Charity registration number: 252207
## The Lords Feoffees & Assistants of the Manor of Bridlington
Trustees Report and Accounts
for the Year Ended 31 December 2021
J W Smith & Co Ltd Chartered Accountants 17A Yorkersgate Malton North Yorkshire YO17 7AA
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Contents**
|Legal and Administrative Information|1|
|---|---|
|Trustees' Report|2 to 5|
|Statement of Trustees' Responsibilities|6|
|Independent Auditors' Report|7 to 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Cash Flow Statement|12|
|Notes to the Accounts|13 to 21|
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Legal and Administrative Information**
## **Lords**
Mr Ian Thompson, Chief Lord (Trustee) Mr David Mooney, Deputy Chief Lord (Trustee) Mr Gregory Gray, (Trustee) Dr Alan Watson, (Trustee) Mr David Robson, (Trustee) (Deceased 16 May 2021) Mr William Taylor, (Trustee) Mr Peter Firth, (Trustee) Mr Richard Witty, (Trustee) Mr Christopher Thomas, (Trustee) Mrs Diane Davison, (Trustee From 10 June 2021) Mr Leslie Taylor Mrs Simone Wilkinson
**Clerk to the Lords Feoffees**
Mrs Cheryl Newby
**Principal Address** Manor House 64 High Street Bridlington East Yorkshire YO16 4PZ **Charity Registration Number** 252207 **Auditor** J W Smith & Co Ltd Chartered Accountants 17A Yorkersgate Malton North Yorkshire YO17 7AA
Page 1
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Trustees' Report**
The Lords present their report and accounts for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP FRS 102.
## **Structure, governance and management**
The Town Trust or Lords Estate was established by the Town Deed of 1636 and is an unincorporated charitable organisation registered with the Charity Commission.
The Lords & Assistants who served during the year were:
Mr Ian Thompson, Chief Lord (Trustee) Mr David Mooney, Deputy Chief Lord (Trustee) Mr Gregory Gray (Trustee) Dr Alan Watson (Trustee) Mr David Robson (Trustee) (Deceased 16 May 2021) Mr William Taylor (Trustee) Mr Peter Firth (Trustee) Mr Richard Witty (Trustee) Mr Christopher Thomas (Trustee) Mrs Diane Davison (Trustee From 10 June 2021) Mr Leslie Taylor Mrs Simone Wilkinson Mr A Martyn Coltman Mr Liam Dealtry Mr Andrew Smith Ms Gillian Andrews Mr Laurence Dixon Ms Rachel Lowe Mr Stephen Stanton Mrs Joy Verda Mr Ross Gunning Mrs Carol French Mr Terence Dixon Mrs Phyllis Foster
Freeholders within the Manor of Bridlington elect fellow freeholders to become Assistants. When the Lords are reduced to six by death, the seven ablest Assistants become elevated to Lords based on the date elected and votes received. Lords and Assistants are appointed for life. 12 new assistants were elected on 23 September 2021 following the original election date being postponded due to COVID-19.
All new Assistants are trained in aspects of their duties by the longer serving members.
The Lords appoint a Clerk and administrators who deal with the day to day operational and administrative duties and who report regularly to the Trustees.The Lords meet throughout the year to consider requirements in relation to property issues and requests for support.
The Lords have assessed the major risks to which the Town Trust or Lords Estate is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Page 2
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Trustees' Report**
## **Objectives and activities**
The Lords Feoffees and Assistants of the Manor of Bridlington were established in 1636 and are a charitable organisation registered with the Charity Commission. The purpose of the Charity, as stated in the Town Deed of 1636, is to benefit the Town and Townspeople of Bridlington. The Lords Feoffees seek to achieve these aims by their policy of maintaining their properties and ensuring maximum occupancy is maintained. The main income of the Trust is derived from its property portfolio. External advice is sought from professionals, such as Solicitors, Accountants, Bankers, Architects, Structural Engineers, Chartered Surveyors and Valuers. The incorporation of the Trustees for the "Town Trust or Lords Estate" was issued by the Charity Commission for England and Wales dated 26th January 2015.
The objective of the Trust is to achieve a level of income that will support the charitable donations made whilst still allowing the estate property to be well-maintained thus providing long-term income for the future. The Trustees in conjunction with their professional advisors have established a maintenance and refurbishment plan to support their properties and allow funds to be expended on higher education, scholarship grants, apprenticeships and charitable donations. Many individuals and organisations, including Bridlington Schools, local sports clubs and groups benefit from the financial support that the Lords Feoffees are able to provide. Contributing to the local area best meets the objectives of the Town Deed and the Lords Feoffees are satisfied these objectives are best met by not making financial contributions to National Charity Organisations, except when the funding can be allocated specifically to Bridlington people. Groups are favoured as they benefit a wider range of people and the community.
