2021-03-31-accounts

Contents				Page
Reference and Administration			Details
Report ofthe	Council	of Management		2-6
Independent	examiner's report
Statement of	financial	activities	for the year ended 31March 2021
Balance sheet
Notes to the financial		statements		10-17
Statement of	financial	activities	forthe year ended 31March 2020	1B

		Note	Unrestricted	Restricted	Expendable	Total	Total
					Endowment	2021	2020
					E	E	E
Income and endowments	from:
Donations and legacies:
Gifts-in-kind			2,250			2,250	1,350
Donation							1,094
Charitable activities:
Royalties and similar income			101			101	125
Anniversary publication							90
Investment income		5	52,423			52,423	80,810
Total income			54,774			54,774	83,469
Expenditure on:
Raising funds. '
investment management		fees			17,306	17,306	17,547
Charitable activities:
Direct costs		6(a)	136,870			136,870	161,978
Support costs		6 (b)	5,664			5,664	6,273
Total expenditure			142,534		17,306	159,840	185,798
Net income/(expenditure)		before investment
gains and losses			(87,760)		(17,306)	(105,066)	(102,329)
Gains/(losses) on investments:
Realised gains/(losses)					75,010	75,010	92,316
Unrealised gains/(losses)					422,644	422,644	(420,163)
					497,654	497,654	(327,847)
Net income/(expenditure)		for the year	(87,760)		480,348	392,588	(430,176)
Transfers between funds		2(h)	78,067		(78,067)
Net movement in funds			(9693)		402,281	392,598	(430,176)
Fund balances brought forward			216,403	5,000	2,613,227	2,834,630	3,264,806
Fund balances carried forward			206,710	5,000	3,015,508	3,227,218	2,834,630

Balance	sheet	at	31March 2021
				Note	2021	2020
					f	f
Fixed assets
Investments					3,015,508	2,613,227
Heritage assets					228,757	218,177
					3,244,265	2,831,404
Current assets
Debtors and	prepayments			10		1,976
Cash at bank	and in	hand			12,265	14,058
					12,265	16,034
Creditors: amounts		falling due within one year			(29,312)	(12,808)
Net current	assets/{liabilities)				(17,047)	3,226
Net assets				14	3,227,218	2,834,630
Represented	by the	funds ofthe charity:
Expendable	Endowment		Fund		3,015,508	2,613,227
Restricted Fund					5,000	5,000
Unrestricted	Income	Fund			206,710	216,403
					3,227,218	2,834,630

Investment	income			2021	2020
				f	f
Income from listed		fixed asset investments	- UK	32,168	46,158
			- Overseas	12,919	22 311
Interest receivable		- UK		6,489	8,938
		- Overseas		847	3,403
				52,423	80,810

6.	Charitable activities								2021	2020
									E	E
	(a) Maintenance, conservation					and development
	ofthe Collection
	Grants tothe Museum
	Annual Grant								38,015	38,015
	Staff costs								49,831	53,252
	Service charges								44,255	44,306
	Maintenance	of	the		Collection				4,500	12,000
									136,600	147,573
	Conference									535
	Cataloguing								270	570
									136,870	148,678
	Grant tothe Foundling				Museum for Exhibition					13,300
									136,870	161,978
									2021	2020
									E	E
	(b) Support costs
	Independent	examination					(governance	cost)	2,295	3,030
	Accounting services								2,595	2,100
	Meeting and	travelling				expenses				1,007
	Website and	online			storage		costs		666
	Printing, postage		and stationery						67	48
	Bank charges								28	75
	Office and sundry			expenses					13	13
									5,664	6,273
	Council of Management		and		staff

