Charity Registration No. 526379
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr T C Hart |
|---|---|
| Ms L Cook | |
| Mr D Barbour | |
| Mr I C Higby (Chairman) | |
| Mr P O Copland | |
| Mr J R Hulmes | |
| Rev C A Pailing | |
| Patron | The Right Honourable The Earl of Derby |
| Secretary | Mr M Finn |
| Charity number | 526379 |
| Principal address | The Cotton Exchange |
| Suite 315 | |
| Old Hall Street | |
| Liverpool | |
| Merseyside | |
| L3 9RJ | |
| Independent examiner | Helen Furlong FCCA |
| McLintocks (NW) Limited | |
| 46 Hamilton Square | |
| Birkenhead | |
| Wirral | |
| Merseyside | |
| CH41 5AR | |
| Bankers | Barclays Bank plc |
| Merchants Court | |
| 2-12 Lord Street | |
| Liverpool | |
| Merseyside | |
| L2 1TS | |
| Solicitors | Brabners LLP |
| Horton House | |
| Exchange Flags | |
| Liverpool | |
| Merseyside | |
| L2 3YL | |
| Investment advisors | Quilter Cheviot |
| 5 St Pauls Square | |
| Liverpool | |
| Merseyside | |
| L3 9SJ |
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 16 |
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their 1 52nd report since the formation of the Institution in 1869, along with the financial statements of the Charity for the year ended 31 December 20 20 .
The Institution was founded in 1869 and incorporated under Royal Charter dated 13 December 1921. Its governing instrument is its Royal Charter, as amended subsequently.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Institution's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The object for which the Institution is established and incorporated continues to be to support the sons and daughters of deceased British seafarers, by providing help with education costs and maintenance. Help is provided in the form of grants payable from the Charity's unrestricted funds.
The policies of the Institution, including the grants payable, are determined by the Trustees, who act in an honorary capacity and meet at regular intervals to monitor the affairs of the Institution, but responsibility for the day to day running of the Institution is delegated to the Secretary.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Institution should undertake.
Achievements and performance
During the year, 9 new beneficiaries' commenced receipt of grants against 8 leavers. 4 of those leavers followed their completion of schooling and secured employment, whilst a further 3 students went on to university and transferred to the RMNEF for ongoing financial support. 1 beneficiary saw its grant withdrawn due to improved household circumstances.
Overall this resulted in a total of 65 young person's receiving our support at the end of 2020, as against 64 in
The RLSOI remains very proud of an inspiring list of achievements by those beneficiaries now having completed their education.
Annual General Meeting
Due to the social distancing guidelines our Annual General Meeting was conducted online by Zoom on the 28th September 2020. Presided over by the RLSOI Chairman, Mr Ian Higby, the Annual Report and Accounts for 2019 were approved. McLintocks were re-appointed as the Auditors.
An Executive Summary was provided by the Secretary together with a proposal for the re-election of the Committee members. This was seconded by Ms V Muir of Trinity House.
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Financial review
Incoming resources showed a decrease of £32,190 compared with the previous year. This fall is attributed to dividend cuts in responce to a global pandemic. Resources expended increased by £9,583 due to the additional ‘lock down’ support given; this offset the small fall in our average number of beneficiaries over the annual period. Overall there were net outgoing resources of £48,244 compared with net outgoing resources of £6,471 in 2019
Our investments decreased in value by £273,913 and overall our net assets decreased by £322,157. The year-end position is shown in the Balance Sheet on page 6, and is regarded as satisfactory when considering the financial volatility triggered by the pandemic. At 31 December 2020 the charity free reserves stood at £1,073,033 (2019 £1,255,285).
The Trustee's policy to draw on the Institution's funds whenever necessary to help maintain and, wherever possible, enhance the level of grants we make to children, continues. The total income of some of our families is still inadequate, and the efforts of the Trustees are constantly directed towards the provision of funds to ensure that the education of the children does not unduly suffer.
The resources available for distribution are regularly reviewed by the Committee in an endeavour to maximise our grants to the children. It is reasonable to assume that any family that suddenly loses its breadwinner is going to face hardship. Very few of the seamen whose children we support have sufficient pension arrangements in place, let alone adequate life insurance.
Reserves policy
The general unrestricted funds are free reserves of the charity (after deducting the value of fixed assets) and the Trustees balance the need to maximise those reserves, to ensure sufficient funds are available to cover grants payable and administration costs for the foreseeable future, with a policy of supplementing income from those reserves in order to maintain and enhance the level of grants.
Investment policy
The Trustees have appointed an independent Investment Manager to carry out all investments on their behalf, as nominees for the Institution. The Investment Manager reports regularly to the Trustees, and in this way, the Trustees ensure all investments are managed in accordance with their available powers and responsibilities.
The Institution has prepared a written policy statement covering its investments with the Investment Manager, which follows a socially responsible investment policy giving due consideration towards social, environmental and ethical matters within stocks and shares in which the Institutions funds are invested. The funds are invested in a wide range of UK securities with the main objective of achieving a satisfactory total return through the realisation of shares to supplement income as and when required. The Trustees consider the return on investments has been satisfactory.
