| Page | |
|---|---|
| Report of the Trustees | 1 -4 |
| Independent Auditor's Report | 5-8 |
| Consolidated Statement of Financial Activities | 9 |
| Balance Sheets | 10 |
| Consolidated Statement of Cash Flows | 11 |
| Notes to the financial statements | 12-23 |
15 December 2021
| Expendable | |||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| Note | Funds | Funds | 2021 | 2020 | |
| as restated | |||||
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Investment Income | 3 |
522,342 |
522,342 |
602,354 |
|
Total |
522,342 |
522,342 |
602,354 |
||
| Expenditure on: | |||||
| Raising funds | |||||
| Investment management fees | 5 |
77,008 |
77,008 |
75.289 |
|
| Trading subsidiary costs | 116,095 |
116,095 |
114,617 |
||
| Charitable activities | |||||
| Grants awarded | 5 |
280,524 |
280,524 |
394,516 |
|
Total |
396,619 |
77,008 | 473,627 | 584,422 | |
| Realised gain on disposals | 4 | 312,805 |
312,805 |
280,896 |
|
| Unrealised gain/(loss) | 4 | 2.177,785 |
2.177,785 |
(1,797,629) |
|
| Gain in revaluation of investment | |||||
| property | 9 | 540,000 | |||
| Net income/(expenditure) | 7 | 125,723 | 2,413,582 | 2,539,305 | (958,801) |
| Transfer between funds | 13 | ||||
| Net movement in funds | 125,723 | 2.413.582 | 2,539,305 | (958,801) | |
| Fund balances at 1 April 2020 | 13 | 179,186 | 13,630,840 | 13,810,026 | 14,768,827 |
| Fund balances at 31 March 2021 | 13 | 304,909 | 16,044,422 | 16,349,331 | 13,810,026 |
| Group | Group | The Joseph and Lilian Sully Foundation |
The Joseph and Lilian Sully Foundation |
||
|---|---|---|---|---|---|
2021 |
2020 |
2021 |
2020 |
||
as restated |
|||||
£ |
£ |
£ |
£ |
||
| Fixed assets | |||||
| Investments | 4 | 13,606,263 | 10,371,723 | 13,861,886 | 12,613,850 |
| Investment Property | 9 | 1,800,000 | 1,800,000 | ||
| Current assets | |||||
| Debtors | 10 |
11,328 |
5,018 |
12,777 |
656,977 |
| Cash at bank | 1,032,403 |
1,756,318 |
337,097 |
664,398 |
|
1,043,731 |
1,761,336 |
349,874 |
1,321,375 |
||
| Creditors: amounts falling due | |||||
| In less then one year | 11 | (60,663) | (63,033) | (34,250) | (38,600) |
| Net Current Assets | 983,068 | 1,698,303 | 315,624 | 1,282,775 | |
| Creditors: amounts falling due | |||||
| in more than one year | 12 | (40,000) | (60,000) | (40,000) | (60,000) |
| Total Assets Less Total Liabilities | 16,349,331 | 13,810,026 | 14,137,512 | 13,836,625 | |
| Total Net Assets | 16,349,331 | 13,810,026 | 14,137,512 | 13,836,625 | |
| Funds | |||||
| Unrestricted Income fund | 13 | 304,909 | 179,186 | ||
| Expendable Endowment fund | 13 |
16,044,422 |
13,630,840 |
14,137,512 |
13,836,625 |
| Total Funds | 16,349,331 | 13,810,026 | 14,137,512 | 13,836,625 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| as restated | ||||
| £ | £ | |||
| Net cash (used in)/provided by operating activities (note a) | (425.299) | (479,414) | ||
| Cash flow provided by investing activities | ||||
| Dividends and Interest from Investments | 522,342 | 602,354 | ||
| Fund manager fees | (77,008) | (75,289) | ||
| Payments to acquire fixed asset investments | (2.550,763) | (1.997,687) | ||
| Proceeds received from investments | 1.806,613 | 1.127,966 | ||
| Net cash used in capital investment transactions | (743.950) | (869,721) | ||
| Net cash (used in)/provided by investing activities | (298,616) | (342,656) | ||
| Change in cash and cash equivalents | (723,915) | (822.070) | ||
| Cash and cash equivalents at the beginning of the year | 1,756,318 | 2,576.386 | ||
| Cash and cash equivalents at the end of the year | (note b) | 1,032,403 | 1,756.318 | |
| a. Net cash from operating activities | 2021 | 2020 | ||
| £ | £ | |||
| Net income/(expenditure) | 2,539,305 |
(958,801) |
||
| Adjustments for: | ||||
| - Net (loss)/gain on investments | (2,490,590) |
1,516,733 |
||
| - Gain on revaluation of property | (540,000) |
