**REGISTERED COMPANY NUMBER: 00157888 (England and Wales) REGISTERED CHARITY NUMBER: 223625** ## **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (A COMPANY LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 OCTOBER 2021** Scott & Wilkinson Dalton House 9 Dalton Square LANCASTER LA1 1WD **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021** |||**Page**|| |---|---|---|---| |**Reference and Administrative Details**||1|| |**Report of the Trustees**|2|to|5| |**Independent Examiner's Report**||6|| |**Statement of Financial Activities**||7|| |**Balance Sheet**|8|to|9| |**Notes to the Financial Statements**|10|to|18| **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OCTOBER 2021** |**Trustees**|Mr T G Bowring - President| |---|---| ||Mrs S M G Charles| ||Colonel P E Dew| ||Dr D M Elliott - Vice Chair| ||Mrs J P Hardy| ||Mrs C A M Johnson| ||Prof M McIllmurray| ||Colonel C W Owen - Chair| ||Mr S J Quick (appointed 25/1/2021)| ||Mr A Rickards Collinson - Treasurer| ||Wg Cdr C J Tomlinson (resigned 16/4/2021)| ||Mr W I Weir| |**Registered office**|1 Sir Thomas Storey House| ||West Road| ||LANCASTER| ||LA1 5PE| |**Registered company number**|00157888 (England and Wales)| |**Registered charity number**|223625| |**Independent examiner**|Scott & Wilkinson| ||Dalton House| ||9 Dalton Square| ||LANCASTER| ||LA1 1WD| Page 1 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2021. 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 charity has two enduring objectives for the public benefit, each underpinned by a number of aims. Objective 1. The relief of those in need by reason of disability, ill health, financial hardship, or other disadvantage by: Aim 1. Providing a range of quality, affordable, rental accommodation to the Armed Forces Community. Aim 2. The provision of welfare support to residents of Westfield Village and to relieve need by providing financial support, as appropriate, and where public funds are not available or cannot be provided in a reasonable time. Aim 3. The disbursement of funds to charities and other organisations that support the Armed Forces Community. Objective 2. The advancement of community development, education, culture and heritage by: Aim 4. Providing Sir Thomas Storey House (STSH) as a Community Centre for the residents of Westfield Village. Aim 5. Supporting residents of Westfield Village in their community activities and maintaining the environment and ethos of the village. ## **Public benefit** The trustees have taken due cognisance of the Charity Commission's advice on public benefit with reference to its supplementary benefits guidance on the prevention and relief of poverty. We are pleased to report that we had no serious incidents within our Charity requiring the attention of the Charity Commission. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## **Achievement and performance** ## **General** During this Financial Year Covid has continued to dominate life on the Village. Whilst the lock down regimes eased at times, organised activities effectively stopped or were seriously restricted due to the need to follow strict guidelines. Nevertheless, we adapted, changed and routine management practices continued. We managed to stay connected with the villagers and support the Residents' Association who strove to be innovative and proactive. Like all charities, we saw a reduction in income from our investments however, we had sufficient reserves to deliver our pre- Covid commitments and plans. Therefore, whilst prioritising the Village, we have been able to continue to support other charities and organisations, who in their turn support the Armed Forces community. In particular, we have maintained our practice of making a sizeable grant to The Duke of Lancaster's Regiment, our local Regiment, and have also supported other military charities such as, Combat Stress and The Not Forgotten Association. In recognising the impact of Covid and the assistance our residents have received, we have also supported a local foodbank. Sadly, we lost one resident to Covid and another who has suffered from Long Covid. However, we were fortunate that although many residents contracted Covid no others were hospitalised. We also saw the end of an era with the loss of our last WW2 veteran who was on the Village when the Charity was its landlord. Page 2 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021** ## **Achievement and performance** ## **Governance and management** As promised last year, we have continued to look at our governance and management practices. The introduction of Village Ambassadors has proved to be a success and the working relations with TGP, and the residents have continued to develop positively. A sign of progress is that the Residents' Association are more active in running their own activities. They have welcomed their empowerment. Also, as a positive governance step we have joined the Confederation of British Service Charities (COBSEO). This will allow us to share best practise and better assure ourselves that we are effective in our business delivery. We are conscious of the need to challenge and change as necessary, part of this is renewing our trustee base and this year a new trustee joined whose focus will be to advise and provide oversite of our investments. As a result, we will begin a full investment review and ensure we are by maximising our investment potential for the good of the Charity. A second