The
Lakeland Horticultural Society
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 31[st] August 2021
Registered Charity No. 259847
THE LAKELAND HORTICULTURAL SOCIETY Annual Report and Financial Statements for the year ended 31[st] August 2021
| CONTENTS | Page |
|---|---|
| Trustees’ Annual Report: | |
| Officers and Trustees of the Society | 3 |
| Report from the Chairman of Trustees | 4 |
| Financial Report | 5 |
| Structure, Governance and Management | 6 |
| Activities | 6 |
| Achievements and Performance | 7 |
| Independent Examiner’s Report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 - 18 |
Address: Holehird Gardens Patterdale Road Windermere LA23 1NP
Registered Charity No. 259847
President
Shelagh Todd
Vice-Presidents
Christopher Brickell CBE VMH Lord Cavendish of Furness DL Lady Cressida Inglewood, Countess of Lonsdale John D Main NDH DHE FIHort Shelagh Newman Margaret Thomas Peter Hoggarth
Council of Trustees
Officers: Chairman: Alan Oatway Vice-Chairman: Maggie Mees Garden Co-ordinator: vacant Secretary: Charles Bulman Hon. Treasurer: Tony Willey Members: John Ashley Sue Buckingham Diane Fisher Lorna Hillmann Jane Lees CBE Tina McIntosh Sybil Maden Pat Murphy Alison Sanford
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Report from the Chairman of Trustees
It goes without saying (but it has to be said anyway if the report is to be accurate) that this has been an eventful year for the Society. As for all other organisations, we have had to manage and plan our activities against a background of uncertainty, never knowing much in advance when a regulation or guideline might be changed that would affect our decisionmaking or force us to alter those already made. Naturally, this has added to the workload for all those involved in running our Society, and I am grateful to all who have helped with this work. I also appreciate the willingness of everyone to accept the actions and decisions taken with patience and understanding.
Those decisions had to be made in meetings of course, which for most of our committees have taken place throughout the year using Zoom. As restrictions have eased, a limited number of face-to-face meetings have resumed, and even some hybrid versions as well. For your Council, the lease occupied us quite frequently. Just before the end of August we signed our new lease, but with impeccable timing the solicitor for Cumbria County Council promptly went on leave! However, the delay was short, and in any case the effective date is the original renewal date of 1 April 2020.
Another matter that we continued to address was our on-going need to recruit new volunteers, to make sure we can keep being able to do all we currently do. We have added a board outside Reception, trying to encourage new volunteers, and created a new poster for display in libraries. You will read below that we have welcomed quite a few new gardeners, which is excellent news, and we know that we need to recruit into other aspects of our work as well. We hope that the publicity associated with our new lease might encourage more helpers to come forward.
Replacing those who are “retiring” from their roles, succession planning, has occupied us as part of this area of work. This time, we thank Martin Wallen, who has stood down after contributing greatly in the role of Health and Safety Officer. Happily, following an email appeal to our volunteer-force, Alan Dickinson has come forward to fill that vacancy, bringing much relevant experience and also standing as a Trustee. Susan Quayle has resigned from Council, and we thank her for her contribution since 2016. Adrian and Jane Lees both complete periods of service. Adrian has carried much of the workload of Garden Coordinator for the last three years, organising “heavier” tasks around the garden, securing contractors when necessary, arranging for tools to be serviced or replaced, and finding time to send a regular and informative newsletter to gardeners. Jane has served as a Trustee for six years, and in that role she has used her experience to offer valued and perceptive comment to our discussions. We thank both Adrian and Jane for their contributions.
I will also explain the thinking behind my own decision to stand for a different role. With a new lease in place, there are many projects we wish to progress as soon as we can. I feel I can best contribute to these if I am not the Chairman, as the combined workload would be too onerous. We currently have empty places on Council, so I do urge members to consider coming forward to join the team leading the Society forward. I’d like to conclude my term and my report by thanking members and trustees for all their support these last four years, it has been much appreciated.
Alan Oatway
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Treasurer’s Report
The easing of Covid-19 restrictions in the spring has brought a welcome increase in visitor numbers. Total donations from and sales to visitors increased by £24,000 (68%) compared with 2019/20, although still around 30% below pre-Covid levels. Holehird has shared in the increased popularity of card and text payments which now account for around 25% of payments by visitors. Last year’s income was supplemented by a £20,000 bequest which was not repeated this year, leaving total income £3,000 down at £112,000.
