Charlty number: 202211 MARSHALL'S CHARrrY, WELNEY UNAUDrrED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 PURSHALL3 CHA￿TY. WELNEY cop¥rENTS Page Referen¢0 and Adminh¢r•tlve Detslh of the C￿lIty, its Tntst•8s and Advisers Tr￿t•¢$' Report Independgnt ExamIn￿$ Report Stat•mont of Flnancknl Activitlos Balance Shoot Statement of Cash Flows 10 Notes to tho Fln•nclal Statoments 11-28 MARSHALL'S CHARITY. WELNEY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustaes Mr S Booth. Chaimian Mr K Goodger. Deputy ChaiThron TheBishop of Ety Redor of St Marfs Mr M Barker Mr D Carter Mr P Clab Miss S Gay MrA Gles Dr V Pratley Mr A B Sirvjlete Charfty reglstered nurnber 202211 Prfnclpal offlce Beec 79 Ety Road L￿1& DM)h8m CambridgeshY8 CB6 2NS Clerk Mrs J Mllard A¢countants Pelers Ch￿tered Accountant8 Sdisbury House station Road Cambridge CB12LA Llsted Investmont Manager Senator House 85 Queen Victoria Street L￿don EC4V 4ET Inv¢stment Property Manager Abbotts Countryw 16 Bridge Street D(Mnham ma￿et Ncfffolk PE38 9DH Prof•sslonal Property Brcmn & Co ValueY8 The Fair Ways Great North Road Wybo$ton 8edlordshire MK44 14L Page 1 PURSHALL3 CHAm. WELNEY TRUSTEES. REPORT FOR THE YEAR ENDED 310ECEMBER 2021 The Trustees pr08ant their annual repjt thg financial stalements of Marshall's Charity, Welney for the year eNJed 31 December 2021. The financd staten*nts have bean prepared wi accordance Mth the acwunting pol￿1￿$ set out in note 2 to the a¢￿Unts and comply w.rth the ChaThty's trust dg8d. the Charities Act 2011 and the Charities Stslement of ReCoTrY￿￿ Pracli¢e Isecond edilionl and FinwKlal Reporting Standard FRS 102. OBJECThIES AND CHAIUTABLE ACTMllES FOR THE PUBUC BENEFIT Ths Charity was set up f(Y the folowng than* pu(pose8." M•int•nanc8 and provlsion of alms1￿U$e9 for poor widows The Charity owns maintains 4 almshouses for the benefrt of Pttsr wths who are rgsident within the combined areas of administration of the Easl Canbrtyshire tJ"strit Council. the Fenbnd District Council and King's Lynn and West N(rfolk Borough Coul￿1. with a preference for pw who are re$￿ent in the Parish of Wekney. In return, the w*J¢M are required lo ¢￿trIbute a wethty s￿1 try*ards the cosi of m•ntsining the almshwses. providing ossonlial services arKI utilitw. A¢hl•vemgrts t>uring the year. al four properties were 0￿p￿. yieldiry weekly contribuiions amounlyig to £8,073 12020". £7.4701. 4 Church Cottage was oecupTed from November 2021 fouowng a successful rgfurbishmenl. The totsl cost of maintaining and serwcir¥J the akMsh￿SeS during Ihe year was £7,53012020' £26.135). Under the Scheme. TrL*te8s may establtsh a C￿￿al Maintenance Fund to cover routine costs of maintaining and repairing the almshouses arKJ other property bknJirg to the Chanty. During thp year. £3,000 {2020." £3.0001 was tran$f8rred to the c￿￿eal M•ntenance Fund. The Scheme requires the Tntslees to establtsh and maintain an Extraordinary Repair Fund lo cover the e*lratsrdinary repair. improvement ¢y robuil(h'ny of the athskjuses and other property belonging to the Charty. Transfers to this fijnd must amounl to at leasl £120 per ￿n￿l. DuriThJ year. £300 (2020.. £300) was transfèrred lo this furnl. Flnanclal support to poor widows resldont In tho parlsh of Welney The Scheme requires one4hird of any Surplus income generated by thg Charity to be set a5hJ8 for Ihe benefrt of p￿r wvS)ws resident in the wish ofwelney. Achlgvèments During the year, £10,947 (2020: £11.476) surpljs Inc¢yne was sel asFde. The ch￿ di5trbuled £10,46012020.. £11.8801 to poor widows during the year. A totsl of 16 widcwts (2020: 191 were supporte(I by the Charity. Flnanclal support to the Parochial Church Couth¢ll of th• Ec¢l•slastical Parlsh of Weln•y Th& Schem require5 onevlhird of any Surplus incc¥ne generaled by the Charty to be sel aside for the benofil of the Parochial Church Council. Any funds provided are to fund the mwntenance and repair of the chui¢h, church yard. fences, gates. ar￿ Ihe Wing and deanirwJ of the church. A¢hlevom8nts During the year. £10,94712020: £11.476) SU￿ inccffle vra5 set aside. The Ch¥ty distrbuted £11,478 {2020: £10.4671 to the Parochial Glwreh Council. Dl8crgtion•ry flnanclal support to the Inhabitants of the Parl¥h of Welney The Scheme requires onfrthird of arby surplus ir￿rne generated by Ihe Charty to bg set aside for the benefit of thè inhabitants of thè Pwish of Welney. The number. trnlng arnl size of grants are at th& discretion of the Trusle8S. Page 2 MARSHALL'S CHARrrY, WELNEY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢hlevements Dunng the year. £10.94712020: £11.4761 ￿rp1￿ income was set aside. In 2021. tsvo dis¢retionary grants were made to individuals totalling £265 {2020.. £nl). The Ch* made cme diseretionary grant to institutions tatalling £734 (2020.. three grants totalling £1.3501. Publlc Benefft Statsment In setting objectives and ￿aTrnIng for ￿MIleS. Ihe Trustees have given due consideration