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Charity number: 238379
TOWN AND MANOR OF HUNGERFORD
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

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TOWN AND MANOR OF HUNGERFORD
CONTENTS
Page
Reference and administralive details of the Charity. its Trustees and advisers
Trustees. report
Independent examinerfs report
10-11
Statement of financial activities
12
Balance sheet
13
ststement of cash flows
14
Notes to th8 financial statements
15-30

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TOWN AND MANOR OF HUNGERFORD
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
E Dickins Iresigned 20 October 2020)
B Mayhew
T Bossom
J Dickins {c(popl￿A 18 February 2020)
BBa
J Weware
G FU￿ (Constable appolnted 24 September 2020)
C Scorey
F Hobson
N Lumley {Constable until resigned 24 September 20201
R Hall
P Porter
J Dennis (appointed 20 October 20201
Charity registered
number
238379
Principal offico
Town Hall
High Street
Hungerford
Berkshire
RG17 ONF
Chief executive officer
E Dickins
Aceounthnts
James Cowper Kreston
Chartered Accountants
2 Communications Road
Greenham Bu5ine5s Pa
Greenham
Newbury
Berkshire
RG19 6AB
Bankers
National Weskninster B￿k PLC
30 Market Place
Newbury
Berkshire
RG14 SAG
Solicitors
Royd5 Withy lfjng
34 Regent Circu5
Swindon
Wiltshire
SN1 1PY
Investment managers
Smith & Williamson Investment Management LLP
25 Moorgate
London
EC2R 6AY
Land agonUCharteTed
Sur48yor
Carter Jonas LLP
9-10 Jewry Street
Winchester
Hampshire
S023 8FiZ
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together wth the financial statements of the Charity for the 1 January
2020 to 31 December 2020. The Trustees confirm that the annual rep)rt and financial statements comply with
the Charities Act 2011, the requirements of the goveming documents and Accounting and Reporttng by
Charities.. Statement of Recommended Practice {SORPI applicable to charities preparing their accounts in
accordance wqth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021
{effective 1 January 20191.
OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT
The charitable purpose of the Town & Manor is to manage its assets, now and in the future, for the benefit of the
inhabitants of Hungerford. To achieve this, we-
Manage the land and buildings in a financially and environmentally sustainable way.
Uphold the unique traditions of Hungerford.
Provide financial support lo groups. causes and projects, Mithin the area of benefit.
PreseNe and protect the ancient r¢ghls of the Commoners.
The Charity maintains assets. land and buildings. These include Heritage Assets which under the charity
accounting rules (the SORPI are defined as:
A heritage asset is a tangible or intangible asset with historical, artistic, scientific, technological,
geophysical or environmental qualities that is held and maintained prinapally for its contribution to
knovAedge and culture.
An asset may have the attributes of a heritage asset. for example it may be of historic or artistic
importan￿, but unless it is also held and maintained for its contribution lo knowledge and culture then it
will not fall wthin the definition of a heritage asset.
As part of this definition, is the question of whether the assets can be sold or must be kept. Those that are
integral to the chantys purpose could only be sold in exceptional circumstances. The assets are as follows..
Hungerford Town Hall Complex
The current building was built in 1871 by Town & Manor and is available to the public for community and public
use. 11 is a key part of the Town & Manor's heritsge and a building that has lo be retained. unless exceptional
circumstances require. The consent of the Charity Commission would have to be sought for any signrficant
change. The building has local historical and cultural value.
John O'Gaunt Inn
Thought to have 13th century origins, and il has been in ownership of the Town & Manor since 1617. We
currenuy rent the Inn out on a commerclal basls. There Is publlc aC￿ss. However, It Is not of as great hlstothcal
or cultural value as the Town Hall. This asset could be sold rf required.
Portdown Common & Freeman's Marsh
Parts of both are registered as 'Sites of Special sc￿ntifiC Interest. ISSSlsl and as such are managed under a
Defra Stewardship Scheme. They are also managed as public open space. Portdown Common also contains
'lynchettes'. which are historical and protected remains from medieval farming practices. Both Portdown
Common and Freeman's Marsh have been owned by the Town & Manor since at least 1552 learliest reference).
We could not sell these assets and must maintain them as part of the historic and Commoners, rights a5socialed
with them lunle5s the land and rights are replaced). We hold public educational visits annually. for which we
receive specrfic funding for from Defra.
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT (continued)
Harvoy's Meadow & Eddington Marsh
Humphrey Fairfax-HaNey was Constable of the To*'n & Manor from 1950-56. In the 1970,5 he bequeathed the
Meadow to the Town & Manor. This site is designated as a SSSI and Special ￿ea of Conservation {SACI. As
such it is managed and maintained as such for its saenlific value. This includes access for research and
Inanaged a¢(tss for the public (provided in organised lalksltoursl. Tlie site is maintsined foi its wildlife value (in
particular the Desmoulin's Whorl Snail) and is also accessed by bird ringing professionals. This asset could be
sold if required.
W￿￿rk00p0r's Housa
This house wa5 built by Town & Manor in 1973 and was later extended in 2003. A workshop was then added in
2007. This house is used to accommodate a member of staff and does not hold any historic or cultural value,
and therefore could be sold if required.
