| Page | Unrestricted | Unrestricted | Funds | ||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E | |||||||
| Income from: | |||||||
| Investments (note |
2) | 15 | 2,164,032 | 3,544,301 | |||
| Donations and legacies |
23,139,448 | ||||||
| Total income | 2,164,032 | 26,683,749 | |||||
| Expenditure on: |
|||||||
| Charitable activities |
(note 4) | 16 | 3,071,386 | 9,511,407 | |||
| Raising funds (note 5) | 17 | 616,417 | 575,088 | ||||
| Total expenditure | 3,687,803 | 10,086,495 | |||||
| Net (losses)/gains | on investments | (note 6) | 18 | (28,347,447) | 6,755,110 | ||
| Net (expenditure)/income: | (29,871,218) | 23,352,364 | |||||
| Other recognised | gains: | ||||||
| Gains on foreign currency | revaluation | 1,120,469 | 143,343 | ||||
| Net movement in |
funds | (28,750,749) | 23,495,707 | ||||
| Reconciliation of |
funds: | ||||||
| Total funds brought | forward | at 1 | January 2022 | 165,681,903 | 142,186,196 | ||
| Total funds carded | forward | at 31 | December 2022 | 8136,931,154 | f165,681,903 |
| Page | 2022 | 2021 | |||
|---|---|---|---|---|---|
| E | 8 | ||||
| Fixed assets: | |||||
| Investments (note 6) |
18-20 | 141,656,825 | 170,180,716 | ||
| Current assets: | |||||
| Debtors (note 7) | 20 | 65,177 | 1,035,174 | ||
| Cash at bank (note 8) | 20 | 5,243,493 | 8,358,880 | ||
| 5,308,670 | 9,394,054 | ||||
| Liabilities: | |||||
| Creditors - Amounts | falling | due within one year (note 9) | 20 | (4,809,135) | (5,771,158) |
| Net Current Assets | 499,535 | 3,622,896 | |||
| Total assets less current | liabilities | 142,156,360 | 173,803,612 | ||
| Creditors - Amounts | falling | due more than one year (note 9) | 20 | (5,225,206) | (8,121,709) |
| Total Net Assets | F136,931,154 | F165,681,903 | |||
| The funds ofthe charity: | |||||
| Unrestricted Funds |
8136,931,154 | F165,681,903 | |||
| Approved by the Board of |
Trustees and | ||||
| Signed on their behalf by: | |||||
| I(. ,X70@g-Q......2023 |
| Page | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| E | E | |||||
| Net Cash flow from Operating Activities |
||||||
| Net (expended)/incoming resources |
after gains | (28,750,749) | 23,495,707 | |||
| Less investment income |
(2,078,997) | (3,541,658) | ||||
| Less deposit interest Decrease/(increase) in debtors |
(81,430) 969,997 |
(926) (228,919) |
||||
| (Decrease)/increase in creditors |
(3,858,526) | 4,146,704 | ||||
| Net loss/(gain) on investment assets |
28,347,447 | (6,755,110) | ||||
| Net (gain) on foreign exchange | (1,120,469) | (143,343) | ||||
| Net cash (outflow)/inflow from operating |
activities | (6,572,727) | 16,972,455 | |||
| Returns on investments and servicing offinance |
||||||
| Investment income |
2,078,997 | 3,541,658 | ||||
| Deposit interest | 81,430 | 926 | ||||
| Capital expenditure and financial |
investments | |||||
| Purchase of investments |
(30,972,988) | (44,224,632) | ||||
| Proceeds from sale of investments | 26,353,220 | 25,414,316 | ||||
| (Decrease)/increase in cash in the |
period | F (9,032,068) | E 1,704,723 | |||
| Reconciliation of net cash flow to |
movement | in net funds | ||||
| Net cash resources at 1 January 2022 | 16,411,230 | 14,563,164 | ||||
| (Decrease)/increase in cash |
(9,032,068) | 1,704,723 | ||||
| Foreign exchange movements |
1,120,469 | 143,343 | ||||
| Cash and Cash Equivalents at 31 |
December 2022 | 5 8,499,631 | 816,411,230 | |||
| Cash and Cash Equivalents Consists |
of: | |||||
| Cash at bank and in hand (note 8) |
20 | 5243493 | 8358880 | |||
| Cash held with investments managers |
(note 6) | 18 | 3,256,138 | 8,052,350 | ||
| Cash and Cash Equivalents at 31 |
December 2022 | F 8,499,631 | 816,411,230 |
| Page | 2022 | 2021 | |||
|---|---|---|---|---|---|
| INVESTMENT INCOME | F | ||||
| Quoted | investments | 2,078,997 | 3,535,835 | ||
| Interest | on cash deposits | 81,430 | 926 | ||
| Liquidation Proceeds |
2,427 | 1,393 | |||
| Accrued | interest received | on fixed interest stocks | 1,178 | 6,147 | |
| 10 | F 2,164,032 | F 3,544,301 |
| CHARITABLE ACTIVITIES | CHARITABLE ACTIVITIES | CHARITABLE ACTIVITIES | CHARITABLE ACTIVITIES | CHARITABLE ACTIVITIES | Registered | ||||
|---|---|---|---|---|---|---|---|---|---|
| Charity No. |
2022 | 2021 | |||||||
| UNITED KINGDOM | E | ||||||||
| IntoUniversity | 1118525 | 1,500,000 | 1,575,000 | ||||||
| Herefordshire RDA |
1100675 | 478,865 | 8,195 | ||||||
| Helmsdale & District Development |
Trust | 271,500 | |||||||
