2020-12-31-accounts - Grimsby Sailors And Fishing Charity

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REGISTERED CHARITY NUMBER: 500816

Report of the Trustees and Financial Statements for the Year Ended 31 December 2020 for Grimsby Sailors & Fishing Charity

Haines Watts, Chartered Accountants 117 - 119 Cleethorpe Road Grimsby North East Lincs DN31 3ET

Grimsby Sailors & Fishing Charity

Contents of the Financial Statements for the Year Ended 31 December 2020

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Reference|and|Administrative|Details|1| |Report of|the|Trustees|2|to|4| |Report of|the Independent|Auditors|5|to|6| |Statement|of Financial|Activities|7| |Balance|Sheet|8|to9| |Cash|Flow|Statement|10| |Notes|to|the|Cash|Flow|Statement|11| |Notes|to|the|Financial|Statements|12|to|20| |Detailed|Statement|of Financial|Activities|21|to|22|

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Grimsby Sailors & Fishing Chari

Reference and Administrative Details for the Year Ended 31 December 2020

TRUSTEES	MrA J Allard (Chairman)
	Mrs G A Ross
	MrI F Scott
	MsM Lalor
	MrD Johnson
	MrM Walters
	Mr J Cane
	MrD KW Watt
	Mr BJ Miller
	Supt. S Brown (Port Missioner)
PRINCIPALADDRESS	Office Suite 1
	Alexandra Dock Business Centre
	Fishermans Wharf
	Grimsby
	N E Lincs
	DN31! 1UL
REGISTERED CHARITY NUMBER	500816
INDEPENDENTAUDITORS	Haines Watts, Chartered Accountants
	117 - 119 Cleethorpe Road
	Grimsby
	North East Lincs
	DN31 3ET
BANKERS	NatWestBank Ple
	66 Victoria Street
	Grimsby
	North East Lincs
	DN31 IBP
SOLICITORS	Wilkin Chapman LLP
	Cartergate House
	26 Chantry Lane
	Grimsby
	DN31 2LJ
CHARITIES
ADMINISTRATOR/MANAGER	MrsJCoultas

Page 1

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Grimsby Sailors & Fishing Charity

Report of the Trustees for the Year Ended 31 December 2020

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The financial statements have been prepared with the accounting policies set out in note 1 and comply with the Charity’s trust deed and the Charities Act 2011. The trustees have adopted the provisions of 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 January 2019).

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

Policies and objectives The objects of the charity are;

The provision of almshouses at Grimsby, Cleethorpes, Waltham, New Waltham and Scartho for aged retired sailors and fish trade workers of the Port of Grimsby and their wives, or the aged widows of such sailors or fish trade workers. At present there are 134 dwellings. 2. Such charitable purposes for the benefit ofthe residents as the trustees decide. It is the policy ofthe trustees to maintain and improve all the almshouses to a very high standard in order that all the residents may live out their lives in comfort and dignity. 3. The relief of beneficiaries, resident in the area of benefit, who are in need, hardship or distress.

The trustees seek to continually improve and modernise the properties for which they are responsible.

Achievements

During the year: 1. Properties vacated were extensively modernised prior to occupation by new residents. 2. Following the decision taken in 2017, a further property in Weelsby Street was sold. The funds generated and existing funds were used to purchase two bungalows in more sought-after locations.

Volunteers

The Charity does not currently employ volunteers or receive any donated services.

Grant making policies

Weekly and quarterly grants are paid to support the children of deceased fishermen. Such grants do not affect the support received from government sources. The trustees are empowered in their discretion to make grants of money, goods or services to other beneficiaries living in the Borough of Grimsby and surrounding areas.

ACHIEVEMENT AND PERFORMANCE

Review of activities

The net movement in funds for the year ended 31 December 2020 is a surplus of £292,784 (2019: £467,203) which has been added to the Unrestricted Funds.

Investment policy and performance

Investments consist of: Defensive and Moderate Capital Growth Funds through the Charities Aid Foundation Aegon General Investment Account through Evolve Wealth.

The basic objective is to achieve a reasonable rate of return commensurate with an acceptable level of risk. The policy is reviewed annually.

