**REGISTERED CHARITY NUMBER: 217437**
**Report of the Trustees and**
**Financial Statements**
**for the Year Ended 31 December 2022**
**for**
**The Municipal General Charity**
Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
**The Municipal General Charity**
## **Contents of the Financial Statements for the Year Ended 31 December 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Report of the Independent Auditors**|6|to|7|
|**Statement of Financial Activities**||8||
|**Balance Sheet**||9||
|**Notes to the Financial Statements**|10|to|20|
|**Detailed Statement of Financial Activities**|21|to|22|
**The Municipal General Charity**
## **Report of the Trustees for the Year Ended 31 December 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The object of the charity is the application of income for relief in need relieving either generally or individually persons in Newark, Farndon, Winthorpe, Hawton, Collingham, Coddington, Langford and Holme, who are in conditions of need, hardship or distress by making grants of money, providing or paying for items, services or facilities calculated to reduce the need of hardship or distress of such persons.
The trustees confirm that they have considered the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning in future activities and setting the grant making policy for the year.
In furtherance of the object, the trustees have undertaken the following activities:-
1.The trustees actively encourage application from aid from various bodies on behalf of individuals in need.
2. The upkeep and maintenance of the properties in Newark and the surrounding area held for investment purposes. 3. A regular review of the charity's finances and a review of investments twice annually on formal reports and valuations from the charity's stockbrokers.
## **Public benefit**
In deciding on how to direct the grant-making activities of the charity, the trustees have regard to the guidance of the Charity Commission on public benefit.
## **Grantmaking**
The charity has established its grant making policies to achieve its objects for the public benefit by giving particular emphasis to those applications satisfying the criteria of the prevention or relief of poverty, and relief in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. The grant making policies are in accordance with the objects of the charity described above.
In respect of unrestricted income funds the trustees are able to consider grant applications in accordance with the object of the charity. Written grant applications within these objects are considered for approval at the trustees meeting during the year.
In respect of restricted income funds, as stated in the charity's scheme, income less expenses relating to Besthorpe and Girton Estate assets is apportioned 25/95 to the Charity of Bishop Thomas White for distribution to Newark Municipal Church Charities, and 70/95 to the Charity of Henry Stone for distribution to Lilley and Stone Endowment.
The trustees always seek feedback on the actual use of the grants given and the achievements made, including those given to individuals. The explanations and feedback received are sufficient for monitoring the quality of the grants made.
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
The charity continues to provide relief to persons in need, hardship or distress through grants either directly to individuals or to organisations.
Grants from unrestricted income funds totalling £12,600 have been made by the trustees to individuals and £6,158 to organisations following the appropriate consideration and investigation of applications. Grants to individuals have been made for hardship and paid at Christmas.
Grants from restricted income funds were committed to Newark Municipal Church Charities in the sum of £2,136, The Magnus Charity £14 and Lilley and Stone Endowment £5,981.
Page 1
**The Municipal General Charity**
## **Report of the Trustees for the Year Ended 31 December 2022**
## **FINANCIAL REVIEW**
## **Financial position**
The financial position of the charity is adequately reflected in the financial statements for the year ended 31st December 2022. Funds available are sufficient to permit the charity to continue in operation and the nature and management of its investments provides a firm base for the future.
At 31st December 2022, income funds stood at £12,128 (2021: £36,377) including £12,128 (2021: £36,371) of unrestricted funds.
At 31st December 2022, endowment funds stood at £2,572,458 (2021: £2,454,050) mainly represented by investment properties and listed investments on which the charity is reliant in order to generate income.
## **Investment policy and objectives**
The trustees have considered the most appropriate policy for investing funds and have found that a diversified portfolio of property, shares, corporate bonds and government securities meet their requirements to generate both income and capital growth.
The charity employs specialists as investment advisers and managers. They charge a fee based on the value of the portfolio.
## **Reserves policy**
The trustees have reviewed the level of unrestricted funds required to support the charity's grant making activities and to deal with any eventuality that may arise. As a result, the charity's grant making has been set at a level to preserve the amount of unrestricted funds. The policy will be reviewed annually by the trustees in the light of available distributable income.
