**Charity Registration No. 235784**
**Company Registration No. 00806342 (England and Wales)**
## **JOHN A THOMPSON MEMORIAL TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **JOHN A THOMPSON MEMORIAL TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Dr AJ Kenyon (Treasurer)|
|---|---|
||Ms S Eardley-Stiff|
||Mrs DM Pearsall|
||Ms P Robinson|
||Mr P Jones|
|**Secretary**|Mrs DM Pearsall|
|**Charity number**|235784|
|**Company number**|00806342|
|**Registered office**|28 Festing Road|
||Southsea|
||Portsmouth|
||Hampshire|
||PO4 0NQ|
|**Independent examiner**|Timothy Millett ACA|
||53 Kent Road|
||Southsea|
||Portsmouth|
||Hampshire|
||PO5 3HU|
|**Bankers**|Barclays Bank Plc|
||90 Osbourne Road|
||Southsea|
||Hampshire|
||PO5 3LW|
|**Solicitors**|Quality Solicitors Large and Gibson|
||Kent House|
||49 Kent Road|
||Southsea|
||Portsmouth|
||Hampshire|
||PO5 3EJ|
|**Investment advisors**|Investment Solutions Wealth Management Limited|
||Grafton House|
||26 Grafton Road|
||Worthing|
||West Sussex|
||BN11 1QT|
## **JOHN A THOMPSON MEMORIAL TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 16|
## **JOHN A THOMPSON MEMORIAL TRUST**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's Articles and Memorandum of Association , the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016) .
## **Objectives and activities**
## **Charitable object**
The Trust' s objects are to provide living accommodation for aged poor or needful persons with power for that purpose to provide services and benefits at reduced charges, together with pecuniary and other assistance.
## **Objectives and Aims of charity**
The Trust's objectives are to provide living accommodation for the relief of poverty, need and financial hardship to the elderly by the provision of subsidised accommodation. The Trust also offers assistance to the elderly by social interaction at its premises and through social events within the community.
The trust runs a complex of adjoining properties which have been converted to flats available to rent at reduced charges by the old and impoverished.
## **Public benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. The charity is a public benefit entity.
## **Activities**
There are five large buildings containing a variety of flats, these include single, double and studio apartments which all require continual maintenance. The operating style ensures an efficient preventative maintenance programme to minimise any emergency works and concentrates on ensuring the standard of accommodation is well maintained.
The Trust offers independent living but assists with offering a home cooked freshly prepared luncheon normally served in the communal lounge from Monday to Friday. Many tenants comment the meals are “delicious old fashioned cooking!” Suffice to say that freshly prepared vegetables and home made pies and pastry take people back to an age when they enjoyed delicious home made meals. Also aiding social interaction and minimising the risk of isolation.
Sadly during the Covid 19 lockdown this service could not continue within the communal lounge however, we introduced a much enjoyed daily delivery service to those tenants requiring a hot meal, ensuring full PPE was used . The Trust maintained the service with a different style of operating but ensured that the welfare of all elderly and staff was maintained. For many elderly it was the only interaction they had during the Covid19 lockdown. This was also supplemented by telephone calls to ensure the ongoing welfare of tenants and minimising the risk of isolation.
The tenants benefit from an environment of safety and security enabling the elderly to live in a self sufficient manner. Throughout the Covid19 lockdown period staff created an environment offering ongoing information, help and advice in the daily changing world, which tenants found to be of huge benefit to minimise the disruption they found to their ‘normal’ world.
The excellent staff team work together to offer the best possible environment for all tenants. The team create a ‘neighbourly’ environment which allows the tenants to thrive in safe and secure surroundings. The sun lounge normally provides a communal area for everyone with quiz afternoons, themed evenings, social events and board games. During Covid19 lockdown the style of operation was altered to meet Government Guidelines, including small events in the garden with the numbers allowed to ensure the elderly had the support necessary.
- 1 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trust endeavours to ensure the elderly tenants live in an environment offering the opportunity to maintain an independent life. Throughout the year the local elderly community benefit from a variety of support from the trust. The trustees are pleased to report that during a year plagued by Covid 19 an ongoing programme of community events has been replaced by support to the various external organisations including local Community Police, adult social services, pastoral services and more that have benefited by the Trust bringing much needed support to the local elderly and vulnerable, always adhering to strict Government Guidelines during the lockdown period.
