| Reports | |||||
|---|---|---|---|---|---|
| Reference | and administrative | details | |||
| Trustees' | report | ||||
| Independent | auditor's | report | 12 |
| Accounts | ||
|---|---|---|
| Statement offinancial |
activities | 16 |
| Balance sheet | 17 | |
| Statement ofcash flows |
18 | |
| Principal accounting |
policies | 19 |
| Notes to the accounts | 22 |
| Patron | Her Late Majesty, | The | Queen | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Trustees | Andrew Whelan - |
Chair | |||||||
| Irene Gray | |||||||||
| Neil Churchill | |||||||||
| Lise Pape | |||||||||
| Jonathan Steel |
|||||||||
| Michael Dumigan |
|||||||||
| Jonathan Huggett |
(appointed | 14July 2022) | |||||||
| Michael Blackmore (resigned | 8June 2022) | ||||||||
| Sylvia Lowe (resigned 29 October 2021) | |||||||||
| Rohit Talwar (appointed | 14July 2022, | resigned 23 | |||||||
| September 2022) | |||||||||
| Principal | address | and registered | office | Thomas House, 84 Eccleston | Square, | Pimlico, | |||
| London, SW1V 1PX | |||||||||
| Charity | number | 1036232 | |||||||
| Company | number | 02887166 | |||||||
| Auditor | Buzzacott LLP | ||||||||
| 130Wood Street | |||||||||
| London | |||||||||
| EC2V 6DL | |||||||||
| Legal | advisers | Anthony Collins |
|||||||
| 134 Edmund Street |
|||||||||
| Birmingham | |||||||||
| B32ES |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Notes | funds f000 |
funds f000 |
||||
| Income from: | ||||||
| Charitable activities |
||||||
| .Consultancy and |
grants | 39 | 99 | |||
| Investments | 138 | 215 | ||||
| Total income | 177 | 314 | ||||
| Expenditure on: |
||||||
| Raising funds | 66 | 69 | ||||
| Charitable activities |
||||||
| . Innovation Fund |
152 | 208 | ||||
| .Policy and insight | 547 | 681 | ||||
| .Advocacy | 234 | 321 | ||||
| Total expenditure | 999 | 1,279 | ||||
| Deficit for the year | before investment | gains | (822) | (965) | ||
| Net (losses) gains | on the revaluation | and disposal of investments | (655) | 1,013 | ||
| Net income (expenditure) | (1,477) | 48 | ||||
| Other recognised | losses: | |||||
| Actuarial gain on revaluation |
pension | liability | 13 | |||
| Net movement in |
funds | 5 | (1,472) | 48 | ||
| Reconciliation offunds |
||||||
| Balances brought | forward at | 1 September 2021 | 10,938 | 10,890 | ||
| Balances carried forward at | 31 August | 2022 | 9,466 | 10,938 |
| 2022 | 2022 | 2021 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| Notes | f'000 | E'000 | E'000 | F'000 | ||||
| Fixed assets | ||||||||
| Tangible assets | 8 | 8 | ||||||
| Fixed asset investments | 9 | 9,239 | 10,830 | |||||
| Mixed motive investment | 10 | 250 | 250 | |||||
| 9,489 | 11,088 | |||||||
| Current assets | ||||||||
| Debtors | 7 | 71 | ||||||
| Cash at bank and | in | hand | 240 | 101 | ||||
| 247 | 172 | |||||||
| Creditors: amounts | falling due | |||||||
| within one year | 12 | (112) | (149) | |||||
| Net current assets | 135 | 23 | ||||||
| Total assets less | current | 9,624 | 11,111 | |||||
| liabilities | ||||||||
| Provision for liabilities |
and charges | 13 | (158) | (173) | ||||
| Total net assets | 9,466 | 10,938 | ||||||
| The funds ofthe | charity | |||||||
| Unrestricted funds |
||||||||
| .General funds | 15 | 9,308 | 10,765 | |||||
| .Designated funds |
15 | 158 | 173 | |||||
| Total funds | 9,466 | 10,938 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | f'000 | E'000 | ||||
| Cash flows from operating | activities: | |||||
| Net cash used in provided |
by operating | activities | A | (935) | (1,232) | |
| Cash flows from investing | activities: | |||||
| Purchase oftangible fixed |
assets | (1) | ||||
| Investment income |
138 | 215 | ||||
| Proceeds from the disposal | of investments | 3,529 | 4,102 | |||
