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2020-12-31-accounts

Trustees: Ex-Officio The Revd. Christopher
John
Atkinson
Life Trustee Mrs Joyce Edith Burrows
~Co-o tive Mr Geoffrey Richard Greatwood
Mr Trevor Hollinshead
Mr Robert Hood Brown (resigned 30.01.20)
Dr Carl Richard Pears
Mr Ivan John Stephen Fuller
Mr John Alfred Kirkman
Mr David Stanley Mapp (Chair)
Mr Nicolas James Legge
Mrs Anna Patricia Rogers
Mr Charles Falconer McLean (appointed 27.02.20)
Mrs Fiona Louise Pembery (appointed 30.01.20)
Nominative (Nominated
by Bourne Town Council)
Mr Philip James Knowles (Vice Chair)
Mr Robert Gideon Thomson Russell
Mrs Anna Sylvia Kelly (appointed 30.01,20)
Clerk to Trustees: Mrs G SClingo
Bankers: National
Westminster
Bank
Plc
Market Place, Spalding,
Lincolnshire,
PE11 1ST
Investment Advisors: Whiting &Partners
Wealth
Management Ltd
12/13 The Crescent, Wisbech, Cambridgeshire, PE13 1EH
Ruffer LLP
80Victoria Street, London, SWIE5JL
Solicitor: Greenwoods
LLP
Monkstone
House, City Road, Peterborough,
PE1 1JE
Roythornes
Enterprise
Way, Spalding,
Lincolnshire,
PE113YR
Auditors: Dexter &Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horne astle
Lincolnshire
LN9 5HZ

Permanent
Endowment Designated Unrestricted 2020 2019
Note Fund Funds Fund Total Total
INCOME AND ENDOWMENTS
Investment
Income
2) 963,269 963,269 1,033,500
Other Income and Grants 22,494 22,494 9,923
Total Incoming Resources 985,763 985,763 1,043,423
EXPENDITURE
Charitable
Activities
3) 577,510 577,510 513,154
Other Costs 4) 1209875 120,875 (72,567)
Total Resources Expended 5) 698,385 698,385 440,587
NET INCOMING RESOURCES
FORYEARBEFORETRANSFERS 287,378 287,378 602,836
Transfers between
funds
12) 4,331 5,136 (9,467)
NET INCOME BEFORE
GAINS/LOSSES ON INVESTMKNTS 4,331 5,136 277,911 287,378 602,836
Gains on Fixed Assets and Investments
Unrealised
fixed assets
1,549,931 1,549,931
Unrealised
investments
7) 65,653 7,118 521 73,292 333,156
NKT MOVEMENT IN FUNDS 1,619,915 12,254 278,432 1,910,601 935,992
Balances brought forward
at 1stJanuary 2020 25,864,439 259,713 2,159,957 28,284,109 27,348,117
Balances carried forward
at 31stDecember 2020 27,484,354 271,967 2&438,389 30,194,710 28,284,109

2020 2019
Note
FIXEDASSETS
Tangible Fixed Assets for Charity Use 6) 2,680,959 2,540,664
Investment
Properties
6) 22,359,000 20,785,043
Listed Investments 7) 3,484,756 3,389,493
2&,524,715 26,715,200
CURRENT ASSETS
Debtors 8) 244,122 114,374
Short Term Cash Deposits 72,687 72,496
Cash at Bank and in Hand 1,719,358 1,736,541
2,036,167 1,923,411
CREDITORS: Amounts falling due
within one year 9) 366,172 354,502
NET CURRENT ASSETS 1,669,995 1,568,909
TOTAL NET ASSETS 10) 30,194,710 28,284,109
REPRESENTED BYFUNDS
Permanent
Endowment
27,484,354 25,864,439
Designated 13) 271,967 259,713
Unrestricted 2,438,389 2,159,957
30,194,710 28,284,109
Approved
by the Trustees
on 24 June 2021 and signed on their be
Philip James Knowles —Chairperson Nico es Legge —Vice Chairperson

2020 2019
Notes
Cash flows from operating activities:
Net cash inflow from (used in) operating activities 164,016 647,457
Cash flows from investing activities:
Purchase oftangible fixed assets (3,073) (15,573)
Purchase ofinvestments (195,737) (206,287)
Interest received 17,802 25,493
Net cash (used in) investing activities (181,008) (196,367)
Change in cash and cash equivalents in the reporting period (16,992) 451,090
Cash and cash equivalents at the beginning ofthe reporting period 1,809,037 1,357,947
Cash and cash equivalents at the end ofthe reporting period 1,792,045 1,809,037

