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|CONTENTS||PAGE|
|---|---|---|
|Trustees and professional
advisers|||
|Trustees'
annual
report||2-8|
|Independent
auditors|report|9-11|
|Statement
offinancial|activities|12|
|Statement
offinancial|position||
|Notes to the financial|statements|14-19|
|The Trustees|The Trustees|Philip Hulme||||
|---|---|---|---|---|---|
|||Jan Hulme||||
|||Tom Hulme||||
|||Juliet Lyon||||
|||Kate Prideaux||||
|||Sophie Swift||||
|Charity Offices||'Gladsmuir'||||
|||Hadley Common||||
|||Barnet||||
|||Herts.||||
|||EN5 5QE||||
|Auditors||Newton 8 Gamer Limited||||
|||Chartered
Accountants||8 Registered|Auditors|
|||Building 2||||
|||30 Friern Park||||
|||North Finchley||||
|||London, N12 9DA||||
|Accountants||City Tax Consultants|Limited|||
|||Building 2||||
|||30 Friern Park||||
|||North Finchley||||
|||London,
N12 9DA||||
|Bankers||Barclays Bank pic||||
|||One Stanhope Gate||||
|||Mayfair||||
|||London W1K 1AF||||
|Solicitors||Linklaters||||
|||One Silk Street||||
|||London||||
|||EC2Y 8HQ||||
|Investment|Advisers|Goldman Sachs International||||
|||Plumtree
Court||||
|||23Shoe Lane||||
|||London||||
|||EC4A 4AU||||
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|||FOR TH|E YEAR|ENDED 31S|TMARCH 20|22||
|---|---|---|---|---|---|---|---|
|||||||Total Funds|Total Funds|
|||||Unrestricted|Endowment|Year to|Year to|
|||||Funds|Funds|2022|2021|
||||Note|||||
|INCOIIE AND ENDOWIIENTS||||||||
|Donations
and legacies|||||51,794|51,794||
|Investments||||4,618,673||4,618„673|1,749,245|
|Other income||||9,348||9,348||
|TOTAL INCOIIE||||4,628,021|51,794|4,679,815|1,749,245|
|EXPENDITURE||||||||
|Expenditure
on raising funds:||||||||
|Investment
management|costs||7|(425,446)||(425,446)|(415,311)|
|Expenditure
on charitable|activities||819|+44216,870||||
|TOTAL EXPENDITURE||||4,642,116)||||
|Net gains on investments|||14||4,666,643|4,666,643|4,835,255|
|Net income||||(14,095)|4,718,437|4,704,342|2,383,430|
|Transfer between
funds|||15|||||
||||||4,704,342|4,704,342|2,383,430|
|OTHER RECOGNISED|GAINS AND LOSSES|||||||
|(Losses)/gains
on revaluation||offixed assets|||56,706,149|56,706,149|74,662,183|
|NET INOVEIIENT
IN FUNDS|||||61,410,491|61,410,491|77,045,613|
|RECONCILIATION
OF FUNDS||||||||
|Total Funds brought
forward|||||287,220,528|287,220,528|210,174,915|
|TOTAL FUNDS CARRIED FORWARD|||||348,631,019|348,631,019|287,220,528|
||||31S|TMARCH 2022||||
|---|---|---|---|---|---|---|---|
|||||2022|||2021|
||||Note|||||
|FIXEDASSETS||||||||
|Tangible assets|||16|27,441||||
|Investments|||17|347,489,236|||285,626,848|
|||||347,516,677|||285,626,848|
|CURRENT ASSETS||||||||
|Debtors|||18|||453,341||
|Cash at bank||||1,158,879|1,184,298|||
|||||1„158,879|1,637,639|||
|CREDITORS: Amounts
due within one year|falling||19|~44,537}||43,959||
|NET CURRENT ASSETS||||1,114,342|||1,593680|
|TOTAL ASSETS LESS|CURRENT||LIABILITIES|348,631,019|||287,220,528|
|NET ASSETS||||348,631,019|||287,220,528|
|FUNDS OF THE CHARITY||||||||
|Endowment
funds|||21|348,631,019|||287,220,528|
|TOTAL CHARITY FUNDS||||348,631,019|||287,220,528|
|These financial statements,||having|been approved|by the trustees,||||
|were signed on their behalf||by:|||dated:|||
||||||6|/z||
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|4.|DONATIONS
AND LEGACIES||||2022f|2021|
|---|---|---|---|---|---|---|
||Other voluntary
income||||51,794||
|5.|INVESTMENT INCOME||||2022|2021|
||||||E|E|
||Income from investment
properties||||58,560|57,932|
||income from listed investments||||4,561,668|1,686,885|
||Income from cash investments||||(1,956)|(572)|