The delay in agreeing a long-term lease with our landlords has meant a complete hold on new projects, and expenditure has been closely controlled. Total costs were £86,000, almost identical to 2019/20.
This resulted in an increase of £26,000 in our liquid assets. A provision of £20,000 was made for depreciation of fixed assets. Our investments performed well, reflecting the increases seen in stock markets during the year, and recorded a gain of £17,000. Overall, there was a £23,000 increase in funds to £599,000.
With the exception of recent purchases of machinery and fixtures which are depreciated over 5 years, our fixed assets have now been fully written down in the accounts and therefore the funds value is almost entirely made up by assets that are available to support the society in future. The majority are held in fixed term bonds and instant access accounts with a range of banks designed to ensure that funds will be available when major projects can again be undertaken.
Approximately 18% of our funds are invested with charity fund manager CCLA. During the year we transferred our investment into their Ethical Investment Fund, which restricts investment in areas such as armaments, tobacco and alcohol. It is not expected that this change will have a significant effect on performance.
Structure, Governance and Management
The Society is a registered charity governed by a constitution approved by the membership, and last modified by the AGM of December 2020. Its objects are to promote and develop the science, practice and art of horticulture, with special reference to the conditions prevailing in the Lake District, and within that area to promote and facilitate cooperation between all horticultural organisations and to serve the interests of all horticulturalists.
The management and administration of the Society is conducted by its Council, whose members are Trustees of the Charity. The Council comprises five Honorary Officers of the Society, and up to twelve elected Members. The Officers consist of the Chairman, the ViceChairman, the Garden Co-ordinator, the Secretary and the Treasurer. The current members of the Council are set out on page 3.
Day-to-day management is devolved to five sub-committees: Garden, Estates, Education, Publications, and Public Relations. These are governed by Standing Orders which are reviewed annually, and were last approved in October 2020.
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Officers are elected at each Annual General Meeting (AGM) having, with their consent, been nominated and seconded in writing by members of the Society. They hold office until the end of the next AGM. They may be nominated for re-election but may not serve for more than six consecutive years in any one office. Elected Members having, with their consent, been nominated and seconded in writing by members, are elected at an AGM to serve a three-year term. They may be nominated for re-election, but may not serve for more than two consecutive terms. Members of Council do not receive any payment in connection with their position.
The Society operates an informal system of Trustee induction, tailored to fit the experience of the trustee. All new trustees are given a copy of all the relevant Charity Commission documents, as well as the names and contact details of their fellow trustees.
All the work of the Society is carried out by volunteers and is funded through members’ subscriptions, legacies, donations, the sale of plants and seeds from the garden, and the sale of publications written and designed by members.
Financial Review
On the basis of their review of future years’ activities, and a detailed budget for the following year, Council are satisfied with the financial position at 31[st] August 2021. The policy on Reserves, the reason why they are held and their intended use, is set out in Note 10 to the Accounts.
Activities
Garden
The Society manages the renowned Lakeland garden at Holehird which is open to the public every day of the year from dawn till dusk. This is a 10 acre garden on a hillside site near Windermere, 600 feet above sea level. The garden regularly receives up to 30,000 visitors each year, and although no formal charge is made for access, visitors are invited to make a donation. The gardens are developed and maintained to the highest standards, providing the public with practical examples of design, propagation, plant maintenance and horticultural practice in relation to specific Lake District location and climatic conditions. In various parts of the garden trees, shrubs, herbaceous perennials, bulbs and alpines are grown.
The Society also acts as the International Registration Authority for Astilbe on behalf of the International Society for Horticultural Science, and hosts the National plant collections of Astilbe, Daboecia (heathers), Meconopsis (the blue poppy) and Polystichum (the holly fern).
Education
Gardening courses and lectures are held throughout the year, given by members of the Society and outside experts. Our volunteers act as garden guides for the many tour groups that visit Holehird, and others also give a considerable number of horticultural lectures to other groups. A number of bursaries are granted each year to support horticultural students. A well-stocked library and reading room, equipped with PCs and several microscopes, including a new high-powered model, is also available to all members, and a series of horticultural leaflets is available to the public on particular species that are grown in the
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garden, including the National Collections. We also have our own weather station which helps us understand the effect of varying climate on the performance of the plants in the garden. The weather records are available online to individuals and other organisations.
