**REGISTERED CHARITY NUMBER: 238273**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2021**
**for**
**Thornbury Consolidated Charities**
Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY
**Thornbury Consolidated Charities**
**Reference and Administrative Details for the Year Ended 31 December 2021**
**TRUSTEES** P M Morrish Trustee H Harrison Trustee T Ray Chair S A Holloway Trustee C Parkinson Trustee M Powell Trustee T Pearce Trustee **PRINCIPAL ADDRESS** 23 Cumbria Close Thornbury Bristol South Glos BS35 2YE **REGISTERED CHARITY NUMBER** 238273 **INDEPENDENT EXAMINER** Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY **BANKERS** National Westminster Bank plc PO Box 1369 16 The Plain Thornbury Bristol BS99 5HD
Page 1
**Thornbury Consolidated Charities**
**Report of the Trustees**
**for the Year Ended 31 December 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 December 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 of the charity**
The objects of the charity, as contained in the Declaration of Trust are:
a) The provision of Almshouses for poor aged widowers, widows or other single persons of good character who are resident in the area of benefit, Thornbury.
b) The provision of relief of persons in need resident in the parish of Thornbury.
## **Significant activities**
The main activities of the charity continue to be in the area of support for the residents of the parish of Thornbury who fit our criteria for relief in need.
The trustees believe that the activities described above are for the public benefit, through the support of those in need in the area of Thornbury.
## **Public benefit**
The Trustees have had regard to the Charity Commission guidance on Public Benefit and to the need to report on its observance and delivery.
Page 2
**Thornbury Consolidated Charities**
**Report of the Trustees for the Year Ended 31 December 2021**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The coronavirus pandemic in the UK continued throughout 2021, with eased restrictions at times according to government guidance. This meant some of the practices remained changed, such as stopping the monthly Clerk's visit to the almshouses and instead making telephone calls. The delayed non-essential works such as a new kitchen that had been planned for one flat, a new mobility scooter shed with electricity supply, and a building report that had been planned for both the almshouse and 34 High Street were able to be carried out in 2021.
Trustee meetings were 'online' via Zoom until face-to-face meetings were reconvened from September.
The Trust continues to maintain the four almshouses, remembering at all times that the safety of the residents is paramount. Smoking is forbidden at Millard House; however, the smell of cigarette smoke is reported occasionally so a sensitive smoke alarm has been fitted in the communal lobby to deter any indoor smoking. One of the residents has commenced action against the Trust following a fall on the area at the side of the Almshouse, the insurers at the time of the incident are dealing with the matter. Sadly, one of the Trust's residents passed away during the year and another resident chose to move to accommodation closer to her relatives. Both flats were refurbished and new residents have settled in well.
The equivalent fair rent (EFR) was set by the Valuation Office Agency at £92 weekly and the maintenance fee was set at 90% of the EFR for new residents, with a gradual fee increase introduced for sitting residents.
A CCTV system has been installed covering the front door; a second camera has been purchased and will be commissioned early next year to cover the rear entrance and garden area and the new electric scooter shed.
Gentec carried out the five-yearly Electrical Safety Check, BWS carried out the annual inspection of the Fire Alarm, and Pass and Totterdell carried out the annual gas safety checks. Dantec carried out the Legionella testing and recommended that a monthly monitoring record be set up and Michael Knight (Surveyor) carried out the Quinquennial Inspection and report.
The Trust supported 69 individuals at Christmas who fit our criteria for help within the parish. This help was increased to £130 per person and the cash was delivered by hand by the Trustees and Clerk. A total of £8,970 was provided under this category and in addition a grant of £150 was made to the individual who maintains the allotment's grassy paths.
The Trust also supported nine local groups and organisations at Christmas time with grants ranging from £175 to £550. A total of £2,700 was provided under this category. Three groups that usually receive Christmas funds were not running this year because of the pandemic, so funds were not required.