The Fishery
The Fishery has been owned by Town & Manor sirKe the 14th century. It is also registered as an SSSI for its
scientific value. Public access is provided through organised talks and walks. The fishing righls are an essential
part of the cullural heritage of Hungerford. It is not clear Mthelher this asset could be sold if required.
Tha Fishary Huts
These are sheds that are in place on the Fishery for use by the fishemien. They do r￿t hold any signrficant
historic value.
Tha Croft
The Croft was gifted to the Town & Manor in circa 1550. 11 is thought lo be the original village green for
Hungerford. It 15 open for public access and available for hire. This asset could not be sold.
Charnham Street Meadows
These were acquired in the 1930s originally and more recently and addib.onal 2.4 hectares were acquired as part
of the development of Charnham Park. In 2000 a further strip of land was purchased for £15,745 and does not
have any heritage value. Public access is not permitted.
Hungerford Marsh
Hungerford Marsh was acquired by the Trustees in 2017. The charity acquired the land as a regislered SSSI
and subject to a 10-year Higher Stewardship Agreement with Natural England to be concluded 2022. The fishing
is lel on a commercial basis.
Piek8t Maad
Picket Mead is an historic orchard acquired in 2017. The land is not open to public acces5. however the orchard
has been restored and is now used for the production of apple juice and cider. This asset could be sold rf
required.
Undy's Meadow
Un(Vs Meadow was purchased in 2018 for the sum of £131.471. This land adjoins Charnham Street Meadows
is 16.19 hectares in size and consists of low-lying water meadow within the AONB. It indudes additional fishing
on the River Kennet. The purchase protects existing land holdings and has FX)tenlial for a larger project. A
feasibility study is being undertaken to consider the longer term uses of the land.
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT (continued)
Canal Walk
The Charity acquired the sotl rights below the highway of Canal Walk in 2019 and land adjoining the existing
garages for the sum of £8.OC(). This provides additional vehicular access to Hungerford Marsh.
HOW THE CHARITY USES ITS ASSETS
In order lo have funds to maintain the Charity's assets and to further the objects of the Charity. the Trustees
secure income from its assets as follows..
Portdown Common and Freeman'5 Marsh are available to be grazed by Commoners, cattle. but where
Commoners do not take up their rights the grazing is let to local farmers.
The Town Hall Complex is available to many organisations for functions, including community and business
meetings, weddings, exhibib"ons, social funth.ons and retail events. We offer a discount or free usage to other
Charities.
The Water Keeper's House is maintained for the use ofthe Water Keeper.
The Fishery is let out to a number of rods who all pay an annual licence fee. The Fishery also accommc&lates the
rights of the Commoners lo fish for 3 days per week.
Hungerford Marsh is let out to grazing and also derivès income from annual rod lieenee fees.
The Croft is let out for occasional events.
Charnham Meadows can be let out for grazing. but isn't currently.
It is the policy of the Trustees that. wherever possible, the assets should generate surplus income to assist in the
running of the Charity and to enable it support local organisations. However. from time lo time defiats may arise
due to exceptional expenditure such as capital projects or repairs that cannot be spread over several years. It is
often the case that the Buildings Account has an overall deficit due to the high costs of maintenance of the Town
Hall and this is funded by the Surpluses from other areas. There was a major refijrbishment for the Town Hall
Complex in 2018 and 2019 with a final cost of £60k. This was part of a condib.on survey of the building which
provides a longer-temi plan for repairs to the Town Hall Complex. The majority of these costs were to the r&)f
but also included the Bellman's Bell and the weathervane repairs.
ACHIEVEMENTS AND PERFORMANCE
Grant Making Policy
The Trustees prortK*te charitable purposes for the benefrt of the inhabilants of Hungerford, by the granting of
donations where it is considered appropriate. The total amount of donations made in 2020 were £5.090, detailed
in note 5 to the accounts. These grants to lttal gTOUPS span all age ranges. as in previous years.
Investrnent Policy
The investments are managed on a discretionary basis by Smith and Williamson, the performance of which is
remewed biannually. Smith and Williamson is athhonsed and regulated by the Finanaal Conduct Authority and
member of the Association of Private Client Investment Managers and Stockbrokers IAPCIMSI. The reserves
are invested with an objective of providing a balance betrKeen income and growth. The strategy followed lo meet
this objective is investment in a multi-asset portfolio, intended to offer the potential for greater returns than cash
and fixed interest alone by induding limited amounts of equities and alternative investments. Perfomance of the
portfolio is measured against the ￿SE WMA Stock Market Conservative Index (Total Relum).
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
ACHIEVEMENTS AND PERFORMANCE (continued)
Public Benefit
The Trustees are continually engaged in endeavouring to promote the charitable worts of the Charity wthin
Hungerford.
In considering their activities for the year the TNslees have had regard to Charity Commission guidance on
public benefft. Portdown Common and Freeman's Nlarsh are freely available to the public for recreational use.
L￿al inhabitants and organisalions receive discounts on hiring fees for the Town Hall. The TNstees also lease
land to both the local football and cricket dubs.
