2020-12-31-accounts - The Victoria League For Commonwealth Friendship

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		Pages
Reference and Administrative Details
Council's Report		3-9
Statement ofTrustees'	Responsibilities	10
Independent Auditor's	Report	ii -13
Statement of Financial	Activities	14
Balance Sheet		15
Notes to the Financial	Statements	16 —28

			Notes	Unrestricted	Restricted	Endowment	Total	Total
				Funds	Funds	Funds	2020	2019
					f	E	E	f
Income:
Donations and	legacies		2	4,411	2,191		6,602	5,324
Charitable activities			3	190,071			190,071	285,008
Other trading	activities		4	2,758			2,758	6,349
Investment income			5	12,074		505	12,579	14,155
Other income			6	2,542			2,542
Total income				211856	2 191		214552	310836
Expenditure:
Raising funds				997			997	3,836
Charitable activities				287,748	1,500		289,248	324,358
Total expenditure				288 745	1500		290 245	328 194
Net (expenditure)/
income before on investments		gains		(76,889)	691	505	(75I693)	(17g358)
Net (losses)/gains investments		on	15	(29,610)		2,563	(27,047)	69,089
NET INCOME/
(EXPENDITURE)				(106,499)	691	3I068	(102I740)	51~731
			18,
Transfers			19,20		505	(505)
NET MOVEMENT
IN FUNDS				106499	1196	2563	102740	51731
Reconciliation		of
funds:
Total funds	brought
forward				1 225 520	3 889	19 178	1 248 587	1 196856
Total funds	carried
forward				1119021	5 085	21741	1 145847	1 248 587

					Notes	2020		2019
Fixed assets
Tangible fixed	assets				14		681,180		710,974
Investments					15		437 858		466 470
						1,119,038		1,177,444
Current assets
Stock						683		1,010
Debtors					16	30,153		30,784
Cash and bank and		in	hand			60 826		98 844
						91,662		130,638
Creditors: Amounts within one year			falling	due	17	64 853		59 495
Net current	assets						26,809		71,143
Net assets						1	145847	1	248 587
Restricted funds					18		5,085		3,889
Endowment	funds				19		21,741		19,178
Unrestricted	funds				20
Designated funds							200,000		200,000
General funds							919,021	1,025,520
Total funds					21	1	145847	1	248 587

			Unrestricted	Restricted	Endowment	Total	Total
			Funds f	Funds f	Funds f	2020 f	2019f
Job retention		Scheme	2,542			2,542
RAISING FUNDS
			Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds f	Funds f	2020 f	2019f
Event Costs			997			997	3,836
CHARITABLE		ACTIVITIES
			Unrestricted	Restricted	Endowment	Total	Total
			Funds f	Funds f	Funds f	2020 f	2019f
Student	House		285,748			285,748	320,108
Grants	(note	10)	2,000	1,500		3,500	4,250
			287,748	1,500		289,248	324,358

				Direct Charitable	Direct Charitable	Grants	Support costs	Total 2020	Total 2019
						(note 10) f	(note 11)
Student House					239,398		46,350	285,748	320,108
Grants payable						3,500		3,500	4,250
Charitable	expenditure				239,398	3,500	46,350	289,248	324,358
Raising funds					997			997	3,836
					240,395	3,500	46,350	290,245	328,194
GRANTS PAYABLE
								Total	Total
								2020	2019
									E
Council of Commonwealth				Societies				2,000	2,000
Patron's Fund gift									250
APIE								1,500	2,000
								3,500	4,250
SUPPORT	COSTS							2020	2019
								E	E
Governance	costs	—Audit fees						6,540	6,420
Governance	costs	—Non		Audit	fees			2,520	2,400
Governance Wages and	costs —Prior year salaries				over accrual of audit fees			(1,535) 21,402	(685) 25,355
Depreciation								5,821	5,821
Repairs and	maintenance							4,234	6,147
Professional	fees							3,842	4,016
Other								3,526	3,950
								46,350	53,424
NET INCOMING		RESOURCES						2020 E	2019f
The surplus	for the year			is stated after charging:
Income from listed investments								(12,579)	(14,155)
Depreciation	and	amortisation						29,794	25,499
Auditors' remuneration Auditors' remuneration			—audit —prior		year over accrual			9,060 (1,535)	8,820 (685)

ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT	2020 f	2019 E
PERSONNEL
Salaries and wages	130,600	124,692
Social security costs Pension costs	4,709 8,781	5,808 8,360
Staff health insurance	1,040	1,040
	145,130	139,900

