Page 8
THE CORNELIUS TRUST
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31st MARCH 2022
| Note Income and endowments Donations Tax reclaimable Bank interest Investment income Rental income 2 Miscellaneous income Insurance Recovered Total income Expenditure Costs of raising funds: Investment Management Costs Expenditure on charitable activities Operating expenses 3 Grants Capital Grants Administration 4 Trustees Expenses 5 Cost of grant making Total Expenditure Net gains/(losses) on investments Realised gain/(Loss) on sale of investments Unrealised gain/(Loss) on revaluation of Cottages Unrealised (loss)/gains on investment assets Transfers Between Funds Net movement in funds Fund balances brought forward Total fund balances carried forward Net income/(expenditure) |
Unrestricted Funds £ 155 37 109 37,881 19,930 58,112 11,760 3,749 37,314 - 2,568 480 44,111 55,871 39,354 - 65,197 106,792 (2,000) 104,792 2,588,850 2,693,642 |
2022 Restricted Funds £ - - - - - - - - - - - - - - 2,000 2,000 10,000 12,000 |
Total £ 155 37 109 37,881 19,930 - - 58,112 11,760 3,749 37,314 - 2,568 480 44,111 55,871 39,354 65,197 106,792 - 106,792 2,598,850 2,705,642 |
Unrestricted Funds £ 187 28,433 19,181 3 410 48,214 9,823 2,994 23,914 - 4,899 - 31,807 41,630 30,178 347,350 384,112 (2,000) 382,112 2,206,738 2,588,850 |
2021 Restricted Funds £ - - - - - - - - - - - - - - 2,000 2,000 8,000 10,000 |
Total £ - - 187 28,433 19,181 3 410 |
|---|---|---|---|---|---|---|
| 48,214 | ||||||
| 9,823 | ||||||
| 2,994 23,914 - 4,899 - |
||||||
| 31,807 | ||||||
| 41,630 30,178 - 347,350 |
||||||
| 384,112 - |
||||||
| 384,112 2,214,738 |
||||||
| 2,598,850 |
Page 9
THE CORNELIUS TRUST
BALANCE SHEET
For the year ended 31st MARCH 2022
| Note INVESTMENTS 8 CURRENT ASSETS Debtors & Prepayments 9 Cash at bank - Thatch Account - Royal Bank of Scotland - Monmouthshire - Cash CURRENT LIABILITIES Creditors Accruals Independent Examiners Fee Payments on account Total Current Liabilities Net Assets FUNDS 10 Restricted Funds Thatch Major Repairs Unrestricted Funds General Funds Approved on behalf of the Trustees ………………………………………… RJ Campbell Treasurer |
£ £ 2,647,427 16,970 16,970 14,203 1,750 25,432 - 41,385 2,705,782 140 - 140 2,705,642 12,000 2,693,642 2,705,642 Date ………………… 2022 |
2021 £ £ 2,513,761 18,252 18,252 19,453 9,851 40,326 - 69,630 2,601,643 2,658 135 - 2,793 2,598,850 10,000 2,588,850 2,598,850 ……………………. |
2021 £ £ 2,513,761 18,252 18,252 19,453 9,851 40,326 - 69,630 2,601,643 2,658 135 - 2,793 2,598,850 10,000 2,588,850 2,598,850 ……………………. |
|---|---|---|---|
| 2,601,643 2,793 |
|||
| 2,598,850 | |||
| 10,000 2,588,850 |
|||
| 2,598,850 | |||
| …. |
Page 10
THE CORNELIUS TRUST
NOTES TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2022
1 ACCOUNTING POLICIES
-
( a ) The financial statements have been prepared in accordance with the Statement of Recommended Practice SORP. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, 2019-20, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).
-
( b ) The freehold property is revalued every five years and was revalued by the trustees in the year to 31st March 2022 and is now shown at market value at the time of valuation. The property repairs have been charged in full to Income and Expenditure account.
-
( c ) The Project Related Investment Property, Unit 24 Shrivenham Hundred Business Park, is held so as to make it available for Military Christian Organisations to use in the course of their charitable activities which are consistent with the objectives of The Cornelius Trust. The property is held at cost.
-
( d ) Income, including deposits, is credited to the Income and Expenditure account at the time of receipt and includes the recovery of tax deducted at source.
-
( e ) The trust has taken advantage of the exemption in the Financial Reporting Standard No. 1 from producing a cash flow statement on the grounds that it is a small reporting entity.
