| Trustees Annual Report | Page | Page |
|---|---|---|
| Reference and Administrative Details | 1 — 2 |
|
| Structure, Governance and Management | 3—4 | |
| Objectives and Activities | 5 — 8 |
|
| Achievements and Performance | 9 —16 | |
| Financial Review | 17 | — 18 |
| Plans for Future Periods | 19 | |
| Trustees Responsibilities | 19 | |
| Financial Statements | ||
| Auditors Report | 20 | - 22 |
| Statement of Financial Activities | 23 | |
| Balance Sheet | 24 | |
| Cash Flow Statement | 25 | |
| Notes to the Cash Flow Statement | 26 | |
| Notes forming part ofthe Financial Statements | 27 | - 39 |
| Analysis of Income and Expenditure | Analysis of Income and Expenditure | ||
|---|---|---|---|
| 2017-21 | |||
| Year | Income | Expenditure | Surplus! (Deficit) |
| 2017 | £616,289 | £1,256,407 | £(640,1 18) |
| 2018 | 626,224 | £857,394 | £(231 ,170) |
| 2019 | £622301 | £600,245 | £22,056 |
| 2020 | £565,944 | £527,172 | £38772 |
| 2021 | £628,811 | £559,309 | £69,502 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||||
| FROM | ||||||
| Donations and legacies | 3 | 500 | - | - | 500 | 175 |
| Charitable activities | ||||||
| Almshouses | 5 | 119,685 | - | - | 119,688 | 131,808 |
| Investment income | 4 | 303,479 | 12,308 | 192,836 | 508,623 | 433,961 |
| Total | 423,667 | 12,308 | 192,836 | 628,811 | 565,944 | |
| EXPENDITURE ON | ||||||
| Raising funds | 6 | 129,775 | 2,132 | - | 131,907 | 129,923 |
| Charitable activities | 7 | |||||
| Almshouses | 143,589 | - | - | 143,589 | 128,165 | |
| Grantmaking | 241,809 | - | - | 241,809 | 233,355 | |
| Govenance | 42,004 | 42,004 | 35,729 | |||
| Total | 557,177 | 2,132 | 559,309 | 527172 | ||
| Net gains on investments | 658,131 | 49,980 | 664,183 | 1,372,294 | 643,287 | |
| NET INCOME | 524,621 | 60,156 | 857,019 | 1,441,796 | 682,059 | |
| Transfers between funds | 19 | 192,836 | (192,836) | - | ||
| Net movement in funds | 717,457 | 60,156 | 664,183 | 1,441,796 | 682,059 | |
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 6,563,507 | 1,613,016 | 7,312,916 | 15,489,439 | 14,807,380 | |
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | 7,280,964 | 1,673,172 | 7,977,099 | 16,931,235 | 15,489,439 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | |||
| funds | funds | Fund | funds | lunds | |||
| Notes | £ | £ | £ | 2 | £ | ||
| FIXED ASSETS | |||||||
| Tangible assets | 13 | 320,003 | 1,165,000 | - | 1,485,003 | 1,485.003 | |
| Investments | |||||||
| Investments | 14 | 6,633,634 | 508,172 | 6,707,525 | 13,849,331 | 12,533,794 | |
| Investment pruperty | IS | - | - | 1,265,000 | 1,265,000 | 1,265,000 | |
| 6,953,637 | 1,673,172 | 7,972,525 | 16,599,334 | 15,283,797 | |||
| CURRENT ASSETS | |||||||
| Debtors | 16 | 26,237 | - | - | 26,237 | 34,201 | |
| Cash at bank and in hand | 458,516 | 4,574 | — | 463,090 | 341,784 | ||
| 484,753 | - | 4,574 | 489,327 | 375,985 | |||
| CREDITORS | |||||||
| Amounts falling due within one | |||||||
| year | 17 | (137,426) | - | - | (137,426) | (150,343) | |
| NET CURRENT ASSETS | 347, | 4,574 | 351,901 | 225,642 | |||
| TOTAL ASSETS LESS | |||||||
| CURRENT LIABILITIES | 7,300,964 | 1,673,172 | 7,977,099 | 16,951,235 | 15,509,439 | ||
| CREDITORS | |||||||
| Amounts falling due after more | |||||||
| than one year | 18 | (20,000) | - | - | (20,000) | (20,000) | |
