Charity number: 203943 READING DISPENSARY TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
READING DISPENSARY TRUST CONTENTS Page Reference and adrninistrative details of the charity, its Trustees and advisers Trustees. report Sources of application Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements
READING DISPENSARY TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees Mrs J Turton Mrs J Wignall, WI Chair Mr T V Lynch, Treasurer Mr D Horne, Chair Mrs M Vale Mr F Read Mrs C Bennett Mr W Ware Mrs A Ballard Cllr. R Williams, Nominative Trustee Reading Borough Council Charity registered number 203943 Principal office 16 Wokingham Road Reading Berkshire RG6 1JQ Secretary Ms M Osborne Accountants James Cowper Kreston Chartered Accountants Reading Bridge House George Street Reading Berkshire RG18LS Bankers Lloyds Bank plc 25 Broad Street Reading RG12BT Stockbrokers Redmayne Bentley LLP Market Place House 43 Market Place Henley-on-Thames RG9 2AA Insurance Brokers Marsh Commercial Casllemead Lower Castle Street Bristol BS13AG Page 1
READING DISPENSARY TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their Annual Report together with the audited financial statements of Reading Dispensary Trust for the year ended 31 December 2021. The Trustees confirm that the Annual Report and the financial statements of the charity comply with the current statutory requirements, the requirements of the governing document, the Charities Act 2011, the 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 October 2019).
Objectives and activities for the public benefit
by the constitution. Grants are given for equipment and services not available through statutory sources to those suffering from physical and mental illness or disability, living within a seven mile radius of the centre of Reading. Applications are received via caring organisations, charities, local councils, NHS departments, Citizens Advice etc. A list of sources of applications is attached.
Grant-making policy
Applications are very varied, including requests for household items - fridges, washing machines, as well as contributions to more expensive items such as carpet and motorized wheelchairs, amongst others. All applications need to comply with the objects of the Charity for a grant to be given. The more unusual grants given in the year ending 2021 have been arts and craft sessions, hydrotherapy sessions, driving lessons. Applications are assessed on a monthly basis by a sub-committee of three members of the Trust. The pandemic has not affected the work of the charity. The Trust will try to respond to applications as quickly as possible and urgent requests can be dealt with on a faster basis. Any applications over £500.00 are taken to the quarterly Trust meeting for approval.
Achievement and performance review
In response to the Covid-19 pandemic in March 2020, the Trust decided to put aside £5,000 and to create a small sub-committee to deal swiftly with urgent requests for help from other charities. The trustees decided that in 2021 they would continue to make funds available for Covid-related awards. To this end the trustees awarded two grants, one of £500.00 to Berkshire Vision for the provision of special lockdown activity packs and £4,774.00 to the Ridgeline Trust Therapeutic Garden to start a horticultural therapy project with Reading University Medical Practice.
The funds from Reading Dispensary Trust provided equipment start-up costs, horticultural supplies and funding for the clients. Funds for the latter were awarded in two tranches subject to receipt of an interim report half way through the funding process.
At the end of the funding, Ridgeline Trust submitted a Final Report and have
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subsequently found more funding to continue the valuable work which Reading
During the financial year there were 95 grants were made to individuals, while 5 were made to organizations. Grants to individuals totaled £32,014, while grants to organizations amounted to £7,774. The average individual grant given was £240.00 and ranged from £40.00 for a microwave to £950.00 for an electric wheelchair. The Trust shared four grants with Berkshire Nurses in Sickness and Relief.
Notable in 2021, were the applications from Social Prescribers; there were 7 applications from social prescribers based at Reading Voluntary Action, and one from the University of Reading Medical Practice. Their requests ranged from hydrotherapy sessions to a package of basic household goods.
The three organizations who have submitted the most requests are: Reading Borough Council (39); Communicare (13) and the charity for the homeless, Launchpad (13). The trust also awarded a grant to the Wokingham Salvation Army for driving lessons for a victim of modern slavery.
In October, the Trust decides if remaining income allows for them to make grants to local organisations, in 2021 three organizations requested funding at this time; Read for Good - school children with special needs and Berkshire Autistic Society. All three applicants were successful. Read for Good was awarded £500.00 for books for th Promise was awarded £1,000 for multiethnic toys; Berkshire Autistic Society £1,000 for a summer 2022 outing.
Financial Review
The main source of income for the Trust is from its investments, this income has to cover both the running costs and grant making activities. During the year under review administration costs were kept under control and income compared well with previous years. There were 95 applications in 2021, 19 fewer than 2020.
