| Page | |
|---|---|
| Legalandadministrativeinformation | 1 |
| Trusteesreport | 2-10 |
| Reportoftheauditors | 11-13 |
| Statementoffinancialactivities | 14 |
| Balancesheet | 15 |
| Cashflowstatement | 16 |
| Notestothefinancialstatements | 17-25 |
| Trustees | RNorton(Chair) | |
|---|---|---|
| DLowther(Vice-Chair) | ||
| MAlexander | ||
| PAgar | ||
| SBeach | ||
| SLewis (Appointed27Aug2020) |
||
| CSheasby (HonTreasurer,appointed27May2021) |
||
| JBugg (Appointed27May2021) |
||
| DBrowne (Appointed27May2021) |
||
| CompanySecretary | MBlake | |
| RegisteredOffice | UpperPendrillCourt | |
| ErmineStreetNorth | ||
| PapworthEverard | ||
| Cambridge | ||
| CB238UY | ||
| Auditors | EnsorsAccountantsLLP | |
| WarwickHouse | ||
| ErmineBusinessPark | ||
| SpitfireClose | ||
| Huntingdon | ||
| Cambridge | ||
| PE296XY | ||
| Bankers | NationalWestminsterBankPLC | |
| 92HighStreet | ||
| Huntingdon | ||
| PE293DT | ||
| Solicitors | EllisonsSolicitors | |
| HeadgateCourt | ||
| HeadStreet | ||
| Colchester | ||
| C011NP | ||
| Propertyadvisers | BidwellsLLP | |
| TrumpingtonRoad | ||
| Cambridge | ||
| CB29LD | ||
| InvestmentManagers | Sarasin&PartnersLLP | |
| JuxonHouse | ||
| 100StPaul'sChurchyard | ||
| London | ||
| EC4M8BU | ||
| Status | Aregisteredcharity | No.1064595 |
| Acompanylimitedbyguarantee | No.03377965 |
| Objective | Objective | Achievement |
|---|---|---|
| Furtherdevelopalong-termbusinessplan,in | Newleasesagreed onkeyelementsoftheportfolio | |
| thelightofcurrentevents,totakefullaccountof | atPapworthBusinessPark,Potentialdevelopment | |
| likelyimpactsonthe | propertyportfolio,following | opportunities reviewed and initial enquiries |
| PapworthHospital's | relocation,thechangein | commenced.Longtermplanbeing developedto |
| appetiteforofficeaccommodationandpotential | supportproperty,investmentanddistribution | |
| impactonmarketinvestmentyield,andmitigate | strategy | |
| appropriately | ||
| Developaplantoreplacelostincomestreams | Addressedbylookingatsourcesofcapital | |
| acrosstheportfolio | asaresultofthehospital | generationthatcouldbereinvestedtoproducea |
| closure | return | |
| ManagetheTrust's | PropertyandInvestment | Thegeneralfundsoftheorganisation increasedby |
| Assetsinorderto | maximizetheirlong-term | 25%(£11,217k)intheyear,largelydrivenbya |
| value, developing |
suitable strategies to |
significantimprovementinthevalue ofthe |
| minimizerisk | investmentportfolio,bothmarketinvestmentsand | |
| commercialproperty,supportingthethree-year | ||
| planandalsoourreservespolicy. | ||
| Maintaintherealvalueofdonationstothe | ThevalueofthedonationtoPapworthTrustwas | |
| PapworthTrust | maintainedintheyear,againstabackgroundoflow | |
| inflation,andwehaveundertakentomaintainthis | ||
| in2021-22.Thedonationhasbeensetfollowing | ||
| presentationandreviewoftheoutcomesplanned | ||
| inthe3-yearBusinessPlanpreparedbytheTrust, | ||
| togetherwiththeachievementsmadein2020/21, |
| £ | |
|---|---|
| ThePapworthTrust | 1,720,000 |
| DisabilityHuntingdonshire | 8,000 |
| Tikva | 7,000 |
| MahadeviYogaCentre | 5,000 |
| AbleKidz | 3,000 |
| TheBrainwaveCentre | 3,000 |
| HandicappedChildrensAssociationGroup | 3,000 |
| TLC&JLPinnock | 112 |
| Total | 1,749,112 |
| ReserveType | Value£!000s |
|---|---|
| Designatedfunds-corecapital | 42,018 |
| Designatedfunds-volatilityrisk | 8,513 |
| Freereserves | 6,223 |
| Total | 56.754 |
| Risk | Impact | Mitigation |