The main activity of the Trust is derived from its property portfolio, which consists of commercial and residential properties, carparking, garages, land and the Bayle Museum. The Bayle Museum specialises in local history and is operated with subsidised free admission in place to encourage local people and visitors to the Town. The Trust also owns and operates a town centre car park and provides subsidised parking for locals and visitors, which in turn encourages the use of local businesses within the town centre. The charity continues to pay due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. No Trustee receives any renumeration from the Charity.
The death of one of the Trustees in January 2020 triggered the need for an election of 12 Assistants and although the eight remaining Assistants were elevated to the Office of Lord Feoffee on 31 January 2020, within one month of the passing of the Trustee, the election scheduled to take place in April 2020 was postponed due to the Coronavirus pandemic. The successful election of twelve Assistants took place at The Bayle on Thursday 23 September 2021. There was a constant stream of Bridlington people attending the Bayle Museum to cast their all-important vote at this historic event. The last election was held over 13 years ago in February 2008.
Page 3
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Trustees' Report**
## **Achievements and performance**
The country found itself continuing to deal with the Coronavirus pandemic in 2021. Electronic meetings for the Trustees continued during the first part of the year. Service continuity, the delivery of compliance, property improvement work and health risks to residents and employees were key concerns and modifications to the delivery of our services were put into place accordingly. Emergency and urgent repair services were maintained with health and safety compliance checks unaffected. Scheduled maintenance work to properties increased during 2021 but was not as high as previous levels.
The Bayle Museum remained closed during 2021 and is scheduled to reopen in March 2022. The number of students applying for Scholarship grants was again low, at the same level as 2020, as students were still dealing with the continuing Coronavirus problems.
The Lords Feoffees continue to work with the East Riding of Yorkshire Council to accommodate the Multi Storey Car Park project to be built on the Trusts current pay and display car park on Beck Hill. A long lease of the land and an agreed rent with appropriate reviews has been discussed in detail which would include an agreement that would protect the current financial position of the Charity and a planning application was made by the Council in 2021. Unfortunately, objections received from Heritage England and the Environmental Agency mean another planning application is necessary which is expected to be submitted in 2022.
The Charity completed the refurbishment of 12 Bridge Street and the property was let to the occupiers of premises which are within the proposed multistorey development.
## **Financial review**
A review of the financial position of the Charity and its principal management policies following the Independent Auditors Report has been undertaken. The current level of reserve allows for the ongoing provision of property maintenance and repairs and permit the Charity to operate and continue to support the local area by way of grants and donations.
Bridlington, like other towns, in the Country is affected by vacant commercial property. The Trustees Estate comprises of over 130 individual lets, 52 of which are commercial shops in the town centre. The emerging key financial risks for the Charity are in relation to commercial businesses struggling to keep afloat and in turn empty commercial properties and subsequent void loss which fortunately remained low in 2021 with residential rents and occupancy remaining stable.
## **Plans for the future**
The Trust is committed to continue to work with the East Riding of Yorkshire Council on the development of a multi storey car park on the Beck Hill site to be run by the Council. The initial plan for the area would fit in with the Lords Feoffees charitable endeavour to benefit the town and townspeople of Bridlington and the Trustees will continue to support and facilitate the council plans to build this car park. Professional services have been employed by the Trustees to negotiate on this project and it is hoped that final agreement can be reached in 2022 with a view to work starting in 2023.
Continued refurbishment of buildings within the Trusts property portfolio will be necessary on a number of properties over the next 3-5 years including major restoration work to upgrade old properties, compliance with new EPC legislation, electrical compliance, bird proofing, improvements to rear yard areas, window repairs/replacements, roofs and guttering and upgrades to old boilers, kitchens and bathrooms.
The Trustees thank all employees of the Charity for their work carried out during the year to enable the Charity to function effectively.