The Trust has identified elderly in the area who need support and enjoy the benefits that assistance from the Trust can bring at a time in their lives when they frequently find themselves to be alone having lost family and friends. This has been magnified during the lockdown and the Trust have assisted the numerous external organisations put under enormous pressure to offer support and assistance maintaining an improved liefestyle for the elderly community.
The Trust outreach programme offers support and friendship to the elderly , many having family and friends predeceased and leaving them without social contact. In a world constantly speeding along and with ongoing change, the elderly can enjoy a friendly chat from the Trust to minimise social isolation and loneliness. The work at the Trust and within the wider community offers help at a time when it is much needed.
The Trustees have invested much time to ensure that all tenants are well informed and requests discussed and met. The Trustees have also spent a considerable amount of time reviewing, updating and implementing all documents to ensure due governance in constantly changing times.
## **Achievements and performance**
## **Financial review**
Rental income for the year has remained consistent with 2019. There was a net outgoing movement of funds for the year of £66,132 (2019 - £713). This includes an unrealised loss on listed investments of £36,930 (2019 - £21,428 unrealised profit).
There were total unrestricted funds, including designated funds, brought forward of £1,610,580. At 31 December 2020 there were equivalent funds of £1,544,448 carried forward of which £157,952 (2019 - £214,287) were free unrestricted funds.
## **Reserves policy**
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level at least equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Investments**
The Articles and Memorandum of association grant the trustees wide powers of investment. Investments are held to generate both income and capital growth.
## **Risk management**
The trustees actively review the major risks faced by the trust on a regular basis. They believe that the financial risk can be managed by an annual budgetary review and maintaining reserves at current levels. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate risks.
- 2 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Future Developments**
There are currently a total of 39 flats with the opportunity to add an additional studio flat by adapting a current guest room , this work was put on hold during the Covid19 lockdown. The Trust wish to reinstate this work once circumstances allow.
The chair lifts in all buildings will require upgrading over the following two years and potentially a chair lift installed in one building to replace the current passenger lift.
The Trust has ensured a programme of continually controlling all costs and expenditure to ensure maximum return of all funds to guarantee the ongoing work to support the elderly .
There is always ongoing training for all staff as the level of service is paramount. The staff work incredibly hard and achieve exceptional results. They each have an individual desire to support their colleagues and this is apparent in the manner in which they work.
## **Structure, governance and management**
## **Governing document**
The company was incorporated on 25 May 1964 and is limited by guarantee. The company is registered as a charity. The company is governed by the articles and memorandum of association (amended 21 April 2004). The trust is governed by the board of trustees.
## **Trustees**
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Dr AJ Kenyon (Treasurer) Ms S Eardley-Stiff Mrs DM Pearsall Ms P Robinson Mr P Jones
New trustees are recruited to complement the existing board. Potential trustees are encouraged to attend the trustee meetings and other social functions in the complex. The trust manager will also give new and potential trustees a tour to familiarise them with the work carried out by the trust. None of the trustees has any beneficial interest in the company.
All of the trustees are members of the company and guarantee to contribute 5 pence (one shilling) in the event of a winding up.
There is trustee indemnity insurance in place.
The trustees meet on a monthly basis to review the trust's affairs and delegate the day to day administration of the trust to a manager. The manager is supported by an assistant.
## **Remuneration policy**
The trust's remuneration policy aims to offer fair pay to attract and retain appropriately qualified staff to deliver the charity's aims.
- 3 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Asset cover for funds**
There are adequate and available assets of each fund sufficient to meet all liabilities and obligations.
The trustees r eport was approved by the Board of Trustees.
## **Ms S Eardley-Stiff**
Trustee Dated: 22 September 2021
- 4 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF JOHN A THOMPSON MEMORIAL TRUST**
I report to the trustees on my examination of the financial statements of John A Thompson Memorial Trust (the trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the trust 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 the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 that in any material respect:
- 1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements 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 financial statements to be reached.
