| The | Victoria League | For Commonwealth | Friendship |
|---|---|---|---|
| A registered charity |
|||
| A company | limited by guarantee |
||
| Council's | Report and Accounts | ||
| Year Ended | |||
| 31 | December 2021 | ||
| Company | Number 00174517 | ||
| Registered Charity Number 213619 |
| Pages | ||
|---|---|---|
| Reference and Administrative Details |
||
| Council's Report |
3-8 | |
| Statement ofTrustees' |
Responsibilities | |
| Independent Auditor's |
Report | 10-12 |
| Statement of Financial |
Activities | 13 |
| Balance Sheet | 14 | |
| Notes to the Financial | Statements | 15 —28 |
| Notes | Unrestricted | Restricted | Restricted | Endowment | Total | Total | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | 2020 | |||||
| f | f | f | f | ||||||
| Income: | |||||||||
| Donations and legacies |
5,675 | 50,000 | 55,675 | 6,602 | |||||
| Charitable activities |
200,562 | 200,562 | 190,071 | ||||||
| Other trading activities |
3,224 | 3,224 | 2,758 | ||||||
| Investment income |
11,746 | 86 | 407 | 12,239 | 12,579 | ||||
| Other income | 1,429 | 1,429 | 2,542 | ||||||
| Total income | 222 636 | 50086 | 407 | 273 129 | 214 | 552 | |||
| Expenditure: | |||||||||
| Raising funds | 1,214 | 1,214 | 997 | ||||||
| Charitable activities |
316,819 | 250 | 317,069 | 289,248 | |||||
| Total expenditure | 318033 | 250 | 318283 | 290 | 245 | ||||
| Net (expenditure)/ |
|||||||||
| income before on investments |
gains | (95,397) | 49,836 | 407 | (45I154) | (75 | 693) | ||
| Net (losses)/gains investments |
on | 15 | 39,701 | 1,481 | 407 | 46,112 | (27,047) | ||
| NET INCOME/ | |||||||||
| (EXPENDITURE) | (55,696) | 51,317 | 5,337 | 958 | (102,740) | ||||
| 18,19, | |||||||||
| Transfers | 20 | 407 | (407) | ||||||
| NET MOVEMENT | |||||||||
| IN FUNDS | 55 696 | 51724 | 4 930 | 958 | 102 | 740 | |||
| Reconciliation | of | ||||||||
| funds: | |||||||||
| Total funds brought |
|||||||||
| forward | 1 119021 | 5 | 085 | 21 741 | 1 145 847 | 1 248 | 587 | ||
| Total funds carried |
|||||||||
| forward | 1063325 | 56809 | 26 671 | 1 146805 | 1 145 | 847 |
| Unrestricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|
| Funds f |
Funds f |
Funds | 2021 f |
2020f | |||
| Other | misc. | income | 3,224 | 3,224 | 2,758 |
| INVEST | MEN | T INCOME | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | |||
| Funds | Funds | Funds f |
2021 | 2020f | |||
| Income | from | investments | 11,746 | 86 | 407 | 12,239 | 12,579 |
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds f |
Funds f |
Funds f |
2021 f |
2020 f |
||
| job retention | Scheme | 1,429 | 1,429 | 2,542 | ||
| In 2020 all of | the other was attributable | to the unrestricted | fund. | |||
| RAISING FUNDS | ||||||
| Unrestricted | Restricted | Endowment | Total | Total | ||
| Funds f |
Funds f |
Funds f |
2021 f |
2020 f |
||
| Event Costs | 1,214 | 1,241 | 997 |
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds f |
Funds f |
Funds f |
2021 | 2020f | ||
| Student | House | 316,819 | 316,819 | 285,748 | ||
| Grants | (note 10) | 250 | 250 | 3,500 | ||
| 316,819 | 250 | 317,069 | 289,248 |
| ANALYSIS OF E | XPEN | DITURE | DITURE | ||||
|---|---|---|---|---|---|---|---|
| Direct Charitable |
Grants | Support costs |
Total 2021 |
Total 2020 |
|||
| (note 10) f |
(note 11) f |
||||||