As anticipated, the charity considered an increased number of applications for support from individuals in financial difficulties and approved grants for the purchase of furniture, white goods, and many other basic items as well as helping with debt relief; the amount given to these causes in 2021 was £12,807, an increase of over £3,000 from 2020. The charity also continued to provide top up fees totalling £3,600 to enable one person to stay in a care home. The disruption in the schools meant that support for the counselling scheme was not requested. A grant of £300 was given to "Thornbury in Bloom" to provide flowers for three residential homes.
In summary in 2021 the Trust donated £24,627 to individuals, £300 to organisations and £3,600 on Nursing Home fees.
Daggs Allotments generated a sense of community as the Covid restrictions were lifted during the year, one group of volunteers rebuilt an unstable stone wall bounding the allotments' site and the annual "Best plot" awards were reinstated and keenly contested, the awards presented at the annual Allotment Association BBQ. An agreed rent increase over several years related to the plot size has been accepted by the allotment community.
At the year's end There were 24 people on the waiting list for a plot.
The Thornbury Deli and Barcan + Kirby continued to be tenants throughout the year at 34 High Street. The Thornbury Deli insurance premiums are almost fully up to date following an agreed procedure dependant on government "Return to work" advice. A blocked drain in the Deli that had been cleared several times by pressure flushing was reconstructed and re-laid by a local contractor to minimise the possibility of further blockages at a cost of £1,000.
Page 3
**Thornbury Consolidated Charities**
**Report of the Trustees for the Year Ended 31 December 2021**
## **FINANCIAL REVIEW**
## **Financial position**
At the balance sheet date, the charity had the following key totals.
The total net assets held by the charity was £1,015,924 (2020 - £965,267). Included within this value are funds committed and invested in tangible fixed assets totalling £534,105 (2020 - £511,500) The net current assets £481,819 (2020 - £453,767) after excluding restricted funds of £284,941 (2020 - £257,979) leave total 'free' reserves of £201,878 (2020 - £195,788).
The majority of these movements result from the Trust's decision to move considerable funds from 'free' to 'restricted' funds to ensure future building maintenance programmes can be properly funded.
## **Investment Powers & Policy**
The Trustees have the same full and unrestricted powers of investing and transposing investments in all respects as if they were absolutely and beneficially entitled thereto.
The Trustees intend the real value of the charity's assets to be maintained over the long term by investment in a portfolio of equities, fixed income stocks and cash deposits. Consistent with this objective, the Trustees wish to obtain dividend and interest income from the portfolio each year to contribute towards the purposes of the society. The Trustees decided that following guidance from the Charity Commission it was now appropriate to employ a professional financial advisor. Marlene Outram of Uniq Family Wealth was appointed and developed a plan to move the Trust's portfolio from the M&G Charity multi asset fund to a Transac wrapper which will give easier access to investment funds when required to maintain the Trust's property and fund the Trusts charitable purposes, as well as reducing the risk of financial maladministration by the Trustees.
## **Reserves**
The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the charity should be between twice and four times the average of the last three years expenditure. At this level the Trustees feel that they would be able to continue the current activities of the organisation in the event of a significant drop in funding. If this occurred it would be necessary to consider how the funding would be replaced or activities changed accordingly. The charity is now becoming more widely known in the local community and requests for grants are regularly received from various agencies as well as individuals.
The average expenditure over the past three years comes to £51,690.
The free reserves as detailed in the Financial Position section above is £201,878, which reflects 3.9 times the average expenditure.
## **REVIEW OF FUTURE DEVELOPMENTS**
In 2021, the Trust continued to work with and develop relations with housing agencies, debt advice agencies and the local council - much of the increase in grants made in 2021 was as a result of referrals from these agencies, and was in large part also impacted by the pandemic. The Trustees will continue to support those in need in the Parish in 2022, again working with the local agencies and also accepting requests from individuals. The Trust decided that the definition of "Resident in Thornbury" must be at least 4 weeks and that requests for furnishing properties with carpets will be considered only in exceptional circumstances.
There are several major maintenance items that will take place in 2022 mainly as a result of the extensive quinquennial review of the Trust's properties. The rate of inflation is forecast to be at least 7% in the middle of 2022 and the impact of the energy crisis caused by government sanctions and Russian energy assets will result in much hardship by those who currently just about manage on their incomes.