| NET ASSETS | 7,280,964 | 1,673,172 | 7,977,099 | 16,931,235 | 15,489,439 | ||
| FUNDS | 19 | ||||||
| Unrestricted funds | 7,280,964 | 6,563,507 | |||||
| Restricted funds | 1,673,172 | 1,613,016 | |||||
| Endowment funds | 7,977,099 | 7,312,916 | |||||
| TOTAL FUNDS | 16,931,235 | 15,489,439 |
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (528,237) | (443,491) |
| Net cash used in operating activities | (528,237) | (443,491) | |
| Cash flows from investing activities | |||
| Sale of fixed asset investments | 56,757 | 65,004 | |
| Interest received | 399,950 | 332,423 | |
| Net cash provided by investing activities | 456,707 | 397,427 | |
| Cash flows from financing activities | |||
| Income attributable to endowment | 192,836 | 158197 | |
| Expenditure attributable to endowment | - | (11,119) | |
| Net cash provided by financing activities | 192,836 | 147,078 | |
| Change in cash and cash equivalents in | |||
| the reporting period | 121,306 | 101,014 | |
| Cash and cash equivalents at the | |||
| beginning ofthe reporting period | 341,784 | 240,770 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 463,090 | 341.784 |
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING | ACTIVITIES | |
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 1441796 | 682,059 | |
| Adjustments for: | |||
| Gain on investments | (1,372,294) | (643,287) | |
| Interest received | (399,950) | (332,423) | |
| Income attributable to endowment | (192,836) | (158,197) | |
| Expenditure attributable to endowment | 11,119 | ||
| Decrease in debtors | 7,964 | 98 | |
| Decrease in creditors | (12,917) | (2,860) | |
| Net cash used in operations | (528,237) | (443491) |
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
|---|---|---|---|---|
| At 111/21 | Cash flow | At 31/12/21 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank and in hand | 341,784 | 121,306 | 463,090 | |
| 341,784 | 121,306 | 463,090 | ||
| Total | 341,784 | 121,306 | 463,090 |
| Raising funds | 25% | ||
| Financial investments | 10% | ||
| Investment properties | 10% | ||
| Weekly maintenance contributions | 5% | ||
| Charitable activities | 50% | ||
| Grantmaking | 25% | ||
| Almshouses | 25% | ||
| Governance | 25% |
| 3. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Donations | 500 | 175 | |
| 4. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Rents received | 108,673 | 101538 | |
| Dividends and interest | 399,950 | 332,423 | |
| 508,623 | 433,961 | ||
| 5. | INCOME FROM CHARITABLE ACTIVITIES | ||
| 2021 | 2020 | ||
| Total | |||
| Almshouses | activities | ||
| £ | £ | ||
| Weekly maintenance contributions | 119,688 | 131,808 |
| 6. | RAISING FUNDS | ||
|---|---|---|---|
| Raising donations and legacies | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Investment management fees | 69,066 | 75186 | |
| Maintenance expenses | 16,246 | 10,642 | |
| Establishment expenses | 8,482 | 6,236 | |
| Othercosts | 8,040 | 8,046 | |
| Legal fees | 1,209 | 1,200 | |
| 103,043 | 101,310 | ||
| Othertrading activities | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Support costs | 17,318 | 17,168 | |
| Investment management costs | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Supportcosts | 11,546 | 11,445 | |
| Aggregate amounts | 131,907 | 129,923 | |