| Student House |
241,106 | 75,713 | 316,819 | 285,748 | |||
| Grants payable |
250 | 250 | 3,500 | ||||
| C ha rita b le expenditure | 241,106 | 250 | 75,713 | 317,069 | 289,248 | ||
| Raising funds | 1,214 | 1,214 | 997 | ||||
| 242,320 | 250 | 75,713 | 318,283 | 290,245 | |||
| GRANTS PAYABLE | |||||||
| Total | Total | ||||||
| 2021 f |
2020f | ||||||
| Council of Commonwealth | Societies | 2,000 | |||||
| Patron's Fund gift |
250 | ||||||
| APIE | 1,500 | ||||||
| 250 | 3,500 | ||||||
| SUPPORT COSTS | 2021f | 2020f | |||||
| Governance costs |
—Audit fees | 6,000 | 5,450 | ||||
| Governance costs |
—Non | Audit fees | 3,200 | 2,100 | |||
| Governance costs |
—Prior year over accrual of audit fees | (865) | (25) | ||||
| Wages and salaries | 25,564 | 21,402 | |||||
| Depreciation | 5,821 | 5,821 | |||||
| Repairs and maintenance | 6,381 | 4,234 | |||||
| Professional fees |
25,763 | 3,842 | |||||
| Other | 3,849 | 3,526 | |||||
| 75,713 | 46,350 | ||||||
| NET INCOMING | RESOURCES | 2021f | 2020f | ||||
| The surplus for the year |
is stated after charging: | ||||||
| Income from listed investments | (12,239) | (12,579) | |||||
| Depreciation and |
amortisation | 29,426 | 29,794 | ||||
| Auditors' remuneration |
—audit | 9,200 | 9,060 | ||||
| Auditors' remuneration |
—prior | year over | accrual | (865) | (1,535) |
| 13 | ANALYSIS OF STAFF COSTS' TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT |
2021 f |
2020 f |
|---|---|---|---|
| PERSONNEL | |||
| Salaries and wages | 127,640 | 130,600 | |
| Social security costs | 5,492 | 4,709 | |
| Pension costs | 9,650 | 8,781 | |
| Staff health insurance |
1,040 | 1,040 | |
| 143,822 | 145,130 |
| The total employee (2020:fnil). |
benefits |
of the key mana | gement personnel |
of the Charity w |
ere fnil | |
|---|---|---|---|---|---|---|
| 14. | TANGIBLE | FIXED | Freehold | Building | Plant and | Total |
| ASSETS | Land and | Improvements | Equipment | |||
| Buildings f |
f | |||||
| Cost | ||||||
| At 1janua ry 2021 | 295,519 | 494,656 | 216,250 | 1,006,425 | ||
| Additions | ||||||
| At 31 December 2021 | 295,519 | 494,656 | 216,250 | 1,006,425 | ||
| Depreciation | ||||||
| At 1 january 2021 | 61,152 | 82,442 | 181,651 | 325,245 | ||
| Charge for the year | 5,821 | 19,786 | 3,819 | 29,426 | ||
| At 31 December 2021 | 66,973 | 102,228 | 185,470 | 354,671 | ||
| Net Book Value | ||||||
| At 31December 2021 | 228,546 | 392,428 | 30,780 | 651,754 | ||
| At 31 December 2020 | 234,367 | 412,214 | 34,599 | 681,180 |
| 15. | FIXED ASSET INVESTMENTS | FIXED ASSET INVESTMENTS | 2021 f |
2020 f |
|
|---|---|---|---|---|---|
| Investments listed on a recognised |
stock exchange | 419,799 | 415,008 | ||
| Other investment assets |
22,850 | 22,850 | |||
| 442,649 | 437,858 | ||||
| Investments at cost |
33ig506 | 372I996 | |||
| Movement in investments |
are as follows: | Listed | |||
| securities | |||||
| Valuation at 1 january 2021 Additions |
437,858 79,610 |
||||
| Disposals | (120,931) | ||||
| Realised gains in the year |
(169) | ||||
| Unrealised losses in the year |
46,281 | ||||
| Valuation at 31 December |
2021 | 442,649 |
| The following investments compris |
e m |
ore than 5'/o of the v |
alue of the total p | ortfolio: |
|---|---|---|---|---|
| Portfolio | Portfolio | |||
| 2021 | 2020 | |||
| ~/o | ~/o | |||
