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2021-12-31-accounts

BOURNE UNITED CHARITIES Charity No: 216000

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Dexter & Sharpe Audit Services Ltd (Statutory Auditor) Rollestone House Bridge Street Horncastle Lincolnshire LN9 5HZ

BOURNE UNITED CHARITIES

CONTENTS

Page

  1. Officers and Agents 2 - 3. Trustees' Report 4 - 5. Independent Auditors' Report 6. Statement of Financial Activities 7. Balance Sheet 8 - 9. Cash Flow Statement 10 - 17. Notes to the Accounts

The following pages do not form part of the Statutory Accounts

Appendix

A. Detailed Income and Expenditure Account B. Property Valuations

BOURNE UNITED CHARITIES

OFFICERS AND AGENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees: Ex-Officio The Revd. Christopher John Atkinson The Revd. Christopher John Atkinson
Life Trustee Mrs Joyce Edith Burrows
Co-optive Mr Geoffrey Richard Greatwood
Mr Trevor Hollinshead
Dr Carl Richard Pears (resigned 27 May 2021)
Mr Ivan John Stephen Fuller
Mr John Alfred Kirkman
Mr David Stanley Mapp (Chair to 27 May 2021)
Mr Nicolas James Legge (Vice-Chair)
Mrs Anna Patricia Rogers
Mr Charles Falconer McLean
Mrs Fiona Louise Pembery
Mrs Susan Bennett (appointed 27 January 2022)
Nominative (Nominated by Bourne Town Council)
Mr Philip James Knowles (Chair from 27 May 2021)
Mr Robert Gideon Thomson Russell
Mrs Anna Sylvia Kelly
Clerk to Trustees: Mrs G S Clingo
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
80 Victoria Street, London, SW1E 5JL
Solicitor: Greenwoods LLP
Monkstone House, City Road, Peterborough, PE1 1JE
Roythornes
Enterprise Way, Spalding, Lincolnshire, PE11 3YR
Auditors: Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and accounts for the year ended 31 December 2021.

Constitution objects and policies

Bourne United Charities, Red Hall, South Street, Bourne, Lincolnshire, PE10 9LY, is registered with the Charity Commissioners (No 216000) and constituted by Deed of Trust. Charities included in the scheme dated 8 May 1978 are as follows:

Robert Harrington (Exclusive of Educational Foundation) John Brown William Fisher for Almshouses William Fisher for Bread Jeremiah Ives Nicholas Rand William Trollope (Exclusive of Trollope's School) Poors Land (North Fen) Poors Land (South Fen)

Bourne United Charities is principally an Almshouse Charity, whose main objects are the provision of Almshousing, the relief of need in Bourne, Dyke, Cawthorpe and Twenty and the provision of social amenities for the benefit of inhabitants generally.

The Trustees have given careful consideration to the Charity Commission Guidance on public benefit.

Administration

The Charities are administered by common Trustees and a part time Clerk, as listed on the previous page. Strategic decisions are made by the Trustee Body after receiving monthly reports from the Clerk. The Clerk administers the day to day running of the Charities. An agent is used to administer the London properties. The Trustee Body consists of a total of fifteen Trustees. The Vicar of the Parish of SS Peter and Paul, Bourne is a Trustee ex officio. One Trustee was appointed as a Life Trustee in the scheme dated 8 May 1978. Three Trustees are nominated by Bourne Town Council for a four year term. The remaining Trustees are co-opted by the Trustee Board for a period of four years.

Reserves Policy

The Trustees’ policy is to hold sufficient liquid reserves to be able to make the weekly charitable payments for one year, and to cover other charitable and administrative expenditure for six months. At the year end unrestricted reserves represented by cash, and unrestricted investments less debtors, amounted to £2,616,540. Reserves required under the policy were £261,467. This shows a surplus of £2,355,073.

Risks Policy

The Trustees have evaluated risks to which the Charity is exposed, and have adopted procedures to mitigate such risks.