Investment Policy
The charity has an Endowment and General Fund and under its governing documents can use all its income from both funds in achieving its charitable objectives. As such it is important that the Charity maintains the value of its investments in real terms and that income increases. Therefore the Charity is a long term investor and the investment objective is a balanced return from income and from capital growth. Investments are managed by professional stockbrokers, but all decisions as to purchase and sale are made by the trustees, after considering appropriate advice.
Risk Management
The principal risks faced by the Trust lie in the performance of investments and the capacity of the Trust to make effective grants. Suitable insurance is maintained in respect
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Reserves Pollcy The trustees consider that the income received is suffica&rt to fund the payrnent of grants and administrative expenditure. The trustees consider that the cash at bank aThl monies held on deposit represerrt working capital available for such experKliture and contingen(aes. Total reserves at the year end yre £1.674.934. Structureg governance and management The Trust is a registered chartty, number 203943 arKI is constituted under Scheme of the Cornmissioners dated 31 December 1975. New trustees are appointed by the existing ITustees and serve for 5 years after which they may put themselves forward for re-aFpointmenL The scheme provides for a maximum of 14 Trustees, 0 ofWtr is a NomNtive Tnjstee appointed by Reading Borough Council. The trustees meet quarterly to discuss the aclivilies of Trust and to approve any grant applications exceeding £500.00. The day-tCHday administration of Ihe trust undertaken by the derk, is employed part-tirne. . Key Management The trustees consider the board of trustees and the clerk as ts key management personnel of the charity in charge of directirvJ and controlling the charity and rrng the charrty on a day-to-day basis. All trustees give their time freely and no trustee remuneration was paid in the year. Tru8lees' reBponsibilitie8 In relatEon to the financlal statements The trustees are responsible for keeping proper accountirwj records that disclose with reasonable accuracy at any time the financlal position of the charity arKI to enable tr*m to ensure that the financial statements comply with the Charilies Act 2011, Ihe applicable Charities (Accounts arKI reports) regulations, arvj the provisions of the goveming documenL They are also responsible for safeguarding the assets of the charity arKI takirvJ reasonable steps for the prevention and detection of fraud and other irregularities. pproved by the trustees on 191h April 2022 arKI s#3ned on their behalf by: QJM David Home Chair Page 4
SOURCES OF INDIVIDUAL APPLICATIONS 2021
ALANA HOUSE/PACT 1
CHRISTIAN COMMUNITY ACTION 2
COMMUNICARE 13 COMMUNICARE/SUE RYDER 1 GRAFT 1 HOMESTART 1
LAUNCHPAD 13
MENCAP 2 METROPOLITAN THAMES VALLEY HOUSING 3
MOBILITY TRUST 1 READING ASSOCIATION FOR THE BLIND 3 READING CAB 1 READING MENCAP 2
READING REFUGEE SUPPORT 1 READING SOCIAL SERVICES & HOUSING DEPARTMENT Adult Social Care 9 Housing Support Team 1 Social Inclusion 25
RVA SOCIAL PRESCRIBERS 7
STEPPING FORWARD 3 STROKE ASSOCIATION 1
UNIVERSITY OF READING MEDICAL PRACTICE 1
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WEST BERKS SENSORY 1
WOKINGHAM SALVATION ARMY 1
TOTAL: 95
GRANTS TO ORGANISATIONS 2021
READ FOR GOOD £500.00 BERKSHIRE AUTISTIC SOCIETY Summer outing £1,000 BERKSHIRE VISION Activity Packs for lockdown £500.00 Multiethnic toys £1,000 RIDGELINE TRUST THERAPEUTIC GARDEN Funding for a joint project with Green Health Thames Valley to support those with Covid related anxiety from Reading University Health Practice £4,774
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READING DISPENSARY TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Independent Examiner's Report to the Trustees of Reading Dispensary Trust {'the charity'l I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021. Responsibilities and Basis of Report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'lhe 2011 Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the charity has prepared the accounts in 8ccord8nce w(ch Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferenTr to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 201 S. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records., or the accounts do not comply wth the applicable requirements conceming the form and content of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fail view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. This report is made solely to the charil¥s Trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports} Regulations 2008. My work has been undertaken so that I might state to the charitys Trustees those mallers l am required lo stale to them in an Independent examiner's report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the charity and the charil stees as a body, for my work or for this report. Signed.. Darren O'connor B Dated.. 21 June 2022 ns} FCCA ACA James Cowper Kreston Chartered Accounlanls Reading Bridge House George Street Reading Berkshire RG18LS Page 7
