**Charity Registration No. 528713**
## **TANWORTH EDUCATIONAL FOUNDATION**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **TANWORTH EDUCATIONAL FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|V A Hake|
|---|---|
||R King|
||S Hipkiss|
||R Muntz|
||J W H Brown|
||S Jones|
||D Burgess|
||P Pope|
|**Charity number**|528713|
|**Registered office**|The Old Workhouse|
||Well Lane|
||Tanworth in Arden|
||Solihull|
||West Midlands|
||B94 5AH|
|**Independent Examiner**|RSM UK Tax and Accounting Limited|
||Chartered Accountants|
||St Philips Point|
||Temple Row|
||Birmingham|
||West Midlands|
||B2 5AF|
|**Bankers**|Lloyds TSB Plc|
||22 Bridge Street|
||Stratford-on-Avon|
||CV37 6AG|
|**Solicitors**|Lodders|
||Elm Court|
||Arden Street|
||Stratford-on-Avon|
||CV37 6PA|
## **TANWORTH EDUCATIONAL FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Investment Managers**
Barclays Wealth 1 Colmore Square Birmingham B4 6AA
M & G Investments M & G Charities PO Box 9038 Chelmsford CM99 2XF CCLA Investment Management Limited COIF Charity Funds 80 Cheapside London EC2V 6DZ
## **TANWORTH EDUCATIONAL FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their report and financial statements for the year ended 31 December 2020.
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 Charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: 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) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
## **Objectives and activities**
The object of the Charity is to “promote and advance the education of boys and girls in the parish of Tanworth and to serve other charitable uses”. The above purposes are principally served by the Trustees maintaining and improving the properties owned by the Charity and giving grants to the schools situated in Tanworth in Arden and on Salter Street, Earlswood.
The income of the Charity consists of dividends and interest from quoted securities, M & G Charifund Units and the Charities Official Investment Fund. The Charity also has investment properties from which rent is received.
The Trustees approve grants as they think fit that further the objects of the charity, acting within the terms of
the Trust Deed which governs the charity.
## **Achievements and performance**
Income generated has been distributed to support additional teaching personnel at Tanworth and Salter Street Schools.
## **Financial review**
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Total income for 2020 was £76,864 (2019: £68,458) derived from investment income.
Income generated has been distributed to support additional teaching personnel at Tanworth and Salter Street
Schools.
At the end of the year, the Charity had total net assets of £3,433,654 compared with £3,508,221 at the end of 2019. This decrease in total net assets of the trust of £74,567 was made up as follows:
||2020|2019|
|---|---|---|
||£|£|
|Net deficit on activities in the year|(26,533)|(12,045)|
|(Decrease)/Increase in value of investments during the year|(48,034)|115,486|
||───────|───────|
|Decrease)/Increase in total net assets during the year|(74,567)|103,441|
||════════|════════|
- 1 -
##
##
##
##
##
##
##
## **TANWORTH EDUCATIONAL FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees are responsible for preparing the Trustees' 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 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 of the Charity for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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.
- 3 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF TANWORTH EDUCATIONAL FOUNDATION**
I report on the financial statements of the Charity for the year ended 31 December 2020, which are set out on pages 5 to 14.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 accounts to be reached.
Paul Oxtoby (FCCA) RSM UK Tax and Accounting Limited Chartered Accountants St Philips Point Temple Row Birmingham West Midlands B2 5AF
```
21 October 2021
```
Dated: .........................
