Charity Registration No. 215185
NOTTINGHAM MUNICIPAL CHARITIES
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2020
NOTTINGHAM MUNICIPAL CHARITIES
incorporating
BILBY’S & COOPER’S RELIEF IN NEED CHARITY SIR THOMAS WHITE’S LOAN CHARITY
CHARITY REGISTRATION NUMBER
215185
ADDRESS
23 Magnolia Court Beeston Nottingham NG9 3LG
TRUSTEES
R.S. Nowell (Chair) L.M. Payne C. Walker
CLERK TO THE TRUSTEES
B. Bourne Ellis-Fermor & Negus 2 Devonshire Avenue Beeston Nottingham NG9 1BS
ACCOUNTANTS
Poole Associates Limited 6a George Street Hockley Nottingham NG1 3BE
BANKERS
National Westminster Bank plc 16 South Parade Nottingham NG1 2JX
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NOTTINGHAM MUNICIPAL CHARITIES
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their report and unaudited financial statements for the year ended 31 December 2020.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is made up from the amalgamation of Sir Thomas White’s Loan Charity and Bilby’s & Cooper’s Relief in Need Charity. The trusts are administered by schemes approved by the Charity Commission, dated 4 December 1973 and 8 November 1984, as amended on 26 September 2013.
Recruitment and appointment of trustees
There may be appointed up to five trustees. The trustees are required to live or carry on business in or near the City of Nottingham.
Organisational structure
The trustees meet at least twice yearly, and are responsible for the strategic direction and policy of the charity. At present, the trustees are from a variety of professional backgrounds, relevant to the work of the charity.
The on-going day to day administration and management of the charity is delegated to the Clerk to the Trustees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
In accordance with the requirements of the Charities SORP the Trustees continue to review the risks inherent in the Charity’s activities and to ensure that systems exist to mitigate those risks.
Public Beneft
The Trustees have had regard to The Charity Commission guidance on public benefit and consider that the objectives and activities of the charity fulfil their requirement.
The trust’s activities and beneficiaries are described below.
Objectives and activities
-
a) Bilby’s & Cooper’s Relief in Need Charity : to apply the income in relieving either generally or individually persons resident in the City of Nottingham who are in need, hardship or distress.
-
b) Sir Thomas White’s Loan Charity : to provide interest free loans up to £10,000 for persons between the ages of 18 and 40 years, resident in the City of Nottingham, to be used for the purpose of trade or business, and the application of monies received for the benefit of Nottingham High School.
ACHIEVEMENTS AND PERFORMANCE
Bilby’s & Cooper’s Charity received and approved 3 applications for donations during the year.
Sir Thomas White’s Charity received no applications for loans during the year.
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NOTTINGHAM MUNICIPAL CHARITIES
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW
During the year there were net outgoing resources amounting to £8,758. In addition there was an unrealised loss arising during the year in the value of investments amounting to £2,241, resulting in an overall decrease in the value of funds amounting to £10,999.
3 applications for donations were received and approved during 2020 from individuals or groups who are resident in the City of Nottingham by the Bilby’s & Cooper’s Relief in Need Charity.
The Trustees continue to experience difficulties in making loans from the substantial cash reserves in the Sir Thomas White’s Loan Charity, and have endeavoured to publicise the availability of loans to the business community of Nottingham. A website is currently being developed to help promote the availability of these loans. The distribution from Sir Thomas White’s Charity of Coventry is passed onto the Nottingham High School, to fund scholarships, as required under the terms of the distribution.
Principal funding sources
The principal funding sources of the charity are the distribution from Sir Thomas White’s Charity of Coventry, interest received and income generated from its investments.
Reserves policy
The Trustees have reviewed the charity’s needs for reserves in line with the guidance issued by the Charity Commission.
The unrestricted income fund represents reserves to cover the charity’s running costs. At the end of 2020 the fund stood at £195,488 (2019 £204,246). This is represented by £53,494 (2019 £53,644) in the Bilby’s & Cooper’s Relief in Need Charity and £141,994 (2019 £150,602) in Sir Thomas White’s Loan Charity.
The unrestricted income funds represent reserves to cover the charity’s running costs, to generate income to permit donations to be made, and to fund new loans. The Trustees review the level of the income funds annually, to ensure that they are adequate, but not excessive.