READING DISPENSARY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Endowment Unrestricted funds funds 2021 2021 Total funds 2021 To181 funds 2020 Note Income and endovmients from: Donations and legacies Other trading activities Investments 70 70 602 51,538 28,430 21,979 50,409 Total income and endowments 28.430 22.049 50.479 52,140 Expenditure on: Ch8rit8ble activities 239 51.121 51.360 35,900 Total expenditure 239 51.121 51.360 35,900 Net incomellexpenditurel before net gainslllossesl on investments Nel gaindllossesl on investments 28,191 75.909 129,0721 40.987 18811 116.896 16,240 154,1141 Net incomellexpenditure} Transfers between funds 104.100 {2,4481 11.915 2.448 116.015 137,8741 12 Net movement in funds 101.652 14.363 116.015 137,8741 Reconciliation of funds.. Total funds brought forward Nel movement in funds 786.307 101.652 772.612 14.363 1,558.919 116.015 1,596,793 137,8741 Totsl funds carried foDNard 887.959 786.975 1,674.934 1,558,919 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 11 to 20 form part of these financial stalemenls. Page 8
BALANCE SHEEr AS AT 31 DECEMBER 2021 2020 Flxed M9ets Tangiblg assets Investrnents 75,(KJO 1W,704 75,239 1.418.806 10 I35,704 1.494.045 Cvrrent fjts Cash at bank arKI e6,888 66,888 Creditus: amounts falliry dwithin one 11 IU93) 12,0141 Net current assots 39.230 64.874 Total 8sf•ts l•ss eurront Ilabllhle• 1M74.934 1,558,919 Total not aB•ets 1074,934 1.558.919 Charlty fvnds Endowment fimd5 Unrestricted funds 12 12 786,307 772.612 78675 Total fundry 1,674 1,558,919 The finarKial stalemers 8nd issue by the Tntstees and ned on their behaw by. MrD Home Chair i21&121 The notes on pages 11 to 20 f(rfm pat Lllhese frnrKi81 stakn*.
READING DISPENSARY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Note Cash flows from operating activities Nel cash used in operating activities 15 {2631 16,457 Purchase of investments {25.0021 Net cash (used inllprovided by investing activities {25.0021 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {25,2651 66.888 16.457 50,431 Cash and cash equivalents at the end of the year 16 41.623 66,888 The notes on pages 11 to 20 form part of these financial statements Page 10
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General inforn)ation Reading Dispensary Trust is a public benefit entity limited by guar8nlee incorporated in England and Wales. The address of the charitls registered office is 16 Wokingham Road, Reading, RG6 1 JQ. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Reading Dispensary Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheNise staled in the relevant accounting policy. 2.2 Income All income is recognised once the charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. 2.3 Incoming resources with related expenditure Where incoming resources have related expenditure the incoming reSoUrS and related expenditure are reported gross in the Statement of Financial Activities. 2.4 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Freehold property offi equipment Not depreciated 200/0 slraighl line 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Slalement of financial aclivilies. Page11
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of 8CqUlSition or opening of the deposit or simi18r account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the charity anticipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. 2.8 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIon of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.9 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. 2.10 Govemance costs Governance costs include the costs for the preparation and examination of the slalutory accounts.. 2.11 Property Property is not depreciated as it is included in the financial slatmenls at open market value. The property is subje¢l to a professional valuation every five years and in the interveing years the valuation is based on the opinion of the Iruslees. Critical accounting estimates and areas of judgment Eslimales and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Page 12
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income from donations and legacies Unrestricted funds 2021 Total funds 2021 Tol81 funds 2020 Donations 70 70 Investment income Endowment Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Dividends and interest 28,430 21,979 50,409 51,538 Total 2020 28,096 23,442 51,538 Analysis of grants Grants to Organisatio ns Grants to Individuals 2021 Total funds 2021 Total funds 2020 2021 Grants paid 7,774 32,014 39,788 24,453 Total 2020 2,500 21,953 24,453 Page 13
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of expenditure by activities Activities undertaken directly 2021 Grant funding of activities Support costs Total funds 2021 Total funds 2020 2021 2021 Direct costs 9,540 2,032 11,572 39.788 11,447 24,453 Grants paid 39,788 9,540 39,788 2,032 51,360 35,900 Total 2020 9,467 24,453 1,980 35,900 Analysis of direct costs Total funds 2021 Total funds 2020 Activities 2021 Wages and salaries Office running costs Property costs Sundry costs Professional fees 6,600 767 6,600 767 6,200 674 1,377 98 1.377 98 1,341 163 80 80 450 Insuran 379 379 387 Depreciation 239 239 252 9,540 9,540 9,467 Total 2020 9,467 9,467 Staff Costs 2021 2020 Wages and salaries 6,600 6,200 6,600 6,200 Page 14