lo general guidance published by the Charity Commission relating ks public benefit. including gUIda￿e 'Publi¢ benefit.. ￿nn￿g a charity IPB2)'. INVESTMENT POLICY AND PERFORMAKE Invgstmont pollcy The finan￿al objective of the Trustees vknen sefecbng investments 18 to achieve sIrc￿9 lorKJ4em retums {largeling CPl+5% per annum on avewe}. ¥olalOty no grealer than 75% of stock mart(et volatilty lo achieve a rehable. prcgressivety risiny annu￿ dlstrt0u￿n. The Trustees Invest in a diverne rnThJe of assets dassès, vAth bias twrds overseas equities, UK equitEs and prc¢)ety. The Trustees avoil investments wilh weak enviromRnlal. S￿la1 and 9￿ManCe IESG} credentials. Indeed. tha Trustees do not invest in companies Ihat genernte mNe than 10% of their revenue from the extradion a￿Or refining of oil and 985. Investment perfomiance The policy above ￿ achieved by investing in the fokning assets COIF Charftl•s Investmert Fund This fund is invested in a diverse range of assets, princwlly shares to achieve tong4erm grcwrth. The fund's strategy is ali9n&J the Trustees. Invest￿1 Pdicy. During the year. the portfolio grffw by 17.4% aftw fees aThJ expenses, beatiNJ the Consumer Price Index during Ihe same period. which was 5.7%. Landat Bells Drove, GoldHIII andLady Fen The Charity ¢)wns and le88es 209 affts of agriculiural land. Managenwt of the land is perforr￿d in house. During the year. rental income amounknj to £43.641 (2020: £43,641). The gain on revalualM)n amounted to £159.88812020'. £nil). The Charity in¢urred drainage ¢05ts totalling £2,31212020: £niD. Residenflalpropwty (Do￿h4￿ Alwket) The Charity owns and leases (through Abtth Countyv*Je) t*YJ pryrties in Drn¥nham ma￿et.. 2 Heather Court and 11 Piebald Close. During the year. rental income totaling £16,680121r20'. £16.571) was generated. Abbott5' PTofessional fees and propety maintenance cosls totalled £4.178 (2020.. £3.786). The gain on revaluat￿1 amounted to £7,77212020'. £nil). GRANT MAKING POUCY 0i8Cf8knonary grants are awarded based on thè folbwtng crileria.. BenefKiarie5 must be inhabitants of the Parish of Wdney. The grant musl have the wdest Possibbe benefft to the inhabilanls of Welney. Page 3 MARSHALL% CHARITY. WELNEY TRUSTEES. REPORT ICONnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 RISK MANAGEMEpir The Trustees considerthat thè main risks fa¢irKJ Ihe Charty are as fofhxs.. Fall In valu• of Invèstments The Trustees believe that VO￿l￿ty the •Alue of COIF Charilw Inwstment Fund con$btu19S thè most s[gnifi￿nI financial risk to the Chaity. This risk i8 m*paated by having experienced fund managers and regular trustee over•'ght. Non payment of rent Falure of the tenants to pay Tent wtyjkl result in a malerial fall #) I￿)me. Thts risk is mligaled through regular conlad wth lenanls. he4)ing to ensure thal aly circumstances causing rw)n payment of rent ar8 addressed pronytty. Safeguardlng Many d Ihe beneficiaries of the Chanty we e￿. part￿￿ty the t8nant5 of the akn8h¢xJ$as. There is a risk that the Chaftty fails to take reasonable steps to safeguard them. Thts fi$k is mrtigated through regular 8afeguarth.ng reviews at Trustee$. meebngs and. vhwe Ileemed r*¢essary, the solicrtalwjn of independent professional adv￿. In•ff8ctlvè grants The Trustees consider that th8 most signrfthnt operaticthl risk is providing grants that fail lo fijrther the charitable otyectNes of the Charity. This is m"tyatsJ by careful due dik9ert¢e ￿d. where deemgd proportionate, regular moniioring. Non¢ompliance wlth lavts and r•gulatlon8 The Charity 1$ required to eompty wrth laws and re9￿all￿$, as the Charilies Act 2011 and let property ulalions. A brexh of these regulations could be d8th'mentaT to the reputatK>n of Charity. The Trustees mitigate this risk by cortsufting extemal professionais ￿fj1h knchvW3B of I￿se kw5 and regulalion$. RESERVES POUCY Thè Trustees aim lo maintsin free rgseples in unrestrKted funds at a level eqtMting to 8pproximalely 12 monlhs of expenditure. The Tru$tees consider that tfvs level will provide sufficient re50urce8 and lim& lo enable th8 TTU3tees lo ftspond to a Sudd￿ advefse shcts on the operations of the Charty, minimN%ing th8 wnpxt on beneficiaries. The Tru*ees consider that 12 m￿lh3 is sufficient gTrMn Ihe discretK)n thw have ovei grant makino. hi$toric prof*8bilty of the acbwties perfomied by the Charity and the relatrydy Short period required to r68lise investments. The c¢)st of runnitvJ Charity for a year is est*nal8d to be £50,CrtKI. Free res8rves {unrestrded fund8 less designated fijnds and fvrKls lied up in alm5h)uses. Dwiham Markol properties and landl equated to £711,373. The Trustees are investigating ways io align reseNes with the target level. SLKh as inwsing awareness of the Charitrfs offering using social rndia and amending the goveming do¢ument to encompass mole beneficiariès. FUNDRAISING PRACTICES The Charity does not xtivdy ￿gage ui fundrnisiry *d does not emptoy or engage professional