FINANCIAL REVIEW

Principal funding

The principle funding source of the charity is the contributions paid by residents towards the upkeep of the properties.

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Grimsby Sailors & Fishing Charity

Report of the Trustees for the Year Ended 31 December 2020

FINANCIAL REVIEW

Reserves policy

The charity will seek to create and add to its reserves in a prudent and responsible way in order to maintain and improve all the almhouses to a very high standard and to continue the moral commitment it has to meet its declared objectives. Reserves are £6,285,663 at 31 December 2020.

Extraordinary repairs

Costs of extraordinary repairs, unless representing improvement to the properties are charged to the Statement of Financial Activities in the year in which they are incurred. The Trustees consider that the current balance on the Extraordinary Repairs Reserve of £297,790 is sufficient to meet any foreseeable expenditure of this nature. It is not therefore considered necessary to make any further transfers from the General Fund.

Cyclical Repairs and Maintenance

The Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Statement of Financial Activities in the year in which they are incurred.

Public Benefit Requirement

The Trustees have given due consideration to the Charity Commission published Guidance on the operation ofthe Public Benefit Requirement.

Restricted Reserves

The Restricted Reserve represents a social housing government funded grant. The aim of this grant is to assist with the purchase and development of properties and may need to be repaid if subsequently sold.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Purpose and Constitution of the charity

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The purpose of the Charity is to maintain almshouses in the Grimsby area for use by retired sailors, fish trade workers and their wives or widows.

On 16 December 2005 the Charity Commissioners for England and Wales granted that the Charity which was previously known as The Grimsby and District Home for Poor and Aged Workers Fish Trade to be changed to Grimsby Sailors and Fishing Charity.

On the same date, The Charity Commissioners for England and Wales granted that the Charities previously known as:

Grimsby Fishermen's Dependents' Fund
Fishermen's and Sailors’ Almshouse Trust, and
Diamond Jubilee Provident Homes

be merged into the Grimsby Sailors and Fishing Charity.

Recruitment and appointment or election of trustees

The charity Trust Deed permits one ex officio trustee and up to nine co-opted trustees. Co-opted trustees are appointed by existing trustees. Trustees are chosen because of their connection with the sailing activities of Grimsby and/or specialist knowledge which will be of benefit to the Charity. Trustees do not receive training from this Charity.

Page 3

) " Grimsby Sailors & Fishing Charity

Report of the Trustees

for the Year Ended 31 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management The trustees have conducted a review of the risks to which the Fund is exposed. They believe that its funds are sensibly invested.

Appropriate provision has been made to cover insurable risks.

Principal Activities

During the year the trustees have continued to maintain and improve 134 almshouses in accordance with their stated policy and plan to continue for the foreseeable future.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees 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 charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial information.

Approved by order of the board of trustees on.27. /o + 2/

and signed on its behalf by:

Mr B J Miller - Trustee

Page 4

Report of the Independent Auditors to the Trustees of Grimsby Sailors & Fishing Charity

Opinion

We have audited the financial statements of Grimsby Sailors & Fishing Charity (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements: - give a true and fair view of the state ofthe charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UR)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 5

Report of the Independent Auditors to the Trustees of

Grimsby Sailors & Fishing Charity

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do SO.

Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts Chartered Accountants & Statutory Auditor 117 - 119 Cleethorpe Road Grimsby North East Lincs DN31 3ET

Date: 27 10 LOU

Haines Watts is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

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" Grimsby Sailors & Fishing Charity

