**Karen Sayers Limited Chartered Accountants 29 Silver Street Colerne Wilts SN14 8DY** ## **Telephone 01225 744355 e-mail : karensayerslimited@gmail.com Company number 4481020(England and Wales)** The Trustees of The Lady Margaret Hungerford Charity Bank House 9 Tutton Hill Colerne 12 October 2021 Dear Trustees I have completed the preparation and review of the Charity accounts for the year ended 31 March 2021. I have no matters to bring to your attention. However, given the changes to the trustees in the current year I would highlight the following: 1. A key feature of internal financial control is to ensure that no individual is responsible for transactions and wherever possible there is segregation of duties. 2. At regular intervals there should be an independent review of the bank statements to ensure that reconciliations are taking place and that there is no impropriety. 3. There should be an annual review of the charity reserves policy to ensure that there is a balance between ensuring that the future costs are considered and planned for but there are not excessive funds carried forward. If you have any queries, please call. Yours sincerely LADY MARGARET HUNGERFORD CHARrrY ACCOUNTS FOR THE YEAR ENOED 31ST MARCH 2021 Registered charity No 248575 The Lady Margaret Hungerford Charity Accounts At 31 March 2021 Table of ¢otitents Pag8 Infomiation Trustees, Report Trustee8' R8sponsitxlttes Ind8ptrnd&nt Examiners Report Income and Expendiiure a¢(x)unt Balance Sheet Notes to the Finanaal Statements 7t010 Th• Lady Margarèt Hungèrford Charlty Accounts as al 31 March 2021 Tru5tses Dr C Baker MS J 8attersby r5 C Reid Mi C Fuller Idecea5d 28.12.20201 r R Tonge rvan Gerwyn Mr Dwright Honorary Clerk Mr R Ton9e Registered Offico Bank House 9 TuttoR Hill Coleme Wilts SN14 8DN Go¥•mlng Docum•nt The Charity is governed by a scheme ofthe Charrty Commisioners dated 19th January 1998 Chartty Commlsslon Registerd number 248575 8ankers Lloyds TSB plc 29 High Street Chippenham Wtlts SN15 3HA Page 1 The Lady Margaret Hungerford Charity Trustees report for the year ended 3 1st March 2021 The Trustees present the accounts of the Charity for the year endin 31 st March 2021. They havc continuedto managethccharity for thc bencfit o the beiieficiaries and the necd to protext this unique Grade I listed building. Therehavebecn no Weekly Maintenance Contribution voids in the financial ear. Payments and arrearsare under control. A rise of 0.70/0 was introduced rom I st April 2020 in accordance with the policy of annual changes in line with the Consumer Price Index annual movement in the previous September. Due to the coronavirus crisis thepublicroomshavebeen closcd and are not expected to re-open until later in theyear, this has had a negative effect on Income. Regrettably dueto theproblems in the schoolroomthepublicrooms will notbe able to be used as the partof the successful Peacock Trail where a wide range of local artists displayed and sold their workfor a week. The structural problems in the school room have provcd to befar more serious than expectedwhen first discovered. Microdnllingand other investigations found that thetimbers had dcteriorated dueto damp penetration and damage by wood boring insects. Consultant's fees for invcstigatin these problcms have cost thc Charity nearly £14,000 this year. This is expect to increase considerably before proved ssl 69.084 597.724 40.959 511,334 l a¢￿￿11￿ derived from continuing op8ra1K￿s. The notas on pag8s 7 to 10 fomi an integral part oflhès& atrA)unts. Page S Thè Lady Margaret Hungerford Charity Balancg Sheet as at 31 M8r¢h 2021 Note 2021 2020 Flxed assets Housing propety at valuatbn 5.941,560 5.941.560 Cuffent assats Debtors and pr8p8yments Invèstments Cash at bank an¢ in hand Totsl 888ets 311,407 129.848 441,255 242,323 119.967 362.29) cre￿￿Or$.. falllng due wrthln