| 7. | CHARITABLE ACTIVITIES COSTS |
| 7. | CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|---|
| Grant | |||||
| funding of | |||||
| activities | Support | ||||
| Direct | (see note | costs (see | |||
| Costs | 8) | note 9) | Totals | ||
| £ | £ | £ | £ | ||
| Almshouses | 114,725 | 28,864 | 143,589 | ||
| Grantmaking | - | 212,945 | 28,864 | 241,809 | |
| Govenance | 42,004 | 42,004 | |||
| 114,725 | 212,945 | 99,732 | 427,402 | ||
| 8. | GRANTS PAYABLE | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grantmaking | 212,945 | 204,742 |
| The total grants p | aid to institutions during the year was as follows: | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Sport, recreation | and leisure | 25450 | 12,432 |
| Education and youth development | 31575 | 7,145 | |
| Voluntary groups | - Buildings | 14,820 | 15.300 |
| Voluntary groups | - Equipment | 7,918 | 34,110 |
| Voluntary groups | - Overheads | 4,500 | 38,296 |
| Faith | 9,000 | ||
| Grants awarded but not taken up or withdrawn | (5.992) | (7,300) | |
| 87,271 | 99,983 |
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Other trading activities | 17,318 | - | 17,318 |
| Investment management costs | 11,546 | - | 11,546 |
| Almshouses | 28,864 | - | 28,864 |
| Grantmaking | 28,864 | - | 28,864 |
| Govenance | 28,864 | 13,140 | 42,004 |
| 115,456 | 13,140 | 128,596 |
| Support costs, included in the above | , are as follows: | |||
|---|---|---|---|---|
| Other | Investment | |||
| trading | management | |||
| activities | costs | Almshouses | ||
| £ | £ | £ | ||
| Clerk’s remuneration | 16,704 | 11,136 | 27,840 | |
| Bank charges | 72 | 48 | 120 | |
| Other costs | 542 | 362 | 904 | |
| Auditors’ remuneration | - | - | ||
| Othercosts | ||||
| 17,316 | 11,546 | 28,864 | ||
| 2021 | 2020 | |||
| Total | Total | |||
| Grantmaking | Govenance | activities | activities | |
| £ | £ | £ | £ | |
| Clerk’s remuneration | 27,840 | 27,840 | 111,360 | 111,360 |
| Bank charges | 120 | 120 | 480 | 457 |
| Other costs | 904 | 904 | 3,616 | 2,635 |
| Auditors’ remuneration | - | 10,800 | 10,800 | 4,920 |
| Other costs | - | 2,340 | 2,340 | 2,196 |
| 28,864 | 42,004 | 128,596 | 121,568 |
| STAFF COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 27,521 | 25,614 |
| Other pension costs | 432 | 395 |
| 27,953 | 26,009 | |
| The average monthly number of employees during the yearwas as follows: | ||
| 2021 | 2020 | |
| ‘:Vardens (part- time) | 2 | 2 |
| Unrestricted | Restricted | Endowment | Total | ||
|---|---|---|---|---|---|
| funds | funds | fund | funds | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 175 | - | - | 175 | |
| Charitable activities | |||||
| Almshouses | 131,808 | - | - | 131,808 | |
| Investment income | 265,381 | 10,383 | 158,197 | 433,961 | |
| Total | — | 397,364 | 10,383 | 158,197 | 565,944 |
| EXPENDITURE ON | |||||
| Raising funds | 116,559 | 2,245 | 11,119 | 129,923 | |
| Charitable activities | |||||
| Almshouses | 128,165 | - | - | 128,165 | |
| Grantmaking | 233,355 | - | - | 233.355 | |
| Govenance | 35,729 | 35.729 | |||
| Total | 513,808 | 2,245 | 11,119 | 527.172 | |
| Net gains on investments | 314,236 | 26,161 | 302,890 | 643,287 | |
| NET INCOME | 197,792 | 34,299 | 449,968 | 682,059 | |
| Transfers between funds | 158,415 | (158,415) | |||
