Trust Annual Report 2020

 

THE CITY OF WINCHESTER TRUST LIMITED REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

 

FURTHER NOTES TO THE ACCOUNTS

 

9 TANGIBLE FIXED ASSETS

 

  Leasehold
Property
Fixtures
and fittings
Office
Equipment
Total
  £ £ £ £
Cost and valuation (V) (V)      
At 1 April 2019 490,000 39,687 13,126 542,813
Additions   6,878    
At 31 March 2020 490,000 46,565 13,126 542,813
         
Depreciation        
At 1 April 2019 - 34,029 12,973 47,002
Charge for the year - 1,844 38 1,882
At 31 March 2020 - 35,873 13,011 48,884
         
Net Book Value        
At 31 March 2020 490,000 10,692 115 500,807
         
At 31 March 2019 490,000 5,658 153 495,811

 

Leasehold property included at valuation would have been included on a historical cost basis at 31 March 2019 with Cost £172,586, Depreciation to date £37,114 and Net Book Value £135,472.

 

The leasehold property was revalued at 31 March 2018 by Carter Jonas, surveyors and valuers.

 

10 FIXED ASSET INVESTMENTS

 

  31 March 2020 31 March 2019
  £ £
Listed investments 170,406 211,851
Cash balances 14,373 6,743
  184,779 218,594
Listed investments    
Market value at 1 April 2019 211,851 177,705
Additions - 27,998
Disposals (8,272) -
Change in market value (33,173) 6,148
Market value at 31 March 2020 170,406 211,851
     
Historical cost at 31 March 2020 184,174 163,621

 

11 STOCKS

 

  31 March 2020 31 March 2019
  £ £
Goods purchased for resale 948 1,625
(Christmas cards, notecards, publications)    
     

 

12 DEBTORS

 

  £ £
Due within one year    
Other debtors 3,766 1,465
Prepayments 3,063 1,088
  6,829 2,553

 

13 CREDITORS

 

  £ £
Due within one year    
Trade creditors - -
Accruals 7,225 4,654
  7,225 4,654

 

14 ANALYSIS OF FUNDS

 

         
Unrestricted Funds        
Designated Funds        
    Tangible Fixed Assets 500,807   495,811  
    investments* 164,511   196,392  
    Extraordinary repair fund 10,000   10,000  
    Heritage Open Days 3,472   2,131  
    Total Designated Funds   678,790   704,334
         
Undesignated funds   33,172   39,957
Restricted Fund        
   Alder bequest re Trust Archives   10,286   12,202
    722,230   756,493

 

*included in unrestricted funds are investments amounting to £23,549 (2018: £24,704) which are designated funds set aside for the purpose of replacing the Trust‘s premises on expiry of the lease. lt is the Trust's policy to hold the fund for the duration of the 99 year lease.

 

15 COMMITMENTS FOR FUTURE EXPENDITURE

 

There were no material commitments either at the beginning or at the end of the year.

 

16 POST BALANCE SHEET EVENT

 

The potential global impact of the Covid-19 pandemic on equity values had occurred prior to the UK lockdown in late March and is reflected in the Trust's balance sheet at 31 March 2020. Subsequently equity values have recovered partially and as at 1 July 2020 the value of the Trust's investments was approximately 10% higher than at the balance sheet date. Though the Trust is anticipating lower income from investments and member activities in 2020/21 as a result of Covid-19, cost savings are also being achieved during the period of Covid-19 restrictions. The overall impact upon the Trust's financial position is not expected to be substantial in the short term.