|---|---|---|
| Continuedglobalfinancial | Financialuncertaintycan | TheFoundationhasabroadassetallocation |
| uncertainty,impactedby | leadtoareductioninincome | andtheJointInvestmentCommitteeclosely |
| theCovid-19 pandemic, | fromthemarketinvestment | monitorstheperformanceofitsportfolioand |
| Brexitandother political | portfolio,adverselyimpacting | marketconditions/riskswithhelpfrom |
| disruptions | ourabilitytomaintain | investmentprofessionals.Theportfoliois |
| donations | investedwithaviewtoproducingthedesired | |
| returnoverthelongterm. | ||
| Inabilitytoletcurrently | Reductioninrentalincome | Stepsarebeingtakentoensuretheretention |
| vacantproperty. | generatedasaresultofless | ofexistingtenants,andconsiderationis |
| thantargetoccupancylevels | being giventoalternativeusesforspaces | |
| could resultininsufficient | withlonger voids.Sourcesofcapitalreceipts | |
| cashgenerationtomeet | beingexplored,toyieldfundstoinvestfor a | |
| planneddonations | return.Ultimately,wemayneedtoreduce | |
| the levelofdonationsmadeinthelonger | ||
| term | ||
| Lossofkeyskillsto | Failuretoretainadequate | TheBoardhasbeenstrengthenedbythe |
| manageandgovernthe | resourceofsuitablyskilled | additionoffournew Trusteeswith |
| Foundation. | Trusteesandstaff,asa | complementaryskillsandexperienceover |
| resultoffailingtorecruitnew | thepasttwelvemonths. | |
| trustees,orplanforstaff | TheBoardconsidersgovernanceand | |
| cover,couldleadtopoor | successionplanningregularly,toensurethat | |
| decisionsonthepropertyor | thisskillsetisretained,andalsoensuresit | |
| marketinvestmentportfolios, | employsappropriatestafftosupport. | |
| resultingincapitalloss | Strategicpartnershipswithkeyadvisors | |
| havebeenestablishedtoensurethe | ||
| Trusteesareproperlyadvised.The | ||
| Foundationalsopurchasesservicesfrom | ||
| externalpartiestosupportoperations,where | ||
| required. |
| Risk | Impact | Mitigation |
|---|---|---|
| Relianceonthirdparty | Disruptiontoservicesthatwe | Withsignificantrelianceonexternalsystems |
| support forkeysystems | donotcontrolcouldleadtoa | andthirdparty provisionofservices, |
| andprocesses | failureofprovision,giving | governingthesewitheffectiveservicelevel |
| risetoaninabilityto | agreements,includingperformance | |
| undertakecorerequirements | requirements,helpstomitigaterisk.Wewill | |
| continuetodevelopinformationsystemson | ||
| hostedplatformstoenablewideaccessand | ||
| increasedresilience | ||
| Fraudorcontrolriskdue | Materialfinancialloss, | Appropriatedelegationsofauthoritydrafted, |
| tosmallnumbersofstaff | impactingthevalueofcapital | withkeypaymentsandinvestment |
| employed,withsignificant | heldbytheFoundation, | instructionsapprovedbyTrustees,Close |
| assetsunder | causedbythe | monitoringbymanagementviaregular |
| management. | misappropriationoffunds, | managementaccountsandon-lineaccessto |
| resultinginasignificantly | investmentreportsandtransaction | |
| reducedcapitalbase,and | informationismaintained,andanyissuesor | |
| thereforereducedabilityto | risksreportedtoTrustees. | |
| makedonationsinthefuture | ||
| Inabilitytogenerate | Reductioninpotential | RecruitmentofTrusteeswithproperty |
| capitalreceiptsfrom | disposalvalue ofidentified | experience,includingdevelopment |
| developmentland | developmentsites,dueto | experience,coupledwiththeprocurementof |
| currentlyheld | failuretosecureplanning | professionaladviceandparticipationinthe |
