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2022-12-31-accounts

BOURNE UNITED CHARITIES Charity No: 216000 CIO No: 1183638

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 - 4. Trustees' Report
5-6. Independent Auditors' Report
7. Statement of Financial Activities
8. Balance Sheet
9-10. Cash Flow Statement
11 - 21. 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 2022

Trustees: Ex-Officio The Revd. Christopher John Atkinson The Revd. Christopher John Atkinson
(Resigned 31 July 2023)
Life Trustee Mrs Joyce Edith Burrows
Co-optive Mr Geoffrey Richard Greatwood
Mr Trevor Hollinshead
Mr Ivan John Stephen Fuller
Mr John Alfred Kirkman
Mr David Stanley Mapp (Chair)
Mr Nicolas James Legge (Resigned 20 March 2023)
Mrs Anna Patricia Rogers (Resigned 04 May 2023)
Mr Charles Falconer McLean (Vice-chair)
Mrs Fiona Louise Pembery
Mrs Susan Bennett (appointed 27 January 2022)
Nominative (Nominated by Bourne Town Council)
Mr Philip James Knowles
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

1

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their report and accounts for the year ended 31 December 2022.

Objectives and activities

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 long-term aim of the charity is to ensure an income stream that will meet its liabilities and charitable objectives.

The majority of Bourne United Charites’ income is rental income from properties owned by the charity. The net income (after the associated property costs) received from properties in Leytonstone in 2022 was £642,442 (2021: £747,803) and the net rental income received on Bourne properties owned by the charity was £54,062 (2021: £124,949). This is a decrease in net income compared with the previous year due mainly to additional expenditure on repairs to some of the properties.

During the year ended 31 December 2022, work to improve the outside area around the Almshouses commenced. This work will continue in the coming year and further work to modernise the properties is also planned. The total expenditure on the Almshouses was £38,500 (2021: £20,811).

Charitable payments and grants continue to be paid by Bourne United Charities and in 2022 other grants totalling £43,433 (2021: £14,158) were paid out, this included a grant of £9,060 towards improvements to Bourne Rugby Club clubhouse and a £5,000 contribution to the late Queen’s jubilee celebrations in the town.

A high proportion of the Charity’s expenditure is on the upkeep of the Well Head and Abbey Lawn recreation areas in Bourne. General maintenance is carried out by Bourne United Charity staff to a high standard and during the year additional necessary tree work was undertaken amounting to £40,134. The trustees consider that these areas provide a substantial benefit of the inhabitants of Bourne and the general public. The Charity also provides land to local sports clubs at a lower than market rate rental cost enabling the provision of various sports facilities in Bourne.

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

Achievements and performance

During the year under review, the Charities distributed £436,359 (2021: £210,864) by way of charitable payments, grants and the provision of Almshouses and other property costs and £212,933 (2021: £172,971) 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 £178,237 (2021: £440,854). 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 a decrease in the market value of shares in the investment portfolio.

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Financial review

At the end of the reporting period, the charity had net assets of £32,964,367 (2021: 30,988,695). These assets continue to be used to fund the charitable activities of the organisation.

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 one year but this is currently under review. At the year end unrestricted reserves represented by cash, and unrestricted investments less debtors, amounted to £2,927,026

The Trustees considered that the surplus should remain high given the current difficulty in obtaining rental income from their substantial holdings in retail properties. In the coming year the trustees will review their policy regarding purchases of further property.

Structure, governance and management

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)

During 2022 the Charities continued to work with solicitors to change its structure to that of a charitable incorporated organisation. The new charity had already been registered with the Charities Commission and the transfer of assets was finally completed in December 2022. The existing activities of the Charities have been unaffected. 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 old charity will be struck off in the next financial year.

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 appointed for a period of 4 years following a recruitment process.

Reference and administrative details

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. Estate managers are used to administer the London and Bourne properties.

Funds held as custodian trustee on behalf of others

No funds are held by custodian trustees on behalf of others.