one year Olher cr8ditotS 7,525 7,525 N8t CurreThtAs88ts 433.730 354.765 Crgdltws.. amounts folllng du? after one year Loans Wi115hire Council 7.42S 14,850 7,425 14.850 Total A55ets les5 total Liabiliiies 6,367,865 6,281,475 The *Jnds of the Char6ty Unresiricied fund8'. Unrealised gain on propety ￿-valUatiOn Un￿allSe￿ Investment profitl Ilossl Unreslricled revenu8 acwmulated funds 5,748,869 131.407 171.641 5,748,869 62.323 164,216 12 6.051.917 5.975.408 Designated loan r8paymenl fund Designal8d fabric fund Designgle¢ educatiwgl charty fund 14.850 297,098 22.275 279.792 4.000 315.948 6.367.865 306.(￿7 6,281,475 Atvroved by the tsu5tees on not&s on pages 7 10 10 forn) 8n integ81 part of these accounts. Page 6 Tho Lady M¥rg8r•t Hung•rford ¢h8rlty Nots$ to thg fln8n¢lal ¥tatoMents for the yèar ondod 31 MArch 2021 1 Accounting policies 8asls of prEparatlon of the accounts The siattmentof artounis hava bean prepar6d in a¢cordan¢e with th8 CompanS8s Act 2011. ihg stslamtrni ofRe¢omn￿￿￿ed Pra¢ti¢trA¢wuniing Reportsny by ¢hantie$ and applitable ¥xtsunu $tsnd8rd$. Wh$rtr n8¢essary thtr h#ading$ laid du¥vn in thtr Act have b*En ad8Pted lo med the speofjc aciivhies of the Charity. Tho Charfty qualifies as a small ¢omp3ny under the Aci and Trustees hav& elected 10 iaktr advantage of1￿ ex8mpiion urKJar FRS1 not to prepar& a cash flow Insof8ras the St&temenl of Recommended Practice for Accounting and Reporknng issijed by Ihe Ch8nty Comm15sioners for Englgnd and Wales reqUI￿S com￿13nCe wilh spacific Financial Reporbng Stands￿5 other than the FRSSE the specific Financial Rewttsry StBndards have been foll(AYed Whe￿ Iheir requirements difter from those of the FRSSE. The PBrbcuL4r accounliro wlici85 adcyt8d are seloul bglow. Accourrtlng converthn The financial StslemenLs are prÈpared, on a ooing concern basis, under histor￿1 cost nvenuon. Incomin9 rosources I￿￿F￿1￿9 resources ala acLy)uDledforon a receivablè tsas￿$ deferrtd as des¢Dbed bek)w. Investment Tncome Bank in18resi is indudtd In Iha incoma and axpendltura a¢￿￿Th1On a w￿Vabl8 bask%. Recognltlon of Ilabllhlei L., bililies ale 18cwnis8d OD Ihtr accw*l$ basis ith attordance noTm81 a¢¢ouniing prin¢ipk¥, M(￿J￿ed wheie rbecessary in accottJan¢e with the guidanctr in the siaiom¥thi of R•¢omm6nd pra￿lce for Acwunling and Rèporting Irtrvised Juna 20081 issued by th8 ChafityC(Mnmis*oners far England and Wales. Ro8our¢o¥ ExpeThditU￿ 1$ rewynised on an ¥xwal basis a¥ 8 liability 1$ in¢ur(èJ. Expenditure In￿L￿$VAT is reporled as p8rt of the eXpend￿ure towhich il relates. Co¥ts ￿9•n￿ra￿n9 Comprise the ￿$L8 assocl8ied wlth alty8cUng vduntary Income. Charfiabl8 oxpendltUfO Compris? Ihosfr ¢ost¥ incurrèd by Ihè Charfty in thè ddiVOry of ad1vil￿$ and 1¢$ beneficiaries. 11 Indudes both ¢OSLS that cgn be allo¢aled ¢JirÈeUy io SLth activitie5 and Ihose costs of an indirect nature necessary to support them. Gov•rnanc• costs Indude those costs associated Mth meeting Ihe fA>nslilutional and 5taluiory requirements of Ihe ¢h8rity and Indude costs linked to the Strateg￿ management otthe Charty. Reserves policy The Ch8riVs polityfo¢uses on the future cost of r8pairs thatwill be in8wiabl8 and 8xp8n&vo for this Grade 1 listed bu1￿1n9 ana rfs Gf8d8 2 ¥nn8x. The ￿tren1 rBstrves have wneforth? ¢af8ful managemenl of w)tsl Inctyn8 any ex￿$9 b•ng allocated 10 the fabric fund. The ¢41¢ui3bon of th¢ ￿¥¢4 of res8rv¢s ne8dsd has been tsken from a miK ol the expertence 20 years ago when £1.6 m￿li0n was spent on refurbishing the buikllng 8nd on the experience of h)cal houslng as¥￿311￿5. Recent expenence such 8$ the discovery of rotted timber lintel$ 8nd beam ends will be funded from the f8bri¢fvNI 8 cost ￿rrfjn￿Y e$timaied al over £1(K)￿ This atAe ￿em￿S￿8t¢S the need for the level of Feserves th8tth8 ch8rity has. The of reserves￿15 be evaluated oulnquennlally. Page 7 The Lady Margaret