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2021-12-31-accounts

Charity Registration No. 215185

NOTTINGHAM MUNICIPAL CHARITIES

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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

Currently vacant

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 2021

The Trustees present their report and unaudited financial statements for the year ended 31 December 2021.

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 Benefit

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

Page 2

NOTTINGHAM MUNICIPAL CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

ACHIEVEMENTS AND PERFORMANCE

Bilby’s & Cooper’s Charity received and approved 2 applications for donations during the year.

Sir Thomas White’s Charity received no applications for business loans during the year.

However £261,340 was paid to Nottingham High School during the year to fund scholarships. Throughout the School Year 2020-2021 there were 70 Sir Thomas White’s Entrance Scholars at Nottingham High School between Year 8 and Leavers.

FINANCIAL REVIEW

During the year there were net outgoing resources amounting to £982. In addition there was an unrealised profit arising during the year in the value of investments amounting to £2,500, resulting in an overall decrease in the value of funds amounting to £3,482.

2 applications for donations were received and approved during 2021 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 has been 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 2021 the fund stood at £196,470 (2020 £195,488). This is represented by £53,689 (2020 £53,494) in the Bilby’s & Cooper’s Relief in Need Charity and £142,781 (2020 £141,994) 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.

Page 3

NOTTINGHAM MUNICIPAL CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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:

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: 13 October 2022

Page 4

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NOTTINGHAM MUNICIPAL CHARITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

I report on the accounts of the Trust for the year ended 31 December 2021 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:

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

  2. to keep accounting records in accordance with Section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act

  4. have not been met; or

  5. 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: 13 October 2022

Page 5

NOTTINGHAM MUNICIPAL CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

INCOMING RESOURCES
Incoming resources generated from funds
Investment
income
Interest receivable
Incoming resources from charitable
activities
Charitable distributions
RESOURCES EXPENDED
Charitable
activities
Nottingham High School: Scholarships
Donations: Relief in Need
Governance costs
Total resources expended
NET INCOMING/(OUTGOING) RESOURCES
Net (loss)/gain on
investments
Net movement in funds
Fund balances brought forward at
01.01.2021
Fund balances carried forward at
31.12.2021		 Note Unrestricted
Sir
Thomas
Income Endowment
White’s
Total
Fund
Fund
Charity
2021		 Total
2020
£
£
£
£
1,096 -
-
1,096
4
-
22
26
1,100
-
22
1,122
-
-
262,340 262,340
1,100
-
262,362 263,462
-
-
261,340 261,340
665
-
-
665
665
-
261,340 262,005
240
-
235
475
905
-
261,575 262,480
195
-
787
982
-
2,500
-
2,500
195
2,500
787
3,482
53,494
12,427
141,994 207,915
53,689
14,927
142,781 211,397		 £
1,162
231
1,393
257,196
258,589
256,510
669
257,179
10,168
267,347
-8,758
-2,241
-10,999
218,914
207,915

Page 6

NOTTINGHAM MUNICIPAL CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Page 6

NOTTINGHAM MUNICIPAL CHARITIES

BALANCE SHEET

AT 31 DECEMBER 2021

FIXED ASSETS
Investments
CURRENT ASSETS
Debtors
Cash at Bank
CREDITORS:Amounts
falling due within one year
NET CURRENT ASSETS
NET ASSETS
Represented by:
FUNDS
RESTRICTED
FUNDS
Permanent Endowment Fund
UNRESTRICTED FUNDS
Accumulation of Income Fund		 Note
4
5
6
7
7		 2021
£
30,264
30,264
-
182,216
182,216
1,083
181,133
211,397
14,927
196,470
211,397		 2020
£
27,764
27,764
-
182,773
182,773
2,622
180,151
207,915
12,427
195,488
207,915

The financial statements were approved by the Board of Trustees on 13 October 2022 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 2021

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 2021

2. GOVERNANCE COSTS

GOVERNANCE COSTS
Clerk’s fees
Accountancy
Bad debts
Other
2021
£
-
480
-5
-

475

 2020
£
900
450
8,725
93

10,168

3. TRUSTEES’ REMUNERATION

No Trustees received any emoluments or expenses during the year (2020: £Nil).

4. INVESTMENTS

On 15 November 2019 the National Association of Almshouses Common Investment Fund merged into the M&G Charity Multi Asset Fund.

Market Value
At 1 January 2021
Adjustment to market value
At 31 December 2021
5. DEBTORS
: Due within one year
Sir Thomas White’s Charity
loans		 Listed
Income
Shares
£
27,764
2,500
30,264
2021
£
-
-		 2020
£
-
-

Page 9

NOTTINGHAM MUNICIPAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6. CREDITORS : Amounts falling due within one year
2021 2020
£ £
Accruals 1,083 2,622

7. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed Assets
Current assets
Creditors
Bilby's & Cooper's
Relief in Need Charity
Sir Thomas
White's
Loan Charity		 Unrestricted
Accumulation
Permanent
of
Endowment
Income
Funds
Fund
Total
£
£
£
15,337
14,927
30,264
182,216
-
182,216
-1,083
-
-1,083
196,470
14,927
211,397
53,689
14,927
68,616
142,781
-
142,781
196,470
14,927
211,397

The unrestricted funds represent free funds of the charity, which are not designated for particular purposes.

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 2021

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 profit on investments
NET MOVEMENT IN FUNDS
Fund balances brought forward
at 1 January 2021
Fund balances carried forward
at 31 December 2021		 Bilby’s
& Cooper’s
Sir Thomas
Relief in Need White’s Loan
Charity
Charity
Total
£
£
£
-
262,340
262,340
4
22
26
1,096
-
1,096

1,100
262,362
263,462

-
261,340
261,340
665
-
665
240
235
475

905
261,575
262,480

195
787
982
-
-
-
2,500
-
2,500

2,695
787
3,482
65,920
141,995
207,915

68,615
142,782
211,397

Page 11

NOTTINGHAM MUNICPAL CHARITIES

GROUPED BALANCE SHEET

AT THE YEAR ENDED 31 DECEMBER 2021


FIXED ASSETS
Investments
CURRENT ASSETS
Cash at Bank
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
£
£
£
30,264
-
30,264

39,112 143,104 182,216
-
-
-

39,112
143,104
182,216
(760)
(323)
(1,083)

38,352
142,781
181,133

68,616
142,781
211,397

14,927
-
14,927
53,689
142,781
195,470

68,616
142,781
2

Page 12