Statement of Financial Activities

for the Year Ended 31 December 2020

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|31.12.20|31.12.19| |funds|funds|Totalfunds|Total|funds| |Notes|£|£|£|£| |INCOME AND|ENDOWMENTS|FROM| |Other trading|activities|2|$43,775|-|543,775|536,256| |Investment|income|3|201|-|20]|1,977| |Total|543,976|-|543,976|538,233| |EXPENDITURE| |Charitable|activities|4|323,888|-|323,888|432,119| |Other costs|5|74,058|-|74,058|76,297| |Total|expenditure|397,946|-|397,946|508,416| |Net|income|before|gains|and|losses|on| |Investments/sale|of fixed|assets|146,030|-|146,030|29,817| |Net|gains/(losses)|on|sale|on|fixed|assets|46,078|-|46,078|212,243| |Net|gains/(losses)|on|investments|100,676|~|100,676|225,143| |NET MOVEMENT|IN FUNDS|292,784|-|292,784|467,203| |RECONCILIATION|OF FUNDS| |Total|funds|brought|forward|5,152,570|840,309|5,992,879|5,525,676| |TOTAL FUNDS CARRIED FORWARD|5,445,354|840,309|6,285,663|5,992,879|

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All activities are classed as continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

The accompanying accounting policies and notes form an integral part of these financial statements.

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’ Grimsby Sailors & Fishing Charity

Balance Sheet

At 31 December 2020

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|31.12.20|31.12.19| |funds|funds|Totalfunds|Total|funds| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|8|2,971,328|840,309|3,811,637|3,552,487| |Investments|9|2,470,740|-|2,470,740|2,370,064| |Total|Fixed|Assets|5,442,068|840,309|6,282,377|5,922,551| |CURRENT ASSETS| |Debtors|10|34,279|-|34,279|20,765| |Cash|at bank|118,134|-|118,134|212,948| |152,413|-|152,413|233,713| |CREDITORS| |Amounts|falling|due|within|one year|11|(68,118)|-|(68,118)|(69,144)| |NET CURRENT ASSETS|84,295|-|84,295|164,569| |TOTAL|ASSETS|LESS|CURRENT| |LIABILITIES|5,526,363|840,309|6,366,672|6,087,120| |CREDITORS| |Amounts|falling|due|after more|than|one year|=12|(81,009)|-|(81,009)|(94,241)| |NET ASSETS|5,445,354|840,309|6,285,663|5,992,879| |THE|FUNDS|OF THE CHARITY|13| |Unrestricted|funds|5,445,354|5,152,570| |Restricted|funds|840,309|840,309| |TOTAL CHARITY|FUNDS|6,285,663|5,992,879|

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The accompanying accounting policies and notes form an integral part of these financial statements.

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continued...

"Grimsby Sailors & Fishing Charity

Balance Sheet - continued At 31 December 2020

The financial statements were approved by the Board of Trustees on? F/rof> j and were signed on its behalf by:

MrBJ“ - Trustee

The accompanying accounting policies and notes form an integral part of these financial statements.

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" Grimsby Sailors & Fishing Chari

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|||||| |---|---|---|---|---| |Cash|Flow|Statement| |for the|Year Ended|31|December|2020|

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||||||||| |---|---|---|---|---|---|---|---| |31.12.20|31.12.19| |Notes|£|£| |Cash|flows|from|operating|activities:| |Cash|generated|from|operations|]|130,385|23,364| |Cash|flows|from|investing|activities:| |Purchase|of tangible|fixed|assets|(259,150)|(396,901)| |Sale|of|tangible|fixed|assets|46,078|212,243| |Purchase|of fixed|asset|investments|-|-| |Sale|of fixed|asset|investments|-|-| |Investment|activity|201|1,977| |Interest|paid|(12,328)|(13,332)| |Net cash|provided|by|(used|in)|investing| |activities|(225,199)|(196,013)| |Change|in|cash and|cash equivalents|in|the year|(94,814)|(172,649)| |Cash|and|cash|equivalents|at|the|beginning|of| |the|reporting|period|212,948|385,597| |Cash|and|cash|equivalents|at the|end|of|the| |reporting|period|118,134|212,948|

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The accompanying accounting policies and notes form an integral part of these financial statements.

