CALVERTON APPRENTICING CHARITY
REGISTERED CHARITY NUMBER: 239246
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Prepared by
## **CALVERTON APPRENTICING CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **INDEX TO THE ACCOUNTS**
||**Page**|
|---|---|
|Information|1|
|Trustees' Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 12|
|Operating Statement|13|
## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **INFORMATION**
|_Address_|Calverton Apprenticing Charity|
|---|---|
||78 London Road|
||Stony Stratford|
||Milton Keynes|
||MK11 1JH|
|_Registered Charity Number_|239246|
|_Chairperson_|Rev. Ross Northing|
|_Vice-Chairperson_|Jeremy Stafford|
|_Secretary_|Karen Phillips|
|_Trustees_|Rev. Ross Northing|
||Jeremy Stafford|
||Margaret Evans|
||Nicole Williams|
||David Muston|
|_Accountant_|Accounting and Business Development Limited|
||Unit 6 Cooksoe Farm|
||Chicheley|
||Newport Pagnell|
||Buckinghamshire|
||MK16 9JP|
|_Bankers_|Lloyds Bank plc|
||Milton Keynes Branch|
||25 Gresham Street|
||London|
||EC2V 7HN|
- 1 -
## **CALVERTON APPRENTICING CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **TRUSTEES' REPORT**
The Trustees present their annual report together with the financial statements of the Calverton Apprenticing Charity for the year from 1 April 2020 to 31 March 2021.
## **Objectives and activities**
## **a. Policies and objectives**
Under the Charities (Accounts and Reports) Regulations 2008, trustees' reports are required to contain a statement by the charity trustees confitming that they have complied with the duty in section 4 of the 2006 Act to have due regard to guidance published by the Charity Commission on public benefit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Activities undertaken to achieve objectives**
The Charity derives funds from three properties which are let through an agent and income from COIF charity investments in the form of dividends. These allow the Charity to fulfil it's objectives.
## **c. Grant-making policies**
Grant applications are invited from individuals and organisations in Calverton. These are considered by the Trustees on a case by case basis.
## **d. Main activities undertaken to further the Charity's purposes for the public benefit**
Local individuals and organisations are able to approach the Charity's Trustees to apply for grants or donations for specific items or projects within the local community.
## **Achievements and performance**
## **a. Main achievements of the Charity**
The charity has continued to support local individuals with grants where needed. In addition the charity has undertaken a major project in All Saints Church, Calverton. In addition to refurbishments the grants are also funding a new audio system and a Lifelong Learning project.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **TRUSTEES' REPORT (CONTINUED)**
## **b. Reserves policy**
Much of the Charity's liquid reserves are in the form of investments from which some of it's income is derived, and cash held. The policy is to maintain the investments and a cash balance to provide for upkeep of the properties and to award grants.
## **Structure, governance and management**
## **a. Constitution**
Calverton Apprenticing Charity is a registered charity, number 239246, and is constituted under a Trust deed.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year 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 to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures
- disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it 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 Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 12 October 2021 and signed on their behalf by:
Rev. Ross Northing (chairperson)
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## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **INDEPENDENT EXAMINER'S REPORT**
We report to the Charity Trustees on our examination of the accounts of the Charity for the year ended 31 March 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').
We report in respect of our examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
We 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.
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
- accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- the accounts do not accord with those records; or
• 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.
We 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our work or for this report.
**Elliot James Smith FCCA** on behalf of **Accounting & Business Development Ltd** Unit 6 Cooksoe Farm, Chicheley, Newport Pagnell, Buckinghamshire. MK16 9JP 13 October 2021
- 4 -
## **CALVERTON APPRENTICING CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Notes**
**Income**
Investments
3
**Expenditure**
Raising funds
4
Charitable activities
5
**Net income before net gains on investments**
Net gains on investments
6
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Year Ended**
**31/03/2021**
34,143
(27,914)
(107,794)
**(101,565)**
11,508
**(90,057)**
1,073,990
(90,057)
**983,933**|**Year Ended**
**31/03/2020**
35,544
(20,563)
(12,794)|
|---|---|---|
|||**2,187**
321|
|||**2,508**|
|||1,071,482
2,508|
|||**1,073,990**|
The Statement Of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 12 form part of these financial statements.