OPERATING ACT IVIT IES
2020 2019
Net income (expenditure) for the reporting period (as per the
statement offinancial activities) 287,378 602,836
Adjustments
for:
Depreciation
charges
12,518 12,499
Interest received (17,802) (25,493)
(Increase) in debtors (129,748) (36,129)
Increase in creditors 11,670 93,744
Net cash generated from operating activities 164,016 647,457

INVESTMENT INCOME
2020 2019
Interest on deposits 191 410
Income from Investment
Properties
945,467 1,008,007
Income from Listed Investments 17,611 25,083
963,269 1,033,500
All investment
assets are within
the UK.
CHARITABLE ACTIVITIES
Unrestricted
Funds
Total
and Total 2020 2019
Grants to individuals:
Weekly Charitable
Payments
24,024 26,872
Bourne Educational
Foundation
Grant 319910 66,943
Other Grants 33,&10 10,815
89,744 104,630
Almshouses
Running
Costs
58,061 48,102
Abbey Lawn Upkeep Costs 59,822 50,153
Well Head Upkeep Costs 239,790 128,278
General Property Running
Costs
130,093 181,991
5779510 513,154
OTHER COSTS
Salaries and Office Costs 50,403 51,691
Fidelity and Liability Insurances 2,407 1,841
Legal and Professional
Fees
50,509 11,450
Audit Fee 5,640 5,640
Provision for bad and doubtful debts (603) (155,688)
Depreciation 12,519 12,499
120,875 (72,567)

TOTAL RESOURC ES EXPE NDED NDED
Staff Depreciation Other Total Total
Costs Costs 2020 2019
Charitable
Activities
53,837 523,673 577,510 513,154
Other Costs 31,556 12,519 76,800 120,875 (72,567)
85,393 12,519 600,473 6987385 440,587
2020 2019
StaffCosts
Wages and Salaries 80,090 88,505
Social Security Costs 2,582 3,747
Pension Costs 2,721 2,779
85,393 95,031
Other Expenditure
Grants and Allowances 89,744 104,630
Almshouse
Running
Costs (excluding wages) 5S,061 36,583
Upkeep ofSocial Amenities —do. - 245,775 125,709
Administration
Costs
-do. - 74,996 37„991
Liability
and Fidelity
Insurance 2,407 1,841
Property Management and
Running
Costs
-do. - 1307093 181,991
Provision for bad and doubtful debts (603) (155,688)
Depreciation 12,519 12,499
612,992 345,556
698,385 440,587

TANGIBLE FIXE DASSETS
Land and Buildings
Investment Used by
Properties Charity
Equipment
Total
Cost orValuation
At 1stJanuary 2020 20,785,043 2,505,260 339,292 23,629,595
Additions 173,766 3,073 176,839
Disposals (365) (365)
20,958,809 2,505,260 342,000 23,806,069
Revaluation
in
year 1,400,191 149,740 1,549,931
At 31stDecember 2020 22,359,000 2,655,000 342,000 25,356,000
Accumulated Depreciation
At 1stJanuary 2020 303,888 303,888
Charge for the year 12,516 12,516
On Disposals (363) (363)
At 31stDecember 2020 316,041 316,041
Net BookValue
At 31stDecember 2020 22,359,000 2,655,000 25,959 25,039,959
At 31stDecember 2019 20,785,043 2,505,260 35,404 23,325,707
FIXEDASSETINVESTMENTS - LISTEDINVESTMENTS
2020 2019
Market Value at 1st January 2020 3,389,493 3,026,894
Additions 21,971 29,443
3,411,464 3„056,337
Net Unrealised Gain for the Year 73,292 333,156
Market Value at 31stDecember 2020 3,484,756 3,389,493
The historical costofthe fixed asset investments
cannot be determined
due to the portfolio having been built
up over many years, records for all ofwhich are not available. The portfolio was valued at 1 January
1995
when
the
Charity
commenced reporting its
financial
activities
in accordance
with
the
Statement
of
Recommended Practice for Charities. The historical valuation/cost
figure below is
therefore comprised ofthe
valuation ofthe portfolio at 1 January 1995plus additions at cost less disposals at valuation/cost since.