The Trust is also looking to move to a new bank account where online transactions can be made; the current banking system has proven difficult in 2021 with many places not accepting cheques, and it will be a useful switch for future transactions in general.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Charity constitution**
The charity is constituted by a scheme dated 22 April 1981, although the Charity can be traced back to its inception in the 1880s.
## **Appointment of Trustees**
Three trustees are nominated by Thornbury Town Council, these trustees serve for a term of four years. Four trustees who are considered to have a special knowledge of Thornbury are co-opted and serve for a five-year term. They are chosen by the trustees.
## **Organisational structure**
The organisation responsible for administering Thornbury Consolidated Charities is Thornbury Town Trust.
Page 4
**Thornbury Consolidated Charities**
**Report of the Trustees for the Year Ended 31 December 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Clerk to the Trust**
Mrs Sally Bertram continues in the role of Clerk to the Trust. It has been a difficult year for the Trust because of The Covid 19 pandemic resulting in no physical meetings during the year. Mrs Bertram devised a modified form of agenda papers and briefing notes to assist the Trustees in holding complex meetings successfully by Zoom technology as well as efficiently managing the day-to-day handling of the Trust's accounts and charitable objectives.
## **Risk review**
The Trustees carried out an annual review of the risks faced and the procedures established to manage those risks. Internal risks are minimised by the implementation of effective control procedures, which ensure both appropriate authorisation of all transactions and projects and consistent quality of delivery for all operational aspects of the charity. These procedures were reviewed in November 2020 and through in to 2021 for their continuing effectiveness.
The Trustees were content that they had sufficient funds to carry out major structural repairs at the Almshouses and 34 High Street.
## **HERITAGE ASSETS**
The Trustees have become aware that the Trust owns Heritage Assets as follows: The Thornbury Mace (parcel-gilt, by Benjamin Pyne, London 1700); and metal scales, weights and measures, and two staves, in a chest. The Thornbury Mace is valued at £60,000 and is on permanent loan to the Bristol Museum; the other items are held at Thornbury Council and hold no significant financial value. These items were vested to the Trust by order of the Charity Commissioners on 31st January 1890.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..............................................................................
Trustee
Page 5
## **Independent Examiner's Report to the Trustees of Thornbury Consolidated Charities**
## **Independent examiner's report to the trustees of Thornbury Consolidated Charities**
I report to the charity trustees on my examination of the accounts of Thornbury Consolidated Charities (the Trust) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material 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 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Matthew Dobbins FCA Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY
Date: .............................................
Page 6
**Thornbury Consolidated Charities**
**Statement of Financial Activities for the Year Ended 31 December 2021**
|Notes
**INCOME AND ENDOWMENTS**
**FROM**
**Charitable activities**
Millard House Almshouses
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
General support in Thornbury
Millard House Almshouses
Xmas community support
Miscellaneous Donations
34 High Street
Nursing Home Fees
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
14
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
£
8,572
26,874
5,386
40,832
1,321
-
-
11,820
13,107
-
3,600
22,007
51,855
34,748
23,725
(3,530)
20,195
675,788
695,983|Restricted
£
-
5,273
-
5,273
-
-
-
-
-
-
-
6,305
6,305
24,464
23,432
3,530
26,962
257,979
284,941|Endowment
£
-
-
-
-
-
-
-
-
-
-
-
-
-
3,500
3,500
-
3,500
31,500
35,000|31.12.21
Total
funds
£
8,572
32,147
5,386
46,105
1,321
-
-
11,820
13,107
-
3,600
28,312
58,160
62,712
50,657
-
50,657
965,267
1,015,924|31.12.20
Total
funds
as restated
£
11,187
39,881
3,808
54,876
3,221
3,134
1,848
10,966
16,880
322
3,600
8,306
48,277
(48,257)
(41,658)
-
(41,658)
1,006,925
965,267|
|---|---|---|---|---|---|
The notes form part of these financial statements
Page 7
**Thornbury Consolidated Charities**
**Balance Sheet**
**31 December 2021**
|Notes
**FIXED ASSETS**
Tangible assets
8
Heritage assets
9
Investment property
10
**CURRENT ASSETS**
Debtors
11
Investments
12
Cash at bank
**CREDITORS**
Amounts falling due within one year 13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
14
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
£
202,605
-
291,500
494,105
1,283
189,295
14,368
204,946
(3,068)
201,878
695,983
695,983|Restricted
£
-
5,000
-
5,000
-
255,520
24,421
279,941
-
279,941
284,941
284,941|Endowment
£
-
-
35,000
35,000
-
-
-
-
-
-
35,000
35,000|31.12.21
Total
funds
£
202,605
5,000
326,500
534,105
1,283
444,815
38,789
484,887
(3,068)
481,819
1,015,924
1,015,924
695,983
284,941
35,000
1,015,924|31.12.20
Total
funds
as restated
£
200,000
5,000
306,500
511,500
3,017
407,303
46,272
456,592
(2,825)
