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|ONTENTS|||
|---|---|---|
|Structure and Governance.|||
|Achievements
and Performance.||5|
|Financial Review.||.6|
|Trustee's
Responsibilities|||
|Independent
Auditor's
Report|.|.10|
|Statement ofFinancial Activities .||.14|
|Balance Sheet.||.15|
|Cashflow Statement.||.16|
|Notes to the Financial Statements.||.17|
|Reference and Administration|Details.|.29|
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|Risk||Actions to mana
erisks|Actions to mana
erisks|Actions to mana
erisks||
|---|---|---|---|---|---|
|Decline in|income|~|Implementing|strict controls.||
|||~|The charity's|funds are invested
by a professional||
||||fund manager.|||
|||~|The Financial|Investment
Board regularly|monitors|
||||the
eiforinance ofthis fund mana
er.|||
|Where the|Trustee|~|Those concerned
having a specific understanding|||
|has a conflict of|||oftrust law.|||
|interest||~|Adopting the|protocol for disclosing
any potential||
||||conflict.|||
|Losing directly||~|Documenting|systems,
plans and projects||
|employed|staff and/or|~|Having any necessary
training
programmes|||
|the support|staff|||||
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|||||Unrestricted|Funds|
|---|---|---|---|---|---|
|||||2020/21|2019/20|
||||Notes|Total Funds|Total Funds|
|||||f||
|Income from:||||||
|Charitable
Activities||||349,772|281,477|
|Investments||||1027,355|955,491|
|Total income||||1,377,127|1,236968|
|Expenditure
on:||||||
|Raising funds||||100,730|138,349|
|Charitable
activities||||1,171,529|1,254819|
|Total ex
nditure||||1272,259|1,393168|
|Net
ainsl losses||on investments|8|4,310,343|4,005,448|
|Net movement|in|funds||4,415,211|(4,161,648)|
|Reconciliation|of|funds:||||
|Total funds brou|ht forward||13|17,474,235|21,635,883|
|Total funds carried forward|||13|21889,448|17,474,235|
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||||||Notes|2021|2020|
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
||||||||f|
|Fixed assets:||||||||
|Investments|||||8|21,439,065|16,646,051|
|Current assets||||||||
|Debtors||||||180,695|151,496|
|Investments||||||295,849|694,324|
|Cash at bank|and|in|hand||||8382|
|Total current|assets|||||476544|864202|
|Creditors: Amounts|||falling due within|||||
|one year||||||||
|Creditors|||||10|(25,854)|(26,018)|
|Bank Overdraft||||||309||
|Total Creditors: Amounts||||falling due||||
|within one
ear||||||26,163|26,018|
|Net current assets||||||450,381|828,184|
|Total assets|less|current||liabilities||21,889446|17,474,236|
|The funds of|the|chari||||||
|Unltholders'|funds||||13|21889|17,474,235|
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|||||Notes|2020/21|2019/20|
|---|---|---|---|---|---|---|
||||||Total|Total|
||||||8||
|Cash flows from operating|activities:||||||
|Net cash
usedin
o cretin|activities|||14|1,036045|886,098|
|Cash flows from investing|activities:||||||
|Interest and income from investments|||||1,027,355|955,491|
|Proceeds from sale ofinvestments|||||4,847,271|4,660,793|
|Purchase ofinvestments|||||5,329,941|4,778504|
|Net cash provided
by Investing
activities|||||544,684|837,780|
|Cash flows from financing|activities:||||||
|Net Receipt/(Payment)
from|sale/purchase||of||||
|new units|||||84,195|156,205|
|Net cash provided
by/(used
activities|in) financing||||84,195|(158,205)|
|Decrease
in cash in the|ear||||407,186|204,523|
|Change
in cash and cash equivalents||in|||||
|the reporting
period|||||(407,186)|(204,523)|
|Cash and cash equivalents|at the||||||
|be
Innln
ofthe re ortln|riod||||702708|907,229|
|Cash and cash equivalents|at the end|of|||||
|~the re ortin
eriod|||||295,540|702706|
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|2.|INCOME FROM|INCOME FROM|NEW UNITS SUBSCRIPTIONS|NEW UNITS SUBSCRIPTIONS||
|---|---|---|---|---|---|
|||||Total|Total|
|||||2020/21|2019/20|
||||||F|
|New|units|subscriptions||349,772|281,477|
|||||No.|No.|
|New|units|purchased||48,127|30,189|
|3.|INCOME FROM||INVESTMENTS|||
|||||Total|Total|
|||||2020/21|2019/20|
|||||5||
|Income from Investments|||held|1,027,240|955,211|
|Interest receivable||||115|280|
|||||1,027,355|955491|
|4.|EXPENDITURE||ON RAISING FUNDS|||
|||||Total|Total|
|||||2020/21|2019/20|
|||||R||
|Investment||management|fees|100,730|138,349|
|||||100,730|138,349|
|5.|EXPENDITURE||ON CHARITABLE ACTIVITIES|||
|||Total|Total|
|---|---|---|---|
|||2020/21|2019/20|