The trustees has assessed the major risks to which the Institution is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Institution is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr T C Hart
Ms L Cook Mr D Barbour Mr I C Higby (Chairman) Mr P O Copland Mr J R Hulmes Rev C A Pailing
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
The appointment of Trustees has to be agreed unanimously by the existing Trustees, and any Trustee can nominate a potential new Trustee. No Trustee has any financial interest in the Charity.
New Trustees are invited and encouraged to attend short briefing sessions to familiarise themselves with the Institution and the context within which it operates. The Secretary ensures that the Committee is kept up to date with any changes in legislation, rules and regulation which may affect the Institution.
The trustees' r eport was approved by the Board of Trustees.
.............................. Mr I C Higby (Chairman) Trustee Dated: .........................
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
I report to the trustees on my examination of the financial statements of The Royal Liverpool Seamen's Orphan Institution (the Institution) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the Institution you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Institution’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the Institution as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Helen Furlong FCCA McLintocks (NW) Limited
46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR
Dated: .........................
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Endowment funds funds 2020 2020 Notes £ £ Income from: Donations and legacies 3 124,162 - Investments 4 85,977 - Total income 210,139 - Expenditure on: Raising funds 5 2,330 2,853 Charitable activities 6 252,600 - Total resources expended 254,930 2,853 Net gains/(losses) on investments 10 (136,861) (137,052) Net movement in funds (181,652) (139,905) Fund balances at 1 January 2020 1,255,285 1,437,051 Fund balances at 31 December 2020 1,073,633 1,297,146 |
TotalUnrestricted Endowment funds funds 2020 2019 2019 £ £ £ 124,162 120,176 - 85,977 122,153 - 210,139 242,329 - 5,183 2,533 3,009 252,600 243,258 - 257,783 245,791 3,009 (273,913) 97,654 144,101 (321,557) 94,192 141,092 2,692,336 1,161,093 1,295,959 2,370,779 1,255,285 1,437,051 |
Total 2019 £ 120,176 122,153 242,329 5,542 243,258 248,800 241,755 235,284 2,457,052 2,692,336 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 16 Income funds Unrestricted funds |
2020 £ £ 5 2,322,579 2,322,584 6,616 48,354 54,970 (6,775) 48,195 2,370,779 1,297,146 1,073,633 2,370,779 |
2019 £ £ 118 2,621,036 2,621,154 6,125 72,695 78,820 (7,638) 71,182 2,692,336 1,437,051 1,255,285 2,692,336 |
|---|---|---|
The financial statements were approved by the Trustees on .........................
.............................. Mr I C Higby (Chairman) Trustee
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
The Royal Liverpool Seamen's Orphan Institution is a Charirty incorporated under Royal Charter.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Institution's [governing document], the Charities Act 2011 and "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)". The Institution is a Public Benefit Entity as defined by FRS 102.
The Institution has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the Institution. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Institution has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The Covid-19 pandemic was unexpected and it is recognised that it will have an impact on the future income and expenditure in t he medium term however the trustees are confident that the charity has adequate resources and continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Institution.
1.4 Income
Income is recognised when the Institution is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Institution has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Institution has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
I nterest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally on notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
1.5 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. All expenses including support costs are allocated to the particular expenditure heading.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity.
The costs of generating funds consist of investment management costs.
The costs of charitable activities include grants made, governance costs and support costs.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 20% on cost Computers 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the Institution reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.10 Financial instruments
The Institution has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Institution's balance sheet when the Institution becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Institution’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Institution is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Critical accounting estimates and judgements
In the application of the Institution’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts | 1,641 | 1,696 |
| Legacies receivable | - | 10,000 |
| Grants receivable | 122,521 | 108,480 |
| 124,162 | 120,176 | |
| Grants receivable for core activities | ||
| Seafarers UK | 78,000 | 60,000 |
| Trinity House | 35,200 | 35,200 |
| Honourable Company of Master Mariners | 2,860 | 5,280 |
| Government grant (CJRS) | 6,461 | - |
| Inverclyde Bequest Fund | - | 8,000 |
| 122,521 | 108,480 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Income from listed investments | 85,977 | 122,153 |
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
5 Raising funds
| Unrestricted Endowment funds funds general 2020 2020 £ £ Investment management 2,330 2,853 2,330 2,853 Grants payable Grants to individuals |
TotalUnrestricted Endowment funds funds general 2020 2019 2019 £ £ £ 5,183 2,533 3,009 5,183 2,533 3,009 2020 £ 163,685 163,685 |
Total 2019 £ 5,542 5,542 2019 £ 153,720 153,720 |
|---|---|---|
6 Grants payable
7 Support costs
| Support costs Governance costs £ £ Staff costs 57,756 - Depreciation 113 - Secretarial fees 14,580 - Office costs 12,115 - Travel expenses - - Bank charges 97 - Independent examiner's fees - 3,300 AGM expenses - 186 Accountancy and legal fees - 768 84,661 4,254 |
2020 £ 57,756 113 14,580 12,115 - 97 3,300 186 768 88,915 |
Support costs Governance costs £ £ 57,746 - 114 - 16,290 - 9,320 - 348 - 107 - - 3,720 - 1,357 - 536 83,925 5,613 |
2019 £ 57,746 114 16,290 9,320 348 107 3,720 1,357 536 89,538 |
|---|---|---|---|
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Institution during the year.
