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2021-03-31-accounts

THE PRIORY CHARITY

CONTENTS

CONTENTS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRUSTEE AND
ADVISERS 1
REPORT OF THE TRUSTEE 2
INDEPENDENT EXAMINERS REPORT ON THE ACCOUNTS 8
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING
INCOME AND EXPENDITURE ACCOUNT) 9
CHARITY BALANCE SHEET 11
NOTES TO THE FINANCIAL STATEMENTS 13

THE PRIORY CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRUSTEE AND ADVISERS

FOR THE YEAR ENDED 31 MARCH 2021

Charity registered number 273022 Registered Office Ware Priory High Street Ware Hertfordshire SG12 9AL Trustee Ware Town Council Clerk to the Trustee Terry Philpott Accountants IAC Audit and Consultancy Ltd 23 Westbury Road Yarnbrook Wiltshire BA14 6AG Solicitors Longmores 24 Castle Street Hertford Hertfordshire SG14 1HP

1

THE PRIORY CHARITY REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021

The Trustee presents its annual report and financial statements for the year ended 31 March 2021 and confirms they comply with the Charities Act 2011, the Trust Deed and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applied in the UK and Republic of Ireland (FRS 102).

Structure Governance and Management

Governing Document

The Priory Charity is constituted as a charitable trust registered with the Charity Commission in 1989, Registration Number 273022. It is governed by a Trust Deed which is dated 12 February 1920 and a Scheme for the regulation of the Charity approved by the Charity Commissioners for England and Wales dated 30 August 1989.

The financial statements have been prepared in accordance with the Trust Deed and relevant statutory requirements.

Organisational Structure

Ware Town Council is the sole Trustee of the Priory Charity and is responsible for the general control and management of the charity. The Trustee is responsible for all decisions taken in relation to the Priory Charity. Town Councillors meet as the Trustee at least 5 times a year to discharge these duties and responsibilities.

A wholly owned trading subsidiary company called Ware Priory Trading Limited (Company Registration Number 07669193) was formed by the Priory Charity to carry out its commercial activities and commenced trading on 1 April 2012.

The day to day responsibility for the management of the Priory Charity is delegated, by the Trustee, to the Town Clerk. From 1st April 2020 the Charity has in place a management agreement with Ware Town Council for the Council to manage the Priory Charity, this is an annual agreement but is likely to be continued in future years.

Appointment of the Trustee

Ware Town Council is the Trustee of The Priory Charity. Therefore, all Town Councillors are automatically representatives of the Priory Charity Trust. Town Councillors are normally elected every four years and are briefed on the workings of the Charity as appropriate.

The Trustee of the Charity was represented from 1 April 2020 as follows;

Ex-officio:

P Ballam
I Kemp
M Butcher
M Pope
A Curtis
S Reed
R Fernando
S Shaw
J Kaye
V Shaw

2

Key Management Personnel The Priory Charity - Senior Manager

Clerk to the Trustee - Terry Philpott (Town Clerk to Ware Town Council)

No member of the Trustee body receives remuneration or other benefit from their work with the charity. As serving Councillors, members of the Trustee body are required to complete a register of interests and to declare interests at each meeting of the Trustee.

Induction and Training of the Trustee Representatives

Town Council elections occur every four years and this results in the appointment of new Trustee representatives. After the elections, each councillor is given an induction pack which includes information on the Priory Charity and information from the Charity Commission. All Councillors are invited to attend a training session provided by the Town Clerk on the Priory Charity. This covers the background to the Trust, charitable objects, how the Priory Charity property is used, the Town Council as sole Trustee, duties and responsibilities of the Charity Trustee, the role of individual Councillors, public benefit and how the Priory Charity meets its public benefit requirement, sources of income, trading and declarations of interest.

Pay Policy for Senior Staff

No staff are employed by the Priory Charity. Staff are employed by Ware Town Council and a percentage of their time is charged to the Priory Charity.

