**REGISTERED CHARITY NUMBER: 222142**
## **MELTON MOWBRAY TOWN ESTATE**
**REPORT OF THE FEOFFEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED**
**31 MARCH 2022**
99 Chapel Street Ibstock Leicestershire LE67 6HF
## **MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE FEOFFEES FOR THE YEAR ENDED 31 MARCH 2022**
|**CONTENTS**|**PAGE**|
|---|---|
|Report of the Feoffees’|1 - 3|
|Charity information|4|
|Statement of Feoffees responsibilities|5|
|Report of the independent auditors|6 - 9|
|Statement of financial activities (incorporating the income and expenditure account)|10|
|Balance sheet|11|
|Notes to the financial statements|12 - 23|
## **MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE FEOFFEES FOR THE YEAR ENDED 31 MARCH 2022**
It is with some relief that our problems with the COVID-19 pandemic have drawn to a close although we are still recovering from the lock-downs. The markets are beginning to recover although the foot fall in the town is down with many shoppers still apprehensive about being in large crowds and people have become used to shopping online. We hope that the return of tour coaches will also pick up to boost the markets.
The Town Estate Staff had been put on the Government’s flexible furlough scheme, but were returned to their normal hours and duties during the year with the ending of this scheme. The decision to amend the administrative provisions of the charity in June 2020 to allow the Feoffees to secure such lending facility against the land and/or buildings owned by the Charity was vital so that the charity could secure a Bounce Back Loan facility of £50,000, interest free for twelve months and repayable within five years. The Board voted unanimously to pay this back over the five years rather than as a lump sum, so that cash flow could recover from the pandemic at a more even rate. However, this loan must be repaid and will be a burden for the next few years. It was the hope of the Board that we might reach a point during the next year or so, when the financial situation would allow the remainder to be paid off as a lump sum.
The pandemic and its aftermath forced the Town Estate to re-examine its staff and staffing structure and a staffing review was undertaken. One member of ground staff regrettably was made redundant. This was not an easy decision, but with the support from an HR Consultant it was handled professionally, sensitively and with empathy. A new role identified during the previous year was confirmed and it was decided that the post would be for one full time position to strengthen the customer and administrative support. As a result, Mrs N. Bindloss was appointed and we welcome her to the team.
The Town Estate’s Annual Town Meeting, was held on October 4th 2021 after the enforced hiatus. Appointments for the Town Estate vacancies were approved, having received no more or less applications for the positions available - all applicants were properly proposed and seconded, and having completed the appropriate declarations of eligibility were therefore elected unopposed. The Accounts were made available at the Town Meeting and online for scrutiny, and questions raised were dealt with and responded to as soon as was reasonably practical. The Feoffees 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 2015).
During the previous accounting year, the Town Estate had successfully negotiated the surrender of the King Street College lease back under its control. However, it had suffered a decade of neglect and it was received in a very sorry state of repair. A professional survey revealed that several hundreds of thousand pounds needed to be spent to return it to a usable state. Emergency provision was made to make it weather proof. The government's Levelling-up Fund seemed to be a way of bringing the site back into use and considerable time was spent during the year to prepare the application. Unfortunately the bid was unsuccessful and it was decided to sell the site. There was an interested party seeking to buy it and during the closing months of the year the Town Estate prepared for a valuation of the site. This “Red Book” valuation was due in the financial year 2022/23 and it is hoped that the sale can be complete during that year.
Although the international situation had the effect of reducing our income from our investments and our expenditure continues to rise, we have managed to make financial savings in several areas such as insurance and have increased our income from rents, car and caravan parking. During the year we managed to avoid drawing down large sums of money from our bank account and investments.
The year was marred by a spate of anti-social behaviour in the parks and about the town. This is not only unsightly but costly to put right. There was also a traffic accident where a car knocked over the Jerusalem Arch on the perimeter of the Memorial Gardens. It took several months to sort this out with insurers, to discuss the rebuild with Historic England and to find stonemasons able to rebuild the arch sympathetically. However this has been achieved and it is to be hoped that rebuilding can be completed in the year 2022/23.
**-1-**
**MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE FEOFFEES FOR THE YEAR ENDED 31 MARCH 2022**
On a brighter note, the Town Estate looked forward to the Platinum Jubilee of Her Majesty Queen Elizabeth II in 2022. The board unanimously agreed to plant 700 saplings together with a single large Platinum Jubilee tree and associated plaque to commemorate the occasion to be unveiled by the Lord Lieutenant of Leicestershire.
The board of Feoffees wish to thank the Town Bailiff and all staff for their hard work in operating the town market and maintaining the parks, gardens and sports fields to a high standard throughout the year. This year included often difficult conditions with COVID-19; this added to the adverse weather conditions of the autumn and winter months.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and public benefit**
The charity is established for the benefit of the inhabitants of the 'area of benefit' (i.e. the area of the old Melton Mowbray Urban District Council that is mainly, but not only, the postal area of LE13) in such ways as the Feoffees see fit. Primarily, the Town Estate endeavours to enhance the community life of the people of Melton Mowbray by providing parks, sports grounds, markets and other amenities.