|||f|f|
|Distribubons|to unitholders|9051952|817,137|
|Redemptions|-disposal ofunits|265,577
437,682
1,171,5291454,81$||
|Distribubons|-pence/unit|36.46|33.46|
|Redemptions|-number ofunits|34/66|50,156|
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|Analysis ofmo|vement
in investments:|||
|---|---|---|---|
|||2021|2020|
|Market value|1 April|16,646,051|20,533,788|
|Additions||5,329,942|4,778,504|
|Disposals||(4,847,271)|(4,660,793)|
|Gain/(Loss)
for the year||4,310,343|(44005,448|
|Market value|31 March|21,439,065|16,646,051|
|Cash held b|Fund Mana er|295849|694,324|
|Total investments
at 31 March||21734914|17340,375|
|Historic cost|31 March|19,656,526|19,851,269|
|Total investments
as at 31 March are split as follows:||||
|Market value|2021|2020|
|---|---|---|
||R|F|
|Long-term|21,349,065|16,646,051|
|Short-term|295,849|694,324|
||21,734,914|17,340,375|
|||Held in the|Held outside|Total et31|Held in the|Held outride|Total et31|
|---|---|---|---|---|---|---|---|
|||UK|the UK|March 2021|UK|the UK|March 2020|
|||6||8|8||8|
|Equities||17,750,501|2,525,864|2047$,3$5|13,377,440|2,017,798|15,395,238|
|Pooled Urits||1,162,700|-|1,1$2,700|1,250,813||1,250,813|
|Cash held|Fund Manaoer|295849||295849|694,324||694,324|
|Total||19 09,050|2,525,864|21,7342t14|15322577|2,017,798|17,340,375|
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|||2021|2020|
|---|---|---|---|
|||8||
|Accrued income||178,239|146,714|
|Recoverable|VAT|4458|4,782|
|||180695|151,496|
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|10.
CR|EDI|TORS|: AMOUN|TS
FA|LLI|NG DUE|WITHIN ONE|YEAR|
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||||||||R|E|
|Other creditors|||||||25,854|26018|
||||||||25854|26,018|
|11.
MOVEMENT|||IN UNIT-HOLDERS|||FUNDS|DURING THE|YEAR|
|||||2021|||2020||
|Funds Subscribed|||Units||||Units||
|Balance|at 1 April||2,461,383||11,854,113||2,481,370|11,613,770|
|Redemptions||during|||||||
|the year|||(34,468)||(138,024)||(50,156)|(241,134)|
|Subscriptions||during|||||||
|the
ear|||48|127||349,772|30169|261,477|
|Invested|units at||2,475,044||12,085,881||2,481,383|11,854,113|
|cost|||||||||
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|||||||||
|---|---|---|---|---|---|---|---|
|At 31 March 2021|||||Unrestricted|Income Funds||
|General
Fund||||Total at 31
March 2021||Total at 31
March 2020||
||||||F||E'|
|Fixed assets —investments|||||21,439,065||16,646,051|
|Current Assets|||||476,544||854,202|
|Current
Liabilities|||||26 163||26018|
|Total|||||21,889446||17474235|
|13.
MOVEMENT|IN FUNDS|||||||
||||||||Total as at|
||Total as|at 1|||Gains &||31March|
|At 31 March 2021|Aprll2020||Income|Expenditure|(losses)|Transfers|2021|
||||||||8|
|General Finds:||||||||
|Accumulated
find|8,017,903||||4,310,343||12,328448|
|Undistributed
income||118|20,673||||20,791|
|Invested
units atcost|11,854,113||349,772|(138,025)|||12,085480|
|Prottt dlstribiaed
on||||||||
|redempcons|(2,397,899)|||127,552)|||2,525,451|
|Total Unit holder Funds|17,474,235||370,445|(265,577)|4,310,343||21,889,448|
||||||||Total as at|
||Total as|at 1|||Gains &||31 March|
|At31March 2020|April 2019||Income|Expenditure
f|(losses)
5|Transfers
f|2020|
|General Funds:||||||||
|Accumulated
fund|12,023,351||||(4,005,448)||8,017,903|
|Undistributed
Income||113|5||||118|
|Invested urits atcost|11,813,770||1,238,983|(1,198,820)|||11,854,113|
|Profit dlstrlbulad
on||||||||
|redem
tlons|2201|351||198548|||2397899|
|Total Unit holder Funds|21,635,883||1,236,968|(1,393,168)|(4,005,448||17,474,235|
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|||2020/21|2019/20|
|---|---|---|---|
|||R|R|
|Net Income/(expenditure)
for the repor5ng
(as per the statement offinancial activities)|period|4A15,211|(4,181,648)|
|Adjustments
for.||||
|Intenet and Income from Investments||(1,027,355)|(955,491)|
|(Gain)/Loss on Investments||(4,310,$4$)|4,005,448|
|Net (new subscriptlons)/redemptions
(Decrease)/ increase
in Debtors
Decrease
in Creditors||(84,195)
(29,199)
1M|156,205
69,575
~187|
|Net cash used In
ra6n
activities||1,0$6,045|886.098|
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|Unit-holder
funds (per|summary ofunderly'ng|summary ofunderly'ng|charities)|21,885,552|
|---|---|---|---|---|
|Listed debtor- Recoverable||VAT||4,456|
|Other ad'ustments||||562|
|Total ofunit-holder|funds|||21,889,446|
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