Following the commencement of the Covid pandemic and the introduction of the first lock down, the Trustees agreed to, where possible, mitigate the possibility of losing commercial tenants by granting a 3 month rent free period to assist those either not trading or where trading was severely affected. It was also agreed that again, but only on request, that residential tenants who were furloughed, would have rents reduced by up to 20% for an agreed period. Following the second lock down consideration is being made, but only where necessary, to defer collection of arrears over a longer period in order to assist commercial tenants. Action for recovery is prevented by law until, at the earliest, 30[th] June 2021 and any resolution is ongoing into the current financial year.

To mitigate risk further, the Trustees decided to appoint a second Investment Manager and after considering those on an appropriate shortlist, made this appointment in June. The new Investment Manager, Ruffer, is now operating half of our investment portfolio and this provides a better opportunity to manage performance through comparables.

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

Developments, Activities and Achievements

During the year under review, the Charities distributed £210,864 (2020: £277,898) by way of charitable payments, grants and the provision of Almshouses and other property costs and £172,971 (2020: £299,612) in providing amenities, being the upkeep of the Abbey Lawn and Well Head Park (local recreational areas). The Trustees are satisfied that the financial position of the Charities will enable them to continue fulfilling the aims detailed in the Charity Commission Scheme dated May 1978.

The net incoming resources for the year were £440,854 (2020: £287,378). Movements in the value of Fixed Assets and Investments are shown in the Statement of Financial Activities. The unrealised investment gains represent an increase in the market value of investment properties and in shares in the investment portfolio.

Future Developments and Post Balance Sheet Events

The Charities’ long term aim is to increase its investment portfolio and continue to look for suitable properties in the Leytonstone and Bourne areas to add to its investment property portfolio.

During 2020 the Charities, having considered the benefits of changing its existing structure from an unincorporated body to a corporate body, engaged solicitors to set up a charitable incorporated organisation. The process of transferring the assets is being organised. Going forward the incorporated status will enable the new entity to do many things in its own name whilst providing added protection for its Trustees in limiting liability.

The Trustees considered that the surplus should remain high given the current difficulty in obtaining rental income from their substantial holdings in retail properties. However, in the new financial year they are already processing the purchase of further residential properties in order to provide balance.

Statement of Trustees' Responsibilities

The Trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the Charities' financial activities during the year and of its financial position at the end of the year.

In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charities and which enable them to ascertain the financial position of the Charities and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the Charities and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Trustees on 28 July 2022 and signed on their behalf.

....................................................................... Mr Philip James Knowles – Chairperson

....................................................................... Mr Nicolas James Legge - Vice Chairperson

BOURNE UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF BOURNE UNITED CHARITIES

Opinion

We have audited the financial statements of Bourne United Charities (the “Charity”) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

BOURNE UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF BOURNE UNITED CHARITIES

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 2, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under the Charities Act 2011 s144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Mrs Nicola Michelle Lenton FCCA (Senior Statutory Auditor)

For and on behalf of Dexter & Sharpe Audit Services Limited (Statutory Auditor) Rollestone House Bridge Street Horncastle Lincolnshire LN9 5HZ

……………………………….. 2022

BOURNE UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Permanent
Endowment Designated Unrestricted 2021 2020
Note Fund Funds Fund Total Total
£ £ £ £ £
INCOME AND ENDOWMENTS
Investment Income 2) 1,005,201 1,005,201 963,269
Other Income and Grants 1,783
1,783		 22,494
________ ________ ________
Total Incoming Resources 1,006,984 1,006,984 985,763
════════ ════════ ════════
EXPENDITURE
Charitable Activities 3) 383,835 383,835 577,510
Other Costs 4) 182,295 182,295 120,875
________ ________ ________
Total Resources Expended 5) 566,130 566,130 698,385
════════ ════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS 440,854 440,854 287,378
,
Transfers between funds 12) 90 4,388 (4,478) - -
________ ________ ________ ________ ________
NET INCOME BEFORE
GAINS/LOSSES ON INVESTMENTS
90		 4,388 436,376 440,854 287,378
Gains on Fixed Assets and Investments
-
Unrealised fixed assets		 - - - - 1,549,931
-
Unrealised investments		 7) 324,334 30,009 (1,212) 353,131 73,292
________ ________ ________ ________ ________
NET MOVEMENT IN FUNDS 324,424 34,397 435,164 793,985 1,910,601
Balances brought forward
at 1st January 2021 27,484,354 271,967 2,438,389 30,194,710 28,284,109
________ ________ ________ ________ ________
Balances carried forward
at 31st December 2021 27,808,778 306,364 2,873,553 30,988,695 30,194,710
════════ ════════ ════════ ════════ ════════

There were no recognised gains or losses other than those included in the Statement of Financial Activities.