Hungerford Charity Notes to the financial statements for the yaar ended 31 March 2021 I Conl, Unr¢alls•d and r•alis¢d gain$ Realised gains and losses are included in the accounts on the date at which a contractural obligation is entèred into. Unrealised gains and losses are computed by reference to the market value of the investments at the balance sheet date, compared to the brought forward cost or valuation. and gains and10ssgs on similar categorigs of investment are netted off. Allocation of Costs within ty￿$ of resources expended The methods and principles of the allocation and apportionment of all costs be￿een different activity categories of resources set out above are.. All ￿$tS arè allocated between expenditu￿ categories of the SOFA on th& basis designed lo reflect the use of the reSoUr￿s. Costs relating lo a particular activity are allijcaled directly, othets are apportioned on an appropriate basis, as sel out in the notes to the accoLJnts. 2 Winding up or dissolution of the Charity If upon winding up or dissolution of the Charity the￿ remain any assets, after the satisfaction of all debts and liabilities. the assets represented by the accumulated fund shall be transferred lo some other charitable body or bodies having similar objects to the Charity. 3 Surplus for the financial year This is stated after crediting.. Revenue turnover from ordinary activities and charging.. Independent Examiners. fee 2021 2020 540 540 2021 2020 4 Interest receivable and other income Bank interest Schoolroom hire Compensation Entrance fees 409 50 423 1,898 150 941 3.412 459 Page 8 Thè Lady Margarèt Hungèrford Chartty Notes to the financial statements forthe year ended 31 March 202t 5 Fixed assets 2021 2020 Houslng prop¢rtles Net cost Revaluation 192.691 5,748.869 5.941.560 192.691 5,748,869 5.941.560 Th8 property has be8n induded in the accounts at the ¢urrent insurance valuation. fj Investments 2021 2020 ma￿et value at 1 Aprll 2020 Investment In year Net unTealised1105sygain Market value at 31 March 2021 242.323 283.282 69,084 311.407 40,959 242.323 The inv&stsHenis comprise No. of shares Cost M8rk@t Value NAACIF acwmulat8d shares 3245.37 180.000 180.000 311.407 311.407 7 Cash at bank and in hand 2021 2020 Bank- Current account Business call a¢count Santander Three year Bond Petty cash 39.038 5.500 44,195 39.647 30,785 180 119,967 59.621 31,187 129,848 8 ¢redl*ors 2021 2020 Accrua15 Willshire Council 100 7,425 7,525 100 7,425 7,525 Page 9 The Lady Margaret Hungerford Charlty Notes to the financial statements for the year ended 31 March 2021 9 Designated loan repayment fund The designated loan repayment fun¢Y are fijnds set 8side to eover th8 fepayrnents of108ns to Wiltshire Council. Th8r8 wa5 8 trdnsfer from the fund ba¢k to undesignated funds of £7.42512020-£7.4251 which rep￿sents the repayments made to date. This fvnd was ated lo ensure that the Charity remained prudent, and to ensure that there were funds available to cov&rthe108ns. 10 Deslgnated fabrle fund Each year the trustees evaluats the requlred level ol the fabric lund taking ink) account expendlture, Inflation and future costs. 11 Designated educational charity fund During the year there has b8en no movgrnent in the fulld.12019- £nill 12 Mov•mènts between funds Net UnrÈalised Transfer 1.4.2020 incoming 1nvestment between 31.3.2021 r8sourc85 gain fund5 Unrealised gain on property r8v8luation Unrealised investment profit I Ilossl Vnrestri¢ted revenue accumulated funds Total undesignated fund5 5,748,869 62.323 164,216 5,975,408 5,748,869 131.407 171,641 6.051,917 69,084 17,306 17,306 9,881 69,084 Designated loan ￿PaYMent fund Designated fabric fund D8sigTrated educational charity fund Total designated funds 22.275 279,792 4.000 306,067 17,4251 17,306 14,850 297,098 4.000 315,948 17,306 9,881 Total fund5 6,281,475 17,306 69.084 6,367.865 P8ge 10