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