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||**Page**|
|---|---|
|Legalandadministrativeinformation|1|
|Trusteesreport|2-10|
|Reportoftheauditors|11-13|
|Statementoffinancialactivities|14|
|Balancesheet|15|
|Cashflowstatement|16|
|Notestothefinancialstatements|17-25|
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|**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||
||C01**1NP**||
|**Propertyadvisers**|BidwellsLLP||
||TrumpingtonRoad||
||Cambridge||
||CB29LD||
|**InvestmentManagers**|Sarasin&PartnersLLP||
||JuxonHouse||
||100StPaul'sChurchyard||
||London||
||EC4M8BU||
|**Status**|Aregisteredcharity|No.1064595|
||Acompanylimitedbyguarantee|No.03377965|
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|_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,|
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||£|
|---|---|
|ThePapworthTrust|1,720,000|
|DisabilityHuntingdonshire|8,000|
|Tikva|7,000|
|MahadeviYogaCentre|5,000|
|AbleKidz|3,000|
|TheBrainwaveCentre|3,000|
|HandicappedChildrensAssociationGroup|3,000|
|TLC&**JL**Pinnock|112|
|**Total**|**1,749,112**|
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|**ReserveType**|**Value£!000s**|
|---|---|
|Designatedfunds-corecapital|42,018|
|Designatedfunds-volatilityrisk|8,513|
|Freereserves|6,223|
|**Total**|**56.754**|
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|**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.|
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|**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||
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|||**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|
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||**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|
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||**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|
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|**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|
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||2021|2020|
|---|---|---|
||£|£|
|Statedaftercharging:|||
|Auditors'remuneration:|||
|Auditservices|7,500|7,400|
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|**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|
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||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|
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||**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|
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|**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|
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|**Deferredincome**|||
|---|---|---|
||**2021**|**2020**|
||£|£|
|Balanceat1April|32,000|88,000|
|Amountreleasedinyear|(6,000)|(56,000)|
|Balance at31March|26,000|32,000|
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