Constable's Statement for the Year
The Town and Manor has continued to support the residents as well as improve the environment of Hungerford,
despite the difficult circumstances of coping wrth the CoMd-19 pandemic. We have continued to support our
ancient market by marshalling and ensuring soctal distancing and keeping inline wqth Govemment guidelines at
all limes. For some members of the community this was their only activity all week. Our thanks also to all the
market stall holders who went above and beyond lo ensure all traders and shoppers were safe. Our revenue for
the hire of the Town Hall was decimated by the pandemic in 2020, and thanks lo local counc#l business rates
grants. we were able to keep the building in gcod repair. alongside our hall keepers being fudoughed during this
time.
Fortunately the Covid-19 reslrietions wère lrfted for fishing on 13th May Nthich meant that our major ineome
source could continue. The fishing season was very good, and the budget for guest tickets was exceeded.
Alongside this we have increased the waiting list for our syndicates which will ensure we keep the numbers of
rcxls on the river. That, alongside restrictions on travel ensured we had a good season.
We were fortunate to graze cattle again and. despite lower numbers, il worked out well to keep the grass levels
appropriate for our 51ewardship grants due to the hot. dry Spring and summer. Our committee chairs are
competent in the administration and organisalion of our committees, and we now have a strong team to lead the
Town and Manor over the next 10 years.
We are still considering the creation of a 30 acre wetland on the site of Un(Vs meadow. A scoping study has
been completed, and the charity is looking to raise funds by applwng for grants to take this project fvrther. There
may be scope to improve the river Kennet above Eddington Mill as well as reconnect the historic river channel to
the flcx)d plain that is Undys meadow. The Town and Manor charity has again made a significant number of
donations lo local groups and charities, induding various sports clubs and associations Mithin the Town. The
Trustees are particularly keen on supporting the youth and environmental improvement organisations
All of this work is funded by income raised by the Charity through its land and assets. at no cost to the residents
of Hungerford.
I'd like to thank our CEO Trustees, staff and volunteers for their hard work and help over the year and I Iwk
fotward to the Town and Manor continuing to the holistic benefit of Hungerford and the surrounding area in the
heart of the North Wessex Downs AONB.
FINANCIAL REVIEW
Reserves Policy
The charitable object of the charity is to promote and provide grants for the inhabitants of Hungerford and the
Libety of Sanden Fee. It achieves this through the pNdenl management of its lands, buildings and finances. It
maintains reserves that are freely available for operating purposes not subject lo commilmenls. planned
expenditure or spending limits.
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
The reserves are maintained to cover potential future risks"
Significant loss of income- the fishery due to pollution or a major drop in water levels,. the land due to
factors beyond our control, for example a foot and mouth outbreak.
Changes in govemment policy relating lo the grants available.
Serious and immediate need for repairs lo the Town Hall Complex. not covered by insurance.
Risks
The key risks that the Charity faces are managed as follows..
Proparty Risk: The properties held by the Charity Could suffer significant damage or need major repair.
Catastrophic events are insured for and reserves ale kept lo deal with any repair5 needed at short notice. The
most signfficant risk is the Town Hall for which futher consideration is made to ensure in the long term this
building is maintained to sufficient standards.
Investment Risk: The reserves held by the Charity are essents.al lo keewng it in a secure position sh￿Id any
serious inadents affect its financial position. Investments are currently held Mryth an approved broker (Smith &
Williamson) and are regularly reviewed.
Income Risk: The Charity is heavily dependent upon income from the Fishery for ils financial stability. This
income can be affected by events on the River Kennet. such as pollution or drought. The Trustees wort to
address these risks where they are within their control and also contribute lo schemes to improve the Kennet
through organisations such as Action for the River Kennet, Natural England and the Environment Agency. The
rèservès are maintained lo a sufficient level to providè a buffer against a significant or sustained loss in income
from the Fishery.
Financial review for the year
The accounts showed a net surplus of £61.219 which is a significant improvement on 2019. The large proportion
of this came from the various govemment Covid grant schemes {business rates, CJRS). along with no large
scale repair5 occurring in 2020.
The Covid-19 crisis has affected the charity with the closure of the Town Hall and a delayed start to the Fishery
opening. The financial impact has been that certain expenses have not been incurred, such as HocktÉde,
resulting in an increased surplus for the year.
The charity fvjlly expects to weather the crisis with minimal long temi impacts.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Obiectivas
The TNstees' objective is to Nn the Charity wth a small sutplus.
The Governing Document of the Charity is based on a Charity Commission Scheme dated 9 May 1990.
amended and authorised by the Charity Commission on 30 May 2012, and approved by the Trustees on 9
September 2015. This Scheme replaced a Scheme of 11 February 1 ￿8.
On 20 November 2018 a SUPFAemental deed was submitted to and approved by the Charity Commission to
amend clause 25 of the Scheme. The amendment albws for a variation in length of terms of Trustees.
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE. GOVERNANCE AND MANAGEMENT (continued)
The Objects of the Charity are laid down in the Goveming Document as..
The Object of the Charity shall be to promote such charitable purposes for the benefit of the inhabitanls
of the area of benefit as the Trustees shall fron) time lo lime decide.
The land together wsth the buildiiigs thereon shall be hekl upon trust for the use of Ihe Object of the
Charity, provided that if and in so far as the said land and buildings are nol required for use for the
Object of the Charity the Trustees may let and otheNise manage the same.