The charges adopted by the Town Estate are intended to generate sufficient income to meet all expenditure incurred in providing the facilities, not least our beautiful parks. Some people find it surprising that this is a considerable challenge. This is because it is easy to confuse the value of land holdings and investments with the modest day-to-day income generated by our investments and facilities such as the town markets, the Sysonby Acres Golf, FootGolf and caravan facility, and two small car parks. It is for this reason that the Town Estate is looking to increase its income now and in the future.
In setting out objectives and planning their activities the Feoffees have given careful consideration to the Charity Commission's general guidance on public benefit.
How the public have benefitted in _previous years_ – is exampled:
- The Town Estate operates weekly town centre street markets on Tuesday and Saturday; as well as other markets. It collaborates with partners, such as Melton BID, to provide other special Sunday markets. The Town Markets benefit the town’s economy by increasing the footfall and attracting tourists (prepandemic this amounted to 10-12 coaches each week and we hope that this will return to these levels). Market days on a Tuesday and a Saturday are the busiest days of the week, being key to helping to protect the town centre from the modern challenges of street retail trading
- The Town estate is pleased to see that the children's play area, completed in the previous year, is so well used. To improve the amenities in the park, the Town Estate has also been in discussions about the re-opening of the miniature train, which has been closed for many years.
- The Town Estate own and maintain the town centre parks, that offer recreational and sports facilities and, on Asfordby Road, an 18 hole par 3 golf and Foot Golf course, a dry sports/community room and a 50 pitch touring caravan park. In addition the Town Estate hosts visiting fairs and circuses and other events in the parks such as the Summer Sunday concerts in the bandstand. The Town Estate land holdings provide facilities for local youth groups, sports clubs and tenant farmers as well as being the largest sports provider in the Borough of Melton.
- ‘The Queen Elizabeth II Fields” town centre parks and recreational facilities are maintained entirely by the Town Estate. This significantly reduces the council tax levy on households in town and Borough of Melton Mowbray by reducing the liability on Melton Borough Council to provide these facilities. Through these activities and its street markets, the Town Estate makes a significant contribution to the retail and commercial life of the town centre and its power to attract visitors through tourism. The Town Estate provides a tangible benefit for the people of Melton Mowbray.
**-2-**
**MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE FEOFFEES FOR THE YEAR ENDED 31 MARCH 2022**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
The objectives of the Town Estate are the preservation of its parks, gardens and sports grounds, the optimisation of its trading activities including its investment portfolio, and the effective, efficient, legal operation of the charity. During the year 2021/2022 under report we have:
- Planned to plant 700 saplings and a Platinum Jubilee tree
- Protected the services and assets of the Town Estate during the COVID-19 pandemic
- Reviewed and updated Town Estate policy and procedures
- Planned to introduce disc golf at Sysonby Acres
## **FINANCIAL REVIEW**
## **Principal funding sources**
The main income streams of the charity derive from outdoor activities and are therefore directly affected by the weather. As the challenges arising from the COVID-19 pandemic eased, income from markets, sports facilities, car parks & caravans pitching began to improve.
## **Reserves policy**
The Feoffees maintain investments in cash or easily realisable assets. The prime purpose of these investments is to provide income that finances charitable activities. However, they do provide a reserve that can be available to meet unplanned expenditure or cover shortfalls in income. At the balance sheet date £2,382,620 was held in investment portfolios. This is shown under the fixed assets heading.
## **Future Plans**
The possible programme of projects and initiatives for the year beginning 1 April 2022 are:
- to continue streamline the Charity’s day to day running operations.
- to ensure income from trading and investments is sufficient to meet costs and continue to seek ways to increase and control expenditure to ensure the long-term future of the Town Estate and its facilities and services.
- to extend the range of products and events associated with the Town Markets.
- work to secure some of the longer term development of Melton’s housing need on land owned by the Town Estate to the south of the town.
- safeguard the continued provision of facilities and services for the people of Melton Mowbray by reinvesting in the town.
- to complete the sale of King's Street College.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. Melton Mowbray Town Estate was established in 1549 and is registered with the Charity Commission, reference number 222142. The governing document is the "Charity Commission Scheme" of 1 December 1989.
## **Recruitment and appointment of new Feoffees**
The charity is organised as an independent association of local residents with a Board of Trustees’, called Feoffees, elected at an Annual General Meeting - The Town Meeting - held in October. Feoffees hold office for four years. The two Town wardens are elected annually at the Annual Town Meeting. The Town Bailiff is responsible to the Board for the day to day management of the charity. The Board also sets policy, takes major decisions and holds the Bailiff and staff to account for the effective and efficient organisation of the activities of the charity.
