THOMAS PARSONS CHARITY Registored Charlty number 202634 Report and Financial Statements forthe year ended 30 June 2021 THOMAS PARSONS CHARITY Contents Year ended 30 June 2021 Page Chairty Parkn￿larS Gov8mors' Annual Report 3to4 stateTnent ol Govemor5' Responsbi ilities Auditorfs Rep￿tt to Govemors 6107 ststement of Financial Adiwbes Balance Sheet Notes lo the Accounts 10t016 THOMAS PARSONS CHARITY Charity Particulars Year 8nded 30 June 2021 Govern¢xs: The Lord &shop ofEty The Dean of Ety The Archdeacon of HLmtingdon & ￿$b￿h (coverfTrJ Ety) R B Bamf(Yd (retired 8 JaThJary 20211 D J Brand- Charm MTS A Broathurst R F Clasby- Chaim Mrs S M ￿ndSaY AA D MoTbey R O set￿￿1- Treagjr J M Smith M D Stubbins Clarks to the Governorn: W¥d Gethin Ltd Superintondert Jmoo Gowrnors, Rècel¥ws: Messrs. Cheffins Secretsry: J Thwogc(*J Corrgspondanco Athss: Archer H Market Place Ely Cambs C87 4QN Prfnclpal Bankevs: Barclw Bank p AudltoTr: F>rKe Bailey LLP hartered A¢countsnts and Stat(rtcryAuditors Tenny50n House carn￿1dge &tsir£ss Park Carnbridge CB4 OWZ Charlty number. 202634 THOMAS PARSONS CHARITY Governors. Annual Report Year ended 30 June 2021 The Governor3 present their rewt and audth1 ￿niS yearen(kd 30 J￿e 2021. Charity Objects Th¢ Chartywa5 orpinalty e5ta)li5hed in 1497 ￿ under a myal eh•rterdakde January 1634. Th• objects el the clwty to appty the income as follobs". to ttre costs of all ¢harge$ and oub3oing5 payabje tn respect of the ch*Ws prop•rti•s. to the benelrt oflhe almspeOp￿ ofthe charity or oftfw in such rrsanner as the Govemots think r foT such Gharitable purposes for the general ber￿fft of of thg foTher urban dithct (rfthe CITr OF Ety Icornpr¢in9 the vilL•Jes of Queen A￿e￿Ide, Pridtwilb)w. Stunlrw and Chetttshaml as the Governors think fit. tothe proFef costs. charges aThl eynses ofand I￿81t0 adminkstraticn managem8nt ofthe chartty. Th9 Govornors ha￿ COns￿￿ere￿ the Charity C￿mIlss￿?n'S guthncè t￿ tkgnefit, aTrJ thoy cgnshlerthat the charity 15 fuwilling its Obl￿tiOnS in this respect by a¢h￿VIr￿9 the above obiectNes. Charity Gowman¢e Code The seven prinGyles that make up thi5 code.. c*ganisatTh)al purpose, knatsrsh1￿ integrity. ¢JEcision making risk and o)ntrol. board effeGtivene5& dNersty. openness and aceountsblfjty, have al teen consideted by ihe Govemors who wer8 sabsfitd that the charsty these pri￿p￿s. Organlsatlon Thè charty rènts out its Investsnent assets comprising rnainly of fand lo eam incomefor the fLftherJn¢e ¢1 its objects. The residents in thè aln%heus•s at Thomas Parsons Squa￿, Barnlord House and Deacons L2ne bLmgalows also makè ￿￿tribUt￿)n$, though, as the provBion ￿SuCh property is p*tof tho otfjects ol Ihe ch*ity. market rent is notcharg8d. Th8 Governor5 who 5etved dwg Ihe are detsI￿d on page Z IncbJ¢kng ￿ ANWI General Kknting. the Govemors meet fwr èach yaar Flus on twuent c¢wions in to sut￿COmntrdee* All •xp•ndrtwe is fulty approved tef(Ke teu¥J undertaken. Gov•mor inductlon and tralnlng New Goverrvjrs ar• se*•d from ￿ l¢xal communty. only rf tty have relevant experience and ski15 to efftab￿ thèm to mak• a COntr￿Ution to the admlnlstrailon of the Charity. Tlw are irderviewed and, ir they are willing to be appointèd, thèy alè formalty proposeil and seconded for wointment at a Govemtys. meetng. No lomia5 traIThr￿ is gNen to new Govar￿S butth&y ara bri&f8d thoroughty as to the charitys Despite the pandernic durirvJ Ihe year Ihe has been able ￿ gJcttssfLlly continue its rLmning of the alm5￿u5eS. and other charitable objedives. ¢>)vernDrs' meetings have cOntin￿d a￿e￿LY0 200m. The builthg of the aimshow woc*ded quKkerthan eyp*ted aNI 1he proied was Cumpk￿•d ni OctrtJer2021. £1,3M654 has been Spent on the prc¥ect up to 30 June 2021 e>p8TrJthrp StyLCti yearen41 to ¢])mptete the projèct is a furth•r £412,368. Ltsing