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

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 31 August 2023 and signed on their behalf by:

........................................................................ ....................................................................... Mr David Stanley Mapp – Chairperson Mr Charles Falconer McClean - 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 2022 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

……………………………….. 2023

BOURNE UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Permanent
Endowment **Designated ** Unrestricted 2022 2021
Note Fund Funds Fund Total Total
£ £ £ £ £
INCOME AND ENDOWMENTS
Donations 300 300 -
-
Investment Income 2) 1,020,454 1,020,454 1,005,201
Other Income and Grants 4,316 4,316 1,783
________ ________ ________
Total Incoming Resources 1,025,070 1,025,070 1,006,984
════════ ════════ ════════
EXPENDITURE
Charitable Activities 3) 649,292 649,292 383,835
Other Costs 4) 197,541 197,541 182,295
________ ________ ________
Total Resources Expended 5) 846,833 846,833 566,130
════════ ════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS - - 178,237 178,237 440,854
Transfers between funds 14) 547 4,476 (5,023) - -
________ ________ ________ ________ ________
NET INCOME BEFORE
GAINS/LOSSES ON INVESTMENTS 547 4,476 173,214 178,237 440,854
Gains/(Losses) on Fixed Assets and Investments
-
Unrealised fixed assets		 1,962,000 - - 1,962,000 -
-
Unrealised investments		 9) (98,743) (39,204) (26,618) (164,565) 353,131
________ ________ ________ ________ ________
NET MOVEMENT IN FUNDS 1,863,804 (34,728) 146,596 1,975,672 793,985
Balances brought forward
at 1st January 2022 27,808,778 306,364 2,873,553 30,988,695 30,194,710
________ ________ ________ ________ ________
Balances carried forward
at 31st December 2022 29,672,582 271,636 3,020,149 32,964,367 30,988,695
════════ ════════ ════════ ════════ ════════

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

The notes on pages 11 to 21 form part of these accounts.

BOURNE UNITED CHARITIES

BALANCE SHEET AS AT 31 DECEMBER 2022

2022 2021
Note £ £
FIXED ASSETS
Tangible Fixed Assets for Charity Use 8) 2,679,970 2,678,300
Investment Properties 8) 24,885,661 22,923,661
Listed Investments 9) 4,588,509 4,289,470
________ ________
32,154,140 29,891,431
CURRENT ASSETS
Debtors 10) 68,153 233,713
Short Term Cash Deposits 73,405 72,695
Cash at Bank and in Hand 1,041,608 1,146,341
________ ________
1,183,166 1,452,749
CREDITORS:Amounts falling due
within one year 11) 372,939 355,485
________ ________
NET CURRENT ASSETS 810,227 1,097,264
________ ________
TOTAL NET ASSETS 12) 32,964,367 30,988,695
════════ ════════
REPRESENTED BY FUNDS
Permanent Endowment 13) 29,672,582 27,808,778
Designated 15) 271,636 306,364
Unrestricted 13) 3,020,149 2,873,553
________ ________
32,964,367 30,988,695
════════ ════════

Approved by the Trustees on 31 August 2023 and signed on their behalf.

........................................................................ ....................................................................... Mr David Stanley Mapp – Chairperson Mr Charles Falconer McClean - 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 2022

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
Sale of tangible fxed 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		 2022
£
307,129
(40,555)
32,896
(463,604)
60,111
(411,152)
(104,023)
1,219,036
1,115,013		 2021
£
407,531
(11,484)
-
(1,016,244)
47,188
(980,540)
(573,009)
1,792,045
1,219,036

BOURNE UNITED CHARITIES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

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
Proft on disposal of fxed assets
Interest received
Decrease in debtors
Increase/(Decrease)/in creditors
Net cash generated from operating activities		 2022
£
178,237
12,472
(6,482)
(60,111)
165,560
17,453
307,129		 2021
£
440,854
14,143
-
(47,188)
10,409
(10,687)
407,531

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

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, 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 2022

2. INVESTMENT INCOME

2. INVESTMENT INCOME
2022 2021
£ £
Interest on deposits 867 9
Income from Investment Properties 960,343 958,013
Income from Listed Investments 59,244 47,179
________ ________
1,020,454 1,005,201
════════ ════════
All investment assets are within the UK.
3. CHARITABLE ACTIVITIES
Unrestricted Funds Total
and Total 2022 2021
£ £
Grants to individuals:
Weekly Charitable Payments 21,720 19,944
Bourne Educational Foundation Grant 21,301 48,983
Other Grants 43,433 14,158
________ ________
86,454 83,085
Almshouses Running Costs 38,500 20,811
Abbey Lawn Upkeep Costs 48,074 67,218
Well Head Upkeep Costs 164,859 105,753
General Property Running Costs 311,405 106,968
________ ________
649,292 383,835
════════ ════════
4. OTHER COSTS
Salaries and Office Costs 49,444 52,692
Fidelity and Liability Insurances 2,780 2,558
Legal and Professional Fees 23,426 6,876
Audit Fee 6,192 5,800
Provision for bad and doubtful debts 109,709 100,226
Depreciation 12,472 14,143
(Profit) on disposal of fixed assets (6,482) -
________ ________
197,541 182,295
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