The notes on pages 10 to 17 form part of these accounts.

BOURNE UNITED CHARITIES

BALANCE SHEET AS AT 31 DECEMBER 2021

2021 2020
Note £ £
FIXED ASSETS
Tangible Fixed Assets for Charity Use 6) 2,678,300 2,680,959
Investment Properties 6) 22,923,661 22,359,000
Listed Investments 7) 4,289,470 3,484,756
________ ________
29,891,431 28,524,715
CURRENT ASSETS
Debtors 8) 233,713 244,122
Short Term Cash Deposits 72,695 72,687
Cash at Bank and in Hand 1,146,341 1,719,358
________ ________
1,452,749 2,036,167
CREDITORS:Amounts falling due
within one year 9) 355,485 366,172
________ ________
NET CURRENT ASSETS 1,097,264 1,669,995
________ ________
TOTAL NET ASSETS 10) 30,988,695 30,194,710
════════ ════════
REPRESENTED BY FUNDS
Permanent Endowment 27,808,778 27,484,354
Designated 13) 306,364 271,967
Unrestricted 2,873,553 2,438,389
________ ________
30,988,695 30,194,710
════════ ════════

Approved by the Trustees on 28 July 2022 and signed on their behalf.

........................................................................ ....................................................................... Mr Philip James Knowles – Chairperson Mr Nicolas James Legge – Vice Chairperson

The notes on pages 10 to 17 form part of these accounts.

BOURNE UNITED CHARITIES

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Cash flows from operating activities:
Net cash inflow from (used in) operating activities
1
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of investments
Interest received
Net cash (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2021
£
407,531
(11,484)
(1,016,244)
47,188
(980,540)
(573,009)
1,792,045
1,219,036		 2020
£
164,016
(3,073)
(195,737)
17,802
(181,008)
(16,992)
1,809,037
1,792,045

BOURNE UNITED CHARITIES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income (expenditure) for the reporting period (as per the
statement of financial activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash generated from operating activities		 2021
£
440,854
14,143
(47,188)
10,409
(10,687)
407,531		 2020
£
287,378
12,518
(17,802)
(129,748)
11,670
164,016

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of Preparation of Accounts

The financial statements have been prepared under the historical cost convention modified by the revaluation of fixed assets and investments.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

In preparing the financial statements the Charities follow best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2019) and the Charities Acts.

The Charities constitute a public benefit entity as defined by FRS 102.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Assets costing less than £100 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Land and buildings for charitable purposes Not depreciated Investment property Not depreciated Equipment 10%/20% Straight line basis

No depreciation is provided on freehold buildings. It is the Charities' policy to review their valuation annually and have them professionally revalued every five years, all unrealised gains and losses being shown on the statement of financial activities.

Income

Investment income plus associated tax recoverable by the Charities is credited to income on an accruals basis using dates of payment for dividends and daily accrual for interest.

Other income is accounted for as received by the Charities. No voluntary income, donations, grants or fundraising income have been received in the period. No permanent endowments have been received in the period. Income from permanent endowment funds is unrestricted.

Investments

Investments are stated at fair value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities.

Value added tax

Value added tax is not recoverable by the Charities, and as such is included in the relevant costs in the Income and Expenditure Account.

Other Costs

Other costs include all expenditure not directly related to the Charities' activities. This includes costs of running office premises, salaries for administrative staff and audit fees as well as the costs in managing and maintaining the investment properties.