| Net movement in funds | 356,207 | 34,299 | 291,553 | 682,059 |
| 12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | ||
| funds | funds | fund | funds | ||
| £ | £ | £ | £ | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 6,207,300 | 1,578,717 | 7,021,363 | 14,807,380 | |
| TOTAL FUNDS CARRIED FORWARD | 6,563,507 | 1,613,016 | 7,312,916 | 15,489,439 | |
| 13, | TANGIBLE FIXED ASSETS | ||||
| Freehold | Computer | ||||
| property | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 January 2021 and 31 December 2021 | 1,485,000 | 1,583 | 1,486,583 | ||
| DEPRECIATION | |||||
| Ati January2021 and 31 December2021 | 1,580 | 1,580 | |||
| NET BOOK VALUE | |||||
| At 31 December 2021 | 1,485,000 | 3 | 1,485,003 | ||
| At 31 December 2020 | 1,485,000 | 3 | 1,485,003 |
| FIXED ASSET INVESTMENTS | |||
|---|---|---|---|
| Cash and | |||
| Listed | settlements | ||
| investments | pending | Totals | |
| £ | £ | £ | |
| MARKET VALUE | |||
| At 1 January 2021 | 12,237,503 | 296,291 | 12,533,794 |
| Additions | 1,006,367 | (1,006,367) | - |
| Disposals | (971,634) | 971,634 | - |
| Revaluations | 1,372,294 | - | 1,372,294 |
| Accumulated income | - | 399,909 | 399,909 |
| Management fees | - | (69,066) | (69,066) |
| Withdrawals | - | (387,600) | (387,600) |
| At 31 December 2021 | 13,644,530 | 204,801 | 13,849,331 |
| NET BOOK VALUE | |||
| At 31 December 2021 | 13,64.4.530 | 204,801 | 13,849,331 |
| At 31 December2020 | 12,237,503 | 296,291 | 12,533,794 |
| INVESTMENT PROPERTY | |
|---|---|
| £ | |
| FAIR VALUE | |
| At 1 January 2021 | |
| and 31 December 2021 | 1265,000 |
| NET BOOK VALUE | |
| At 31 December 2021 | 1.265,000 |
| At 31 December 2020 | 1265,000 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Rental income due | 18,375 | 15042 |
| Rental deposits | 3,345 | 2,800 |
| Prepayments | 4,517 | 16,350 |
| 26,237 | 34,201 |
| 17. | CREDITORS; AM | OUNTS FALLING D | UE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| £ | £ | |||||
| Trade creditors | 36652 | 45,901 | ||||
| Social security and other taxes | 508 | |||||
| Grants payable | 53059 | 66,684 | ||||
| Deferred income | - rents in advance | 10,288 | 8,707 | |||
| Othercreditors | 5,460 | 5,315 | ||||
| Accruals and deferred income | 31,459 | 23,736 | ||||
| 137,426 | 150,343 | |||||
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN | ONE YEAR | ||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Grants payable | 20,000 | 20,000 | ||||
| 19. | MOVEMENT IN FUNDS | |||||
| Net | Transfers | |||||
| movement | between | At | ||||
| At 1/1121 | in funds | funds | 31/12/21 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 958,542 | (111,510) | 192,836 | 1,039,868 | ||
| Almshouses fund | 320,000 | - | - | 320,000 | ||
| Extraordinary Repafr Tap-up fund | 259,940 | - | - | 259,940 | ||
| Cyclical Maintenance fund | 41,970 | (22,000) | - | 19,970 | ||
| Grants fund | 4,983,055 | 658,131 | 5,641,186 | |||
| 6,563,507 | 524,621 | 192,836 | 7,260,964 | |||
| Restricted funds | ||||||
| Almshouse fund | 1,028,020 | - | - | 1,028,020 | ||
| Extraordinary Repair fund | 584,996 | 60,156 | 645,152 | |||
| 1,613,016 | 60,156 | - | 1,673,172 | |||
| Endowment funds | ||||||
| Capital fund | 7,312,916 | 857,019 | (192,836) | 7,977,099 | ||
| TOTAL FUNDS | 15,489,439 | 1,441,796 | - | 16,931,235 |
