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
Page 1
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.
Page 2
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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- 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
- 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
Page 4
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:
- examine the accounts under Section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145(5)(b) of the 2011 Act; and
- 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:
1. which gives me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with Section 130 of the 2011 Act; and
- 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
2. 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
Page 5
## 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|
Page 6
## 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|
||||
||||
Page 6
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
Page 7
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
Page 8
NOTTINGHAM MUNICIPAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Page 9
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|
|---|---|---|
3. 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|
|||||
|||||
Page 11
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|
Page 12