the year Ihg rhanty aclmeved a surplus its untsstr**d furth of £99.18312020 - £143,519). Thg unre5trthd funds, balance ai 30 2021 wa5 £973.41212020 £874.2291. The value Df the chariWs inve5trn8nts inctsasod in the yearby£309234 (2020 £21.4401. In addrfiDn advlsers have been aye to negotiate tho finJ balan￿ due on the ￿mPULS0ry sal& of L3TrJ in 2018 at E64,800, an increase of £54,600 overth8 original estimat The pennar*nt endownRn¢ fund$ at the )p8f•end £11.371,954 (2020 £11,CQ7,9201. Reserves Policy N¢yrnd recurring can rnel by exF*ct•J I￿rne ofthe charrfy. but lfve ¢hariW$ 8lm5hou5es ate in constant need of repair. rerK)vation and modemi5ation. The Governors o)nskJer that ¥eser¥w of ot Jè4st ￿C￿.000 ar& awropriate for suth Conti￿enc￿$. At30 June 2￿1 reserves wer8 £973.412. THOMAS PARSONS CHARITY Governors, Annual Report- contlnued Year ended 30 June 2021 Risk mana9ement The Govemors have exaninEd fhe prinupal areas ol the tharity'6 oparaticjns and Cons￿er0d the maior risks fac&d in each of Ihese area& In the oplnlon of the GovErnor5. th8 charity has established the resources aNJ revlew systthns which. under noThal circumstances, 8houlLI allowthese risks to be mitigatéd to an acceptable level in it8 day to day oper8tlon& K•y Rl$ks The prInc￿31 ri$k$ fa¢¢d by the Ch8rily are flnandal risks Con￿MI[vd the loss of incorrE and unforeseen exceptional expenditure. Claims for h•afth and safety failures and major Incidents. e.g. fire. re5ulliry in alrnshou$g5 becoming unl￿•bItable. Contlng8ncy plans are kn placo kn tèmporarily rehouse reS￿ents. Inv•stmont Policy The Governors Intend that the real valuè Df Ihè charitys assets shoukl bè maintslned and enhanced over the long term by irwestment in a portfoliD comprised of freehold and leasehokl land. equities, fL¥ed incom• Stoeks. dapesits in recognised funds and cash. prowded that they woulLI not wish to con5id8r Ihe $81? of any land without very good reason which mtght include exchanging land to irnprove holdings frDFn the a5pecI ol good e5tatg management. In order to meet these Object￿&s. the Govemow5 have appointed Messr3 Cheffffj8 as their rece￿*r$ and agènts to rnanage a diversified portfolio of land on an advisory ￿￿18. Wlth rEgard to other invgStment8, the Gcvernor8 have selectsd a bdanced inve5tmpnt objective with low OT medium and have so instruet•d CCLA Investmènt Management Ltd, who administer5 the COIF Investment and Deposil funds. Dwing the year the Govemors dècided that the Quitter che￿01 portfolb bg rgalk%èd in ¢r4¢r to finance the new almshouses development. The proportion of assets Inv6st•d In land. eqyiti¢8, fixed in￿rne stoths and deposits togethgr with cash b￿an￿8 are kept under review. Plang for the futurè As •xpected Ihè new almshouses buitt In Deacons Lane, Ely were COTTpIEted in October2021. Th? ￿$ts In￿rred to 20 June 2021 are shown in note 7 wfth the final balance shown as a capital commitment In note 18. Th? ￿￿id￿nts In Thomas Pawns Squaw moved into the new aknshou58s a5 Soon as they were ready, newdation8 are In an advanced state to re￿ tha vacated P￿miSes. Fundrdi$ing Th8 Charity understands ils duty to protaet th& public. including Vulnerab￿ people, from unreasonably intrusive or per5181enl fundrar5ing approarhes. and undue pressur• to donatè but does nol currently fundraise from the pubfic or use any internal fundr8i5ers or external fundraising agenel•s for eithèr 1818phon8 or face to f8ce c2rnpavJns and re￿iVed no fundraisir*J cL)mplalnts during the year. stst•mÉnt of dlsclosur8 to audltors In 80 far as Ihe Governor8 ar8 aware there is no Televant audit InfDmiation al which the charity's aud(Lcrs are unaware. and t￿ Gov8rn¢rs have t8ken all steps that they Dught to nave taken to tnake thernse￿e5 aware Df any ￿lev￿nt au(It info￿at￿)n and to establlsh thal