| Purchase of investments | (2,176) | (3,486) | ||||
| Net cash provided by investing activities |
1,491 | 830 | ||||
| Change in cash and cash |
equivalents | in the year | 556 | (402) | ||
| Cash and cash equivalents | at 1 September | 185 | 587 | |||
| Cash and cash equivalents | at 31August | B | 741 | 185 |
| A | Reconciliation of |
net | movement | in | funds | to net cash used in | operating activities |
operating activities |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| f'000 | E'000 | |||||||
| Net movement in funds |
(as per the statement | offinancial activities) | (1,472) | 48 | ||||
| Adjustments for: |
||||||||
| Actuarial gain |
(5) | |||||||
| Net losses (gains) on investments | 655 | (1,013) | ||||||
| Investment income |
(138) | (215) | ||||||
| Depreciation charge |
8 | 11 | ||||||
| Decrease in debtors |
64 | 21 | ||||||
| Decrease in creditors |
(37) | (74) | ||||||
| Decrease in provision |
for | liabilities | (10) | (10) | ||||
| Net cash used in operating activities |
(935) | (1,232) | ||||||
| B | Analysis ofcash, | cash equivalents | and | net debt | ||||
| 2022 | 2021 | |||||||
| f'000 | E'000 | |||||||
| Cash at bank and in |
hand | 240 | 101 | |||||
| Cash held by investment | managers | 501 | 84 | |||||
| Total cash and cash equivalents | 741 | 185 |
| Unrestricted | Restricted | |||||
|---|---|---|---|---|---|---|
| funds | funds | 2022 | 2021 | |||
| E'000 | F'000 | F'000 | F'000 | |||
| Consultancy | and | grants | 39 | 39 | 99 | |
| 39 | 39 | 99 |
| Unrestricted | Restricted | |||||
|---|---|---|---|---|---|---|
| funds | funds | 2022 | 2021 | |||
| F'000 | F'000 | R'000 | F'000 | |||
| Income | from | investments | 138 | 138 | 215 | |
| 138 | 138 | 215 |
| Unrestricted | Restricted | |||||
|---|---|---|---|---|---|---|
| funds | funds | 2022 | 2021 | |||
| F'000 | F'000 | R'000 | F'000 | |||
| Investment | manager's | fees | 66 | 66 | 69 | |
| 66 | 66 | 69 |
| Expenditur | e on charitable ac |
tivities | |||
|---|---|---|---|---|---|
| Policy | |||||
| Innovation | and | ||||
| Charitable | activities | fund E'000 |
Insight F'000 |
Advocacy F'000 |
2022 f.'000 |
| Direct costs | |||||
| .Staff | 50 | 179 | 76 | 305 | |
| .Other | 21 | 77 | 33 | 131 | |
| Support costs | 81 | 291 | 125 | 497 | |
| 2022 Total | funds | 152 | 547 | 234 | 933 |
| Policy | |||||
| Innovation | and | ||||
| Charitable | activities | fund E'000 |
Insight OOOO |
Advocacy ~'000 |
2021 8'000 |
| Direct costs | |||||
| .Staff | 54 | 355 | 142 | 551 | |
| . Other | 113 | 52 | 69 | 234 | |
| Support costs | 41 | 274 | 110 | 425 | |
| 2021 Total | funds | 208 | 681 | 321 | 1,210 |
| 2022 f'000 |
2021 E'000 |
|
|---|---|---|
| IT | 21 | 24 |
| Facilities | 108 | 199 |
| Staff | 124 | 23 |
| Governance | 43 | 79 |
| Other support costs | 201 | 100 |
| Total support costs | 497 | 425 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| K'000 | F'000 | |||||
| Depreciation | oftangible | fixed assets | 8 | 11 | ||
| Operating | lease rentals | 83 | 89 | |||
| Auditor's | remuneration | (including | VAT) | |||
| .Audit | ||||||
| .Non-audit |
| Staff costs | ||
|---|---|---|
| 2022 | 2021 | |
| R'000 | F'000 | |
| Wages and salaries | 377 | 613 |
| Social security costs | 31 | 69 |
| Pension costs | 21 | 34 |
| Total staff costs | 429 | 716 |
| Staff co | sts have been alloca | ted to direct and support cos | ts as follows: | |
|---|---|---|---|---|
| 2022 | 2021 | |||
| F'000 | F'000 | |||
| Direct costs | 305 | 551 | ||
| Support | costs | 124 | 165 | |
| 429 | 716 | |||
| 2022 | 2021 | |||
| No. | No. | |||
| Average | number ofemployees | during the year |
| 2022 | 2021 |
|---|---|
| No. | No. |
| Tangible fixed assets | |||
|---|---|---|---|
| Office | |||
| equipment, | |||