Charitable Activities

The Trustees make grants in accordance with the provisions of the Charity Commission Scheme. Charitable activities also include maintenance and running costs of the Almshouses and public facilities which the Charities provide in Bourne.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

2. INVESTMENT INCOME
2021 2020
£ £
Interest on deposits 9 191
Income from Investment Properties 958,013 945,467
Income from Listed Investments 47,179 17,611
________ ________
1,005,201 963,269
All investment assets are within the UK.
3. CHARITABLE ACTIVITIES
Unrestricted Funds Total
and Total 2021 2020
£ £
Grants to individuals:
Weekly Charitable Payments 19,944 24,024
Bourne Educational Foundation Grant 48,983 31,910
Other Grants 14,158 33,810
________ ________
83,085 89,744
Almshouses Running Costs 20,811 58,061
Abbey Lawn Upkeep Costs 67,218 59,822
Well Head Upkeep Costs 105,753 239,790
General Property Running Costs 106,968 130,093
________ ________
383,835 577,510
════════ ════════
4. OTHER COSTS
Salaries and Office Costs 52,692 50,403
Fidelity and Liability Insurances 2,558 2,407
Legal and Professional Fees 6,876 50,509
Audit Fee 5,800 5,640
Provision for bad and doubtful debts 100,226 (603)
Depreciation 14,143 12,519
________ ________
182,295 120,875
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

5. TOTAL RESOURCES EXPENDED

Staff Depreciation Depreciation Other Total Total
Costs Costs 2021 2020
£ £ £ £ £
Charitable Activities 56,142 - 327,693 383,835 577,510
Other Costs 32,551 14,143 135,601 182,295 120,875
________ ________ ________ ________ ________
88,693 14,143 463,294 566,130 698,385
════════ ════════ ════════ ════════ ════════
2021 2020
£ £
Staff Costs
Wages and Salaries 82,666 80,090
Social Security Costs 3,268 2,582
Pension Costs 2,759 2,721
________ ________
88,693 85,393
Other Expenditure
Grants and Allowances 83,085 89,744
Almshouse Running Costs (excluding wages) 20,811 58,061
Upkeep of Social Amenities - ditto - 116,829 245,775
Administration Costs - ditto - 32,817 74,996
Liability and Fidelity Insurance 2,558 2,407
Property Management and
Running Costs - ditto - 106,968 130,093
Provision for bad and doubtful debts 100,226 (603)
Depreciation 14,143 12,519
________ ________
477,437 612,992
________ ________
566,130 698,385
════════ ════════

No employee earned £60,000 pa or more. The average number of employees by function was:

Manual 2 2
Administrative 2 2
________ ________
4 4
════════ ════════

The Charities operate a defined contributions scheme in respect of its employees. The total staff costs paid to key management including pension benefits amounted to £29,131 (2020: £29,099).

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

6. TANGIBLE FIXED ASSETS

6. TANGIBLE FIXED ASSETS
Land and Buildings
Investment Used by
Properties Charity Equipment Total
£ £ £ £
Cost or Valuation
At 1st January 2021
 22,359,000 2,655,000 342,000 25,356,000
Additions 564,661 - 11,484 576,145
Disposals - - (3,892) (3,892)
________ ________ ________ ________
22,923,661 2,655,000 349,592 25,928,253
Revaluation in year - - - -
________ ________ ________ ________
At 31st December 2021 22,923,661 2,655,000 349,592 25,928,253
════════ ════════ ════════ ════════
Accumulated Depreciation
At 1st January 2021 - - 316,041 316,041
Charge for the year - - 14,137 14,137
On Disposals - - (3,886) (3,886)
________ ________ ________ ________
At 31st December 2021 - - 326,292 326,292
════════ ════════ ════════ ════════
Net Book Value
At 31st December 2021 22,923,661 2,655,000 23,300 25,601,961
════════ ════════ ════════ ════════
At 31st December 2020 22,359,000 2,655,000 25,959 25,039,959
════════ ════════ ════════ ════════
7. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS
2021 2020
£ £
Market Value at 1st January 2021 3,484,756 3,389,493
Additions 451,583 21,971
________ ________
3,936,339 3,411,464
Net Unrealised Gain for the Year 353,131 73,292
________ ________
Market Value at 31st December 2021 4,289,470 3,484,756
════════ ════════