Risk Management

The principal risk and uncertainty facing the Charity is the general economic climate and its potential effects on the business of Ware Priory Trading Limited. To manage these risks, the Trustee reviews a risk register annually and reviews aged debtor reports with financial reports.

Objectives and Activities

Our Aims

The Priory Charity objects as set out in the Trust Deed are:

Such charitable activities for the general benefit of the inhabitants of the Town and District of Ware in the county of Hertfordshire, as the Trustee from time to time decides.

Our Objectives

To achieve its objects and aims as stated in the Trust Deed, the Priory Charity needs to generate income in order to maintain the buildings and grounds to an acceptable standard and to preserve its heritage for the benefit of the inhabitants of Ware. The Priory Charity generates this income by letting offices within the building and hiring the facilities for weddings, functions, conferences, and community events.

The Priory Charity meets its primary objective by hiring its facilities to local groups and charities at a special concessionary rate or, in some cases, free of charge and by opening the Priory Grounds as a public park.

A wholly owned trading subsidiary company called Ware Priory Trading Limited (Company Registration Number 07669193) was formed by the Priory Charity to carry out its commercial activities such as the letting of office space and room hire for weddings, conferences and functions.

3

The company started trading on 1 April 2012. Any Profits generated by Ware Priory Trading Limited will be gift-aided to the Priory Charity.

Income generated from activities which meet the primary charitable objectives of the Charity such as the hiring of facilities to local groups and charities at a reduced concessionary rate and the provision of facilities to the public such as the Priory Grounds and Lido swimming pool continue to be carried out within the Charity.

Use of Volunteers

All Trustee representatives are Town Councillors who give their time freely. The Priory Charity is supported by various volunteer groups including Friends of Ware Priory, who raise funds for improvements to the grounds and the building and Friends of Ware Lido, who are encouraging use of the Lido.

Public Benefit Statement

The Trustee has complied with its duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising its powers and duties.

How our Activities Deliver Public Benefit

The Priory Charity was established to benefit the inhabitants of the Town and District of Ware in the county of Hertfordshire. The Trustee considers that the following activities provide benefit to the residents of Ware and the wider community: -

Although charges are made for some of the Priory Charity's activities, people in poverty are not excluded from benefitting. Local community groups hire the facilities for their meetings and activities. The Town Council uses the facilities for community events at minimal cost, such as the Ware Festival "Bus Pass Party". The Priory grounds are open to all as a public park and include many free community activities.

4

Achievements and Performance

In order to separate its commercial activities, such as the letting of offices and hire of rooms for weddings, conferences and other functions from its Concessionary rate activities, the Priory Charity formed a wholly owned trading subsidiary named Ware Priory Trading Limited to carry out its commercial activities commencing trading on 1 April 2012. Any profits generated by Ware Priory Trading Limited will be gift-aided to The Priory Charity.

It is recognised that most of the income to the Priory Charity is non-primary purpose income generated by the trading subsidiary, Ware Priory Trading Limited. Without this income, the Priory Charity would only have the small amount of income generated by community bookings and income from the Lido but would still be liable to pay all the costs of maintaining the Priory buildings and estate.

Following several years of declining income, a review of catering took place in 2013. The recommendations of this review have been put in place since then with a Sales and Marketing Manager appointed in 2014 and the catering contract put to competitive tender in 2015. The current caterers, Seasoned Events, operated under a temporary contract during the tender process and successfully bid for the contract.

Objectives of the charity and how these were achieved during the year

The Charity's objectives are very general. The Charity may provide such charitable purposes for the general benefit of the inhabitants of the town and district of Ware, in the county of Hertfordshire, as the Trustee from time to time decides.

The Charity's Objectives in 2020/21 were:

Did we achieve our objective? Due to financial constraints all but emergency repairs were stopped.

Did we achieve our objective? Due to financial constraints all but emergency repairs were stopped.

Did we achieve our objective? The update Quinquennial Survey was completed in the Autumn of 2019 and is integral to the four-year business plan. All recommendations have been reviewed and the estimated costs included in the financial plan.