2 OTHER INCOME
| RENTAL INCOME Thatch Rental Income Unit 24 Rental Income |
2022 £ 19,830 100 19,930 |
2021 £ 19,081 100 |
|---|---|---|
| 19,181 |
Page 11
THE CORNELIUS TRUST
NOTES (continued) TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2022
| £ £ DIRECT CHARITABLE EXPENDITURE 3 Operating expenses Insurance 1,659 Maintenance 1,990 Major Thatch Improvements - Council Tax Heat, light and water - Miscellaneous 100 3,749 4 Administration Post and stationery Professional fees 40 Thatch (Admin & Repairs) Thatch (Professional Fees) 2,383 Audit and accountancy 140 Publicity Telephone - Bank Charges 5 Trustee Training Travel and subsistence 2,568 5 Trustees Expenses Administration Travel 301 Other 179 480 2022 |
2021 £ £ 1,618 1,276 - - 100 2,994 2,558 2,043 135 113 - 50 - 4,899 - - |
|---|---|
Page 12
THE CORNELIUS TRUST
NOTES (continued) TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2022
| 6 INDEPENDENT EXAMINERS REMUNERATION Independent Examiners Fee 7 EMPLOYEES Total emoluments Average number of employees Nil No employee earned more than £40,000 in the year. |
2022 £ 140 2022 £ - |
2021 £ 135 |
|---|---|---|
| 2021 £ - |
||
Page 13
THE CORNELIUS TRUST
NOTES (continued) TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2022
| 8 INVESTMENTS Quoted investments Carrying Market value at beginning of year Purchased in the year Disposals in the year Add /(deduct) net gain/(Loss) on revaluation Carrying Market value at end of year Cash held with investments Market Value as at 31 March Historic cost of investments at year end Freehold Tenanted Cottages Carrying Market value at beginning of year Improvements Add /(deduct) net gain/(Loss) on revaluation Carrying Market value at end of year Project Related Investment Unit 24 Shrivenham Hundred Carrying Market value at beginning of year Purchase Add /(deduct) net gain/(Loss) on revaluation Carrying Market value at end of year Total Investments (market value) Analysis of Investments UK Overseas Total Investments Over 4% Vanguard Investment Series Fidelity Ucits ICA US Qual Ishares Core S&P 500 UCITS ETF USD Fil Inv Svcs (UK) IDX Pacific ExP Inc Fidelity European Values |
2022 £ 1,615,245 431,055 (425,957) 65,197 1,685,540 98,873 1,784,413 1,286,272 640,000 - - 640,000 223,014 - 223,014 2,647,427 Market Value 571,304 1,114,236 1,685,540 186,031 111,723 110,956 83,551 68,063 |
2021 £ 1,230,418 286,819 (249,342) 347,350 |
|---|---|---|
| 1,615,245 38,496 |
||
| 1,653,741 | ||
| 1,205,373 | ||
| 640,000 - - |
||
| 640,000 | ||
| 220,020 - |
||
| 220,020.00 | ||
| 2,513,761 | ||
| 11.04% 6.63% 6.58% 4.96% 4.04% |
Page 14
THE CORNELIUS TRUST
NOTES (continued) TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2022
| 9 DEBTORS Income tax repayable Loan Debtors Prepayments and accrued income 10 FUNDS Balance at 1 April 2021 Net movement in Funds Balance at 31 March 2022 |
2022 2021 £ £ - 8,000 10000 3,986 6,570 4,984 1,682 £ 16,970 £ 18,252 £ £ General Restricted Funds Funds Total £ £ £ 2,588,850 10,000 2,598,850 104,792 2,000 106,792 2,693,642 12,000 2,705,642 |
2021 £ 10000 6,570 1,682 |
|---|---|---|
| £ Total £ 2,598,850 106,792 |
||
| 2,693,642 | 2,705,642 |
The Restricted funds represent a provision for repairs on the Freehold Tenanted Cottages thatched roof.
11 TRUSTEES REMUNERATION
No Trustee received any remuneration from the Trust during the year. Three trustees received reimbursement of necessary expenditure during the year.
Page 15
THE CORNELIUS TRUST
NOTES (continued) TO FINANCIAL STATEMENTS For the year ended 31st MARCH 2022
| 12 13 |
Grants 2022 New Wine AFCU Events Easter Camp SASRA 9,954 Day of Prayer 1,480 Living Water SANDES 1,000 PA System RMAS Resourses Fijian Church Gathering 1,000 DCN Easter 400 MMI SAR 2021 4,000 DCN Kingdon 252 Lymington - Kyle 298 Tidworth Outreach 500 Action Meeting 753 Lynham Outreach 240 MMI Africa 2,000 Messy Church 400 SASRA Theology Training 2,000 Aggie Weston 1,430 CE Course Lynham 165 Officers Weekend 200 DCN Books 180 26,252 AFCU: 11,062 11,062 Total Grants Made Capital Grants Nil 0 |
2021 -372 412 6,975 250 369 10,000 350 125 18,109 5,805 5,805 37,314 23,914 |
2021 -372 412 6,975 250 369 10,000 350 125 18,109 5,805 5,805 37,314 23,914 |
|---|---|---|---|
| 23,914 | |||
0
0