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|Contents||||Page|
|---|---|---|---|---|
|Reference and Administration|||Details||
|Report ofthe|Council|of Management||2-6|
|Independent|examiner's<br>report||||
|Statement<br>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|





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|||Note|Unrestricted|Restricted|Expendable|Total|Total|
|---|---|---|---|---|---|---|---|
||||||Endowment|2021|2020|
||||||E|E|E|
|Income and endowments|from:|||||||
|Donations<br>and legacies:||||||||
|Gifts-in-kind|||2,250|||2,250|1,350|
|Donation|||||||1,094|
|Charitable<br>activities:||||||||
|Royalties and similar income|||101|||101|125|
|Anniversary<br>publication|||||||90|
|Investment<br>income||5|52,423|||52,423|80,810|
|Total income|||54,774|||54,774|83,469|
|Expenditure<br>on:||||||||
|Raising funds. '||||||||
|investment<br>management||fees|||17,306|17,306|17,547|
|Charitable<br>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)<br>on investments:||||||||
|Realised gains/(losses)|||||75,010|75,010|92,316|
|Unrealised<br>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<br>funds||2(h)|78,067||(78,067)|||
|Net movement<br>in funds|||(9693)||402,281|392,598|(430,176)|
|Fund balances brought<br>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|





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|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<br>Fund|||||5,000|5,000|
|Unrestricted|Income|Fund|||206,710|216,403|
||||||3,227,218|2,834,630|



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|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|





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|6.|Charitable<br>activities||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||E|E|
||(a) Maintenance,<br>conservation|||||and development|||||
||ofthe Collection||||||||||
||Grants tothe Museum||||||||||
||Annual<br>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<br>services||||||||2,595|2,100|
||Meeting and|travelling||||expenses||||1,007|
||Website and|online|||storage||costs||666||
||Printing,<br>postage||and stationery||||||67|48|
||Bank charges||||||||28|75|
||Office and sundry|||expenses|||||13|13|
||||||||||5,664|6,273|
||Council of Management||and||staff||||||





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|8.|Investments|||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||||f|6|
||Investments<br>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<br>in investments|||are as|follows:|||||
|||||||||2021|2020|
|||||||||6|f|
||Valuation<br>at 1April 2020|||||||2,415,568|3,044,954|
||Additions<br>in the year|||||||771,178|508,618|
||Less: Opening<br>market value|||of disposais,||being:||||
||Disposal proceeds<br>in the||year|||||679,104|810,157|
||Less: realised gains|||||||~75 010|~92 316|
|||||||||(604,094)|(717,841)|
||Unrealised<br>gains/(losses)||in|the year||||422,644|(420,164)|
||Valuation<br>at 31March 2021|||||||3,005,296|2,415,568|
||The valuation<br>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<br>index linked bonds||||||||59,680|
||Overseas<br>equities|||||||1,035,462|604,235|
||Preference shares|||||||69,300|52,920|
||Alternative<br>and multi-asset|||investments||||420,877|381,785|
||Currency funds|||||||60,000|60,072|
||Valuation<br>at 31March 2021|||||||3,005,296|2,415,568|
|||||||||f|f|
||Historical cost ofthe investments||||at 31March 2021|||2,402,429|2,210,410|





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



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|---|---|---|---|---|
|10.|Debtors: amounts|falling due within one year|2021|2020|
||||E|E|
||Prepayments<br>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||||





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|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<br>by:|Fund balances at 31March 2021are represented<br>by:|Fund balances at 31March 2021are represented<br>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|





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|Fund ba|lances at 31March 202|0 are represented<br>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|



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||||Note|Unrestricted|Restricted|Expendable|Total|
|---|---|---|---|---|---|---|---|
|||||||Endowment|2020|
|||||f|E|E|E|
|Income and endowments|from:|||||||
|Donations<br>and legacies:||||||||
|Gifts-in-kind||||1,350|||1,350|
|Donation||||1,094|||1,094|
|Charitable<br>activities:||||||||
|Royalties and similar income||||125|||125|
|Anniversary<br>publication||||90|||90|
|Investment<br>income|||5|80,810|||80,810|
|Total income||||83,469|||83,469|
|Expenditure<br>on:||||||||
|Raising funds;||||||||
|Investment<br>management||fees||||17,547|17,547|
|Charitable<br>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<br>on investments||||||(327,847)|(327,847)|
|Net (expenditure)/income||||||||
|before transfers||||(84,782)||(345,394)|(430,176)|
|Transfers between<br>funds|||2(g)|104,115||(104,115)||
|Net movement<br>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|