fundraigèrs. Therefore, th• Charity is not regislef9d with the FurKlraisirvJ Regulator. H¢Y•vever, this will be mvwed should fvndraising ackn￿lieS increase in the future. In any case. the Chwity 1$ committèd to avoidiNJ any intrusive fundraising wactices arvj never prgswrise d(xm. Pagè 4 MARSHALL'S CHARrrY, WELNEY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL REVIEW Total income from char￿e activknes (￿mshOUseS contr1xrti(￿1 rnntgj to £8.073 {2020: £7,470}. Income from fundraising actNities {rent from rewdential property and agriwltural land> amounted to £60,323 12020.. £60,268). other incomg (wa￿aveS) amounted lo £370 (2020: £3641. Expenditure on charitable actNrties Ichiefy M￿ntenar￿e of the aknshouse5 and STanls to widows and the Church) amounted to £41.768 12020.. £56.2761. E>penditU￿ on osing fund$ l¢osl of adM￿lstering and maintsining the agricLAtural land and rgskdentsl propertie$} a)￿Unted to £13,791 {2020: £8,010). The gain on revaluation of the investments was £283.53112(r20: £59.326). The gain on revaluation of prw. plant and equpment {PPE) was £110.000 (2020: £nll). elore invgstment gains. the Chanty made a surplus of £13.207 (2020.. £3.816). After investment and PPE gains. the overall $urplu$ was £406,73812020.. È63.142}. At the end of the rewrtrvj period. the Clwity had net assets trt41ing £3.140.152 {2020.' £2.733,4141. Cash al bank and in hand amountsd to £78.487 {2020.. £53,12n. ufi￿tr￿1ed general fvnds amountod to £3.(VJ8.875 (2020: £2.603,4531. The Cydical Maintenance Fund totalled £42.522 12020.. £51,412). The Extraordinary Repair Fund lotalbed £300 (2020.. £nil). The Widows Fund totalled £27,021 12020.. £26.5341. The Church Fund totalled £10.947 (2020.. £11.476). The Public Purpose Fund totalled £50,487 (2020.. £40,539). For detsils on the wrposes of ttrw funds. *ase see noie 18. Golng concern After making appropriate onquiries, the Twstees have a reasonable expedation that the Charity has adequate resources lo continue wi operational exislerKe for fwese&*sle future. For thi5 rea50n, they continue to adopt the going coneem basis in preparing Ihe financial statements. Further details regarding the adoption of the going ¢oncem basis ¢an be found in the o¢counling w￿￿1$. PLANS FOR THE FUTURE The Trustees pian lo invest in prcrfmting greater awareness of the Charity. Potential steps in the 8hort-temi in¢ltbl$ makn"n9 bettgr u58 of socol media aThl developing a dedKated ￿Ebsite. The Trustees will also contnue to seek grnnt-gNing ¢jpportUnrt￿ to support Ihe inhabitants of the Parish of Welney. A c(MnprehensNe govemance rewew will also tae pl** in 2022 (Ihe last such revmv was conducted in 1998). STRUCTURE. GOVERNAMCE AND MANAGEMENT Structure The Charity created on 8 August 19ts1 by the hjdging of a sealed deed with the Board of the Charity Commissioners. This was duly wistered on 26 jul￿ 1￿6. The Chantys ¢urrenl goveming document is Scheme dated 7 February 1986 as 21 January 1998. Trustees The Trn$tee$ who seNed Chanty duriTVJ the perth a￿ listed ort page 3. Tr S¢heme requires the Board of Trustees lo comprise 11 trustees: EX4]ffic￿ Trustees. four Nominatwg Trustees and five C(wtative Trustees. The Ex-officio Truslees are the The Lord Bishop of Ety ar4J The Rector of the Ecclesiastical Parish of Welney for the timebeing and by virtue of they respeclive offices. Page 5 IAARSHALL'S CHARtrY. WELNEY TRUSTEES. REPORT ICOIfflNUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Nominative Trustees are appointed by Welney Parish c￿nCil. Exh appointment is for 8 tem of four years. The appointments may be (but need not be) membeis of the Council. Cr￿p1all¥ti Tntste&s are persons who {through resmkn. occupatK#). empbyment or oth8rwise) have special knowledge of the parish of Welney. Evw further COwtsti￿ Trustee is appointed for a temi of fve years by 8 re801uiion of the Trustee$ pasged ai 8 specbal meebng. No person is entitled lo a¢t as a Trustee, whelher C￿ a first or on any subsequent enty into the office. until after signing in the miiute book a dedaratson of acceptsn¢e arnl of willingness to act in the trusts of the Scheme. STATEMeNT OF TRUSTEES. RESPONSIBIUTIES The Trustees are respon$h4le for preparing the Trustees. Report and Ihe finwcial slalement5 in accordanc8 wth applicable law and United Kingdom Ac¢ounting Slandards (United K￿gdOM General￿ Accepted Accounting Pradi¢e}. The law applicable to charit*s in EnglaThJ & W*s requ￿ the Tw$tees to prepare financol statements for each financial year which give a true and fair VI￿ of Ihe state of affairs of the Charity and of it$ w)coming resources and applicali)n of resources. includwYJ ils incLTh and exp8ndiiure. for that period. In preparing these rinancial statem8nts. the Trustees are required to.. $eiacl suitable accounting poI￿leS and then ¥pty them consk4tenty. c&serye the melhocts and principles of the Charities SORP IFRS 102). make judg8menls and a￿lUnt￿￿ estimates that