The historical
valuation/cost
offixed asset investments offixed asset investments offixed asset investments at the year end was:
2020 2019
Balance at 1 January 2020 1,432,886 1,403,443
Additions
at cost during the
year 21,971 29,443
Balance at 31December 2020 1,454,857 1,432,886
All investment
assets are held within the UK.
The composition ofthe investment portfolio is shown below:
Permanent
Endowment Designated Unrestricted
Total Fund Fund Fund
Value 31December 2020 3,484,756 3,183,517 271,967 29,272
Value at 1 January 2020 3,389,493 3,113,533 259,713 16,247
Value on introduced 01.01.95 plus
additions
and less disposals
at cost 1,454,857 1,315,733 123,769 15,355
8. DEBTORS
2020 2019
Trade Debtors —Rent Ledger 229,295 96,164
Rental Income Accrual 408 2,112
Other Debtors and Accruals 14,419 16,098
244,122 114„374

9. CREDITORS: Falling due within one year
2020 2019
Trade Creditors 5,438 227
Accruals 40,900 15,502
Taxation and social security costs 2,247 1,743
Bourne Educational Foundation Grant 98,853 99,801
Rental Income received in advance 147„984 165,084
Tenants Deposit Accounts 70,750 72,145
366,172 354,502
10. ANALYSIS OFNET ASSETSBETWEEN FUNDS
Tangible Net
Fixed Current
Assets Investments Assets Total
Permanent
Endowment
Fund 25,014,000 3,183,517 (713,163) 27,484,354
Designated
Fund
271,967 271,967
Unrestricted
Fund
25,959 29,272 2,383,158 2,438,389
25,039,959 3,484,756 1,669,955 30,194,710

TRANSFER BETWEEN FUNDS
Permanent
Endowment Designated Unrestricted
Fund Fund Fund
Purchase ofShares with Transact/Ruffer 4,331 5,136 (9,467)
These transfers represent:

iii)
Ex
ceptional
repairs or
replacement ofplant and equipment
2020 2019
Total Total
Net Transfer from Unrestricted Funds 5,136 6,250
Unrealised Gain on Value ofShares at 31.12.2020 7,118 25,219
Net Movement
in Funds
12,254 31,469
Balance at 1.1.2020 259,713 228,244
Balance at 31.12.2020 271,967 259,713

2020 2019
INCOME
Investment
Income:
Rental Income:
Leyton stone 819,064 880,155
Bourne and District 126,403 945,467 127,852 1,008,007
Dividend
and Interest Income:
Transact and RuA'er Income 17,611 25,083
Interest on Deposits 191 17,802 410 25,493
963,269 1,033,500
Red Hall Lettings 2,000 9,092
Miscellaneous 20,494 22,494 831 9,923
TOTAL INCOME 985,763 1,043,423
EXPENDITURE
CHARITABLE ACTIVITIES
Weekly Payments, Grants 8
Allowances
(SeeNote 3)
89,744 104,630
Almshouses:
Wages 11,519
Repairs and Maintenance 28,710 16,810
Utilities 12,169 11,912
Council Tax 206 538
Insurance 2,048 1,977
Telephone
and Miscellaneous
14,482 3,453
Garden Maintenance 446 58,061 1,893 48,102
Abbey Lawn:
Wages 25,833 26,526
Repairs and Maintenance 15,819 16,034
Mowing
Equipment
Costs 7,676 3,668
Telephone
and Miscellaneous
9,108 1,919
Utilities 149 890
Insurance 1,237 1,116
59,822 50,153
Carried Forward 207,627 985,763 202,885 1,043,423

2020 2019
Bought Forward 207,627 985,763 202,885 1,043,423
CHARITABLE ACTIVITIES (cont)
Well Head 8c, South Street Properties
Wages 28,004 26,195
Repairs and Maintenance 198,672 88,232
Insurance 3,780 3,575
Mowing
Equipment
Costs 2,849 5,063
Utilities 2,014 2,930
Telephone
and Miscellaneous
2,703 741
Council tax 1,768 239,790 1„542 128,278
447,417 331,163
GENERAL PROPERTY RUNNING COSTS
Bourne Land:
Repairs and Maintenance 3,095 1,917
Insurance 290 725
Professional Fees 3,144 2,449
Utilities 354 465
6,883 5,556
Bourne Residential Properties:
Repairs and Maintenance 20,433 14,260
Insurance 2,110 1,797
Professional fees 661 500
Utilities 835 387
Council Tax 428
24,467 16,944
Leytonstone Properties:
Repairs and Maintenance 29,268 31,172
Insurance 9,151 6,640
Business Rates and Water 165 142
Legal and Professional Fees 30,413 56,278
Utilities 1,129 760
Miscellaneous 3,962 31,958
74,088 126,950
Carried Forward 105,438 447,417 985,763 149,450 331,163 1,043,423