| Computer | fixtures and | ||
| equipment | fittings | Total | |
| F'000 | F'000 | 6'000 | |
| Cost | |||
| At 1 September 2021 and 31 August 2022 | 30 | 36 | 66 |
| Depreciation | |||
| At 1 September 2021 | 26 | 32 | 58 |
| Charge for the year | 4 | 4 | 8 |
| At 31 August 2022 | 30 | 36 | 66 |
| Net book values | |||
| At 31 August 2022 | |||
| At 31 August 2021 |
| Fixed asset investments | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| f'000 | F'000 | |||
| Market value at 1 September | 10,746 | 10,349 | ||
| Additions at cost |
2,176 | 3,486 | ||
| Disposals at carrying value |
(3,529) | (4,102) | ||
| Net unrealised (losses) gains |
(655) | 1,013 | ||
| Market value at 31August | 8,738 | 10,746 | ||
| Cash held in short term deposits and by investment | managers | 501 | 84 | |
| Value of listed investments | at 31August 2022 | 9,239 | 10,830 | |
| Cost oflisted investments | at 31August 2022 | 7,657 | 8,761 |
| 2022 | 2021 | ||
|---|---|---|---|
| R'000 | F'000 | ||
| UK bonds | 321 | 946 | |
| UK fixed | interest | 564 | 909 |
| Overseas | index linked | 695 | 285 |
| UK equities | 1,592 | 2,117 | |
| Overseas | equities | 3,582 | 3,964 |
| Alternative | investments | 1,984 | 2,525 |
| 8,738 | 10,746 |
| be obtained | re | garding its fair value. This value at th |
e reporting dates is shown be |
low: | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| K'000 | 8'000 | ||||
| At 1 September | and at 31 August | 250 | 250 | ||
| 11 | Debtors | ||||
| 2022 | 2021 | ||||
| R'000 | F'000 | ||||
| Prepayments | and accrued income | 71 | |||
| 71 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| f'000 | F'000 | |||
| Amounts | falling due | within one year | ||
| Trade creditors | 30 | 78 | ||
| Other creditors | 26 | 9 | ||
| Accruals | and deferred | income | 56 | 62 |
| 112 | 149 |
| Provisio | n for liabilities and charges |
||
|---|---|---|---|
| 2022 | 2021 | ||
| R'000 | E'000 | ||
| At 1 September | 173 | 183 | |
| Released | in the period | (10) | (10) |
| Actuarial | valuation | (5) | |
| At 31August | 158 | 173 |
| Statement offunds | ||||
|---|---|---|---|---|
| Unrestricted | RCP | 2022 | ||
| Restricted | general | Pension | Total | |
| fund | fund | Fund | funds | |
| E'000 | F'000 | f'000 | R'000 | |
| At 1 September 2021 | 10,765 | 173 | 10,938 | |
| Income | 177 | 177 | ||
| Expenditure | (989) | (10) | (999) | |
| Gains and losses | (645) | (5) | (650) | |
| Balance at 31August 2022 | 9,308 | 158 | 9,466 |
| Statement offunds (continued) | ||||
|---|---|---|---|---|
| Unrestricted | RCP | 2021 | ||
| Restricted | general | Pension | Total | |
| fund | fund | Fund | funds | |
| E'000 | 8'000 | E'000 | E'000 | |
| At 1 September 2020 | 10,707 | 183 | 10,890 | |
| Income | 314 | 314 | ||
| Expenditure | (1,269) | (10) | (1,279) | |
| Gains and losses | 1,013 | 1,013 | ||
| Balance at 3'I August 2021 | 10,765 | 'I73 | 10,939 |
| Analysis of net assets betw | een funds | |||
|---|---|---|---|---|
| Unrestricted | RCP | 2022 | ||
| Restricted | general | Pension | Total | |
| fund | fund | Fund | funds | |
| E'000 | F'000 | F'000 | R'000 | |
| Fixed assets | 9,489 | 9,489 | ||
| Net current assets | (181) | 316 | 135 | |
| Provisions | (158) | (158) | ||
| 9,308 | 158 | 9,466 | ||
| Unrestricted | RCP | 2021 | ||
| Restricted | general | Pension | Total | |
| fund | fund | Fund | funds | |
| E'000 | E'000 | E'000 | 8'000 | |
| Fixed assets | 11,088 | 11,088 | ||
| Net current assets | (323) | 346 | 23 | |
| Provisions | (173) | (173) | ||
| 10,765 | 173 | 10,938 |
| Office | space | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| f'000 | F'000 | ||||||||
| Amounts | due | within | one | year | 61 | ||||
| Amounts | due | within | one | and | five | years | |||
| 61 |