Timothy Millett ACA
53 Kent Road Southsea Portsmouth Hampshire PO5 3HU
Dated: 22 September 2021
- 5 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Unrestricted Unrestricted**
**funds**
**funds**
**general d esignated**
**2020**
**2020**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
3,766
-
Charitable activities
**3**
272,562
-
Investments
**4**
804
-
**Total income**
277,132
-
**Expenditure on:**
Provision of sheltered
housing for the elderly
in need
**5**
306,334
-
Net gains/(losses) on
investments
**9**
(36,930)
-
**Net outgoing**
**resources before**
**transfers**
(66,132)
-
Gross transfers
between funds
9,797
(9,797)
**Net movement in funds**
(56,335)
(9,797)
Fund balances at 1
January 2020
214,287
1,396,293
**Fund balances at 31**
**December 2020**
157,952
1,386,496|**Total**Unrestricted Unrestricted
funds
funds
general
d esignated
**2020**
2019
2019
**£**
**£**
**£**
3,766
4,157
-
272,562
273,554
-
804
6,443
-
277,132
284,154
-
306,334
306,295
-
(36,930)
21,428
-
(66,132)
(713)
-
-
12,012
(12,012)
(66,132)
11,299
(12,012)
1,610,580
202,988
1,408,305
1,544,448
214,287
1,396,293|Total
2019
**£**
4,157
273,554
6,443
284,154
306,295
21,428
(713)
-
(713)
1,611,293
1,610,580|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 6 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2020**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
Investments
**11**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets/(liabilities)
**Total assets less current liabilities**
**Income funds**
Unrestricted funds - designated
General unrestricted funds|**2020**
**£**
**£**
1,386,496
150,000
1,536,496
1,200
1,443
76,764
79,407
(71,455)
7,952
1,544,448
1,386,496
157,952
1,544,448|**2019**
**£**
**£**
1,396,293
247,895
1,644,188
1,200
5,222
31,943
38,365
(71,973)
(33,608)
1,610,580
1,396,293
214,287
1,610,580|
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Trustees on 22 September 2021
Ms S Eardley-Stiff **Trustee**
## **Company Registration No. 00806342**
- 7 -
**JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **Charity information**
John A Thompson Memorial Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 28 Festing Road, Southsea, Portsmouth, Hampshire, PO4 0NQ.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the trust's Articles and Memorandum of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the trust. Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
The trustees have considered the possible effects on the trust of the impact caused by Covid-19. Taking into account a period exceeding 12 months from the date of approval of these financial statements, the trustees have a reasonable expectation that rental income will remain consistent post lockdowns.
Furthermore the trustees believe the company has adequate resources to continue in operational existence for the foreseeable future.
For these reasons the company will continue to adopt the going concern basis in the preparation of its Financial Statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 8 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable Vat is charged as a cost against the activity for which the expenditure was incurred.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Nil Plant and machinery 20% of the reducing balance Fixtures, fittings & equipment 20% of the reducing balance
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
No depreciation has been provided on the freehold buildings as in the opinion of the trustees the lives of the buildings are of such length and the residual values so high that any depreciation would be immaterial.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year .
## **1.8 Impairment of fixed assets**
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.9 Stocks**
Stocks are stated at the lower of cost and net realisable value.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 9 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
## **1.11 Financial instruments**
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are imeasured at transaction price including transaction costs .
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are recognised at transaction price .
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised at transaction price .
