| Page | ||||
|---|---|---|---|---|
| Reference and Administrative | Details ofthe Charity, | its Trustees and Advisers | ||
| Trustees' Report |
2-5 | |||
| Trustees' Responsibilities Statement |
||||
| Independent Auditors' |
Report | on the Financial Statements | 7- 10 | |
| Statement of Financial | Activities | |||
| Balance Sheet | 12 | |||
| Statement ofCash Flows | 13 | |||
| Notes to the Financial | Statements | 14-24 |
| Trustees | Lord C.R. Hollick, Chair | Lord C.R. Hollick, Chair | |||
|---|---|---|---|---|---|
| Lady S.W. Hollick OBE | |||||
| The Hon. A. M. | Benoliel | ||||
| The Hon. G. L. Hollick | |||||
| Mrs C. M. Kemp | |||||
| Mr D.W. Beech | |||||
| Mrs L Lambert (appointed | 20 July 2022) | ||||
| Charity registered | |||||
| number | 1060228 | ||||
| Registered | office | c/o David W Beech | |||
| Prager Metis LLP | |||||
| 5A Bear Lane | |||||
| Southwark | |||||
| London | |||||
| SE1 OUH | |||||
| Independent | auditors | Bishop Fleming | LLP | ||
| Chartered Accountants |
|||||
| Statutory Auditors | |||||
| Chy Nyverow | |||||
| Newham Road |
|||||
| Truro | |||||
| Cornwall | |||||
| TR12DP | |||||
| Bankers | SG Kleinwort Hambros |
Bank Limited | |||
| 8St James's Square | |||||
| London | |||||
| SW1Y4JU | |||||
| Solicitors | David W Beech | ||||
| Prager Metis | |||||
| 5A Bear Lane | |||||
| Southwark | |||||
| London | |||||
| SE1 OUH |
| Endowment | Unrestricted | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| Note | F | F | ||||
| INCOME AND ENDOWMENTS | FROM: | |||||
| Donations and legacies |
4 | 5,124,751 | 5,124,751 | 822,671 | ||
| Investments | 5 | 334,982 | 334,982 | 248,048 | ||
| TOTAL INCOME AND ENDOWMENTS | 5,124,751 | 334,982 | 5,459,733 | 1,070,719 | ||
| EXPENDITURE ON: | ||||||
| Raising funds | 74 | 74 | 5,963 | |||
| Charitable activities |
194,863 | 194,863 | 369,074 | |||
| TOTAL EXPENDITURE | 74 | 194,863 | 194,937 | 375,037 | ||
| NET INCOME BEFORE NET GAINS | ||||||
| ON INVESTMENTS | 5,124,677 | 140,119 | 5,264,796 | 695,682 | ||
| Net gains on investments | 2,031,198 | 2,031,198 | 3,632,180 | |||
| NET MOVEMENT IN FUNDS |
7,155,875 | 140,119 | 7,295,994 | 4,327,862 | ||
| RECONCILIATION OF FUNDS: |
||||||
| Total funds brought forward |
25,914,878 | 156,135 | 26,071,013 | 21,743,151 | ||
| Net movement in funds |
7,155,875 | 140,119 | 7,295,994 | 4,327,862 | ||
| TOTAL FUNDS CARRIED FORWARD | 33,070,753 | 296,254 | 33,367,007 | 26,071,013 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | E | E | ||||||
| FIXEDASSETS | ||||||||
| investments | 11 | 29,094„401 | 12,463,634 | |||||
| Investment | property | 10 | 1,525,307 | 1,525,307 | ||||
| 30,619,708 | 13,988,941 | |||||||
| CURRENT | ASSETS | |||||||
| Debtors | 12 | 260,261 | 282,371 | |||||
| Cash at bank and | in hand | 2,496,338 | 11,808,701 | |||||
| 2,756,599 | 12,091,072 | |||||||
| Creditors: | amounts | falling due within one | ||||||
| year | 13 | (9,300) | (9,000) | |||||
| NET CURRENT ASSETS | 2,747,299 | 12,082,072 | ||||||
| TOTAL NET ASSETS | 33,367,007 | 26,071,013 | ||||||
| CHARITY | FUNDS | |||||||
| Endowment | funds | 14 | 33,309,961 | 25,914,878 | ||||
| Restricted | funds | 14 | ||||||
| Unrestricted | funds | 14 | 57,046 | 156,135 | ||||
| TOTAL FUNDS | 33,367,007 | 26,.071,013 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | E | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net cash | provided by/(used in) operating activities |
17 | 5,474,701 | (19,856) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Dividends, | interests and rents from investments |
334,982 | 248,048 | ||
