Entwood Charities Limited Charity Accounts
Entwood Charities Limited Charity Accounts
COMPANY REGISTRATION NUMBER:
01472619
CHARITY REGISTRATION NUMBER:
280555
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Company Limited by Guarantee |
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Company Limited by Guarantee |
Financial Statements |
Year ended 31 March 2021
Page |
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Trustees' annual report (incorporating the director's report) |
1 |
Independent auditor's report to the members |
5 |
Statement of financial activities (including income and expenditure account) |
9 |
Statement of financial position |
10 |
Notes to the financial statements |
11 |
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Company Limited by Guarantee |
Trustees' Annual Report (Incorporating the Director's Report) |
Year ended 31 March 2021
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended
31 March 2021
.
Reference and administrative details
Registered charity name |
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Charity registration number |
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Company registration number |
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Principal office and registered |
Hallswelle House |
office |
1 Hallswelle Road |
London |
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NW11 ODH |
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The trustees
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Company secretary |
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Auditor |
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Chartered accountants & statutory auditor |
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Hallswelle House |
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1 Hallswelle Road |
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London |
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NW11 0DH |
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Structure, governance and management
The charity was incorporated under the Companies Act on 14th January 1980 and is governed by its Memorandum & Articles of Association.
The appointment and recruitment of new Trustees is laid out in the company's Memorandum & Articles of Association. New Trustees would be trained as deemed appropriate.
The charity is run jointly by all the Trustees who make any important decisions in tandem. The Trustees meet regularly to manage the charity's affairs. All administration work is carried out on a voluntary basis by the Trustees.
The charity's Memorandum & Articles of Association authorise the Trustees to make and hold investments. In light of current economic conditions the Trustees consider it prudent to continue their existing investment policy.
Objectives and activities
The objects of the charity are to advance religion in accordance with the Orthodox Jewish faith and to support other charitable activities as are recognised by English Law as charitable. In furtherance of its objects the charity continued to advance and donate money and support other charities with objects similar to those detailed above.
The Trustees consider it prudent to plan to retain sufficient free reserves to be able to meet any planned expenditure that may need to be incurred on its functional properties. Once sufficient reserves have been retained to meet this planned future expenditure it is the Trustees intention to build up sufficient additional reserves to meet estimated future charitable commitments.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The results of these activities during the year are reflected in the attached accounts.
Financial review
The financial position is as reflected in the attached Statement of Financial Position. There has been a significant increase in the rental income received from the charity's functional properties, which has resulted in a net surplus this year as opposed to a net deficit last year. This has contributed to the charity having an overall net surplus for the year and thus an increase in the level of reserves. The retained distributable reserves are building up to the level considered desirable by the Trustees in accordance with their Reserve Policy.
The charity's activities are considered to be satisfactory in light of the extremely difficult economic conditions existing at this time.
RESERVES POLICY
It is the Trustees desire to build up and maintain free reserves at a level to meet any planned expenditure to be incurred on the charity's functional properties and thereafter to increase by an additional amount which will equate to a level of at least 3 years average charitable distributions. The charity's reserves are represented by unrestricted funds arising from past operating results. At the year end the charity had total unrestricted funds of £8,349,027 (2020 £8,230,018).
RELATED PARTY TRANSACTIONS
The £20,500 donations received during the year were principally from a connected company, in relation to which there are common directors/trustees. The donations paid amounting to £31,822 were all to UK charities, some of which are connected to this charity.
RISK MANAGEMENT
The Governors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate such risks.
PUBLIC BENEFIT
The Trustees have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives, fully complies with these requirements. In particular the provision of funding for education in accordance with the principles of traditional Judaism and the support of associated communal charitable institutions such as synagogues and homes for the elderly and infirm automatically gives rise to a public benefit. Each year the Trustees review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
FUNDING
The charity does not partake in external funding activities. Funds are derived on an annual basis from rental income received from its' functional properties and from donations from charities and companies directly or indirectly connected with the trustees.
Plans for future periods
The Trustees' objectives for the future are to continue to carry out the activities as detailed in their report.
Trustees' responsibilities statement
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and - they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
The trustees' annual report and the strategic report were approved on
14 March 2022
and signed on behalf of the board of trustees by:
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Trustee |
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Company Limited by Guarantee |
Independent Auditor's Report to the Members of
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Year ended 31 March 2021
Opinion
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of trustees
Auditor's responsibilities for the audit of the financial statements
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Hallswelle House |
1 Hallswelle Road |
London |
NW11 0DH |
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Company Limited by Guarantee |
Statement of Financial Activities |
(including income and expenditure account) |
Year ended 31 March 2021
2021 |
2020 |
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Unrestricted funds |
Total funds |
Total funds |
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Note |
£ |
£ |
£ |
Income and endowments
Donations and legacies |
5 |
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Other trading activities |
6 |
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--------- |
--------- |
--------- |
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Total income |
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--------- |
--------- |
--------- |
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Expenditure
Expenditure on raising funds:
Costs incurred regarding other trading activities |
7 |
154,792 |
154,792 |
254,323 |
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Expenditure on charitable activities |
8,9 |
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--------- |
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Total expenditure |
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--------- |
--------- |
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--------- |
--------- |
--------- |
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Net income and net movement in funds |
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--------- |
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--------- |
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Reconciliation of funds
Total funds brought forward |
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------------ |
------------ |
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Total funds carried forward |
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------------ |
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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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Company Limited by Guarantee |
Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible fixed assets |
13 |
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Investments |
14 |
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Current assets
Debtors |
15 |
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Cash at bank and in hand |
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--------- |
-------- |
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Creditors: amounts falling due within one year |
16 |
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--------- |
-------- |
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Net current assets |
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(
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Total assets less current liabilities |
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Funds of the charity
Unrestricted funds |
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------------ |
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Total charity funds |
17 |
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These financial statements were approved by the
board of trustees
and authorised for issue on
14 March 2022
, and are signed on behalf of the board by:
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Trustee |
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Company Limited by Guarantee |
Notes to the Financial Statements |
Year ended 31 March 2021
1.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Tangible assets
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investments in associates
Investments in joint ventures
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
4.