## **FUTURE PLANS**
The trustees are committed to the furtherance of the object already outlined in this report.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 2
**The Municipal General Charity**
## **Report of the Trustees for the Year Ended 31 December 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution**
The charity is an unincorporated body, constituted under a scheme dated 28th June 1895 and 28th February 2000. The charity does not actively fundraise and seeks to continue its activities through the careful stewardship of its existing resources.
Until 28th February 2000 the charity was known as Municipal General Charities for the Poor (formerly Newark Municipal (General) Charities) and thereafter became responsible for the administration and management of several charities, these being:
-Charities of John Lilley and Henry Stone
-Phillypot Educational Foundation
-Charities of William Bethell, Hercules Clay, Anthony Collingwood and Bishop Thomas White.
-Charity known as Chapman's charity.
-Charities of John Johnson, Timothy Ellis, Isabel Marshall, Richard Lamb, George Lawrence, Lady Frances Leake, -John Martin, William Phillyot, Alderman James Dyson, Henry Hall, Thomas Summers, Emma Watson, and Frederick Duke.
After many years of negotiations with the charity commissioners a new charity Scheme was made on 28th February 2000. The major constitutional changes brought about by the new scheme were as follows:-
a) The name of the charity shall in future be The Municipal General Charity.
b) There are six nominated trustees and ten co-opted trustees.
c) Several small charities were brought under the umbrella of The Municipal General Charity including those listed above together with The Charity of Jane Heron, The Newark-upon-Trent Relief in Need Charity, The Newark Benevolent Society, The Newark Widows Fund, The Garner Charity and The Collingham Charity.
d) The area of benefit of the new charity has been extended and includes the parishes of Newark, Farndon, Winthorpe, Hawton, Collingham, Coddington, Langford and Holme.
The trustees of Farndon Relief in Need Charity agreed that this charity would also merge with The Municipal General Charity. The assets of this charity were transferred by a general vesting declaration dated 7 March 2016.
During the year the trustess of The East and West Laughton Estate Charity also agreed to merge with The Municipal Genearl Charity.The assets of this charity were transferred by a general vesting declaration dated 2 March 2020.
The charities mentioned above and the properties thereof are administered and managed together as one charity.
## **Recruitment and appointment of new trustees**
The trustees named on page 1 have served throughout the year. Appointment of trustees is in accordance with the governing documents of the charity. The board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
As set out in the charity scheme co-opted trustees are appointed with regard to the requirement of any specialist skills needed.
Nominated trustees appointed by Newark & Sherwood District Council and Newark Town Council are subject to the appointment processes of those bodies and the guidelines on appointment to public office as they apply to local government nominees. The scheme dated 28th February 2000 states that Nottinghamshire County Council may nominate a trustee.
Nominated trustees are also appointed by the trustees of the Collingham Charity and the trustees of Newark Municipal Church Charities in the former borough of Newark.
At the quarterly trustees meetings, the trustees agree the board strategy and areas of activity for the charity, including consideration of grant making, investment, reserves and risk management policies and performance.
The induction process for any newly-appointed trustee comprises an initial meeting with the clerk to the trustees to familiarise the person appointed on investments, the grant making process and powers and responsibilities of the Trustees.A brief history of the charity and copies of annual reports and accounts, a copy of the charity scheme and a copy of the Charity Commission's guidance 'The Essential Trustee: What You Need to Know' are also given to newly-appointed trustees.
Page 3
**The Municipal General Charity**
## **Report of the Trustees for the Year Ended 31 December 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Decision making**
The day to day administration of the charity is the responsibility of the clerk who reports regularly to the trustees. The activities of the charity have been administered in conjunction with those of The East and West Laughton Estate Charity (Registered Charity No. 501882). During the course of the present financial period there have been four ordinary meetings of the trustees.
The charity is not financially dependent upon the support of any individuals, corporation, or classes of donors known to play a key role in its affairs.
## **Key management Personnel and remuneration**
The trustees consider the board of trustees and the clerk to the trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. In accordance with the charity's governing document the trustees may pay the clerk to the trustees such a salary as may be approved by the charity commissioners. Details of trustee expenses and related party transactions are disclosed in the notes to the accounts.
