##
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|Trustees||Mr D Handford|||
|---|---|---|---|---|
|||Mr D Mason|||
|||MrJ Parry|||
|||Mr M Rawson|||
|||Mr R Smith|||
|||Mr G M Wilkinson|||
|||Mr D Bullman|||
|||Mr D C Mander|||
|||Mr P Rosier|||
|Charity number||229237|||
|Registered|office|3Mc Middlemarch||Business Park|
|||Siskin Drive|||
|||Coventry|||
|||CV3 4FJ|||
|Auditor||Dafferns
LLP|||
|||Harry Weston Road|||
|||Biniey Business|Park||
|||Coventry|||
|||United
Kingdom|||
|||CV3 2UB|||
|Bankers||HSBC|||
|||55 Corporation
Street|||
|||Coventry|||
|||CV1 1QJ|||
|Solicitors||Mander Hadley|Limited||
|||Solicitors|||
|||1 The Quadrant|||
|||Coventry|||
|||West Midlands|||
|||United
Kingdom|||
|||CV1 2DW|||
|Investment|advisors|Quilter Cheviot Ltd|||
|||Provincial
House|||
|||37New Walk|||
|||Leicester|||
|||LE1 6TU|||
|||United
Kingdom|||
##
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|||Page|
|---|---|---|
|Trustees'
report||1-3|
|Statement
oftrustees'|responsibilities||
|Independent
auditor's|report|5-7|
|Statement
offinancial|activities||
|Balance sheet|||
|Statement
ofcash flows||10|
|Notes to the financial|statements|11-20|
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|||||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||funds|funds||funds|funds||
||||Notes|2021
K|2021
f|2021
f|2020|2020|2020|
|Income from:||||||||||
|Investments||||933,769||933,769|912,806||912,806|
|Charitable
activities|||4|771,387||771,387|1,061,341||1,061,341|
|Net gains/(losses)||on||||||||
|investments||||95,270|2,754,105|2,849,3?5|(59,001)|(123,633)|(182,634)|
|Net movement|in|funds||257,652|2,754,105|3,011,757|(207,536)|(123,633)|(331,169)|
|Fund balances at 1||||||||||
|January 2021||||1,114,783|14,835,599|15,950,382|1,322,319|14,959,232|16,281,551|
|Fund balances|at|31||||||||
|December 2021||||1,372,435|17,589,704|18,962,139|1,114,783|14,835,599|15,950,382|
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||||2021|||
|---|---|---|---|---|---|
||||6|||
|Fhed assets||||||
|Investment
properties
Invrrstments||9
10|15,890,000
2,937,635||12,628,81'I
3,173,784|
|Current assets|||'l8,827,635||15,802,595|
|Debtors||12|36.623|42.114||
|Cash at bank and in|hand||132,795|142,264||
||||169,418|'I84,378||
|Creditors: amounts|falfing due wMhln|||||
|oneyear||13|(34,914}|(36,591}||
|Net current asssls|||134,504||147,787|
|Total assets less cunent liabilities|||'l8,962„139||15,950.382|
|Capital funds||||||
|Endowment
funds - general
Income funds|||17,589,704||14,835,599|
|Unrestricted
funds|||1,372,435||1,114,783|
||||18,962,139||15,950,382|
##
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||||2021||2020||
|---|---|---|---|---|---|---|
|||Notes|||||
|Cash flows from operating|activities||||||
|Cash absorbed
by operations||||(767,573)||(950,017)|
|Investing
activities|||||||
|Purchase ofinvestment
property|||(725,491)||||
|Purchase ofother investments|||(299,393)||(183,627)||
|Proceeds on disposal ofother investments|||849,219||262,488||
|Investment
income received|||933,769||912,806||
|Net cash generated
from investing|||||||
|activities||||758,104||991,667|
|Net cash used in financing|activities||||||
|Net (decrease)/increase
in|cash and|cash|||||
|equivalents||||(9,469)||41,650|
|Cash and cash equivalents|at beginning|ofyear||142,264||100,614|
|Cash and cash equivalents|at end of|year||132,795||142,264|
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||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||E|E|
|Rental income|828,842|814,516|
|Income from listed investments|104,293|97,457|
|Building leases|60|60|
|Acknowledgements|124|124|
|Interest receivable|450|649|
||933,769|912,806|
##
|||2021|2020|
|---|---|---|---|
|Investment
brokers||5,944|5,906|
|Commissions
paid||73,944|72,732|
|Property
repairs||72,353|278,350|
|Rates and water||12,023|4,301|
|Light and heat||1,511|4,012|
|Surveyors fees||12,490|25,760|
|Legal fees||(6,854)|22,509|
|Seniority payments||524,090|543,312|
|Death benefit payments|||25,500|
|Insurance||35,633|34,173|
|Bad debt|||40|
|||731,134|1,016,595|
|Share ofsupport costs (see note 5)||19,697|25,726|
|Share ofgovernance|costs (see note 5)|20,556|19,020|
|||771,387|1,061,341|
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|5|Support costs|||||||
|---|---|---|---|---|---|---|---|
|||Support|Governance|2021|Support|Governance|2020|
|||costs|costs||costs|costs||
|||f.|||E|||
||Seniority software|360||360|360||360|
||Sundry expenses||||3,889||3,889|