| Herefordshire Cathedral |
100,000 | ||||||||
| Career Ready | 1092891 | 78,881 | |||||||
| Tutor the Nation | 1192231 | 50,000 | |||||||
| The Stockwell Cliffe Charitable |
Trust | 1195153 | 20,000 | ||||||
| County Air Ambulance |
Trust | 1057063 | 20,000 | 20,000 | |||||
| Hope and Hospitality | 1159213 | 10,000 | |||||||
| Pace Centre | 1011133 | 10,000 | |||||||
| Age UK Hereford and |
Localities | 1093512 | 10,000 | 10,000 | |||||
| British Disabled Angling |
Association | 1074729 | 10,000 | 10,000 | |||||
| St Michael's Hospice |
511179 | 10,000 | 10,000 | ||||||
| Wye & USK Foundation | 1080319 | 10,000 | 10,000 | ||||||
| Sutherland Schools Pipe |
Band, | Golspie | SC015660 | 8,000 | 8,000 | ||||
| Angling Trust |
5,000 | 5,000 | |||||||
| Atlantic Salmon Trust | 252742 | 5,000 | 5,000 | ||||||
| Herefordshire Growing |
Point | 1006625 | 5,000 | 5,000 | |||||
| Loth Helmsdale Flower |
Show Society | SC029615 | 4,000 | 4,000 | |||||
| Harris Federation | 4,260,000 | ||||||||
| Sutton Trust | 1146244 | 1,000,000 | |||||||
| Teach First | 1098294 | 1,000,000 | |||||||
| The Prince's Trust | 1079675 | 999,999 | |||||||
| The Queen Elizabeth | Scholarship | Trust (QEST) | 1152032 | 300,000 | |||||
| Next Step Foundation | 1191176 | 90,000 | |||||||
| Brockhampton Cricket |
Club | CIO | 1162136 | 30,000 | |||||
| Helmsdale Golf Club |
20,000 | ||||||||
| Now Teach | 1189146 | 20,000 | |||||||
| Less: | |||||||||
| Finance expense/(income) | arising | on discount of long | term commitments | 127,599 | (136,481) | ||||
| Total grants awarded | 2,733,845 | 9,253,713 | |||||||
| Support Costs | |||||||||
| Accountancy, administrative |
and | secretarial fees | 191,700 | 226,200 | |||||
| Staff costs | 120,000 | ||||||||
| Audit fees | 15,000 | 14,400 | |||||||
| Legal fees | 7,759 | 14,904 | |||||||
| Trustees insurance fees | 3,082 | 2,190 | |||||||
| 337,541 | 257,694 | ||||||||
| Total cost ofgrant making | 10 | F 3,071,386 | E 9,511,407 |
| Period from 5 December | Period from 5 December | 1995to 31 December 2021 | 1995to 31 December 2021 | 1995to 31 December 2021 | 39,267,707 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Year to 31 December 2022 | 2,733,845 | |||||||||
| F42,001,552 | ||||||||||
| Page | 2022 | 2021 | ||||||||
| COST OF RAISING FUNDS | E | |||||||||
| Investment management |
and performance | monitoring | fees | 528,806 | 499,260 | |||||
| Non-recoverable | tax on | investment | income | 60,896 | 62,192 | |||||
| Costs associated | with legacy income | 13,973 | ||||||||
| Custodian fees | 12,298 | 13,186 | ||||||||
| Bank charges | 444 | 450 | ||||||||
| 10 | E | 616,417 | E | 575,088 |
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| 6. | FIXEDASSETS (continued) | ||||||
| Location of investment assets and cash |
Page | 2022 | 2021 | ||||
| E | E | ||||||
| Investment assets and cash held within the United |
Kingdom | 29,890,468 | 37,463,771 | ||||
| Investment assets and cash held outside the United |
Kingdom | 111,766,357 | 132,716,945 | ||||
| 11 | F141,656,825 | f170,180,716 | |||||
| 7. | DEBTORS | ||||||
| Recoverable foreign tax deductions |
61,956 | 15,250 | |||||
| Trustee insurance prepayment |
3,143 | 3,082 | |||||
| Estate proceeds held for the benefit ofthe Foundation |
78 | 959,685 | |||||
| Income in course of collection |
57,157 | ||||||
| 11 | 8 | 65,177 | F 1,035,174 | ||||
| 8. | CASH AT BANK | ||||||
| Coutts 8 Co - USD Current Account | 1,870,347 | 4,387,544 | |||||
| Coutts 8 Co - GBP Current Account C. Hoare 8Co. - USD Account C. Hoare 8Co. - GBPAccount |
347,281 2,904,323 13,952 |
1,340,260 2,590,098 14,365 |
|||||
| Bessemer Trust Company USD Income Account |
228 | 16,667 | |||||
| The Bank of New York Mellon GBP Income Account | 19,730 | 9,497 | |||||
| Cazenove Income —GBP Account |
87,183 | ||||||
| Barclays Bank Pic GBP Current Account | 449 | 449 | |||||
| 11 | K | 5,243,493 | 8 8,358,880 | ||||
| CREDITORS - Amounts falling due within one year |
|||||||
| Donation commitments |
4,624,102 | 5,592,596 | |||||
| Investment management fees |
94,628 | 119,082 | |||||
| Accountancy and secretarial fees |
40,500 | 38,400 | |||||
| Staff costs | 30,000 | ||||||
| Audit fees Safe custody fees |
15,000 4,905 |
14,400 6,680 |
|||||
| 11 | E | 4,809,135 | f'. 5,771,158 | ||||
| CREDITORS - Amounts falling due more than one |
year | ||||||
| Donation commitments |
11 | E | 5,225,206 | E 8,121,709 |