Charity Registration No. 215185
NOTTINGHAM MUNICIPAL CHARITIES
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 J. Ashton
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
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NOTTINGHAM MUNICIPAL CHARITIES
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report and unaudited financial statements for the year ended 31 December 2022.
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
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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.
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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.
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NOTTINGHAM MUNICIPAL CHARITIES
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
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 £274,195 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 incoming resources amounting to £1,359. However there was an unrealised loss arising during the year in the value of investments amounting to £943, resulting in an overall decrease in the value of funds amounting to £416.
2 applications for donations were received and approved during 2022 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 2022 the fund stood at £197,829 (2021 £196,470). This is represented by £53,778 (2021 £53,689) in the Bilby’s & Cooper’s Relief in Need Charity and £144,051 (2021 £142,781) 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 2022
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: 23 October 2023
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NOTTINGHAM MUNICIPAL CHARITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
I report on the accounts of the Trust for the year ended 31 December 2022 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
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have not been met; or
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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: 23 October 2023
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NOTTINGHAM MUNICIPAL CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOMING RESOURCES Incoming resources generated from funds Investmentincome Interest receivable Incoming resources from charitable activities Compensation from Natwest Bank Plc Charitable distributions RESOURCES EXPENDED Charitableactivities Nottingham High School: Scholarships Donations: Relief in Need Governance costs Total resources expended NET INCOMING RESOURCES Net (loss)/gain on investments Net movement in funds Fund balances brought forward at 01.01.2022 Fund balances carried forward at 31.12.2022 |
Note | Unrestricted Sir Thomas Income Endowment White’s Total Fund Fund Charity 2022 |
Total 2021 |
|---|---|---|---|
| £ £ £ £ 1,162 - - 1,162 86 - 332 418 1,248 - 332 1,580 - - 250 250 - - 275,195 275,195 1,248 - 275,777 276,025 - - 274,195 274,195 859 - - 859 859 - 274,195 275,054 300 - 312 612 1,159 - 274,507 275,666 89 - 1,270 1,359 - (943) - (943) 89 (943) 1,270 416 53,689 14,927 142,781 211,397 53,778 13,984 144,051 211,813 |
£ 1,096 26 |
||
| 1,122 - 262,340 |
|||
| 263,462 | |||
| 261,340 665 |
|||
| 262,005 475 |
|||
| 262,480 | |||
982 2,500 |
|||
| 3,482 207,915 |
|||
| 211,397 |
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NOTTINGHAM MUNICIPAL CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTTINGHAM MUNICIPAL CHARITIES
BALANCE SHEET
AT 31 DECEMBER 2022
| 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 |
2022 £ 29,321 29,321 - 184,279 184,279 1,787 182,492 211,813 13,984 197,829 211,813 |
2021 £ 30,264 |
|---|---|---|---|
| 30,264 | |||
| - 182,216 |
|||
| 182,216 1,083 |
|||
| 181,133 | |||
| 211,397 | |||
| 14,927 196,470 |
|||
| 211,397 |
The financial statements were approved by the Board of Trustees on 23 October 2023 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 2022
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 2022
2. GOVERNANCE COSTS
| GOVERNANCE COSTS | |||||
|---|---|---|---|---|---|
| Clerk’s fees Accountancy Bad debts Bank charges |
2022 £ - 600 - 12 612 |
2021 £ - 480 (5) - 475 |
|||
3. TRUSTEES’ REMUNERATION
No Trustees received any emoluments or expenses during the year (2021: £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 2022 Adjustment to market value At 31 December 2022 5. DEBTORS : Due within one year Sir Thomas White’s Charity loans |
Listed Income Shares £ 30,264 (943) 29,321 2022 £ - - |
2021 £ - |
|
|---|---|---|---|
| - |
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NOTTINGHAM MUNICIPAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 6. CREDITORS : Amounts falling due within one year Accruals 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Accumulation of Income Funds £ Fixed Assets 15,337 Current assets 184,279 Creditors -1,787 197,829 Bilby's & Cooper's Relief in Need Charity 53,778 Sir Thomas White's Loan Charity 144,051 197,829 |
6. CREDITORS : Amounts falling due within one year Accruals 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Accumulation of Income Funds £ Fixed Assets 15,337 Current assets 184,279 Creditors -1,787 197,829 Bilby's & Cooper's Relief in Need Charity 53,778 Sir Thomas White's Loan Charity 144,051 197,829 |
6. CREDITORS : Amounts falling due within one year Accruals 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Accumulation of Income Funds £ Fixed Assets 15,337 Current assets 184,279 Creditors -1,787 197,829 Bilby's & Cooper's Relief in Need Charity 53,778 Sir Thomas White's Loan Charity 144,051 197,829 |
2022 £ 1,787 Permanent Endowment Fund |
2021 £ 1,083 |
|---|---|---|---|---|
| Total | ||||
| Fixed Assets Current assets Creditors Bilby's & Cooper's Relief in Need Charity Sir Thomas White's Loan Charity |
||||
| £ 15,337 184,279 -1,787 |
£ 13,984 - - |
£ 29,321 184,279 -1,787 |
||
| 197,829 | 13,984 | 211,813 | ||
| 53,778 144,051 |
13,984 - |
67,762 144,051 |
||
| 197,829 | 13,984 | 211,813 |
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.
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NOTTINGHAM MUNICIPAL CHARITIES
GROUPED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME AND EXPENDITURE INCOMING RESOURCES Income from Sir Thomas White’s Charity of Coventry Interest received Investment income Compensation from Natwest Bank Plc 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 loss on investments NET MOVEMENT IN FUNDS Fund balances brought forward at 1 January 2022 Fund balances carried forward at 31 December 2022 |
Bilby’s & Cooper’s Sir Thomas Relief in Need White’s Loan Charity Charity Total £ £ £ - 275,195 275,195 86 332 418 1,162 - 1,162 - 250 250 1,248 275,777 277,025 - 274,195 274,195 859 - 859 300 312 612 1,159 274,507 275,666 89 1,270 1,359 - - - -943 - -943 -854 1,270 416 68,616 142,781 211,397 67,762 144,051 211,813 |
||
|---|---|---|---|
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NOTTINGHAM MUNICPAL CHARITIES
GROUPED BALANCE SHEET
AT THE YEAR ENDED 31 DECEMBER 2022
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 £ £ £ 29,321 - 29,321 39,845 144,434 184,279 - - - 39,845 144,434 184,279 (1,404) (383) (1,787) 38,441 144,051 182,492 67,762 144,051 211,813 13,984 - 13,984 53,778 144,051 197,829 67,762 144,051 211,813 |
|---|---|
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