The total employee benefits (2019:anil).	of the key mana	gement personnel	of the Charity w	ere anil
TANGIBLE FIXED	Freehold	Building	Plant and	Total
ASSETS	Land and	Improvements	Equipment
	Buildings	f	E
Cost
At 1 January 2020	295,519	494,656	216,250	1,006,425
Additions
At 31 December 2020	295,519	494,656	216,250	1,006,425
Depreciation At 1 January 2020	55,331	62,656	177,464	295,451
Charge for the year	5,821	19,786	4,187	29,794
At 31 December 2020	61,152	82,442	181,651	325,245
Net Book Value
At 31December 2020	234,367	412,214	34,599	681,180
At 31 December 2019	240,188	432,000	38,786	710,974

15.	FIXEDASSET INVESTMENTS	FIXEDASSET INVESTMENTS				2020	2019
						E
	Investments listed on a recognised			stock exchange		415,008	443,620
	Other investment assets					22,850	22,850
						437g858	466g470
	Investments at cost					372~996	369'147
	Movement in investments	are as follows:					Listed
							securities
	Valuation at 1 january 2020						466,470
	Additions						23,614
	Disposals						(25,179)
	Realised gains in the year						5,414
	Unrealised losses in the year						(32,461)
	Valuation at 31 December	2020					437,858
	The investments listed on	a recognised			stock exchange are all UK equities.
	The following investments	comprise		more than 5% ofthe value ofthe total			portfolio:
						Porffoiio	Porffoiio
						2020	2019
						~/o	~/o
	Aberdeen Asian Income Fund Ord		NPV			5.51
	Avi Global Trust ORD GBP0.10					5.51
	Blackrock North Am. Inc.	ordinary	20.01 shares				5.38
	Ecofin GBL Utilities fk Infr	ORD GBP0.01				5.87
	Fidelity European Values ORD GBP0.025					5.86
	Glaxosmithkline ordinary	E0.25 shares					5.01
	Mercantile Investment Trust ordinary				E0.025 shares	5.96	5.91
	Polar Cap GBL Healthcare GwthfkInc. Tst. E0.25 shares RIT Capital partners ordinary E1 shares					6.34	5.26 6.08
	Ruffer Investment Co Red	Ptg Pre	Shs		GBP0.001	8.24	6.59
16.	DEBTORS					2020 f	2019 E
	Amounts due from Student	House	residents			3,224	14,532
	Prepayments					25,980	14,885
	Other debtors					949	1,367
						30,153	30,784

RESTRI	CTED FUNDS	—Prior Year	—Prior Year	—Prior Year
		1 3anuary 2019			Incoming Resources f		Resources Expended		Transfers f	31 December 2019 f
Specific	Room
Maintenance				825					320	1,145
Patron's Student	Fund House		2,000			994		(250)		1,750 994
Refurbishment
APIE					1,667			(2,000)	333
Total			2,825		2,661			(2,250)	653	3,889
ENDOWMENT FUNDS									2020f	2019f
Balance	at 1 january 2020								19,178	16,417
Investment income									505	320
Unrealised gain on investment									2,563	2,761
Transfer	to the Specific	Room		Maintenance		Restricted		Fund	(505)	(320)
Balance	at 31 December	2020							21,741	19,178
The original capital invested			is	made	up as	follows:
Margaret	Farmer (Victoria)		Room investment						2,386	2,386
Australia	Room investment								4,077	4,077
									6,463	6,463

	the major cyclical maintenanc	the major cyclical maintenanc	e of Student	House.
20a	UNRESTRICTED FUNDS—		Prior Year
			General	Revaluation	Sub-total	Designated	Total
			fund f	reserve f		funds E	f
	Balance at 1 january	2019	813,511	164,103	977,614	200,000	1,177,614
	Gains realised on disposal
	of listed investments		(32,028)	32,028
	Decrease in market	value
	of listed investments			34,300	34,300		34,300
	Net incoming (excluding
	net gains on investments)		13,939		13,939		13,939
	Transferred		(333)		(333)		(333)
	Balance at
	31 December 2019		795,089	230,431	1,025,520	200,000	1,225,520

			General	Designated	Restricted	Endowment	Total
			fund E	funds	funds	fund	f
Tangible	fixed assets		681,180				681,180
Fixed asset investments			216,117	200,000		21,741	437,858
Cash at	bank		55,741		5,085		60,826
Other	net	current
assets/(liabilities)			(34,017)				(34,017)
Balance	at
31 December 2020			919,021	200,000	5,085	21,741	1,145,847

ANALYSIS OF NET ASSE	TS BETWEE	N FUNDS —Pr	ior year
	General	Designated	Restricted	Endowment		Total
	fund	funds	funds f		fund
Tangible fixed assets	710,974					710,974
Fixed asset investments	247,292	200,000			19,178	466,470
Cash at bank	94,955		3,889			98,844
Other net current
assets/(liabilities)	(27,701)					(27,701)
Balance at
31 December 2019	1,025,520	200,000	3,889		19,178	1,248,587
CAPITAL COMMITMENTS				2020	2019