Did we achieve our objective? The impact of COVID had a significant detrimental impact on turnover. This resulted in a significant reduction in turnover.

5

Financial Review of 2020/21

Total income for the Charity for the year was £134,966 (2020: £916,929) and expenditure for the year was £212,597 (2020: £882,322) with a net deficit of -£77,631 (2020: £34,607).

Total income for Ware Priory Trading Limited for the year was £129,302 (2020: £375,207) and expenditure for the year was £118,349 (2020: £292,939) with a net surplus of £10,953 (2020: £82,268).

Ware Town Council (the Trustee) decreased its subsidy to the Priory Charity from £448,497 in 2020 to £25,000 in 2021.

Reserves

Free reserves are defined as those funds which are not designated or restricted, nor held as tangible fixed assets. As at 31 March 2021 the charity held no free reserves. The Trustee is in the process of trying to build up free reserves to acceptable levels.

Total consolidated reserves are £2,736,831 (2020: £2,814,462). None of the Charities Reserves are Restricted.

Assets and Obligations

The Priory property and land is vested in Ware Town Council which it holds in Trust for the Charity. The Charity's Objectives in 2020/21 are:

  1. To undertake a review of The Priory Charity ‘is it meeting its charitable objectives’

  2. To ensure the effective implementation of the Management agreement

  3. To review and plan for the future of the public toilets.

  4. To review the development of the upstairs in Fletchers Lea.

Following the introduction of the Management agreement effective 1st April 2020 with Ware Town Council the following objectives are managed by Ware Town Council.

    1. To complete the activities identified on the Quinquennial review and plan for the activities in 2021/22

  2. To complete the refurbishment of the Ground Floor toilets in the Priory Building.

  3. To continue to develop the Priory Estate with particular focus on the Sanctuary Garden.

  4. Sanctuary Gardens

  5. New Ride on Mower purchase

  6. Priory Bridge

  7. Drainage works adjacent to Fletchers Lea

  8. To continue the development plans for the Play Area and Skate Park (Covid dependent)

  9. To implement the agreed business plan at the Lido including an extended swim season.

  10. Install outdoor showers

  11. Introduce queuing system

  12. Purchase ‘fun’ inflatable and run sessions to generate additional income

  13. To research the new floor options for implementation in 2021/22

6

Ware Priory Trading

Through the trading subsidiary the following objectives have been set.

  1. To develop the conference and wedding business to achieve the agreed budget income.

  2. To complete the lease of the Greyfriars and Jacobean Room.

  3. To continue to develop the Launchpad operation and increase income.

  4. To complete the actions in the Mystery Shopper report. To undertake a new review to measure effectiveness of actions and inform a future action plan.

  5. To review and select a catering partner from April 2021

Statement of Trustee Responsibilities

The Trustee is responsible for preparing the Trustee’s Annual 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 and Wales requires the Trustee 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, including the income and expenditure of the charitable group for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for:

Signed on behalf of the Trustee:

Approved on:

THE PRIORY CHARITY

INDEPENDENT EXAMINERS REPORT ON THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2021.

As the charity's 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 Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

Signed

Kevin Rose ACMA IAC Audit and Consultancy Ltd

October 2021

THE PRIORY CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
Funds		 Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2021
2021
2021
2020
Note £
£
£
£
Income from:
Donations and legacies:
4
I1
Donations and Grants
11
11		 3,487
I2
Ware Town Council subsidy
25,000
25,000		 448,497
Charitable activities:
5
Priory main buildings
-		 62
Priory grounds and outbuildings
-
-		 900
Fletcher's Lea
-
-		 88,776
Priory lido and tennis court
-
-
Other trading activities:
6
Conferences, events & other
I7
rental
91,965
91,965		 169,008
I8
Catering Income
(6,403)
(6,403)		 206,199
I9
Other income
24,394
24,394
Total income
134,966		 - 134,966 916,929
Expenditure on:
Raising funds
98,349
98,349		 324,809
Charitable activities
114,248
114,248		 557,513
Total expenditure
7
212,597		 - 212,597 882,322
Net income/(expenditure)
(77,631)		 - (77,631) 34,607
Net movement in funds
(77,631)		 - (77,631) 34,607
Reconciliation of funds:
Total funds brought forward
2,814,462
2,814,462		 2,779,855
Net movement in funds
(77,631)		 - (77,631) 34,607
Total funds carried forward
2,736,831		 - 2,736,831 2,814,462