**-3-**
**MELTON MOWBRAY TOWN ESTATE**
## **CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity number:** 222142
## **Principal address**
The Town Bailiff's Cottage 2 Park Lane Melton Mowbray Leicestershire LE13 0PT
## **Feoffees**
Mr. I. P. Wilkinson Mr T. Webster
Senior Townwarden Junior Townwarden
Mr J. Culy Mr. J. Southerington Mr. D. Whitehouse MBE Mrs. D. Hickling Mr. I. Neale Mr M. F. Davies Lt. Col. P. A. Roffey OBE DL Mr. R. J. Sage Mr. G. Bett Mr. K. Hallam Mrs. A. Holland **Town Bailiff** Mr W. D. Boulding
Chairman
## **Auditors**
TC Group Statutory Auditors The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
## **Accountants**
TC Group, 99 Chapel Street, Ibstock, Leicestershire, LE67 6HF
## **Bankers**
HSBC Bank Plc, 17 High Street, Melton Mowbray, Leicestershire, LE13 0TY
**-4-**
**MELTON MOWBRAY TOWN ESTATE**
## **STATEMENT OF FEOFFEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022**
The Feoffees (who are also trustees of Melton Mowbray Town Estate for the purposes of charity law) are responsible for preparing the Report of the Feoffees 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 Feoffees 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 Feoffees 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
The Feoffees 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 Feoffees on ……………………………… and signed on its behalf by:
## **Mr. J. Southerington**
Chairman of Feoffees’
**-5-**
**MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 MARCH 2022**
## **Opinion**
We have audited the financial statements of Melton Mowbray Town Estate (the ‘charity’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure account), 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, 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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2021, and of its incoming resources and application of resources, for the period 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 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 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 Feoffees 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 authorise for issue.
Our responsibilities and the responsibilities of the Feoffees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Feoffees’ are responsible for the other information and the information within the Feoffees report. The other information comprises the information included in the Feoffees’ 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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
**-6-**
**MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 MARCH 2022**
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**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Feoffees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director’s remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
## **Responsibilities of Feoffees’**
As explained more fully in the Feoffees’ responsibilities statement the feoffees’ are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Feoffees’ determines to be 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 Feoffees’ are responsible for assessing the charities 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 Feoffees’ either intends to disband the charity or to cease operations, or has no alternative but to do so.
In preparing the financial statements, the Feoffees’ 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 Feoffees’ either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
**-7-**
**MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 MARCH 2022**
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
The objectives of our audit in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the Feoffees’ and other management (as required by auditing standards), and discussed with the Feoffees’ and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Charities SORP) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and charity performance, including the key drivers for management remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals, reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (Irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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: https://www.frc.org.uk/our-work/audit-and-assurance/standards-andguidance-for-auditors/auditors-responsibilties-for-audit/description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
**-8-**
**MELTON MOWBRAY TOWN ESTATE**
## **REPORT OF THE INDEPENDENT AUDITORS FOR THE YEAR ENDED 31 MARCH 2022**
## **Use of our report**
This report is made solely to the charity’s Feoffees’, 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 Feoffees’ those matters we are required to state to them in an auditor’s 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 Feoffees’ as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Cummins (Senior Statutory Auditor) For and on behalf of
TC Group Statutory Auditor The Courtyard Shoreham Road Upper Beeding Steyning BN44 3TN
_Date:_
_TC Group is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
**-9-**
## **MELTON MOWBRAY TOWN ESTATE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|||**Unrestricted**|**Restricted**|**Endowment**|**Total funds**|**Total Funds**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Fund**|**2022**|**2021**|
||**Note**|**£**|**£**|**£**|**£**|**£**|
|**INCOME AND ENDOWMENTS**|||||||
|**FROM**|||||||
|Donations and legacies|**2**|75,459|1,015|-|76,474|195,541|
|**Charitable activities**|||||||
|Other trading activities|**3**|129,301|-|-|129,301|85,469|
|Investment income|**4**|133,134|-|-|133,134|143,797|
|Parks and sports grounds|
**5**|148,867|-|-|148,867|102,147|
|Other income|**6**|(543)|27,450|-|26,907|4,132|
|||-------------**-**--------------------------------------|--------------------------------------------------|-------------**-**-----------------------------------|----**-**---------**-**---**-**-------------------------------|-----------------------------------------------**-**----|
|**TOTAL**||486,218|28,465|-|514,683|531,086|
|||-------------**-**--------------------------------------|--------------------------------------------------|-------------**-**-----------------------------------|----**-**---------**-**---**-**-------------------------------|-----------------------------------------------**-**----|
|**EXPENDITURE ON**|||||||
|Raising funds|**7**|216,356|-|-|216,356|229,211|
|**Charitable activities**|||||||
|Parks and sports grounds|
**8**|383,173|-|-|383,173|441,766|
|||-----------------------------**-**--------------**-**----------|----------------------**-**---**-**----------------------|---------------**-**---**-**---**-**-----------------------|----------------------**-**---**-**------------------------|---------------**-**---**-**---**-**------------------------------|
|**TOTAL**||599,529|-|-|599,529|670,978|
|||--**-**------------------------------------**-**---**-**--------|-----------------------------**-**---**-**--------------|------------------**-**------------------**-**---**-**-----|-------------------------**-**-------------**-**---**-**------|-------------------------------**-**---**-**-----------------|
|**Net gains/(losses) on**|||||||
|**investments**||120,174|-|-|120,174|364,440|
|||--**-**------------------------------------**-**---**-**--------|-----------------------------**-**---**-**--------------|------------------**-**------------------**-**----------|----**-**---------**-**---**-**---**-**-------------**-**-----------|**-**----**-**---**-**------------------**-**-----------------|
|**NET**|||||||
|**INCOME/(EXPENDITURE)**||6,863|28,465|-|35,328|224,549|
|Transfer between funds|**20**|13,025|(13,025)|**-**||-|
|||--**-**------------------------------------**-**---**-**---|--------------------------------------------------|----------------------**-**---**-**------------------**-**|---------------------------**-**------------------**-**-|-------------------------------**-**---**-**------------|
|**NET MOVEMENT IN FUNDS**||**19,888**|**15,440**|**-**|**35,328**|**224,549**|
|**RECONCILIATION OF FUNDS**|||||||
|Total funds brought forward||**4,649,051**|**13,199**|**203,000**|**4,865,250**|**4,640,701**|
|||--**-**------------------------------------**-**---**-**---|--------------------------------------------------|**-**------------------------------------**-**---**-**-----|---------------------------**-**------------------**-**-|-------------------------------**-**---**-**------------|
|**TOTAL FUNDS CARRIED**|||||||
|**FORWARD**||**4,668,939**|**28,639**|**203,000**|**4,900,578**|**4,865,250**|
|||**=**=**=================**=**==================**|**===**=**================**=**==================**|**====**=**==============**=**===================**|**==**=**================**=**================**|**===**=**================**=**===============**|
The Statement of Financial Activities includes all gains and losses recognised in the year.