There are few restrictions imposed by the Goveming Document, but the Trustees shall not, without the sanction
of the Commissioners or a competent court, create a tenancy wholly or partly in consideration of a fine or for
temi ending more than 22 years after it 15 granted or for les5 than the best Possible rent obtainable. In addition.
the Trustees shall not apply income of the Charity directly in relief of rates, taxes or other public funds, but may
apply income supplemenkn"n9 relief or assistance proiided out of public funds.
Recruitment and Appointment of New Trustees
The Charity is run by a to(ty of Trustees which, when complete, consists of a minimum of trNelve and a
maximum of fourteen comFetent persons as follows"
Ten Trustees are elected by the inhabitants ofthe Town Tithing of Hungerford and Tithing of Sanden Fee
usually on a triennial basis.
Two Ex-OFficio Trustees, being the Constable of the Town and Manor of Hungerford and the Constable
Elect. The Constsble is appointed annually at Hocklide and is automatically the Chair of all committees.
In addition, the Trustees are pemitted to Co-opt up to ￿ additional Trustees.
Induction and Training of Nèw Trustoas
When ￿ trustees are elected they are introduced lo the activities of the Charity by being provided wrth copies
of the Charity Commission Scheme, recent accounts and relevant documentation. as well as being briefed on
the dutses of a trustee.
It is re￿mmended that Tfustees are members of at ￿ast one committee.
Organisational Structure
The Charity is run by a series of Committees. namely..
The Board of Truslees which meets monthly.
The Buildings and Marketing Committee which meets every other n￿nth.
The Fishing Committee which meets every other month.
The Land Management and Commons Committee which meets every other month.
The Finance Committee which meets monthly.
Each Committee reports to the Board of Trustees as a whole on a monthty basis.
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE. GOVERNANCE AND MANAGEMENT (continued)
The Charity Trustees who seryed during the financial year (and since then to the date of signing of these
accounts} are as follows. During the year, the triennial public election of Trustees was held and resulted in
changes as documented below"
Mrs E Dickins (resigned 20 October 2020)
Mr B Mayhew
Mr T Bossom
Mr J Dickins (cr￿OPted 18 FebNary 20201
Mrs B Barr
Mr J Welfare
Mr G Furr Iconstable appointed 24 September 20201
Mr C Scorey
Mrs F Hobson
Mr N Lumley Iconstable until resigned 24 September 2020}
Mr R Hall
Mr P Porter
Mr J Dennis {appointed 20 October 2020}
The Chief Executive to the Trustees is Mrs Ellie Dickins, her address and the registered office of the Charity
being The Town Hall, High Street. Hungerford, Berkshire, RG17 ONF.
Risk Managomonl
The Trustees have assessed the major risks to which the charity is exposed, in partrcular those related to the
operations and finances of the charity. and are satisfied that systems and procedures are in place to mitigate our
exposure to the major risks.
FUTURE PLANS
The Trustees have embarked on a programme to rnodemise the operation of the Charity and have made goc
progress in this area through the CEO and the work undertaken in the year. The process of modemisation wll
continue as the Charity continues lo improve its working processes.
Un(tys Meadow wTrll a project for several years ta come. The feasibilty study will be undertaken in 2021, and
subject to the success of awarding of grants, the Tnjslees would like to see this project taken lo fulfilment, along
with other river and catchment works lo improve the quality of the chalk stream rivers Shalbourne. Dun and
Kennet to ensure greater ecological improvement and restoring riverine habitat.
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TOWN AND MANOR OF HUNGERFORD
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
ststement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees. report and the financial stslements in accordance wth
applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Ac￿untIng
Practi¢e}.
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources
and application of resources, including its income and expenditure, for that period. In preparing these financial
statements. the Trustees are required lo=
select suitable accounting policres and then apply them consistently,.
observe the methods and principle5 of the Charitie5 SORP {FRS 1021.,
make judgments and accounting eslimales that are reasonable and prudent.,
slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material
departures disclosed and explained in the financial statements.,
prepare the finanaal statements on the going concem basis unless il is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charitys transactions and disclose wth reasonable accuracy at any time the financial position of the Charity
and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also
responsible for safeguarding the assets of the Charty and hence for taking reasonable steps for the prevenb.on
and detection of fraud and other irregularities.
Approved by ordei of the member5 of the board of Tru5tee5 and signe(l on their behalf by."
G Furr
Trustee, Constable
Dale: 29 September 2021
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TOWN AND MANOR OF HUNGERFORD
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
Independent examiner's report to the Trustees of Town and Manor of Hungerford {Ihe Charity.)
report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31
December 2020.
Responsibilities and basis of report
As the Trustees of the Charrty you are responsible for the preparation of the accounts in accordance with the
requirements of the charikn.es Act 2011 I'the 2011 Ad).
I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and
in carrying out my examination I have followed the applicable Directions given by the Charity Commission under
section 14515)Ib) of the 2011 Act.
Independent examin8rfs statement
Since the Charitrfs gross income exceeded £250,(K)O your examiner must be a member of a lisled in
section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member
of Institute of Chartered Accountants in England and Wales. which is one of the listed bodies.
