2022-03-31-accounts - Berwick Upon Tweed Corporation (Freemen) Trustees

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REFERENCE AND ADMINISTRATIVE DETAILS	REFERENCE AND ADMINISTRATIVE DETAILS	REFERENCE AND ADMINISTRATIVE DETAILS	OF THE CHARITY, ITSTRUSTEES AND ADVISERS	OF THE CHARITY, ITSTRUSTEES AND ADVISERS	OF THE CHARITY, ITSTRUSTEES AND ADVISERS
		FOR THE YEAR	END	31 MARCH 2022
Trustees		Captain J.E. Evans
		Councillor P.Jackson (appointed			8 December 2021)
		Councillor R. Bruce, Vice	Chair	(appointed 8 December 2021)
		Councillor G, Brown (appointed		8	December 2021)
		Councillor R. Driver (appointed		8	December 2021, resigned 25 March 2022)
		Councillor A. Bowlas (resigned		25 March 2022)
		Mr D. Fairnell
		Mr D. B.P. Herriott
		Mr A. W. Herriott
		Mr M.W. Herriott, Chair
		Mr M. Greener (appointed	29 April 2022)
		Mrs C.Bruce (appointed	25 March 2022, resigned 30 September 2022)
		Councillor H. Bettison (resigned		8 December 2021)
		Councillor G. Roughead	(resigned		8 December 2021)
		Councillor A. Forbes (resigned		8 December 2021)
		Councillor T.Forrester (resigned			8 December 2021)
Charity registered
number		222154
Principal office		Town Hall
		Marygate
		Berwick upon Tweed
		TD15 1BN
Independent	auditors	Kinnair Associates Limited
		Chartered Accountants
		Aston House
		Redburn Road
		Wcaterhope
		Newcastle upon Tyne
		NE5 1NB
Bankers		Bank ofScotland
		61 Hide Hill
		Berwick upon Tweed
		TD15 1EN
Solicitors		Womble Bond Dickinson
		St. Ann's Wharf
		112Quayside
		Newcastle upon Tyne
		NE99 1SB
Chartered	Accountants	Ryecroft Glenton
		32 Portland Terrace
		Newcastle upon Tyne
		NE2 1QP

			Endowment	Restricted	Total	Total
			funds	funds	funds	funds
		Note	2022f	2022 5	2022f	2021f
Income and endowments	from:
Donations and legacies				4,000	4,000	29,524
Other trading activities						31,347
Investments				603,809	603,809	568,111
Other income				27,356	27,356	20,792
Total income and endowments				635,165	635,165	649,774
Expenditure on:
Raising funds		7,8		82,392	82,392	94,151
Charitable activities		9		552,773	552,773	555,623
Total expenditure				635,165	635,165	649,774
Net income before net gains on
investments
Net gains on investments			1,404,178		1,404,178	2205,972
Net movement in funds		26	1,404,178		1,404,178	2205,972
Reconciliation offunds:
Total funds brought forward			26,109,260		26,109,260	23,903,288
Net movement in funds			1,404,178		1,404,178	2205,972
Total funds carried forward			27,513,438		27,513,438	26,109,260

		BALANCE SHEET	BALANCE SHEET
		AS AT 31 MARCH 2022
				2022		2021
		Note		8		6
Fixed assets
Heritage assets		18		3,770		3,770
Investments		19		9,777,825		9,453,020
Investment property		17		17,835,000		16,757,000
				27,616„595		26,213,790
Current assets
Debtors		20	178,071		152,342
Cash at bank and in hand			572,737		689,946
			750,808		842268
Creditors: amounts	falling due within one
year		21	(853,965)		(946,816)
Net current liabilities				(103,157)		(104,530)
Total assets less	current liabilities			27,513,438		26,109,260
Total net assets				27,513,438		26,109,260
Charity funds
Endowment funds		23		27,513,438		26,109,260
Total funds				27,513,438		26,109,260