**-10-**
**The notes on pages 12 to 24 form part of these financial statements**
## **MELTON MOWBRAY TOWN ESTATE**
## **BALANCE SHEET**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|||**Unrestricted**|**Restricted**|**Endowment**|**Total funds**|**Total Funds**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Fund**|**2022**|**2021**|
||**Note**|**£**|**£**|**£**|**£**|**£**|
|**FIXED ASSETS**|||||||
|Tangible assets|**14**|2,334,608|-|203,000|2,537,608|2,558,598|
|Investments|**15**|2,382,620|-|-|2,382,620|2,303,697|
|||-------------**-**---**-**------------------------------|-----------------------------**-**-------------------|------------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|--**-**----------------------------------**-**----------|
|||4,717,228|-|203,000|4,920,228|4,862,295|
|**CURRENT ASSETS**|||||||
|Stocks|**16**|1,000|-|-|1,000|1,000|
|Debtors|**17**|37,222|-|-|37,222|19,838|
|Assets held for sale||5,000|-|-|5,000|-|
|Cash at bank||54,241|39,933|-|94,174|83,284|
|||-------------**-**---**-**------------------------------|-----------------------------**-**-------------------|------------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|--**-**------------------------------------**-**---**-**---|
|||97,463|39,933|-|137,396|104,122|
|**CREDITORS**|||||||
|Amounts falling due|||||||
|within one year|**18**|(122,131)|-|-|(122,131)|(55,536)|
|||-------------**-**-----------------------------------|-----------------------------**-**-------------------|------------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|--**-**------------------------------------**-**---**-**---|
|**NET CURRENT**|||||||
|**ASSETS/LIABILITIES**||(29,668)|39,933|-|10,265|48,786|
|||-------------**-**-----------------------**-**----------|-----------------------------**-**-------------------|--**-**------------------------------------**-**---**-**---|--**-**----------------------------------**-**----------|-------------**-**---**-**------------------**-**----------|
|**CREDITORS**|||||||
|Amounts falling due over|||||||
|one year|**19**|(34,915)|-|-|(34,915)|(45,831)|
|||-------------**-**-----------------------**-**----------|-----------------------------**-**-------------------|--**-**------------------------------------**-**---**-**---|--**-**----------------------------------**-**----------|-------------**-**---**-**------------------**-**----------|
|**TOTAL ASSETS LESS**|||||||
|**LIABILITIES**||4,657,645|39,933|203,000|4,900,578|4,865,250|
|||-------------------------------**-**---**-**------------|-----------------------------**-**-------------------|--**-**------------------------------------**-**---**-**---|--**-**------------------------------------**-**---**-**---|--**-**----------------------------------**-**----------|
|**NET ASSETS**||**4,657,645**|**39,933**|**203,000**|**4,900,578**|**4,640,701**|
|||-------------------------------**-**---**-**------------|-----------------------------**-**-------------------|--**-**------------------------------------**-**---**-**---|--**-**------------------------------------**-**---**-**---|**=**=**=================**=**================**|
|**FUNDS**|**20**||||||
|Unrestricted funds|||||**4,668,939**|4,649,051|
|Restricted general funds|||||**28,639**|13,199|
|Endowment funds|||||**203,000**|203,000|
||||||-------------**-**---**-**------------------**-**----------|-------------**-**---**-**------------------**-**----------|
|**TOTAL FUNDS**|||||**4,900,578**|4,865,250|
||||||**===**=**================**=**=================**|**=**=**==================**=**=================**|
The financial statements were approved by the board of Feoffees on the ………………………….. and are signed on its behalf by:
.............................................. Mr. J. Southerington Chairman of Feoffees
Registered Charity Number: 222142
**The notes on pages 12 to 24 form part of these financial statements**
**-11-**
**MELTON MOWBRAY TOWN ESTATE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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.
