £1,064,000 (2020: £1,205,000)

50

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

16 Debtors

Trade debtors
Prepayments and accrued income
Other debtors
Amounts owed by group undertakings		 Group
2021
2020
£’000
£’000

8,285
2,445
4,409
3,656
650
4,960
-
-

13,344
11,061		 Charity
2021
2020
£’000
£’000
2,865
2,445
534
3,597
9,819
4,959
10
59

13,228
11,060		 Charity
2021
2020
£’000
£’000
2,865
2,445
534
3,597
9,819
4,959
10
59

13,228
11,060
11,060

Trade debtors include £5,492,000 in respect property disposals. In 2021 Other debtors included an agricultural disposal for Brockworth of £nil (2020: £470,000) and cash in transit of £nil (2020: £3,185,000) relating to the redemption from the David Leone Partners hedge fund.

17 Creditors: amounts falling due within one year

Trade creditors
Bank loan
Amounts due to lifetime leasehold tenants
Other creditors
Tax and Social Security
Accruals and deferred income
Amounts owed to group undertakings		 Group
2021
2020
£’000
£’000

1,221
1,747
20,117
116
16,015
15,073
2,754
2,108
4,159
1,263
3,541
4,322
-
-

47,807
24,629		 Charity
2021
2020
£’000
£’000
1,219
1,747
20,117
116
16,015
15,073
2,733
2,118
4,159
1,254
3,351
4,214
84
15

47,678
24,537		 Charity
2021
2020
£’000
£’000
1,219
1,747
20,117
116
16,015
15,073
2,733
2,118
4,159
1,254
3,351
4,214
84
15

47,678
24,537
24,537

Accruals and deferred income includes accruals of £1,606,000 (2020: £1,936,000) and deferred income comprising £1,935,000 (2020: £2,386,000).

51

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Deferred income comprises care home fees of £848,824 (2020: £1,255,002), sheltered housing rent and service charges of £471,20 (2020: £409,396), commercial rents of £460,309 (2020: £451,456) and other of £154,770 (2020: £270,062):

other of £154,770 (2020: £270,062):
Deferred income brought forward
Recognised in the year
Released to the SoFA in the year
Deferred income carried forward		 Group
2021
2020
£’000
£’000

2,386
2,851
1,935
2,386
(2,386)
(2,851)
1,935
2,386		 Charity
2021
2020
£’000
£’000

2,319
2,799

1,861
2,319

(2,319)
(2,799)


1,861
2,319
2,319

18 Creditors: amounts falling due after more than one year

Bank loan
Amounts due to lifetime leasehold tenants
Age analysis of bank loan
Due within one year
Between two and five
After five years		 Group
2021
2020
£’000
£’000

617
24,739
105,294
99,386
105,911
124,125
20,117
116
617
24,604
-
135
20,734
24,855		 Charity
2021
2020
£’000
£’000

617
24,739
105,294
99,386
105,911
124,125


20,117
116

617
24,604

-
135
20,734
24,855		 Charity
2021
2020
£’000
£’000

617
24,739
105,294
99,386
105,911
124,125


20,117
116

617
24,604

-
135
20,734
24,855
124,125

116
24,604
135
24,855

The Trust’s bank loans have been arranged with no security having been provided by the Trust to the lender.

Bank loans consist of:

The loan facilities in (a) and (b) will be repaid in June 2022 and has been replaced by a new £20m revolver loan with Natwest Bank.

The amounts due to lifetime leasehold tenants relates to amounts paid by the residents for their leases, which is repayable when the properties are vacated.

52

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

19 Other restricted funds – Group and charity

Residents’ legacy fund
Community support fund		 At 1
January 2021
Incoming
resources
Outgoing
resources
Gains on
investments
At 31
December
2021
£’000
£’000
£’000
£’000
£’000
166
3
(3)
47
213
201
3
(3)
-
201
367
6
(6)
35
414

20 Designated fund – Group and charity

A designated fund has been set up for future maintenance costs on the Westbury-on-Trym, Cote Lane, Sandford and Bedminster sites. Transfers from the unrestricted fund have been made in line with the expected costs, and represent service charges received from residents and in respect of The Chocolate Quarter site surrender fees received and accrued.