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.13 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Donations and legacies**
|Donations and gifts
Furlough scheme grant monies|**2020**
**£**
641
3,125
3,766|2019
£
4,157
-
4,157|
|---|---|---|
- 10 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **3 Charitable activities**
|Rents receivable
Other income and services|**2020**
**£**
262,162
10,400
272,562|2019
£
257,208
16,346
273,554|
|---|---|---|
## **4 Investments**
|Income from listed investments
Interest receivable|**2020**
**£**
803
1
804|2019
£
6,441
2
6,443|
|---|---|---|
- 11 -
**JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **5 Provision of sheltered housing for the elderly in need**
|Staff costs
Depreciation and impairment
Rates and water rates
Light and heat
Insurance
Repairs and maintenance
Other property costs
Cleaning and laundry
Food
Telephone
Printing, postage and stationery
Sundry expenses
Share of governance costs (see note 6)
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Audit fees
-
1,200
Accountancy
-
5,628
Legal and professional
-
6,263
-
13,091
Analysed between
Charitable activities
-
13,091|**2020**
**£**
1,200
5,628
6,263
13,091
13,091|**2020**
**£**
181,753
9,798
9,583
46,241
9,961
16,086
3,282
1,965
7,903
2,627
950
3,094
293,243
13,091
306,334
Support
costs
Governance
costs
£
£
-
1,200
-
5,430
-
10,494
-
17,124
-
17,124|**2019**
**£**
174,878
12,247
5,978
42,491
9,436
23,016
6,675
1,390
7,285
2,602
986
2,187
289,171
17,124
306,295
2019
£
1,200
5,430
10,494
17,124
17,124|
|---|---|---|---|
## **6 Support costs**
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
- 12 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **8 Employees**
## **Number of employees**
|The average monthly number of employees during the year was:
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2020**
14
**2020**
**£**
174,282
5,651
1,820
181,753|**2019**
14
**2019**
**£**
167,108
6,087
1,683
174,878|
|---|---|---|
## **9 Net gains/(losses) on investments**
||**2020**|2019|
|---|---|---|
||**£**|£|
|Revaluation of investments|(36,930)|21,428|
- 13 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **10 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
||**Land and**|**Plant and**|**Fixtures,**|**Total**||
||**buildings**|**machinery**|**fittings &**|||
||||**equipment**|||
||**£**|
**£**|
**£**||**£**|
|**Cost**||||||
|At 1 January 2020|1,347,304|
236,802|
10,509||1,594,615|
|At 31 December 2020|1,347,304|
236,802|
10,509||1,594,615|
|**Depreciation and impairment**||||||
|At 1 January 2020|-|
189,850|
8,472||198,322|
|Depreciation charged in the year|-|
9,343|
454||9,797|
|At 31 December 2020|-|
199,193|
8,926||208,119|
|**Carrying amount**||||||
|At 31 December 2020|1,347,304|
37,609|
1,583||1,386,496|
|At 31 December 2019|1,347,304|
46,952|
2,037||1,396,293|
|**11**|**Fixed asset investments**||
|---|---|---|
|||**Listed**|
|||**investments**|
|||**£**|
||**Cost or valuation**||
||At 1 January 2020|247,895|
||Additions|150,000|
||Valuation changes|(36,931)|
||Disposals|(210,964)|
||At 31 December 2020|150,000|
||**Carrying amount**||
||At 31 December 2020|150,000|
||At 31 December 2019|247,895|
The trust sold all of the investments held in March 2020. The trust then reinvested £150,000 into new investments in December 2020.
## **Fixed asset investments revalued**
The investments are valued at market value.
- 14 -
## **JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**12**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**13**
**Stocks**
Finished goods and goods for resale
**14**
**Debtors**
**Amounts falling due within one year:**
Accrued income
Prepayments
**15**
**Creditors: amounts falling due within one year**
**Notes**
Deferred income
**16**
Other creditors
Accruals and deferred income|**2020**
**£**
150,000
**2020**
**£**
1,200
**2020**
**£**
-
1,443
1,443
**2020**
**£**
19,384
21,891
30,180
71,455|**2019**
**£**
247,895
**2019**
**£**
1,200
**2019**
**£**
4,158
1,064
5,222
**2019**
**£**
20,944
23,010
28,019
71,973|
|---|---|---|
Other creditors includes £13,475 deposits held (2019: £11,880) on behalf of tenants. The deposits are registered under the Deposit protection service.
## **16 Deferred income**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Other deferred income|19,384|20,944|
Deferred income represents rents received in advance.
- 15 -
**JOHN A THOMPSON MEMORIAL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **17 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
The fixed asset fund is an amount equivalent to the net book value of fixed assets at the balance sheet date, excluding assets represented by restricted fund balances, if any.
## **18 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**Designated**
**funds**
**2020**
**2020**
**£**
**£**
Fund balances at 31
December 2020 are
represented by:
Tangible assets
1,386,496
Investments
150,000
-
Current assets/
(liabilities)
7,952
-
157,952
1,386,496|**Total**Unrestricted
funds
Designated
funds
**2020**
2019
2019
**£**
£
£
1,386,496
1,396,293
-
150,000
247,895
-
7,952
(33,608)
-
1,544,448
1,610,580
-|Total
2019
£
1,396,293
247,895
(33,608)
1,610,580|
|---|---|---|
## **19 Related party transactions**
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Aggregate compensation|37,076|37,076|
## **20 Government grants**
Government grants , including amounts received under the CJRS, are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
- 16 -