## **Going concern**
At the time of approving the financial statements, the feoffees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the feoffees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
Costs have 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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
|Freehold land and buildings|- See below|
|---|---|
|Miniature railway|- 2% straight line on cost less residual value|
|Sports grounds - capital expenditure|- 2% straight line on cost less residual value|
|Sports ground - equipment|- 15% on reducing balance and 10% on cost|
|Machinery and implements|- 20% on reducing balance and 5% on cost|
|Market stalls|- 10% on reducing balance|
|Office equipment|- 20% on reducing balance|
Depreciation has not been provided on land as it is considered that the depreciable amounts (cost or valuation less residual value) is £nil. The value is regularly reviewed, and consideration given to any permanent impairment in value. Buildings consist of freehold buildings as well as improvements. Assets within this class have been determined to have a useful life of between 30 – 50 years and depreciation has been charged on cost less residual value.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
**-12-**
**MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **Taxation**
The charity is exempt from tax on its charitable activities. Trading activities have been reviewed and fall under the Small Trading Income Exemption and therefore are not subject to tax.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the feoffees.
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.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Adjustments for value added tax**
The figures in the accounts are exclusive of VAT. The Town Estate is treated as partially exempt for VAT purposes and as a result it was unable to obtain relief for all VAT paid. The amount unrelieved is shown in the accounts as a separate figure.
## **Investments**
In order to comply with the Charities Accounting Statement of Recommended Practice (SORP), investments are stated at market value. Gains and losses on investments shown in the Statement of Financial Activities comprise realised and unrealised gains and losses. Realised gains and losses are calculated by comparing proceeds received with the original cost of the investment. Unrealised gains and losses are calculated by comparing the market values of investments held at the beginning and end of the accounting period, or by comparing the relevant market value with acquisition cost.
## **Endowment funds**
The Statement of Recommended Practice for Accounting and Reporting by Charities states that endowment funds should be distinguished from unrestricted and other restricted funds, some of which are called Permanent Endowment, in order to show a true and fair view of the activities during the year. The Feoffees have reviewed the terms of donations and the origins of the assets of the Town Estate in order to distinguish endowment funds from unrestricted funds. They believe that the only definite Permanent Endowment has been the donation relating to Priors Close, Melton Mowbray. In a prior year, a transfer of £203,000 was made from unrestricted funds into restricted permanent endowment funds.
## **2. INCOME FROM DONATIONS AND LEGACIES**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Donations and small grants|1,025|500|
|Grants|6,117|113,025|
|COVID grants (CJRS, small business & local restriction grants)|69,332|82,016|
||-----------------------------**-**---**-**--------------|-----------------------------**-**---**-**--------------|
|Total|76,474|195,541|
||**=**=**=================**=**================**|**=**=**=================**=**================**|
**-13-**
**MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **3. OTHER TRADING ACTIVITIES**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Saturday markets|23,703|18,559|
|Tuesday markets|71,583|42,865|
|Craft and antique markets|12,810|3,420|
|Sundry market charges|2,935|2,625|
|Market charter rights|18,000|18,000|
||--**-**------------------**-**---------------------**-**---|--**-**------------------------------------**-**---**-**---|
|Total|129,301|85,469|
||**==**=**================**=**================**|**==**=**====================**=**============**|
|**ESTMENT INCOME**|||
||**2022**|**2021**|
||**£**|**£**|
|Income from investments & bank accounts|67,435|69,191|
|Land rents|65,699|74,606|
||--**-**------------------------------------**-**---**-**---|--**-**----------------------------------**-**----------|
|Total|133,134|143,797|
||**=**=**==================**=**===============**|**=**=**==================**=**===============**|
## **4. INVESTMENT INCOME**
During the current and previous year, all investment income that has been received is to be treated as unrestricted income for the purposes of the charity.
## **5. INCOME FROM CHARITABLE ACTIVITIES**
Income from parks and sports grounds £148,867 (2021 - £102,147)
During the current and previous year, all charitable activity income that has been received is to be treated as unrestricted income for the purposes of the charity.
## **6. OTHER INCOME**
Other income resources, include gains on disposals of fixed assets, amounting to £26,907 (2021 - £4,132).