At 31 January 2021
Transfer from the unrestricted fund
Surrender Fees
At 31 December 2021		 Total
£’000
5,961
290
602
6,853

21 Expendable endowment fund – Group and charity

In 2020 the Charity Commission approved a resolution made by the Trustees to redesignate £20 million of the permanent endowment for use by the Trust in furtherance of its objectives and as if it were income. The result was that £20 million was transferred from permanent

endowment funds into an unrestricted expendable endowment fund. As expenditure is incurred, balances will be transferred from the expendable endowment fund into the unrestricted fund.

At 31 January 2021
Transfer from the unrestricted fund
At 31 December 2021		 Total
£’000
20,000
1,987
18,013

53

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

22Analysis of funds

Group

Unrestricted
fund
Designated
fund
Restricted
fund
Expendable
endowment
Permanent
endowment
fund
Total
Movement in funds
£’000
£’000
£’000
£’000
£’000
£’000
At 1 January 2021
12,778
5,961
367
20,000
266,477
305,583
Net incoming/(outgoing)
resources
(1,211)
602
-
-
(1,884)
(2,493)
Transfers between funds
1,643
290
-
(1,987)
54
-
Gains on investment assets
(30)
-
47
-
28,805
28,822
Actuarial loss on pension
liability
-
-
-
-
183
183
At 31 December 2021
13,180
6,853
414
18,013
293,635 332,095
Representation
of
fund
balances
£’000
£’000
£’000
£,000
£’000
£’000
Tangible fixed assets
122,520
-
-
-
25,868
148,388
Investments
22,845
-
380
18,013
278,620
319,858
Cash and bank balances
12,707
-
-
-
-
12,707
Other current assets and
liabilities
(38,981)
6,853
34
-
(2,325)
(34,419)
Long term creditors
(105,911)
-
-
-
- (105,911)
Pension liability
-
-
-
-
(8,528)
(8,528)
At 31 December 2021
13,180
6,853
414
18,013
293,635 332,095
Unrealised
and
realised
investment asset gains / (losses)
included above
(30)
-
47
-
28,805
28,822		 Unrestricted
fund
Designated
fund
Restricted
fund
Expendable
endowment
Permanent
endowment
fund
Total
£’000
£’000
£’000
£’000
£’000
£’000
12,778
5,961
367
20,000
266,477
305,583
(1,211)
602
-
-
(1,884)
(2,493)
1,643
290
-
(1,987)
54
-
(30)
-
47
-
28,805
28,822
-
-
-
-
183
183		 Unrestricted
fund
Designated
fund
Restricted
fund
Expendable
endowment
Permanent
endowment
fund
Total
£’000
£’000
£’000
£’000
£’000
£’000
12,778
5,961
367
20,000
266,477
305,583
(1,211)
602
-
-
(1,884)
(2,493)
1,643
290
-
(1,987)
54
-
(30)
-
47
-
28,805
28,822
-
-
-
-
183
183
13,180
6,853
414
18,013
293,635 332,095
£’000
£’000
£’000
£,000
£’000
£’000
122,520
-
-
-
25,868
148,388
22,845
-
380
18,013
278,620
319,858
12,707
-
-
-
-
12,707
(38,981)
6,853
34
-
(2,325)
(34,419)
(105,911)
-
-
-
- (105,911)
-
-
-
-
(8,528)
(8,528)
13,180
6,853
414
18,013
293,635 332,095


(30)
-
47
-
28,805
28,822

54

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Charity

Movement in funds
At 1 January 2021
Net incoming/(outgoing)
resources
Transfers between funds
Gains on investment assets
Actuarial gain on pension
liability
At 31 December 2021
Representation of fund
balances
Tangible fixed assets
Investments
Cash and bank balances
Other current assets and
liabilities
Long term creditors
Pension liability
At 31 December 2021
Realised
and
unrealised
investment
asset
gains
included above		 Unrestricted
fund
Designated
fund
Restricted
fund
Expendable
endowment
fund
Permanent
endowment
fund
Total
£’000
£’000
£’000
£’000
£’000
£’000
12,682
5,961
367
20,000
266,477
305,487
(1,297)
602
-
-
(1,884)
(2,579)
1,643
290
-
(1,987)
54
-
(30)
-
47
-
28,805
28,822
-
-
-
-
183
183
12,998
6,853
414
18,013
293,635 331,913