8.	Investments							2021	2020
								f	6
	Investments at market value			at 31March		2021		3,005,296	2,415,568
	Cash held by investment	managers						10,212	197,659
								3,015,508	2,613,227
	Movements in investments			are as	follows:
								2021	2020
								6	f
	Valuation at 1April 2020							2,415,568	3,044,954
	Additions in the year							771,178	508,618
	Less: Opening market value			of disposais,		being:
	Disposal proceeds in the		year					679,104	810,157
	Less: realised gains							~75 010	~92 316
								(604,094)	(717,841)
	Unrealised gains/(losses)		in	the year				422,644	(420,164)
	Valuation at 31March 2021							3,005,296	2,415,568
	The valuation at 31March		2021comprises			investments	listed on a recognised	stock exchange as follows:
								2021	2020
								f	f
	UK equities							685,071	730,836
	UK fixed interest							375,019	288,393
	UK specialist credit								34,699
	Global equities							359,567	202,948
	Overseas index linked bonds								59,680
	Overseas equities							1,035,462	604,235
	Preference shares							69,300	52,920
	Alternative and multi-asset			investments				420,877	381,785
	Currency funds							60,000	60,072
	Valuation at 31March 2021							3,005,296	2,415,568
								f	f
	Historical cost ofthe investments				at 31March 2021			2,402,429	2,210,410

year ended	3	1March 2021
Heritage assets
Handel Subsidiary	Collection		2021	2020
			E	E
Cost
At 1April 2020			218,177	209,724
Additions —including		gifts valued at E2 250(2020: E1350)	10,580	8,453
31March 2021			228,757	218,177

10.	Debtors: amounts	falling due within one year	2021	2020
			E	E
	Prepayments and	accrued income		1,976
11.	Creditors: amounts	falling due within one year	2021	2020
			E	E
	Accruals		29,312	12,808
12.	Related partytransactions

At 31March	2021
		Balance at			Gains on		Balance at
		01/04/20	Income	Expenditure	investments	Transfer	31/03/21
					E	E
Expendable	endowment
fund		2,613,227		(17,306)	497,654	(78,067)	3,015,508
Restricted fund		5,000					5,000
Unrestricted	fund	216,403	54,774	(142,534)		78,067	206,710
		2,834,630	54,774	(159,840)	497,654		3,227,218
At 31March	2020
					Net
					gains/(losses)
		Balance at			on		Balance at
		01/04/19	Income	Expenditure	investments	Transfer	31/03/20
				E	E
Expendable	endowment
fund		3,062,736		(17,547)	(327,847)	(104,115)	2,613,227
Restricted fund		5,000					5,000
Unrestricted	fund	197,070	83469	(168,251		104,115	216,403
		3,147,206	83,469	(185,798)	(327,847)		2,834,630

Fund balances at 31March 2021are represented by:	Fund balances at 31March 2021are represented by:	Fund balances at 31March 2021are represented by:
		Unrestricted	Restricted	Expendable
		income fund	fund	endowment	Total
		E	E	f	f
Fixed asset investments				3,015,508	3,015,508
Heritage	assets	223,757	5,000		228,757
Current	assets	12,265			12,265
Current	liabilities	(29,312)			(29,312)
Net assets		206,710	5,000	3,015,508	3,227,218

Fund ba	lances at 31March 202	0 are represented by:
		Unrestricted	Restricted	Expendable
		income fund	fund	endowment	Total
		E	E	f	E
Fixed asset investments				2,613,227	2,613,227
Heritage	assets	213,177	5,000		218,177
Current	assets	16,034			16,034
Current	liabilities	(12,808)			(12,808)
Net assets		216,403	5,000	2,613,227	2,834,630

			Note	Unrestricted	Restricted	Expendable	Total
						Endowment	2020
				f	E	E	E
Income and endowments	from:
Donations and legacies:
Gifts-in-kind				1,350			1,350
Donation				1,094			1,094
Charitable activities:
Royalties and similar income				125			125
Anniversary publication				90			90
Investment income			5	80,810			80,810
Total income				83,469			83,469
Expenditure on:
Raising funds;
Investment management		fees				17,547	17,547
Charitable activities:
Direct costs			6 (a)	161,978			161,978
Support costs			6 (b)	6,273			6,273
Total expenditure				168,251		17,547	185,798
				(84,782)		(17,547)	(102,329)
Net (losses)/gains on investments						(327,847)	(327,847)
Net (expenditure)/income
before transfers				(84,782)		(345,394)	(430,176)
Transfers between funds			2(g)	104,115		(104,115)
Net movement in funds				19,333		(449,509)	(430,176)
Fund balances brought forward				197,070	5,000	3,062,736	3,264,806
Fund balances carried forward				216,403	5,000	2,613,227	2,834,630