Trustees are required to disclose all relevant interests and register them with the clerk to the trustees and in accordance with the charity's policy withdraw from decisions where a conflict of interest arises.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risk. The trustees consider variability of investment returns on the permanent endowment to constitute the charity's major risk. The trustees believe that maintaining reserves at current levels will provide sufficient resources in the event of adverse conditions.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
217437
## **Principal address**
48 Lombard Street Newark Nottinghamshire NG24 1DY
## **Trustees**
L G Aslin J Whicher V Picker J Moore M G Cope D Westmoreland I Brown E Dalton M Skinner M Davies A C Roberts M Gamage (deceased 6.11.22) S Smith
## **Auditors**
Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Page 4
**The Municipal General Charity**
## **Report of the Trustees for the Year Ended 31 December 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS Advisers**
**Clerk and receiver**
Mrs E Gamage 48 Lombard Street Newark Nottinghamshire NG24 1XP
## **Investment advisers**
Brewin Dolphin Securities Limited Time Central Gallowgate Newcastle-upon-Tyne NE1 4SR
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................................
J Whicher - Trustee
Page 5
**Report of the Independent Auditors to the Trustees of The Municipal General Charity**
## **Opinion**
We have audited the financial statements of The Municipal General Charity (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and 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 (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' 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 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 twelve 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 Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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.
Page 6
**Report of the Independent Auditors to the Trustees of The Municipal General Charity**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with 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 a Report of the Independent Auditors 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:
Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Wright Vigar Limited Statutory Auditors Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Date: .............................................
Page 7
**The Municipal General Charity**
## **Statement of Financial Activities for the Year Ended 31 December 2022**
|**Notes**
**INCOME AND ENDOWMENTS**
**FROM**
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Grants- Individuals
Grants- Institutions
Other
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|**Unrestricted**
**fund**
**£**
30,512
64
30,576
19,923
16,563
10,636
7,697
54,819
-
(24,243)
36,371
12,128|**Restricted**
**funds**
**£**
8,859
-
8,859
734
-
8,131
-
8,865
-
(6)
6
-|**Endowment**
**funds**
**£**
-
-
-
6,472
-
-
-
6,472
160,880
154,408
2,418,050
2,572,458|**2022**
**Total**
**funds**
**£**
39,371
64
39,435
27,129
16,563
18,767
7,697
70,156
160,880
130,159
2,454,427
2,584,586|**2021**
**Total**
**funds**
**£**
36,506
300|
|---|---|---|---|---|---|
||||||36,806|
||||||12,047
21,087
9,377
7,297|
||||||49,808|
||||||131,912|
||||||118,910
2,335,517|
||||||2,454,427|
The notes form part of these financial statements
Page 8
## **The Municipal General Charity**
## **Balance Sheet 31 December 2022**
|**Notes**
**FIXED ASSETS**
**Investments**
Investments
8
Investment property
9
**CURRENT ASSETS**
Debtors
10
Cash in hand
**CREDITORS**
Amounts falling due within one
year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|**Unrestricted**
**fund**
**£**
26,916
-
26,916
3,310
(5,961)
(2,651)
(12,137)
(14,788)
12,128
12,128|**Restricted**
**funds**
**£**
-
-
-
184
16,743
16,927
(16,927)
-
-
-|**Endowment**
**funds**
**£**
970,821
1,590,000
2,560,821
-
13,373
13,373
(1,736)
11,637
2,572,458
2,572,458|**2022**
**Total**
**funds**
**£**
997,737
1,590,000
2,587,737
3,494
24,155
27,649
(30,800)
(3,151)
2,584,586
2,584,586
12,128
-
2,572,458
2,584,586|**2021**
**Total**
**funds**
**£**
1,137,929
1,315,000
2,452,929
10,409
28,512
38,921
(37,423)
1,498
2,454,427
2,454,427
36,371
6
2,418,050
2,454,427|
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Whicher - Trustee
............................................. M G Cope - Trustee
The notes form part of these financial statements
Page 9
**The Municipal General Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Municipal General Charity is an unincorporated charity. The address of the principal office is given in the charity information page on page 1 of these financial statements.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Distributions from The East and West Laughton Estate Charity- in accordance with the terms of the trust deed of The East and West Laughton Estate Charity, 84.028% of the net income is given as a grant each year to The Municipal General Charity. The amount receivable is only known once accounts have been finalised for each accounting year and the appropriate proportions calculated based on the net income of the charity.
Income from listed investments and cash deposits is accounted for on a receivable basis.
Rental income from investment properties is accounted for on a receivable basis in the period to which it relates.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Raising funds**
The expenditure on raising funds includes all expenditure incurred by the charity to raise funds for charitable purposes. This includes fees in respect of portfolio management of listed investments, rent collection and investment property costs.
