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2021-03-31-accounts

Northbrook Community Trust

Registered charity number 228740

Trustees’ Report and Financial Statements

Year Ended 31 March 2021

Northbrook Community Trust

Contents

Page Trustees’ Report Independent Auditor’s Report to the Trustees Statement of Financial Activities 12 Balance Sheet 13 Notes and Accounting Policies 14

Northbrook Community Trust

Trustees’ Report

Year ended 31 March 2021

Report of the Trustees for the year ended 31 March 2021

The Trustees are pleased to present their Annual Report and Financial Statements of the Trust for the year ending 31[st] March 2021. The Financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Accounting and Reporting by the 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).

Objectives and activities for the public benefit

The Trust continues to distribute its income for the benefit of children and young people in need, in accordance with the Charity Commission Scheme dated 1[st] September 1995.

The Trustees confirm that they have considered the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The Trustees continues to work towards providing income to enable us to help young disadvantaged people in Devon in accordance with the objectives of the Northbrook Community Trust.

Grant making policy

The Benefits Sub-Committee meets eight times a year to consider grant applications, review grants made and receive presentations from both applicants and recipients. The Benefit Sub-Committee can make grants of £5,000 or less without full Board approval. For grants above that amount recommendations are made to the full Board.

Achievements and performance: how our grants delivered public benefit

Grants totalling £168,577 were made during the year.

YMCA Exeter City Community Projects - £12,000 second year grant. Towards Release, a Mental Health Project supporting struggling young people in the community with therapeutic activities.

Life Education Wessex - £5,000 one off grant. Towards taking purpose built mobile classrooms into local primary schools across Devon, to promote children’s health and emotional wellbeing.

The Pioneers Project CIC - £17,152 – 3rd year of 3 year grant funding. Continuation of The Little Growers project started in 2018.

1

Northbrook Community Trust

Trustees’ Report (continued)

Year ended 31 March 2021

Ernesettle Community School - £8,471 one off grant. Continuation of project piloted in 2018 and particularly for disadvantaged children in providing extra-curricular music and the benefits thereof.

WESC Foundation received £30,000 towards refurbishing the facilities in the Nell Arran building to enable the younger students to have a homelier and less institutional place to live.

Downs Syndrome Association received £10,000 towards running WorkFit a tailored service dedicated to training employers who want to employ people with Down’s syndrome and then matching potential employees to job roles.

Action East Devon received £10,000 for a second year of funding for their Headlight project which supports young people with mental health issues in East Devon.

Marine Academy Primary School - £9,500 one off grant. Towards a project seeking to address the issue of childhood obesity with exercise, health, and wellbeing into school life in the classroom and playground.

Okehampton Community Dance Centre - £3,196 one off grant. Project is aimed at affordable and inclusive dance sessions and there are many families in the Okehampton area in the low income bracket who will benefit.

On the Hill CIC had previously received funding of £20,340 but were unable to use it for the purpose it was given. They had requested reallocation of funds towards a barn restoration project and the amount of £699 was a shortfall between the funding and the building costs (£21,038.72)

YMCA South Devon received funding of £20,000 for their Nightstop programme. This is a project which supports young homeless people between the ages of 16-25 who are in crisis.

BOUNCE! Brighter Futures Foundation received £7,850 towards improving mental health and building resilience in children within the primary schools and their families in the Tiverton area.

bibic received £13,277 for SENCOS training for 12 partner schools in Devon towards helping countless children for children with special needs and disorders.

SAFE (Stop Abuse for Everyone) received £19,307 towards a specialist child and adolescent mental health practitioner who will help with the high numbers of referrals for children with complex trauma and mental health needs.

Atkinson Secure Children’s Home received £2,125 for equipment to support the young people’s physical and emotional wellbeing on-site enabling them to keep more physically active especially given the Covid 19 restrictions in which the young people are no longer able to attend the community sports centre.

2

Northbrook Community Trust

Trustees’ Report (continued)

Year ended 31 March 2021

Financial review

The Charity reports net income of £946,395 (2020: £(699,013)) for the year ended 31 March 2021. Before taking account of the gain on investments of £991,087 (2020: £(738,680)) the net gain/(loss) is £(44,124) (2020: £39,667).

The value of investments has increased by £1,045,872 in the year to 31 March 2021. Investment income of £163,773 was received during the year. The Trustees will be cautious with the amount of funds allocated to grant funding to maintain reserves.

The Trustees are satisfied that the level of reserves, as shown in the balance sheet, is adequate to meet their commitments over the next financial year and that the investments held have achieved these objectives and were acquired in accordance with the provision of the Trustee Investment Act 2000.