Ihè charity's auditors are aware of that irformation. Auditorn It wll be proposed at thè annual g8n8ral r￿￿ting that Prke Balley LLP bg re-8ppoknted as audilers tor 2021122. s￿￿ed on behaw ofthe Govemor5'. Seuetsry Date= 14 January 2022 THOMAS PARSONS CHARITY statement of Governors, Responsibilities Year ended 30 June 2021 Governorn, responslbllltles for the financial 5tatemevts The GovernoTS are responsible for preparing the Govemors, Report arKI the financial Statements in accordance wilh applicable law and United lfjngdom Accounting StaThJards (United Kngd¢)m generally Accepted Accounting Practice). The law applicable to charbties ￿ England arnl Waes reqwre5 the Govemors to wepare fnancial statements for e￿h financial year whSch give a true and fair wew of the state of affairs of Ihe chaTily and of the incorning resources and application of resources of the charity for that pertcxd. In preparing these financial statements, the Govemors are required to.. select ￿￿table a¢¢￿ting pc4K(es then aPF4y them cortsistenty. observe the methods and prinuples in the Charittes SORP 2019 IFRS 102): make judgements and estimates that are reasonabbe and prudent.. state whethef appliCa￿e accounting stsndards have been followed. subject to any material departufts disclosed and explained in the financial st*menls prepare the financial statements the going con￿￿ basls unless it is inaptxopriale to presume that the charity will continue n operation. The GOvern￿S are re5F>onsble for kee￿ng woper accwrting records that disclose wth reasonabl8 ￿CuracY al any lime the fmancial posilton of the ch*ity and erraNe them to ensure that the firAncial stalements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable 5tpps ft¥r the txevenlion and detection of fraud and other irregularibes. - 6 - ## **Independent Auditor’s Report to the Governors of Thomas Parsons Charity** ## **Opinion** We have audited the financial statements of Thomas Parsons Charity (the ‘charity’) for the year ended 30 June 2021 which comprise the statement of financial activity, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 30 June 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the governors’ with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the governors’ annual report, other than the financial statements and our auditor’s report thereon. The governors’ are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the governors’ report; or - the charity has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of governors** As explained more fully in the governors’ responsibilities statement, set out on page 5, the governors’ are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors’ determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors’ are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors’ either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144[3] of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included employment law, financial reporting and health & safety. - 7 - The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions. - We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions. - We reviewed minutes of members’ Board meetings and agreed the financial statement disclosures to underlying supporting documentation. - We have made enquiries of management and officers of the charity regarding laws and regulations applicable to the organisation and we reviewed the risk management processes and procedures in place including a review of the Risk Register. - • We have reviewed any correspondence with the Charity Commision and reviewed the procedures in place for the reporting of incidents to the members’ Board including serious incident reporting of any such matters if necessary. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-sresponsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Use of our report** This report is made solely to the charity’s governors’, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s governors’ 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 the charity’s governors’ as a body, for our audit work, for this report, or for the opinions we have formed. Price Bailey LLP Chartered Accountants and Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ Dated: 2022 24 March Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. THOMAS PARSONS CHARITY Statement of Financial Activities Year ended 30 June 2021 Unre5trlcted Pennanent Funds Endowment 2021 Total 2020 Totsl Note Income fr￿n. Investments 236,231 81,320 317,551 236,231 81,320 317,551 250,769 60,138 330,897 Charitable aGtlvllles Total Incomo Expondlture on: Raising funds Charitable aclivilles 65,351 153,017 218,368 65,351 153,017 218,368 70,664 116,714 187,378 Total expendlture Net gain5 Qn investments Net deficit on revaluation of property Proceeds of grant of easement Additional proceeds from 2018 land sale Not income I lexpenditurel for tho year b8lng not mov8m&nt in funds 309,234 309,234 21,440 1375,348) 10,000 54,800 54.800 99.183 3H034 461217 1200.389) Raconclliation of funds: Total funds brought forvrdrd Total tund5 carrled for•rnrd 874,229 973,412 11,007,920 11,882.149 11,371,954 12,3￿366 12,082,538 11,882,149 All Income and expenditure derfve from continuing a¢ltvilies. The stslèmenl of flnanclal actI￿lIeS Includes all gains and losses recognised during the year. Thp notes on pages 10 10 16 form part of these accounts THOMAS PARSONS CHARITY Balance Sheet At 30 June 2021 2021 2020 Note FIX￿ Assets Inve4ments- propety Investments- shares 9,181,029 2,293,956 7,890,000 2,987,237 11.474.985 10.857,237 Current Assets Debtors Cash at bank 81,263 942,498 1.D23,761 30,258 1,034,014 1.064.272 Current Llablllties cr￿ltorS (amount5 falllng due within 1 yearl 11 153.380 39,360 Not Current Assèts 870,381 1,024,912 Net Assets 12.345,366 11,882,149 Funds of the Charity Unrestricted funds Permanent endowment 13 973.412 11,371,964 874,229 11,OD7,920 12.3￿366 11.882.149 The finarKlal statements were approved by the Board of Goveinors on 14 January 2022 and signed on their bèhalf by.. D J Brand jchairmanj etchell (Treasurer) The note5 on pages 10 10 16 forni part ofthese accounts THOMAS PARSONS CHARITY 10- Notes to the Accourrts Year ended 30 June 2021 1. AGcouDtlng Pdlclos a. Ba61s of Ac¢ountlng The charity constitutes a public benefft entity as defined by FRS 102. The financial statements have been prepared in accordance wlh A¢￿untIng and Reporting by Charibe5.' Ststement of Recommended PTrctice appllcable lo chariiies preparing their accounts in accordance *ith the Finar￿la1 Reportlng Standard appbcabl& In th8 UK and Repu￿* of Ireland {FRS 102) issued In October 2019. the Chafitiès Act 2011, and UK Genérally Accepted Pracllce as11 applles from 1 January 2019. The fin￿cIal slatemenls have been prepared to g￿e a and falrf vlew and have depwted from tho Charltles {Account5 and Report51 Regulations 2008 onty lo thè extent Tequlred lo provldè a 'lrue and fair vlew. Th18 departure has involved fcllowng Accounting and Reporting by Charities preparing their accounts In accordance wlth the Fln8ncial Reportkng Standard applicabfe in the UK and Repub16c of Ireland (FRS 10211s8ued In Ocltsber 2019 rather than Accowting and ReporliTrJ by Charitl63: ￿ement of Recommended Pracuce effecllve from 1 April 2LWJ5 has since been wlhdrwi. The flnandal statements are prepared under the hlstorical cost conventlon. modlfied to Includè certaln Items al falr volue. The financial statements ¥e prepared in 5terlirvJ thlch Is ts functional currency of Ihe Charity. The gnltlcanl accounting policleg applied