## **Charitable activities**
The expenditure on charitable activities includes grants made and an apportionment of support costs as shown in the notes to the accounts.
## **Other costs**
Other costs include all costs involving the public accountability of the charity and its compliance with constitutional and statutory regulations and good practice. These costs include audit and accountancy.
## **Allocation of support and other costs**
Expenditure which is directly attributable to specific activities has been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these resources.
Page 10
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Investment property**
Investment property is shown at most recent valuation. Any fair value adjustments are recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
Investments are revalued annually and are shown in the financial statements at their year end market value.
Income received on investments is available for distribution by the trustees in line with the objectives of the charity and is accordingly shown as unrestricted income in the Statement of Financial Activities.
## **2. INVESTMENT INCOME**
|Rents received
Listed investments
Cash deposits
Deposit account interest|**2022**
**£**
20,930
18,391
-
50
39,371|**2021**
**£**
20,981
15,522
3
-|
|---|---|---|
|||36,506|
## **3. RAISING FUNDS**
||Unrestricted
funds|Restricted
funds|Endowment
funds|Total funds
31/12/23|Total funds
31/12/21|
|---|---|---|---|---|---|
||£|£|£|£|£|
|Insurance|3,540|-|-|3,540|3,408|
|Investment management fees|6|-|6,472|6,478|6,952|
|Letting agents fees|-|734|-|734|734|
|Repairs and renewals|-|-|-|-|950|
|Sundries|15|-|-|15|9|
|Property maintenance costs|16,362|-|-|16,362|-|
|||||||
||19,923|734|6,472|27,129|12,048|
|||||||
|||||||
|||||||
Page 11
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2022**
|**4.**
**GRANTS PAYABLE**
**2022**
**£**
Grants- Individuals
12,600
Grants- Institutions
14,289
26,889
The total grants paid to institutions during the year was as follows:
**2022**
**£**
Newark Municipal Church Charities
3,949
Lilley and Stone Endowment
5,981
Magnus Charity
14
St Peters- Farndon
200
Farndon scouts and guides groups
-
Conselling and Support for Young People
2,500
Beaumond House
1,250
Care Matters Mobility
350
Newark & District Town Club
45
14,289
The total grants paid to individuals during the year was as follows:
**2022**
**£**
Individuals
12,600
**5.**
**SUPPORT COSTS**
**Governance**
**Other**
**costs**
**£**
**£**
Other resources expended
2,810
4,887|**2021**
**£**
15,730
6,850|
|---|---|
||22,580|
||**2021**
**£**
1,005
5,440
5
100
300
-
-
-
-|
||6,850|
||**2021**
**£**
15,730|
||**Totals**
**£**
7,697|
## **Allocation of support costs**
The breakdown of support costs and how these were allocated between Governance and Charitable Activities is shown in the table below.
||Total|Charitable|Other|
|---|---|---|---|
||allocated|activities|costs|
||£|£|£|
|Clerk to the trustees fees|11,241|8,431 (75%)|2,810 (25%)|
|||||
This relates to £10,500 for services for the year and £741 in respect of the release of an old accrual.
Page 12
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **6. AUDITORS' REMUNERATION**
|**AUDITORS' REMUNERATION**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Fees payable to the charity's auditors for the audit of the charity's financial|||