2020 2019
Bought Forward 105,438 447,417 985,763 149,450 331,163 1,043,423
GENERAL PROPERTY RUNNING COSTS (cont)
Red Hall:
Repairs and Maintenance 13,623 7,627
Utilities 2,387 2,346
Insurance 5,503 5,187
Telephone
and Miscellaneous
616 887
Security 1,841 1,494
23,970 17,541
Wake House:
Insurance 265
Repairs and Maintenance 420 15,000
685 130,093 ]5,000 181,991
TOTAL CHARITABLE ACTIVITIES 577,510 513,154
OTHER COSTS
Insurance:
Employers Liability 1,727 1,169
Fidelity Guarantee 680 672
2,407 1,841
Salaries 31,556 30,790
Professional
Fees
50,509 11,450
Office Equipment
Rental
1,387 2,274
Printing
and stationery
1,558 1,616
Telephone
and Postages
1,989 1,843
Audit Fee 5,640 5,640
Miscellaneous 12,806 14,063
Bank Charges 1,107 1,105
106,552 68,781
Provision for bad and
doubtful
debts
(603) (155,688)
Depreciation 12,517 12,348
Loss on Sale ofFixed Assets 2 151
12,519 12,499
TOTAL GOVERNANCE COSTS 120,875 (72,567)
TOTAL EXPENDITURE 698,385 440,587
NKT INCOMING RESOURCES 287,378 602,836

2020 2019
INVESTMENT PROPERTIES
LEYTONSTONE (REVALUED AT31.12.2020)
Residential Properties: 8 Burghley Road 700,000 700,000
22 Harrington
Road
650,000 650,000
28 Harrington
Road
609,000 609,000
37Harrington
Road
613,000 613,000
107Harold Road 672,000 672,000
13Vernon Road 609,000 609,000
53 Vernon Road 902,000 902,000
20 Church Lane 500,000 500,000
24-27 Church Lane 2,770,000 2,770,000
28 Church Lane 670,000 670,000
29 Church Lane 525,000 525,000
30Church Lane 462,000 462,000
32 Church Lane 536,000 536,000
34 Church Lane 490,000 490,000
745 High Road 660,000 660,000
751 High Road 240,000 240,000
753 High Road 233,000 233,000
751-753 High Road (Garages) 381,500 381,500
783-791 High Road 96,500 96,500
795 High Road 530,000 530,000
797High Road 435,000 435,000
799High Road 400,000 400,000
801 High Road 525,000 525,000
729High Road 358,0Q0 358,000
731High Road 356,000 356,000
735 High Road 384,000 384,000
741 1-Iigh Road 323,000 323,000
809-813High Road 2,650,000 2,650,000
18,280,000 18,280,000
BOURNE k DISTRICT (REVALUED 31.12.2020)
Land at South Road 3,00Q 165,000
39 High Street, Morton 200,000 180,000
Land High Street, Morton 35,000 30,000
Morton Fen Farm 1,780,000
Bungalow, Morton Fen 160,000 1,000,000
37 High Street, Morton 200,000
6 Bedehouse Bank 210,000 178,000
3 Mercia Gardens 225,000 185,000
4 Merlin Close 220,000 155,000
4 Stretham Way 170,000
7 Stretham Way 170,000 176,844
12 Stretham Way 170,000 145,000
Wake House, North Street, Bourne 380,000 139,199
Constables Land, Dyke 44,000 45,000
Constables Land, Bourne 32,000 30,000
Short Drove, Dyke Fen 20,000 22,000
Swallow Hill, Thurlby 60,000 4,079,000 54,000 2,505,043
22,359,000 20,785,043
PROPERTY USED FOR CHARITABLE PURPOSES
BOURNE 8cDISTRICT
The Red Hall 500,000 550,000
Almshouses, West Street 1,120,QQQ 980,000
Abbey Lawn 140,000 130,000
Well Head and adjacent properties 870,000 820,000
Allotments 25,000 25,000
Woodland Witham on the Hill 260
2,655,000 2,505,260