The historical cost of the fixed asset investments cannot be determined due to the portfolio having been built up over many years, records for all of which 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 of the valuation of the portfolio at 1 January 1995 plus additions at cost less disposals at valuation/cost since.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

7. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS CONTINUED

The historical valuation/cost of fixed asset investments at the year end was:

2021 2020
£ £
Balance at 1 January 2021 1,454,857 1,432,886
Additions at cost during the year 451,583 21,971
________ ________
Balance at 31 December 2021 1,906,440 1,454,857
════════ ════════
All investment assets are held within the UK.
The composition of the investment portfolio is shown below:
Permanent
Endowment Designated Unrestricted
Total Fund Fund Fund
£ £ £ £
Value 31 December 2021 4,289,470 3,507,941 306,365 475,164
════════ ════════ ════════ ════════
Value at 1 January 2021 3,484,756 3,183,517 271,967 29,272
════════ ════════ ════════ ════════
Value on introduced 01.01.95 plus
additions and less disposals at cost 1,906,440 1,358,777 131,402 416,261
════════ ════════ ════════ ════════
8. DEBTORS
2021 2020
£ £
Trade Debtors – Rent Ledger 215,806 229,295
Rental Income Accrual 408 408
Other Debtors and Accruals 17,499 14,419
________ ________
233,713 244,122
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

9. CREDITORS: Falling due within one year
2021 2020
£ £
Trade Creditors 889 5,438
Accruals 15,537 40,900
Taxation and social security costs 1,727 2,247
Bourne Educational Foundation Grant 115,926 98,853
Rental Income received in advance 149,092 147,984
Tenants Deposit Accounts 72,314 70,750
________ ________
355,485 366,172
════════ ════════
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible Net
Fixed Current
Assets Investments Assets Total
£ £ £ £
Permanent Endowment Fund 25,578,661 3,507,941 (1,277,824) 27,808,778
Designated Fund - 306,364 - 306,364
Unrestricted Fund 23,300 475,165 2,375,088 2,873,553
________ ________ ________ ________
25,601,961 4,289,470 1,097,264 30,988,695
════════ ════════ ════════ ════════

Note: The Designated Fund represents investments in Transact Shares to provide funds to meet exceptional property repairs and the replacement of equipment. (See Note 12)

11. PROPERTY VALUATIONS

Leytonstone properties were revalued at 31 December 2018. The properties were valued by: Leytonstone Residential/Commercial Properties

Lawrence Roper Chartered Surveyors

Bourne properties were revalued at 31 December 2020. Bourne and District - Agricultural Property Brown & Co - Residential and other properties Chartered Surveyors

The Trustees have completed an annual assessment of their investment property portfolio as required by FRS102 and do not consider that its residential property has changed sufficiently in the period to warrant any change in the valuation contained within the accounts.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

12. TRANSFER BETWEEN FUNDS

TRANSFER BETWEEN FUNDS
Permanent
Endowment Designated Unrestricted
Fund Fund Fund
£ £ £
Purchase of Shares with Transact/Ruffer 90 4,388 (4,478)
════════ ════════ ════════
These transfers represent:

Recoupment in respect of various property sales as authorised by the Charity Commission. The Charity has since amalgamated the recoupment endowment funds as the targets have been met. b) Designated Funds Provision for i) exceptional repairs or renovations of almshouses ii) exceptional repairs or renovations of other properties iii) exceptional repairs and replacement of plant and equipment

13. DESIGNATED FUNDS

The Trustees invest income in Transact to provide for: i) Exceptional repairs or renovation of almshouses ii) Exceptional repairs or renovation of other properties iii) Exceptional repairs or replacement of plant and equipment

2021 2020
Total Total
£ £
Net Transfer from Unrestricted Funds 4,388 5,136
Unrealised Gain on Value of Shares at 31 December 2021 30,009 7,118
________ ________
Net Movement in Funds 34,397 12,254
Balance at 1 January 2021 271,967 259,713
________ ________
Balance at 31 December 2021 306,364 271,967
════════ ════════

14. RELATED PARTY TRANSACTIONS

There are no related party transactions.