|statements|4,720|4,040|
## **7. 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.
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021|**Listed**
**investments**
**£**
1,071,918
37,542
(62,048)
(99,738)
947,674
947,674
1,071,918|**Cash and**
**settlements**
**pending**
**£**
66,011
64,385
(80,333)
-
50,063
50,063
66,011|**Totals**
**£**
1,137,929
101,927
(142,381
(99,738|
|---|---|---|---|
||||997,737|
||||997,737|
||||1,137,929|
A summary of the investments held in each fund is detailed below:
Cost or valuation at 31 December 2022 is represented by:
|||**Cash and**||
|---|---|---|---|
||**Listed**|**settlements**||
||**investments**|**pending**|**Totals**|
||**£**|**£**|**£**|
|Cost|947,674|50,063|997,737|
Page 13
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **8. FIXED ASSET INVESTMENTS - continued**
||Listed
investments|Cash
deposits|Investment
property|Total
31/12/2022|
|---|---|---|---|---|
||£|£|£|£|
|**Endowment fund name**|||||
|The East and West Laughton Estate Charity|351,971|1,566|-|353,537|
|Besthorpe & Girton Estate|185,568|391|350,000|535,959|
|Chapman Charity|112|79|-|191|
|Sundry Charities (Collingwood, Duke, Johnson
Lamb, Lawrence, Marshall and Thorpe)|2,585|919|-|3,504|
|Lady Jane Heron Charity|50,016|5,403|40,000|95,419|
|The Collingham Charity|8,105|461|100,000|108,566|
|Farndon Relief in Need Charity|22,652|(456)|75,000|97,196|
|The Garner Charity|4,557|(202)|-|4,355|
|Newark Benevolent Society|1,510|1,058|-|2,568|
|The Newark Relief in Need Charity|1,422|169|-|1,591|
|The Newark Widows' Fund|18,059|712|-|18,771|
|Phillypot Education Foundation|193|135|-|328|
|Wm. Phillypot Charity|300,924|12,912|1,025,000|1,338,836|
||||||
|**Total capital endowment funds**|947,674|23,147|1,590,000|2,560,821|
||||||
||||||
|Unrestricted funds|-|26,916|-|26,916|
||||||
||947,674|50,063|1,590,000|2,587,737|
||||||
## **9. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 January 2022
Revaluation
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021|**£**
1,315,000
275,000|
|---|---|
||1,590,000|
||1,590,000|
||1,315,000|
The charity's investment properties were independently valued on an open market basis subject to existing tenancies by Richard Watkinson & Partners, Chartered Surveyors, on 16th February 2023. The trustees consider the valuations of the investment properties at 31st December 2022 to be not materially different to these valuations.
Fair value at 31 December 2022 is represented by:
|Valuation in 2022
Cost|**£**
275,000
1,315,000|
|---|---|
||1,590,000|
Page 14
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Arrears of rent
Prepayments
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Grants payable
Accrued expenses
Rents received in advance
**12.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General
**Restricted funds**
Chapman Charity
**Endowment funds**
Besthorpe and Girton Estate
Chapman Charity
Sundry Charities (Collingwood, Duke,
Johnson, Lamb, Lawrence, Marshall and
Thorpe)
Lady Jane Heron Charity
The Collingham Charity
Fardon Relief in Need Charity
The Garner Charity
Newark Benevolent Society
The Newark Relief in Need Charity
The Newark Widows Fund
Phillypot Educational Foundation
Wm. Phillypot Charity
The East and West Laughton Estate Charity
**TOTAL FUNDS**|**At 1.1.22**
**£**
36,371
6
562,587
200
3,810
94,936
109,593
95,165
4,203
2,680
1,919
21,087
343
1,107,713
413,814
2,418,050
2,454,427|**2022**
**£**
3,310
184
3,494
**2022**
**£**
18,938
10,139
1,723
30,800
**Net**
**movement**
**in funds**
**£**
(24,243)
(6)
(21,252)
(7)
(287)
512
(1,027)
16,036
136
(105)
(325)
(2,312)
(11)
229,738
(66,688)
154,408
130,159|**2021**
**£**
10,225
184
10,409
**2021**
**£**
28,962
6,738
1,723
37,423
**At**
**31.12.22**
**£**
12,128
-
541,335
193
3,523
95,448
108,566
111,201
4,339
2,575
1,594
18,775
332
1,337,451
347,126|**2021**
**£**
10,225
184|
|---|---|---|---|---|
|||||10,409|
|||||**2021**
**£**
28,962
6,738
1,723|
|||||37,423|
||||2,572,458||
||||2,584,586||
Page 15
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **12. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General
**Restricted funds**
T.White Charity
Phillypott Educational Foundation
H Stone Charity
Chapman Charity
**Endowment funds**
Besthorpe and Girton Estate