Limited by guarantee
The charity is a limited company, limited by guarantee and accordingly has no share capital.
5.
Donations and legacies
Unrestricted Funds |
Total Funds 2021 |
Unrestricted Funds |
Total Funds 2020 |
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£ |
£ |
£ |
£ |
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Donations
Donations received |
20,500 |
20,500 |
107,000 |
107,000 |
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-------- |
--------- |
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6.
Other trading activities
Unrestricted Funds |
Total Funds 2021 |
Unrestricted Funds |
Total Funds 2020 |
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£ |
£ |
£ |
£ |
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Rents receivable |
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--------- |
--------- |
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7.
Costs incurred regarding other trading activities
Unrestricted Funds |
Total Funds 2021 |
Unrestricted Funds |
Total Funds 2020 |
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£ |
£ |
£ |
£ |
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Costs of raising donations and legacies |
154,792 |
154,792 |
254,323 |
254,323 |
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--------- |
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8.
Expenditure on charitable activities by fund type
Unrestricted Funds |
Total Funds 2021 |
Unrestricted Funds |
Total Funds 2020 |
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£ |
£ |
£ |
£ |
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Charitable donations & grants |
31,822 |
31,822 |
60,830 |
60,830 |
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Support costs |
5,022 |
5,022 |
3,654 |
3,654 |
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-------- |
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9.
Expenditure on charitable activities by activity type
Activities undertaken directly |
Support costs |
Total funds 2021 |
Total fund 2020 |
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£ |
£ |
£ |
£ |
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Charitable donations & grants |
31,822 |
– |
31,822 |
60,830 |
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Governance costs |
– |
5,022 |
5,022 |
3,654 |
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------- |
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10.
Auditors remuneration
2021 |
2020 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------- |
------- |
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11.
Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2021 |
2020 |
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£ |
£ |
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Wages and salaries |
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-------- |
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The average head count of employees during the year was
4
(2020:
4
). The average number of full-time equivalent employees during the year is analysed as follows:
2021 |
2020 |
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No. |
No. |
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Number of staff - management |
4 |
4 |
---- |
---- |
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No employee received employee benefits of more than £60,000 during the year (2020: Nil).
12.
Trustee remuneration and expenses
-
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13.
Tangible fixed assets
Land and buildings |
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£ |
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Cost |
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At 1 April 2020 and 31 March 2021 |
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------------ |
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Depreciation |
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At 1 April 2020 and 31 March 2021 |
– |
------------ |
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Carrying amount |
|
At 31 March 2021 |
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------------ |
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At 31 March 2020 |
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------------ |
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14.
Investments
Other investments |
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£ |
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Cost or valuation |
|
At 1 April 2020 |
1 |
Additions |
– |
---- |
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At 31 March 2021 |
1 |
---- |
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Impairment |
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At 1 April 2020 and 31 March 2021 |
– |
---- |
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Carrying amount |
|
At 31 March 2021 |
1 |
---- |
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At 31 March 2020 |
1 |
---- |
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All investments shown above are held at valuation.
15.
Debtors
2021 |
2020 |
|
£ |
£ |
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Other debtors |
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-------- |
-------- |
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16.
Creditors:
amounts falling due within one year
2021 |
2020 |
|
£ |
£ |
|
Other creditors |
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--------- |
-------- |
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17.
Analysis of charitable funds
Unrestricted funds
At 1 April 2020 |
Income |
Expenditure |
At 31 March 2021 |
|
£ |
£ |
£ |
£ |
|
General funds |
8,230,018 |
281,750 |
(191,636) |
8,320,132 |
------------ |
--------- |
--------- |
------------ |
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At 1 April 2019 |
Income |
Expenditure |
At 31 March 2020 |
|
£ |
£ |
£ |
£ |
|
General funds |
8,176,233 |
372,592 |
(318,807) |
8,230,018 |
------------ |
--------- |
--------- |
------------ |
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18.
Analysis of net assets between funds
Unrestricted Funds |
Total Funds 2021 |
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£ |
£ |
||
Tangible fixed assets |
8,250,265 |
8,250,265 |
|
Investments |
1 |
1 |
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Current assets |
199,483 |
199,483 |
|
Creditors less than 1 year |
(129,617) |
(129,617) |
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------------ |
------------ |
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Net assets |
8,320,132 |
8,320,132 |
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------------ |
------------ |
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Unrestricted Funds |
Total Funds 2020 |
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£ |
£ |
||
Tangible fixed assets |
8,250,265 |
8,250,265 |
|
Investments |
1 |
1 |
|
Current assets |
75,999 |
75,999 |
|
Creditors less than 1 year |
(96,247) |
(96,247) |
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------------ |
------------ |
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Net assets |
8,230,018 |
8,230,018 |
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