453,767
965,267
965,267
675,788
257,979
31,500
965,267|
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 8
**Thornbury Consolidated Charities**
**Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
## **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.
Freehold property - not provided Fixtures and fittings - 20% on reducing balance
## **Heritage assets**
Heritage assets are held at historical cost or fair value at the time of donation. Depreciation has been considered for all heritage assets. For those with an indefinite life, no depreciation has been charged.The following assets have an indefinite life:
Silver mace Metal scales, weights and measures Two staves Chest
For all other heritage assets depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.No heritage assets currently held are depreciated.
All heritage assets are reviewed annual for impairment.
## **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 tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
continued...
Page 9
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Donated goods and services**
Donated goods, facilities and services are recognised as income when the following criteria are met:
- Entitlement - control over the expected economic benefits that flow from the donation has passed to the charity and any performance-related conditions attached to the donation have been fully met.
- Probable - it is more likely than not that the economic benefits associated with the
donated item will flow to the charity.
- Measurement - the fair value or value to the charity of the donated item can be measured reliably.
## **2. INVESTMENT INCOME**
|Rental Income -34 High
Street
Deposit account interest
CAIF Accumulation Units
(Sinking Fund)
CAIF Accumulation Units
(Extraordinary Repair Fund)|Unrestricted
funds
£
22,875
1
3,998
-
26,874|Restricted
funds
£
-
-
-
5,273
5,273|Endowment
funds
£
-
-
-
-
-|31.12.21
Total
funds
£
22,875
1
3,998
5,273
32,147|31.12.20
as restated
Total
funds
£
23,475
42
7,314
9,050
39,881|
|---|---|---|---|---|---|
Other than the following amounts, all balances and residual amounts were unrestricted: CAIF Accumulation Units (Extraordinary Repair Fund) - Restricted £5,273 (2020 - £9,050)
## **3. RAISING FUNDS**
## **Raising donations and legacies**
|Insurance|Unrestricted
funds
£
26|Restricted
funds
£
-|Restricted
funds
£
-|31.12.21
Endowment
Total
funds
funds
£
£
-
26|31.12.21
Endowment
Total
funds
funds
£
£
-
26|31.12.20
as restated
Total
funds
£
486|
|---|---|---|---|---|---|---|
|Maintenance|1,295||-||-
1,295|971|
|Support costs|-||-||-
-|1,764|
||1,321||-||-
1,321|3,221|
All balances and residual amounts for the current and comparative period were unrestricted.
continued...
Page 10
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **4. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Management|costs|Totals|
||£|£|£|
|Other resources expended|7,597|1,989|9,586|
Other than the following amounts, all balances and residual amounts were unrestricted:
Other resources expended - £8,546 (2020 - £7,862)
All balances and residual amounts for the current and comparative period were unrestricted.
