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2022-03-31-accounts

THE PRIORY CHARITY

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 2022

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 2021 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 2021/22 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 2021/22

Total income for the Charity for the year was £758,817 (2021: £134,967) and expenditure for the year was £350,290 (2021: £212,597) with a net surplus of £408,527 (2021: -£77,630).

Total income for Ware Priory Trading Limited for the year was £370,900 (2021: £129,302) and expenditure for the year was £255,588 (2021: £118,349) with a net surplus of £115,312 (2021: £10,953).

Ware Town Council (the Trustee) increased its subsidy to the Priory Charity from £25,000 in 2021 to £388,048 in 2022.

Reserves

Free reserves are defined as those funds which are not designated or restricted, nor held as tangible fixed assets. As at 31 March 2022 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 £3,145,358 (2021: £2,736,831). 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 2021/22 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 2022/23

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.

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:

7

THE PRIORY CHARITY

INDEPENDENT EXAMINERS REPORT ON THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2022

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2022.

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

June 2021

8

THE PRIORY CHARITY

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

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2022 2022 2022 2021
Note £ £ £ £
Income from:
Donations and legacies: 4
I1
Donations and Grants		 - - 11
I2
Ware Town Council subsidy		 388,048 388,048 25,000
Charitable activities: 5 - - -
Other trading activities: 6
Conferences, events & other
I7
rental		 308,188 308,188 91,965
I8
Catering Income		 62,581 62,581 (6,403)
I9
Other income		 - - 24,394
Total income 758,817 - 758,817 134,967
Expenditure on:
Raising funds 235,457 235,457 98,349
Charitable activities 114,833 114,833 114,248
Total expenditure 7 350,290 - 350,290 212,597
Net income/(expenditure) 408,527 - 408,527 (77,630)
Net movement in funds 408,527 - 408,527 (77,630)
Reconciliation of funds:
Total funds brought forward 2,736,832 2,736,832 2,814,462
Net movement in funds 408,527 - 408,527 (77,630)
Total funds carried forward 3,145,359 - 3,145,359 2,736,832

9

THE PRIORY CHARITY

REGISTERED NUMBER: 273022 CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2022

Note 2022 2022 2021 2021
£ £ £ £
Fixed assets
Tangible assets 12 3,166,885 3,263,116
3,166,885 3,263,116
Current Assets
Debtors 14 5,259 62,195
BAN
K Cash at bank and in hand 55,551 28,526
60,810 90,721
Creditors: amounts falling
due within one year 15 (82,336) (617,006)
Net current liabilities (21,526) (526,285)
Total assets less current liabilities 3,145,359 2,736,831
Creditors: amounts falling
due after more than one
year 16 - -
Total net assets 3,145,359 2,736,831
Charity funds
Restricted funds -
Unrestricted funds 17 3,145,358 2,736,831
Total funds carried forward 3,145,358 2,736,831

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

and signed on their behalf by:

10

THE PRIORY CHARITY

REGISTERED NUMBER: 273022

CHARITY BALANCE SHEET

AS AT 31 MARCH 2022

Note 2022 2022 2021 2021
£ £ £ £
Fixed assets
Tangible assets 3,166,885 3,263,116
Investments 1 1
3,166,886 3,263,117
Current Assets
Debtors 14 100,434 104,631
BANK
Cash at bank and in hand		 24,184 13,351
124,618 117,982
Creditors: amounts falling
due within one year 16 (70,146) (452,956)
Net current liabilities 54,472 (334,974)
Total assets less current liabilities 3,221,358 2,928,143
Creditors: amounts falling
due after more than one
year - -
Total net assets 3,221,358 2,928,143
Charity funds
Restricted funds - -
Unrestricted funds 3,221,358 2,928,143
Total funds carried forward 3,221,358 2,928,143

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

and signed on their behalf by:

11

THE PRIORY CHARITY

Registered Number: 273022

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Interest paid
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
2021
£
£
81,235
82,447
-
(2,914)
-
(2,000)
-
(4,914)
(54,211)
(90,367)
(54,211)
(90,367)
27,025
(12,834)
28,526
41,360
55,551
28,526

12

THE PRIORY CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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.