THE PRIORY CHARITY

REGISTERED NUMBER: 273022 CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2021
Note
2021
2021
2020
2020
£
£
£
£
Fixed assets
Tangible assets
12
3,263,116
3,357,345
3,263,116
3,357,345
Current Assets
Debtors
14		 62,195
18,587
BAN
K
Cash at bank and in hand
28,526
41,360
90,721
59,947
Creditors: amounts falling
due within one year
15		 (617,006)
(531,887)
Net current liabilities
(526,285)
(471,940)
Total assets less current liabilities
2,736,831
2,885,405
Creditors: amounts falling
due after more than one
year
16
-
(70,943)
Total net assets
2,736,831
2,814,462
Charity funds
Restricted funds
-
Unrestricted funds
17
2,736,831
2,814,462
Total funds carried forward
2,736,831
2,814,462

The financial statements were approved and authorised for issue by the Trustee on

and signed on their behalf by:

THE PRIORY CHARITY

REGISTERED NUMBER: 273022

CHARITY BALANCE SHEET

AS AT 31 MARCH 2021
Note 2021
2021
2020
2020
£
£
£
£
Fixed assets
Tangible assets
3,263,116
3,357,345
Investments
1
1
3,263,117
3,357,346
Current Assets
Debtors
14		 104,631
102,547
BANK
Cash at bank and in hand		 13,351
30,036
117,982
132,583
Creditors: amounts falling
due within one year
16		 (452,956)
(421,606)
Net current liabilities
(334,974)
(289,023)
Total assets less current liabilities
2,928,143
3,068,323
Creditors: amounts falling
due after more than one
year -
(70,943)
Total net assets
2,928,143
2,997,380
Charity funds
Restricted funds
-
-
Unrestricted funds
2,928,143
2,997,380
Total funds carried forward
2,928,143
2,997,380

The financial statements were approved and authorised for issue by the Trustee on

and signed on their behalf by:

THE PRIORY CHARITY

Registered Number: 273022

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021
Note
2021
2020
£
£
Cash flows from operating activities
Net cash used in operating activities
20		 82,447 183,407
Cash flows from investing activities
Interest paid
(2,914)		 (10,296)
Purchase of tangible fixed assets
(2,000)		 (87,929)
Net cash used in investing activities
(4,914)		 (98,225)
Cash flows from financing activities
Repayments of borrowing
(90,367)		 (82,986)
Net cash used in financing activities
(90,367)		 (82,986)
Change in cash and cash equivalents in the year
(12,834)		 2,196
Cash and cash equivalents at the beginning of the year
41,360		 39,164
Cash and cash equivalents at the end of the year
28,526		 41,360

THE PRIORY CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

The Priory Charity is a charity registered in England and Wales. Its Registered Office is Ware Priory, High Street, Ware, Hertfordshire, SG12 9AL. Its Charity number is 273022.

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 September 2018), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act.

The Priory 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.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (Charities SORP FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practise effective from 1 April 2005 which has since been withdrawn.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity's functional and presentational currency is pounds sterling

2.2. Going concern

The Trustee has assessed whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

Following the World Health Organisation’s declaration of COVID-19 as an international pandemic in March 2020 and the subsequent restrictions imposed by the UK government, The Priory Charity has been affected in a number of ways and the following measures have been taken to date:

13

The Trustee believes that the forecasted results and good level of cash flow of the charity together with the measures taken to date will enable the charity to continue as a going concern and, as a result, do not include any adjustments that would result if the charity was not able to continue as a going concern.

