# 



||**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|





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15 December 2021 



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||||**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|





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|||**Group**|**Group**|**The** **Joseph** **and** **Lilian**<br>**Sully** **Foundation**|**The** **Joseph** **and** **Lilian**<br>**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`**|





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|**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|





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|**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`**|





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||||
|---|---|---|
|**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|



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|**10.** **Debtors**|||||
|---|---|---|---|---|
||**Group**||**Foundation**||
||**2021**|**2020**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Other Debtors|`2,412`||||
|Trade Debtors|`510`||||
|Amounts owed by Joseph Sully<br>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`|



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||**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`|



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||**Group**||**Foundation**||
|---|---|---|---|---|
||**2021**|**2020**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Grant creditors|`40.000`|`60.000`|`40.000`|`60.000`|





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|**Year** **to** **31** **March** **2021**|**As** **at** **April**<br>**2020**|**Income**|**Expenditure**|**Net**<br> **investment**<br>**gains**|**Property**<br>**revaluation**|**Transfers**|**At** **31** **March**<br>**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**<br>**as** **restated**|**As** **at** **April**<br>**2019**|**Income**|**Expenditure**|**Net**<br> **investment**<br>**losses**|**Property**<br>**revaluation**|**Transfers**|**At** **31** **March**<br>**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**|





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|**Year** **to** **31** **March** **2021**|**As** **at** **April**<br>**2020**|**Income**|**Expenditure**|**Unrealised**<br>**gains**|**Realised**<br>**gains**|**Transfers**|**At** **31** **March**<br>**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**<br>**2019**|**Income**|**Expenditure**|**Unrealised**<br>**losses**|**Realised**<br>**losses**|**Transfers**|**At** **31** **March**<br>**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**|





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||**Unrestricted**<br>**Funds**|**Expendable**<br>**Endowment**<br>**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|



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||**Unrestricted**<br>**Funds**|**Expendable**<br>**Endowment**<br>**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`|



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||£|
|---|---|
|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**|