5. TOTAL RESOURCES EXPENDED

Staff Depreciation Depreciation Other Total Total
Costs Costs 2022 2021
£ £ £ £ £
Charitable Activities 86,700 - 562,592 649,292 383,835
Other Costs 32,494 12,472 152,575 197,541 182,295
________ ________ ________ ________ ________
119,194 12,472 715,167 846,833 566,130
════════ ════════ ════════ ════════ ════════
2022 2021
£ £
Staff Costs
Wages and Salaries 112,083 82,666
Social Security Costs
4,130		 3,268
Pension Costs 2,981 2,759
________ ________
119,194 88,693
Other Expenditure
Grants and Allowances 86,454 83,085
Almshouse Running Costs (excluding wages) 35,576 20,811
Upkeep of Social Amenities - ditto - 129,158 116,829
Administration Costs - ditto - 46,568 32,817
Liability and Fidelity Insurance 2,780 2,558
Property Management and
Running Costs - ditto - 311,404 106,968
Provision for bad and doubtful debts 109,709 100,226
Depreciation 12,472 14,143
(Profit)/loss on disposal of fixed assets (6,482) -
________ ________
727,639 477,437
________ ________
846,833 566,130
════════ ════════
No employee earned £60,000 pa or more. The average number of employees by function was:
Manual 4 2
Administrative 2 2
________ ________
6 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 £28,011 (2021: £29,131).

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

6. TRUSTEES’ REMUNERATION AND BENEFITS

There were no Trustees’ remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees’ expenses

There were no Trustees’ expenses paid for the year ended 31 December 2022, nor for the year ended 31 December 2021.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Permanent
Endowment **Designated ** Unrestricted 2021
Fund Funds Fund Total
£ £ £ £
INCOME AND ENDOWMENTS
Investment Income 1,005,201 1,005,201
Other Income and Grants 1,783 1,783
________ ________
Total Incoming Resources 1,006,984 1,006,984
════════ ════════
EXPENDITURE
Charitable Activities 383,835 383,835
Other Costs 182,29_5_ 182,295
________ ________
Total Resources Expended 566,130 566,130
════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS 440,854 440,854
Transfers between funds 90 4,388 (4,478) -
________ ________ ________ ________
NET INCOME BEFORE
GAINS ON INVESTMENTS 90 4,388 436,376 440,854
Gains on Fixed Assets and Investments
-
Unrealised fixed assets		 - - - -
-
Unrealised investments		 324,334 30,009 (1,212) 353,131
________ ________ ________ ________
NET MOVEMENT IN FUNDS 324,424 34,397 435,164 793,985
Balances brought forward at 1st January 2022 27,484,354 271,967 2,438,389 30,194,710
________ ________ ________ ________
Balances carried forward at 31st December 2022 27,808,778 306,364 2,873,553 30,988,695
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

8.

TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Land and Buildings
Investment Used by
Properties Charity Equipment Total
£ £ £ £
Cost or Valuation
At 1st January 2022
 22,923,661 2,655,000 349,592 25,928,253
Additions - - 40,555 40,555
Disposals - - (83,217) (83,217)
________ ________ ________ ________
22,923,661 2,655,000 306,930 25,885,591
Revaluation in year 1,962,000 - - 1,962,000
________ ________ ________ ________
At 31st December 2022 24,885,661 2,655,000 306,930 27,847,591
════════ ════════ ════════ ════════
Accumulated Depreciation
At 1st January 2022 - - 326,292 326,292
Charge for the year - - 12,472 12,472
On Disposals - - (56,804) (56,804)
________ ________ ________ ________
At 31st December 2022 - - 281,960 281,960
════════ ════════ ════════ ════════
Net Book Value
At 31st December 2022 24,885,661 2,655,000 24,970 27,565,631
════════ ════════ ════════ ════════
At 31st December 2021 22,923,661 2,655,000 23,300 25,601,961
════════ ════════ ════════ ════════
FIXED ASSET INVESTMENTS - LISTED INVESTMENTS
2022 2021
£ £
Market Value at 1st January 2022 4,289,470 3,484,756
Additions 463,604 451,583
________ ________
4,753,074 3,936,339
Net Unrealised (Loss)/Gain for the Year (164,565) 353,131
________ ________
Market Value at 31st December 2022 4,588,509 4,289,470
════════ ════════

9. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS

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 2022

9. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS CONTINUED

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

2022 2021
£ £
Balance at 1 January 2022 1,906,440 1,454,857
Additions at cost during the year 463,604 451,583
________ ________
Balance at 31 December 2022 2,370,044 1,906,440
════════ ════════
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 2022 4,588,509 3,409,744 271,636 907,129
════════ ════════ ════════ ════════
Value at 1 January 2022 4,289,470 3,507,941 306,365 475,164
════════ ════════ ════════ ════════
Value on introduced 01.01.95 plus
additions and less disposals at cost 2,370,044 1,408,259 139,965 821,820
════════ ════════ ════════ ════════
10. DEBTORS
2022 2021
£ £
Trade Debtors – Rent Ledger 19,042 215,806
Rental Income Accrual 408 408
Other Debtors and Accruals 48,703 17,499
________ ________
68,153 233,713
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

11. CREDITORS: Falling due within one year
2022 2021
£ £
Trade Creditors 1,084 889
Accruals 25,997 15,537
Taxation and social security costs 2,413 1,727
Bourne Educational Foundation Grant 137,228 115,926
Rental Income received in advance 133,405 149,092
Tenants Deposit Accounts 72,812 72,314
________ ________
372,939 355,485
════════ ════════
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible Net
Fixed Current
Assets Investments Assets Total
£ £ £ £
Permanent Endowment Fund 27,540,661 3,409,744 (1,277,823) 29,672,582
Designated Fund - 271,636 - 271,636
Unrestricted Fund 24,970 907,129 2,088,050 3,020,149
________ ________ ________ ________
27,565,631 4,588,509 810,227 32,964,367
════════ ════════ ════════ ════════

Note: The Designated Fund represents investments in Transact Shares to provide funds to meet exceptional property repairs and the replacement of equipment. (See Note 15)

13. MOVEMENT IN FUNDS

Net Transfers
Movement Between
At 1.1.22 in Funds Funds At 31.12.22
£ £ £ £
Unrestricted Funds
General Fund 2,873,553 151,619 (5,023) 3,020,149
Restricted Funds
Designated Fund 306,364 (39,204) 4,476 271,636
Permanent Endowment Fund 27,808,778 1,863,257 547 29,672,582
________ ________ ________ ________
TOTAL FUNDS 30,988,695 1,975,672 - 32,964,367
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

13. MOVEMENT IN FUNDS continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains & Movement
Resources Expended Losses in Funds
£ £ £ £
Unrestricted Funds
General Fund 1,025,070 (846,833) (26,618) 151,619
Restricted Funds
Designated Fund - - (39,204) (39,204)
Permanent Endowment Fund - - 1,863,257 1,863,257
________ ________ ________ ________
TOTAL FUNDS 1,025,070 (846,833) 1,797,435 1,975,672
════════ ════════ ════════ ════════
Comparatives for movement in funds
Net Transfers
Movement Between
At 1.1.21 in Funds Funds At 31.12.21
£ £ £ £
Unrestricted Funds
General Fund 2,438,389 439,642 (4,478) 2,873,553
Restricted Funds
Designated Fund 271,967 30,009 4,388 306,364
Permanent Endowment Fund 27,484,354 324,334 90 27,808,778
________ ________ ________ ________
TOTAL FUNDS 30,194,710 793,985 - 30,988,695
════════ ════════ ════════ ════════
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains & Movement
Resources Expended Losses in Funds
£ £ £ £
Unrestricted Funds
General Fund 1,006,984 (566,130) (1,212) 439,642
Restricted Funds
Designated Fund - - 30,009 30,009
Permanent Endowment Fund - - 324,334 324,334
________ ________ ________ ________
TOTAL FUNDS 1,006,984 (566,130) 353,131 793,985
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

