## 

|Company Secretary|Company Secretary|Michael Beauchamp|Mansel Porter BA MSc|Mansel Porter BA MSc|
|---|---|---|---|---|
|Registered|Office|Stable Cottage|||
|||Eckington<br>Road|||
|||Birlingham|||
|||Pershore|||
|||Worcestershire|||
|||WR10 3DA|||
|Principal Office||Stable Cottage|||
|||Eckington<br>Road|||
|||Birlingham|||
|||Pershore|||
|||Worcestershire|||
|||WR10 3DA|||
|Solicitors||Charles<br>Russell Speechlys||LLP|
|||Compass<br>House|||
|||Lypiatt<br>Rd|||
|||Cheltenham|||
|||GL50 2QJ|||
|Independent|Auditors|Saffery Champness|LLP||
|||71Queen Victoria Street|||
|||London|||
|||EC4V 4BE|||
|Bankers||Barclays Bank Pic|||
|||Wytham<br>Court|||
|||11West Way|||
|||Oxford|||
|||OX2 OJB|||
|Investment|Managers|Brewin Dolphin|||
|||The Paragon<br>Building|||
|||32 Counterslip|||
|||Bristol|||
|||BS16BX|||





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|||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Year|Year|
||||||Notes|Unrestricted|Restricted|31May|31May|
|||||||2020|2020|2020|2019|
|||||||f|f|f||
|Income from:||||||||||
|Investments||||||||||
|Rents receivable||||||144,327||144,327|144,327|
|Investment<br>income|||||||4,417|4,417|5,198|
|Donations|||||||||40,690|
|Total income||||||144,327|4,417|148,744|190,216|
|Expenditure<br>on:||||||||||
|Raising funds||||||||||
|Finance costs||||||1,547|2,008|3,555|4,683|
|Charitable<br>activities||||||||||
|Provision ofeducation||||||28,128|6,000|34,128|99,516|
|Total expenditure||||||29,675|8,008|37,683|104,199|
|Net (losses)/gains||on|investments||||(9,470)|(9,470)|(7,997)|
|Net income/(expenditure)||||||114,652|(13,061)|101,591|78,020|
|Other recognised||gains/(losses)||||||||
|Actuarial<br>losses on defined||||||||||
|benefit pension|scheme|||||(262)||(262)|(1,000)|
|Net Movement|in|Funds||||114,390|(13,061)|101,329|77,020|
|Fund balance brought|||forward|at||||||
|1June 2019||||||2,942,289|186,328|3,128,617|3,051,597|
|Fund balance carried|||forward|at||3,056,679|173,267|3,229,946|3,128,617|
|31May 2020||||||||||





||||||Continuing|Discontinued|Total|Continuing|Discontinued|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||operations|operations|year ended|operations|operations|9months|
||||||||31May|||31Ivlay|
||||||2020|2020|2020|2019|2019|2019|
|Income from:|||||||||||
|Investments|||||||||||
|Rents receivable|||||144,327||144,327|144,327||144,327|
|Investment||income|||4,417||4,417|5,198||5,198|
|Grants and||donations||||||40,690||40,690|
|Total|||||148,744||148,744|190,216||190,216|
|Expenditure||on:|||||||||
|Raising funds|||||3,555||3,555|4,683||4,683|
|Charitable|activities||||34,128||34,128|23,575|75,941|99,516|
|Total|||||37,683||37,683|28,258|75,941|104,199|
|Net gains/(losses)|||on||(9,470)||(9,470)|(7,997)||(7,997)|
|investments|||||||||||
|Actuarial|gains/(losses)|||on|(262)||||||
|defined|benefit||pension|||||(1,000)||(1,000)|
|scheme|||||||||||
|Net income/||(expenditure)|||101,329||101,329|152,961|(75,941)|77,020|





|||||Notes|2020|2019|
|---|---|---|---|---|---|---|
||||||f|f|
|Tangible<br>Fixed Assets|||||3,900,000|3,900,000|
|investments|||||||
|Other Investments|||||173,524|186,328|
||||||173,524|186,328|
|Current Assets|||||||
|Debtors|||||1,798|1,456|
|Cash at bank|and in|hand|||7,439|11,267|
||||||9,237|12,723|
|Creditors: amounts||falling|due within one year||(127,000)|(137,943)|
|Net Current|Liabilities||||(117,763)|(125,220)|
|Total Assets|less Current||Liabilities||3,955,761|3,961,108|
|Creditors: amounts||falling|due after more than one year||(611,355)|(696,986)|
|Provisions||||12|(114,460)|(135,505)|
|Net Assets|||||3,229,946|3,128,617|
|Funds||||10|||
|Restricted funds|||||173,267|186,328|
|Unrestricted|funds:||||3,056,679|2,942,289|
|Total funds|||||3,229,946|3,128,617|





