| Contents | ||
|---|---|---|
| Trustees and Advisers. | ||
| Trustees' Report. | ||
| Statement ofTrustees' | Responsibilities | . |
| Report ofthe independent Auditors. |
||
| Statement of Financial | Activities. . | |
| Statement of Financial | Position | |
| Statement ofCash Flows | ||
| Notes to the Financial | Statements. |
| Trustees | and Advisers | (continued) | ||
|---|---|---|---|---|
| Advisers | ||||
| Independent | Auditors: | Dunkley's | ||
| Woodland Grange |
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| Woodlands Lane |
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| Bradley Stoke | ||||
| Bristol BS324JY | ||||
| Investment | Manager: | BlackRock Investment | Management | (UK) Limited |
| 12Throgmorton Avenue |
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| London EC2N 2DL | ||||
| Bankers: | Lloyds Bank | |||
| 1"floor | ||||
| 1 Piccadilly | ||||
| London W1J OAA | ||||
| Solicitors: | Dechert LLP | |||
| 160Queen Victoria Street | ||||
| London EC4V4QQ | ||||
| Administrator | The Trust Partnership | Limited | ||
| 6 Trull Farm Buildings | ||||
| Tetbury | ||||
| Gloucestershire GL8 |
8SQ | |||
| | | ||||
| Charity Insurance: | AXA inSurance UK Plc |
|||
| Old Broad Street | ||||
| London EC2N 1HZ |
| Note | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| income and Endowments | ||||||
| Income from investments | 309,200 | 346,376 | ||||
| Other income —donations | 1,800 | |||||
| Total income | 309,200 | 348,176 | ||||
| Expenditure on |
||||||
| Charitable activities |
||||||
| Grant making activities |
(390,539) | (402,867) | ||||
| Total Expenditure | (390,539) | (402,867) | ||||
| Net (expenditure) and |
net movement | on funds | before | |||
| gain on investments | (81,339) | (54,691) | ||||
| Other recognised gains and losses |
||||||
| Net gain on investments | 723,575 | 2,195,249 | ||||
| Net movement in funds |
13 | 642,236 | 2,140,558 | |||
| Reconciliation ofFunds |
||||||
| Fund balances brought |
forward at 1 April | 12,438,858 | 10,298,300 | |||
| Fund balances carried | forward at 31 March | 13 | 13,081,094 | 12,438,858 | ||
| All amounts relate to continuing operations |
| Note | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|
| Fixed Assets | |||||||
| Tangible fixed | assets | 10 | 1,656 | ||||
| Investments | 11 | 12,982,113 | 12,338,176 | ||||
| 12,983,769 | 12,338,176 | ||||||
| Current Assets | |||||||
| Debtors | 12 | 89,251 | 75,460 | ||||
| Cash at bank | and in hand | 12 | 23,301 | 36,715 | |||
| Total Current | Assets | 112,552 | 112,175 | ||||
| Gun ent Liabilities | |||||||
| Creditors: amounts falling due within one year |
12 | (15,227) | (11,493) | ||||
| Net Current Assets | 97,325 | 100,682 | |||||
| Net Assets | 13,081,094 | 12,438,858 | |||||
| The funds of | the Charity | ||||||
| Unrestricted | income | funds/Total | Charity funds | 13 | 13,081,094 | 12,438,858 | |
| ', | The notes"on-pages | 15to 21 forn1 part ofthese'financial | statements. |
| Statement ofCash Ftows |
Statement ofCash Ftows |
Statement ofCash Ftows |
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|---|---|---|---|---|---|
| For the year ended 31 March 2022 | |||||
| Note | Total | Total | |||
| Funds | Funds | ||||
| 2022 | 2021 | ||||
| f | |||||
| Net cash used in operating | activities | 14 | (400,152) | (417,070) | |
| Cashflows from investing |
activities | ||||
| Inieresi and dividends | 5 | 309,200 | 346,376 | ||
| Purchase ofproperty, plant |
and equipment | 10 | (2,100) | ||
| Proceeds from sale ofinvestments | 11 | 375,000 | 390,000 | ||
| Purchase ofinvestments | 11 | (295,362) | (331,694) | ||
| Net cash provided by investing activities |
386,737 | 404,682 | |||
| Change in cash and cash |
equivalents | in the year | (13,414) | (12,388) | |
| Cash and cash equivalents | brought forward |
36,715 | 49,103 | ||