**-14-**
**MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
## **7. RAISING FUNDS**
## **Raising from trading activities**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Staff costs|77,345|80,612|
|Donations|300|-|
|Rates|4,088|3,794|
|Insurance|3,225|5,626|
|Repairs and street cleaning|13,367|17,651|
|Fuel and oil|4,569|3,962|
|Vehicle tax and insurance|1,396|1,580|
|Vehicle maintenance|3,486|2,508|
|Work clothing|191|409|
|Car park costs|80|343|
|Depreciation|8,194|10,323|
|Support costs|91,616|92,887|
||-----------------------------**-**---**-**--------------|-------------**-**---**-**---------**-**---**-**--------------|
||207,855|219,695|
||-----------------------------**-**---**-**--------------|-------------**-**---**-**---------**-**---**-**--------------|
|**Investment management costs**|||
||**2022**|**2021**|
||**£**|**£**|
|Portfolio management fees|8,501|9,516|
||-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
||-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|**Aggregate amounts**|216,356|229,211|
||**=**=**=================**=**================**|**=**=**=================**=**================**|
**-15-**
**MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **8. CHARITABLE ACTIVITIES COSTS**
|||**Direct costs**|**Support costs**||
|---|---|---|---|---|
|||**(See note 9)**|**(See note 10)**|**Total**|
|||**£**|**£**||
||Parks and sports grounds|291,558|91,616|383,173|
|||--**-**-----------------------------------------**-**---|-------------**-**---**-**------------------**-**----------|------**-**---**-**-------------------------------------|
|**9.**|**DIRECT COSTS OF CHARITABLE ACTIVITIES**||||
||||**2022**|**2021**|
||||**£**|**£**|
||Staff costs||180,471|188,095|
||Purchases, refreshments etc…||9,132|6,348|
||Rates and water||435|2,246|
||Insurance||15,665|27,326|
||Plants, seeds, fertilisers etc…||4,733|6,884|
||Repairs, renewals and maintenance||43,605|44,409|
||Implements and workshop expenditure||111|4,956|
||Electricity and gas||13,975|10,357|
||Band hire||2,370|540|
||Unrelieved value added tax||-|37,027|
||Fuel and oil||4,569|3,962|
||Vehicle tax and insurance||1,396|1,580|
||Vehicle maintenance||3,486|2,508|
||Work clothing||191|409|
||Depreciation||11,420|12,233|
||||-------------**-**---**-**------------------------------|-----------------------------**-**---**-**--------------|
||||291,558|348,880|
||||**==**=**================**=**================**|**==**=**================**=**================**|
## **10. SUPPORT COSTS**
||||**Governance**||
|---|---|---|---|---|
||**Management**|**Finance**|**costs**|**Total**|
||**£**|**£**|**£**|**£**|
|Other trading activities|60,997|-|30,639|91,636|
|Parks and sports grounds|60,997|-|30,639|91,636|
||-----------------------------**-**---**-**--------------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|
||121,994|-|61,278|183,272|
||**==**=**================**=**================**|**==**=**================**=**================**|**==**=**================**=**================**|**=**=**=================**=**================**|
The Feoffees estimate that half of the charity’s management time is spent on managing the trading activities and the other half on managing the parks and sports grounds, hence support costs are split accordingly.
**-16-**
## **MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **10. SUPPORT COSTS - continued**
## **Support costs, included in the above, are as follows:**
## **Management**
||||**2022**|**2021**|
|---|---|---|---|---|
||**Other trading**|**Parks and**|||
||**activities**|**sports grounds**|**Total activities**|**Total activities**|
||**£**|**£**|**£**|**£**|
|Wages|30,939|30,939|61,877|105,964|
|Social security|3,238|3,238|6,475|9,031|
|Pensions|1,467|1,467|2,933|4,033|
|Rates and water|4,118|4,118|8,236|2,385|
|Insurance|461|461|922|1,607|
|Telephone|2,144|2,144|4,288|4,595|
|Postage and stationery|978|978|1,956|1,671|
|Sundries|16,241|16,241|32,481|6,920|
|Computer maintenance|160|160|320|2,846|
|Bank charges|1,233|1,233|2,465|2,294|
||--**-**----------------------------------------------|--**-**----------------------------------------------|--**-**----------------------------------**-**----------|--**-**--------------**-**------------------**-**----------|
||60,977|60,977|121,953|141,346|
||**=**=**=================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|
|**nce**|||||
||**Other**||||
||**trading**|**Parks and**|**2022**|**2021**|
||**activities**|**sports grounds**|**Total activities**|**Total activities**|
||**£**|**£**|**£**|**£**|
|Wages|1,575|1,575|3,150|3,150|
|Auditors’ remuneration|2,500|2,500|-|5,000|
|Insurance|1,613|1,613|3,225|4,800|
|Accountancy and legal fees|24,952|24,952|49,903|30,652|
||--**-**-----------------------------------------**-**---|--**-**----------------------------------------------|--**-**----------------------------------**-**----------|--**-**--------------**-**------------------**-**----------|
||30,639|30,639|61,278|44,428|
||**=**=**==================**=**===============**|**=**=**=================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|
## **Governance**
**-17-**
**MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **11. FEOFFEES’ REMUNERATION AND BENEFITS**
There were no Feoffees’ remuneration or other benefits for the year ended 31 March 2022 nor for the period ended 31 March 2021.
## **Feoffees’ expenses**
There were no feoffees’ expenses paid for the year ended 31 March 2022 nor for the period ended 31 March 2021.
## **12. STAFF COSTS**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Wages and salaries|299,033|352,976|
|Social security costs|19,763|22,181|
|Other pension costs|13,485|15,728|
||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||332,251|390,885|
||**=**=**=================**=**================**|**=**=**=================**=**================**|
|age monthly number of employees during the year was as follows:|||
||**2022**|**2021**|
|General staff|13|15|
|Administration staff|3|4|
||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||16|19|
||**=**=**=================**=**================**|**=**=**=================**=**================**|
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000 during the period.
