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2020-12-31-accounts

Trustees K L Acton
A Chapman
A Cox
K Hodgkiss
C Maxwell-Hodkinson
JS Topolinski
S G Wilson
Chairman K L Acton
Deputy Chairman A Chapman
Clerk A C Fletcher
Charity number 252371
Principal office 9Chorley New Road
Bolton
BL14QR
Independent examiner Simon Worswick BA FCA
R P Smith
&Co Limited
Hamill House
112-116Chortey New Road
Bolton
BL1 4DH
Bankers The Royal Bank of Scotland pic
46-48 Deansgate
Bolton
BL1 1BH
Investment advisors James Sharp &Co
Exchange House
39 Knowsley Street
Bury
BL9OST
Page
Trustees report
Independent
examiner's		 report
Statement
of financial		 activities
Balance sheet
Notes to the accounts 6-17

Unrestricted Endowment Total Total
Funds Funds 2020 2019
Notes
Income and endowments from:
Income from investments 64,780 64,780 70,648
Other income 1,246 1,246
Total income 66,026 66,026 70,648
Expenditure
on:
Investment
management		 costs 935 935 792
Charitable
activities		 33,549 33,549 41,617
Total expenditure 34,484 34,484 42,409
Net Income fexpenditure 31,542 31,542 28,239
Gains (Losses) on investment assets
On disposal (38,564) 3,018 (35,546) 7,813
On revaluation (106,881) (8,264) (115,145) 270,895
Net movement
in funds		 (113,903) (5,246) (119,149) 306,947
Fund balances at 1 January 2019 1,784,358 99,089 1,883,447 1,576,500
Fund balances at 31 December 2019 1,670,455 93,843 1,764,298 1,883,447
NOTES 2020 2019
Fixed Assets
Investments 1,682,583 1,828,354
Total Fixed Assets
Current Assets
Debtors 10 149
Cash at Bank and in Hand 83172 56,077
83,321
Current
Liabilities
Creditors (1,606) (984)
Net Current Assets 81,715 55,093
Total Net Assets 1,764,298 1,883,447
The Funds ofthe Charity
Endowment Funds 13 93,843 99,089
Unrestricted Funds 13 1,670,455 1,784,358
Total Charity Funds 1,764,298 1,883,447
Th
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2 Investment income
2020 2019
Income from listed investments 64,780 70,648
Interest receivable
64,780 70,648
3 Other income
2020 2019
Compensation from Royal bank of Scotland shares 682
VAT refunded on safe custodian fees 564
1,246
4 Employees / Key Personnel
The average
monthly		 number ofemployees during the year was:
2020 2019
Number Number
Lecturer 1 1
Employment costs 2020 2019
Wages and salaries 13,727 25,817
Social security costs
Pension costs 3,846 9,566
Relocation
and resettlement		 costs 6,192
23,765 35,383
There were no employees whose annual remuneration was f60,000or more.
5Expenditure on charitable activities
2020 2019
Costs relating to charitable
activities comprise:
Investment
management		 costs 935 792
Lecturer's
Stipend (note		 4) 23,765 35,383
Grant towards living expenses of Lecturer (note 6) 3,000
Clerk's fee 5,800 5,250
Independent Examiner's fee 984 984
34,484 42,409

Unrestricted
Fund		 Endowment
Fund		 Total
UK listed investments
Market value at 1 January 2020 1,729,286 99,068 1,828,354
Acquisitions
at cost		 46,002 17,553 63,555
Disposals at opening book value (45,576) (17,416) (62,992)
Change
in value		 in the year (140,971) (5,363) (146,334)
Market value at 31 December 2020 1,588,741 93,842 1,682,583
Historical cost:
At 31 December 2020 1,065,373 85,792 1,151,165
At 31 December 2019 1,099,038 82,754 1,181,792
10Debtors
2020 2019
Taxes recoverable 149
11Cash at bank
Unrestricted
Funds		 Endowment
funds		 Total
Royal Bank ofScotland (7)
James Sharp ft Co 83,178 83,179
83,171 83,172