- 4 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Unrestricted Endowment**
**funds**
**funds**
**Notes**
**£**
**£**
**Income from:**
Investments
**2**
76,864
-
**Expenditure on:**
Raising funds
**3**
19,078
-
Charitable activities
**4**
84,319
-
**Total resources expended**
103,397
-
Net (losses)/gains
**6**
-
(48,034)
**Net movement in funds**
(26,533)
(48,034)
Total funds brought forward
84,149
3,424,072
**Total funds carried forward**
57,616
3,376,038|**Total**
**2020**
**£**
76,864
19,078
84,319
103,397
(48,034)
(74,567)
3,508,221
3,433,654|**Total**
**2019**
**£**
68,458|
|---|---|---|
|||24,193|
|||56,310|
|||80,503|
|||115,486|
|||103,441
3,404,780|
|||3,508,221|
- 5 -
##
##
##
|||**2020**|**2020**||**2019**|**2019**|**2019**|
|---|---|---|---|---|---|---|---|
||**Notes**|_£_|_£_|_£_|||_mnriO_
_£_|
|**Fixed assets**||||||||
|Tangibleassets|**7**|• •|1,778,706|_^0_&nnoass,|||1,778,706|
|Investment properties|**8**||794,251|.shnew'WItesW|||794^261|
|Investments|**9**||839,599||||889,109|
||||3,412,556||||3,462,066|
|**Current assets**||||||||
|Debtors|**10**|3,841||9,242|,|,1||
|Cashat bank and in hand||33,901||39,951|.|-^^||
|||37,742||49,193||o f||
|**Creditors: amounts falling due Nwithin**|**11**|||||||
|**one year**||(16,644)||(3,038)||||
|Net current assets|||21,098||||46,155|
|**Total assets less current liabilities**|||3,433,654||||3,508,221|
|**Capital funds**||||||||
|Endowment funds|**13**||3,376,038||||3,424,072|
|Unrestricted funds|**14**||57,616||||84,149|
||||3,433,654||||3,508,221|
**TANWORTH EDUCATIONAL FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1 Accounting policies**
## **Charity information**
The Tanworth Educational Foundation is a charitable Trust registered in England.
The address of the Charity’s registered office is The Old Workhouse, Well Lane, Tanworth in Arden, Solihull, West Midlands, B94 5AH.
## **Accounting convention**
The financial statements have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice: 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) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The Charity is a Public Benefit Entity as defined by FRS102.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
## **Going concern**
The trustees have considered, in the context of the Covid-19 pandemic, the going concern concept and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the trustees are comfortable that there are not any adjustments required. The trustees expect the charity to continue in operation for at least 12 months from the date of signing the financial statements.
## **Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
The endowment fund represents those assets which are treated as being held permanently by the charity, principally properties and investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. In addition any grants receivable to fund improvements are included as income of the endowment fund.
## **Incoming resources**
Income is recognised when the Charity 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.
The dividends and interest receivable represents the gross income receivable in respect of the investment assets plus the interest receivable on the COIF Deposit and the monies held by the Portfolio Manager.
The gross rents and ground rents represent the rent receivable on the Charity's investment properties.
- 7 -
**TANWORTH EDUCATIONAL FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1 Accounting policies (Continued)**
## **Allocation of Investment Income**
Investment income and net gains and losses are allocated over the funds in accordance with the balances on those funds.
## **Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Expenditure on raising funds are those incurred in attracting voluntary income.
Charitable activities consist of the grants given to the schools at Tanworth in Arden and Salter Street, Earlswood.
Governance costs are included within support costs and comprise all costs involving the public accountability of the Charity and its compliance with regulations of good practice. These costs include costs related to independent examination and legal fees together with an apportionment of overheads and other support costs.
Legacies are recognised on receipt or otherwise if the Charity 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.
## **Tangible fixed assets**
The properties owned and used for the purpose of the objects of the Charity have not been revalued. The cost of these properties is shown in the balance sheet at a figure that excludes the cost incurred to acquire or improve the property when incurred prior to 1 January 1962. The cost of any property acquired or improved post 1 January 1962 but pre 31 December 1995 only represents the Charity’s proportion of such cost where the balance is funded by the DfE. Any cost incurred post 1 January 1996 or in 1995 on projects ongoing in 1996, includes the total cost both to the Charity and outside funders.
No depreciation is charged in these financial statements in respect of properties used for charitable,purposes. It is the Charity’s policy to maintain these properties to a high standard to result in a residual value in line with cost and the costs of maintenance are charged in the statement of financial activities.
## **Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.
## **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.
## **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.
- 8 -
**TANWORTH EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1 Accounting policies (Continued)**
## **Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity 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 less any amounts settled.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost less any amounts settled.
## **Critical accounting estimates and judgements**
Estimates and judgements 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. The trustees consider the valuation of the charity’s investment properties on an annual basis. The valuation of the investment properties is inherently subjective, and the trustees consider the location and expected future rental revenues among other factors in order to determine the value on an open market existing use basis.
## **2 Investments**
|Dividends and interest receivable
Gross rents and ground rents receivable|**2020**
**£**
31,223
45,641
76,864|**2019**
**£**
34,324
34,134|
|---|---|---|
|||68,458|
Income relates to unrestricted funds £76,864 (2019: £68,458).