are reasonabb and pft￿ent. state whether applicable UK Accounting SLindards {FRS 1021 have been followed, subject to any material departur9$ disclose(l and explwned ￿ the fmancial statements.. prepare the ￿ancIal statements on the giiro corKem basis unless it k8 inappropriate lo presume that the Ch*rty will c¢)ntinue in bwness. Thè Trustees are resp)nsible for keeping adequate accounting records that are suffi¢Ent to show and 8xplain the Charitys transacknons and disclose wth r8ason8t4e accuracy at any Iwne the financial position of th8 Charity and enable them lo ensure that the finawal stslements ¢omply ￿th the Charities Act 2011, the Charrty IAc¢ounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Chaiity and hence for t*ing reasonable slep$ fo( the prevention and detection of fraud and other tyregularities. Approved by order of the ￿MberS of the board of Trustees and signed on their bghatFby.' Mr S Booth (Chair of Tiustees? Date: Page 6 MARSHALL'S CHARITY, WELNEY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDEO 31 DECEM8ER 2021 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARSHALL'S CHARITY, WELNEY {'the Charity'} I report to the charty Trustees on my examinalion of the accounts of ￿ Charity for the y￿r ended 31 December 2021. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of th& Charty are responsble for the preparakn of the xcounts in accor(lance with the requirements of the Charlies Act 2011 Cthe 2011 Acri. I report in re$pe¢t of my examination of the Chartys accounts carried out under seCt￿n 145 of the 2011 Act and in carrying out my examination I have folkyh*d the appl¢ab￿ Directions given by the Charity Commi8sion under sedion 145151(b} of the 2011 Act. INDEPENDETrif EXAMINER'S STATEMEKr Your attgntion 1$ drawn lo the fxt that the Chanty has prepared the aceounts in accordance with Accounting and Reporting by Charitie$.' Ststement of Re¢ommended Pr8etice ￿pIThb1e to eharities preparing their a¢¢ount$ in accordance with th8 Financial Report]'ng StarKlard appI￿ab￿ in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Charitw.. Statement of Re¢ThnmerKled Pra¢ti¢e issued on 1 April 2005 which 1$ referred lo in the 8xiant regulatKins bLrt has been WIthdr￿n. l understand that this has been done in order for the ￿¢￿￿ts to provide a and fair view in ac￿rdanCe with the Generally Accepted AccountirvJ praC￿e effectNe for reporting periods beginning on or after 1 January 201S. I have completed my examination. I confimi that no matters have com8 to my attentKsn in connection with the examination giwng me cause lo believe that in malerial respect.. aceountkng records were not kept i) respect of the Ch￿lty as requi￿￿ by seclion 130 of the 2011 Act. or the accounts do not a¢¢¢yd V￿th those re¢tyd$". or the xcounts do not compty V*ith the app1Kab￿ requirements conceming the form and content of accounts sel out in the Char[t￿$ (Accounts and Reports) Regulaticms 2Tr)8 other than any requirgment that the accounts give a Irue faif VI￿ whKh is not a matter considered as pwt of an independent examination. I have M concerns and have come across no other m*lers in ccmneclion th the examination to which attentim should be drawn li this rep3rt in orderlo enable a ￿¥oper understanding of the accounts to b8 re8xhed. Si9￿d,. Mrs K Bretherid( FCA D*ed.. 1410912022 PETERS ELWORTHY & MOORE Chartered Accountants Salisbury House Slati¢n Road Cambridge CB12LA Page 7 PIARSHALL'S CHARITY, WELNEY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Unres¢rf¢ted funds 2021 Total nd$ 2021 Total fvnds 2020 INCOME FROM: Charitable activities Inveskner Other irKome 8,073 60.323 370 8.073 60,323 370 7,470 60,268 364 TOTAL INCOME 68.766 66.766 68.102 EXPENDITURE ON: Raising fund$ Charitable activities 13,n1 41,768 13.791 41.768 8,010 $6.276 TOTAL EXPENDiniRE 55.559 64,286 NET INCOME BEFORE NET GAINS ON INVESTMENTS 13307 13,207 3.816 14,15 Net gans on investments NET MOVEMENT IN FUNDS BEFORE OTHER RECOGNISED GAINS 283.631 283.531 59.326 296,738 296.n8 63,142 OTHER RECOGNISED GAIN8: Gain$ on revaluation of fixed assets 110.0fy1 110,000 NET MOVEMENT IM FUNDS 406,738 406.738 63,142 RECONCIUATION OF FUNDS: Totsl lunds brought forward Net nMwemgnt in funds 18 18 18 2.733N14 406,738 1733,414 406.738 2.670.272 63,142 TOTAL FUNDS CARRIED FORWARD 18 3,140,152 3,140,152 2,733,414 The Statement of Financial Ac1w￿l*S includes au gains losses recc4Jnlsed in the year. The notes on pages 11 to 28 fom part of th68e financial staiements. Page 8 MARSHALL'S CHARITY. WELNEY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 FIXED ASSETS Tangible as8et8 Investments 13 15 14 300,OOD 779,948 1.997,500 196,000 663,775 1,829,840 Investment property 1077A46 2,689,615 CURRENT ASSETS Debtors.. arTh)unts fall¥ig due after more than one year 16 Debtors.. amounts falling due wilhin one sear 16 Cash at bank and in hand 4,000 1,202 53,127 1.068 82.565 58.329 Creditors.. an￿unt5 tsllw)g due wilhin