12Creditors
2020 2019
Accruals 1,606 984
13Movement in funds
Balance at Movement In funds Balance at 31
1 January
2020		 Income Expenditure Gains
/		 December
2020
6 (Losses)f 6
Endowment Fund 99,089 (5,246) 93,843
Unrestricted Fund 1,784,358 66,026 (34,484) (145,445) 1,670,455
Total Funds 1,883,447 66,026 (34,484) (150,691) 1,764,298
14Analysis
of		 net assets between funds
Unrestricted
Funds		 Endowment
funds		 Total
Fund balances at 31 December 2020 are represented by:
investments 1,588,741 93,842 1,682,583
Current assets 83,320 83,321
Creditors;
amounts		 falling due within one year (1,606) (1,606)
1,670,455 93,843 1,764,298
Unrsalised
gains included above:
On investments 523,367 8,050 531,417
Reconciliation of movements in unrealised gains
Unrealised
gains at 1 January		 2020 630,248 16,314 646,562
Net gains/(losses) on revaluations
in year		 (106,881) (8,264) (115,145)
Unrealised
gains at 31 December 2020		 523,367 8,050 531,417

ecovery contributions
(as a percentage
of pensiona		 ble
stipends) were set out in the table below		 .
%of pensionable
stipends		 January 2018to
December 2020		 January 2021to
December 2022
Deficit repair contributions 11.9% 7.1%
2020 2019
Balance sheet liability at 1 January 6,000 19,000
Deficit contribution
paid		 -1,000 -3,000
Interest cost (recognised in SoFA)
Remaining
change to the		 balance sheet liability* (recognised in SoFA) -1,000 -10,000
Balance sheet liability at 31 December 4,000 6,000
December 2020 December 2019 December 2018
Discount rate 0.2% pa 1.1%pa 2.1%pa
Price inflation 3.1%pa 2.8%pa 3.1%pa
Increase to total pensionable payroll 1.6%pa 1.3%pa 1.6% pa

Unrestricted Endowment Total
Funds Funds 2019
f 6
Income and endowments from:
Income from investments 70,648 70,648
Other income
Total income 70,648 70,648
Expenditure
on:
Investment
management		 costs 792 792
Charitable
activities		 41,617 41,617
Total expenditure 42,409 42,409
Net income/expenditure 28,239 28,239
Gains (Losses) on investment assets
On disposal 7,813 7,813
On revaluation 260,294 10,601 270,895
Net movement
In funds		 296,346 10,601 306,947
Fund balances at 1 January 2019 1,488,012 88,488 1,576,500
Fund balances at 31 December 2019 1,784,358 99,089 1,883,447
Fixed asset investments
Unrestricted
Fund		 Endowment
Fund		 Total
UK listed Investments
Market value at 1 January 2019 1,446,822 88,467 1,535,289
Acquisitions
at cost		 58,709 58,709
Disposals at opening
book value		 (56,565) (56,565)
Change
in value		 in the year 280,320 10,601 290,921
Market value at 31December 2019 1,729,286 99,068 1,828,354
Historical cost:
At 31 December 2019 1,099,038 82,754 1,181,792
At 31 December 2018 1,076,868 82,754 1,159,622
16Comparatlves
for 2019continued		 16Comparatlves
for 2019continued		 16Comparatlves
for 2019continued
Cash at bank
Unrestricted
Funds		 Endowment
funds		 Total
Royal Bank ofScotland 877 877
James Sharp
&Co		 55,179 21 55,200
56,056 21 56,077
Analysis
of net assets between		 funds
Unrestricted
Funds		 Endowment
funds		 Total
Fund balances at 31 December 2019are represented by:
Investments 1,729,286 99,068 1,828,354
Current assets 56,056 21 56,077
Creditors: amounts falling due within one year (984) (984)
1,784,358 99,089 1,883,447
Unrealised
gains included above:
On investments 630,248 16,314 646,562
Reconciliation
of movements
in unrealised		 gains
Unrsalissd
gains at		 1 January 2019 369,954 5,713 375,667
Net gains on revaluations
in year		 260,294 10,601 270,895
Unrealised
gains at		 31 December 2019 630,248 16,314 646,562
Movement
in funds
Balance at Movement in funds Balance at 31
1 January
2019		 Income Expenditure Gains I December
2019
Losses f
Endowment
Fund		 88,488 10,601 99,089
Unrestricted
Fund		 1,488,012 42,409
70,648		 268,107 1,784,358
Total Funds 1,576,500 70,648
42,409		 278,708 1,883,447
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