Your attention is drawn to the fact that the Charty has prepared the accounts in accordance with Accounb"ng and
Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in
accordance wlh the Financial Reporting Standard applicable in the UK and Repijblic of Ireland IFRS 1021 in
preference to the Accounting and Reporting by Charf(ies= Statement of Recommended Practice issued on 1 April
2005 which is referred to in the extant regulations but has been withdrawn.
l understand that this has been done in order for the accounts to provide a true and fair view in accordance with
the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause lo believe that in any material respect..
accounting recorts were not kept in respect of the Charity as required by section 130 of the 2011 Act.. or
the accounts do not acC￿d wFth those records; or
the account5 do not comply with the applicable requirements con￿mIng the form and content of
accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than any requirement
that the accounts give a Irue and fair, wew which is not a matter considered as part of an independent
examination.
I have no concems and have come across no other matters in connection wth the examination to wl)ich
attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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TOWN AND MANOR OF HUNGERFORD
INDEPENDENT EXAMINER'S REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
This repNt is made solely to the Charitys Trustees, as a body, in accordance with Part 4 of the Charities
{Accounts and Reportsl Regulations 2008. My work has been undertaken so that I might state to the Charitys
Trustees those matters l am required to state to them in an Independent examinerfs report and for no other
purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility lo anyone other than the
Charty and the Charitys Trustees as a body, for my'work or for this report.
Signed:
Dated: 30 September 2021
Michael Farwell MA FCA DChA
James Cowper Kreston
Chartered Accountants
2 Communications Road
Greenham Business Pa
Greenham
Newbury
Berkshire
RG1g 6AB
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TOWN AND MANOR OF HUNGERFORD
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
Unrestricted
funds
2020
Total
funds
2020
Total
funds
2019
Note
Income from:
Charitable activities
Investments
303.660
13,474
303,660
13,474
315,471
16,116
1,393
Other income
Total income
Expenditure on:
Raising funds..
Investment management fees
Charitable activities
357.778
357,778
332,980
8,560
288.958
8,560
288,958
3,475
348.671
Total expenditure
297.518
297,518
352, 146
N81 incomellexpenditurol bofora nat gains on
investments
60,260
60,260
{19. 166)
Net gains on investrnents
959
959
36.oot
Net movement in funds
61.219
61,219
16,835
Reconciliation of funds:
Total funds brought forward
Net movement in funds
1,032,424
61,219
1,032,424
61,219
1,015,589
t6,835
Total funds carried forward
1,093.643
1.093,643
1,032,424
The Statement of financial activities includes all gains and10sses recognised in the year.
The notes on pages 15 to 30 fomi part of these financial statements.
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TransadiDn Ref. SWB&MXVP4YED 29 Sep 2021 16..34..0188T {UTC +11 D 111 P 1sts2
TOWN AND MANOR OF HUNGERFORD
BALANCE SHEET
AS AT 31 DECEMBER 2020
2020
2019
Note
Fixed assets
Tangible assets
Heritage assets
Investments
12
264.541
406.154
461,358
268,681
252,693
457,016
13
14
1,132,053
978,390
Curront assets
Debtors
15
66,688
78,970
33,189
77,318
Cash at bank and in hand
145.658
ItO,507
Creditors.. amounts falling due within one
year
16
1179,7911
(46,797)
Net cu￿ent liabilities l assets
134.133)
63,710
Total assets less current liabilities
1,097,920
1,042,fOO
Creditors. amounts falling due after more
than one year
17
14.277)
(9,676)
Total net assets
1,093,643
1,032,424
Charity funds
Unrestricted funds
18
1,093.643
1.032,424
Total funds
1,093.643
1,032,424
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
iWV￿118*?D2l It￿548￿T￿+1I
G Furr
Trustee, Conslable
Dale= 29 September 2021
The notes on pages 15 to 30 fomi part of these financial statements.
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TOWN AND MANOR OF HUNGERFORD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
Note
Cash flows from operaiing aciiviiies
Nel cash used in operating activities
21
102,594
16,585
Cash flows from inv•sting activiti•s
Dividends and interest from investments
Proceeds from the sale of tangible fixed assets
Purchase of heritage assets
Purchase of tangible fixed a5setS
Cash withdrawn from investments
114
98
8,250
(153.461)
{18,066J
40.000
Not cash {used inllprovided by investing activitias
(145.097}
22.032
Cash flows from financing activities
Cash inflows from new borrowng
New finance leases
Repayments offinance leases
50.000
21,994
(6.413)
(5.905)
Net cash provided by financing activities
44.095
15.581
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
1.592
$4,198
77.318
23.120
Cash and cash equivalents al the end of the year
22
78.910
77.318
The note5 on pages 15 to 30 fomi part of these financial 5tatemellts
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP {FRS 1021
Accounting and Rewrting by Charities-. Statement of Re￿rnMended Practi￿ applicable lo charities
preparing their accounts in accordallce with the Financial Reporting Staridard applicable in the UK
and Republic of Ireland (FRS 1021 leffeclive 1 January 2019}. the Finanaal Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fairf view and have departed from
the Charities (Accounts and Report51 Regulation5 2008 only to the extent required to provide a 'true
and fairf view. This departure has involved followqng the Charities SORP IFRS 1021 published on 16
Juty 2014 rather than the Accounting and Reporting by Charitses.. Statement of Recommended
Practice effective from 1 April 2CNJ5 which has since been withdrawn.