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"Grimsby Sailors & Fishing Charity

Notes to the Cash Flow Statement for the Year Ended 31 December 2020

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

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|||||||||| |---|---|---|---|---|---|---|---|---| |31.12.20|31.12.19| |£|£| |Net movement|of funds|(as|per the|statement|of financial|activities)|292,784|467,203| |Deduct|investment income shown|in|investing|activities|(201)|(1,977)| |Add back|interest|paid|12,328|13,332| |Deduct|gains/add|back|losses|on|investments|(100,676)|(225,143)| |Deduct|gains/add back|losses|on|sale of fixed|assets|(46,078)|(212,243)| |Decrease/(increase)|in|debtors|(13,514)|288| |Increase/(decrease)|in|creditors|(14,258)|(18,096)| |Net cash|provided|by (used|in)|operating|activities|130,385|23,364|

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‘ Grimsby Sailors & Fishing Charity

Notes to the Financial Statements for the Year Ended 31 December 2020

ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Resources expended are allocated on an actual basis according to the nature of the cost. No estimation techniques are used. Costs of charitable activities include grants made and costs associated with housing properties.

Governance costs include all overhead and support costs. Liabilities are recognised as resources expended as soon as there is a legal or contractual obligation committing the charity to the expenditure.

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Notes to the Financial Statements - continued for the Year Ended 31 December 2020

Grimsby Sailors & Fishing Charity

1. ACCOUNTING POLICIES- continued

Investments

Fixed asset investments are stated at market value.

Gains and losses on investments sold during the year are recorded as realised and represent the difference between the cost of or the market value of the investment held at the previous year end and the sale proceeds.

Any income arising within the investment portfolio is automatically reinvested and is accounted for as part of the change in the market value of investments.

Tangible fixed assets and depreciation

No depreciation is charged on the properties as the residual values are not materially different from the carrying amount.

Refurbishment expenses are not capitalised as such expenses are not separately identifiable within housing property costs and are regarded as maintenance of residual values.

All properties are stated at historical cost.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - not depreciated

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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.

Investment income, gains and losses are allocated to the appropriate fund.

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' Grimsby Sailors & Fishing Chari

Notes to the Financial Statements - continued for the Year Ended 3] December 2020

ACCOUNTING POLICIES — continued

Maintenance contributions

Maintenance contributions are recognised in the Statement of Financial Activities on a receivable basis.

Housing Properties

There are forty-three dwellings at Doughty Road, six flats at Weelsby Court and six flats at Joseph Cobley Court (Hainton Avenue/Sixhills Street), Grimsby. There are also ten bungalows at Castle Street and thirteen houses and five flats in Weelsby Street, Grimsby.

Value Added Tax

The Charity is not registered for VAT. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

Legacies

Legacies are taken into account on an accruals basis when received by the Charity and are included in the Statement of Financial Activities at the gross value received.

Grants

Grants towards repair costs are recognised in the year in which the costs are incurred.

2. ACTIVITIES FOR GENERATING FUNDS

	31.12.20	31.12.19
	£	£
Maintenance contributions	529,045	530,303
Donations and legacies	730	120
Administration fees	14,000	5,833
	543,775	536,256

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’ Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 3] December 2020

INVESTMENT INCOME

		31.12.20	31.12.19
		£	£
	Profit on sale ofinvestments	-	-
	Dividends received	-	1,573
	Bank Interest Received	201	404
		201	1,977
4.	CHARITABLE ACTIVITIES COSTS	31.12.20	31.12.19
		£	£
	Water charges	36,899	30,702
	Insurance	12,517	12,165
	Electricity—Outside lighting	2,140	2,588
	Individual weekly benefits	11,492	12,168
	Individual quarterly benefits	6,800	7,200
	InstitutionalRNMDSF grant	14,000	14,000
	Repairs and maintenance	166,781	270,459
	CouncilTax-empty properties	3,478	7,359
	Window cleaning	5,584	10,362
	Gas service contract	19,857	19,724
	Resident line rental	20,790	20,538
	CareLink charges	15,682	16,435
	Garden maintenance	7,868	8,419
		323,888	432,119
5.	OTHERCOSTS	31.12.20	31.12.19
		£	£
	Wages Auditors’ remuneration	39,869 3,900	41,189 3,540
	Office rentand cleaning	5,179	5,170
	Telephone	1,001	915
	Postage, printing, stationeryand advertising	4,781	2,706
	Miscellaneous expenses	757	943
	Legal and Professional fees	2,585	7,693
	Baddebtexpense	2,697	(90)
	Almshouses Association subscription	961	899
	Loan interest	12,328	13,332
		74,058	76,297