						2022	2021
						F	6
Cash flows from operating			activities
Net cash	used in operating	activities				(118,582)	455,487
Cash flows from investing			activities
Proceeds	from sale of investments					324,931	3,010,415
Purchase	of investments					(323,558)	(3,040,422)
Net cash	provided by/(used		in) investing	activities		1,373	(30,007)
Change	in cash and cash	equivalents in		the year		(117,209)	425,480
Cash and	cash equivalents	at the beginning		ofthe year		689,946	264,466
Cash and cash equivalents			at the end of	the year		572,737	689,946
The notes on pages 18to 39			form part ofthese financial		statements

Restricted	Total
funds	funds
2022f	2022 5
4,000	4,000

Restricted	Total
funds	frrnds
2021	2021
5
29,524	29,524

	Farm trading	activities
			Restricted	Total
			funds	funds
			2021	2021
			5
	Farm trading	activities	31,347	31,347
5.	Investment	income

		Restricted	Total
		funds	funds
		2022f	2022 E
Rents received		435,918	435,918
Investment	income - listed investments	167,742	167,742
Bank interest		149	149
		603,809	603,809
		Restricted	Total
		funds	funds
		2021	2021
		5
Rents received		436,255	436,255
investment	income - listed investments	131,832	131,832
Bank interest		24	24
		568,111	568,111

			Restricted	Total
			funds	funds
			2022	2022
			6	6
	Other income		27,356	27,356
			Restricted	Total
			funds	funds
			2021f	2021 6
	Other income		20,792	20,792
7.	Expenditure	on raising funds

Farm	trading	costs
			Restricted	Total
			funds	funds
			2021	2021
				5
Farm	trading	costs	21,043	21,043

		Restricted	Total
		funds	funds
		2022 F	2022f
Investment	manager	45,771	45,771
Land Steward		36,621	36,621
		82,392	82,392
		Restricted	Total
		funds	funds
		2021 6	2021f
Investment	manager	35,542	35,542
Land Steward		37,566	37,566
		73,108	73,108

Restricted	Total
funds	funds
2022f	2022 6
552,773	552,773
Restricted	Total
funds	funds
2021	2021
6
555,623	555,623

					Total
			Staff costs	Other costs	funds
			2022	2022	2022
			E	E	F
Direct	costs	- Activities	31,511	521,262	552,773
					Total
			Staff costs	Other costs	funds
			2021	2021	2021
				F
Direct	costs	- Activities	31,307	524,316	555,623

		Activities
		undertaken	Support	Total
		directly	costs	funds
		2022	2022	2022
		F	5	F
Direct	costs	371,516	181,257	552,773
		Activities
		undertaken	Support	Total
		directly	costs	funds
		2021f	2021 5	2021 F
Direct	costs	379,108	176,515	555,623

						Total
					Activities	funds
					2022	2022
					2	6
Payments		to Resident Freemen		and Widows of Freemen	74,190	74,190
Corporation		Academy Foundation			450	450
Payment	to Oldest Freemen				50	50
Stints in	Lieu of Meadows				265	265
Payment	of Surplus on Schedule			lli	289,613	289,613
Surplus	on	Schedule I and	II		6,948	6,948
					371,516	371,516
						Total
					Activities	funds
					2021	2021
					8	5
Payments		to Resident Freemen		and Widows of Freemen	85,337	85,337
Corporation		Academy Foundation			450	450
Payment	to Oldest Freemen				50	50
Stints in	Lieu of Meadows				265	265
Payment	of Surplus on Schedule			lil	298,781	298,781
Surplus	on	Schedule I and	II		(5,775)	(5,775)
					379,108	379,108

			Total
		Activities	funds
		2022	2022
		F	6
Staff costs		31,511	31,511
Heating, lighting and cleaning		15,170	15,170
Rates		3,574	3,574
Insurance - Estate		27,216	27,216
Repairs and improvements		10,134	10,134
Furniture and fittings		5,997	5,997
Estate - repairs and maintenance		12,714	12,714
Insurance- Town Hall		11,279	11,279
Legal and professional	fees	15,186	15,186
Service charge		28,153	28,153
Freemen's Committee		6,900	6,900
Messenger		160	160
Printing and stationery		2,425	2,425
Governance costs		9,750	9,750
Miscellaneous expenses		897	897
Miscellaneous other employee costs		191	191
		181,257	181,257