Support costs, included in the above, are as follows:
|31.12.21
Other
resources
expended
£
Clerk
7,137
Other operating leases
91
Advertising
179
Sundries
190
Legal and professional fees
477
Accountancy
1,512|31.12.20
as restated
Total
activities
£
6,468
22
342
-
-
1,200|
|---|---|
|9,586|8,032|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Millard House Almshouses
Investment income
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General support in Thornbury
Millard House Almshouses
Xmas community support
Miscellaneous Donations
34 High Street
Nursing Home Fees|Unrestricted
£
11,187
30,831
3,808
45,826
3,221
3,134
1,848
10,966
16,880
322
3,600|Restricted
£
-
9,050
-
9,050
-
-
-
-
-
-
-|Endowment
£
-
-
-
-
-
-
-
-
-
-
-|Total
funds
as restated
£
11,18
39,88
3,80
54,87
3,22
3,13
1,84
10,96
16,88
32
3,60|
|---|---|---|---|---|
continued...
Page 11
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
£
7,269
47,240
(13,297)
(14,711)
(61,401)
(76,112)
751,900
675,788|Restricted
£
1,037
1,037
(16,460)
(8,447)
61,401
52,954
205,025
257,979|Endowment
£
-
-
(18,500)
(18,500)
-
(18,500)
50,000
31,500|Total
funds
as restated
£
8,306
48,277
(48,257)
(41,658)
-
(41,658)
1,006,925
965,267|
|---|---|---|---|---|
## **7. PRIOR YEAR ADJUSTMENT**
The Charity is in possession of a silver mace, metal scales, weights and measures, two staves, and chest. At the time of donation, the trustees believed the mace to be a replica and of negligible value. During the year it was discovered that the mace is real and had notable value. The mace has been included within the accounts at its earliest known valuation of £5,000. This valuation was undertaken in 1967. All other chattels listed above have been determined to have not held significant value at the time of donation.
## **8. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2021
Additions
At 31 December 2021
**DEPRECIATION**
Charge for year
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Freehold
property
£
200,000
-
200,000
-
200,000
200,000|Fixtures
and
fittings
£
-
2,741
2,741
136
2,605
-|Totals
£
200,000
2,741
202,741
136
202,605
200,000|
|---|---|---|---|
continued...
Page 12
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **9. HERITAGE ASSETS**
|**MARKET VALUE**
At 1 January 2021 and 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Total
£
5,000
5,000
5,000|
|---|---|
The schedule of property owned by Thornbury Town Trust, now held in Thornbury Town Hall consists of metal scales, weights and measures and two staves in a chest. These items have little current value.
Thornbury Town Trust also owns a Parcel Gilt Mace (hereafter known as the "Thornbury Mace") by Benjamin Pyne, London (around 1700) and valued in 2022 at £60,000. This asset has been on loan to the Bristol Museum for display purposes since 1967 with periodic extensions of the loan. Preservation of the Mace is managed by the museum.
All heritage assets other than the mace are kept in an old wooden chest in the Town Council Chamber and checked at least once a year when they are on display.
## **The Heritage Assets on the charity's fixed asset balance sheet**
**----- Start of picture text -----**
Number Asset Valuation Valuation date
Parcel Gilt Mace by Benjamin Pyne acquired as a donation. To be
1 revalued at each loan extension. £60,000 April 2022
**----- End of picture text -----**
The Trust does not solicit or expect any more donations of a heritage nature.
The history and nature of the Heritage assets currently held by the Town Trust is held by the Trust's Clerk.
Visits to the box of weights can be arranged through the Thornbury Town Clerk at the Town Hall; the Thornbury Mace can be viewed during opening hours in the Silver Room at the Bristol Museum.
There have been no acquisitions or disposals of the Trust's heritage assets in the last 7 years. The Thornbury Mace was revalued in April 2022 and has increased in value by £10,000 since 2010.
||31.12.2021
31.12.2020|31.12.2019|31.12.2018|31.12.2017|
|---|---|---|---|---|
|Carrying amount brought
forward
Additions at cost or value of
donated item
Disposals
Impairment
Carrying amount carried
forward|£
£
5,000
5,000
-
-
-
-
-
-
5,000
5,000|£
5,000
-
-
-
5,000|£
5,000
-
-
-
5,000|£
5,000
-
-
-
5,000|
Carrying amounts for each asset:
Silver mace - £5,000 Metal scales, weights and measures - £nil Two staves - £nil Chest - £nil
continued...
