**REGISTERED CHARITY NUMBER: 215511** **Report of the Trustees and** **Unaudited Financial Statements** **for the Year Ended 31 December 2021** ## **for** **Elizabeth Eman's Charity** Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN **Elizabeth Eman's Charity** ## **Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|11| |**Detailed Statement of Financial Activities**||12|| **Elizabeth Eman's Charity** ## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The relief of persons in need in the area of benefit, in particular by the provision of pensions, in the following order of preference: (1) Poor widows born in the former borough of Aylesbury as constituted immediately before 01 April 1974; (2) Poor widows born or resident in the area of benefit; (3) Poor women born or resident in the area of benefit; (4) Poor men born or resident in the area of benefit. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the year the charity received rental income from the property held of £58,135 (2020 £58,135) and other income of £2,192 (2020 £2,411) meaning total income was £60,327 (2020 £60,546). The charity paid annuities to pensioners totalling £67,962 (2020: £68,761) and incurred other expenses of £704 (2020 £679) meaning total expenses of £68,666 (2020 £69,440). ## **FINANCIAL REVIEW** ## **Reserves policy** At 31 December 2021 the charity has reserves of £966,520 (2020 : £964,312). The charity does not have a specific reserves policy but is comfortable with the current reserves. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document; Scheme of the charity commissioners dated 18/06/1935, as amended by orders dated 25/08/1936, and 17/11/1953, and schemes dated 16/08/1961, 02/10/1986 and 09/11/2004. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 215511 ## **Principal address** Horwood & James LLP 7 Temple Square Aylesbury Buckinghamshire HP20 2QB ## **Trustees** Mr A Sherwell Mrs J Puddefoot Lt Col L J Williams (resigned 25.5.21) Mr S Williams (resigned 25.5.21) Ms R Takodra N Mehta CLLR (appointed 20.5.21) 1 **Elizabeth Eman's Charity** ## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2021** ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Independent Examiner** Declan Connolly FCCA for and on behalf of Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... Mr A Sherwell - Trustee 2 ## **Independent Examiner's Report to the Trustees of Elizabeth Eman's Charity** ## **Independent examiner's report to the trustees of Elizabeth Eman's Charity** I report to the charity trustees on my examination of the accounts of Elizabeth Eman's Charity (the Trust) for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Declan Connolly FCCA for and on behalf of Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN Date: ............................................. 3 ## **Elizabeth Eman's Charity** ## **Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2021** |2021
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Other trading activities
2
58,135
Other income
2,192
**Total**
60,327
**EXPENDITURE ON**
Raising funds
3
68,659
Other
7
**Total**
68,666
Net gains on investments
10,547
**NET INCOME/(EXPENDITURE)**
2,208
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
964,312
**TOTAL FUNDS CARRIED FORWARD**
966,520|2020
Total
funds
£
58,135
2,411
60,546
69,421
19
69,440
4,469
(4,425)
968,737
964,312| |---|---| The notes form part of these financial statements 4 ## **Elizabeth Eman's Charity** ## **Balance Sheet 31 DECEMBER 2021** |Notes
**FIXED ASSETS**
**Investments**
Investments
6
Investment property
7
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|2021
Unrestricted
fund
£
84,573
750,000
834,573
147,155
(15,208)
131,947
966,520
966,520
966,520
966,520|2020
Total
funds
£
74,027
750,000
824,027
140,946
(661)
140,285
964,312
964,312
964,312