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|Current year|||||31May|
|---|---|---|---|---|---|
||||Unrestricted|Restricted funds|2020|
||||funds||Total|
||||f|f|f|
|Raising funds||||||
|Finance costs|||1,547|2,008|3,555|
||||1,547|2,008|3,555|
|Charitable<br>activities||||||
|Bursary awards||||6,000|6,000|
|Support costs|||18,088||18,088|
|Governance<br>costs|||10,040||10,040|
||||28,128|6,000|34,128|
|Total expenditure|||29,675|8,008|37,683|
|Comparative<br>year|||||31May|
||||Unrestricted|Restricted funds|2019|
||||funds||Total|
||||f|f|f|
|Raising funds||||||
|Finance costs|||2,551|2,132|4,683|
||||2,551|2.132|4,683|
|Charitable<br>activities||||||
|Bursary awards||||9,000|9,000|
|Support costs|||72,676||72,676|
|Governance<br>costs|||17,840||17,840|
||||90,516|9,000|99,516|
|Total expenditure|||93,067|11132|104,199|
|Expenditure|includes:|||||
|||||31May|31May|
|||||2020|2019|
|||||f|f|
|Auditors'|remuneration|(excluding|VAT) for:|||
|Audit services||||||
|Current year||||5,500|6,250|
|Prior|year||||2,000|
|Other services||||700|22,027|





## 

|Staff Costs||||||||
|---|---|---|---|---|---|---|---|
|||||||31May|31May|
|||||||2020|2019|
|||||||f|f|
|Total staff costs comprised:||||||||
|Wages and salaries||||||496|83|
|Social security costs||||||||
|Pensions contributions||||||||
|Interest expense|on|defined||benefit pension scheme||1,652|3,000|
|Net credit/<br>expense||in|relation||to changes to estimated||(16,000)|
|Pensions<br>Trust|pension||liability||(see note 12 for further|||
|details)||||||||
|||||||2,148|(12,917)|
|The average numbers|of|employees|||in the period were:|2020|2019|
|||||||Number|Number|
|Management<br>R administration||||||1|1|



|||||||31May|31May|
|---|---|---|---|---|---|---|---|
|||||||2020|2019|
|||||||f|f|
|Aggregate|employment|benefits|of|key|management|496|83|
|personnel||||||||





## 

## 

||Freehold|Total|
|---|---|---|
||property||
|Cost|||
|At 1June 2019and 31May 2020|5,823,282|5,823,282|
|Depreciation|||
|At 1June 2019and 31May 2020|1,923,282|1,923,282|
|Net Book Value|||
|At 1June 2019and 31May 2020|3,900,000|3,900,000|



## 

|Investments|||||
|---|---|---|---|---|
||||2020|2019|
||||f|f|
|Balance brought|forward||186,328|246,265|
|Proceeds from|disposals||(139,147)|(74,768)|
|Purchases|||131,175|66,540|
|Net (losses)/ gains|||(9,470)|(7,997)|
|Movement<br>on investment||cash|4,638|(43,712)|
|Balance carried|forward||173,524|186,328|





||Investments|Investments|are made|are made|are made|up as follows:|||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
||||||||E||
||UK Equities||||||75,107|75,107|
||UK Bonds||||||55,524|40,718|
||Overseas|Bonds and|||Equities||30,793|53,429|
||Property|and||other|||5,332|14,584|
||Cash||||||6,768|2,490|
||||||||173,524|186,328|
||Debtors||||||||
||||||||2020|2019|
||||||||f||
||Prepayments|||and accrued income|||1,798|1,456|
||||||||1,798|1,456|
|7|Creditors:|Amounts|||falling due within one year||||
||||||||2020|2019|
||||||||f|f|
||Accruals|and||deferred||income|127,000|137,943|
||||||||127,000|137,943|
|8|Creditors:|Amounts|||falling due after more than one year||||
||||||||2020|2019|
||||||||f||
||Deferred|rental income (note 9)|||||601,219|684,146|
||Accruals||||||10,136|12,840|
||||||||611,355|696,986|





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## 

||||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||f|f|
|At 1June 2019||||||||767,073||850,000|
|Released to income||||in the year||||(82,927)||(82,927)|
|At 31|May 2020|||||||684,146||767,073|
|The deferred||income<br>is expected to be||||recognised|as|follows:|||
||||||||||2020|2019|
||||||||||f|f|
|Within|1year||||||||82,927|82,927|
|Within|1to 2|years|||||||82,927|82,927|
|Within|2to 5|years||||||248,781||248,781|
|After|more than||five|years||||269,511||352,438|
|||||||||684,146||767,073|
|Funds|||||||||||
|Current|year||Brought||Income|Expenditure||Gains/|Transfers|Balance carried|
|||forward||at 1||||(losses)||forward at 31|
||||June|2019||||||May 2020|
|||||E||||||E|
|Unrestricted|||||||||||
|funds|||||||||||
|General|||3,077,794||144,327|(31,327)|||(19,655)|3,171,139|
|funds|||||||||||
|Pension|fund||(135,505)|||(1,652)||(262)|19,655|(114,460)|
|reserve|||||||||||
||||2,942,289||144,327|(29,675)||(262)||3,056,679|
|Restricted|||||||||||
|funds|||||||||||
|SBP|||186,328||4,417|(8,008)||(9,470)||173,267|
||||186,328||4,417|(8,008)||(9,470)||173,267|
|Total|||3,128,617||148,744|(37,683)||(9,732)||3,229,946|