Page 13
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **10. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 January 2021
Revaluation
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020
Fair value at 31 December 2021 is represented by:
Valuation in 2019
Valuation in 2020
Valuation in 2021
Cost|£
306,500
20,000
326,500
326,500
306,500
£
75,000
(18,500)
20,000
250,000
326,500|
|---|---|
The properties are valued to an open market value by the trustees, with sufficient regularity to ensure that the carrying values are a fair representation of their market value.
A valuation by a valuer with relevant professional qualifications and recent experience in the location and class of properties has not been sought.
## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|31.12.21
£
Trade debtors
32
Prepayments
1,251|31.12.20
as restated
£
1,715
1,302|
|---|---|
|1,283|3,017|
|**CURRENT ASSET INVESTMENTS**
31.12.21
£
Listed investments
444,815|31.12.20
as restated
£
407,303|
## **12. CURRENT ASSET INVESTMENTS**
|Market value as at 1 January 2021
Additions
Disposals
Income reinvested
Net investment (losses)/gains
Market value as at 31 December 2021|Trust
Investments
£
182,048
-
15,000
3,998
18249
189,295|Restricted
Extraordinary
repairs funds
£
225,253
-
-
5,803
24,463
255,519|Total31.12.21
£
407,301
-
15,000
9,800
42,712
444,813|Total31.12.20
£
420,165
530
-
16,364
(29,758)
407,301|
|---|---|---|---|---|
The investments held are shown at an open market value of commonly traded shares and units. The valuation of the investments is carried out by the investment managers, CAIF and M&G.
continued...
Page 14
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|||31.12.21|31.12.20|
|---|---|---|---|
||||as restated|
|||£|£|
|Other creditors||1,625|1,625|
|Accruals and deferred income||243|-|
|Accrued expenses||1,200|1,200|
|||3,068|2,825|
|**MOVEMENT IN FUNDS**||||
|**Unrestricted funds**|Net
movement
At 1.1.21
in funds
£
£|Transfers
between
funds
£|At
31.12.21
£|
|Unrestricted funds|675,788
23,725|(3,530)|695,983|
|**Restricted funds**||||
|Extraordinary repair fund|252,979
23,432|3,530|279,941|
|Silver Mace|5,000
-|-|5,000|
|**Endowment funds**|257,979
23,432|3,530|284,941|
|Daggs Allotment|31,500
3,500|-|35,000|
|**TOTAL FUNDS**|965,267
50,657|-|1,015,924|
|Net movement in funds, included in the above are as follows:||||
|**Unrestricted funds**|Incoming
Resources
resources
expended
£
£|Gains and
losses
£|Movement
in funds
£|
|Unrestricted funds|40,832
(51,855)|34,748|23,725|
|**Restricted funds**||||
|Extraordinary repair fund|5,273
(6,305)|24,464|23,432|
|**Endowment funds**||||
|Daggs Allotment|-
-|3,500|3,500|
|**TOTAL FUNDS**|46,105
(58,160)|62,712|50,657|
## **14. MOVEMENT IN FUNDS**
continued...
Page 15
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **14. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Extraordinary repair fund
Silver Mace
**Endowment funds**
Daggs Allotment
**TOTAL FUNDS**|At 1.1.20
£
751,900
200,025
5,000
205,025
50,000
1,006,925|Net
movement
in funds
£
(14,711)
(8,447)
-
(8,447)
(18,500)
(41,658)|Transfers
between
funds
£
(61,401)
61,401
-
61,401
-
-|At
31.12.20
£
675,788
252,979
5,000
257,979
31,500
965,267|
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**|Incoming
Resources
resources
expended
£
£|Gains and
Movement
losses
in funds
£
£|
|---|---|---|
|Unrestricted funds|45,826
(47,240)|(13,297)
(14,711)|
|**Restricted funds**|||
|Extraordinary repair fund|9,050
(1,037)|(16,460)
(8,447)|
|**Endowment funds**|||
|Daggs Allotment|-
-|(18,500)
(18,500)|
|**TOTAL FUNDS**|54,876
(48,277)|(48,257)
(41,658)|
The unrestricted funds reflect funds received and held with no specific direction of application made by the donors, other than within the general objectives of the charity.