964,312| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. Mr A Sherwell - Trustee The notes form part of these financial statements 5 **Elizabeth Eman's Charity** ## **Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **Going concern** The trustees have considered the impact of COVID-19 in relation to their assessment of going concern of the charity. In their opinion, they have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the trustees have determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. Therefore, they consider the going concern assumption to still be appropriate. The trustees acknowledge that given the currently rapidly changing social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the trustees to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Investment property** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 6 continued... **Elizabeth Eman's Charity** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **2. OTHER TRADING ACTIVITIES** |Rent receivable
**3.**
**RAISING FUNDS**
**Raising donations and legacies**
Annuities to pensioners
Support costs
**4.**
**TRUSTEES' REMUNERATION AND BENEFITS**|2021
£
58,135
2021
£
67,962
697
68,659|2020
£
58,135| |---|---|---| |||2020
£
68,761
660| |||69,421| |||| There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020. ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Other trading activities|58,135| |Other income|2,411| |**Total**|60,546| |**EXPENDITURE ON**|| |Raising funds|69,421| |Other|19| |**Total**|69,440| |Net gains on investments|4,469| |**NET INCOME/(EXPENDITURE)**|(4,425)| |**RECONCILIATION OF FUNDS**|| |**Total funds brought forward**|968,737| continued... 7 ## **Elizabeth Eman's Charity** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021** |**5.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|| |---|---|---|---| ||||Unrestricted| ||||fund| ||||£| ||**TOTAL FUNDS CARRIED FORWARD**||964,312| |**6.**|**FIXED ASSET INVESTMENTS**||| |||2021|2020| |||£|£| ||Other|84,573|74,027| ||There were no investment assets outside the UK.||| ||Investments (neither listed nor unlisted) were as follows:||| |||2021|2020| |||£|£| ||511 C.O.I.F dividends|10,494|9,186| ||3607.12 C.O.I.F dividends|74,079|64,841| |||84,573|74,027| |**7.**|**INVESTMENT PROPERTY**||| ||||£| ||**FAIR VALUE**||| ||At 1 January 2021||| ||and 31 December 2021||750,000| ||**NET BOOK VALUE**||| ||At 31 December 2021||750,000| ||At 31 December 2020||750,000| The 2021 valuations were made by the trustees, on an open market value for existing use basis continued... 8 ## **Elizabeth Eman's Charity** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
60,327
**TOTAL FUNDS**
60,327|At 1.1.21
£
964,312
964,312
Resources
expended
£
(68,666)
(68,666)|2021
2020
£
£
15,208
661
Net
movement
At
in funds
31.12.21
£
£
2,208
966,520
2,208
966,520
Gains and
Movement
losses
in funds
£
£
10,547
2,208
10,547
2,208|2020
£
661
At
31.12.21
£
966,520|2020
£
661| |---|---|---|---|---| ||||966,520|| |||||2,208| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.20
£
968,737
968,737|Net
movement
in funds
£
(4,425)
(4,425)|At
31.12.20
£
964,312| |---|---|---|---| ||||964,312| continued... 9 **Elizabeth Eman's Charity** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
60,546
(69,440)
**TOTAL FUNDS**
60,546
(69,440)
A current year 12 months and prior year 12 months combined position is as follows:
At 1.1.20
£
**Unrestricted funds**
General fund
968,737
**TOTAL FUNDS**
968,737|Gains and
Movement
losses
in funds
£
£
4,469
(4,425)
4,469
(4,425)
Net
movement
At
in funds
31.12.21
£
£
(2,217)
966,520
(2,217)
966,520| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|120,873|(138,106)|15,016|(2,217)| |**TOTAL FUNDS**|120,873|(138,106)|15,016|(2,217)| continued... 10 **Elizabeth Eman's Charity** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2021** ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2021. 11 **Elizabeth Eman's Charity** ||**Detailed Statement of Financial Activities**||| |---|---|---|---| ||**FOR THE YEAR ENDED 31 DECEMBER 2021**||| |||2021|2020| |||£|£| |**INCOME AND ENDOWMENTS**|||| |**Other trading activities**|||| |Rent receivable||58,135|58,135| |**Other income**|||| |Return on investments||2,192|2,411| |**Total incoming resources**||60,327|60,546| |**EXPENDITURE**|||| |**Raising donations and legacies**|||| |Annuities to pensioners||67,962|68,761| |**Other**|||| |Bank charges||7|19| |**Support costs**|||| |**Other 3**|||| |Professional fees||40|40| |**Governance costs**|||| |Miscellaneous expenses||17|-| |Accountancy||640|620| |||657|620| |Total resources expended||68,666|69,440| |**Net expenditure**||(8,339)|(8,894)| This page does not form part of the statutory financial statements 12