- 9 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **3 Raising funds**
|Investment property expenses
Property insurance
Repairs
Portfolio management fees|**2020**
**£**
2,612
15,019
17,631
1,447
19,078|**2019**
**£**
2,465
20,149|
|---|---|---|
|||22,614|
|||1,579|
|||24,193|
Expenditure on raising funds relates to unrestricted funds £19,078 (2019: £24,193).
## **4 Charitable activities**
|Insurance
Grants payable to Tanworth in Arden School
Grants payable to Salter Street School
Clerks charges and expenses
Professional charges (governance costs)|**2020**
**£**
760
32,765
38,000
5,000
7,794
84,319|**2019**
**£**
851
34,889
13,000
2,700
4,870|
|---|---|---|
|||56,310|
Expenditure on charitable activities relates to unrestricted funds £84,319 (2019: £56,310).
Professional charges include fees payable to the independent examiner totalling £1,300 (2019: £1,200) and accountancy services totalling £1,580 (2019: £1,440).
## **5 Trustees Remuneration**
The Trustees received no remuneration during the year (2019: £nil) and were not reimbursed for any of their expenses in the year (2019: £nil).
There were no employees of the trust during the year (2019: none).
- 10 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6 Net gains/(losses) on investments**
|Revaluation of investments
(Loss)/gain on sale of investments|**2020**
**£**
(47,911)
(123)
(48,034)|**2019**
**£**
115,323
163|
|---|---|---|
|||115,486|
Other recognised gains and losses relates to endowment funds £48,034 loss (2019: £115,486 gain).
## **7 Tangible fixed assets**
|**Tamworth in**
**Arden School**
**Salter Street**
**School**
**£**
**£**
**Cost**
At 1 January 2020
1,085,437
693,269
At 31 December 2020
1,085,437
693,269
**Carrying amount**
At 31 December 2020
1,085,437
693,269
At 31 December 2019
1,085,437
693,269|**Total**
**£**
1,778,706|
|---|---|
||1,778,706|
||1,778,706|
||1,778,706|
The cost of property acquired by the Trustees prior to 1 January 1962, and capital improvements carried out before that date, are not included in the balance sheet.
As a result of the above policies the balance sheet does not necessarily include all the costs incurred on the Charity’s properties.
## **8 Investment property**
|**Investment property**||
|---|---|
||**2020**|
||**£**|
|**Fair value**||
|At 1 January 2020 and 31 December 2020|794,251|
The investment properties were revalued as at 31 December 2011 by the Trustees at an open market value of £794,251. The Trustees reviewed this valuation during the year ended 31 December 2020, and believe it to still be a true reflection of the value of the properties.
The cost of the investment properties as previously recorded in the financial statements of the Charity was £66,020. It is unlikely that this truly reflects the cost of the properties as costs incurred pre 1962 were not included in the financial statements.
- 11 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **9 Fixed asset investments**
|**Listed**
**investments**
**Monies held**
**by portfolio**
**manager £**
**£**
**£**
**Cost or valuation**
At 31 December 2020
887,541
1,568
Valuation changes
(48,035)
-
Management fees
-
(1,475)
Disposals
(1,392)
1,392
At 31 December 2020
838,114
1,485
**Carrying amount**
At 31 December 2020
838,114
1,485
At 31 December 2019
887,541
1,568
**Listed investments at market value**
The listed investments can be broken down as follows:-
**2020**
**£**
Quoted securities managed by Barclays Wealth UK Equities
528,472
M. & G. Charifund Units
218,270
Charities' Official Investment Fund - Income units
91,372
Total
838,114
**10**
**Debtors**
**2020**
**Amounts falling due within one year:**
**£**
Prepayments and accrued income
3,841
**11**
**Creditors: amounts falling due within one year**
**2020**
**£**
Accruals and deferred income
16,644
**12**
**Financial instruments**
**2020**
**£**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
2,979
Equity instruments measured at market value
839,599|**Listed**
**investments**
**Monies held**
**by portfolio**
**manager £**
**£**
**£**
**Cost or valuation**
At 31 December 2020
887,541
1,568
Valuation changes
(48,035)
-
Management fees
-
(1,475)
Disposals
(1,392)
1,392
At 31 December 2020
838,114
1,485
**Carrying amount**
At 31 December 2020
838,114
1,485
At 31 December 2019
887,541
1,568
**Listed investments at market value**
The listed investments can be broken down as follows:-