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.

13

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.

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.

14

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.

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

15

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.

4. Income from donations and legacies

Unrestricted
funds
Restricted
funds
2022
2022
£
£
Ware Town Council subsidy
388,048
-
Donations
-
-
Grants
-
-
Total
388,048
-
Unrestricted
funds
Restricted
funds
2021
2021
£
£
Ware Town Council
25,000
-
Donations
11
-
Grants
-
-
Total
25,011
-		 Total
funds
2022
£
388,048
-
-
388,048		 Total
funds
2022
£
388,048
-
-
388,048
Total
funds
2021
£
25,000
11
-
25,011

16

5. Income from charitable activities

Unrestricted Total
funds funds
2022 2022
£ £
Income from charitable activities 0 0
Unrestricted Total
funds funds
2021 2021
£ £
Income from charitable activities 0 0
6. Income from other trading activities
Income from non charitable trading activities
Unrestricted Total
funds funds
2022 2022
£ £
Sales 370,769 370,769
Unrestricted Total
funds funds
2021 2021
£ £
Sales 129,302 129,302

17

7. Analysis of expenditure by activities

2022
Charitable expenditure
Raising funds
Total
2021
Charitable expenditure
Raising funds
Total
8.
Analysis of Support costs
Staff recharges from Ware Town Council
Repairs, maintenance and other sundry items
Training
Telephone
Depreciation
Bank charges and general administration
Interest
Governance costs
Total
9.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's
annual accounts
Fees payable to the Charity's auditor in respect of:
All Non-audit services not included above		 Direct
Costs
£
114,833
235,457
350,290
Direct
Costs
£
6,161
40,437
46,598
2022
£
99,782
99,782
2022
£
Nil
Nil		 Support
Costs
£
0
Support
Costs
£
108,086
57,912
165,998
2021
£
59,437
33
96,229
7,385
2,914
165,998
2021
£
11,600
6,941

18

10. Staff Costs

10.
Staff Costs
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Recharge of Wages and Salaries 99,782 59,437 0 2,104

11. Trustee's remuneration and expenses

During the year, the Trustee did not receive any remuneration or other benefits (2021 - £NIL).

12. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 April 2021
Additions
At 31 March 2021
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
Fixtures and
fittings
£
£
3,832,117
263,640
0
0
3,832,117
263,640
Freehold
property
Fixtures and
fittings
£
£
671,290
161,351
69,294
26,937
740,584
188,288		 Freehold
property
Fixtures and
fittings
£
£
3,832,117
263,640
0
0
3,832,117
263,640
Freehold
property
Fixtures and
fittings
£
£
671,290
161,351
69,294
26,937
740,584
188,288		 Total
£
4,095,757		 Total
£
4,095,757
0
4,095,757
Total
£
832,641
96,231
928,872
3,091,533 75,352 3,166,885
3,160,827 102,289 3,263,116

19

13. Fixed asset investments

Investments
in subsidiary
companies
Charity £
Cost or valuation
At 31 March 2021 1
At 31 March 2022 1
Net book value
At 31 March 2021 1
At 31 March 2022 1

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Registered office or
Company principal place of
Name number business Principal activity
Ware Priory Trading
Limited		 07669193 The Priory, High Street,
Ware, Hertfordshire, SG12
9AL		 Letting out of office space
and hire of facilities for
events.

Included in Holding consolidation

100% Yes

The financial results of the subsidiary for the year were:

esults of the subsidiary for the year were:
Income
Expenditure
Profit/(Loss) for the year
Net Liabilities		 2022
2021
£
£
370,900
129,302
255,588
118,349
115,312
10,953
(75,999)
191,311

20

14. Debtors

Group
2022
Due within one year
£
Trade debtors
(12,743)
Amounts owed by group undertakings
-
Other debtors
(2,627)
Prepayments and accrued income
20,629
Total
5,259		 Group
2021
£
666
-
61,529
-
62,195		 Charity
2022
£
(390)
84,820
(3,788)
19,792
100,434		 Charity
2021
£
-
84,820
19,811
-
104,631