|||
| • Dividends and Interest from investments | (522.342) |
(602,354) |
||
| > Fund manager fees | 77,008 |
75,289 |
||
| - (increase) / decrease in debtors | (6,310) |
845 |
||
| • (Decrease) / increase in creditors | (22,370) |
28,874 |
||
| Cash flow (used in)/provided by operating activities | (425,299) |
(479,414) |
||
| b. Cash and cash equivalents at year end | 2021 | 2020 | ||
| £ | £ | |||
| Cash held in operational bank account | 465,906 |
1,133,695 |
||
| Cash held within investment portfolio (note c) | 566,497 |
622,623 |
||
| Cash and cash equivalents at year end | 1,032,403 |
1,756.318 |
||
| c. Reconciliation of cash held in investment portfolio | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Cash held in Investment portfolio at 1 April | 622,621 |
919,695 |
||
| Net cash from dividends less management fees | 141,836 |
230,233 |
||
| Net cash used to purchase investments | (743,953) |
(869,721) |
||
| Cash from operating accounts to fund investments | 750,000 |
626,296 |
||
| Cash transfer to fund operetional activities | (204,007) |
(283,870) |
||
| Cash held in investment portfolio at 31 March | 566,497 |
622,633 |
| Profit and Loss | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Turnover | 466,823 | 524,114 |
| Administrative expenses | (172,798) | (168,833) |
| Operating profit | 294,025 | 355,281 |
| increase in Oie fair vaiue of investment property | 540,000 | |
| Profit/(Loss) on disposai of iisted investments | 246,204 | 282.401 |
| (Loss)/Profit on revaiuation of iisted investments measured at fair value | 1,698,189 | (1,830,516) |
| Profit before taxation | 2,238,418 | (652,834) |
| Taxation | ||
| Net result | 2,238,418 | (652,834) |
| Distribution to the Foundation | ||
| Balance Sheet | ||
| Fixed Assets | ||
| investment properties | 1,600,000 | 1,600,000 |
| investments | 10,419.890 | 8,110,605 |
| 12,219,890 | 9,910,605 | |
| Current Assets | ||
| Debtors | 4,818 |
4,308 |
| Cash and cash equivalents | 695,306 |
1,091,920 |
700,124 |
1,096,226 |
|
| Creditors: amount faliing due within one year | (32,682) | (680,700) |
| Net Current Assets | 667,442 | 415,528 |
| Totai assets less totai iiabiiities | 12,887,332 | 10,326,133 |
| Capital and Reserves | ||
| Cailed up Share capital | 1,000,000 | 1,000,000 |
| Revaluation Reserve | 556,531 | 233,750 |
| Capital redemption resenre | 3,900,100 | 3,900,100 |
| Retained earnings | 7,430,701 | 5,192,283 |
| Total equity | 12,667,332 | 10,326,133 |
| 3. Investment income | |||
|---|---|---|---|
| Expendable | |||
| Unrestricted | Endowment | Total | |
| Year to 31 March 2021 | Funds | Funds | 2021 |
| £ | £ | £ | |
| Investment income | |||
| Dividends and bank Interest | 377,614 |
377,614 |
|
| Rental income | 144.728 |
144.728 |
|
522.342 |
522.342 |
||
| Expendable | |||
| Unrestricted | Endowment | Total | |
| Year to 31 March 2020 | Funds | Funds | 2020 |
| £ | £ | £ | |
| Investment Income | |||
| Dividends and bank interest | 457,636 |
457,636 |
|
| Rental Income | 144,718 |
144,718 |
|
602.354 |
602.354 |
||
| 4. Fixed Asset Investments | 2021 | 2020 | |
| a. Group | £ | £ | |
| as restated | |||
| Market value at 1 April 2020 | 10,371,723 |
11,018,735 |
|
| Additions | 2,550,763 |
1,997,687 |
|
| Disposal proceeds | (1,806,613) |
(1.127.966) |
|
| Unrealised gain/(loss) | 2.177,785 |
(1.797.629) |
|
| Realised gain | 312,605 |
280,696 |
|
| Market value at 31 March 2021 | 13.606.263 | 10.371.723 | |
| Historic cost of investments of the Group | 10.996.177 | 10.350.670 | |
| Market value of investments by type for the Group | 2021 | 2020 | |
| £ | £ | ||
| UK listed investments | 13,546,238 | 10,371,723 | |
| Offshore bonds | 60.025- | ||
| 13.606.263 | 10.371.723 | ||
| Significant investment holdings for the Group based on market value at 31 March were: | |||