| Net movement in funds, included in the | above are as follows: | |||
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in lunds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 423667 | (535,177) | - | (111510) |
| Cyclical Maintenance fund | - | (22000) | - | (22,000) |
| Grants fund | - | - | 658,131 | 658,131 |
| 423,667 | (557,177) | 658,131 | 524,621 | |
| Restricted funds | ||||
| Extraordinary Repair fund | 12,308 | (2,132) | 49,980 | 60,156 |
| Endowment funds | ||||
| Capital fund | 192,836 | 664,183 | 857,019 | |
| TOTAL FUNDS | 626,811 | (559,309) | 1,372,294 | 1,441,796 |
| Comparatives for movement in funds | ||||
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1/1/20 | in funds | funds | 31/12/20 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 894571 | (94,444) | 158415 | 958,542 |
| Almshouses fund | 320,000 | - | - | 320,000 |
| Extraordinary Repair Top-up fund | 259,940 | - | - | 259,940 |
| Cyclical Maintenance fund | 63,970 | (22,000) | - | 41,970 |
| Grants fund | 4,668,819 | 314,236 | 4,983,055 | |
| 6,207,300 | 197,792 | 158,415 | 6,563,507 | |
| Restricted funds | ||||
| Almshouse fund | 1,028,020 | - | - | 1,028,020 |
| Extraordinary Repair fund | 550,697 | 34,299 | 584,996 | |
| 1,578,717 | 34,299 | - | 1,613,016 | |
| Endowment funds | ||||
| Capital fund | 7021363 | 449,968 | (158,415) | 7,312,916 |
| TOTAL FUNDS | 14,807,380 | 682,059 | - | 15.489,439 |
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 397,364 | (491808) | - | (94,444) |
| Cyclical Maintenance fund | - | (22,000) | - | (22,000) |
| Grants fund | - | 314,236 | 314,236 | |
| 397,364 | (513,808) | 314,236 | 197,792 | |
| Restricted funds | ||||
| Extraordinary Repairfund | 10,383 | (2,245) | 26,161 | 34,299 |
| Endowment funds | ||||
| Capital fund | 158,197 | (11,119) | 302,890 | 449,968 |
| TOTAL FUNDS | 565,944 | (527,172) | 643287 | 682,059 |
| A current year 12 months and prior year 1 | 2 months combined p | osition is as follow | s: | |
|---|---|---|---|---|
| Net | Transfers | |||
| movement | between | At | ||
| At 1/1/20 | in funds | funds | 31/12/21 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 804,571 | (205,954) | 351,251 | 1,039,868 |
| Almshouses fund | 320,000 | - | 320,000 | |
| Extraordinary Repair Top-up fund | 259,940 | - | - | 259,940 |
| Cyclical Maintenance fund | 63,970 | (44,000) | - | 19,970 |
| Grants fund | 4,668,819 | 972,367 | 5,641,186 | |
| 6,207,300 | 722,413 | 351,251 | 7,280,964 | |
| Restricted funds | ||||
| Almshouse fund | 1,028,020 | - | - | 1,028,020 |
| Extraordinary Repair fund | 550,697 | 94,455 | 645,152 | |
| 1,578,717 | 94,455 | - | 1,673,172 | |
| Endowment funds | ||||
| Capital fund | 7,021,363 | 1,306,987 | (351 251) | 7,977,099 |
| TOTAL FUNDS | 14,807,380 | 2,123,855 | 16,931,235 |
| as follows: | ||||
|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 821031 | (1026,985) | - | (205,954) |
| Cyclical Maintenance fund | - | (44,000) | - | (44,000) |
| Grants fund | - | - | 972,367 | 972,367 |
| 821.031 | (1.070,985) | 972,367 | 722,413 | |
| Restricted funds | ||||
| Extraordinary Repair fund | 22,691 | (4.377) | 76,141 | 94,455 |
| Endowment funds | ||||
| Capital fund | 351,033 | (11,119) | 967,073 | 1,306.987 |
| TOTAL FUNDS | 1.194,755 | (1,086.481) | 2,015.581 | 2,123855 |