C￿ year 17 (19.849) {14,530) NET CURRENT ASSETS 62.706 43.799 TOTAL NET ASSETS 3,140,1S2 2,733,414 CHARITY FUNDS Unrestrfct•d funds Designated fvnds General fund8 18 18 1313TI 31￿￿75 129.961 2,603,453 Totsl unresirided fund$ 18 3.140.152 2.733,414 TOTAL FUNDS 3,140,152 2,733,414 The financial staknents were 4)proved aTrJ au1hoffj￿ ts issue by the Trustee$ and signed on their behalf by.. Mr S Booth (Chair of Truslees} Date.. The notes on page$ 11 to 28 form part ofthese finan¢ial staleff£nts. Page 9 STATEMENT OF CASH FLOWS FOR ThE YEAR ENDED 31 DECEMBER 2021 2021 2020 CASH FLOWS FROM OPERATING AcnvmES Net cash used in operating acti￿￿e$ {34,6631 {51,5111 CASH FLOWS FROIA INVESTING ACTMTIES Rental from vivestment prop Purchase of investry*nts 60,323 13001 60.268 (3001 NET CASH PROVIDED BY INVESTING ACTivmES 60.023 69.968 CASH FLOWS FROM FINANCING ACTivfTIES NET CASH PROVIDED BY FINANCING ACTMTIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Ca8h aThJ cash equivalents at the beginning of the year 25,360 51127 8,4S7 44.670 CASH AND CASH EQUIVALENfs AT THE END OF THE YEAR 21 78.487 53,127 The notes on pages 11 to 28 fomi pat of Ilw finarrial slatements Page 10 AIARSHALL'8 CHARrrY, WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 GENERAL INFORMATION Marshall's Ch*ty. Welw is an unincowaed charity registered in England and Wal9$. Its registered offi¢e is The Beeches. 79 Ety Road. L*Ue O¢y•mham, Ety. Canbridgeshire. CB6 2NS. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The finaneial S￿￿ementS have been prepared in accordance with the CharIt￿S SORP IFRS 1021- Accounting and Reporting by Charit*s: St*emenl of Recorr￿￿￿ded Pra¢ti¢e applicable to charities preparing their accounts in a¢¢ordan¢e with the Fiwicial Reporting Standard applicable in th6 UK and Republic of Ireland (FRS 1021 (effedNe 1 January 20191. the Financial Reporting Standard applicable ￿ the UK and Rewbk'c ol IrelarKI IFRS 1021 the Charities Act 2011. The financial statements haw been Prep￿ed *) gr￿ a Irue and fairf vi8w and have departed from the Charities {Ac¢ounls and Reports) Regulat￿nS 2008 onty to the extent required lo provide a Inje anty fairf view. This departure has irwoW foIcA￿"ng the Charrties SORP IFRS 102} pubkn'shed in October 2019 rather than the Accounting and Reportv)g by charit￿5. St*emenl of Re¢ommended PractKe effectNe from 1 Aprl 2005 whth has $nce been withdrawn. m￿hall.¥ Charity. Welney meets the dernit￿n of a p￿11¢ benefft enlty under FRS 102. Assets 8nd liab￿118$ are iniiiaty rec¢gnised at historical cost w transxtion value unless otherw8e sLqled in the relevant accounting policy. 22 GOING CONCERN The Trustees have assessed the Charitls fc*ecasl irKome and expentliture over the next 12 months. Based on this assessmenc the Trustees have a reasonable expectalion thal the Charity has adequate resources lo continue in cf)erat￿1al exK4ten¢e for the foreseeable future. For this reason, wntinue to adopt the gc4ng coKern basis in preparing the financial stalemenls. 2.3 INCOME Al income is Teccgnised once the Chanly has enl*lement to the income. it is probable that th8 income will be received and the arrthnt of income recepiable can be measured reliabty. 2.4 EXPENDITURE Expendtiure is re¢))gnised once there is a legal or construdwe obligalKJn to transfer economic benefrt to a third party. il 1$ PTobable that a transfer of ecoTh)Tr￿ benerrts will be required in settlement aNI the amount of the Obligatic￿ can be measured relk?bly. Expenditure is claSSrf￿ by actNty. The costs of each activty are made up of the totl of drect costs and shared costs. including support costs involved in uThYertaking e￿h xtiwty. D¥8ct costs attr￿U1ab￿ to a single aetivity are allocaled direct to that actiwty. Shared costs whKh contribute to more than one artNty ar￿ support costs wh￿b are not attributable to a single &tiwty are apportioned betsve8n those activilbes on a basis consistent wth the use of resources. Cth'3 fees and expenses are alloca*d cffl the basis of time spent. Expernliture on raisirvj funds indLths dl experwjiture incurred by the Charity to raise funds for its charlable pu￿OSe8 and Includ￿ costs assocwted with managing the agituStural l￿d. Downham Mathet residential propertw the COIF Chariti85 Irwostment Fund. Page11 ARSHALL'S CHARITY. WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACGOUNllNG POLICIES (CONTINUED) 2.4 EXPENDrruRE IcoNnNUEDI Expenditure on charrtable actI￿lIeS is irKurred M dreclly urKlertaking the a¢tivilie8 which further the ChBritys objecliw, as wel as any associated SUFVOrt cosls. Grants payaL￿e are charged in the year when the offw is made except in Ih05e cases wherg th8 offer 1$ conditional. such grants being recognised as expenditurg when the conditions attaching are fu￿lled. Grants offered subject to condrtions which have noi been met at the year end are noted as ¢crfnmitmenL but not accrued as expenditu￿. All expeThJiture is indusTrve d irrecoverable VAT. 2.5 INTEREST RECEIVABLE Interest on funds heki on deposit is in￿ded when receivable and the amount can be measured reliabty ty the Charity", th￿ 15 nethwlty notificatK)n of the interest pakl or payabla by the nstitulitin with whom tr￿ funds are deposited. 