**2020**
**£**
Quoted securities managed by Barclays Wealth UK Equities
528,472
M. & G. Charifund Units
218,270
Charities' Official Investment Fund - Income units
91,372
Total
838,114
**10**
**Debtors**
**2020**
**Amounts falling due within one year:**
**£**
Prepayments and accrued income
3,841
**11**
**Creditors: amounts falling due within one year**
**2020**
**£**
Accruals and deferred income
16,644
**12**
**Financial instruments**
**2020**
**£**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
2,979
Equity instruments measured at market value
839,599|**Listed**
**investments**
**Monies held**
**by portfolio**
**manager £**
**£**
**£**
**Cost or valuation**
At 31 December 2020
887,541
1,568
Valuation changes
(48,035)
-
Management fees
-
(1,475)
Disposals
(1,392)
1,392
At 31 December 2020
838,114
1,485
**Carrying amount**
At 31 December 2020
838,114
1,485
At 31 December 2019
887,541
1,568
**Listed investments at market value**
The listed investments can be broken down as follows:-
**2020**
**£**
Quoted securities managed by Barclays Wealth UK Equities
528,472
M. & G. Charifund Units
218,270
Charities' Official Investment Fund - Income units
91,372
Total
838,114
**10**
**Debtors**
**2020**
**Amounts falling due within one year:**
**£**
Prepayments and accrued income
3,841
**11**
**Creditors: amounts falling due within one year**
**2020**
**£**
Accruals and deferred income
16,644
**12**
**Financial instruments**
**2020**
**£**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
2,979
Equity instruments measured at market value
839,599|**Total**
**£**
889,109
(48,035)
(1,475)
-
839,599
839,599
889,109
**2019**
**£**
537,574
264,088
85,879
887,541
**2019**
**£**
9,242
**2019**
**£**
3,038
**2019**
**£**
4,109
889,109|
|---|---|---|---|
|||||
|||**2020**
**£**
528,472
218,270
91,372
838,114
**2020**
**£**
3,841
**2020**
**£**
16,644
**2020**
**£**
2,979
839,599||
- 12 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
|**12**|**Financial instruments**|**2020**|**2019**|
|---|---|---|---|
||||**(Continued)**|
||**Carrying amount of financial liabilities**|||
||Measured at amortised cost|16,644|3,038|
## **13 Endowment funds**
Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|||**Movement in funds**|**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|
||**Balance at 1**|**Incoming**|**Resources**|
**Revaluations**|**Balance at 31**|
||**January**|**resources**|**expended**|**gains and**|**December**|
||**2020**|||**losses**|**2020**|
||**£**|**£**|**£**|**£**|**£**|
|Endowment fund|3,424,072|-|-|(48,034)|3,376,038|
||3,424,072|-|-|(48,034)|3,376,038|
For the prior year, the opening balance on the endowment fund was £3,308,586. The only movement in the year related to net gains on investments of £115,486, giving a closing balance of £3,424,072. There were no incoming resources or resources expended.
## **14 Unrestricted funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|||**Movement**|**in funds**||
|---|---|---|---|---|
||**Balance at 1**|**Incoming**|**Resources**|**Balance at 31**|
||**January**|**resources**|**expended**|**December**|
||**2020**|||**2020**|
||**£**|**£**|**£**|**£**|
|Unrestricted fund|84,149|76,864|(103,397)|57,616|
||84,149|76,864|(103,397)|57,616|
For the prior year, the opening balance on the unrestricted fund was £96,194. The net incoming resources were £68,458 and resources expended were £80,503, giving a net movement in unrestricted fund of £12,045 which leaves a closing balance of £84,149.
- 13 -
## **TANWORTH EDUCATIONAL FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
|**15**
**Analysis of net assets between funds**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Fund balances at 31 December 2020 are represented by:
Tangible assets
-
1,778,706
Investment properties
-
794,251
Investments
36,518
803,081
Current assets/(liabilities)
21,098
-
57,616
3,376,038
**Analysis of net assets between funds - prior year**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Fund balances at 31 December 2019 are represented by:
Tangible assets
-
1,778,706
Investment properties
-
794,251
Investments
37,994
851,115
Current assets/(liabilities)
46,155
-
84,149
3,424,072|**Total**
**£**
1,778,706
794,251
839,599
21,098|
|---|---|
||3,433,654|
||**Total**
**£**
1,778,706
794,251
889,109
46,155|
||3,508,221|
## **16 Related party transactions**
There have been no transactions with related parties during the year (2019: None).
- 14 -