||Income from other investments||||401|5,000|
||||||4,618,673|1,749,245|
|6.|OTHER INCOME||||2022|2021|
||Gains on disposal oftangible fixed||assets||||
||held for charity's
own use||||9,348||
|7.|INVESTMENT MANAGEMENT|COSTS|||2022|2021|
||Portfolio management||||405,369|385,512|
||Rent collection and investment|property||management|8,284|7,442|
||Property
repairs and maintenance||charges||11,793
425,446|22,357
415,311|
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|10.STAFF COSTS AND|EMOLUIIENTS|EMOLUIIENTS|2022|2021|
|---|---|---|---|---|
|The aggregate
payroll|costs were:||||
|Wages and salaries|||114,444|97,500|
|Social security costs|||10,476|8,017|
|Employer
contributions|to pension|plans|438||
||||125,358|105,517|
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|The|average|number|ofstaff|employed|by|the|charity|during|the|financial|year|amounted|to:||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||2022||2021|
|||||||||||||No.||No.|
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|12.NET INCOME|||||
|---|---|---|---|---|
||||2022|2021|
|This is stated after charging:||||F|
|Depreciation|||6„332|1,813|
|Gains on dispoal oftangible|fixed assets||(9,348)||
|13.AUDITORS REMUNERATION|||2022|2021|
|Audit ofthe financial statements|||4,800|4,800|
|14.NET GAINS ON INVESTMENTS|||2022|2021|
|Gains/(Losses)
on cash held|for investment|purposes|(327,466)|669,061|
|Gains on listed investments|||2,643,493|3,349,573|
|Gains on other investments|||2,350,616|816,621|
||||4,666,643|4,835,255|
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|16.TANGIBLE FIXEDASSETS||Office||||
|---|---|---|---|---|---|
|||Furniture|Equipment|Motor Vehicle|Total|
|COST||||E||
|At 1stApril 2021||14,831|753|24,720|40,304|
|Additions||||33,773|33,773|
|Disposals||||(24,720)|24,720|
|At 31stMarch 2022||14,831|753|33,773|49„357|
|DEPRECIATION||||||
|At 1stApril 2021||14,831|753|24,720|40,304|
|Charge for the period||||6,332|6,332|
|Disposals||||(24,720)|(24,720)|
|At 31st March 2022||14,831|753|6,332|21,916|
|NET BOOK VALUE||||||
|At 31stMarch 2022||||27,441|27,441|
|At 31stIlarch 2021||||||
|17.INVESTIIENTS|Cash or|||||
||Cash|Listed|Investment|Other||
||Equivalents|Investments|Properties|Investments|Total|
||E||E|||
|Cost or valuation||||||
|At 1stApril 2021|976,307|238,382,318|3,070,000|43,198,223|285,626,848|
|Additions|15,529,722|5,304,344||3,627,962|24,462,028|
|Disposals|(10,355,60?)|(3,535,976)||(5,414,207)|(19,305,790)|
|Revaluations|(463,233)|38,896,607|655,00Q|17,617,776|56,706,150|
|At 31st March 2022|5,687,189|279,047,293|3,725,000|59,029,754|347,489,236|
|Impairment||||||
|At 1stApril 2021 and||||||
|31stMarch 2022||||||
|Carrying
amount||||||
|At 31stMarch 2022|5,687,189|279,047,293|3,725,000|59,029,754|347,489,236|
|At 31st March 2021|976,307|238,382,318|3,070,000|43,198,223|285,626,848|
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|UK investment
prop
Services Limited.|erties|were revalued at 3rd April 2022 by Mr. C.D|. Scorer ofScorer Property||
|---|---|---|---|---|
|18.DEBTORS|||2022|2021|
|Other debtors||||64,885|
|Payments
reported|to Police|||388,456|
|||||453,341|
|19.CREDITORS: Amounts||falling due within one year:|2022|2021|
|||||E|
|Taxation and social|security||1,531|4,359|
|Accruals|||42,750|39,600|
|Other creditors|||256||
||||44,537|43,959|
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|ENDOWIIE|NT
FUNDS||||
|---|---|---|---|---|
|||Balance at|Incoming|Balance at|
|||1.4.21|Resources|31.3.22|
||||inc. gains||
|Expendable|endowment|287,220,528|61,410,491|348„631,019|