## 

## 



|Comparative|Brought|Brought|Income|Expenditure|Gains/|Transfers|Balance carried|Balance carried|
|---|---|---|---|---|---|---|---|---|
|year|forward at 1||||(losses)||forward at|31|
||June|2019|||||May 2020||
|||E||||||E|
|Unrestricted|||||||||
|funds|||||||||
|General|2,988,671||185,052|(106,067)||10,138|3,077,794||
|funds|||||||||
|Pension<br>fund|(171,389)|||13,000|(1,000)|23,884|(135,505)||
|reserve|||||||||
||2,817,282||185,052|(93,067)|(1,000)|34,022|2,942,289||
|Restricted|||||||||
|funds|||||||||
|SBP|227,545||5,164|(11,132)|(7,997)|(27,252)|186,328||
|Other||6,770||||(6,770)|||
||234,315||5,164|(11,132)|(7,997)|(34,022)|186,328||
|Total|3,051,597||190,216|(104,199)|(8,997)||3,128,617||
|Analysis of net assets between|||funds at 31May||||||
|Current year||||Unrestricted|Restricted||Total||
|||||f||f|||
|Tangible fixed|assets|||3,900,000|||3,900,000||
|Investments|||||173,524||173,524||
|Net current assets||||(117,506)||(257)|(117,763)||
|Long term liabilities||and provisions||(725,815)|||(725,815)||
|Total||||3,056,679|173,267||3,229,946||
|Comparative|year|||Unrestricted|Restricted||Total||
|||||f||f|f||
|Tangible fixed|assets|||3,900,000|||3,900,000||
|Investments|||||186,328||186,328||
|Net current assets||||(125,220)|||(125,220)||
|Long term liabilities||and provisions||(832,491)|||(832,491)||
|Total||||2,942,289|186,328||3,128,617||



## 



## 

## 

|From|1|April|2020|to|31January|2025:|f11'243'000|per|annum|(payable<br>monthly|and increasing|by 3%each|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||on 1st April)|||



## 

|Defi|cit contributions|||||
|---|---|---|---|---|---|
|From|1April 2016to 30September 2025:|12,945,4 0 per annum|(payable<br>monthly|and increasing|by 3%each|
||||on 1st April)|||
|From|1April 2016to 30September 2028:|f54,560 per annum|(payable<br>monthly<br>on 1stApril)|and increasing|by 3%each|





|Present values|of provision|of provision|of provision|||||||
|---|---|---|---|---|---|---|---|---|---|
||||||31May|2020|31May|2019|31May 2018|
||||||(fs)||(fs)||(fs)|
|Present value of|provision|||||114,460||135,505|171,109|
|Reconciliation|ofopening||and closing||provisions|||||
||||||||Period Ending||Period Ending|
||||||||31May 2020||31May 2019|
||||||||(fs)||(fs)|
|Provision at the|start ofthe||period||||135,505||171,109|
|Unwinding<br>ofthe <br>(interest expense)||discount|factor||||1,652||2,530|
|Deficit contribution||paid|||||(22,959)||(22,510)|
|Remeasurements<br>—impact <br>change<br>in assumptions|||of any||||262||906|
|Remeasurements||—amendments||to the||||||
|contribution<br>schedule|||||||||(16,530)|
||||||||114,460||135,505|
|Income and expenditure|||impact|||||||
||||||||Period Ending||Period Ending|
||||||||31May 2020||31May 2019|
||||||||(fs)||(fs)|
|Interest expense|||||||1,652||2,530|
|Remeasurements<br>in assumptions||—impact|ofany|change|||262||906|
|Remeasurements||—amendments||to the||||||
|contribution<br>schedule|||||||||(16,530)|
|Assumptions||||||||||
||||||31May 2020<br>% per annum||31May 2019<br>% per annum||31August<br>2018<br>%per annum|
|Rate ofdiscount||||||1.24||1.34|1.58|





## 



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## 

|omparative<br>informa|t|io|n||||
|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|
|||||2019|2019|2019|
|||||f|f||
|Income from:|||||||
|Investments|||||||
|Rents receivable||||144,327||144,327|
|Investment<br>income||||35|5,164|5,198|
|Donations||||40,690||40,690|
|Total||||185,052|5,164|190,216|
|Expenditure<br>on:|||||||
|Raising funds|||||||
|Finance costs||||2,551|2,132|4,683|
|Charitable<br>activities|||||||
|Provision ofeducation||||90,516|9,000|99,516|
|Total||||93,067|11,132|104,199|
|Net gains/(losses)|on||investments||(7,997)|(7,997)|
|Net income/(expenditure)||||91,985|(13,965)|78,020|
|Transfers between||funds||34,022|(34,022)||
|Other recognised|gains/(losses)||||||
|Actuarial<br>losses on||defined benefit||(1,000)||(1,000)|
|pension scheme|||||||
|Net movement<br>on||funds||125,007|(47,987)|77,020|
|Fund balance brought|||forward at 1|2,817,282|234,315|3,051,597|
|September 2018<br>Fund balance carried|||forward at 31|2,942,289|186,328|3,128,617|
|May 2019|||||||