13. MOVEMENT IN FUNDS continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
Movement Between
At 1.1.21 in Funds Funds At 31.12.22
£ £ £ £
Unrestricted Funds
General Fund 2,438,389 591,261 (9,501) 3,020,149
Restricted Funds
Designated Fund 271,967 (9,195) 8,864 271,636
Permanent Endowment Fund 27,484,354 2,187,591 637 29,672,582
________ ________ ________ ________
TOTAL FUNDS 30,194,710 2,769,657 - 32,964,367
════════ ════════ ════════ ════════
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 & Movement
Resources Expended Losses in Funds
£ £ £ £
Unrestricted Funds
General Fund 2,032,054 (1,412,963) (27,830) 591,261
Restricted Funds
Designated Fund - - (9,195) (9,195)
Permanent Endowment Fund - - 2,187,591 2,187,591
________ ________ ________ ________
TOTAL FUNDS 2,032,054 (1,412,963) 2,150,566 2,769,657
════════ ════════ ════════ ════════
14. TRANSFER BETWEEN FUNDS
Permanent
Endowment Designated Unrestricted
Fund Fund Fund
£ £ £
Purchase of Shares with Transact/Ruffer 547 4,476 (5,023)
════════ ════════ ════════
These transfers represent:

a) Permanent Endowment

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

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

15. 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

2022 2021
Total Total
£ £
Net Transfer from Unrestricted Funds 4,476 4,388
Unrealised (Loss)/ Gain on Value of Shares at
December 31 2022 (39,204) 30,009
________ ________
Net Movement in Funds (34,728) 34,397
Balance at 1 January 2022 306,364 271,967
________ ________
Balance at 31 December 2022 271,636 306,364
════════ ════════

16. PROPERTY VALUATIONS

Leytonstone properties were revalued at 31 December 2022.
The properties were valued by:
Leytonstone Residential/Commercial Properties Dobbin & Sullivan
Chartered Surveyors
Bourne properties were revalued at 31 December 2021.
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 consider that the valuations showing in the accounts are sufficiently up-to-date.

17. RELATED PARTY TRANSACTIONS

There are no related party transactions.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

18. OPERATING LEASE COMMITMENTS

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

2022 2021
£ £
Within one year - 1,771
Between 1- 5 years - -
________ ________
- 1,771
════════ ════════

19. 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.

BOURNE UNITED CHARITIES

APPENDIX A(i)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
£ £
INCOME
Donations 300 -
_______ _______
300 -
Investment Income:
Rental Income:
Leytonstone 788,350 810,911
Bourne and District 171,993 960,343 147,102 958,013
_______ _______
Dividend and Interest Income:
Transact and Ruffer Income 59,244 47,179
Interest on Deposits 867 60,111 9 47,188
_______ _______ _______ _______
1,020,754 1,005,201
Red Hall Lettings 3,836 1,130
Miscellaneous 480 4,316 653 1,783
_______ _______ _______ _______
TOTAL INCOME 1,025,070 1,006,984
EXPENDITURE
CHARITABLE ACTIVITIES
Weekly Payments, Grants &
Allowances (See Note 3) 86,454 83,085
Almshouses:
Wages 2,924 -
Repairs and Maintenance 10,929 2,835
Utilities 10,821 10,226
Insurance 2,535 2,234
Telephone and Miscellaneous 11,181 5,052
Garden Maintenance 110 38,500 464 20,811
_______ _______
Abbey Lawn:
Wages 24,378 26,386
Repairs and Maintenance 13,504 25,338
Mowing Equipment Costs 2,607 1,933
Telephone and Miscellaneous 5,528 12,139
Utilities 127 80
Insurance 1,930 1,342
_______ _______
48,074 67,218
_______ _______
Carried Forward 173,028 1,025,070 171,114 1,006,984