Chapman Charity
Sundry Charities (Collingwood, Duke,
Johnson, Lamb, Lawrence, Marshall and
Thorpe)
Lady Jane Heron Charity
The Collingham Charity
Fardon Relief in Need Charity
The Garner Charity
Newark Benevolent Society
The Newark Relief in Need Charity
The Newark Widows Fund
Phillypot Educational Foundation
Wm. Phillypot Charity
The East and West Laughton Estate Charity
**TOTAL FUNDS**|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
30,576
(54,819)
2,329
(2,329)
5
(5)
6,522
(6,522)
3
(9)
8,859
(8,865)
-
(1,564)
-
(1)
-
-
-
(313)
-
(11)
-
2
-
32
-
(19)
-
(3)
-
(12)
-
-
-
(132)
-
(4,451)
-
(6,472)
39,435
(70,156)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
(24,243)
-
-
-
-
-
-
-
(6)
-
(6)
(19,688)
(21,252)
(6)
(7)
(287)
(287)
825
512
(1,016)
(1,027)
16,034
16,036
104
136
(86)
(105)
(322)
(325)
(2,300)
(2,312)
(11)
(11)
229,870
229,738
(62,237)
(66,688)
160,880
154,408
160,880
130,159|
|---|---|---|
Page 16
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2022**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General
**Restricted funds**
Chapman Charity
**Endowment funds**
Besthorpe and Girton Estate
Chapman Charity
Sundry Charities (Collingwood, Duke,
Johnson, Lamb, Lawrence, Marshall and
Thorpe)
Lady Jane Heron Charity
The Collingham Charity
Fardon Relief in Need Charity
The Garner Charity
Newark Benevolent Society
The Newark Relief in Need Charity
The Newark Widows Fund
Phillypot Educational Foundation
Wm. Phillypot Charity
The East and West Laughton Estate Charity
**TOTAL FUNDS**|**At 1.1.21**
**£**
42,082
5
528,977
186
3,459
90,689
108,462
90,240
4,015
2,497
1,995
18,559
319
1,061,835
382,197
2,293,430
2,335,517|**Net**
**movement**
**in funds**
**£**
(5,711)
1
33,610
14
351
4,247
1,131
4,925
188
183
(76)
2,528
24
45,878
31,617
124,620
118,910|**At**
**31.12.21**
**£**
36,371
6
562,587
200
3,810
94,936
109,593
95,165
4,203
2,680
1,919
21,087
343
1,107,713
413,814|
|---|---|---|---|
||||2,418,050|
||||2,454,427|
Page 17
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **12. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General
**Restricted funds**
T.White Charity
Phillypott Educational Foundation
H Stone Charity
Chapman Charity
**Endowment funds**
Besthorpe and Girton Estate
Chapman Charity
Sundry Charities (Collingwood, Duke,
Johnson, Lamb, Lawrence, Marshall and
Thorpe)
Lady Jane Heron Charity
The Collingham Charity
Fardon Relief in Need Charity
The Garner Charity
Newark Benevolent Society
The Newark Relief in Need Charity
The Newark Widows Fund
Phillypot Educational Foundation
Wm. Phillypot Charity
The East and West Laughton Estate Charity
**TOTAL FUNDS**|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
28,683
(34,763)
2,136
(2,136)
5
(5)
5,981
(5,981)
1
-
8,123
(8,122)
-
(1,614)
-
(1)
-
(10)
-
(696)
-
(9)
-
(2)
-
(120)
-
(22)
-
(4)
-
(15)
-
(2)
-
(151)
-
(4,277)
-
(6,923)
36,806
(49,808)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
369
(5,711)
-
-
-
-
-
-
-
1
-
1
35,224
33,610
15
14
361
351
4,943
4,247
1,140
1,131
4,927
4,925
308
188
205
183
(72)
(76)
2,543
2,528
26
24
46,029
45,878
35,894
31,617
131,543
124,620
131,912
118,910|
|---|---|---|
## **Endowment funds**
## Besthorpe and Girton Estate
This is an endowment retained in the charity. Income derived from this endowment is allocated to the T White and H stone restricted funds.
## Chapman Charity
This is an endowment retained in the charity. Income from this endowment is allocated to unrestricted.
## Sundry Charities
This is an endowment retained in the charity. Income from these endowment is allocated to unrestricted.
## Lady Jane Heron Charity
This is an endowment brought in as part of the consolidation of charities on 28 February 2000. Income from this endowment is allocated to unrestricted.
## The Collingham Charity
This is an endowment brought in as part of the consolidation of charities on 28 February 2000. Income from this endowment is allocated to unrestricted.
Page 18
continued...
**The Municipal General Charity**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **12. MOVEMENT IN FUNDS - continued**
## Farndon Relief in Need
This is an endowment brought into the Charity on 7 March 2016. Income from this endowment is allocated to unrestricted.