| Proceeds | from sale of investments | 37,050,404 | 3,021,052 | ||
| Purchase | of investments | (52,'I 72,450) | (1,854,790) | ||
| NET CASH (USED IN)/PROVIDED BYINVESTING ACTIVITIES |
(14,787,064) | 1,414,310 | |||
| CHANGE | IN CASH AND CASH EQUIVALENTS | IN THE YEAR | (9,312,363) | 1,394,454 | |
| Cash and | cash equivalents at the beginning ofthe year |
11,808,701 | 10,414,247 | ||
| CASH AND CASH EQUIVALENTS AT THE END | OF THE YEAR | 18 | 2,496,338 | 11,808,701 |
| Endowment | donations |
|---|---|
| Endowment | donations |
| Endowment | Total |
|---|---|
| funds | funds |
| 2022 | 2022 |
| F | |
| 5,124,751 | 5,124,751 |
| Endowment | Total |
| funds | funds |
| 2021 | 2021 |
| 822,671 | 822,671 |
| Unrestricted | Total | |||
|---|---|---|---|---|
| funds | funds | |||
| 2022 | 2022 | |||
| E | ||||
| Dividend | income | 288,183 | 288,183 | |
| Interest | received | 22,272 | 22,272 | |
| Other investment | rental income | 24,527 | 24,527 | |
| TOTAL | 2022 | 334,982 | 334,982 |
| Unrestricted | Total | |||
|---|---|---|---|---|
| funds | funds | |||
| 2021 | 2021 | |||
| Dividend | income | 139,130 | 139,130 | |
| Interest | received | 67,870 | 67,870 | |
| Other investment | rental income | 41,048 | 41,048 | |
| TOTAL | 2021 | 248,048 | 248,048 |
| Endowment | Total | |||
|---|---|---|---|---|
| funds | funds | |||
| 2022 | 2022 | |||
| f. | ||||
| Investment | management | fees | 74 | 74 |
| Endowment | Total | |||
| funds | funds | |||
| 2021 | 2021 | |||
| Investment | management | fees | 5,963 | 5,963 |
| Grant | ||||
|---|---|---|---|---|
| funding of |
Support | Total | ||
| activities | costs | funds | ||
| 2022 | 2022 | 2022 | ||
| K | ||||
| Grants | to institutions | 166,557 | 166,557 | |
| Support | costs | 28,306 | 28,306 | |
| TOTAL | 2022 | 166,557 | 28,306 | 194,863 |
| Grant | ||||
|---|---|---|---|---|
| funding of |
Support | Total | ||
| activities | costs | funds | ||
| 2021 | 2021 | 2021 | ||
| E' | E | E | ||
| Grants | to institutions | 338,459 | 338,459 | |
| Support | costs | 30,615 | 30,615 | |
| TOTAL | 2021 | 338,459 | 30,615 | 369,074 |
| Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | |||||||
| 2022 | 2021 | |||||||
| E | ||||||||
| Governance | Auditors' | Remuneration | 6,300 | 6,300 | ||||
| Legal costs | 3,324 | |||||||
| Administration | costs | 13,332 | 8,500 | |||||
| Accountancy | &tax | 3,600 | 3,300 | |||||
| Rental service charges | 5,074 | 9,191 | ||||||
| TOTAL 2022 | 28,306 | 30,615 | ||||||
| AUDITORS' | REMUNERATION | |||||||
| 2022 | 2021 | |||||||
| f. | ||||||||
| Fees payable | to the Charity's | auditor | for the audit ofthe Charity's | annual | ||||
| accounts | 6,300 | 5,250 | ||||||
| Fees payable | to the Charity's | auditor | in respect of: | |||||
| All non-audit | services | not included | above | 3,300 | 2,850 |
| Long term | |
|---|---|
| leasehold | |
| investment | |
| propertyf | |
| VALUATION | |
| At 6 April 2021 | 1,525,307 |
| At 5April 2022 | 1,525,307 |
| Other fixed | ||||
|---|---|---|---|---|
| Listed | Unlisted | asset | ||
| investments | investments | investments | Total | |
| E | ||||
| COST OR VALUATION | ||||
| At 6 April 2021 | 11,280,818 | 511,241 | 671,575 | 12,463,634 |
| Additions | 51,772,261 | 389,637 | 10,552 | 52„172,450 |
| Disposals | (37,030,444) | (19,960) | (37,050,404) | |
| Revaluations | 1,141,767 | 311,218 | 55,736 | 1„508,721 |
| AT 5APRIL 2022 | ||||
| 27,164,402 | 1,192,136 | 737,863 | 29,094,401 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| f. | |||||
| DUE WITHIN | ONE YEAR | ||||
| Prepayments | and accrued | income | 260,261 | 282,371 | |