BOURNE UNITED CHARITIES

APPENDIX A(ii)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
£ £
Bought forward 173,028 1,025,070 171,114 1,006,984
CHARITABLE ACTIVITIES (cont)
Well Head & South Street Properties
Wages 59,398 29,756
Repairs and Maintenance 79,707 60,554
Insurance 6,268 3,406
Mowing Equipment Costs 8,017 4,305
Utilities 7,197 4,824
Telephone and Miscellaneous 4,272 1,092
Council tax - 164,859 1,816 105,753
_______ _______ _______ _______
337,887 276,867
GENERAL PROPERTY RUNNING COSTS
Bourne Land:
Repairs and Maintenance 1,717 1,126
Insurance 292 276
Utilities 758 210
_______ _______
2,767 1,612
═══════ ═══════
Bourne Residential Properties:
Repairs and Maintenance 111,629 18,680
Insurance 4,809 2,961
Utilities 1,493 512
_______ _______
117,931 22,153
═══════ ═══════
Leytonstone Properties:
Repairs and Maintenance 78,860 14,503
Insurance 8,870 9,672
Business Rates and Water 85 -
Legal and Professional Fees 51,676 35,205
Utilities 3,181 1,676
Miscellaneous 3,236 2,052
_______ _______
145,908 63,108
═══════ ═══════
Carried Forward 266,606 337,887 1,025,070 86,873 276,867 1,006,984

BOURNE UNITED CHARITIES

APPENDIX A(iii)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
£ £
Bought Forward 266,606 337,887 1,025,070 86,873 276,867 1,006,984
GENERAL PROPERTY RUNNING COSTS (cont)
Red Hall:
Repairs and Maintenance 10,806 3,890
Utilities 2,363 2,051
Insurance 7,041 6,431
Telephone and Miscellaneous 8,960 1,206
Security 10,484 6,517
_______ _______
39,654 20,095
═══════ ═══════
Wake House:
Professional fees 350 -
Repairs and Maintenance 4,795 -
_______ _______
5,145 311,405 - 106,968
═══════ ═══════
_______ _______
TOTAL CHARITABLE ACTIVITIES 649,292 383,835
OTHER COSTS
Insurance:
Employers Liability 1,818 1,718
Fidelity Guarantee 962 840
_______ _______
2,780 2,558
═══════ ═══════
Salaries 32,494 32,551
Professional Fees 23,426 6,876
Office Equipment Rental 2,071 2,671
Printing and stationery 2,093 1,530
Telephone and Postages 2,116 1,540
Audit Fee 6,192 5,800
Miscellaneous 9,174 13,376
Bank Charges 1,496 1,024
_______ _______
79,062 65,368
═══════ ═══════
Provision for bad and
doubtful debts 109,709 100,226
═══════ ═══════
Depreciation 12,472 14,137
(Profit)/Loss on Sale of Fixed Assets (6,482) 6
_______ _______
5,990 14,143
═══════ ═══════
TOTAL GOVERNANCE COSTS 197,541 182,295
_______ _______
TOTAL EXPENDITURE 846,833 566,130
_______ _______

178,237 440,854 ═══════ ═══════

NET INCOMING RESOURCES

BOURNE UNITED CHARITIES APPENDIX B

PROPERTY VALUATION - 31 DECEMBER 2022

2022 2021
INVESTMENT PROPERTIES £ £
LEYTONSTONE (REVALUED AT 31.12.2022)
Residential Properties: 8 Burghley Road 800,000 700,000
22 Harrington Road 670,000 650,000
28 Harrington Road 680,000 609,000
37 Harrington Road 600,000 613,000
107 Harold Road 780,000 672,000
13 Vernon Road 875,000 609,000
53 Vernon Road 800,000 902,000
Commercial Properties: 20 Church Lane 500,000 500,000
24-27 Church Lane 1,900,000 2,770,000
28 Church Lane 670,000 670,000
29 Church Lane 630,000 525,000
30 Church Lane 560,000 462,000
32 Church Lane 580,000 536,000
34 Church Lane 490,000 490,000
745 High Road 760,000 660,000
751 High Road 350,000 240,000
753 High Road 350,000 233,000
751-753 High Road (Garages) 630,000 381,500
783-791 High Road 137,000 96,500
795 High Road 610,000 530,000
797 High Road 475,000 435,000
799 High Road 475,000 400,000
801 High Road 860,000 525,000
729 High Road 480,000 358,000
731 High Road 455,000 356,000
735 High Road 400,000 384,000
741 High Road 440,000 323,000
809-813 High Road 3,285,000 2,650,000
________ ________
20,242,000 18,280,000
BOURNE & DISTRICT (REVALUED 31.12.2021)
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 197,360 197,360
20 Wetherby Close- cost 184,858 184,858
31 Foxley Court – cost 182,443 182,443
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 4,643,661
________ ________ ________ ________
24,885,661 22,923,661
════════ ════════
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
________ ________

1655.(K¥O 2,655,￿0