Page 15

)

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2020

6. TRUSTEES' REMUNERATION AND BENEFITS

		31.12.20	31.12.20	31.12.19	31.12.19
		£			£
	Trustees’ remuneration		-		-
	Trustees’ expenses
		31.12.20		31.12.19
		£			£
	Mileage		:	,	:
	The number oftrustees who had expenses paid fortheyearended31 December2020 was nil		(2019:	nil).
7.	STAFF COSTS
		31.12.20		31.12.19
		£			£
	Wages and salaries	39,869			41,189
	The average monthly number ofemployees during the yearwas as follows:
		31.12.20		31.12.19
	Administrationstaff		2		2

No employees received emoluments in excess of £60,000.

The key management personnel of the Charity comprise the trustees, General manager/charities administrator and assistant. The total employees’ salaries paid to the key management personnel of the Charity were £39,869.

Page 16

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2020 8. TANGIBLE FIXED ASSETS

TANGIBLE FIXEDFIXED ASSETS
	Freehold
	property
	£
COST
At 1 January 2020	3,552,487
Additions	259,150
At31 December 2020	3,811,637
NETBOOKVALUE
At 31 December2020	3,811,637
At31December2019	3,552,487

At present there are one hundred and thirty-four dwellings. These comprise of twenty six modern centrally heated bungalows at Manor Drive and Leas Close, one at 20 Fairway and one at 23 Westfield Road, Waltham, seven bungalows at Toll Bar Avenue, one bungalow at Louth Road and one bungalow at Waddingham Place, New Waltham, one bungalow at Elder Road, Grimsby, one bungalow at 35 Brian Avenue and one bungalow at 2 Philip Avenue Cleethorpes and eleven bungalows at Scartho (six bungalows in Lavenham Road, 6 Westbourne Grove, 26 and 32 Coniston Avenue and 6 and 9 Thirlmere Avenue). There are forty-three dwellings at Doughty Road, six flats at Weelsby Court and six flats at Joseph Cobley Court (Hainton Avenue/Sixhills Street), Grimsby. There are also ten bungalows at Castle Street and thirteen houses and five flats in Weelsby Street, Grimsby.

The Charity's property is vested in the Official Custodian for Charities and was insured during the year for £19,809,817 (2019: £19,413,835).

FIXED ASSET INVESTMENTS

	Investments
	£
MARKETVALUE
At 1 January 2020	2,370,064
Revaluation	100,676
Disposals	-
At31 December2020	2,470,740
NET BOOKVALUE
At 31 December 2020	2,470,740
At31December2019	2,370,064

There were no investment assets outside the UK although funds invested by CAF and Evolve Wealth may be held in overseas funds.

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"Grimsby Sailors & Fishing Chari

Notes to the Financial Statements - continued for the Year Ended 31 December 2020

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	31.12.20	31.12.20	31.12.19
		£	£
	Otherdebtors	34,279	20,765
11.	CREDITORS: AMOUNTSFALLINGDUEWITHINONEYEAR
	31.12.20		31.12.19
		£	£
	Other creditors	68,118	69,144
12.	CREDITORS: AMOUNTSFALLINGDUEAFTERMORETHANONE YEAR
	)
	31.12.20		31.12.19
		£	£
	Other creditors	81,009	94,241
	Other creditors falling due after more than one year consists of loans secured on	certain	Charity housing
	properties.