2.3. 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.

Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.4. 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 charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

14

2.5. Tangible fixed assets and depreciation

Tangible fixed assets costing £1 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method

Depreciation is provided on the following bases:

Fletcher’s Lea (freehold and buildings) -50 years
Priory Bridges
-25 years
Fixtures and fittings
-10 years
Lido
-15 years

2.6. Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.7. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8. 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.

2.9. 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 advance payments for the goods or services it must provide. 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 pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.10. Financial instruments

The Charity's financial assets and liabilities include trade debtors, amounts owed by group undertakings, trade creditors, accruals and a loan.

15

Trade debtors and amounts owed by group undertakings are initially measured at the transactions price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Trade creditor and accruals are initially measured at the transaction price and are subsequently measured at amortised costs, being the transaction price less any amounts settled.

Other loans are initially measured at the transaction price, including transaction costs, and are subsequently measured at amortised cost using the effective interest method.

2.11. Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

16

4. Income from donations and legacies

Unrestricted Restricted Total
funds funds funds
2021 2021 2021
£ £ £
Ware Town Council subsidy
25,000		 - 25,000
Donations
11		 - 11
Grants
-		 - -
Total
25,011		 - 25,011
Unrestricted Restricted Total
funds funds funds
2020 2020 2020
£ £ £
Ware Town Council
370,963
370,963
Donations
3,487
3,487
Grants
77,534		 77,534
Total
374,450		 77,534 451,984

5. Income from charitable activities

Unrestricted Total
funds funds
2021 2021
£ £
Income from charitable activities
0		 0
Unrestricted Total
funds funds
2020 2020
£ £
Income from charitable activities
89,738		 89,738

17

6. Income from other trading activities

Income from non charitable trading activities

7.
Analysis of expenditure by activities
Unrestricted
funds
2021
£
Sales
129,302
Unrestricted
funds
2020
£
Sales
375,207
Direct
Costs
2021
£
Charitable expenditure
6,161
Raising funds
40,437
Total
46,598
Direct
Costs
2020
£
Charitable expenditure
206,493
Raising funds
278,253
Total
484,746		 Total
funds
2021
£
129,302
Total
funds
2020
£
375,207
Support
Costs
£
108,086
57,912
165,999
Support
Costs
£
378,306
19,270
397,576

18

8. Analysis of Support costs

8.
Analysis of Support costs		 8.
Analysis of Support costs		 8.
Analysis of Support costs		 8.
Analysis of Support costs		 8.
Analysis of Support costs
2021 2020
£ £
Staff recharges from Ware Town Council
59,437		 205,367
Repairs, maintenance and other sundry items
33		 64,347
Training
Telephone
1,144
Depreciation 96,229 91,187
Bank charges and general administration
7,385		 12,517
Interest
2,914		 10,296
Governance costs
12,718
Total
165,998		 397,576
9.
Auditors' remuneration
2021 2020
£ £
Fees payable to the Charity's auditor for the audit of the Charity's
annual accounts
Nil		 11,600
Fees payable to the Charity's auditor in respect of:
All Non-audit services not included above
6,941		 1,975
10.
Staff Costs
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Recharge of Wages and Salaries
59,437		 237,671 2,104 229,763

11. Trustee's remuneration and expenses

During the year, the Trustee did not receive any remuneration or other benefits (2020 - £NIL).