Media
The web site: www.holehirdgardens.org.uk shares the Society’s knowledge and activities online, while “ The Lakeland Gardener” – the Journal of the Lakeland Horticultural Society serves the same purposes in print. The Society also publishes a regular Newsletter for its members. The Society also has a presence on Social Media.
Access for all
Within the inevitable constraints imposed by a Lakeland garden, the Society aims to ensure that anyone with an interest in horticulture and gardening can benefit from its work, whatever their means and limitations. Wardens are on duty daily from early April to the end of October in the Visitor Information area to welcome members of the public and answer questions regarding the gardens, either directly or by introducing visitors to other members of the Society.
The Trustees confirm that they have complied with the duty in s17 of the Charities Act 2011 to have regards to the Charity Commission’s guidance on public benefit.
Achievements and Performance
Our volunteer gardeners have managed to maintain the gardens to a high level, despite the restrictions imposed by Covid-19, and the changes in the weather – from a long dry spell in the Spring, followed by a cold snap, then heavy rain, another dry spell, etc. The pleasures of walking round the Gardens have been much appreciated by our visitors, who continue to show their support for our work by their donations, purchases of plants and (increasingly) their photographs and comments on social media.
Essential maintenance (including tree felling and maintenance, grass cutting and edging, propagation, hours of weeding and compost making) has been carried out. In addition, 8 trees have been planted at various locations on the Fell Side and the lower drive area. Plans are already in place to plant more trees in the coming year, including two trees as part of the Queen’s Green Canopy.
The Hydrangea Stand in the Paddock is now completed and already in use. Several new ventures have also been undertaken, such as the National Collection of Tanacetum coccineum (painted daisy) and a trial of Salvias for Which? Magazine, and we should also note the successful completion of the RHS Gentian trial.
It has also been good to welcome new volunteer gardeners to the Society, more than 14 new faces over the last year, some of whom have already taken on active roles (as Bedholders, raising our profile on social media, holders of National Collections, or helping to renovate existing areas in the Gardens).
Throughout the early lockdowns, essential works were permitted but the time volunteers spent at the gardens was greatly reduced. As restrictions steadily reduced, our estates team carried through a greater range of tasks. Much of the work involved the
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watering systems. The borehole still experienced some teething problems. The boiler for the greenhouses needed a few visits by a plumber to keep it working satisfactorily. A completely new watering system for hydrangea propagation was introduced as was a necessary link around the astilbe beds to connect a supply from the borehole instead of mains water for the grasses bed. Switching on the water after the winter resulted in many minor leaks appearing, more a time-consuming nuisance than anything serious. Some of the watering systems have been in place for many years and a review prior to updating them is to start soon.
The members’ building and other buildings have not been forgotten and with the lease renewed it is expected that some of the more expensive projects planned will get underway, one such being the necessary improvements to the toilets for visitors. Another is the need to repair or replace many of the windows in the members’ building, with a further project being the final stage of maintenance on the south wall of the garden.
Lectures and courses have fallen victim to the pandemic to a greater extent than our gardening activities. However, we have now held an in-person Tuesday talk, and our first Saturday lecture takes place at the end of October. We hope our first practical day course will be announced soon and we have good news about courses for the future involving Newton Rigg Training Ltd. We did manage one day visit, to the new RHS Bridgewater Garden. This took place successfully and participants look forward to watching that garden’s development over the coming years.
During the restricted months the Education Committee has been busy working with others to develop the information boards outside reception and improving and extending the garden trails available to visiting families. We have collaborated with the Garden Committee to produce Plant of the Month information boards, and we hope all will enjoy the colourful and informative displays next season.
The library has had a complete overhaul and lots of new books are ready and waiting to be borrowed. All the titles in the library can be searched on through the link on the members’ area of the website but typing holehird.libib.com into your browser will also get you there. Surplus books are available to members so please watch out for the trolley!
As the regulations eased and following risk assessments and the development of risk management plans we felt able to re-start serving refreshments to volunteers on Wednesdays from mid-May and to the wider membership from mid-July.