Town and Manor of Hungerford meets definition of a public benefit entity under FRS 102. Assets
and liabilities are inf(ially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Investment income. gains and losses are allocated to the appropriate fund.
1.3 Going concèrn
The trustees have considered the impact of the global Covi&19 pandemic on the ability of the charity
to continue trading for the foreseeable future. This review has included considering the impact of the
pandemic to the dale of signing the financial statements. Based on this review the trustees believe
that the financial statements have been prepared appropriately on the going concem basis.
1.4 Income
All income is recryjnised once the Charity has enlitlement lo the income, it is prc+)able that the
income will be received and the amount of income receivable can be measured reliably.
Income lax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Other income is reu￿niSed bn the period in which it is receivable and to the extent the g￿)d5 have
been provided or on completion of the service.
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies {continuedl
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in setuement and
the amount of the obligation can be measured reliably. Expenditure is classified by adivify. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity- Direct costs attributable to a single activty are allocated directly
to that activity. Shared costs which contribute to more than one ath.vity and support costs which are
not attribthable to a single activity are apportioned betsveen those acttvities on a basis consistent wrth
the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation
charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity
and include project management. Govemance costs are those incurred in connection with
administration of the Charity and compliance with constitutsonal and slatutw requirements.
Costs of generating funds are cost5 incurred in attracting voluntary income. and those incurred in
trading activities that rase funds.
Charitable activities and Governance costs are costs incurred on the Charitys operations. inctuding
support costs and costs relating to the govemance of the Charity apportioned to charitable actiMties.
Grants payable are charged In the year Mhen the offer Is made except In those cases where the offer
is conditional. such grants bèing reeognised as èxpènditurè when thè conditions attaching are
fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as
commitment, but not accrued as expendilure.
1.6 Government grants
Govemment grants. including Covid-19 related grants. are credited lo the Statement of finan￿al
activities as the related expenditure is incurred.
1.7 Tangible fixed assets and depreciation
A review for impaimient of a fixed asset is carried out if events or changes in circumstances indicate
that the carrwng value of any fixed asset may not be recoverable. Shortfa115 between the caThwng
value of fixed assets and their recoverable amounts are recognised as impaimienls. Impairment
losses are recognised in the Statement of finanaal activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impaimient.
The trustees conslder that the treehold propety Is malntalned In such a state of repalr that rts
residual value is al least equal to ils net book value. As a result, the corresponding depreciation
would not be material and therefore 1$ not charged in the Statement of Finanaal Activities.
Motor vehides are depre￿ated at a rate of 25% using Ihe reducing balance method.
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies {continuedl
1.8 Heritage assets
The heritage assets represents land and buildings in Hungerford. The assets consist of Hungerford
Town Hall Complex, Hungerford Portdown Common and Freeman's Marsh, Harvey's Meadow, The
Fishery. The Croft. Hungerford Marsh, Picket M@3d and Eddington Mill The assets are induded in
the balan￿ sheet at C051.
The assets are deemed to have an indefinrte useful life and therefore depreciation is deemed to be
immaterial. Expenditure which is required to preserve or maintain the assets is recognised in the
Statement of Financial Activitses when it is incurred. The management policy in respect of heritage
assets is summarised in note 13.
1.9 Investments
Fixed asset investments are a fom ol financial instrument and are initially recogniswj al their
transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value
cannot be measured reliably in which case it is measured at C05t less impaimient. Investment gains
and losses. whether realised or unrealysed, are combined and presented as 'GainsllLossesl on
investments, in the Statement of Financia Activrties.
1.10 Debtors
Trade and other dèbtors arè rèrx)gnised at thè sèttlement amount after any trade discount offÉrÈd_
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.11 Cash at bank and in hand
Cash at bank and in hand indudes cash and short-tenn highty liquid investments Mith a short malurrty
of three n￿nthS or less from the date of ￿qUisItion or opening of the dewsit OT similar account.
1.12 Liabilities
Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it wqll pay lo settle the debt or the
amount it has re￿iVed as advanced payments for the goods or ServI￿S it musl provide.
1.13 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic finanaal
instruments. Basic financial instruments are initially reccyJnised al transaction value and subsequenlty
measured at their settlement value wth the exception of bank loans which are subsequendy
measured at amortised cost using Ihe effective interest method.
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting policies {continuedl
1.14 Finance leases and hire purchase
Assets obtained under hire purchase contracts and finance leases are capilalised as tangible fixed
assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their
useful Iwes Assets acquired by hire purchase are depreciated over their useful lives. Finance leases
are those where substantially all of the Eenefits and risks of ownership are assumed by the Charity-
Obligations under such agreements are included in creditors, net of the finance charge allocated to
future periods. The finance element of the rental payment is charged to the Statement of Financial
Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in
each period.
1.15 Pensions
The Charity operates a defined contribution pension scheme and the pension d)arge represents the
amounts payable by the Charity to the fund in respect of the year.
1.16 Critical accounting estirnate5 and area5 of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
rcumstances.
The Chamty makes esllmates and assumptlons cOn￿mIng the luture. The resulllng ac(r)unllng
ÈstimatÈs and assumptions will. by dèfinilion. sèldom èqual the rèlatÈd actual rÈsults.