16 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangtjle fixed assets cosling £5CII or mors are cap1a￿Sed and rwni8ed when future aconomic benefrts are probabl8 and the cost or value of the asset can be measured reliably. Tangible fixed a8sets are n)lIal￿ rwnised at cost. After reCogn[t￿n. under tho revaluaton mcdel, tangfole Ilxed assets whose fair Yalue ¢an be measured reliably Shall be carib8d al a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated deprociation arKI subsequent accumulated impaimxnt losses. Revaluations are mad9 ¥Alh sufficient wulwity to 6n$ure that the carrying amount d06s not differ maleri815y fr(m that vthich be detenni*d using fatr Val￿ at the of the reporting dale. Fair valugs are detemiined from market-based evK*e by appraisal that is nomially undertaken by profess1r￿allY qUa￿fied valutrs. If there bs no mthet-based evhjencg of fair value bocause of the specialised nature of the tangible fixed asset rarety sold, except as part of a contributing business, th8 Charty may naed to eslHn*e fair using an income or depreciated replacement cost approach. Gains and losses on revaluab'on arn recognised ri tt)e Statement of Firban¢ial Activit￿, with separate revaiuation reseNe being shy*m in the Slatwnent of funds nots. DepreciatK>n is ¢harged so as to akncato the of I￿1b￿ fixed assets kas& t￿1r residuol valu& over Ih8ir estimated usefiJl1fr48s. using the str8yht4ne method. Dgprociation is wo¥kl8d on Ihe fokn¥ing bas Freeh¢Ad propwty Page 12 MARSHALLE CHARITY, WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES IcoKnNUEDI 2.7 INVESTMEMTS Fixed a88el inveslments are a fomi of fffiancial instmffth and are initialy r￿Qgnised al their Irans&tion cost arnl subsequently measured at fair value at the Balance Sheet dale. unless thg value cannot be measured reli8bty in which it i8 measured at cost less impairment. Investment gains and losses. whether realised or unrealised. are ec￿bined and presentad as 'GainsllLosses) on investrrnnts, n the stat￿ne￿ of Fupncral Acti¥ities. 2A DEBTORS Trade and other debtor8 are recognised at Ihe sd11eff￿ amount after any trade dtxounl offered. Prepayments are vaw at the amount prepakl net of anytr* d￿ctiJnts due. 2.9 CASH AT BANK AND IN HAND Cash at bank 41 hand irKludes cash and short4am) hwJhty IKiuid investments with a short maturity of three months or ￿$3 fr￿n the date of Wulsit￿ or opening oflhe dep05il cff sinil¥r accounL 110 UABILThIES Ligbilrties 8re recognised when there is an 0￿￿981￿1n at the Balan¢e Sheet date as a resuK of a past event, il is probable that a tr*sfer of economic benefft *ill be required in settlement, and the amount ol the settlement can be estimated T￿obty. Liabilrties are recognised at the amount that the Charity anticipates It ￿11 pay to seltle the debt or the amount it has received as advanced paymen15 for the goDds or services rt musi provide. 2.11 FINANCIAL INSTRUMENTS The Charity only has financial assets arbj ffianual of a kind that quah'fy as basic financial instruments. Bac financial instrunEnts are Ini￿lty reccgnised at Iransaclion value and subsequently measured at their settlement value wth the exceptw)n of bank which are $￿Sequenty measured al amortised cost using the effectNe interest methcé. 2.12 FUNO ACCOUNTING General funds are unresliirted fund$ a￿ aval￿b￿ for use al th? disuetion of the Trustees in fvrtherance of the general obj8Ctives of the Charity aThl which have not been designated for other pU￿0$e$. Designated funds cOMpr￿e unrestricted funds Ihal have been ￿ aside by the Trustees for particular purposes. The ovn and use of each designated fuThl is set out in the note$ to the fina￿la1 5tstemenls. Investment Income. gains and losses we avrtated b the appropriate fund. Page13 PWiSHALL% cHA￿Ty. WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2021 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates arwj judgement5 are evaluated ald are based on htstorvl experience and other factor5, inclLKling w￿￿tionS of frjlura everts that we belwed to bg reasonablg under the circumstance& Critical accounting estimate¥ assumptions: The Charlty makes estimates and assumpltons conceming the future. The resulting accounting eslMnat¢s and assumptions *ill, by definrtym, seklom equal the related aGtual resutts. The e8timate$ and assumptions that have a ￿gnificant risk of causiig a rnaterial adjustment to the carrying amount$ of assets and liabdiw ￿thIn the next discussed below. Valu8tlon of Inveslmentpropertles and almshouses The investment properties arKI almshouses have been professionally valued by Brown & Co. The valuation has been made in aCCOTdance wrth the RICS VaiuatM)n - Global Slandards and conwlios with Inlemational Valuation Standards and Ihe UK National SuppknanL Many as8uryIKJns have to be made when valuing the agricultL￿1 tand. residential propertie5 and aknshouses ¢)wned by the Charity. irKluding rental yigbjs and the condrtion of Ihe properties. At the end of the repo￿.ng pericd. the carrying valw L*these assets rnnted lo £2.297.