Page 4
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Trustees' Report**
The annual report was approved by the trustees of the charity on 19 May 2022 and signed on its behalf by:
......................................... Mr Ian Thompson (Chief Lord) Trustee
Page 5
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 the incoming resources and application of resources of the charity 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 in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Page 6
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Independent Auditor's Report to the Members of The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Opinion**
We have audited the financial statements of The Lords Feoffees & Assistants of the Manor of Bridlington (the 'charity') for the year ended 31 December 2021, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its results for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Page 7
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Independent Auditor's Report to the Members of The Lords Feoffees & Assistants of the Manor of Bridlington**
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Page 8
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Independent Auditor's Report to the Members of The Lords Feoffees & Assistants of the Manor of Bridlington**
- Conclude on the appropriateness of the trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Use of our report**
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
J W Smith & Co Ltd, Statutory Auditor
17A Yorkersgate Malton North Yorkshire YO17 7AA
Date:
Page 9
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Statement of Financial Activities for the Year Ended 31 December 2021**
|**Note**
**Income and Endowments from:**
Charitable activities
2
**Expenditure on:**
Raising funds
3
Charitable activities
4
Total Expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
**Note**
**Income and Endowments from:**
Charitable activities
2
**Expenditure on:**
Raising funds
3
Charitable activities
4
Total Expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**funds**
**£**
776,033
(73,779)
(473,007)
(546,786)
229,247
4,206,202
4,435,449
**Unrestricted**
**funds**
**£**
780,879
(68,975)
(454,308)
(523,283)
257,596
3,948,606
4,206,202|**Endowment**
**funds**
**£**
-
-
(4,378)
(4,378)
(4,378)
12,391,092
12,386,714
**Endowment**
**funds**
**£**
-
-
(4,378)
(4,378)
(4,378)
12,395,470
12,391,092|**Total**
**2021**
**£**
776,033
(73,779)
(477,385)|
|---|---|---|---|
||||(551,164)|
||||224,869
16,597,294|
||||16,822,163|
||||**Total**
**2020**
**£**
780,879
(68,975)
(458,686)|
||||(527,661)|
||||253,218
16,344,076|
||||16,597,294|
Page 10
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **(Registration number: 252207) Balance Sheet as at 31 December 2021**
|**Note**
**Fixed assets**
Tangible assets
11
Heritage assets
12
Investments
13
**Current assets**
Stocks
Debtors
14
Cash at bank and in hand
15
Tenancy deposits account
15
**Creditors: Amounts falling due within one year**
16
**Net current assets**
**Net assets**
**Funds of the charity:**
**Endowment funds**
**Unrestricted income funds**
Unrestricted funds
**Total funds**|**2021**
**£**
832,281
5,265,351
9,977,097
16,074,729
8,171
42,850
743,229
49,074
843,324
(95,890)
747,434
16,822,163
12,386,714
4,435,449
16,822,163|**2020**
**£**
843,426
5,265,351
9,968,817|
|---|---|---|
|||16,077,594|
|||8,171
50,639
503,735
44,348|
|||606,893
(87,193)|
|||519,700|
|||16,597,294|
|||12,391,092
4,206,202|
|||16,597,294|
The accounts on pages 10 to 21 were approved by the Lords on 19 May 2022 and signed on their behalf by:
......................................... Mr Ian Thompson (Chief Lord) Trustee
Page 11
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Cash Flow Statement for the Year Ended 31 December 2021**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
3
**Working capital adjustments**
Increase in stocks
Decrease/(increase) in debtors
14
Increase/(decrease) in creditors
16
Increase/(decrease) in deferred income
Net cash flows from operating activities
**Cash flows from investing activities**
Purchase of investments
13
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December|**2021**
**£**
224,869
11,145
236,014
-
7,789
4,642
4,055
252,500
(8,280)
244,220
548,083
792,303|**2020**
**£**
253,218
11,410|
|---|---|---|
|||264,628
(50)
(11,427)
(6,301)
(1,088)|
|||245,762
(122,561)|
|||123,201
424,882|
|||548,083|
All of the cash flows are derived from continuing operations during the above two periods.
Page 12
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **1 Accounting policies**
## **Basis of preparation**
The Lords Feoffees & Assistants of the Manor of Bridlington meets the definition of a public benefit entity under Charities SORP - FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Tangible fixed assets**
Tangible fixed assets other than freehold investment properties and land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings - 1%
Plant and machinery - 25% reducing balance Fixtures, fittings and equipment - 10% reducing balance Motor vehicles - 25% reducing balance
Included in Freehold Property are various properties let below market value for charitable purposes.Total market value rent of properties is £41,719. The actual rent received was £2,600. The reduction given for charitable purposes was £39,119. (Note 4, Page 15)
## **Investments**
Fixed asset property investments are stated at market value. Included in Fixed Asset Investments are several properties let below market value for charitable purposes. The total market value of rents was £60,980 and the actual amount received was £25,588. The result is a total reduction given for charitable purposes on these properties of £35,392. (Note 4, Page 15)
It is a requirement that these properties should be shown at market value and these should be valued by an external valuer at least every 5 years. The Trustees hold the view that as
a) the properties are several hundred years old and maintained to a high standard;
b) the same properties cannot be sold under the terms of the Town Deed, without the consent of the Charity Commission and;
c) the costs of a professional valuation would be substantial with no discernable benefit to the Charity that no external valuation will be carried out.