||Clerk's salary|13,680||13,680|13,680||13,680|
||Legal expenses|4,248||4,248|7,073||7,073|
||Bank charges|1,409||1,409|724||724|
||Audit fees||6,876|6,876||5,340|5,340|
||Clerk's salary||13,680|13,680||13,680|13,680|
|||19,697|20,556|40,253|25,726|19,020|44,746|
||Analysed
between|||||||
||Charitable
activities|19,697|20,556|40,253|25,726|19,020|44,746|
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||||||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||funds|funds||funds|funds||
|||||||general|||general||
|||||||2021||2020|2020|2020|
|||||||K|||||
||Revaluation||of||||||||
||investments||||95,270|218,407|313,677|(59,001)|(123,633)|(182,634)|
||Revaluation||of||||||||
||investment|properties||||2,535,698|2,535,698||||
||||||95,270|2,754,105|2,849,375|(59,001)|(123,633)|(182,634)|
|9|Investment||property||||||||
|||||||||||2021|
||Fair value||||||||||
||At 1 January||2021|||||||12,628,811|
||Additions|through||external|acquisition|||||725,491|
||Net gains|or|losses through||fair value adjustments|||||2,535,698|
||At 31 December 2021|||||||||15,890,000|
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|10|Fixed asset investments|Fixed asset investments||||||
|---|---|---|---|---|---|---|---|
||||||||Listed|
||||||||investmentsf|
||Cost or valuation|||||||
||At 1 January 2021||||||3,173,784|
||Additions||||||299,393|
||Valuation
changes||||||313,677|
||Disposals||||||(849,219)|
||At 31 December 2021||||||2,937,635|
||Carrying
amount|||||||
||At 31 December 2021||||||2,937,635|
||At 31 Deceinber 2020||||||3,173,784|
|11|Financial instruments|||||2021|2020|
||Carrying
amount offinancial|||assets||||
||Debt instruments
measured||at amortised||cost|36,623|42,114|
||Equity instruments
measured|||at fair value||2,937,635|3,173,784|
||Carrying
amount offinancial|||liabilities||||
||Measured
at fair value|through||profit or loss||||
||Measured
at amortised|cost||||33,560|33,565|
|12|Debtors|||||||
||Amounts
falling due within||one year:|||2021f|2020|
||Other debtors|||||36,623|42,114|
|13|Creditors: amounts
falling||due within one year|||||
|||||||2021|2020|
||Other taxation and social security|||||1,354|3,026|
||Other creditors|||||18,706|18,545|
||Accruals and deferred|income||||14,854|15,020|
|||||||34,914|36,591|
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|15|Analysis ofnet assets|Analysis ofnet assets|between|funds||||||
|---|---|---|---|---|---|---|---|---|---|
||||Unrestricted||Endowment|Total|Unrestricted|Endowment|Total|
|||||2021|2021|2021|2020|2020|2020|
||||||||F|f||
||Fund balances at 31|||||||||
||December|2021 are||||||||
||represented|by:||||||||
||Investment|properties|||15,890,000|15,890,000||12,628,811|12,628,811|
||Investments||1,23?,931||1,699,704|2,937,635|966,996|2,206,788|3,173,784|
||Current assets/|||||||||
||(liabilities)||134,504|||134,504|147,787||147,787|
||||1,372,435||17,589,704|18,962,139|1,114,783|14,835,599|15,950,382|
||2021|2020|
|---|---|---|
||K||
|Within one year|392,772|356,355|
|Between two and five years|847,952|999,395|
|In over five years|2,099,154|2,273,704|
||3,339,878|3,629,454|
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|18|Cash generated|from|operations|operations|||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||E|R|
||Surplus/(deficit)|for the|year||||3,011,757|(331,170)|
||Adjustments
for:||||||||
||Investment
income recognised|||in statement|offinancial|activities|(933,769)|(912,806)|
||Fair value gains|and losses on||investment|properties||(2,535,698)||
||Fair value gains|and losses on||investments|||(313,677)|182,634|
||Movements
in working||capital:||||||
||Decrease in debtors||||||5,491|116,631|
||(Decrease) in creditors||||||(1,677)|(5,306)|
||Cash absorbed|by operations|||||(767,573)|(950,017)|
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||||Ifcorrected,|adjustment||
|---|---|---|---|---|---|
||||would have|the following||
||||effects:|||
||||Increase I|||
||||(decrease)|Increase I||
||||Balance|(decrease)||
||||Sheet value|in surplus|Unadjusted|
|Per statutory|accounts||18,962,139|3,011,757||
|No unadjusted|differences|in year||||
||||18,962,139|3,011,757||
##
|||||Surplus
I||Retained|
|---|---|---|---|---|---|---|
|||||deficit|Tax|funds|
|Surplus
Ideficit||per draft accounts||394,831||16,345,213|
|1|Property
revaluation|||2,535,698||2,535,698|
|2|Capitalisation|of refurbishment|costs|70,679||70,679|
|3|Increase
in rent arrears owed|||10,549||10,549|
|Surplus
Ideficit||per statutory
accounts||3„011,757||18,962,139|