| There were no significant holdings at 31 Mar^ 2021 or 31 | March 2020. | ||
| b. The Joseph and Lilian Foundation | 2021 | 2020 | |
| £ | £ | ||
| Market value at 1 April 2020 | 1,938,337 | 2,194,602 | |
| Additions | 1,165,325 | 195,651 | |
| Disposal proceeds | (463,464) | (160.716) | |
| Unrealised gain/(loss) | 479,596 | (289,695) | |
| Realised gain/(loss) | 66,601 | (1,505) . | |
| Market value at 31 March 2021 | 3,186,375 | 1,938,337 | |
| Investment in Subsidiary (at fair value on acquisition) | 10,675,513 | 10,675,513 | |
| Total | 13,661.886 | 12,613,850 | |
| Historic cost of investments of the Foundation (excluding | 2.663.933 | 2.232.730 | |
| trading subsidiary) |
| 5. Total Expenditure | ||
|---|---|---|
| Total | Total | |
| 2021 | 2020 | |
| Raising funds | £ | £ |
| Investment management fees | 72.510 |
69.645 |
| Property Management fees | 4.498 |
5.644 |
77.008 |
75.289 |
|
| Charitable activities | Total | Total |
| Grants to Institutions: | 2021 | 2020 |
| £ | £ | |
| Clapton Common Boys Club | 1,000 | 2,500 |
| Crisis UK | 10,000 | 5,000 |
| Parkinsons UK | 10,000 | 5,000 |
| Holy Innocents Church | 5,000 | 5,000 |
| Great Ormond Street Hospital | 10,000 | 10,000 |
| NSPCC | 10,000 | 10,000 |
| The Salvation Army | 10.000 | 10,000 |
| Alzheimer's Research UK | 10,000 | 40,000 |
| St Clare Hospice | 10,000 | 10,000 |
| Macmillan Cancer Support | 10,000 | 5.000 |
| Children vmth Cancer UK | 10,000 | |
| Voluntary Action Epping Forest | 7,750 | 133.250 |
| Maxability | 10,000 | 10,000 |
| The Royal British Legion | 5,000 | |
| ELHAP | 5,000 | 5,000 |
| Misgav | 5,000 | |
| Oncourse Foundation | 10,000 | 10,000 |
| Essex Community fund | 15,000 | 20,000 |
| Bamardo's | 5,000 | 5,000 |
| Orpheus Centre | 10,000 | 10,000 |
| MusicAII | 10,000 | 10,000 |
| Town Coundl of Loughton Mayors Appeal | 10,000 | 20,000 |
| Race against Dementia | 5,000 | 15,000 |
| Carers UK | 10,000 | 5,000 |
| 1st Chigwell Srout group | 750 | |
| Kidney Research UK | 5,000 | 7.500 |
| The Joshua Tree | 2.500 | |
| Open Road | 5,000 | 5,000 |
| Chess Homeless | 10,000 | 5,000 |
| Action for Children | 2,500 | |
| Age UK | 10,000 | |
| Haringey Law Centre | 10,000 | |
| Teenage Cancer Trust | 2,500 | |
| Blind Veterans UK | 5,000 | |
| Coopers Charity CIO | 5,000 | |
| Maggies | 2,500 | |
| Marie Currie | 5,000 | |
| New Directions | 5.000 | |
| Prostate Cancer UK (Research Project) | 5,000 | |
| Royal National Institute Blind | 2,500 | |
| High Beech Church of England Primary Sdiool | 5,000 | |
| Music for my Mind | 1.000 | |
| 274,750 | 376.500 |
| Governance costs | ||
|---|---|---|
| Audit fees | 9,150 | 13,200 |
| Prior year (over)funder accrual | (3.753) | 3.476 |
| Trustee expenses | 215 | |
| Sank charges | 162 | 140 |
| Legal fees | 1.200 | |
| 5,774 | 18,016 | |
| Total charitable expenditure | 260,524 | 394,516 |
| 6. Group tangible fixed assets | ||
| 2021 | 2020 | |
| £ | £ | |
| Cost at 1 April 2020 and 31 March 2021 | 1,114 | 1,114 |
| Depreciation at 1 April 2020 and 31 Marc^ 2021 | 1,114 | 1,114 |
| Net book value at 1 April 2020 and 31 March 2021 | ||
| 7. Net Income | 2021 | 2020 |
| £ | £ | |
| This is Stated after charging: | ||
| External auditors: | ||
| Audit fees | 9,150 |
13,200 |
| Prior year (over)/under audit accrual | (3.753) |
3,476 |
| Accounting services for Joseph Sully Holdings Ltd | 23,295 |
21,455 |
| Accounting services for Joseph Sully Holdings Ltd include fees paid to the external auditors relating to | ||
| accounting fees, tax compliance, payroll and other ad^ce. The subsidiary has two employees (2020:2), both | ||
| employees are directors of the company and trustees of the Foundation. | ||
| 8. Salaries and Wages | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 64,000 | 64,000 |
| Social Security costs | 6.167 | 6,209 |