- 5 -
## **CALVERTON APPRENTICING CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **BALANCE SHEET**
|**Notes**
**Fixed Assets**
Tangible fixed assets
7
Investments
8
**Current Assets**
Cash at bank and in hand
9
10
Net Current Assets
**Total net assets**
**Charity funds**
Unrestricted funds
14
**Total funds**
**Creditors - amounts falling due within**
**one year**|825,322
116,677
42,732
42,732
798
41,934
**983,933**
983,933
**983,933**
**As at 31 March 2021**|825,322
105,170
144,293
144,293
795
143,498
**1,073,990**
1,073,990
**1,073,990**
**As at 31 March 2020**|825,322
105,170
144,293
144,293
795
143,498
**1,073,990**
1,073,990
**1,073,990**
**As at 31 March 2020**|
|---|---|---|---|
|||||
||||**1,073,990**|
||||1,073,990|
||||**1,073,990**|
The financial statements on pages 5-12 were approved and authorised for issue by the Trustees on 12 October 2021 and were signed on their behalf by:
Rev. Ross Northing (chairperson)
Jeremy Stafford (vice-chairperson)
- 6 -
## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. General information**
Calverton Apprenticing Charity is a charity registered with the Charities Commission with charity number 239246. The address of the charity is 78 London Road, Stony Stratford, Milton Keynes, MK11 1JH.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Calverton Apprenticing Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.3 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 settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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 activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with 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.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
- 7 -
## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **2.3 Expenditure (continued)**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation, although property is not depreciated, and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at 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 cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at 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 will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
- 8 -
## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **2.8 Liabilities and provisions (continued)**
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pretax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
**3. Income from investments**
|**4.**
**5.**|Local investment properties
Local listed investments
Local cash investments
**Expenditure on raising funds**
Lettings agent fees
Property insurance and other annual costs
Property repairs and maintenance
**Expenditure on charitable activities**
Secretarial services
Printing, postage and stationery
Insurance
Independent examiner's fee
Sundry expenses
Grants issued by the Charity|**31/03/2021**
31,884
1,802
457
34,143
**31/03/2021**
3,677
831
23,406
27,914
**31/03/2021**
3,300
119
201
798
89
103,287
107,794|**31/03/2020**
33,158
1,767
619|
|---|---|---|---|
||||35,544|
||||**31/03/2020**
3,602
1,048
15,913|
||||20,563|
||||**31/03/2020**
2,750
99
411
795
-
8,739|
||||12,794|
- 9 -
## **CALVERTON APPRENTICING CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **6. Net gains on investments**
|**COIF Charities Investment Fund (3442.34 income units)**
Valuation as at 31 March 2021
Valuation as at 31 March 2020
Net gain on investment
**BlackRock Charities UK Bond Fund (1043.841 accumulation units)**
Valuation as at 31 March 2021
Valuation as at 31 March 2020
Net gain on investment
Total net gains on investments|**31/03/2021**
61,709
(51,026)
10,683
54,969
(54,144)
825
11,508|**31/03/2020**
51,026
(52,813)|
|---|---|---|
|||(1,787)|
|||54,144
(52,036)|
|||2,108|
|||321|
## **7. Tangible fixed assets**
Land owned by the charity consists of 1.6 acres of allotments situated at Lower Weald, Calverton. This was valued at £20,000 on 26th October 2017.
Three properties were purchased for rentals in 2017. The cost prices at the time of purchase were:
|8 Clailey Court, Stony Stratford, Milton Keynes. MK11 1NP
10 Titus Court, Fairfields, Milton Keynes. MK11 4AS
79 Clarence Road, Stony Stratford, Milton Keynes. MK11 1JF
The three properties are valued annually. The market valuations are as follows:
8 Clailey Court, Stony Stratford, Milton Keynes. MK11 1NP
10 Titus Court, Fairfields, Milton Keynes. MK11 4AS
79 Clarence Road, Stony Stratford, Milton Keynes. MK11 1JF|**31/03/2021**
252,015
275,267
298,040
825,322
**23/04/2021**
270,000
260,000
320,000
850,000|**31/03/2020**
252,015
275,267
298,040|
|---|---|---|
|||825,322|
|||**18/05/2020**
255,000
245,000
307,500|
|||807,500|
- 10 -
## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **8. Fixed asset investments**
The investments owned by the charity consist of COIF Charities Investment Fund income units and BlackRock Charities UK Bond Fund accumulation units.