The Trustees are of the view that the market value of the properties are no less than those shown in the financial statements and will consider this position on an annual basis. The endowment properties were revalued in 1997 and the unrestricted properties revalued in 2004 by the trustees and were based on the insurance value . All improvement costs and renovation work on the properties is shown at cost when it occurs. Any impairment or diminution in value will be accounted for in the financial statements in the year in which impairment or diminution occurs.
## **Stock**
Stock is valued at the lower of cost and net realisable value.
Page 13
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **Pensions**
The charity operates a defined contributions pension scheme which includes a works place pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.
## **Heritage assets**
The Bayle is considered by the Trustees to be of historical importance and is central to the charities objectives to educate the local community and to preserve and conserve the nations culture at a local level.The Bayle dates from the 14th century and was once a Manorial Courthouse. The historic contents that have been loaned or donated have not been valued but all new exhibits purchased are included at cost.The insured value of The Bayle is £6,580,724 as at 31 December 2021. In accordance with the SORP this was included as a Heritage Asset in the year to 31 December 2011 and is shown on the balance sheet at its insured value at that date of £5,265,351. As this is included in the Town Deed and cannot be disposed of it is not considered necessary to revalue this asset each year.
## **Trade debtors**
Are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of is established when there is objective evidence that the will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Page 14
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **2 Income from charitable activities**
|Activities for generating funds
Investment income
Incoming resources from charitable activities
Other income|**Unrestricted**
**funds**
**£**
84,242
686,502
5
5,284
776,033|**Total**
**2021**
**£**
84,242
686,502
5
5,284
776,033|**Total**
**2020**
**£**
74,022
678,042
979
27,836|
|---|---|---|---|
||||780,879|
## **3 Expenditure on raising funds**
## **a) Costs of generating funds**
|Fundraising trading: cost of goods sold
**4**
**Expenditure on charitable activities**
**Other costs**
**£**
High Green
1,648
The Bayle Museum
17,394
Grants & Donations
-
Properties Let Below Market Value
74,511
COVID-19 Discretionary Rent
Reductions
11,789
Governance costs
308,844
414,186|**Unrestricted**
**funds**
**£**
73,779
**Grant funding**
**£**
-
-
63,199
-
-
-
63,199|**Total**
**2021**
**£**
73,779
**Total**
**2021**
**£**
1,648
17,394
63,199
74,511
11,789
308,844
477,385|**Total**
**2020**
**£**
68,975|
|---|---|---|---|
||||**Total**
**2020**
**£**
2,186
18,311
53,550
73,636
64,207
246,795|
||||458,685|
Page 15
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **5 Analysis of governance and support costs**
## **Governance costs**
|Staff costs
Wages and salaries
Pension costs
Audit fees
Audit of the financial statements
Legal fees
IT Costs
Depreciation, amortisation and other
similar costs
Other governance costs|**Unrestricted**
**funds**
**£**
137,305
11,711
5,151
22,096
5,489
6,699
116,014
304,465|**Endowment**
**funds**
**Expendable**
**£**
-
-
-
-
-
4,378
-
4,378|**Total**
**2021**
**£**
137,305
11,711
5,151
22,096
5,489
11,077
116,014
308,843|**Total**
**2020**
**£**
113,002
11,396
5,151
16,347
7,378
11,330
82,191|
|---|---|---|---|---|
|||||246,795|
## **6 Grants payable**
Below are details of material grants made to institutions by the
|Below are details of material grants made to institutions by the|||
|---|---|---|
|Group Educational
Group Charitable
Individual Educational|**2021**
**£**
11,576
11,423
40,200
63,199|**2020**
**£**
5,250
2,700
45,600|
|||53,550|
## **7 Net incoming/outgoing resources**
Net incoming resources for the year include:
|Depreciation of fixed assets|**2021**
**£**
11,077|**2020**
**£**
11,330|
|---|---|---|
## **8 Lords remuneration and expenses**
None of the Lords, nor any persons connected with them, have received any remuneration or expenses from the charity during the year.