in thè preparal¢on of thèsè financial statements aré Sèt tsut below. Thesè pd¢cies have been conslstenlly ap￿led to years presented un1888 otherv•ise stated. b. Incom• All inex>me 58 hcludail In the &alement of Fknanclal ActkAIié8 (SOFA) %then tha Charity 18 legally entttled to th¢ tncome after any perf0m￿nCe condltlons have been rr£t. the amount can be me88ured rellably and It IB probable that th• Income Yill be received. Income Is th¢ 8mount d¢riv¢d from of swvi¢18. r￿1$ and inveslm•nt In¢omè 18lllng ￿￿thIn the ch¥lty'8 prfrK*al ￿￿￿1106, recognlsed on an acwals bas16. ¢. expgndltUT• Al •xp•ndrture is accounted for on an acuuats basis aTvJ has been classffied under headiNJs that aggrègate 811 costs related to the categw. E%pendiluR i8 fecowised there Is a legal or con8truclfve obllgallon lo make payments to third partles. it Is probable that the settle￿*￿1 wll be rwulred and thè amount of the oblIga￿On can be measured rellably. It Is categori5ed under the folbwing headuw5: Costs of raising funds InclLKles SLPPOrt Costs for the manwmenl of the Investment p￿￿0110. fiJnd- r8lslng and event organi5ation', ExperKtllure ￿ charftatle acti￿tres inclLrde¥ grants made. g0vWna￿e C￿18 8fKI an apportborwnent of 8UPPOrt costs. Gr8nl8 payable lo tlird partles are vithln the charitable otyectNes. Where uncondrtional grantg are offered. this is accrued as seon as the redpient ts rK•lified of the grant, as this gives rlse lo a reasonable expectstlon that the reclplenl receNe the gr￿1& Where grants are condilKJnal rejatlng to perfomiance. the grant 19 only accrued when any UTrfulffilled Cond￿1{￿}8 a￿ outslde the corrtrrA ofttE charity. THOMAS PARSONS CHARITY Notes to the Accounts Year ended 30 June 2021 l. Accountlng Pollclos {contlnuedl d. Tanglble flxed assets No depreciation h89 been prO￿d￿d on th8 IrèehDld investment properties. Thls treatment IB depmed 8￿p￿ble as the properties are held for Investment purposes and are accordingly slated at open market value. The properties were profe88ion8lly valued al 30 June 2020 8nd unlass material changes In their value occurs they will be profes8lonally valued every S years and subject to trustees, valuation In intervening ye8rg.. Expenditure In th8 Intervenlng years 18 Included al G05t. Propertles which are central to the obje¢tive8 ol the Charity have been Included In the a￿ount￿ at opèn market value bul because they are designated as almshousas and are gublect lo the con3tralnls of the Schem& lor the Charity, they are considered lo be a potential liability and have a nll value. The cost ot properti8s has not bean inclLtded the accounts because for many propertieB1118 unkn0￿M and V•ruld have been fully dèpreciated du• to thè length of Ime these propertles have been held. Investments Investments are a form of ba8lc finanGlal inBtrumenl and are initially recogni8ed at their cost and gubs8qU8nlly m8a&ured at their fair value as at the baLance sheèt date u8lng the closlng quoted market prlce. The Stslemenl of financial acllvilles includes the nel galns and losses arlslng on revaluation and disposals throughout the year. The haTily doe¥ rK)t 4rwire pul oplions, derivatives or other complex financial inslrurnèr)Is. Tha maln form of flnanclal risk faced by the charlly 18 that of volalilily in equity markets and inv681ment m8rket8 due lo vAder economlc conélllon8, the atlllude of Investors to Investment rfsk, 8nd thanges in senllment concgmlng equ￿188. f. Fund a¢G¢untlng General funds ar¢ unreslricled funds which are available for use at the dlscretlon ol the govemor8 In furtherance of the genera5 oblectlves ol the charity and which have not been deslgnated for other purposes. Endowment fund8 represent those asset$ thlch mu8t be held permanently by th• eharlty, prlnclpaly investrnenls. Incoma arislng on