Investment policy and performance

The Trustees have reviewed the reserves policy and investment policy in the light of Covid-19 and are satisfied that the policies remain appropriate. The Trustees continue to hold 12% of their total assets in real property, a further 1% in cash reserves and 4% is held in government stock.

The main objective is to invest in a diversified portfolio of assets, which will include equities both in the UK and globally, fixed interest, alternative assets and cash. The portfolio aims to achieve a steady increase in income and capital appreciation and provide long-term protection against inflation. Only readily realisable securities which are traded on the leading eligible securities markets are held. Where appropriate, collective investments, including active and passive investment vehicles will be used. The portfolio is managed by Charles Stanley on a discretionary basis and performance is monitored against the MSCI PIMFA Balanced benchmark, which reflects the Trustees’ wish to maintain risk toward the upper end of the Medium High risk category, over the medium to long term.

The Finance sub-Committee meets on a regular basis to review investment performance and discuss possible changes in the investment portfolio with the investment managers. The Trust’s investments have continued to be managed in conformity with the policy.

Although the value of the portfolio has returned to levels prior to the outbreak many companies have reduced dividend payments which has impacted on the income received by the Trust. Disadvantaged children in Devon and charities supporting them, which the Trust aims to help, have been badly affected and the decision was taken by the Trustees to try and maintain the level of grants made available during the year even if it means expenditure has exceeded the Trust’s income.

3

Northbrook Community Trust

Trustees’ Report (continued)

Year ended 31 March 2021

Risk management

The Trustees review, on a regular basis, the major risks which the Trust faces and believe that they maintain sufficient resources to meet their obligations in the event of adverse conditions. The Trustees have also examined other operational and business risks and confirm that they have established systems to mitigate the significant risks.

Reserves policy

The reserves of Northbrook Community Trust are made up of an Unrestricted Reserve and an Expendable Endowment Reserve. Investment income arising from the Endowed Investments is treated as Unrestricted and used for grant making purposes. The Trust Deed does also allow for capital to be used for charitable purposes, however, the Trustees do not currently have any plans to do so.

It is not the intention of the Trustees to build up unrestricted reserves or cash balances as there are no creditor commitments. The balance on unrestricted funds at the 31st March 2021 was £7,647,051 (2020 - £6,715,840).

Plans for future periods

The Trustees and the Finance Committee continue to work towards increasing the income of the Trust so that the Benefits Committee can continue to help young people in the county in accordance with the objects of the Northbrook Community Trust.

Structure, governance and management

The Trust is a registered charity, number 228740, and its governing instrument is the Charity Commission Scheme of 1 September 1995.

Trustees

The Charity Commission Scheme of 1[st] September 1995 stipulates that the Trustees shall consist of not less than 9 and not more than 13 competent persons being:-

1 nominated Trustee and not less than 8 and not more than 12 co-opted Trustees. Nominated and co-opted Trustees are appointed for a term of 4 years.

4

Northbrook Community Trust

Trustees’ Report (continued)

Year ended 31 March 2021

Recruitment and appointment of trustees

Candidates are generally drawn from recommendations of various current committee members who are on the Board of Trustees, Board of Managers, Benefits sub-committee, Finance subcommittee Property sub-committee and Communications sub-committee Ideally prospective candidates should have experience in the type of work that is pertinent to the Northbrook Community Trust.

There is a Nominations sub-committee which consists of the Chairman of the Board of Trustees, the Chairman of the Finance sub-committee, the Chairman of the Board of Managers, the Chairman of the Benefits sub-committee, Chairman of the Communications sub-committee and the Chairman of the Property sub-committee. The candidate is interviewed by the Nominations sub-committee and if suitable, recommendations are made to the Board of Trustees who will then ratify the decision to employ the successful candidate.

The usual term of office is 4 years from the date of the appointment.

5

Northbrook Community Trust

Trustees’ Report (continued)

Year ended 31 March 2021

Reference and administrative information

Registered charity name Northbrook Community Trust and number: 228740 The Trustees who served during the year were: Dr J Bowen S J Bright A D S Chapman (Chairman) Dr J Diprose JP Mrs H M Morgan A L Pearce` Mrs R M Saltmarsh JP, MBE Cllr Dr Hilary Ackland (resigned 6[th] May 2021) R T N Thistlethwayte R. Clack J. Boles B Eastwood Rear Admiral William Entwisle (appointed 5 April 2021) Councillor Tracy Adams (appointed 21.05.21) Correspondence address: PO Box 104 Sidmouth EX10 1DQ Bankers: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ Statutory Auditor: PKF Francis Clark Centenary House Peninsula Park Rydon Lane Exeter, EX2 7XE Solicitors: Michelmores LLP Woodwater House Pynes Hill Exeter, EX2 5WR Stockbrokers: Charles Stanley & Co. Ltd. Broadwalk House Southernhay West Exeter, EX1 1TS

6

Northbrook Community Trust

Trustees’ Report (continued)

Year ended 31 March 2021

Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and 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 requires the charity trustees to prepare financial statements for each 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 of the charity for that period. In preparing the financial statements the trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 10 September 2021.

