|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|||
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|||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|
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|||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|
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||||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|
##
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|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)|
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|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|
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|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|
##
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##
|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|
##
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##
||||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|
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