| consentforidentified | callforsitesunderthe Cambridgelocalplan, | |
| developmentsitescould | positionsusappropriatelytomitigatethis | |
| resultinfailuretobuild | risk. | |
| capitaladequatelyto | ||
| maintaincurrentdonation | ||
| levels | ||
| Publicliabilityriskdueto | Accidentorinjurysustained | Riskassessmentshavebeenundertaken |
| ownership ofwoodland | byaTrustee/staffmember/ | acrosstheestate,includingthewoodland, |
| andopenspaces,along | memberofthepublic | andactionplansdevelopedandactionedto |
| withsomeempty | resultinginsignificantinjury | mitigaterisk.Regularinspectionsandpatrols |
| properties | couldleadtosignificant | aremaintainedtoensurethatthereisno |
| damages/compensation | materialdeteriorationinassets.Appropriate | |
| claimifweweredeemedto | insuranceisalsomaintained | |
| benegligentinour | ||
| managementofourproperty |
| Total | Total | ||
|---|---|---|---|
| Notes | Unrestricted | Unrestricted | |
| Funds | Funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Income: | |||
| Investmentincome | 2 | 2,100,135 | 1,978,643 |
| Otherpropertyincome | 3 | 313,500 | |
| Otherincome | 4 | 11,717 | 18,979 |
| Totalincome | 2,111,852 | 2,311,122 | |
| Expenditure | |||
| Costsofraisingfunds: | |||
| Investmentmanagementcosts | 544,715 | 765,846 | |
| Expenditureoncharitableactivities: | |||
| Grantsandsupportcosts | 1,753,835 | 1,714,735 | |
| Othercosts | 13,167 | 13,362 | |
| Totalexpenditure | 2,311,717 | 2,493,943 | |
| Movementintotalfundsfortheyear- | |||
| Net (outgoing)resourcesfortheyearbefore | (199,865) | (182,821) | |
| Investments | |||
| GainsI (Losses)oninvestmentfunds |
7,493,861 | (1,326,881) | |
| NetincomeI(expenditure)fortheyear | 7,293,996 | (1,509,702) | |
| Revaluationofinvestmentproperties | 3,922,948 | (349,000) | |
| Netmovementinfunds | 11,216,944 | (1,858,702) | |
| Reconciliationoffunds | |||
| Totalfundsbroughtforwardat1April | 45,537,111 | 47,395,813 | |
| Totalfundscarriedforwardat 31March | 56,754,055 | 45,537,111 |
| Notes | 2021 | 2020 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fixedassets | ||||
| Investmentproperties | 10 | 16,320,749 | 12,397,801 | |
| Marketinvestments | 11 | 39,667,620 | 32,673,759 | |
| 55,988,369 | 45,071,560 | |||
| Currentassets | ||||
| Debtors: | ||||
| Amountsfallingduewithinoneyear | 12 | 663,318 | 545,295 | |
| Cashatbankandinhand | 715,664 | 494,013 | ||
| 1,378,982 | 1,039,308 | |||
| Creditors-amountsfallingduewithinoneyear | 13 | (399,062) | (356,038) | |
| Netcurrentassets | 979,920 | 683,270 | ||
| Totalassetslesscurrentliabilities | 56,968,289 | 45,754,830 | ||
| Creditors-amountsfallingdueafter | ||||
| morethanoneyear | 14 | (214,234) | (217,719) | |
| Netassets | 56,754,055 | 45,537,111 | ||
| Funds | ||||
| Unrestrictedfunds | 56,754,055 | 45,537,111 | ||
| Totalfunds | 56,754,055 | 45,537,111 |
| 2021 | 2020 | |
|---|---|---|
| Reconciliationofoperatingdeficittonet | ||
| cashoutflowfromoperatingactivities | ||
| Operating(deficit) | (199,865) | (182,821) |
| Increaseindebtors | (118,023) | (390,232) |
| Increaseincreditors | 45,539 | 161,003 |
| Deferredincomereleased | (6,000) | (6,000) |
| Netcashoutflowfromoperatingactivities | (278,349) | (418,050) |
| Cashflow | ||
| Netcashoutflowfromoperatingactivities | (278,349) | (418,050) |
| WithdrawalsfromSarasinPortfolio | 500,000 | |
| Increase/(Decrease)incash | 221,651 | (418,050) |