Analysis of	support c	osts (	continued)
						Total
					Activities	funds
					2021	2021
					5	6
Staff costs					31,307	31,307
Heating, lighting and cleaning					13,013	13,013
Rates					3,572	3,572
Insurance -	Estate				26,464	26,464
Repairs and	improvements				6,621	6,621
Furniture and fittings					1,003	1,003
Estate - repairs and maintenance					5,429	5,429
Insurance -	Town Hall				10,907	10,907
Legal and professional		fees			33,830	33,830
Service charge					27,672	27,672
Freemen's Committee					6,819	6,819
Messenger					160	160
Printing and	stationery				1,437	1,437
Governance	costs				10,150	10,150
Irrecoverable	VAT				(2,015)	(2,015)
Miscellaneous other employee			costs		146	146
					176,515	176,515
Governance	costs included above comprise;
					2022	2021
					5	5
Fees payable to the charity's			auditor for the audit ofthe charity's	annual
accounts					4,750	6,860
Preparation	offinancial	statements			5,000	3,290
					9,750	10,150

							2022	2021
							E	6
Fees payable	to the Charity's		auditor		for the audit ofthe Charity's	annual
accounts							4,750	6,860
Fees payable	to the Charity's		auditor		in respect of:
All non-audit	services	not included		above				3,290

Staff costs
			2022	2021
			5	6
Wages and	salaries		28,616	26,506
Contribution	to defined contribution	pension schemes	2,895	2,801
			31,511	31,307

2022	2021
No.	No,

Gain	s a	nd losses	on	revaluation	of investment assets
						2022f	2021f
Gain	on	revaluation	of	listed securities		334,067	1,454,989
Gain	on	revaluation	of	investment	properties	1,078,000	768,308
						1,412,067	2223,297

Net gai	ns	on inves	tm	ents
						2022	2021
						F
Losses	on	disposal	of	listed	securities	(7,889)	(17,325)
						(7,889)	(17,325)

		NOTES TO THE FINANCIAL STATEMENTS
		FOR THE YEAR END 31 MARCH 2022
16.	Intangible assets
			Intangible
			assets
			F
	Cost
	At 1 April 2021		8,128
	At 31 March 2022		8,128
	Amortisation
	At 1 April 2021		8,128
	At 31 March 2022		8,128
	Net book value
	At 31 March 2022
	At 31March 2021

	Freehold
	investment
	propertyf
Valuation
At 1 April 2021	15,757,000
Surplus on revaluation	1,078,000
At 31 March 2022	17,835,000

								Town Hall	Total
								2022	2022
								5	F
Carrying	value	at	1	April	2021	and	2022	3,770	3,770
								3,770	3,770

				Cash held
			Listed	for re-
			investments	investment	Total
				6	6
	Cost or valuation
	At 1 April 2021		7,786,530	1,666,490	9,453,020
	Additions		1,502,607	(1„358,129)	144,478
	Disposals		(145,851)		(145,851)
	Revaluations		326,178		326,178
	At 31 March 2022		9,469,464	308,361	9,777,825
	Net book value
	At 31 March 2022		9,469,464	308,361	9,777,825
	At 31March 2021		7,785,530	1,565,490	9,453,020
20.	Debtors
				2022	2021
				6	E
	Due within one year
	Other debtors			100	100
	Prepayments	and accrued income		177,971	152,242
				178,071	152,342

			2022f	2021f
Other taxation	and social security		3,467	525,298
Other creditors			360,616	362,836
Accruals and deferred		income	489,882	58,684
			853,965	946,818