| Aberdeen Asian Income Fund Ord |
NPV | 5.50 | 5.51 | |
| Avi Global Trust ORD GBP0.10 | 6.35 | 5.51 | ||
| Blackrock North Am. Inc. ordinary |
E0.01 shares | 6.05 | ||
| Ecofin GBL Utilities fk Infr ORD GBP0.01 |
6.16 | 5.87 | ||
| Fidelity European Values ORD GBP0.025 |
6.89 | 5.86 | ||
| jP Morgan Global Core Real Assets Mercantile Investment Trust ordinary |
F0.025 shares | 5.02 | 5.96 | |
| RIT Capital partners ordinary El shares Ruffer Investment Co Red Ptg Pre Shs GBP0.001 |
8.35 9.07 |
6.34 8.24 |
||
| Sequoia Economic Infrast INC FD |
Ltd | 7.19 | ||
| DEBTORS | 2021 f |
2020 f |
||
| Amounts due from Student House |
residents | 9,060 | 3,224 | |
| Prepay ments Other debtors |
23,980 1,329 |
25,980 949 |
||
| 34,369 | 30,153 |
| generate additional income to be use |
d as above. | |
|---|---|---|
| The original capital invested is made |
up as follows: | |
| jP Morgan Global Core Real Assets Scottis American Investment Co Ord |
GBP 0.25 | 20,000 20,000 |
| Temple Bar investment Trust Ord GBP0.25 |
10,000 | |
| 50,000 |
| ENDOWMENT FUNDS |
ENDOWMENT FUNDS |
2021f | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Balance at | 1 january 2021 |
21,741 | 19,178 | ||||
| Investment | income | 407 | 505 | ||||
| Unrealised | gain on investment | 4,930 | 2,563 | ||||
| Transfer to | the Specific Room Maintenance | Restricted | Fund | (407) | (505) | ||
| Balance at | 31 December 2021 | 26,671 | 21,741 | ||||
| The original | capital invested | is made | up as | follows: | f | E | |
| Margaret Farmer (Victoria) Room investment |
2,386 | 2,386 | |||||
| Australia Room investment |
4,077 | 4,077 | |||||
| 6,463 | 6,463 |
| General | Revaluation | S | ub-total | Designated | Total | |||
|---|---|---|---|---|---|---|---|---|
| fund | reserve | funds | ||||||
| Balance at 1 January | 2021 | 718,200 | 200,821 | 919,021 | 200,000 | 1,119,021 | ||
| Gains realised |
on disposal | |||||||
| of listed investments | 169 | (169) | ||||||
| Increase in |
market | value | ||||||
| of listed investments | 39,870 | 39,870 | 39,870 | |||||
| Net incoming |
(excluding | |||||||
| net gains on investments) | (95,566) | (95,566) | (95,566) | |||||
| Balance at | ||||||||
| 31 December | 2021 | 622,803 | 240,522 | 863,325 | 200,000 | 1,063,325 |
| 20a | UNRESTRICTED FUNDS— | UNRESTRICTED FUNDS— | Prior Year | Prior Year | ||||
|---|---|---|---|---|---|---|---|---|
| General | Revaluation | Sub-total | Designated | Total | ||||
| fund | reserve f |
f | funds | f | ||||
| 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 | |||
| 21. | ANALYSIS OF NET | ASSETS | BETWEEN | FUNDS |
| General | Designated | Restricted | Endowment | Total | |||
|---|---|---|---|---|---|---|---|
| fundf | fundsf | funds f |
fund f |
f | |||
| Tangible | fixed assets | 651,754 | 651,754 | ||||
| Fixed asset investments | 164,497 | 200,000 | 51,481 | 26,671 | 442,649 | ||
| Cash at | bank | 89,673 | 5,328 | 95,001 | |||
| Other | net | current | |||||
| assets/(liabilities) | (42,599) | (42,599) | |||||
| Balance | at | ||||||
| 31 December 2021 | 863,325 | 200,000 | 56,809 | 26,671 | 1,146,805 |
| General | Designated | Restricted | Endowment | Total | |||
|---|---|---|---|---|---|---|---|
| fundf | funds | funds | fund | E | |||
| 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 |