new trustee will also join us in the new financial year, 21/22. Sadly, Wg Cdr Tomlinson resigned as trustee after 13 valued years due to family and work commitments. He hopes to maintain contact with the Charity and, if circumstances allow, re-join the Council in the future. In regard to Management issues, we have ratified a new Management Agreement with TGP and introduced a formal meeting process to streamline the process for both parties and better synchronise/coordinate our plans for the general benefit of the Village. ## **Village improvements** This year we have: - Contracted new cleaning and security services to remove the burden and mitigate risk to our secretary and RA Keyholders. - Refurbished the village Memorial/Monument including new commemorative bronze plaque. - Improved the website and with improved internet access. - Replaced hall carpet in STSH. - Provided a boiling water tap in the community facilities. - Planned to begin building works to improve the community room and the safety of communal gardens and paths. Unfortunately, the effects of Covid on the construction industry has impacted on our ability to complete works with exception of emergency repairs to the roof and cellars in STSH. - Scoped the provision of scooter garages and charging facilities. It was decided that with changing demographics, rising costs, and an uncertain requirement, we would not proceed with the project. In the forthcoming year we intend to conduct a building survey of STSH. Armed with that we can set clear maintenance priorities and align a works programme with the available budget. We also hope that we will finally be able to return to a far more normal, pre - Covid, life. ## **Financial review** ## **Reserves policy** The charity maintains sufficient free reserves to continue operating for a year and to cover major repairs. Any surplus funds may be paid out by way of grants in future years. Free reserves as at the year-end were £2,257,983 (2020 -£1,955,989), of which £2,108,422 (2020 - £1,763,670) is held as investments to generate income for the charity. Page 3 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021** ## **Structure, governance and management** ## **Governing document** The charity is governed by its Memorandum and Articles dated 12 August 1919, as amended by special resolutions on 31 March 1950, 29 July 1957, 17 January 1983 and 7 October 2013. The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles of Association. Under the requirements of the Articles of Association members of the Charity may be elected to serve as a trustee and become a member of the governing Council. At each annual general meeting one-third of all, or nearest number to one-third, must retire from office. If eligible to do so they may offer themselves up for re-election. Due to the varied nature of the charity's work with the Armed Forces Community, the Council seeks to ensure that the needs of this group are appropriately reflected in the trustees' makeup, whilst also seeking wider diversity. The more traditional business, housing and welfare skills are well represented on the Council. In an effort to maintain this broad skill mix, trustees are requested to provide a list of their skills and experience. In the event of particular skills and experience being lost due to retirements, individuals are approached to become trustees and maintain our skill sets. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity will be set out in the accounts. ## **Organisational structure** The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles of Association. Together they form the Westfield War Memorial Village (WWMV) Council, which manages the charity and oversees the village. The Council is currently made up of eleven trustees who meet quarterly and are responsible for the strategic direction and policy of the charity. The members are drawn from a variety of professional backgrounds relevant to the work of the charity. The charity's secretary sits on the Council but is not a trustee and has no voting rights. The Council meets at least twice per year in Ordinary Council Meetings (OCMs), however, in the last year it has met quarterly, and this pattern will continue for the foreseeable future. One meeting, usually in March, is preceded by an Annual General Meeting (AGM). The day-to-day responsibility for running the charity rests with the Secretary, overseen by elected Council Officers: the Chair, supported by the Vice Chair and Treasurer. In addition, two trustees have been elected as 'Village Ambassadors' to liaise closely with the Residents' Association to guide, assist and support them in their activities and provide an easily accessible link with the Council. Under the requirements of the Articles of Association, members of the charity may be elected to serve as a trustee and become a member of the Council. At each AGM one-third of trustees must retire from office. However, if eligible, they may seek re-election. Therefore, trustees serve for three years up to a maximum of nine years. Trustees who are elected as officers can serve two three-year terms in their post. The Articles of Association allows the delegation of powers. We currently have a Finance Sub Committee made up of three designated trustees and a Policy Sub Committee made up of at least five designated trustees. They meet when necessary, throughout the year to discuss issues as delegated at the Ordinary Council