| Reconciliationofnetcashflowtomovementinnetfunds | ||
| Increase/(Decrease)incashintheyear | 221,651 | (418,050) |
| Changeinnetfunds | 221,651 | (418,050) |
| Netfundsbroughtforwardat1April | 494,013 | 912,063 |
| Netfundscarriedforwardat31March | 715,664 | 494,013 |
| 2 | Investmentincome | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Rentreceivable | 840,175 | 1,045,800 | |
| incomefrominvestmentportfolio | 1,259,960 | 932,843 | |
| 2,100,135 | 1,978,643 | ||
| 3 | Otherpropertyincome | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Otherpropertyincome | - | 313,500 | |
| - | 313,500 |
| 4 | Otherincome | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Otherincome | 11,717 | 18,979 | |
| 11,717 | 18,979 | ||
| 5 | Investment managementcosts | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Propertyportfolio | 260,516 | 540,518 | |
| ListedInvestmentportfolio | 194,468 | 137,544 | |
| Supportcosts | 89,731 | 87,784 | |
| 544,715 | 765,846 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Statedaftercharging: | ||
| Auditors'remuneration: | ||
| Auditservices | 7,500 | 7,400 |
| InvestmentProperties | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| At1April | 12,397,801 | 12,746,801 |
| Unrealisedgains/(losses)intheyear | 3,922,948 | (349,000) |
| At31March | 16,320,749 | 12,397,801 |
| Includedin | ||
| Fixedassets | 16,320,749 | 12,397,801 |
| 16,320,749 | 12,397,801 | |
| Allinvestmentsareincludedinunrestricted funds. | ||
| Summary: | 2021 | 2020 |
| £ | £ | |
| Property; | ||
| Freehold | 16,320,749 | 12,397,801 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| At1April | 32,673,759 | 34,000,639 |
| Realisedgains | 1,091,358 | 451,921 |
| Unrealisedgains/(losses)intheyear | 6,402,503 | (1,778,801) |
| Cashwithdrawn | (500,000) | |
| At31March | 39,667,620 | 32,673,759 |
| Marketvaluerepresentedby: | ||
| 2021 | 2020 | |
| £ | £ | |
| Historicalcostofassets | 33,108,882 | 32,050,922 |
| Unrealisedgains | 6,558,738 | 622,837 |
| At31March | 39,667,620 | 32,673,759 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash&cashequivalents | 245,354 | 1,237,847 |
| FixedIncome | 4,936,709 | 4,947,966 |
| UKEquities | 8,217,569 | 5,794,373 |
| GlobalEquities | 22,135,662 | 15.835.585 |
| AlternativeInvestments | 4,132,326 | 4,857,988 |
| At31March | 39,667,620 | 32,673,759 |
| Includedin | ||
| Fixedassets | 39,667,620 | 32,673,759 |
| 39,667,620 | 32,673,759 |
| Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Tradedebtors | 47,855 | 23,388 |
| BadDebtsprovidedfor | (6,309) | - |
| Prepayments&Accruedincome | 15,027 | 65,468 |
| Taxation | - | 23,003 |
| Otherdebtors | 606,745 | 433,436 |
| 663,318 | 545,295 | |
| Creditors:amountsfallingduewithinoneyear | ||
| 2021 | 2020 | |
| £ | £ | |
| Tradecreditors | 33,744 | 105,376 |
| Rentsreceivedinadvance | 110,042 | 124,538 |
| Othercreditorsandaccruals | 106,724 | 119,536 |
| Taxationandsocialsecurity | 142,552 | 588 |
| Deferredincome(note15) | 6,000 | 6,000 |
| 399,062 | 356,038 | |
| Creditors:amountsfallingdueaftermorethanoneyear | ||
| 2021 | 2020 | |
| £ | £ | |
| Deferredincome(note15) | 20,000 | 26,000 |
| Othercreditorsandaccruals | 150,800 | 150,800 |
| Buildingrepairreceiptsinadvance | 43,434 | 40,919 |
| 214,234 | 217,719 |
| Deferredincome | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Balanceat1April | 32,000 | 88,000 |
| Amountreleasedinyear | (6,000) | (56,000) |
| Balance at31March | 26,000 | 32,000 |