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|||||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|
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|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||||
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||||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|
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|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|
##
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||||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|
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||||||||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|
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||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|
##
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|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|
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|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|
##
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|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|
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|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|
##
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||||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)|
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