|**9.**
**10.**|**Units**
COIF Charities Investment Fund income units
3,442.340
BlackRock Charities UK Bond Fund accumulation units
1,043.841
As at 31 March 2021
COIF Charities Investment Fund income units
3,442.340
BlackRock Charities UK Bond Fund accumulation units
1,043.841
As at 31 March 2020
Investment properties
Listed investments
**Total fixed asset investments**
**Cash at bank and in hand**
Lloyds Bank treasurer's account
Virgin Charity deposit account
**Creditors- amounts falling due within one year**
Accrued independent examiner's fee|**Value (£)**
17.9264
52.6600
14.8230
51.8700
**31/03/2021**
825,322
116,677
941,999
**31/03/2021**
9,241
33,491
42,732
**31/03/2021**
798
798|**Valuation**
61,708.76
54,968.67|
|---|---|---|---|
||||116,677.43|
||||51,025.81
54,144.03|
||||105,169.84|
||||**31/03/2020**
825,322
105,170|
||||930,492|
||||**31/03/2020**
61,259
83,034|
||||144,293|
||||**31/03/2020**
795|
||||795|
- 11 -
## **CALVERTON APPRENTICING CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**11.**
**12.**
**13.**
**14.**
**15.**|**Independent examiner's remuneration**
**31/03/2021**
**31/03/2020**
798
795
**Trustees' remuneration and expenses**
**Financial instruments**
**31/03/2021**
**31/03/2020**
**Financial assets**
Financial assets measured at fair value through income and expenditure
42,732
144,293
**Statement of funds**
**31/03/2021**
**31/03/2020**
**Unrestricted funds**
Reserves as at 1 April 2020
1,073,990
1,071,482
Income
34,143
35,544
Expenditure
(135,708)
(33,357)
Gains
11,508
321
983,933
1,073,990
**Analysis of net assets between funds**
**31/03/2021**
**31/03/2020**
**Unrestricted funds**
Fixed asset investments
941,999
930,492
Current assets
42,732
144,293
Creditors due within one year
(798)
(795)
983,933
1,073,990
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
During the year , no Trustees received any remuneration or other benefits (2020 - £NIL-).
During the year, no Trustee expenses have been incurred (2020 - £NIL-).
Financial assets measured at fair value through income and expenditure comprise cash held in the bank accounts.|**31/03/2020**
795|
|---|---|---|
|||**31/03/2020**
144,293|
|||1,073,990|
|||**31/03/2020**
930,492
144,293
(795)|
|||1,073,990|
All funds are unrestricted and therefore unrestricted funds are the same as total funds
- 12 -
## **CALVERTON APPRENTICING CHARITY**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **OPERATING STATEMENT**
|**Income**
Rent from property
COIF Charities Deposit Account interest
Virgin Charity Account interest
**Property expenses**
Agents fees
Property annual costs
Repairs and renewals
**Administration**
Secretarial services
Printing, postage and stationery
Insurance
Accountancy
Sundry expenses
**Gross Profit**
**Grants**
Amounts granted to individuals
Amounts granted to community projects
Deficit for the year|31,884
1,802
457
34,143
3,677
831
23,406
(27,914)
3,300
119
201
798
89
(4,507)
1,722
7,484
95,803
(103,287)
(101,565)
**31 March 2021**
**Year Ended**|33,158
1,767
619
35,544
3,602
1,048
15,913
(20,563)
2,750
99
411
795
-
(4,055)
10,926
3,393
5,346
(8,739)
2,187
**31 March 2020**
**Year Ended**|33,158
1,767
619
35,544
3,602
1,048
15,913
(20,563)
2,750
99
411
795
-
(4,055)
10,926
3,393
5,346
(8,739)
2,187
**31 March 2020**
**Year Ended**|
|---|---|---|---|
|||||
||||2,187|
- 13 -