th8 endowment funds can bè used in accordance with the obleGls of the ¢harfly and is included as unre8tricled Income. Any capllal galns or105se5 aTisln9 on the inve¥lment8 form part of the fund, Investment income. gains and losses are allocated lo tho appropriate fund. g. Debtor# Prepayments 8re valued al the amount prepaid net of any trade discounts due. Accrued Income 18 InC￿ded at the best e81imate of the amoun18 receivable al the bo18nce 8heel dale. Other debtor8 arè recognlsed at the settlement amount due. h. Cash and cash equlvalont8 ash al bank inGludes cash hold in current and deposlt accounts. l. Credltor5 CredSlors are recognl8ed where the Ghorily has a pre3enl obligation resuking frorn a past •v•n that will probably resuk in a payment to a third party and the amount due to settle the obligation can be measured or e$titY8t¢d reliably. Credllors are normally Tecogni$ed at their setuemenl amount. FlnRnclal Instrumerrt9 The Charity only has financial assets and financial liabllilles of a klnd that quallfy a$ baslG financial instruments. Baslc financlal Instruments are initlally recognised al cost and Bubsequenuy measured al their settlement value. Fixed assets ar8 record8d al rnarket value and all other a55e15 and liabilities are recorded al cost which is their falr value. Detail$ of the c¢sl of investments and unrealised galns are dlsclosed In note 8. THOMAS PARSONS CHARITY 12- Notes to the Accounts Year ended 30 June 2021 2021 2020 2. IncorTro from Invostments Rental income DI￿dendS from COIF income units Diwdends and interest from Qullter Chevitst investment portfol Interest from cash deposits 172.042 $8,590 5,052 547 172,017 46.298 27,011 5,433 236,231 250.7S9 All relate to unrestrtcted funds In both years Incoma from Charitable Actlvltles Contrfbutlons by almshouses. residents 81.320 80,138 I rolate lo unrestdcted funds In both years 4L Cost of Ralslng Funds Investrnenl management costs.. Land expenses House expenses Alotmenl rent. maintenance & legal fees ReceNerfs fees and expenses Investment manager's & 8dviger's fees Insurance 4,375 5.066 1,082 40,160 2,869 11.799 689 1,727 3,148 34,054 19.065 11,981 65,351 70,664 All relate to unregtricted funds in both years CharJtsbl& Actlvltles Almshouses- utilities 8nd repalrs Grants Inoto 61 To institutions To Individuals Support and govemance costs.. Salaries Pènsian contributlons Clerk'5 fees Leg81 & consultancy fees Auditor's remuneration Other expenses 98.278 87.558 10.000 1,50Q 4,151 1,79D 20.SOO 615 17,010 468 2.940 1.706 153,017 20,004 60D 17,010 1,884 2.010 1.707 116,714 Atl ￿late to unrestricted funds In both years rmring the year, no Governor received nor Wa￿e￿ any remuneratlun, benefits or expenses (2020 £N￿l. The average number of employees (all part time) was 112020 11. No employees had emoluments in excess of £60,00012020 Nill. The charity considers that there are no key management personnel other Ihan the Govemors U￿MSelveS. THOMAS PARSONS CHARITY 13- Notes to the Accounts Year ended 30 June 2021 6. Grants 2021 2020 Grants to instilulions.. Ety Museum Edu¢*ion Fl￿d- to provide courses for Icul sthols Cogwheel Counselling- Counselfjng seNces f(K on low incomes Centre 33- Counselling and other SUPr￿rt for yourwJ pecyle Happy Days 4espite brea( theatre visit Ety ￿ght￿)Use Centre-tc assist distributi￿ of food I￿*XeS during pandemic Ety Foodbank-to assist OPerati￿]S during Fqndemic 5.000 iooo 3.000 151 2,OOD 2,000 4,151 10,DOO Grants to in¢fNiduals- Number of iNJividuals to *htKJm g￿ts ￿Ere made 1,SOO 1,790 7. TangNe Fixed Assets Invèstment Property Total 2020 Almshou$es Freehold land & bulldlngs At 1 July 2020 Expenditure 77.625 1.291,029 7.812.375 7.890,000 1,291,029 At 30 June 2021 1,368,654 7,812,375 9,181,029 Investn*nt prO￿rty Total 2019 Alm51￿u$es Freehold