Page 16
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **9 Staff costs**
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
|the year expressed as full time equivalents was as follows:|||
|---|---|---|
|Administrative (4 Full Time & 1 Part Time)
Car Park Attendants (Part Time)
Bayle (Part Time)
The aggregate payroll costs were as follows:
**Staff costs during the year were:**
Wages and salaries
Pension costs|**2021**
**No**
5
6
1
12
**2021**
**£**
137,305
11,711
149,016|**2020**
**No**
5
6
1|
|||12|
|||**2020**
**£**
113,002
11,396|
|||124,398|
No employee received emoluments of more than £60,000 during the year
Page 17
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **11 Tangible fixed assets**
|**Cost**
At 1 January 2021
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020
**12 Heritage assets**
**Cost**
At 1 January 2021
At 31 December 2021
**Depreciation**
At 31 December 2021
**Net book value**
At 31 December 2021|**Land and**
**buildings**
**£**
995,501
995,501
185,124
9,955
195,079
800,422
810,377|**Fixtures**
**and fittings**
**£**
65,787
65,787
61,950
584
62,534
3,253
3,837|**Motor**
**vehicles**
**£**
13,194
13,194
11,042
538
11,580
1,614
2,152|**Bayle**
**fittings &**
**breviary**
**£**
212,875||**Plant &**
**machinery**
**£**
3,270
3,270
2,820
68
2,888
382
450
**Buildings**
**£**
5,265,351||**Total**
**£**
1,290,627|
|---|---|---|---|---|---|---|---|---|
|||||212,875||||1,290,627|
|||||186,265
-||||447,201
11,145|
|||||186,265||||458,346|
|||||26,610||||832,281|
|||||26,610||||843,426|
|||||||||**Total**
**£**
5,265,351|
|||||||5,265,351
-||5,265,351
-|
|||||||5,265,351||5,265,351|
Page 18
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **13 Fixed asset investments**
|**13 Fixed asset investments**|||
|---|---|---|
|Investment properties
**Investment properties**
**Cost or Valuation**
At 1 January 2021
Additions
At 31 December 2021
**Provision**
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**2021**
**£**
9,977,097|**2020**
**£**
9,968,817|
|||**Investment**
**properties**
**£**
9,968,817
8,280|
|||9,977,097
-|
|||9,977,097|
|||9,968,817|
The above comprise freehold properties held for rental.
The investment properties were valued by the Trustees in 2004 and were based on the insurance rebuild cost. The Trustees do not consider that the freehold property investments require revaluation in 2021.
## **14 Debtors**
|**14 Debtors**|||
|---|---|---|
|Trade debtors
Prepayments
Other debtors|**2021**
**£**
33,859
7,958
1,033
42,850|**2020**
**£**
42,569
7,313
757|
|||50,639|
Page 19
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **15 Cash and cash equivalents**
|**15 Cash and cash equivalents**|||
|---|---|---|
|Cash at bank and in hand
Tenancy deposits account|**2021**
**£**
743,229
49,074
792,303|**2020**
**£**
503,735
44,348|
|||548,083|
Investments represent monies held on deposit with major clearing banks. Funds have been accumulated for the development of a possible town centre multi storey car park.
Part of the investments include the reserve fund of £500,000 held for major property restoration and refurbishment work which is deemed necessary on properties at the end of long leases and for maintaining an extensive property portfolio.
## **16 Creditors: amounts falling due within one year**
|Trade creditors
Deferred income|**2021**
**£**
17,202
78,688
95,890|**2020**
**£**
12,560
74,633|
|---|---|---|
|||87,193|
## **17 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme which includes a works place pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £11,711 (2020 - £11,396).
## **18 Commitments**
## **Capital commitments**
Capital committments are in respect of the charities budgeted expenditure for the next 12 months
The total amount committed for but not provided in the financial statements was £350,000 (2020 - £270,000).
The charity has authorised Educational Donations and Scholarships budgeted for 2021 of £120,000 (2020 - £120,000) split between Scholarships & Educational of £90,000 (2020 - £90,000) and General Charitable Donations of £30,000 (2020 - £30,000). The trust is committed to continuing donations for charitable purposes with the objective of benefitting the Town & Townspeople of Bridlington.
Page 20
## **The Lords Feoffees & Assistants of the Manor of Bridlington**
## **Notes to the Accounts for the Year Ended 31 December 2021**
## **19 Analysis of net assets between funds**
|Tangible fixed assets
Heritage assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**£**
491,503
-
3,196,512
843,554
(96,120)
4,435,449|**Endowment**
**funds**
**£**
340,778
5,265,351
6,780,585
-
-
12,386,714|**Total funds**
**£**
832,281
5,265,351
9,977,097
843,554
(96,120)|
|---|---|---|---|
||||16,822,163|
## **20 Related party transactions**
There were no related party transactions in the year.
Page 21