Signed on their behalf by

R. Thistlethwayte

A D S Chapman

7

Northbrook Community Trust

Independent Auditor’s Report to the Trustees

Year ended 31 March 2021

Opinion

We have audited the financial statements of Northbrook Community Trust (the “Charity”) for the year ended 31 March 2021 which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

8

Northbrook Community Trust

Independent Auditor’s Report to the Trustees (continued)

Year ended 31 March 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

9

Northbrook Community Trust

Independent Auditor’s Report to the Trustees (continued)

Year ended 31 March 2021

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under S144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereafter. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity to identify key laws and regulations affecting it. The key regulations we identified were Charity legislation, breaches of The General Data Protection Regulation (“GDPR”) and Landlords Regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and relevant tax legislation.

We discussed with management how the compliance with these laws and regulations is monitored and discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with relevant laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the Charity’s ability to continue as a going concern and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, which might exist in fraudulent grant payments, or other fraudulent payments including payroll. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none. Based on our understanding we designed and conducted audit procedures including:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial

10

Northbrook Community Trust

Independent Auditor’s Report to the Trustees (continued)

Year ended 31 March 2021

statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our Report

This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Account and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

PKF Francis Clark Statutory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE

16 September 2021

PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

11

Northbrook Community Trust

Statement of Financial Activities

For the year ended 31 March 2021

Note Unrestricted Endowment Total Total
funds Funds year ended year ended
31 March 31 March
2021 2020
£ £ £ £
Income
Rents receivable 2a 11,070 - 11,070 12,169
Investment income 2b 163,773 - 163,773 223,799
––––––– ––––––– ––––––– –––––––
Total income 174,843 - 174,843 235,968
══════ ══════ ══════ ══════
Expenditure
Charitable activities
Grants payable 4a 168,577 - 168,577 157,872
Raising funds 3 30,623 - 30,623 24,346
Other costs 5 20,335 - 20,335 14,083
––––––– ––––––– ––––––– –––––––
Total expenditure 7 219,535 - 219,535 196,301
══════ ══════ ══════ ══════
Net Income before (losses) / (44,692) - (44,692) 39,667
gains on investments
Net gains / (losses) on 9 975,903 15,184 991,087 (738,680)
Investments
Net gains on - - - -
sale of fixed assets
––––––– ––––––– ––––––– –––––––
Net income / (expenditure) and
Net movement in funds for the year 931,211 15,184 946,395 (699,013)
Reconciliation of funds
Total funds brought forward 6,715,840 139,642 6,855,482 7,554,495
––––––– ––––––– ––––––– –––––––
Total funds carried forward 7,647,051 154,826 7,801,877 6,855,482
══════ ══════ ══════ ══════

All income and expenditure is unrestricted in both 2021 and 2020.

12

Northbrook Community Trust

Balance Sheet

At 31 March 2021

2021 2020
Note £ £ £ £
Fixed assets
Tangible fixed assets 8 782,304 785,818
Investments 9 6,923,840 5,877,968
––––––– –––––––
7,706,144 6,663,786
Current assets
Debtors 10 - 1,702
Cash at bank and in hand 105,881 199,177
––––––– –––––––
105,881 200,879
Creditors:
Amounts falling due within one year
11		 (10,148) (9,183)
––––––– –––––––
Net current assets 95,733 191,696
––––––– –––––––
Net assets 7,801,877 6,855,482
══════ ══════
Funds
Permanent endowment funds 12 154,826 139,642
Unrestricted funds 7,647,051 6,715,840
––––––– –––––––
Total charity funds 13 7,801,877 6,855,482
══════ ══════

These financial statements were approved by the board of trustees on 10 September 2021 and were signed on their behalf by

R Thistlethwayte Trustee A D S Chapman Trustee

13

Northbrook Community Trust

Notes to the accounts

Year ended 31 March 2021

1. Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)).

Northbrook Community Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note.