£’000
£’000
£’000
£’000
£’000
£’000
122,513
-
-
-
25,868
148,381
22,845
-
380
18,013
278,620
319,858
12,523
-
-
-
-
12,523

(38,972)
6,853
34
-
(2,325)
(34,410)
(105,911)
-
-
-
- (105,911)
-
-
-
-
(8,528)
(8,528)
12,998
6,853
414
18,013
293,635 331,913


(30)
-
47
-
28,805
28,822

23Capital commitments

Capital expenditure that has been contracted for but has not been
provided for in the financial statements
 2021
£’000
2,077		 2020
£’000
2,857

55

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

24 Operating leases as a lessee

The future minimum lease payments under non-cancellable operating leases expected to be paid by the Charity and Group will fall due as follows:

2021 2020
Group and Charity plant Group and Charity plant
and machinery and machinery
£’000 £’000
Within one year 6 8
Between one and five years 9 16
After five years -
 -
15
 24

The total charge to the statement of financial activities in the year in respect of operating lease rentals for the hire of plant and machinery was £8,000 (2020: £10,000).

25 Operating leases as a lessor

The future minimum lease payments due to be received under non-cancellable operating leases by the Charity and Group are as follows:

2021 2020
Group and Group and
Charity Charity
leasehold leasehold
property property
£’000 £’000
Within one year 1,334 1,334
Between one and five years 6,627 6,635
After five years 2,432
 3,754
10,393 11,723

26 Reconciliation of movement in net cash

Investments
Cash at bank and in hand
Bank loan		 At 1 January
2021
Cash flow
At 31 December
2021
£’000
£’000
£’000
7,794
14,675
22,469
9,798
2,909
12,707
(24,855)
4,121
(20,734)
(7,263)
21,705
(14,442)

56

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

27 Analysis of changes in net debt

Cash and cash equivalents
Cash
Overdrafts
Cash equivalents
Borrowings
Debt due within one year
Debt due after one year
Total		 At 1 January
2021
Cash flow
At 31 December
2021
£’000
£’000
£’000
9,800
2,907
12,707
(2)
2
-
9,798
2,909
12,707
(20,116)
(1)
(20,117)
(4,739)
4,122
(617)
(24,855)
4,121
(20,734)
(15,057)
7,030
(8,027)

28 Related party transactions

A number of the Trust’s Council members are also members of the Society of Merchant Venturers. The Trust paid a fee including reallocation of salaries and overhead costs totalling £252,768 (2020: £251,000) to the Society of Merchant Venturers of Bristol to cover the services it provides in its role as Endowment Trustee (note 6(a)).

A professional indemnity insurance premium of £3,045 (2020: £2,900) was paid by the Trust on the behalf of the Trustees.

The charity owns 100% of the issued share capital of St Monica Trading Limited (company registration number: 11070522), a company incorporated in England and Wales. During the period St Monica Trust provided to St Monica Trading Limited staff time, catering supplies and other operating costs totalling £287,201 (2020: £304,930) and collected £301,494 (2020: £323,869) of income. The amount owing to St Monica Trading Limited at the period end was £10,342 (2020: £14,938). A Gift Aid payment was made to St Monica Trust by St Monica Trading Limited of £14,890 in respect of the trading results for 2020 (2020: £163,576) in respect of the trading results for 2019).

St Monica Trustee Company is the sole member of Somerdale Pavilion Trust (company registration number: 11730938), a company limited by guarantee, incorporated in England and Wales and registered as a charity (registered charity number: 1182426). During the period, St Monica Trust provided staff time and funds for operating expenses to Somerdale Pavilion Trust totalling £25,787 (2020: £64,884) and provided services to St Monica Trust in the form of parking and academy rent totalling £236,850 (2020: £236,850). The amount owed by St Monica Trust at the year-end was £84,185 (2020: £58,789).

57

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

29 Pension schemes

Unfunded pension liability

The Trust has granted unfunded defined benefit pensions to some current and former employees of the Trust. The valuation of the pensions was carried out as at 31 December 2021 by PriceWaterhouseCoopers, a qualified independent actuary who are a fellow of the Institute of Actuaries. Pension payments made for the year ended 31 December 2021 in respect of the defined benefit pensions were £278,000 (2020: £287,000).