There are no accounting judgements deemed critical to the accounts.
Income from charitable activities
Unrestricted
funds
2020
Total
funds
2020
Total
funds
2019
Rents received
Wa￿eaveS and licences
DEFRA income
Hocktide income
35,032
48,295
46,953
97
35.032
48.295
46.953
97
14.576
158.707
70.659
50.048
37,552
5,323
8,565
143,324
Other income
14,576
158,707
Rod fees and grazing
Total 2020
303,660
303.660
315.47t
Total 2019
315,471
315.471
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Other incorne
Unrestricted
funds
2020
Total
funds
2020
Total
funds
2019
Other income
Covid-19 grants
Profit on disposal of fixed assets
579
31.815
8.250
579
31,815
8,250
1.393
40,644
40,644
1,393
Total 2019
1,393
1,393
Invostmonl incomo
Unrestricied
funds
2020
Total
funds
2020
Total
runds
2019
Dividends
13,360
114
13.360
114
16.017
99
Deposit account interest
13,474
13,474
16,116
Total 2019
16,If6
16,116
Analysis of donations
Donations to
organisations
2020
Total
funds
2020
Total
funds
2019
Donations to I￿al organisations
5,090
5.090
7 1,475
Total 2019
11,475
11,475
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Donations to local organisations
2020
Chamber of Commerce
Hungerford Theatre Company
Hungerford Town Band
Newbury Weekly News
Hungerford Hub
Hungerford and Cambum Education Foundation
Hungerford Royal Legion Branch
Hungerford Town Council
Hungerford Xmas Trees
West Berkshire Homeless Charity
Hungerford Hares
Hungerford Resource Centre
200
600
1.000
500
200
120
825
630
500
25
Total
5,090
Direct costs
2019
2019
Repairs and maintenance costs
Hocktide expenses
other direct expenses
Fish re-stocking costs
Wages and salaries
National insurance
37.298
246
1.931
10,302
33,844
3.465
1.382
44.605
7,534
10,508
33,853
3,481
1.386
Pension cost
88.468
108.411
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Support costs
2020
2019
Utilities and insurance
17,390
16.121
4.321
21.487
11,260
23,761
24.551
5.953
20,418
11,760
4,001
t8, 791
23, 700
1.506
4,067
83, 735
4,585
1,957
Repairs and maintenaneè
Clerk's office expenses
Legal and professional
Accountancy and tax
Governance costs
Stationery and sundry
Town Hall refvrbishment
Depreciation
Bad debts
Wages and salaries
National insurance
14.816
4.140
8.291
86.040
3.837
2,053
Pension cost
195,400
228, 785
Analysis of expenditure on charitable activitie5
Summary by fund type
Unre$tTiCted
funds
2020
Total
funds
2020
Total
funds
2019
Direct and support costs
Donations to Iwal organisations
283,868
5,090
283.868
5.090
337, 196
11,475
288,958
288,958
348,671
Total 2019
348,671
348,671
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of expenditure on charitable activities (continued)
Summary by expenditure type
Total
funds
2020
Total
funds
2019
Staff costs Depreciation Other costs
2020
2020
2020
Direct and support costs
Donations to local
organisations
130.621
4.140
149.107
283.868
337, 196
5.090
5.090
11,475
130,621
4,140
154,197
288.958
348.671
Total 2019
128,997
1,506
218,168
348,671
Staff costs
2020
2079
Wages and salaries
Soaal security costs
Contribution to defined contribution pension schemes
119,884
7.302
3.435
117,588
8,066
3.343
130.621
128,997
The average number of persons employed by the Charity during the year wa5 a5 follows..
2020
2019
Fisherylland management
Office
Propety
No employee received remunerakn.on amounting to more than £60,000 in either year.
10.
Independent examinerfs remuneration
The independent examinerfs remuneration amounts to an independent examiner fee of £4.560 12019 -
£4.4301.
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
11.
Trustees. remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, expenses totalling £7,057 were reimbursed or pard directly to
8 Trustees (2019- £2,270 to 8 Trustees).
12.
Tangible fixed assets
Fr&8hold
property
Moior
vehicles
Total
Cost or valuation
At 1 January 2020
252,121
18.066
270,187
At 31 December 2020
252,121
18.066
270,187
Depreciation
At 1 January 2020
Charge for the year
1.506
a.l40
1,506
4.140
At 31 December 2020
Net book value
At 31 December 2020
252,121
12,420
264,541
At 31 December 2019
252,121
16,560
268,681
The freehold property consists of:
2020
Charnham Street Meadows
15,745
John O'Gaunt Inn
Walerkeeperfs House
Undls Meadow
Canal Walk
96.905
131,471
8,000
252,121
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
13.
Charity heritage assets
Assets recognised at cost
Heritage
assets
2020
Total
2020
Carrying value at 1 January 2020
Additions
252.693
153.461
252,693
153.461
Carrying value at 31 December 2019
406,154
406.154
The Heritage asset5 represent land and building5 in Hungerford. The assets are included in the balance
sheet at cost.
Subject to approval ol the Trustees and Charty Commission, the charity may dispose of these items.
The assets are accessible to the residents of Hungerford to use.