| 13. | CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | |||
| 2022 | 2021 | ||||
| Accruals and | deferred income |
9,300 | 9,000 |
| STATEMEN | T | OF FUNDS - C | URRENT YEAR | ||||
|---|---|---|---|---|---|---|---|
| Balance at 6 | Gains/ | Balance at 5 | |||||
| April 2021 | Income | Expenditure | (Losses) | April 2022 | |||
| f. | |||||||
| UNRESTRICTED FUNDS | |||||||
| General Funds | 156,135 | 95,774 | (194,863) | 57,046 | |||
| ENDOWMENT | FUNDS | ||||||
| Permanent | endowment | 21,647,773 | 5,124,751 | (74) | 26,772,450 | ||
| Revaluation | 4,267,105 | 2,270,406 | 6,537,511 | ||||
| 25,914,878 | 5,124,751 | (74) | 2,270,406 | 33,309,961 | |||
| TOTAL OF | FUNDS | 26,071,013 | 5,220,525 | (194,937) | 2,270,406 | 33,367,007 |
| STATEMEN | T | OF FUNDS -P | RIOR YEAR | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Gains/ | Balance at | |||||
| 6April 2020 | Income | Expenditure | (Losses) | 5April 2021 | |||
| f. | E | ||||||
| UNRESTRICTED FUNDS | |||||||
| General Funds | 277,161 | 248,048 | (369,074) | 156,135 | |||
| ENDOWMENT | FUNDS | ||||||
| Permanent | endowment | 20,831,065 | 822,671 | (5,963) | 21,647,773 | ||
| Revaluation | 634,925 | 3,632,180 | 4,267,105 | ||||
| 21,465,990 | 822,671 | (5,963) | 3,632,180 | 25,914,878 | |||
| TOTAL OF | FUNDS | 21,743,151 | 1,070,719 | (375,037) | 3,632,180 | 26,071,013 |
| SUMMARY | OF FUNDS - C | URRENT YEAR | ||||
|---|---|---|---|---|---|---|
| Balance at 6 | Gains/ | Balance at 5 | ||||
| April 2021 | Income | Expenditure | (Losses) | April 2022 | ||
| K | E | |||||
| General funds | 156,135 | 95,774 | (194,863) | 57,046 | ||
| Endowment | funds | 25,914,878 | 5,124,751 | (74) | 2,270,406 | 33,309,961 |
| 26,071,013 | 5,220,525 | (194,937) | 2,270,406 | 33,367,007 | ||
| SUMMARY | OF FUNDS -PRIOR YEAR | |||||
| Balance at | Gains/ | Balance at | ||||
| 6April 2020 | Income | Expendituref | (Losses) f. |
5 April 2021 | ||
| General funds | 277,161 | 248,048 | (369,074) | 156,135 | ||
| Endowment | funds | 21,465,990 | 822,671 | (5,963) | 3,632,180 | 25,914,878 |
| 21,743,151 | 1,070,719 | (375,037) | 3,632,180 | 26,071,013 |
| ANALYSIS OF NET ASSETS BETWEEN FU | NDS -CURRENT YEAR | ||
|---|---|---|---|
| Endowment | Unrestricted | Total | |
| funds | funds | funds | |
| 2022 f |
2022 | 2022 | |
| Fixed asset investments | 29,094,401 | 29,094,401 | |
| Investment property |
1,525,307 | 1,525,307 | |
| Current assets | 2,690,253 | 66,346 | 2,756,599 |
| Creditors due within one year | (9,300) | (9,300) | |
| TOTAL | 33,309,961 | 57,046 | 33,367,007 |
| Endowment | Endowment | Unrestricted | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2021 | 2021 | 2021 | ||||
| E | ||||||
| Fixed asset investments | 12,583,321 | (119,687) | 12,463,634 | |||
| Investment property |
1,525,307 | 1,525,307 | ||||
| Current assets | 11,806,250 | 284,822 | 12,091,072 | |||
| Creditors due within | one year | (9,000) | (9,000) | |||
| TOTAL | 25,914,8?8 | 156,135 | 26,071,013 | |||
| RECONCILIATION | OF NET MOVEMENT | IN FUNDS TO NET CASH | FLOW | FROM OPERATING | ||
| 17. | ACTIVITIES | |||||
| 2022f | 2021 E |
|||||
| Net income for the | year (as per Statement | of Financial Activities) | 7,295,994 | 4,327,862 | ||
| ADJUSTMENTS FOR: | ||||||
| Losses/(gains) on investments |
(1,508,721) | (3,991,028) | ||||
| Dividends, interests |
and rents from investments | (334,982) | (248,048) | |||
| Decrease/(increase) | in debtors | 22,710 | (112,242) | |||
| Increase/(decrease) | in creditors | (300) | 3,600 | |||
| NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES | 5,474,701 | (19,856) |