## **Key Management Personnel**
Senior management & Feoffees are consider to be key management personnel of the charity. During the year the aggregate remuneration of key management personnel, including benefits in kind, was £45,750, plus the company paid pension contributions in respect of senior management of £2,175
**-18-**
## **MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|||Unrestricted|Restricted|Endowment|Total Funds|Total Funds|
|---|---|---|---|---|---|---|
|||Funds|Funds|Fund|2021|2020|
||**Note**|**£**|**£**|**£**|**£**|**£**|
|**INCOME AND ENDOWMENTS**|||||||
|**FROM**|||||||
|Donations and legacies|**2**|82,490|113,051|-|195,541|-|
|**Charitable activities**|||||||
|Other trading activities|**3**|85,469|-|-|85,469|161,294|
|Investment income|**4**|143,797|-|-|143,797|142,601|
|Parks and sports grounds|**5**|102,147|-|-|102,147|117,350|
|Other income|**6**|4,132|-|-|4,132|150,000|
|||-------------**-**--------------------------------------|--------------------------------------------------|-------------**-**-----------------------------------|----**-**---------**-**---**-**-------------------------------|------**-**---**-**-------------------------------------|
|**TOTAL**||418,035|113,051|-|531,086|571,425|
|||-------------**-**--------------------------------------|--------------------------------------------------|-------------**-**-----------------------------------|----**-**---------**-**---**-**-------------------------------|-----------------------------**-**---**-**---------**-**----|
|**EXPENDITURE ON**|||||||
|Raising funds|**7**|229,211|-|-|229,211|201,270|
|**Charitable activities**|||||||
|Parks and sports grounds|**8**|441,766|-|-|441,766|411,462|
|||-----------------------------**-**--------------**-**----------|----------------------**-**---**-**----------------------|---------------**-**---**-**---**-**-----------------------|----------------------**-**---**-**------------------------|-------------**-**---**-**------------------------------|
|**TOTAL**||670,978|-|-|670,978|612,732|
|||--**-**------------------------------------**-**---**-**--------|-----------------------------**-**---**-**--------------|------------------**-**------------------**-**---**-**-----|-------------------------**-**-------------**-**---**-**------|**-**---------**-**------------------**-**---**-**------------|
|**Net gains/(losses) on**|||||||
|**investments**|**15**|364,440|-|-|364,440|(109,193)|
|||--**-**------------------------------------**-**---**-**--------|-----------------------------**-**---**-**--------------|------------------**-**------------------**-**----------|----**-**---------**-**---**-**---**-**-------------**-**-----------|**-**----**-**---**-**------------------**-**-----------------|
|**NET**|||||||
|**INCOME/(EXPENDITURE)**||111,498|113,051|-|224,549|(150,501)|
|Transfer between funds|**20**|101,118|(101,118)|**-**|**-**|-|
|||--**-**------------------------------------**-**---**-**---|--------------------------------------------------|----------------------**-**---**-**------------------**-**|---------------------------**-**------------------**-**-|-------------------------------**-**---**-**------------|
|**NET MOVEMENT IN FUNDS**||**212,616**|**11,933**|**-**|**224,549**|**(150,501)**|
|**RECONCILIATION OF FUNDS**|||||||
|Total funds brought forward||**4,436,435**|**1,266**|**203,000**|**4,640,701**|**4,791,202**|
|||--**-**------------------------------------**-**---**-**---|--------------------------------------------------|**-**------------------------------------**-**---**-**-----|---------------------------**-**------------------**-**-|-------------------------------**-**---**-**------------|
|**TOTAL FUNDS CARRIED**|||||||
|**FORWARD**||**4,649,051**|**13,199**|**203,000**|**4,865,250**|**4,640,701**|
|||**=**=**=================**=**==================**|**===**=**================**=**==================**|**====**=**==============**=**===================**|**==**=**================**=**================**|**===**=**================**=**===============**|
**-19-**
**MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **14. TANGIBLE FIXED ASSETS**
||||**Sports ground**||
|---|---|---|---|---|
||**Freehold land**|**Miniature**|**– Capital**|**Sports ground**|
||**and buildings**|**railway**|**expenditure**|**- equipment**|
||**£**|**£**|**£**|**£**|
|**COST**|||||
|At 1 April 2021|2,079,966|7,320|377,352|198,599|
|Additions|-|-|5,750|-|
|Disposals|-|-|-|-|
|Held for sale|(5,000)||||
||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|At 31 March 2022|2,074,966|7,320|383,102|198,599|
|**DEPRECIATION**|||||
|At 1 April 2021|14,932|-|-|149,770|
|Charge for the year|3,733|-|-|7,687|
|Charge on disposals|-|-|-|-|
||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|At 31 March 2022|18,665|-|-|157,457|
|**NET BOOK VALUE**|||||
|At 31 March 2022|2,056,301|7,320|383,102|41,142|
||**=**=**=================**=**================**|**==**=**================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|
|At 31 March 2021|2,065,034|7,320|377,352|48,829|
||**=**=**=================**=**================**|**==**=**================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|
||**Machinery and**|**Market**|**Office**||
||**implements**|**stalls**|**equipment**|**Totals**|
||**£**|**£**|**£**|**£**|
|**COST**|||||
|At 1 April 2021|170,299|94,162|10,690|2,938,389|
|Additions|-|-|-|5,750|
|Disposals|16,000|-|-|16,000|
||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|At 31 March 2022|154,299|94,162|10,690|2,928,139|
|**DEPRECIATION**|||||
|At 1 April 2021|144,376|60,222|10,491|379,791|
|Charge for the year|4,760|3,394|40|19,614|
|Charge on disposals|13,874|-|-|13,874|
||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|At 31 March 2022|135,262|63,616|10,531|385,531|
|**NET BOOK VALUE**|||||
|At 31 March 2022|19,037|30,547|159|2,537,608|
||**=**=**=================**=**================**|**==**=**================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|
|At 31 March 2021|25,923|33,941|199|2,558,598|
||**=**=**=================**=**================**|**==**=**================**=**================**|**=**=**=================**=**================**|**=**=**=================**=**================**|
The freehold land and buildings are included at deemed cost, and during the year, King Street College was made available for sale and in line with applicable accounting standards has been transferred at cost to assets held for sale. Priors Close is held as a Permanent Endowment and included in the freehold land and buildings at a value of £203,000.