| Cash and cash equivalents | carried forward | 23,301 | 36,715 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E | E | |||
| Pooled investment | vehicles | 309,200 | 346,376 | |
| Total investment | income | 309,200 | 346,376 |
| 2022 | 2021 | ||
|---|---|---|---|
| Grant funded activity |
172,366 | 187,221 | |
| Support costs (note | 7) | 213,288 | 212,147 |
| Governance (note 8) |
4,885 | 3,499 | |
| 390,539 | 402,867 | ||
| Support costs | |||
| 2022 | 2021 | ||
| f | |||
| Staff costs | 141,585 | 141,266 | |
| Administration expenses |
50,797 | 48,480 | |
| Car and travel expenses | 15,822 | 17,180 | |
| Other costs | 5,084 | 5,221 | |
| Total support costs | 213,288 | 212,147 | |
| Governance costs | |||
| 2022 | 2021 | ||
| Auditors' remuneration |
2,040 | 1,440 | |
| Trustees' Indemnity |
Insurance | 2,845 | 2,059 |
| Total governance costs |
4,885 | 3,499 | |
| Analysis ofstaff | costs | ||
| 2022 | 2021 | ||
| Salaries | 104,217 | 102,767 | |
| National insurance |
contributions | 9,847 | 11,413 |
| Pension costs | 27,521 | 27,086 | |
| Total staff costs | 141,585 | 141,266 |
| Computer | equipment | equipment | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| E | |||||||||
| Cost | |||||||||
| At 1 April 2021 | 1,994 | 1,994 | |||||||
| Additions in year |
2,100 | ||||||||
| Disposals in year |
(997) | ||||||||
| At 31 March 2022 | 3,097 | 1,994 | |||||||
| Depieciation | |||||||||
| At 1 April 2021 | 1,994 | 1,884 | |||||||
| Charge for the year | 444 | 110 | |||||||
| Disposals in year |
(997) | ||||||||
| At 31 March 2022 | 1,441 | 1,994 | |||||||
| Net book value | 1,656 | ||||||||
| At 31 March 2022 | |||||||||
| Investments | |||||||||
| 2022 | 2021 | ||||||||
| Ilovement in investments |
F | f | |||||||
| Market value | brought | fonNard | 12,388,176 | 10,201,233 | |||||
| Add: additions | to investment at cost |
295,362 | 331,694 | ||||||
| Disposals at carrying | value | (375,000) | (390,000) | ||||||
| Add net gains | on revaluation | 723,575 | 2,195,249 | ||||||
| Market value | as at 31 March | 12,982,113 | 12,338,176 | ||||||
| An analysis of market value at year-end | is | detailed | below | ||||||
| 2022 | 2021 | ||||||||
| f. | |||||||||
| Pooled | investment vehicles —Unit Trusts |
12,982,113 | 12,338,176 | ||||||
| The following table sets out the investments | ofthe | Trust | |||||||
| 2022 | 2022 | 2021 | 2021 | ||||||
| 0/ | Value | 0/ | Value | ||||||
| F | E | ||||||||
| Security | |||||||||
| Blackrock Charities | Growth 8 Income Fund | 100.00 | 12,982,113 | 100.00 | 12,338,176 |
| 12. | Analysis of net current assets | Analysis of net current assets | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Debtors: amounts falling due |
within | one year | f | E | ||
| Prepayments and accrued income |
89,251 | 75,460 | ||||
| Cash held | ||||||
| Cash at bank and in hand | 23,301 | 36,715 | ||||
| Total current assets | 112,552 | 112,175 | ||||
| Creditors: amounts falling due within one year |
||||||
| Administration charges due |
13;187 | 10,053 | ||||
| Professional fees | 2,040 | 1,440 | ||||
| Total current liabilities | 15,227 | 11,493 | ||||
| Unrestricted income funds |
||||||
| Balance | Incoming | Charitable | Realised | Balance | ||
| 1 April | resources | expenditure | and | 31 March | ||
| 2021 | costs | unrealised | 2022 | |||
| gain | ||||||
| f | ||||||
| Unrestricted | ||||||
| Income Fund ~435/55 |
||||||
| Reconciliation of net movement |
in funds to | net cash flow | from operating | activities | ||
| 2022 | 2021 | |||||
| Net movement in funds |
642,236 | 2,140,558 | ||||
| Add depreciation charges |
110 | |||||
| Deduct interest income shown | in investing activities |
(309,200) | (346,376) | |||
| Deduct net gain on investments | (723,575) | (2, 195,249) | ||||
| Increase in debtors |
(13,791) | (14,496) | ||||
| Increase/(decrease) in creditors |
3,734 | (1,617) | ||||
| Net cash used in operating activities |
(400,152) | (417,070) |