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

BOURNE UNITED CHARITIES

15. OPERATING LEASE COMMITMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021 2020
£ £
Within one year 1,771 1,771
Between 1- 5 years - 1,771
________ ________
1,771 3,542
════════ ════════

16. APB ETHICAL STANDARD – PROVISIONS AVAIALBLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation Of the financial statements.

17. POST BALANCE SHEET EVENTS

Status Change – The Charities have set up a charitable incorporated organisation. This initial step was completed on 29 May 2019. The new incorporated status will enable the new entity to do many things in its own name whilst providing added protection for its Trustees in limiting liability. The process of transferring the assets contained in the accounts above is proving protracted and has not completed to date. The organisation recognise the importance of completing and concluding this fully before the end of December 2022 to mitigate any arising risk of asset ownership being split between the two bodies.

BOURNE UNITED CHARITIES

APPENDIX A(i)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
INCOME
Investment Income:
Rental Income:
Leytonstone 810,911 819,064
Bourne and District 147,102 958,013 126,403 945,467
_______ _______
Dividend and Interest Income:
Transact and Ruffer Income 47,179 17,611
Interest on Deposits 9 47,188 191 17,802
_______ _______ _______ _______
1,005,201 963,269
Red Hall Lettings 1,130 2,000
Miscellaneous 653 1,783 20,494 22,494
_______ _______ _______ _______
TOTAL INCOME 1,006,984 985,763
EXPENDITURE
CHARITABLE ACTIVITIES
Weekly Payments, Grants &
Allowances (See Note 3) 83,085 89,744
Almshouses:
Repairs and Maintenance 2,835 28,710
Utilities 10,226 12,169
Council Tax - 206
Insurance 2,234 2,048
Telephone and Miscellaneous 5,052 14,482
Garden Maintenance 464 20,811 446 58,061
_______ _______
Abbey Lawn:
Wages 26,386 25,833
Repairs and Maintenance 25,338 15,819
Mowing Equipment Costs 1,933 7,676
Telephone and Miscellaneous 12,139 9,108
Utilities 80 149
Insurance 1,342 1,237
_______ _______
67,218 59,822
_______ _______
Carried Forward 171,114 1,006,984 207,627 985,763

BOURNE UNITED CHARITIES

APPENDIX A(ii)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Bought forward 171,114 1,006,984 207,627 985,763
CHARITABLE ACTIVITIES (cont)
Well Head & South Street Properties
Wages 29,756 28,004
Repairs and Maintenance 60,554 198,672
Insurance 3,406 3,780
Mowing Equipment Costs 4,305 2,849
Utilities 4,824 2,014
Telephone and Miscellaneous 1,092 2,703
Council tax 1,816 105,753 1,768 239,790
_______ _______ _______ _______
276,867 447,417
GENERAL PROPERTY RUNNING COSTS
Bourne Land:
Repairs and Maintenance 1,126 3,095
Insurance 276 290
Professional Fees - 3,144
Utilities 210 354
_______ _______
1,612 6,883
═══════ ═══════
Bourne Residential Properties:
Repairs and Maintenance 18,680 20,433
Insurance 2,961 2,110
Professional fees - 661
Utilities 512 835
Council Tax - 428
_______ _______
22,153 24,467
═══════ ═══════
Leytonstone Properties:
Repairs and Maintenance 14,503 29,268
Insurance 9,672 9,151
Business Rates and Water - 165
Legal and Professional Fees 35,205 30,413
Utilities 1,676 1,129
Miscellaneous 2,052 3,962
_______ _______
63,108 74,088
═══════ ═══════
Carried Forward 86,873 276,867 1,006,984 105,438 447,417 985,763