## The Garner Charity
This is an endowment brought in as part of the consolidation of charities on 28 February 2000. Income from this endowment is allocated to unrestricted.
## Newark Benevolent Society
This is an endowment brought in as part of the consolidation of charities on 28 February 2000. Income from this endowment is allocated to unrestricted.
## The Newark Relief in Need Charity
This is an endowment brought in as part of the consolidation of charities on 28 February 2000. Income from this endowment is allocated to unrestricted.
## The Newark Widows' Fund
This is an endowment brought in as part of the consolidation of charities on 28 February 2000. Income from this endowment is allocated to unrestricted.
## Phillypot Educational Foundation
This is an endowment retained in the charity. Income from this endowment is allocated to restricted.
## Wm. Phillypot Charity
This is an endowment retained in the charity. Income from this endowment is allocated to unrestricted.
## East and West Laughton Estate
This is an endowment retained in the charity. Income derived from this endowment is allocated to Municipal Church Charities and unrestricted funds.
## **Restricted funds**
## T. White Charity
This is a restricted fund which receives a share of income from the Besthorpe and Girton Estate. This is then paid as a grant to the Municipal Church Charity.
## H Stone Charity
This is a restricted fund which receives a share of income from the Besthorpe and Girton Estate. This is then paid as a grant to the Lilley and Stone School Charity.
## Chapman Charity
This is a restricted fund which receives a share of income from Phillypot Educational Foundation. This is then paid as a grant to the Magnus Charity.
Page 19
continued...
**The Municipal General Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **13. RELATED PARTY DISCLOSURES**
The charity's governing document states that yearly sums are payable out of the property of Besthorpe and Girton Estate to H Stone Charity for the benefit of Lilley and Stone Endowment. The trustees have no discretion in determining the proportion payable. Miss J Moore is a Trustee of Lilley and Stone School Charity to which the Lilley and Stone Endowment relates. During the year a grant of £5,981 (2021: £5,440) was payable to Lilley and Stone Endowment. At 31 December 2022 and amount of £11,422 (2021: £18,209) was outstanding and is included in other creditors.
The charity's governing document states that the trustees must pay a clerk and receiver such a salary as may be approved by the charity commissioners. The clerk and receiver, Mrs E Gamage, is a partner of Payne & Gamage Solicitors. During the year Payne & Gamage solicitors charged the charity an amount of £10,500 (2021: £10,500) for the clerk's services with an accrual released of £741 (2021: £nil) for prior years. M Gamage, a trustee in the year, is also the late father of the clerk and receiver.
Page 20
## **The Municipal General Charity**
|**Detailed Statement of Financial Activities**|||
|---|---|---|
|**for the Year Ended 31 December 2022**|||
||**2022**|**2021**|
||**£**|**£**|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Rents received|20,930|20,981|
|Listed investments|18,391|15,522|
|Cash deposits|-|3|
|Deposit account interest|50|-|
||39,371|36,506|
|**Other income**|||
|Sundry receipts|64|300|
|**Total incoming resources**|39,435|36,806|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Insurance|3,540|3,403|
|Sundries|15|8|
|Repairs and renewals|-|950|
|Letting agents fees|734|734|
||4,289|5,095|
|**Investment management costs**|||
|Portfolio management|6,478|6,952|
|Investment property maintenance costs|16,362|-|
||22,840|6,952|
|**Charitable activities**|||
|Rates and water|10|9|
|Clerk to the Trustees fees|8,431|7,875|
|Grants to institutions|14,289|6,850|
|Grants to individuals|12,600|15,730|
||35,330|30,464|
|**Support costs**|||
|**Other**|||
|Clerk to the Trustees fees|2,810|2,625|
|Bank charges|-|63|
||2,810|2,688|
|**Governance costs**|||
|Auditors' remuneration|4,720|4,040|
|Trustee meeting costs|167|569|
||4,887|4,609|
|Total resources expended|70,156|49,808|
|**Net expenditure before gains and losses**|(30,721)|(13,002)|
This page does not form part of the statutory financial statements
Page 21
**The Municipal General Charity**
|**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net expenditure**|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2022**
**2022**
**2021**
**£**
**£**
(14,382)
3,213
(45,103)
(9,789)|
|---|---|
|||
This page does not form part of the statutory financial statements
Page 22