The restricted Extraordinary repair fund includes funds contributed specifically towards the repairs and upkeep of the charity's properties.
The endowment fund includes funds includes the Daggs allotments which is to be kept to aid the poor of the borough.
## **Transfers between funds**
During the period, transfers took place between the funds. These transfers reflect the additional funds transferred into the Extraordinary repair fund in 2019 and 2020.
continued...
Page 16
**Thornbury Consolidated Charities**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2021.
Page 17
**Detailed Statement of Financial Activities for the Year Ended 31 December 2021**
## **Thornbury Consolidated Charities**
|**for the Year Ended 31 December 2021**|||||||
|---|---|---|---|---|---|---|
||||||31.12.21|31.12.20|
||Unrestricted|Restricted|Endowment||Total|Total|
||funds|funds|funds||funds|funds|
|||||||as restated|
||£|£|£||£|£|
|**INCOME AND ENDOWMENTS**|||||||
|**Investment income**|||||||
|Rental Income -34 High Street|22,875|-||-|22,875|23,475|
|Deposit account interest|1|-||-|1|42|
|CAIF Accumulation Units (Sinking|||||||
|Fund)|3,998|-||-|3,998|7,314|
|CAIF Accumulation Units|||||||
|(Extraordinary Repair Fund)|-|5,273||-|5,273|9,050|
|**Charitable activities**|26,874|5,273||-|32,147|39,881|
|Rents received from Millard House|||||||
|Almshouses|8,572|-||-|8,572|11,187|
|**Other income**|||||||
|Rents received from Daggs|||||||
|Allotments|2,992|-||-|2,992|3,071|
|Sundry income|2,394|-||-|2,394|737|
||5,386|-||-|5,386|3,808|
|**Total incoming resources**|40,832|5,273||-|46,105|54,876|
|**EXPENDITURE**|||||||
|**Raising donations and legacies**|||||||
|Insurance|26|-||-|26|486|
|Maintenance|1,295|-||-|1,295|971|
|**Charitable activities**|1,321|-||-|1,321|1,457|
|Grants to institutions|3,000|-||-|3,000|8,705|
|Grants to individuals|25,527|-||-|25,527|21,777|
|**Other**|28,527|-||-|28,527|30,482|
|Repairs and insurance|12,285|6,305||-|18,590|8,306|
|Fixtures and fittings|136|-||-|136|-|
|**Support costs**|12,421|6,305||-|18,726|8,306|
|**Management**|||||||
|Clerk|7,137|-||-|7,137|6,468|
|Other operating leases|91|-||-|91|22|
|Advertising|179|-||-|179|342|
|Sundries|190|-||-|190|-|
||7,597|-||-|7,597|6,832|
This page does not form part of the statutory financial statements
Page 18
**Thornbury Consolidated Charities**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2021**
|**for the Year Ended 31 December 2021**||||||||
|---|---|---|---|---|---|---|---|
||||||31.12.21|31.12.20||
||Unrestricted|Restricted|Endowment||Total||Total|
||funds|funds|funds||funds||funds|
|||||||as restated||
||£|£|£||£||£|
|**Management**||||||||
|**Governance costs**||||||||
|Legal and professional fees|477|-||-|477||-|
|Accountancy|1,512|-||-|1,512||1,200|
||1,989|-||-|1,989||1,200|
|Total resources expended|51,855|6,305||-|58,160||48,277|
|**Net (expenditure)/income before**||||||||
|**gains and losses**|(11,023)|(1,032)||-|(12,055)||6,599|
|**Realised recognised gains and losses**||||||||
|Realised gains/(losses) on||||||||
|programme related investments|18,248|24,464||-|42,712||(29,757)|
|**Net income/(expenditure)**|7,225|23,432||-|30,657||(23,158)|
|||||||||
This page does not form part of the statutory financial statements
Page 19
**Thornbury Consolidated Charities**
## **Contents of the Financial Statements for the Year Ended 31 December 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||
|**Notes to the Financial Statements**|9|to|17|
|**Detailed Statement of Financial Activities**|18|to|19|