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12. Tangible fixed assets

Group and Charity

Group and Charity Group and Charity Group and Charity
Freehold
property
Fixtures and
fittings
Cost or valuation
£
£
At 1 April 2020
3,832,117
261,640
Additions
0
2,000
At 31 March 2021
3,832,117
263,640
Freehold
property
Fixtures and
fittings
Depreciation
£
£
At 1 April 2020
601,997
134,415
Charge for the year
69,293
26,936
At 31 March 2021
671,290
161,351
Net book value
At 31 March 2021
3,160,827
102,289
At 31 March 2020
3,230,120
127,225		 Total
£
4,093,757

2,000
4,095,757

Total
£
736,412

96,229
832,641
102,289 3,263,116
127,225 3,357,345

20

13. Fixed asset investments

13.
Fixed asset investments
Investments
in subsidiary
companies
Charity
£
Cost or valuation
At 31 March 2020
1
At 31 March 2021
1
Net book value
At 31 March 2020
1
At 31 March 2021
1

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Registered office or
Name Company
number		 principal place of
business
Principal activity
Ware Priory Trading
Limited
07669193		 The Priory, High Street,
Ware, Hertfordshire, SG12		 Letting out of office space
and hire of facilities for
9AL events.
Included in
Holding consolidation
100%
Yes
The financial results of the subsidiary for the year were:
2021		 2020
£ £
Income
129,302		 375,207
Expenditure
118,349		 292,939
Profit/(Loss) for the year
10,953		 82,268
Net Liabilities
191,311		 202,264

21

14.
Debtors
15.
Creditors: Amounts falling due within one year
Group
Group
Charity
2021
2020
2021
Due within one year
£
£
£
Trade debtors
666
5,055
-
Amounts owed by group undertakings
84,820
Other debtors
61,529
6,217
19,811
Prepayments and accrued income
-
7,315
-
Total
62,195
18,587
104,631
Group
Group
Charity
2021
2020
2021
Due within one year
£
£
£
Loan from Ware Town Council
63,562
82,986
63,562
Trade creditors
1,297
(1,628)
-
Creditor - Ware Town Council
537,427
412,328
389,004
Other taxation and social security
-
5,135
-
Accruals and deferred income
14,720
33,066
390
Total
617,006
531,887
452,956		 Charity
2020
£
32
89,820
6,217
6,478
102,547

Charity
2020
£
82,986
12,685
313,703
12,232
421,606

Ware Town Council, the Sole Trustee, has provided loan financing to the Charity, this is on a back to back arrangement with loans raised by the Town Council from the Public Works Loan Board (PWLB). The loan principal of £500,000 was agreed on 15 March 2006. The loan attracts interest at a fixed rate of 4.5% per annum. A further loan of £300,000 was agreed in January 2007 at a fixed rate of interest of 5.15%. An additional loan of £200,000 was drawn down in October 2007 at a fixed interest rate of 5.05%. The loans are repayable by half-yearly annuity over a period of 15 years and 6 months.

months.
Group Group
2021 2020
£ £
Deferred income at 1st April
16,884		 18,948
Resources deferred during the year
390		 16,884
Amounts released from previous periods
(16,884)		 (18,948)
Total
390		 16,884

Deferred income relates to receipts received in advance of venue hire bookings.

22

16. Creditors: Amounts falling due after more than one year
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Loan from Ware Town Council
-		 70,943 - 70,943
Included within the above are amounts falling due as follows:
Group Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Between one and two years
1-2 yrs
-		 70,943 - 70,943
Between two and five years
2-5 yrs
-		 - - -
17.
Statement of funds
Statement of funds - current year
Balance at
Balance at 1 Transfers 31 March
April 2020 Income Expenditure in/out 2021
Unrestricted funds
Reserves
2,814,462		 134,966 (212,597) - 2,736,831
Restricted funds
Nil		 Nil Nil
Nil
Total of funds
2,814,462		 134,966 (212,597) - 2,736,831
Statement of funds - prior year
Balance at
Balance at 1 Transfers 31 March
April 2019 Income Expenditure in/out 2020
Unrestricted funds
Reserves
2,769,855		 839,395 (882,322) 87,534 2,814,462
Restricted funds
MUGA Project
10,000		 77,534 - (87,534) Nil
Total of funds
2,779,855		 916,929 (882,322) 2,814,462