BOURNE UNITED CHARITIES

APPENDIX A(iii)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Bought Forward 86,873 276,867 1,006,984 105,438 447,417 985,763
GENERAL PROPERTY RUNNING COSTS (cont)
Red Hall:
Repairs and Maintenance 3,890 13,623
Utilities 2,051 2,387
Insurance 6,431 5,503
Telephone and Miscellaneous 1,206 616
Security 6,517 1,841
_______ _______
20,095 23,970
═══════ ═══════
Wake House:
Insurance - 265
Repairs and Maintenance - 420
_______ _______
- 106,968 685 130,093
═══════ ═══════
_______ _______
TOTAL CHARITABLE ACTIVITIES 383,835 577,510
OTHER COSTS
Insurance:
Employers Liability 1,718 1,727
Fidelity Guarantee 840 680
_______ _______
2,558 2,407
═══════ ═══════
Salaries 32,551 31,556
Professional Fees 6,876 50,509
Office Equipment Rental 2,671 1,387
Printing and stationery 1,530 1,558
Telephone and Postages 1,540 1,989
Audit Fee 5,800 5,640
Miscellaneous 13,376 12,806
Bank Charges 1,024 1,107
_______ _______
65,368 106,552
═══════ ═══════
Provision for bad and
doubtful debts 100,226 (603)
═══════ ═══════
Depreciation 14,137 12,517
Loss on Sale of Fixed Assets 6 2
_______ _______
14,143 12,519
═══════ ═══════
TOTAL GOVERNANCE COSTS 182,295 120,875
_______ _______
TOTAL EXPENDITURE 566,130 698,385
_______ _______
NET INCOMING RESOURCES 440,854 287,378
═══════ ═══════

BOURNE UNITED CHARITIES APPENDIX B

PROPERTY VALUATION - 31 DECEMBER 2021

2021 2020
INVESTMENT PROPERTIES £ £
LEYTONSTONE (REVALUED AT 31.12.2020)
Residential Properties: 8 Burghley Road 700,000 700,000
22 Harrington Road 650,000 650,000
28 Harrington Road 609,000 609,000
37 Harrington Road 613,000 613,000
107 Harold Road 672,000 672,000
13 Vernon Road 609,000 609,000
53 Vernon Road 902,000 902,000
Commercial Properties: 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
30 Church 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
797 High Road 435,000 435,000
799 High Road 400,000 400,000
801 High Road 525,000 525,000
729 High Road 358,000 358,000
731 High Road 356,000 356,000
735 High Road 384,000 384,000
741 High Road 323,000 323,000
809-813 High Road 2,650,000 2,650,000
________ ________
18,280,000 18,280,000
BOURNE & DISTRICT (REVALUED 31.12.2020)
Land at South Road 3,000 3,000
39 High Street, Morton 200,000 200,000
Land High Street, Morton 35,000 35,000
Morton Fen Farm 1,780,000 1,780,000
Bungalow, Morton Fen 160,000 160,000
37 High Street, Morton 200,000 200,000
6 Bedehouse Bank 210,000 210,000
3 Mercia Gardens 225,000 225,000
4 Merlin Close 220,000 220,000
4 Stretham Way 170,000 170,000
7 Stretham Way 170,000 170,000
12 Stretham Way 170,000 170,000
41 Beaufort Drive - cost 197,360 -
20 Wetherby Close- cost 184,858 -
31 Foxley Court – cost 182,443 -
Wake House, North Street, Bourne 380,000 380,000
Constables Land, Dyke 44,000 44,000
Constables Land, Bourne 32,000 32,000
Short Drove, Dyke Fen 20,000 20,000
Swallow Hill, Thurlby 60,000 4,643,661 60,000 4,079,000
________ ________ ________ ________
22,923,661 22,359,000
════════ ════════
PROPERTY USED FOR CHARITABLE PURPOSES
BOURNE & DISTRICT
The Red Hall 500,000 500,000
Almshouses,West Street 1,120,000 1,120,000
Abbey Lawn 140,000 140,000
Well Head and adjacent properties 870,000 870,000
Allotments 25,000 25,000
________ ________
2,655,000 2,655,000
════════ ════════