The new Information Point has added another dimension which not only welcomes visitors when Wardens are not on site but also provides for those few visitors who choose to experience the garden privately. It will be particularly useful in the winter when Reception is closed. Reception itself re-opened to the public in June, with precautions in place to help maintain the safety of both visitors and wardens. For a variety of reasons, the number of people able to warden is reduced. This has meant that Reception is not open as much as previously. New volunteers for this role would be very welcome.
There have been a number of successful group visits. The effort of the garden volunteers was much appreciated by these visitors.
The garden has been open twice for the National Garden Scheme. The event on July 8th was particularly successful. The organiser is grateful to all the members who helped with this day. The usual LHS Open Day for the public and new member sessions have not taken place this year.
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The Society currently has 1358 ordinary members. The pandemic and its effects have had an impact on our ability to recruit new members, with 65 joining this year. This is better than the 46 who joined in the previous year but still below the numbers joining before the pandemic. The Membership Secretary and Membership Treasurer have work together closely to ensure even distribution of workload.
After a temporary pause last year, distribution of flyers advertising the garden resumed in 2021. Other publicity was limited compared to previous years, although, thanks to our Partner Garden status, Holehird did feature a number of times in the RHS ‘The Garden’ magazine and website. The LHS website has been updated at regular intervals to keep the public informed of any changes.
We have managed once again to produce two issues of The Lakeland Gardener this year. The April and July Newsletters went ahead but were reduced in size as there were few lectures and events to list. The space was usefully used to list volunteer vacancies and to list new books in the library. An autumn Newsletter is planned. The Visitors’ Reception has only opened when volunteers have been available so, once again, we have sold very few publications. We therefore decided not to produce any new cards or leaflets. Our large project which will begin next year is to look at producing a souvenir booklet to replace the Garden Guide. The timescale of this will depend on any proposed changes in the Gardens over the next few years.
The Trustees’ Annual report was adopted by Council at its meeting on 12[th] October 2021, and signed on its behalf by:
Alan Oatway
Maggie Mees
Alan Oatway – Chairman
Maggie Mees – Vice-Chairman
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Independent Examiner’s Report to the Trustees of the Lakeland Horticultural Society
I report to the charity trustees on my examination of the Accounts of the charity for the year ended 31[st] August 2021 which are set out on pages 11 to 18.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the Accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s Accounts carried out under s 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under s 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by s130 of the Act; or
-
the accounts do not accord with those records; or
-
3 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.
I 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.
D Sissons
DSJ Sissons Chartered Accountant The Old Court House Clark Street Morecambe, LA4 5HR
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STATEMENT OF FINANCIAL ACTIVITIES
| Incoming Resources Note Unrestricted Restricted Funds Funds (Note 2) £ £ Voluntary income 3 70,443 17,850 Other charitable income 4 18,937 Investment income 5 5,230 Total incoming resources |
2021 Total £ 88,293 18,937 5,230 112,460 |
2020 Total £ 93,147 15,984 6,490 |
|---|---|---|
| 115,621 | ||
| Resources Expended Garden and Estate maintenance 6 32,742 18,070 Other charitable expenditure 7 7,836 Administration costs 8 25,417 Depreciation 11 20,564 Governance costs 9 2,056 Total resources expended |
50,812 7,836 25,417 20,564 2,056 106,685 |
54,920 8,334 19,652 30,697 2,315 |
| 115,918 | ||
| Net resources expended Gain on investments 12 Accumulated Funds B/Fwd Accumulated Funds C/Fwd 10 |
5,775 17,420 575,642 598,837 |
(297) 3,308 572,631 |
| 575,642 | ||
| at 31st August 2021 |
There are no other gains & losses other than those disclosed above. All transactions are derived from continuing activities.