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Staff costs {continued} The average number of persons employed by the charity during the year was as follows.. 2021 2020 No employee received remuneration amounting to more than £60,000 in either year. Tangible fixed assets Freehold property Office equipment Total Cost or valuation At 1 January 2021 75,000 1.260 76.260 At 31 December 2021 75,000 1,260 76,260 Depreciation At 1 January 2021 Charge for the year 1,021 239 1.021 239 At 31 December 2021 1.260 1.260 Net book value Al 31 December 2021 75.000 75.000 Al 31 December 2020 75,000 239 75,239 The property al 16 Wokingham Road was revalued al £75,000 on 6 March 2019 by a local estate agent taking into consideration local propety market values. The trustees are in agreement with the above valuation. The trustees do not believe the market value changed materially between 6 March 2019 and 31 December 2021. Page 15
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Fixed asset investments Listed investments Cost or valuation Al 1 January 2021 Additions Disposals Revaluations 1,418.806 160.261 (135.2591 116,896 At 31 December 2021 1,560.704 Net book value At 31 December 2021 1,560.704 Al 31 December 2020 1,418,806 Material investments Investments held which constitute 50/0 or more of the tol81 value are as follows-. 2021 2020 Aberdeen Asian Income Fund 86,625 85,387 85,688 75,551 72,179 197,322 307,031 CAF Balanced Growth COIF Fixed Interest Income COIF Investment Fund 224,755 202,733 M & G Investment Fund for Charf(ies 11. Creditors.. Amounts falling due within one year 2021 2020 Other creditors 2,393 2,014 Page 16
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. Statement of funds Statement of funds - current year 8alance at 31 Gainsl December (Losses) 2021 Balance at 1 January 2021 Transfers inlout Income Expenditure Unrestricted funds General funds 772,612 22.049 {51,1211 2.448 40,987 786.975 Endowment funds Endowment funds 786.307 28.430 {2391 {2.4481 75.909 887.959 Total of funds 1.558,919 50,479 {51,3601 116,896 1,674.934 statement of funds - prior year Balance at 31 December 2020 Balance al 1 January 2020 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlcted funds General funds 776,570 24,044 135,6481 28,096 120,450} 772,612 Endovmient funds Endowment funds 820,223 28,096 1252} 128,0961 133,664} 786,307 Total of funds 1,596,793 52,140 135,9001 154,114} 1,558,919 Page 17
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Summary offunds Summary offunds- current year 8alance at 31 Gainsl December (Losses) 2021 Balance at 1 January 2021 Transfers inlout Income Expenditure General funds Endowment funds 772,612 22.049 {51.1211 2.448 40.987 786.975 786.307 28.430 {2391 {2.4481 75.909 887.959 1,558,919 50,479 {51,3601 116,896 1,674.934 Summary offunds- prior year Balance at 31 December 2020 Balance al 1 January 2020 Transfers inlout Gainsl (Losses) Income Expenditure General funds 776,570 24,044 135,6481 28,096 120,450} 772,612 Endowment funds 820,223 28,096 1252} 128,0961 133,664} 786,307 1,596,793 52,140 135,9001 154,114) 1,558,919 14. Analysis of net assets between funds Analysis of net assets between funds - current year Endowment Unrestricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments 75,000 812,959 75,000 1,560.704 41.623 {2.3931 747,745 41,623 12,393} Current assets Creditors due within one year Totsl 887,959 786,975 1,674.934 Page 18
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Endowment Unrestricted funds funds 2020 2020 Total funds 2020 Tangible fixed assets Fixed asset investments 75,239 711,068 75,239 1,418,806 66,888 12,0141 707,738 66,888 12,014} Current assets Creditors due within one year Totsl 786,307 772,612 1,558,919 15. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Nel incomelexpenditure for the year las per Slalement of Financial Acliviliesl 116.015 137,8741 Adjustments for: Depreciation charges Gainsl{lossesl on investments Increaselldecreasel in creditors 239 1116,8961 379 252 54,114 1351 Net cash provided byllused in) operating activities {2631 16,457 Analysis of cash and cash equivalents 2021 2020 Cash in hand 41,623 66,888 Totsl cash and cash equivalents 41,623 66,888 Page 19
READING DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. Analysis of changes in net debt Atl January 2021 Cash flov At31 December 2021 Cash at bank and in hand 66.888 {25.2651 41.623 66.888 {25,2651 41.623 18. Related party transactions During the year, no Trustees received any remuneration or other benefils12020'. £nill. During the year, no Trustee expenses have been incurred12020'. £nill. 19. Endowment {Capital Fund) This represents those assets which musl be held permanently by the charity, principally inveslmenls. Income arising can be used, in accordan with the objects of the charity, and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. 20. Unrestricted fund (Accumulated Income Fund) This comprises those funds which the trustees are free to use in accordan with the charitable objectives. Page 20