ANALYSIS OF CHARITY FUNDS

		Incoming	Resources	Transfers	Gains/
	At1.1.20	Resources	Expended	(In/(Out)	(Losses)	At31.12.20
	£	£	£	£	£	£
Designated funds	727,918	-	(78,867)	110,523	-	759,574
(note 15)
General funds	4,424,652	543,976	(319,079)	(110,523)	146,754	4,685,780
	5,152,570	543,976	(397,946)	-	146,754	5,445,354
Restricted Funds	840,309	-	-	-	-	840,309
	5,992,879	543,976	(397,946)	-	146,754	6,285,663

Page 18

” Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2020

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |14.|ANALYSIS|OF NET ASSETS|BETWEEN|FUNDS| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|Funds| |31.12.20|31.12.20|31.12.20|31.12.19| |£|£|£|£| |Tangible|fixed|assets|2,971,328|840,309|3,811,637|3,552,487| |Fixed|asset|investments|2,470,740|-|2,470,740|2,370,064| |Current|Assets|152,413|-|152,413|233,713| |Creditors|due|within|one|year|(68,118)|-|(68,118)|(69,144)| |Creditors|due|in|more than|one year|(81,009)|-|(81,009)|(94,241)| |5,445,354|840,309|6,285,663|5,992,879| |15.|DESIGNATED|RESERVES| |Cyclical| |Repairs|and|Extraordinary|Total| |Maintenance|Repairs|Designated| |Reserve|Reserve|Reserve| |£|£|£| |Balance|at|1|January|2020|427,728|300,190|727,918| |Resources|expended|(76,467)|(2,400)|(78,867)| |Transfer from|General|fund|110,523|-|110,523| |Balance|at 31|December|2020|461,784|297,790|759,574| |16.|RELATED|PARTY DISCLOSURES| |There|were|no|related|party transactions|for|the|year|ended|31|December|2020.| |17.|CYCLICAL REPAIRS AND|MAINTENANCE|RESERVE|

----- End of picture text -----

This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.

Page 19

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 3] December 2020

18. EXTRAORDINARY REPAIRS RESERVE

This revenue reserve represents amounts set aside to carry out major repairs on housing properties.

RESTRICTED RESERVES

This reserve represents a social housing grant which was credited to the Statement of Financial Activities wher it was received. The aim of the grant is to assist the purchase and development of properties and is repayabl under certain circumstances, primarily following the sale of a property but will normally be restricted to ne proceeds of sale.

Page 20

Grimsby Sailors & Fishing Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

	31.12.20	3112.1
	£	£
INCOME AND ENDOWMENTS
Othertrading activities
Maintenance contributions	529,045	530,303
Donations and legacies	730	120
Administration fees	14,000	5,833
	543,775	536,256
Investment income
Profit on sale ofinvestments	-	-
Dividends received	-	1,573
Bank InterestReceived	201	404
	201	1,977
Totalincoming resources	$43,976	538,233
EXPENDITURE
Charitable activities
Water charges Insurance Electricity - Outside lighting Individual weekly benefits	36,899 12,517 2,140 11,492	30,702 12,165 2,588 12,168
Individual quarterly benefits	6,800	7,200
InstitutionalRNMDSF grant Repairs and maintenance	14,000 166,781	14,000 270,459
Council Tax - empty properties Windowcleaning Gas service contract Resident line rental CareLink charges Garden maintenance	3,478 5,584 19,857 20,790 15,682 7,868	7,359 10,362 19,724 20,538 16,435 8,419
Support costs	323,888	432,119
Governance costs
Wages Auditors’ remuneration Office rentand cleaning Telephone Carriedforward	39,869 3,900 5,179 1,001 49,949	41,189 3,540 5,170 915 50,814

This page does not form part of the statutory financial statements

Page 21

" Grimsby Sailors & Fishing Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |31.12.20|31.12.19| |£|£| |Governance|costs| |Brought forward|49,949|50,814| |Postage,|printing,|stationery and|advertising|4,781|2,706| |Miscellaneous|expenses|757|943| |Legal &|professional|fees|2,585|7,693| |Bad|debt expense|2,697|(90°| |Almshouses|Association|subscription|961|899| |Loan|interest|12,328|13,332| |74,058|76,297| |Total|resources|expended|397,946|508,416| |Net income|before gains|and|losses|146,030|29,817| |Unrealised|recognised|gains|and|losses| |Unrealised|gains/(losses)|on|fixed|asset|investments|100,676|225,143| |Realised|gains|and|losses| |Profit|on|sale|of fixed|assets|46,078|212,243| |Net income|292,784|467,203|

----- End of picture text -----

This page does not form part of the statutory financial statements

Page 22