land & bulldlngs At 1 July 2019 Deficit on revaluation Expenditure 34,909 8.187.723 8.222,632 1375,348) 1375.348) 42.716 42,716 At 30 June 2W20 77,625 7,812.375 7,890.000 The woperties YRre wofessic￿1ty revakled at 30 June 2020 ty Cheffins, an in¢*endent firm of Chartered Surveyors and Estsle Agent& The properties used for ¢h81it*e purposes are desNJnated almshouses and as they are subject to the constraints of the scheme for the charity, they are cons*Jered lo be a potential liability and therefore have a nil value. It is Th)t poss*le to disclose hiSt￿tea1 cas￿ MLk* of the propety was acquire(I many years ago when formal accounting records were probably not reqll￿ arKI are not avadable now. and costs by today's Standards would be mlniscule. Some properties may have been obl•ned by gift ¢)r exchange. THOMAS PARSONS CHARITY 14- Notes to the Accounts Year ended 30 June 2021 8. Fixed Asset Invgstments Open Market Valuallon 2021 Cost 2021 2020 2020 At 1 July 2020 Further inve51menl Eispos81 proceeds Increase in market valu& Gain on disposal 2,181.618 500,000 {1,267,6601 2.161,618 2,967,237 500.000 11,482,515) 309,234 2,945,797 71,472 2,293,956 3,017,269 100,0321 Movemenl In cash At 30 June 2021 2,181,618 2,181.618 2.293,956 2,967.237 2021 2020 Investments at fair market value comprise.. COIF Charities Investmant Fund income unlts UK equltles Overseas equities UK fixed interest securities Oversea5 fixed interest securities Hedge l absolute retum funds Cash 2,293,956 1,513,447 400,657 476,288 252,836 70.328 229,534 24,167 2,293,956 2,967,237 9. Debtors Prepaymen15 and accrued income Proceeds from 2018 land sale Rent kn arrears 3.452 64.800 13.011 7.645 10.000 12.613 81,263 30,258 1￿ Cash at Bank Bank accounts Deposk accounts 661,498 281.￿0 92,976 941,038 942,498 1,034,014 THOMAS PARSONS CHARITY 15- Notes to the Accounts Year ended 30 June 2021 2021 2020 11. Cr8dltor5 Rents received in advance (deferred income note 121 New development expendlbj other creditors & accruals 27,741 116,580 9,059 27.881 11.479 153.380 39,360 12. Deferred Income At 1 July 2020 27.881 27.879 Amount released to Stslemenl of Financial Activities Amount5 deferred in year 127.881) 27.741 127,879) 27.881 At 30 June 2021 27.741 27,881 13. Fund Reconclllatlon Balance at 30 Junè 2021 Curmnt Y Balance at 1 July 2020 Income Expendlture Galns Pemianenl Endowment 11.007,920 Unrestricted Fund 874,229 364,Q34 11.371.954 973,412 317.551 1218,368) 11,882.149 317.SS1 {218.368) 361034 12.345.366 Balance at JO Jun8 2020 Prior Year Balance at 1 July 2019 Income EX￿ndit￿re Not deficits Permanent Endowment 11.351,826 Unrestricted Fund 730,710 {343.908) 11,007,920 874,229 330,897 {187,3781 12,082,538 330,897 1187.3781 1343.908) 11.882,149 14. Analysis of Net Assets betweBn Funds Unrestri¢ted Fund5 Pemianont Endowment Total 2021 Investments Debtors Bank Greditors 558,218 15.463 435,531 136,800) 10.916,767 64,800 506,967 1116,5801 11.474,98S 81,263 942,498 {153,380) Total Net Assets gn,412 11,371,954 12,345,286 THOMAS PARSONS CHARITY 16- Notes to the Accounls Year ended 30 June 2020 14. Analysls of Not Assots botwoon Funds Unr•$trlGtod Fund5 Permanent EndDv¥mpnt 2020 Total Investments Debtor5 Bank CrEdltor8 10,857.237 10,000 140,683 10,857,237 30.258 1,034,014 {39.3601 20,258 893,331 139,3601 Total Net Ass?ts 874,229 11,007,920 11,882.149 15. Related Partles Dur)ng the y•ar the charlty rented prop•rty to King'¥ Ely for £807 (2020- £80718nd r￿ted the Church Comml8slonerg allolmenl14nd for £750 {2020 - £7501. The Very Reverend M Bonney, Dean ol Ely,18 a govèmor of Kkng's Ely and also 8 Church Comm1s61oner. There were no further related party Iransactlons. 16. Capltsl Commltment The expendlture Incurred slnce the year end to complete the bulldlng of the new almshouses15 £412,368.