|The|Victoria League|For Commonwealth|Friendship|
|---|---|---|---|
||A registered
charity|||
||A company|limited
by guarantee||
||Council's|Report and Accounts||
|||Year Ended||
||31|December 2020||
||Company|Number 00174517||
||Registered
Charity
Number 213619|||
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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|
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||||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|
##
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||||||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|
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|wing
ann|ual
rates:||||
|---|---|---|---|---|
|Freehold|building||over 25 years||
|Building|improvements||over 25 years||
|Plant and|equipment||10%on reducing|balance|
|Computer|and|copying|25% on cost||
|equipment|||||
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|4.|OTHER TRADING|ACTIVITIES|||||
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|Total|
|||Funds
f|Funds
f|Funds
f|2020
f|2019f|
||Other misc. income|2,758|||2,758|6,349|
##
|INVEST|MEN|T INCOME||||||
|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|Total|Total|
||||Funds
f|Funds
f|Funds
f|2020
f|2019f|
|Income|from|investments|12,074||505|12,579|14,155|
##
||||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|
##
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|||||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)|
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|13.|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|
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|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|
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|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|
##
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|||General|Revaluation|Sub-total|Designated|Total|
|---|---|---|---|---|---|---|
|||fund
f|reserve
E|f|fundsf|E|
|Balance at 1 january|2020|795,089|230,431|1,025,520|200,000|1,225,520|
|Gains
realised
on
disposal|||||||
|of listed investments||(5,414)|5,414||||
|Increase
in
market|value||||||
|of listed investments|||(35,024)|(35,024)||(35,024)|
|Net
incoming
(excluding|||||||
|net gains on investments)||(71,475)||(71,475)||(71,475)|
|Transferred
to restricted|||||||
|Balance at|||||||
|31 December 2020||718,200|200,821|919,021|200,000|1,119,021|
||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|
##
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||||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||
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