Meetings or to address issues that arise between meetings that need more immediate attention. Page 4 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021** ## **Structure, governance and management** ## **Induction and training of new trustees** Most trustees are already familiar with the practical work and organisational structure of the charity having been encouraged to attend a meeting of the trustees, meet with the Chairman and Secretary, and attend various charity events. These help them to familiarise themselves with the charity's policies and the context within which it operates. Trustees are also provided with: - Information regarding their obligations, roles and responsibilities. They are provided with a copy of or directed to Charity Commission guidelines such as CC2: "the Essential Trustee" and CC8 Internal financial controls for charities. -The main documents which sets out the operational framework for the charity including the Articles of Association, Notes for Council Members, Basic information for new trustees the Lease and Management Agreement and the Information Sharing Agreement with TGP. - A copy of the latest published accounts including the current Chairman's Report which includes the charities future plans and objectives. - At least two sets of most recent Records of Decisions from Council meetings. - List of current trustees and contact details. - Forms which they are required to fill in and return, such as Charity Commission Declaration, Company Registration form, Conflict of Interest Declaration, Trustee Information Form and Skills Audit. ## **Risk management** The trustees are asked to identify any risks to the charity at each OCM. Additionally, a formal bi-annual review is conducted at the March and September OCMs as part of our strategic risk management plan. Appropriate procedures have been established to mitigate and address risks the charity faces. As evidence, significant external risks to finances have been identified, which have led to the diversification of investment funds into three separate and quite different funds as mitigation. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, residents and visitors to the office and community facilities. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. Approved by order of the Council 14 March 2022 and signed on its behalf by: Colonel C W Owen - Trustee Page 5 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **Independent examiner's report to the trustees of Westfield War Memorial Village - Lancaster ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2021. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr S W Hinnigan FCA CTA Scott & Wilkinson Dalton House 9 Dalton Square LANCASTER LA1 1WD 25 April 2022 Page 6 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2021** |**Notes**
**Income and endowments from**
Donations and legacies
**Charitable activities**
Housing (TGP rent) and welfare at Westfield
Village
Other trading activities
2
Investment income
3
**Total**
**Expenditure on**
Raising funds
4
**Charitable activities**
5
Housing (TGP rent) and welfare at Westfield
Village
Relief of such persons in need or hardship
To aid and support charitable organisations
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Reconciliation of funds**
**Total funds brought forward**
**Total funds carried forward**|**2021**
**Unrestricted**
**funds**
**£**
588
18,833
13,927
54,651
87,999
13,391
99,001
1,220
16,610
130,222
341,182
298,959
3,207,168
3,506,127|**2020**
**Total**
**funds**
**£**
10,254
15,000
13,628
63,500
102,382
12,198
61,860
1,118
14,130
89,306
(134,059)
(120,983)
3,328,151
3,207,168| |---|---|---| The notes form part of these financial statements Page 7 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)** ## **BALANCE SHEET 31 OCTOBER 2021** |**Notes**
**Fixed assets**
Tangible assets
13
**Investments**
Investments
14
Investment property
15
**Current assets**
Debtors
16
Cash at bank and in hand
17
**Creditors**
Amounts falling due within one year
18
**Net current assets**
**Total assets less current liabilities**
**NET ASSETS**
**Funds**
19
Unrestricted funds
**Total funds**|**2021**
**Unrestricted**
**funds**
**£**
1,138,144
2,108,422
110,000
3,356,566
3,332
165,244
168,576
(19,015)
149,561
3,506,127
3,506,127
3,506,127
3,506,127|**2020**
**Total**
**funds**
**£**
1,141,179
1,763,670
110,000
3,014,849
2,106
195,637
197,743
(5,424)
192,319
3,207,168
3,207,168
3,207,168
3,207,168| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 8 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)** ## **BALANCE SHEET - continued 31 OCTOBER 2021** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 14 March 2022 and were signed on its behalf by: Colonel C W Owen - Trustee The notes form part of these financial statements Page 9 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021** ## **1. Accounting policies** ## **Basis of preparing the financial statements** The financial statements of the charitable company, 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 Companies Act 2006. 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. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. ## **Financial reporting standard 102 - reduced disclosure exemptions** The charitable company 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. ## **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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 15% Reducing balance Computer equipment - Straight line over 4 years ## **Investment property** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Page 10 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** ## **1. Accounting policies - continued** ## **Fund accounting** 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 charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Property managed by agents** All the housing properties owned by Westfield War Memorial Village - Lancaster are managed by The Guinness Partnership (TGP) under a 70 year lease from 11 November 2010. As all the financial risk lies with TGP, in accordance with recommended practice the income and expenditure arising from the property is excluded from these accounts. The Statement of Financial Activities includes only that income and expenditure which relates solely to Westfield War Memorial Village - Lancaster. ## **2. Other trading activities** ## **3.** |Letting of offices
Management charges receivable
**Investment income**
Investment income
Deposit account interest|**2021**
**£**
10,500
3,427
13,927
**2021**
**£**
54,651
-
54,651|**2020**
**£**
10,500
3,128| |---|---|---| |||13,628| |||**2020**
**£**
63,370
130| |||63,500| Page 11 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** |**4.**
**Raising funds**
**Investment management costs**
Portfolio management
**5.**
**Charitable activities costs**
Housing (TGP rent) and welfare at
Westfield Village
Relief of such persons in need or
hardship
To aid and support charitable
organisations
**6.**
**Grants payable**
Relief of such persons in need or hardship
To aid and support charitable organisations
The total grants paid to institutions during the year w
The Duke of Lancaster's Regiment
Combat Stress
Not Forgotten Association
Lancaster Military Heritage Group
Westfield Residents' Association
British Legion
Sea Cadets
Air Cadets
St John's Hospice
Heart Concern|**Direct**
**Costs**
**£**
56,970
-
-
56,970
as as follows:|**Grant**
**funding of**
**activities**
**(see note**
**6)**
**£**
-
1,220
16,610
17,830|**2021**
**£**
13,391
**Support**
**costs (see**
**note 7)**
**£**
42,031
-
-
42,031
**2021**
**£**
1,220
16,610
17,830
**2021**
**£**
8,000
1,000
1,000
1,500
5,060
-
-
-
25
25
16,610||**2020**
**£**
12,198| |---|---|---|---|---|---| ||||||**Totals**
**£**
99,001
1,220
16,610| |||||116,831|| ||||||**2020**
**£**
1,118
14,130| ||||||15,248| ||||||**2020**
**£**
8,000
1,000
1,000
-
3,980
50
50
50
-
-| ||||||14,130| Page 12 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** ## **7. Support costs** |**Support costs**|||| |---|---|---|---| |||**Governance**|| ||**Finance**|**costs**|**Totals**| ||**£**|**£**|**£**| |Housing (TGP rent) and welfare at Westfield|||| |Village|234|41,797|42,031| ## **8. Net income/(expenditure)** Net income/(expenditure) is stated after charging/(crediting): ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Depreciation - owned assets|1,680|1,729| |Deficit on disposal of fixed assets|1,650|-| ## **9. Trustees' remuneration and benefits** There were no trustees' remuneration or other benefits for the year ended 31 October 2021 nor for the year ended 31 October 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 October 2021 nor for the year ended 31 October 2020. ## **10. Staff costs** The average monthly number of employees during the year was as follows: ||**2021**|**2020**| |---|---|---| |Charitable activities and governance|1|1| No employees received emoluments in excess of £60,000. The total employee benefits of the key management personnel of the Charity were £27,140 (2020 - £26,308). ## **11. Comparatives for the statement of financial activities** ||**Unrestricted**| |---|---| ||**funds**| ||**£**| |**Income and endowments from**|| |Donations and legacies|10,254| |**Charitable activities**|| |Housing (TGP rent) and welfare at Westfield|| |Village|15,000| |Other trading activities|13,628| |Investment income|63,500| |**Total**|102,382| Page 13 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** |**11.**|**Comparatives for the statement of financial activities - continued**|| |---|---|---| |||**Unrestricted**| |||**funds**| |||**£**| ||**Expenditure on**|| ||Raising funds|12,198| ||**Charitable activities**|| ||Housing (TGP rent) and welfare at Westfield|| ||Village|61,860| ||Relief of such persons in need or hardship|1,118| ||To aid and support charitable organisations|14,130| ||**Total**|89,306| ||Net gains/(losses) on investments|(134,059)| ||**NET INCOME/(EXPENDITURE)**|(120,983)| ||**Reconciliation of funds**|| ||**Total funds brought forward**|3,328,151| ||**Total funds carried forward**|3,207,168| |**12.**|**Independent examiners remuneration**|| The independent examiners remuneration amounts to an independent examination fee of £4,028 (2020 - £3,787). Page 14 **WESTFIELD WAR MEMORIAL VILLAGE** **- LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** ## **13. Tangible fixed assets** |**Freehold**
**property**
**£**
**Cost**
At 1 November 2020
1,133,716
Additions
-
Disposals
(1,650)
At 31 October 2021
1,132,066
**Depreciation**
At 1 November 2020
-
Charge for year
-
At 31 October 2021
-
**Net book value**
At 31 October 2021
1,132,066
At 31 October 2020
1,133,716
**14.**
**Fixed asset investments**
**Market value**
At 1 November 2020
Additions
Disposals
Revaluations
At 31 October 2021
**Net book value**
At 31 October 2021
At 31 October 2020
There were no investment assets outside the UK.