The financial statements have been prepared on a going concern basis and in making this assessment the Trustees have given due consideration to the impact of Covid-19 on the Charity. The Trustees have considered the expected reduction in investment income. Grant making is at the discretion of the Trustees and grants will only be awarded where there are sufficient resources. The Trustees are therefore satisfied there are no material uncertainties that would cast doubt on the charity’s ability to continue as a going concern.

The functional currency of Northbrook Community Trust is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.

(a) Rental income

Rental income represents the amount receivable in respect of properties.

Investment income represents dividends receivable from investments listed on a recognised Stock Exchange and interest receivable.

Expenditure is included on an accruals basis.

(i) Cost of generating funds

Cost of generating funds comprises those costs directly attributable to managing and maintaining the rented properties and the investment portfolio.

14

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

1. Accounting Policies (continued)

(d) Value Added Tax

(g)

Tangible Fixed Assets

(h) Depreciation

Depreciation is charged in order to write off the cost or valuation of assets over their useful economic lives at the following rates:

No depreciation is charged on freehold land.

15

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

1. Accounting Policies (continued)

(i) Funds

General unrestricted funds comprise accumulated surpluses and deficits on general funds and the cumulative realised and unrealised gains on valuations. They are available for use at the discretion of the Trustees in furtherance of the Charity’s general charitable objectives.

The Permanent Endowment Fund represents those assets which must be held permanently by the Charity.

(j) Financial instruments

The Trust only has financial assets of a kind that qualify as basic financial instruments i.e. cash, investments, short-term debtors and creditors, which are initially recorded at transaction value. Investments are revalued at market value through the statement of financial activities.

2. a. Rents Receivable

Rents Receivable
2021 2020
£ £
Rental Income 11,070 12,169
––––––– –––––––
11,070 12,169
══════ ══════
. Investment income
2021 2020
£ £
Dividends – UK equities 119,986 181,535
Foreign Dividends 23,034 20,463
Interest – UK fixed interest securities 20,354 21,801
Foreign Interest 399 -
––––––– –––––––
163,773 223,799
══════ ══════
Costs of Raising Funds
2021 2020
£ £
Portfolio management fees 23,209 18,972
Property insurance 977 977
Depreciation on buildings 3,437 3,437
Legal and professional fees 3,000 960
––––––– –––––––
30,623 24,346
══════ ══════

b. Investment income

3. Costs of Raising Funds

16

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

4a. Grants 2021 2020
£ £
CHICKS - 16,128
Sirona Therapeutic Horsemanship - 5,000
YMCA Exeter Community Projects 12,000 12,000
East Devon AONB - 3,450
The Island Trust - 17,150
Life Education Wessex 5,000 5,000
Pioneer Project CIC 17,152 17,782
Ernesettle Music School
-
Rock Steady Music Project		 8,471 8,000
WESC Foundation 30,000 -
Exeter City Community Trust - 16,034
Downs Syndrome Association 10,000 -
Sir Francis Chichester Trust - 5,000
Action East Devon 10,000 -
Routeways Centre - 4,000
Marine Academy 9,500 7,300
Okehampton Community Centre 3,196 1,656
On the Hill 699 20,340
VOYC - 950
Haywards primary school - 18,082
YMCA South Devon 20,000 -
Bounce Foundation 7,850 -
bibic 13,277 -
SAFE 19,307 -
Atkinson Secure Children’s Home 2,125 -
––––––– –––––––
168,577 157,872
══════ ══════

4b. Financial Commitments

The Trustees are committed to making the following future grants. Each of the grants is dependent on the Trustees receiving satisfactory reports on the projects’ progress from the management of the organisations concerned. The Trustees retain the right not to pay any of the following grants if satisfactory reports are not received or if the projects do not progress within the terms expected by the Trustees:

17

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

5. Other Costs 2021 2020
£ £
Audit 3,539 3,301
Clerk’s salary 13,977 10,295
Printing, postage and general expenses 2,742 397
Depreciation – furniture and equipment 77 90
––––––– –––––––
20,335 14,083
══════ ══════
6. Staff numbers and costs
2021 2020
£ £
Salary 13,977 10,295
––––––– –––––––
13,977 10,295
══════ ══════

The Trust had one part-time employee during the year (2020: one). There were no employees with emoluments above £60,000.

The Trustees are the Key Management Personnel of the Charity and are not remunerated. Therefore there is no key management remuneration (2020: £nil)

The trustees hold office voluntarily and are not remunerated. Reimbursed travelling expenses totalling £nil (2020: £nil) were paid to nil (2020: nil) trustee(s) during the year. Other expenses totalling £623 (2020: £nil) were paid to one trustee(s) during the year. Subsistence expenses of £nil (2020: £nil) were paid in respect of trustees’ meetings.