The Notes on pages 13 to 18 form part of these financial statements
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BALANCE SHEET As at 31[st] August 2021
| Note FIXED ASSETS Tangible assets 11 Investments 12 |
2021 £ £ 10,037 104,853 |
2020 £ £ 30,601 87,433 |
|---|---|---|
| CURRENT ASSETS Stock Cash at bank 13 |
114,890 5,850 485,942 |
118,034 6,918 452,977 |
| CREDITORS –amounts falling due within one year 14 NET CURRENT ASSETS |
491,792 7,845 483,947 |
459,895 2,287 457,608 |
| NET ASSETS | 598,837 | 575,642 |
| CAPITAL FUNDS Restricted funds 2 Unrestricted funds 2 |
11,818 587,019 |
12,038 563,604 |
| TOTAL ACCUMULATED FUNDS 10 |
598,837 | 575,642 |
These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (Charities SORP (FRS 102)). They were approved by Council on 12[th] October 2021 and are signed on their behalf by
| Alan Oatway | Tony Willey |
|---|---|
| Alan Oatway | Tony Willey |
| Chairman | Treasurer |
The Notes on pages 13 to 18 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
1. Accounting Policies
i) Basis of preparation
The financial statements of the Charity are prepared under the historical cost convention with the exception of investments, which are included at market value. They have been prepared in accordance with the Charities Act 2011, the Financial Reporting Standard applicable in the UK (FRS 102), and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (Charities SORP (FRS 102)). The Charity is a public benefit entity under FRS 102, its presentation currency is Sterling (rounded to the nearest £1). The Trustees believe the Society is a going-concern, and have prepared the financial statements on that basis.
ii) Incoming resources
Incoming resources represent total income receivable during the year, and comprise membership subscriptions, donations, legacies, income from educational activities, investment income and sundry other income.
iii) Resources expended
All expenditure is accounted for on an accruals basis. Charitable expenditure represents the cost of maintaining the estate and garden, scientific, education and editorial activities. Support services represent membership costs, and costs relating to the general running of the Society. Governance costs include those incurred in meeting constitutional and statutory requirements, and the preparation of the financial statements.
iv) Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost. Depreciation is calculated to write off that cost over the expected useful life of each asset, as follows:
Leasehold land and buildings have been completely depreciated prior to the 31 May 2020, the end date of the relevant lease.
Fixtures and fittings are written down to a nominal value in the year of acquisition; Glasshouses are depreciated on a linear basis over ten years; and
Machinery, vehicles and equipment are depreciated on a linear basis over five years.
v) Investments
Investments are stated at market value, and revaluation gains and losses are included in the Statement of Financial Activities.
vi) Stock
Stock is valued at the lower of cost and net realisable value. It relates to books and publications held for sale to members and visitors. It does not include plants or any work in progress.
vii) Creditors
Short-term creditors are valued at their transaction price.
viii) Taxation
The Society is exempt from corporation tax.
ix) Reserves
The policy on Accumulated Funds held as Reserves is set out in Note 10 to the Financial Statements.
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
2. Restricted and Unrestricted Funds
The Society has entered into an agreement with the Holehird Trust for the upkeep of those parts of the gardens outside its lease. Income of £17,850 received under this agreement can only be spent on these activities. Two donations supporting the work on heathers still have a total of £468 available to be spent, with £220 having been used in the year being reported here. Also included in the Society’s total funds is an amount of £7,350 donated towards the improvement of the fellside paths, and a further £4,000 (the Mary Miles endowment) which can be spent only in extremis . All these items are therefore disclosed separately on the Balance Sheet as Restricted Funds.
There are no restrictions on any other income.