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NOTTINGHAM MUNICIPAL CHARITIES
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Responsibilities of the Trustees
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
R S Nowell Chairman
Date: 29 October 2021
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
NOTTINGHAM MUNICIPAL CHARITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
I report on the accounts of the Trust for the year ended 31 December 2020 which are set out on Pages 6 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the next statement.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
N G Poole
Chartered Certified Accountant
6a George Street Hockley Nottingham NG1 3BE
Date: 29 October 2021
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NOTTINGHAM MUNICIPAL CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestrict ed Sir Thoma s |
||||
|---|---|---|---|---|
| Income Endowme nt White’s Total |
Total | |||
| Note | Fund Fund Charity 2020 |
2019 | ||
| INCOMING RESOURCES | £ £ £ £ |
£ | ||
| Incoming resources generated from funds |
||||
| Investment income |
1,162 - - 1,162 |
1,162 | ||
| Interest receivable |
35 - 196 231 |
403 | ||
| Incoming resources from charitable activities |
1,197 - 196 1,393 |
1,565 | ||
| Charitable distributions | - - 257,19 6 257,19 6 |
251,09 5 |
||
| 1,197 - 257,39 2 258,58 9 |
252,66 0 |
|||
| RESOURCES EXPENDED | ||||
| Charitable activities |
||||
| Nottingham High School: Scholarships | - - 256,51 0 256,51 0 |
251,09 5 |
||
| Donations: Relief in Need | 669 - - 669 |
1,552 | ||
| 669 - 256,51 0 257,17 9 |
252,64 7 |
|||
| Governance costs |
679 - 9,489 10,168 |
2,410 | ||
| Total resources expended | 1,348 - 265,99 9 267,34 7 |
255,05 7 |
||
| NET INCOMING/(OUTGOING) RESOURCES |
-151 - -8,607 -8,758 |
-2,397 | ||
| Net (loss)/gain on | - -2,241 - -2,241 |
3,576 |
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NOTTINGHAM MUNICIPAL CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
| investments | ||
|---|---|---|
| Net movement in funds | -151 -2,241 -8,607 - 10,999 |
1,179 |
| Fund balances brought forward at 01.01.2020 |
53,644 14,668 150,60 2 218,91 4 |
217,73 5 |
| Fund balances carried forward at 31.12.2020 |
53,493 12,427 141,99 5 207,91 5 |
218,91 4 |
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NOTTINGHAM MUNICIPAL CHARITIES
BALANCE SHEET
AT 31 DECEMBER 2020
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | |||||
| FIXED ASSETS | |||||||
| Investments | 4 | 27,764 | 30,005 | ||||
| 27,764 | 30,005 | ||||||
| CURRENT ASSETS |
|||||||
| Debtor s |
5 | - | 9,050 | ||||
| Cash at Bank | 182,773 | 182,78 8 |
|||||
| 182,773 | 191,83 8 |
||||||
| CREDITORS :Amounts |
|||||||
| falling due within one year |
6 | 2,622 | 2,929 | ||||
| NET CURRENT ASSETS | 180,151 | 188,90 9 |
|||||
| NET ASSETS | 207,915 | 218,91 4 |
|||||
| Represented by: | |||||||
| FUNDS | |||||||
| RESTRICTED FUNDS |
|||||||
| Permanent Endowment Fund |
7 | 12,427 | 14,668 | ||||
| UNRESTRICTED FUNDS | |||||||
| Accumulation of Income Fund |
7 | 195,488 | 204,24 6 |
||||
| 207,915 | 218,91 4 |
||||||
The financial statements were approved by the Board of Trustees on 29 October 2021 and signed on their behalf by:
R.S. NOWELL
The notes on Pages 8 to 12 form part of these financial statements
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NOTTINGHAM MUNICIPAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with the Charities SORP (FRS102) “Accounting and Reporting by Charities Statement of Recommended Practice Accounting applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) and Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
a) Basis of Accounting
The financial statements have been prepared under the historical cost convention with the exception of the investments, which are included at market value.
b) Investments
Investments are stated at market value at the year end. The market value of quoted securities is based on the quotation on the relevant stock exchange. Unquoted investments are valued at the market value provided by the Institution in which the investments are held. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
c) Funds
The income funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The permanent endowment fund represents the shares in the M&G Charity Multi Asset Fund held by the Bilby’s & Cooper’s Relief in Need Charity.