There have been no related party transactions in the reporting period.

18

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

7. Total Expenditure

7. Total Expenditure
Staff Depreciation Other Total
costs costs 2021
£ £ £ £
Costs of raising funds - 3,437 27,186 30,623
Grants payable - - 168,577 168,577
Other costs 13,977 77 6,281 20,335
––––––– ––––––– ––––––– ––––––
13,977 3,514 202,044 219,535
══════ ══════ ══════ ══════
8. Tangible fixed assets
Freehold Freehold
Equipment		 Total
land buildings and
furnishings
£ £ £ £
Cost or valuation
At 1 April 2020 694,563 171,919 3,513 869,995
Additions - - - -
Disposals - - - -
––––––– ––––––– ––––––– –––––––
At 31 March 2021 694,563 171,919 3,513 869,995
══════ ══════ ══════ ══════
Depreciation
At 1 April 2020 - 81,174 3,003 84,177
Charge for the year - 3,437 77 3,514
Eliminated on disposal
––––––– ––––––– ––––––– –––––––
At 31 March 2021 - 84,611 3,080 87,691
══════ ══════ ══════ ══════
Net Book Value
31 March 2021 694,563 87,308 433 782,304
══════ ══════ ══════ ══════
31 March 2020 694,563 90,745 510 785,818
══════ ══════ ══════ ══════

19

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

9. Investments
2021 2020
£ £
Investment portfolio 6,754,863 5,449,252
Cash balance held at stockbrokers 168,977 428,716
––––––– –––––––
6,923,840 5,877,968
══════ ══════
Investment portfolio Unrestricted Endowment Total
£ £ £
Quoted securities
Valuation at 1 April 2020 5,309,610 139,642 5,449,252
Additions at cost 2,278,953 - 2,278,953
Disposal proceeds (1,962,630) - (1,962,630)
Equalisation (1,799) - (1,799)
Realised gain on disposals 22,570 - 22,570
Unrealised gain on disposals 953,333 15,184 968,517
––––––– ––––––– –––––––
Valuation at 31 March 2021 6,600,037 154,826 6,754,863
══════ ══════ ══════
Historic cost
At 31 March 2021 5,343,051
══════
All fixed asset investments are quoted securities in the United Kingdom.
10. Debtors
2021 2020
£ £
Prepayment – insurance - 534
Accrued Income- rent
-		 1,168
––––––– –––––––
- 1,702
══════ ══════

20

Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

2021 2020
£ £
11. Creditors: amounts falling due within one year:
Accruals 10,148 9,183
––––––– –––––––
10,148 9,183
══════ ══════

12. Permanent endowment

2021 1 April Incoming Unrealised Expenditure 31 March
2020 resources gain/(loss) on gains and 2021
investments losses
£
£		 £ £ £
Permanent endowment 139,642
-		 15,184 - 154,826
══════ ══════ ══════ ══════ ══════
2020
1 April Incoming Unrealised Expenditure 31 March
2019 resources loss on gains and 2020
investments losses
£
£		 £ £ £
Permanent endowment 139,642
-		 - - 139,642
══════ ══════ ══════ ══════ ══════

Income arising on the Endowment Fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses form part of the Fund.

13. Analysis of net assets between funds

2021

Tangible Investments Net current Total
fixed assets assets 2021
£ £ £ £
Permanent endowment - 154,826 - 154,826
Unrestricted funds 782,304 6,769,014 95,733 7,647,051
––––––– ––––––– ––––––– ––––––
782,304 6,923,840 95,733 7,801,877
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Northbrook Community Trust

Notes to the accounts (continued)

Year ended 31 March 2021

13. Analysis of net assets between funds (continued)

2020

2020
Tangible Investments Net current Total
fixed assets assets 2020
£ £ £ £
Permanent endowment - 139,642 - 139,642
Unrestricted funds 785,818 5,738,326 191,696 6,715,840
––––––– ––––––– ––––––– ––––––
785,818 5,877,968 191,696 6,855,482
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14. Financial instruments
2021 2020
£ £
Financial assets measured at fair value through income
and expenditure 6,923,840 5,877,968
══════ ══════

15. Operating leases - lessor

The total future minimum lease payments under non-cancellable operating leases are as follows:

2021 2020
£ £
Not later than 1 year 12,168 12,168
Later than 1 year and not later than 5 years 5,779 17,947
───── ─────
17,947 30,115
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22