9 Employees
The average monthly number of employees during the year was:
| Administration Employment costs Wages and salaries Other pension costs |
2020 Number 1 2020 £ 17,528 40,228 57,756 |
2019 Number 1 2019 £ 18,880 38,866 57,746 |
|---|---|---|
There were no employees whose annual remuneration was £60,000 or more.
10 Net gains/(losses) on investments
| Unrestricted Endowment TotalUnrestricted Endowment funds funds funds funds general general 2020 2020 2020 2019 2019 £ £ £ £ £ Revaluation of investments (129,617) (123,869) (253,486) 84,671 130,604 Gain/(loss) on sale of investments (7,244) (13,183) (20,427) 12,983 13,497 (136,861) (137,052) (273,913) 97,654 144,101 |
Total 2019 £ 215,275 26,480 241,755 |
|---|---|
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
11 Tangible fixed assets
| Fixtures and fittings £ Cost At 1 January 2020 2,503 At 31 December 2020 2,503 Depreciation and impairment At 1 January 2020 2,388 Depreciation charged in the year 113 At 31 December 2020 2,501 Carrying amount At 31 December 2020 2 At 31 December 2019 115 |
Computers £ 2,115 2,115 2,112 - 2,112 3 3 |
Total £ 4,618 4,618 4,500 113 4,613 5 118 |
|---|---|---|
12 Fixed asset investments
| Listed investments £ Cost or valuation At 1 January 2020 2,617,073 Additions 135,107 Valuation changes (253,486) Disposals (183,313) At 31 December 2020 2,315,381 Carrying amount At 31 December 2020 2,315,381 At 31 December 2019 2,617,073 |
Cash in portfolio 3,963 - 7,198 - 11,161 11,161 3,963 |
Total £ 2,621,036 135,107 (246,288) (183,313) 2,326,542 2,326,542 2,621,036 |
|---|---|---|
Fixed asset investments revalued
The investments have been valued at market value by Quilter Cheviot, who are an authorised investment institution, and the investments are held by their nominee company.
The historical cost of the listed investments was £2,315,381 (2019 £2,147,703).
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 13 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income |
2020 £ 2,315,381 2020 £ 4,496 2,120 6,616 2020 £ 896 66 5,813 6,775 |
2019 £ 2,617,073 2019 £ 5,831 294 6,125 2019 £ 732 114 6,792 7,638 |
|---|---|---|
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
16 Endowment funds
Endowment funds represent assets which must be held permanently by the Institution. Income arising on the endowment funds can be used in accordance with the objects of the Institution and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at 1 January 2020 £ Permanent endowments Endowment fund 1,437,051 1,437,051 |
Resources expended Revaluations gains and losses Balance at 31 December 2020 £ £ £ (2,853) (137,052) 1,297,146 (2,853) (137,052) 1,297,146 |
|---|---|
Comparative infomation in respect of the preceding period is as follow:
| Balance at | Resources | Revaluations | Balance at | |||
|---|---|---|---|---|---|---|
| 1 January 2019 | expended | gains and | 31 December | |||
| losses | 2019 | |||||
| £ | £ | £ | £ | |||
| Permanent endowments | ||||||
| Endowment fund | 1,295,959 | (3,009) | 144,101 |
1,437,051 | ||
| 1,295,959 | (3,009) | 144,101 |
1,437,051 | |||
| Analysis of net assets | between funds | |||||
| Unrestricted Endowment | Total |
Unrestricted | Endowment | Total | ||
| 2020 | 2020 | 2020 |
2019 | 2019 | 2019 | |
| £ | £ | £ |
£ | £ | £ | |
| Fund balances at | ||||||
| 31 December | ||||||
| 2020 are | ||||||
| represented by: | ||||||
| Tangible assets | 5 | - | 5 |
608 | - | 118 |
| Investments | 1,032,300 | 1,290,279 | 2,322,579 |
1,312,732 | 1,430,244 | 2,621,036 |
| Current assets/ | ||||||
| (liabilities) | 41,328 | 6,867 | 48,195 |
34,928 | 6,807 | 71,182 |
| 1,073,633 | 1,297,146 | 2,370,779 |
1,348,268 | 1,437,051 | 2,692,336 |
17 Analysis of net assets between funds
18 Operating lease commitments
At the reporting end date the Institution had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2020 2019 £ £
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THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 18 Operating lease commitments Within one year Between two and five years |
(Continued) 3,251 6,501 - 3,251 3,251 9,752 |
|---|---|
19 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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