The principal assumptions made by 2021 2020 2019 2018
the Trust were:
% % % %
Rate of increase in pensionable 3.4 3.0 3.0 3.2
salaries
Rate of increase in pensions in 3.1 2.9 2.9 3.0
payment
Inflation rate 3.4 3.0 3.0 3.2
Discount rate 1.8 1.3 2.0 2.8
Pensioner and non-pensioner 1% pa 1% pa 1% pa 1% pa
mortalitySAPS all MC
The amounts recognised in the balance
sheet are as follows: £’000 £’000 £’000 £’000
Present value of scheme liabilities (8,528) (8,881) (8,759) (8,095)
Deficit in the scheme (8,528) (8,881) (8,759) (8,095)

58

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Analysis of amount charged to net outgoing resources
in respect of defined benefit pensions
Interest on pension liability
Total operating charge
Movement in liability during the year
Liability at the start of the year
Movement:
Employer contributions (including pension payments)
Interest cost
Actuarial gain / (loss)
Liability at the end of the year covered by a specific
provision in the financial statements
Analysis of amount recognised in the statement of financial
activities
Actuarial gain / (loss) recognised in the statement of financial activities		 2021
2020
£’000
£’000
(108)
(168)
(108)
(168)
2021
2020
£’000
£’000
(8,881)
(8,759)
278
287
(108)
(168)
183
(241)
(8,528)
(8,881)
£’000
£’000
183
(241)

59

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

Amounts for the current and previous four periods are as follows

2021 2020 2019 2018 2017
£’000 £’000 £’000 £’000 £’000
Scheme assets - - - - -
Scheme liabilities (8,528) (8,881) (8,759) (8,095) (8,505)
__ __ __ __ __
Deficit in plan (8,528) (8,881) (8,759) (8,095) (8,505)
Actuarial 183 (241) (740) 316 303
gains/(losses) on __ __ __ __ __
liabilities
Statement of total 183 (241) (740) 316 303
recognised gains and __ __ __ __ __
losses for the period
ending 31 December

Other pension scheme

The Trust also contributes to a group personal pension plan. The contributions made by the Trust to this pension scheme are charged to the statement of financial activities when they fall due and were £808,000 (2020: £816,000).

60

Report of the Board and consolidated financial statements Year ended 31 December 2021

Notes (continued)

(forming part of the financial statements)

30 Comparative group statement of financial activities

Income
Income from charitable activities
Residential care and support
Accommodation income
Generated funds
Investment income
Total income
Expenditure
Costs of raising funds
Investment management charges
Property operational costs
Commercial trading operations
Total costs of generating funds
Charitable activities
Costs in furtherance of the Trust’s objects
Residential care and support
Accommodation costs
Community support
Governance
Total charitable expenditure
Total expenditure
Net income/(expenditure) before investment
gains/ (losses)
Realised
and
unrealised
gains
on
investments
Net income/(expenditure) for the year
before transfers
Transfers between funds
Actuarial gain/(loss) on defined benefit
pension
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Designated
fund
Other
restricted
funds
Expendable
endowment
funds
Permanent
endowment
funds
Total
Funds
2020
£’000
£’000
£’000
£’000
£’000
£’000
31,886
-
-
-
-
31,886
1,365
640
-
-
-
2,005
10,211
-
5
-
-
10,216
43,462
640
5
-
-
44,107
(44)
-
-
-
(842)
(886)
(1,078)
-
-
-
-
(1,078)
(45)
-
-
-
(414)
(459)
(1,167)
-
-
-
(1,256)
(2,423)
(43,106)
-
(5)
-
(66) (43,177)
(860)
-
-
-
-
(860)
(1,000)
-
-
-
-
(1,000)
(80)
-
-
-
-
(80)
(45,046)
-
(5)
-
(66) (45,117)
(46,213)
-
(5)
-
(1,322) (47,540)


(2,751)
640
-
-
(1,322)
(3,433)
(825)
-
11
-
5,795
4,981
(3,576)
640
11
-
4,473
1,548
(344)
290
-
20,000
(19,946)
-
-
-
-
-
(241)
(241)
(3,920)
930
11
20,000
(15,714)
1,307
16,698
5,031
356
-
282,191 304,276
12,778
5,961
367
20,000
266,477 305,583

61