3. Voluntary income
| Restricted donation (the Holehird Trust - Note 2) Restricted donation (other – Note 2)) Other donations Membership subscriptions Gift aid reclaimed |
2021 £ 17,850 0 44,304 19,582 6,557 |
2020 £ 17,850 585 42,540 21,036 11,136 |
|---|---|---|
| 88,293 | 93,147 | |
| . Other charitable income Plant sales Vending machine sales Less: Cost of vending machine supplies Sales of stationery, guides and books Advertising sales in Society Journal Income from educational courses |
16,017 330 377 (47) 1,187 1,780 0 |
12,331 765 311 |
| 454 1,079 1,455 665 |
||
| 18,937 | 15,984 | |
| . Investment income |
||
| Interest on bank deposits | 5,230 | 6,490 |
4. Other charitable income
5. Investment income
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
| 6. Garden and Estate maintenance Garden maintenance Plants purchased Estate maintenance 7. Other charitable expenditure Costs of publishing Journal and Newsletters Cost of guides and books Courses, bursaries and lectures 8. Administration costs Membership administration Insurance Publicity and Open Day Website and IT costs Other 9. Governance costs Independent Examination costs AGM costs |
6. Garden and Estate maintenance Garden maintenance Plants purchased Estate maintenance 7. Other charitable expenditure Costs of publishing Journal and Newsletters Cost of guides and books Courses, bursaries and lectures 8. Administration costs Membership administration Insurance Publicity and Open Day Website and IT costs Other 9. Governance costs Independent Examination costs AGM costs |
2021 £ 22,216 7,348 21,248 |
2020 £ 23,361 6,592 24,967 |
|---|---|---|---|
| 50,812 5,252 1,068 1,516 |
54,920 5,855 83 2,396 |
||
| 7,836 7,106 6,538 1,452 1,618 8,703 |
8,334 3,334 6,841 1,555 1,868 6,054 |
||
| 25,417 | 19,652 | ||
| 1,700 356 |
1,700 615 |
||
| 2,056 | 2,315 |
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
10. Accumulated Funds
In accordance with guidance issued by the Charities Commission, the Trustees have considered whether it is appropriate for the Society to retain funds for future charitable activities. Given the extraordinary uncertainties created this year, the Trustees have exercised all prudence by reducing expenditure, and not committing to any future capital works. Many plans exist to utilise our reserves, but these must await a restoration of more normal circumstances.
11. Tangible fixed assets
| Leasehold | Fixtures & | Machinery, | Glasshouses | Total | |
|---|---|---|---|---|---|
| Land & | Fittings | Vehicles & | |||
| Buildings | Equipment | ||||
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 31 August 2020 | 366,464 | 20,539 | 92,608 | 175,557 | 655,168 |
| Additions | - | - | - | - | - |
| At 31 August 2021 | 366,464 | 20,539 | 92,608 | 175,557 | 655,168 |
| Depreciation | |||||
| At 31 August 2020 | 366,464 | 20,529 | 80,351 | 157,223 | 624,567 |
| Charge for the year | - | 10 | 2,220 | 18,334 | 20,564 |
| At 31 August 2021 | 366,464 | 20,539 | 82,571 | 175,557 | 645,131 |
| Net Book Value | |||||
| At 31 August 2021 | 0 | 0 | 10,037 | 0 | 10,037 |
| At 31 August 2020 | 0 | 10 | 12,257 | 18,333 | 30,601 |
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
12. Fixed asset investments
| 2. Fixed asset investments |
||
|---|---|---|
| 2020/2021 | 2019/2020 | |
| £ | £ | |
| Balance at 31 August 2020 | 87,433 | 84,125 |
| New investment | 0 | 0 |
| Revaluation gain | 17,420 | 3,308 |
| Balance at 31 August 2021 | 104,853 | 87,433 |
The Trustees’ investment policy allows an investment of up to 15% of the total available cash in the Charities Investment Fund (COIF) split equally between accumulation and income units. These investments are stated at market value, and the resulting gain of £17,420 (2020: gain of £3,308) is included in the Statement of Financial Activities.
13. Cash at bank
The Trustees’ investment policy is, as far as possible, to maximise the return on the Society’s investments. Within this, the Government guarantee of £85,000 acts as a ceiling for funds invested in any one financial institution. This policy, and the actual investments with each institution is reviewed every twelve months.
Cash at bank includes deposits with Building Societies regulated under the Prudential Regulation Authority (part of the Bank of England) and the Financial Conduct Authority. Certain deposits are available without notice, and the others have been placed with a maturity of between one and two years.
14. Creditors
| 4. Creditors |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Examiner’s Fee | 1,700 | 1,700 |
| Trade creditors | 6,145 | 587 |
| 7,845 | 2,287 |
All amounts are payable within one year.
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NOTES TO THE FINANCIAL STATEMENTS (cont.)
15. Commitments
The Trustees have made no new commitments for 2021-2022, and a full review will be conducted on completion of a new lease and once the Covid crisis is of much less concern.
| 2021 £ 0 |
2020 £ |
|---|---|
| 0 |
16. Trustee Remuneration
No remuneration was paid to Trustees (2020: nil) and there were no expenses incurred in their roles as trustees (2020: nil)
17. Related Party Transactions
There were no transactions with related parties (2020: none).
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