Summary analysis of horitago assot transaotions
2020
2019
2018
2017
2016
Purchases
153.461
32,064
The heritage assets consist of:
2020
Hungerford Town Hall
Portdown Common & Freeman's Marsh
HarVe￿S Meadow
The Fishery
The Croft
Hungerford Marsh
Picket Mead
Eddington Mill
220.629
32.064
153.461
406,154
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
14.
Fixed asset investments
Listod
Other
Socuriti8s investm8nls
Total
Cost or valuation
At 1 January 2020
Additions
Disposals
Net gainslllosse51 on investments
Income reinvested
408.380
22.011
{10,1711
959
48.636
122.0111
8.754
457.016
(1,4171
959
13.360
(8,5601
13,360
{8.5601
Investment managerfs fees
At 31 December 2020
421,179
40.179
461.358
Net book value
At 31 December 2020
421.179
40.179
461.358
At 31 December 2019
408,380
48,636
457,016
Investsn8nts at valuation compriso:
2020
2019
Listed investment5
421.179
40.179
408,380
48.636
Cash
Total market value
461.358
457,016
Al the fixed asset investments are held in the UK.
15.
Debtors
2020
2019
Rod fee debtors
other debtors
Prepayments and accrued income
52.961
13.489
238
2,945
29,013
1,231
66.688
33,189
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
16. Creditors: Amounts falling due within one year
2020
2019
Bank loan
50,000
12,335
33.954
5.652
6.811
71.039
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase contracts
other creditors
AccNals and deferred income
5,627
8.032
5.905
27,233
179,791
46,797
17.
Creditors: Amounts falling due after more than ono year
2020
2019
Obligats'ons under finance lease and hire purchase contracts
4.277
9,676
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
18.
Statement of funds
Statement of funds - current year
Balance at
31
Balance at 1
January
2020
Gainsl
(Losses)
December
2020
Income Expenditure
Unrestrictad funds
Gerberal funds
1.032.424
357,778
(297,518)
959
1.093.643
ststement of funds - prior year
Balance at
31
December
2019
Balance at
l January
2019
Gains/
(Losses)
Income Expenditure
Unrestricted funds
General fvnds
1.015.589
332.980
(352,146)
36,001
1,032.424
19. Summary offunds
Summary of funds - current year
Balanea at
31
Gainsl December
(Losses)
2020
Balance at 1
January
2020
Income Expenditure
General funds
1.032.424
357.TT8
(297.518)
959
1.093.643
Summary of funds - prior year
Balance at
31
December
2019
Balan￿ at
1 January
2019
Gains/
(Losses)
Income Expenditure
General funds
1,015,589
332.980
(352, 146)
36,001
1,032,424
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of net assets between funds
Analysis of net assets between funds- current period
Unrestricted
funds
2020
Total
funds
2020
Tangible fixed assets
Fixed asset investments
Heritage as5e15
Current assets
Creditors due ￿thin one year
Creditors due in more than one year
264,$41
461,358
406.154
145,658
(179.7911
{4,2771
264,541
461,358
406.154
145.658
1179.7911
(4,2771
Total
1,093,643
1,093,643
Analysis of net assets between funds- prior period
Unr•strictgd
funds
2019
Total
funds
2019
Tangible fixed assets
Fixed asset investments
268,681
457,016
252,693
110,507
146,7971
{9,6761
268.681
457.016
252,693
110,507
{46, 797)
(9.676J
Heritage assets
CuThent assets
Creditors due wtthin one year
Creditor5 due in more than one year
Total
1,032,424
1,032.424
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TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
21.
Reconciliation of net movernent in funds to net cash flow frorn operating activities
2020
2019
Net income for the period las per Statement ol Finanual Activities)
61.219
16.835
Adjustments for:
Depreciation charges
Profiulloss) on disposal of fixed assets
Gainsl{lossesl ￿ investments
Dividends and interest from investsnents
4.140
(8,250)
1959)
113.474}
8,560
1,417
133,499)
83.440
1,506
(36.001)
(16, 116)
4,156
Investment management fees
Realised loss on sale of investments
Decreasel{increasel in debtors
{Decreaseyincrease in creditors
39,279
6,926
Net cash providad by oparating aciiviiies
102.594
16,585
Analysis of cash and cash equivalants
2020
2019
Cash in hand
78.910
77.318
Total cash and cash equivalents
78.910
77,318
23.
Analysis of changes in net debt
At31
December
2020
January
2020 Cash flows
Cash at bank and in hand
77.318
1.652
150.000)
5.652
78.970
150,0001
(9,9291
Debt due wthin 1 year
Finance leases
(15.581)
61,737
142,696)
19,041
24.
Pension commitments
During the year contributions of £3.43512019.' £3,343) were paid to a defined c(*)tribution scheme. As at
the year end £nil12019.. £nill was unpaid.
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Trarr&Bri￿n Ref. SWB>MXVP4YEO 29 Sep 2021 1e..94..CQ 88T(UTC +11 D 111 P 32r32
TOWN AND MANOR OF HUNGERFORD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
25.
Related party transactions
During the year, there were no food purchases made 12019.. £2491 from the Tutti Pole Teashoppe,
company in which trustee Mrs B Barr is an owner and Mrs F Hobson is manager. No amounts were
unpaid as at the year end12019= £nill-
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