$0012020: £2,025.8401. INCOME FROM CHARtfABLE ACTivmES Unle￿rIcted funds 2021 Total funds 2021 Total fvnds 2020 Tenant contribjlions Io•vards m￿ntenanCe of akn$houses 8.073 8.073 7.470 TOTAL 2020 7.470 7,470 Page 14 MARSHALL'S CHARITY, WELNEY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2021 INVESTMENT INCOME Unrnstrlcled nd$ 2021 Total fund$ 2021 Totsl fvnds 2020 Land income - Bells Drove Land income - Gold Hill Land income - Lady Fen H88ther Court Piebald Close CCLA interest 1.060 2.279 40.302 1,060 2,279 40,302 9,300 7,380 1.060 2.279 40.302 9,191 7.380 60,323 60,323 60,268 TOTAL 2020 60.268 60.268 OTHER INCOMING RESOURces Unrestrlcted fvnds 2021 Total nds 2021 Total funds 2020 Wayleaves 370 370 TOTAL 2020 Page 15 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME Unrostrkt funds Xi21 Total fvnds 2021 Totsl lunds 2020 Pi8bald C￿)$8 profe￿0￿￿ f885 Hgather Court professional feos Piebald Close repairs and maintenance Heathèr Court fewrs and maintfjnarKe Adverti&ng Clerk's fees Clerk's expenses Trustees. meetings Accountancy and examination fees Professional fees Insurance Land maiitenance ￿sts 1.088 1.600 76 1,088 930 1.371 76 1.414 160 1.414 150 1.124 1.776 251 32 384 1,420 361 20 337 1,000 2.982 366 2,312 20 337 1,000 2,982 2,312 13.791 13.791 8.010 TOTAL 2020 8,010 8.010 Page 16 MARSHALL'S CHARJTY, WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR The YEAR ENDED 31 DECEMBER 2021 ANALYSIS OF GRANTS GrnTts to Grants to Institutions Indlviduals 2021 2021 Total funds 2021 T¢Aal funds 2020 Granls. Support of p)or widows Grants. Support of Welney Church Grants, Support of inhabitants ofwelney 10.460 10.460 11,476 11,880 10.467 1,350 11.476 12,210 10,725 22.935 23,697 TOTAL 2020 11.817 11.880 23.697 The Charity has made material grants to 1nthuti￿$ during the year.. 2021 2020 NAME OF INSTITUTIOM Motor Neurone Disease Assocelion Lamb & Flag Welney Residents Users Group {RUGI ParochBI Church Council of the EccksHstKa Pwtsh ofwd 100 1.000 250 10,467 734 11,476 12,210 11.817 Page 17 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Summary by fund ty Unrnstrictod funds 2021 Totsl funds 2021 Total funds 2020 Provision and mainten*ee of almshtyjses Support of ￿Or wi¢kn Support ofwglney Church Support of inhabitants dwdney 17.240 10.991 12.007 1.s30 17.240 10,991 12,007 1,530 31.847 12,124 10.711 1,594 41.768 41.768 56,276 TOTAL 2020 56,276 56,276 1D. ANALYSIS OF ExpeNDITURE BY ACTNMES Actlvlues undertaken dlre¢ty Grant fundlng of •ctlvl¢i•s 2021 Support costs 2021 Total funds Totsl fund$ 2020 Provision and maintenance of almshouses Support of poor Supporl ofwelrw Church Support of inhabitants of Wdney 13.530 3.710 531 531 17,240 10,991 12.007 31,847 12,124 10.711 10.460 11,476 531 1.530 1.594 13.530 22,935 5,303 41,768 56,276 TOTAL 2020 30.135 23.697 56,276 Page 18 MARSHALL'S CHARiff, WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. ANALYSIS OF EXPENDTfuRE BY ACTIVMES (CONTINUED) ANALYSIS OF DIRECT COSTS Provlslon and m•lnienanct Total funds 2021 Total fvnds 2020 almshouses 2021 Depreciation Insuiance Almshouses water Almshouses repairs and mantenance Subgcripts'ons Council tax Inspections AtrnsPKJuses electrioty Aknshouses Careline 6.000 481 814 1.798 142 651 6,000 4,000 454 487 21.098 140 1,013 814 1.798 142 651 2.710 2.710 2,304 639 13.530 13,530 30,135 TOTAL 2020 30.135 30.135 P4e 19 IAARSHALL'S CHARITY. WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2021 10. ANALYSIS OF EXPENDMIRE BY ACTivmES IGOTrtllNUED) ANALYSIS OF SUPPORT COSTS Provlslon and maintenanu Support of Support of support of Welney inhabitants vAdows Church of Welnèy 2021 2021 Total funds 2021 Total funds 2020 alm$hous•s 2021 Clo￿8 fees Clerk's eyFenses Twstees, meetings A¢¢ountsncy and examinat*)n 1.711 14 245 245 245 1.776 251 235 337 33 7C 100 1t)O 1.000 Legal and profesSi￿la1 fees 150 150 150 1,600 3.710 531 531 531 5,303 TOTAL 2020 1.712 244 244 244 11. INDEPENDENT EXAmINE￿s REMUNERATIOM 2021 2020 Indep￿dent examination Fees payable to the Charitys independent exa￿Thr in rosped ot Preparation of financial statements 2,000 600 1.000 178 11 TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trusttés rec*ived any remur*rnbon or other b8nefrts {2020 - £NILI. ring the year ended 31 December 2021, expenses tota•'ng £341 were reimbursed or p*d directty to 1 Truslee 12020 - £Nil). The 8xponses reinbursed ¢NN)rised a Zo)rn video conferencing li¢ew and leavwig gifts for the depart¥ig defk. Pagè 20 MARSHALL'S CHARITY, WELNEY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2021 13. TANGIBLE