| Pension costs | 1,253 | 1,403 |
| 91,420 | 91,612 | |
| Average number of employees | 2 | 2 |
| 2021 | 2020 |
|---|---|
| £ | £ |
48,000 |
48,000 |
36,000 |
36,000 |
64,000 |
84,000 |
| 9. Investment Property | 2021 | 2020 |
| £ | £ | |
| Fair value | ||
| Brought forward | 1,800,000 | 1,260.000 |
| Revaluation | 540.000 | |
| Carried forward | 1.800.000 | 1.800.000 |
| 10. Debtors | ||||
|---|---|---|---|---|
| Group | Foundation | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Other Debtors | 2,412 |
|||
| Trade Debtors | 510 |
|||
| Amounts owed by Joseph Sully Holdings Ltd |
6,267 |
656,267 |
||
| Prepayments and accrued income | 8,406 |
5.018 |
6,510 |
710 |
11,328 |
5.018 |
12,777 |
656,977 |
| Group | Foundation | |||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Accruals | 28,858 |
33,764 |
14,250 |
18,600 |
| Trade creditors | 1,276 |
|||
| Grant creditor | 20,000 |
20,000 |
20,000 |
20,000 |
| Other taxation and social security | 10.529 |
9.269 |
||
60.663 |
63.033 |
34.250 |
36.600 |
| Group | Foundation | |||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Grant creditors | 40.000 |
60.000 |
40.000 |
60.000 |
| Year to 31 March 2021 | As at April 2020 |
Income | Expenditure | Net investment gains |
Property revaluation |
Transfers | At 31 March 2021 |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Fund | 179,186 | 522,342 | (396,619) | 304,909 | |||
| Expendable Endowment Fund | 13,630,840 | (77,008) | 2,490,590 | 16,044,422 | |||
| Total funds | 13,810,026 | 522,342 | (473,627) | 2,490,590 | 16,349,331 | ||
| Year to 31 March 2020 as restated |
As at April 2019 |
Income | Expenditure | Net investment losses |
Property revaluation |
Transfers | At 31 March 2020 |
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Fund | 602,354 | (509,133) | 85,965 | 179,186 | |||
| Expendable Endowment Fund | 14,768,827 | (75,289) | (1,516,733) | 540,000 | (85,965) | 13,630,840 | |
| Total funds | 14,768,827 | 602,354 | (584,422) | (1,516,733) | 540,000 | 13,810,026 |
| Year to 31 March 2021 | As at April 2020 |
Income | Expenditure | Unrealised gains |
Realised gains |
Transfers | At 31 March 2021 |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Fund | 55,519 | (280,524) | 225,005 | ||||
| Expendable Endowment Fund | 13,836,625 | (20,305) | 479,596 | 66,601 | (225,005) | 14,137,512 | |
| Total funds | 13,836,625 | 55,519 | (300,829) | 479,596 | 66,601 | 14,137,512 | |
| Year to 31 March 2020 | As at April 2019 |
Income | Expenditure | Unrealised losses |
Realised losses |
Transfers | At 31 March 2020 |
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted Fund | 78,240 | (394,514) | 316.274 | ||||
| Expendable Endowment Fund | 14,465,373 | (21,074) | (289,895) | (1,505) | (316.274) | 13.836,625 | |
| Total funds | 14,465,373 | 78,240 | (415,588) | (289,895) | (1.505) | 13,836,625 |
| Unrestricted Funds |
Expendable Endowment Fund |
31 March 2021 | |
|---|---|---|---|
| Investments | 13,606.263 | 13,606,263 | |
| Investment Property | 1.800.000 | 1.800.000 | |
| Debtors | 11,326 | 11,328 | |
| Cash at bank | 304.909 | 727.494 | 1,032,403 |
| Current liabilities | (60.663) | (60,663) | |
| Long term liabilities | (40,000) | (40,000) | |
| Total funds | 304,909 | 16,044,422 | 16,349,331 |
| Unrestricted Funds |
Expendable Endowment Fund |
31 March 2021 | |
|---|---|---|---|
| Investments | 13,861,888 |
13,861.888 |
|
| Debtors | 12,777 |
12,777 |
|
| Cash at bank | 337,097 |
337.097 |
|
| Current liabilities | (34,250) |
(34,250) |
|
| Long term liabilities | (40,000) |
(40,000) |
|
Total funds |
14,137,512 |
14,137,512 |
| £ | |
|---|---|
| Consolidated investments value per consolidated 2020 accounts | 10,048,941 |
| Prior period adjustment to correct b/f valuation (unrealised gain) | 322,782 |
| Consolidated 2020 investments value as restated | 10,371,723 |