							2022f	2021f
	Berwick Town Council		Schedule		III Surplus		145,677	150,261
	Freemen's	Committee	Schedule		III Surplus		143,936	148,520
	Retention	Fund (1926Act,		sect. 27(3))			300	300
	Schedule	I and II Lands	Revenue				70,703	63,755
							360,616	362,836
22.	Financial	instruments
							2022f	2021f
	Financial	assets
	Financial	assets measured		at fair value through		income and expenditure	9,777,825	9,453,020

Statement		offunds - curren	t year
							Balance at
			Balance at 1			Gains/	31 llllarch
			April 2021	Income	Expenditure	(Losses)	2022
			F		5	6	5
Endowment		funds
Schedule	I	and II Lands	2,621„273			169,996	2,791,269
Schedule	III Lands		15,470,285			825,505	16,295,790
Schedule	IV Lands		8,017,702			408,677	8,426,379
			26,109,260			1,404,178	27,513,438
Restricted		funds
Schedules		I and II Lands		84,322	(84,322)
Schedule	III Lands			294,392	(294„392)
Schedule	IV Lands			256,451	(256,451)
				635,165	(635,165)
Total offunds			26,109,260	635,165	(635,165)	1,404,178	27,513,438

Statement		offunds - prior y	ear
								Balance at
			Balance ai				Gainsr	31March
			1 April 2020f	Income f	Expenditure	f	(Losses)f	2021f
Endowment		funds
Schedule	I and II Lands		2,482,723				138,550	2 621,273
Schedule	ill	Lands	13,752,262				1,718,023	15,470,285
Schedule	IV Lands		7,668,303				349,399	8,017,702
			23,903,288				2205,972	26,109,260
Restricted		funds
Schedules	I	and II Lands		82,491	(82,491)
Schedule	III	Lands		271,455	(271,455)
Schedule	IV Lands			295,828	(295,828)
				549,774	(649,774)
Total offunds			23,903,288	649,774	(649,774)		2,205,972	26,109,260

Summary	offunds - cur	rent year
							Balance at
		Balance at 1				Gains)	31 llilarch
		April 2021f	Income f	Expenditure	f	(Losses) F	2022
Endowment	funds	26,109,260				1,404,178	27,513,438
Restricted	funds		635,165	(635,165)
		26,109,260	635,165	(635,166)		1,404,178	27,513,438

Summary	offunds - prio	r year
						Balance at
		Balance at			Gernsr	31March
		1 April 2020f	income	Expenditure 6	(Losses)	2021 6
Endowment	funds	23,903,288			2205,972	26,109,260
Restricted	funds		649,774	(649,774)
		23,903,288	649,774	(649,774)	2205,972	26,109,260

Analysis	of net assets between funds - current year
		Endowment	Total
		funds	funds
		2022	2022
		5	E
Fixed asset investments		9,777,825	9,777,825
Investment	property	17,835,000	17,835,000
Heritage assets		3,770	3,770
Current assets		750,808	750,808
Creditors	due within one year	(853,965)	(853,965)
Total		27,513,438	27,513,438
Analysis	of net assets between funds -prior year
		Endowment	Total
		funds	funds
		2021	2021
		5
Fixed asset investments		9,453,020	9,453,020
Investment	property	16,757,000	16,757,000
Heritage assets		3,770	3,770
Current assets		842,288	842,288
Creditors	due within one year	(946,818)	(946,818)
		26,109,260	26,109,260

				2022f	2021
Net income for the year (as per Statement			of Financial Activities)	1,404,178	2205,972
Adjustments for:
Gains on investments				(1,404,178)	(2,205,972)
Decrease/(increase)	in debtors			(25,729)	8,3/9
Increase/(decrease)	in creditors			(92,853)	447,168
Net cash provided	by/(used	in) operating	activities	(118,582)	455,487

		2022f	2021
Cash	in hand	572,737	689,946
Total	cash and cash equivalents	572,737	689,946

						At 1 April		At 31 March
						2021	Cash flows f	2022 f
						E
Cash	at	bank	and	in	hand	689,946	(117,209)	572,737
						689,946	(117,209)	572,737