15. Creditors: Amounts falling due within one year

Due within one year
Loan from Ware Town Council
Trade creditors
Creditor - Ware Town Council
Other taxation and social security
Accruals and deferred income
Total		 Group
2022
£
9,351
7,917
343
-
64,725
82,336		 Group
2021
£
63,562
1,297
537,427
-
14,720
617,006		 Charity
2022
£
9,351
61
60,344
-
390
70,146		 Charity
2021
£
63,562
-
389,004
-
390
452,956

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
2022 2021
£ £
Deferred income at 1st April 390 16,884
Resources deferred during the year 390
Amounts released from previous periods (16,884)
Total 390 390

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

21

16. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Loan from Ware Town Council - - - -
Included within the above are amounts falling due as follows:
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Between one and two years
1-2 yrs - - - -
Between two and five years
2-5 yrs - - - -
17.
Statement of funds
Statement of funds - current year
Balance at 1
April 2021
Unrestricted funds
Reserves
2,736,831
Restricted funds
Nil
Total of funds
2,736,831
Statement of funds - prior year
Balance at 1
April 2020
Unrestricted funds
Reserves
2,814,462
Restricted funds
MUGA Project
NIL
Total of funds
2,814,462		 Income Expenditure
Transfers
in/out
Balance at
31 March
2022
758,817
(350,290)
-
3,145,358
Nil
Nil
Nil
758,817
(350,290)
-
3,145,358
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

22

18. Summary of funds

Summary of funds - current year

Summary of funds - current year
Balance at 1
April 2021
General funds
2,736,831
Restricted funds
Nil
Total funds
2,736,831
Summary of funds - prior year
Balance at 1
April 2020
General funds
2,814,462
Restricted funds
-
Total funds
2,814,462		 Income
Expenditure
Transfers
in/out
758,817
(350,290)
-
Nil
Nil
758,817
(350,290)
-
Income
Expenditure
Transfers
in/out
134,966
(212,597)
-
-
-
134,966
(212,597)
-		 Balance at
31 March
2022
3,145,358
Nil
3,145,358
Balance at
31 March
2021
2,736,831
-
2,736,831

23

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
Restricted
funds
2022
2022
Tangible fixed assets
3,166,885
-
Current assets
60,810
-
Creditors due within one year
(82,336)
-
Creditors due in more than one year
-
-
Total
3,145,359
-
Analysis of net assets between funds - prior year
Unrestricted
funds
Restricted
funds
2021
2021
Tangible fixed assets
3,263,116
-
Current assets
90,721
-
Creditors due within one year
(617,006)
-
Creditors due in more than one year
-
-
Total
2,736,831
-		 Total
funds
2022
3,166,885
60,810
(82,336)
-
3,145,359
Total
funds
2021
3,263,116
90,721
(617,006)
-
2,736,831

24

21. Analysis of cash and cash equivalents

Group Group
2022 2021
£ £
Cash in hand 55,551 28,526
Total cash and cash equivalents 55,551 28,526
22. Analysis of changes in net debt
At 1 April 31 March
2021 Cash flows 2022
£ £ £
Cash at bank and in hand 28,526 27,025 55,551
Debt due within 1 year (63,562) 54,211 (9,351)
Debt due after 1 year .
(35,036) 81,236 46,200

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:
Group Group
2022 2021
£ £
Equipment lease
Not later than 1 year - 4,274
Later than 1 year and not later than 5 years - -
Total - 4,274

25

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:

December 2019. At the Balance sheet date the following future minimum lease amounts are
contractually receivable from tenants:
Not later than 1 year
Later than 1 year but not later than 5 years		 Group
2022
£
8,400
14,292
22,692

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 £388,048 (2021 £25,000). 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 £99,782 (2021 £59,437). At the year end, the group owed Ware Town Council £343 (2021 £25,000) which is included in trade creditors.

In addition to the amount included within Trade Creditors the group also owed £9,351 in respect of a term loan advanced to it by the Town Council (2021 £63,562).

26