23

18. Summary of funds

Summary of funds - current year

Balance at 1
April 2020
General funds
2,814,462
Restricted funds
Nil
Total funds
2,814,462
Summary of funds - prior year
Balance at 1
April 2019
General funds
2,769,855
Restricted funds
10,000
Total funds
2,779,855		 Income Expenditure
Transfers
in/out
Balance at
31 March
2021
134,966
(212,597)
-
2,736,831
Nil
Nil
Nil
134,966
(212,597)
-
2,736,831
Income Expenditure
Transfers
in/out
Balance at
31 March
2020
839,395
(882,322)
87,534
2,814,462
77,534
(87,534)
-
916,929
(882,322)
-
2,814,462

24

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted Restricted Total
funds funds funds
2021 2021 2021
Tangible fixed assets
3,263,116		 - 3,263,116
Current assets
90,721		 - 90,721
Creditors due within one year
(617,006)		 - (617,006)
Creditors due in more than one year
-		 - -
Total
2,736,831		 - 2,736,831
Analysis of net assets between funds - prior year
Unrestricted Restricted Total
funds funds funds
2020 2020 2020
Tangible fixed assets
3,357,345		 - 3,357,345
Current assets
(17,587)		 77,534 59,947
Creditors due within one year
(531,887)		 - (531,887)
Creditors due in more than one year
(70,943)		 - (70,943)
Difference
77,534		 (77,534) -
20.
Reconciliation of net movement in funds to net cash flow from operating activities
Total
2,814,462
-
2,814,462
Group Group
2021 2020
Net income/expenditure for the period (as per Statement of Financial
Activities)
(77,631)		 34,607
Adjustments for:
Depreciation charges
96,229		 91,187
Interest paid
2,914		 10,296
Decrease/(increase) in debtors
(43,608)		 2,835
Increase/(decrease) in creditors
104,543		 44,482
Net cash provided by operating activities
82,447		 183,407

25

21. Analysis of cash and cash equivalents

21.
Analysis of cash and cash equivalents		 21.
Analysis of cash and cash equivalents		 21.
Analysis of cash and cash equivalents		 21.
Analysis of cash and cash equivalents
Group Group
2021 2020
£ £
Cash in hand
28,526		 41,360
22.
Analysis of changes in net debt
Total cash and cash equivalents
28,526
At 1 April		 41,360
31 March
2020 Cash flows 2021
£ £ £
Cash at bank and in hand
41,360		 (12,834) 28,526
Debt due within 1 year
(82,986)		 19,424 (63,562)
Debt due after 1 year
(70,943)		 70,943 .
(112,569) 77,533 (35,036)

23. Operating lease commitments

At 31 March 2021 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

payments under non-cancellable operating leases as follows: payments under non-cancellable operating leases as follows:
Group Group
2021 2020
£ £
Equipment lease
Not later than 1 year
-		 4,274
Later than 1 year and not later than 5 years
-		 -
Total
-		 4,274

26

24. Operating lease receivables - Group as lessor

The Priory Charity rents out the Garden room under an operating lease, commencing from 13 December 2019. At the Balance sheet date the following future minimum lease amounts are contractually receivable from tenants:

Group
2021
£
Not later than 1 year
8,400
Later than 1 year but not later than 5 years
22,692
31,092

25. Related party transactions

Ware Town Council is related to The Priory Charity by virtue of being the Trustee of the charity.

During the year Ware Town Council (the Trustee) paid the Charity a subsidy of £25,000 (2020 £448,497). At the year end, and included within trade debtors, was an amount of £Nil (2020: £Nil) receivable from the Ware Town Council.

Ware Town Council recharged salaries to the Charity and Ware Priory Trading Limited, a wholly owned subsidiary of the Charity, of £59,437 (2020 £237,671). At the year end, the group owed Ware Town Council £537,427 (2020 £448,497) which is included in trade creditors.

In addition to the amount included within Trade Creditors the group also owed £63,562 in respect of a term loan advanced to it by the Town Council (2020 £153,929).

27