**-20-**
## **MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **15. FIXED ASSET INVESTMENTS**
|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
||Shares|741,853|833,362|
||COIF Charities Investment Fund (CCLA)|1,621,824|1,494,428|
||Cash balances (HSBC)|19,514|(24,093)|
|||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
|||2,383,191|2,303,697|
|||**=**=**=================**=**================**|**=**=**=================**=**================**|
|**15.**|**FIXED ASSET INVESTMENTS – continued**|||
|Additional information as follows:||||
|||**2022**|**2021**|
||**MARKET VALUE - Investments**|**£**|**£**|
||Brought forward|833,362|779,788|
||Additions|719,087|366,684|
||Disposals|(804,150)|(468,715)|
||Revaluations|(6,446)|155,605|
|||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||Carried forward|741,853|833,362|
|||**=**=**=================**=**================**|**=**=**=================**=**================**|
|Investment cash balances at the year-end were £19,514 (2021:(£24,093))||||
|**COIF**|**Charities Investment Fund (CCLA) movements were as follows:**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Brought forward|1,494,428|1,243,843|
||Revaluations|126,824|250,585|
|||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||Carried forward|1,621,252|1,494,428|
|||**=**=**=================**=**================**|**=**=**=================**=**================**|
|**16.**|**STOCKS**|||
|||**2022**|**2021**|
|||**£**|**£**|
||Refreshments for resale|750|750|
||Garage stock|250|250|
|||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
|||1,000|1,000|
|||**=**=**=================**=**================**|**=**=**=================**=**================**|
**-21-**
## **MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Trade debtors|20,678|9,963|
|Other debtors|5,115|4,500|
|Prepayments|5,375|5,375|
|VAT|6,054|-|
||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||37,222|19,838|
||**=**=**=================**=**================**|**=**=**==================**=**===============**|
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||**2022**|**2021**|
||**£**|**£**|
|Trade creditors|95,037|26,040|
|Other creditors|8,986|7,559|
|Taxation and social security|7,460|17,568|
|Bounce back loan|10,648|4,169|
||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||122,131|55,336|
||**=**=**=================**=**================**|**=**=**=================**=**================**|
## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Bounce back loan|34,915|45,831|
||--**-**--------------**-**------------------**-**----------|-----------------------------**-**---**-**--------------|
||34,915|45,831|
||**=**=**=================**=**================**|**=**=**=================**=**================**|
During the year ended 31 March 2020 the bounce back loan facility was exercised. A government backed loan facility whereby the first 12 months of interest is covered by the UK Government, with a fixed term of 2.5% interest over the following 60 monthly repayments. The total value of the loan taken by Melton Mowbray Town Estate was £50,000.
**-22-**
## **MELTON MOWBRAY TOWN ESTATE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **20. MOVEMENT IN FUNDS**
||||**Net movement in**|**Transfers**|**At 31 March**|
|---|---|---|---|---|---|
|||**At 1 April 2021**|**funds**|**between funds**|**2022**|
|||**£**|**£**|**£**|**£**|
||**Unrestricted funds**|||||
||General fund|4,649,051|6,863|13,025|4,668,939|
||**Restricted funds**|||||
||The Big Picture Appeal|148|1,000|-|1,148|
||Melton Lottery|26|15|-|41|
||Jerusalem Arch|-|27,450|-|27,450|
||Romy Memorial Fund|13,025|-|(13,025)|-|
|||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|||13,199|28,465|-|28,639|
||**Endowment funds**|||||
||Priors Close|203,000|-|-|203,000|
|||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
||**TOTAL FUNDS**|4,865,250|35,328|-|4,900,578|
|**21.**|**MOVEMENT IN FUNDS (Comparative)**|||||
||||**Net movement in**|**Transfers**|**At 31 March**|
|||**At 1 April 2020**|**funds**|**between funds**|**2021**|
|||**£**|**£**|**£**|**£**|
||**Unrestricted funds**|||||
||General fund|4,436,435|111,498|101,118|4,649,051|
||**Restricted funds**|||||
||The Big Picture Appeal|1,266|-|(1,118)|148|
||Melton Lottery|-|26|-|26|
||FCC Communities Foundation|-|100,000|(100,000)|-|
||Romy Memorial Fund|-|13,025|-|13,025|
|||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
|||1,266|113,051|(101,118)|13,199|
||**Endowment funds**|||||
||Priors Close|203,000|-|-|203,000|
|||------------------**-**------------------**-**----------|-------------**-**---**-**---------**-**---**-**--------------|-------------**-**---**-**------------------**-**----------|--**-**--------------**-**------------------**-**----------|
||**TOTAL FUNDS**|4,640,701|224,549|-|4,865,250|
**-23-**