Investment income and gains are allocated to the appropriate fund.
d) Incoming Resources
The income for the year represents amounts received during the year.
e) Resources Expended
The expenditure for the year represents amounts incurred during the year
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NOTTINGHAM MUNICIPAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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NOTTINGHAM MUNICIPAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
| 2. | GOVERNANCE COSTS | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Clerk’s fees | 900 | 1,200 | |
| Accountancy | 450 | 600 | |
| Bad debts | 8,725 | - | |
| Other | 93 | ||
| 610 |
| 10,168 | 2,410 | |
|---|---|---|
- TRUSTEES’ REMUNERATION No Trustees received any emoluments or expenses during the year (2019: £Nil).
| 4. INVESTMENTS | 4. INVESTMENTS | 4. INVESTMENTS | 4. INVESTMENTS | |||
|---|---|---|---|---|---|---|
| On 15 November 2019 the National Association of Almshouses Common Investment Fund merged into the M&G Charity Multi Asset Fund. |
||||||
| Listed | ||||||
| Income | ||||||
| Shares | ||||||
| £ | ||||||
| Market Value | ||||||
| At 1 January 2020 |
30,005 | |||||
| Adjustment to market value |
2,241 | |||||
| At 31 December 2020 | 27,764 | |||||
| 5. DEBTORS : Due within one year |
||||||
| 2020 | 2019 | |||||
| £ | £ | |||||
| Sir Thomas White’s Charity loans |
- | 9,050 | ||||
| - | 9,050 | |||||
Page 9
| 6. CREDITORS : Amounts falling due within one year |
6. CREDITORS : Amounts falling due within one year |
6. CREDITORS : Amounts falling due within one year |
|||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| £ | £ | ||||
| Accrual s 2,622 2,929 |
|||||
| 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||
| Unrestricted | |||||
| Accumulatio n Permanen t |
|||||
| of Endowme nt |
|||||
| Income Funds Fund Total |
|||||
| £ £ £ |
|||||
| Fixed Assets | 15,337 12,427 27,764 |
||||
| Current assets | 182,773 - 182,77 3 |
||||
| Credito rs |
-2,622 - -2,622 |
||||
| 195,488 12,427 207,91 5 |
|||||
| Bilby's & Cooper's |
|||||
| Relief in Need Charity | 53,493 12,427 65,920 |
||||
| Sir Thomas White's |
|||||
| Loan Charity | 141,995 - 141,99 5 |
||||
| 195,488 12,427 207,91 5 |
|||||
| The unrestricted funds represent free funds of the charity, which are not designated |
|||||
| forparticularpurposes. | |||||
| The Permanent Endowment Fund represents those assets, which must be held |
|||||
| permanently by the charity, principally investments. Income arising on the endowment |
|||||
| fund can be used in accordance 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. Investment management charges and legal advice relating to the fund are |
|||||
| charged against the fund. |
Page 10
NOTTINGHAM MUNICIPAL CHARITIES
GROUPED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOME AND EXPENDITURE INCOMING RESOURCES Income from Sir Thomas White’s Charity of Coventry Interest received Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Direct Charitable Expenditure Nottingham High School: Scholarships Donations : Relief in Need Other Charitable Expenditure Management and Administration of the charities TOTAL RESOURCES EXPENDED NET INCOMING/(OUTGOING) RESOURCES Gain on disposal of shares Unrealised proft on investments NET MOVEMENT IN FUNDS Fund balances brought forward at 1 January 2020 Fund balances carried forward at 31 December 2020 |
Bilby’s & Cooper’s Sir Thomas Relief in Need White’s Loan Charity Charity Total |
||
|---|---|---|---|
| £ £ £ - 257,196 257,196 35 196 231 1,162 - 1,162 1,197 257,392 258,589 - 256,510 256,510 669 - 669 679 9,489 10,168 1,348 265,999 267,347 (151) (8,607) (8,758) - - - (2,241) - (2,241) (2,392) (8,607) (10,999) 68,312 150,602 218,914 65,920 141,995 207,915 |
|||
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NOTTINGHAM MUNICPAL CHARITIES
GROUPED BALANCE SHEET
AT THE YEAR ENDED 31 DECEMBER 2020
FIXED ASSETS Investments CURRENT ASSETS Cash at Bank 182,773 Other Debtors CREDITORS : Amount falling due within one year Accruals NET CURRENT ASSETS NET ASSETS Represented by: CAPITAL FUNDS Permanent Endowment Fund INCOME FUNDS Unrestricted Income Fund |
Bilby’s & Cooper Sir Thomas Relief in Need White’s Loan Charity Charity Total |
|---|---|
| £ £ £ 27,764 - 27,764 40,021 142,752 - - - 40,021 142,752 182,773 (1,864) (758) (2,622) 38,157 141,994 180,151 65,921 141,994 207,915 12,427 - 12,427 53,494 141,994 195,488 65,921 141,994 207,915 |
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