Cost or valuation at 31 October 2021 is represented by:|**Fixtures**
**and**
**fittings**
**£**
29,561
109
-
29,670
23,470
933
24,403
5,267
6,091|**Computer**
**equipment**
**£**
3,530
186
-
3,716
2,158
747
2,905
811
1,372|**Totals**
**£**
1,166,807
295
(1,650)
1,165,452
25,628
1,680
27,308
1,138,144
1,141,179
**Listed**
**investments**
**£**
1,763,670
320,916
(275,503)
299,339
2,108,422
2,108,422
1,763,670| |---|---|---|---| Valuation in 2021 **Listed investments £** 2,108,422 Page 15 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** ## **15. Investment property** |**Investment property**|| |---|---| |**Fair value**
At 1 November 2020
and 31 October 2021
**Net book value**
At 31 October 2021
At 31 October 2020|**£**
110,000| ||110,000| ||110,000| The Trustees have confirmed the value of the investment property (2 St Thomas Storey House) as £110,000 at 31 October 2021. The investment property was valued at £110,000 by a professional valuer at 31 October 2020. ## **16. Debtors: amounts falling due within one year** |**Debtors: amounts falling due within one year**||| |---|---|---| |Trade debtors
Prepayments|**2021**
**£**
1,633
1,699
3,332|**2020**
**£**
1,250
856| |||2,106| ## **17. Cash at bank and in hand** |Cash in hand
Bank account
Investment cash account
Total|**2021**
**Total**
**funds**
**£**
225
116,095
48,924
165,244|**2020**
**Total**
**funds**
**£**
-
130,157
65,480| |---|---|---| |||195,637| Page 16 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** ## **18. Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |Trade creditors
Social security and other taxes
Other creditors
Deferred income
Accrued expenses|**2021**
**£**
316
525
14,465
1,750
1,959
19,015|**2020**
**£**
134
1,433
207
1,750
1,900| |||5,424| ## **19. Movement in funds** |**Unrestricted funds**
General fund
Fair value reserve
Revaluation reserve
**TOTAL FUNDS**|**At**
**1/11/20**
**£**
1,281,299
825,771
1,100,098
3,207,168
3,207,168|**Net**
**movement**
**in funds**
**£**
(42,223)
341,182
-
298,959
298,959|**At**
**31/10/21**
**£**
1,239,076
1,166,953
1,100,098| |---|---|---|---| ||||3,506,127| ||||3,506,127| Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
87,999
-
87,999
87,999|**Resources**
**expended**
**£**
(130,222)
-
(130,222)
(130,222)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
(42,223)
341,182
341,182
341,182
298,959
341,182
298,959| |---|---|---|---| Page 17 **WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021** ## **19. Movement in funds - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Fair value reserve
Revaluation reserve
**TOTAL FUNDS**|**At**
**1/11/19**
**£**
1,268,223
959,830
1,100,098
3,328,151
3,328,151|**Net**
**movement**
**in funds**
**£**
13,076
(134,059)
-
(120,983)
(120,983)|**At**
**31/10/20**
**£**
1,281,299
825,771
1,100,098| |---|---|---|---| ||||3,207,168| ||||3,207,168| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
102,382
-
102,382
102,382|**Resources**
**expended**
**£**
(89,306)
-
(89,306)
(89,306)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
13,076
(134,059)
(134,059)
(134,059)
(120,983)
(134,059)
(120,983)| |---|---|---|---| ## **20. Related party disclosures** There were no related party transactions for the year ended 31 October 2021. Page 18