FIXED ASSETS Almshousos VALUATION At 1 January 21y21 Revaluations 200,000 100,000 At 31 Derember 2021 300.000 At 1 January 2021 Charge for the year On revalued assets 4,000 6,1)00 {10,IXIo) At 31 De¢ember 2021 NET BOOK VALUE At 31 December 2021 300.000 At 31 December 2020 196.CQO The date of revaluation ￿ effective 31 December 2021. The valuation has been pfrrfom￿d by Brown & Co. The Valuati￿ has been made in ￿0rdarKe with RICS Valuation - Global Standards and c(xnph'es wlh Inlemational Vauatsn Standards and UK Nalional Supplement. The earryirvj aM￿ft1 urKier cosl rt￿de1 of the assets whth have been revalLTred wouhl have been £NIL 12020- £NILI. Page 21 AIARSHALL'S CHARITY, WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. INVESTMENT PROPERTY Land and rosidentlal propety VALUATION At 1 January 2021 S￿￿lus on reVa￿allOn 1,829.840 167,660 Al 31 December2021 1.997.$00 The valuation has been perfonY*d by Brrhvn & Co. The valuation has been made in accordance wth the RICS Vduation - Gk4)al s￿dards and compligs wilh Intemation81 Valuation sL￿dards and the UK National SuP￿eM￿t. 15. FIXED ASSET INVESTMENTS Llst•d Invostm•nts VALUATION At1 January 2021 Additions Revaluations 663,776 116,871 AT 31 DECEMBER 2021 779,946 16. DEBTORS 2021 2020 DUE AFTER MORE THAN ONE YEAR Other dgblors 3.000 4,000 Page 22 MARSHALL'S CHARITY, WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DE¢EMBeR 2021 16. DE8TORS (CONTINUED) 2021 2020 DUE WITHIN ONE YEAR Trade debtor¥ PrepayThents and a¢¢r￿d irton 331 871 537 1,068 1,202 Other debtors due after more than one year represents a k)an to Welney Parish CourKI to fund a new footpath. The or¥nal loan ary￿nted to £7.000. Annual repaym￿1$ are £1.fy)O. The ban is inlerest free. 17. CREDITORS: AMOUNTS FALUNG DUE IThIN ONE YEAR 2021 2020 Tradè creditors A¢¢rual$ and deferred llicom 142 14.388 19,446 19,849 14.530 2021 2020 Deferred incryne at 1 January 2021 Resources deferred during the yew Amounls relgased fr(yn p￿iOUS per￿d$ 13.222 13,222 113.2221 13,207 13,222 {13.2071 13.222 13.222 Deferred income represents way￿e8 and inNtttment property rental income received in athance. Page 23 IARSHALLE CHARITY. WELNEY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2021 18. STATEMENT OF FUNDS STATEMEKf OF FUNDS. CURRENT YEAR Balance at 31 Galn¥l Decfjmber (Losses} 2021 8alan¢e at I January 2021 Transfers inlout Income Expendlturn UNRESTRICTED FUNDS DESIGNATED FUNDS Cydical Maintenance Fund E*lraordinary Repair Fund Widows Fund Church Fund PublK Purpose Furyj 51A12 {11.890 3,1)00 42,522 300 10,947 10,947 300 27,021 10.947 26.534 11,476 (10A60) 111 A761 40,539 1999) 10.947 50,487 129.961 (34.B25) 36,141 131,277 GENERAL FUNDS General Fund Revalual*)n Reserve 1603,453 68.768 120,734) 136,141) 283.531 2.898,875 110.000 110,000 2.603A53 68,766 120,734) 136,141} 393,531 3.008,875 TOTAL UNRESTrICT ED FUNDS 1733,414 68,766 ($6.S59> 393,531 3,140,152 Pag8 24 MARSHALL'S CHARITY, WELNEY NOTES TO THE ANANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. STATEMENT OF FUNDS ICONTINUED STATEMENT OF FUNDS- PRII)R YEAR Ba18rte at 31 Balance al l January 2020 Transfers inl(x Gavisl {Lossesl December 2020 Ineilwts of the parksh of Welney. transfer to tro's fund equates lo one4hsrd of surF4L8 Inecffie gwrated durmg the account419 period. 19. SUMIAARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balan￿ at 31 GaIn￿ Do¢¢mber ILosses} 2021 Balance at 1 January 2021 Transfers Irblout Designated funds General funds 129,961 2N3N53 13U25 (20,734 36.141 136.141) 131,277 3,008,875 393.531 2.733N14 68,766 165.6691 393,531 3.140.162 Page 26 MARSHALL% CHARITY, WELNEY NOTES TO THE FINANCIAL STATEMEIITS FOR ThE YEAR ENDED 31 DECEMBER 2021 19. SUMMARY OF FUNDS (CONTIKUED) SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 Gainsl December IL¢)sse81 2020 Balance al 1 January 2020 Ttan5fers inlout DesIgr￿ted funds General funds 125.369 2.544.9)3 (50.280) (14.C•)5) 54.872 (54.872) 129.%1 2,603.4S3 68.101 59,326 2.670.272 68.101 (64.285) 59,326 2.733.414 RECONCIUATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPEIiATING ACTIVITIES 2021 2020 Net income for the year las per Statement d Fk7and￿ Acti¥ities} 298,738 63,142 ADJUSTMENTS FOR: Gain on Isled investments Gain on invesknent propety Rentsl in¢¢me from investments Dep￿latiOn Decrease ￿ debtors Increase in creditc*s (115,871) (167,660) (60.323) 6.000 (59,326) (60,268) 4.000 918 23 5,319 NET CASH USED IN OPERATING ACTivmES 134.6631 (51,5111 21. ANALYS18 OF CASH AND CASH EoulliALENTS 2021 2020 Cash in hand 78,487 53.127 TOTAL CASH AND CASH EQUNALENTS 78,487 53,127 Page 27 MARSHALL'S CHARITY. WELNEY NOTÉS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 22. ANALYSIS OF CHANGES IN NEr oeBT Atl January 2021 Cash flows At31 Dècembor 2021 Cash at bank and in hand 53,127 26,360 78,487 51127 25,360 78887 23. RELATED PARTY TRANSACTIONS Thére were no reLqted party t￿sact￿$ during the >tar (2020-. £niD. Page 28