| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 5 |
| Report ofthe Independent Auditors |
6 | to | 8 |
| Statement ofFinancial Activities | |||
| Balance Sheet | |||
| Cash Flow Statement | |||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 18 |
| Detailed Statement ofFinancial Activities | 19 |
| REFERENCE AND ADMINISTRATIVE DETAILS | REFERENCE AND ADMINISTRATIVE DETAILS |
|---|---|
| Auditors | |
| Sheen Stickland | |
| Chartered Accountants |
|
| Statutory Auditors |
|
| 7East Pallant | |
| Chichester | |
| West Sussex | |
| PO19 1TR | |
| Bankers | |
| HSBC | |
| 95 Gloucester Road | |
| South Kensington | |
| London | |
| SW74SX | |
| Solicitors | |
| Withers LLP | |
| Third Floor | |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Investment managers |
|
| Pavilion Advisory | Group |
| 227 W. Monroe Street | |
| Suite 2020 | |
| Chicago, Illinois | 60606 |
| USA | |
| 312-798-3200 | |
| www. pavilion. corp.corn |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||||
| fund | fund | fund | funds | funds | ||||
| Notes | ||||||||
| INCOME AND | ||||||||
| ENDOWMENTS | FROM | |||||||
| Donations and legacies |
13,696 | 13,696 | 19,926 | |||||
| Investment income |
39,052 | 39,052 | 50,385 | |||||
| Total | 13,696 | 39,052 | 52,748 | 70,311 | ||||
| EXPENDITURE | ON | |||||||
| Raising funds | 10,824 | 1,189 | 12,013 | 13,257 | ||||
| Charitable activities |
||||||||
| Education and research |
costs | 13,697 | 76,169 | 89,866 | 48,179 | |||
| Total | 24,521 | 77,358 | 101,879 | 61,436 | ||||
| Net gains on investments | 652,959 | 652,959 | 27,288 | |||||
| NET | ||||||||
| INCOME/(EXPENDITURE) | (10,825) | 614,653 | 603,828 | 36,163 | ||||
| Other recognised | gains/(losses) | |||||||
| Unrealised exchange movements |
~10,084) | 1,948 | ~33),327) | ~339,463) | 145,542 | |||
| Net movement in |
funds | (20,909) | 1,948 | 283,326 | 264,365 | 181,705 | ||
| RECONCILIATION | OF | |||||||
| FUNDS | ||||||||
| Total funds brought | forward | 28,651 | 15,249 | 3,218,341 | 3,262,241 | 3,080,536 | ||
| TOTAL FUNDS | CARRIED | |||||||
| FORWARD | 7,742 | 17,197 | 3,501,667 | 3,526,606 | 3,262,241 |
| 2021 | ?02() | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowtttettt | Total | Total | ||
| fund | fund | futld | funds | fut]ds | ||
| Notes | f | f | ||||
| FIXEDASSFTS | ||||||
| lnvcstntcnLs | 3,510,421 | 3,510,421 | 3,024,403 | |||
| (URREtt(T ASSETS | ||||||
| «ash a( hank | 32,135 | 17,197 | 32,858 | 82,190 | 308,488 | |
| CREDITORS | ||||||
| Amounts foal/ing duc within one |
||||||
| year | ]0 | {24,393) | {41,612) | (665005) | {70,650) | |
| WF.r CURRENT'r. ASSETS | 7,742 | 16,155 | 237 1135 | |||
| TOTAL ASSETSLESS | ||||||
| CURRENT I.IABII.ITIES | 7,742 | 17.197 | 3,501,667 | 3,526.606 | 3,262,241 | |
| iNET ASSETS | 7,742 | 17,157 | 3,501.667 | 3,576,606 | 3,262.2'11 | |
| FI)lffiDS | ||||||
| 1lnrcstrictcd htnds |
7,742 | 28,651 | ||||
| I(cS(tiC(cd lunds | 17,197 | 15,249 | ||||
| Endowment funds |
3,501,667 | 3,218.341 | ||||
| TOTAL FUNDS | 3,52(i.606 | 3,262,241 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Notes | ||||
| Cash flows from operating | activities | |||
| Cash generated from operations |
1 | ~40,714) | 71,315 | |
| Net cash (used in)/provided | by operating | activities | ~40,7 14) | 71,315 |
| Cash flows from investing | activities | |||
| Purchase offixed asset investments | (216,430) | (538,167) | ||
| Sale offixed asset investments | 69,152 | 685,940 | ||
| Dividends received |
39,052 | 50,385 | ||
| Net cash (used in)/provided | by investing | activities | L)08,226) | 198,158 |
| Cash flows from financing | activities | |||
| Expenditure attributable to |
endowment | ~77,358) | /38,778) | |
| Net cash used in financing | activities | ~77,358) | ~38,778) | |
| Change in cash and cash |
equivalents | in | ||
| the reporting period |
(226,298) | 230,695 | ||
| Cash and cash equivalents | at the | |||
| beginning ofthe reporting |
period | 308,488 | 77,793 | |
| Cash and cash equivalents | at the end | of | ||
| the reporting period |
82,190 | 308,488 |
| RECONCILIATION | OF NET INCOME TO NET CASH FLOW FROM | OF NET INCOME TO NET CASH FLOW FROM | OPERATING | |
|---|---|---|---|---|
| ACTIVITIES | ||||
| 2021 | 2020 | |||
| Net income for the reporting | period (as per the Statement ofFinancial | |||
| Activities) | 603,828 | 36,163 | ||
| Adjustments for: |
||||
| Gain on investments | (652,959) | (27,288) | ||
| Dividends received |
(39,052) | (50,385) | ||
| Expenditure attributable |
to endowment | 77,358 | 38,778 | |
| (Gains)/losses on exchange (Decrease)/increase in creditors |
(25,244) ~4,648 |
71,122 2,925 |
||
| Net cash (used in)/provided | by operations | +40,714) | 71,315 | |
| ANALYSIS OF CHANGES | IN NET FUNDS |
| ANALYSIS OF CHANGES IN NET | FUNDS | ||
|---|---|---|---|
| At 1.7.20 | Cash flow | At 30.6.21 | |
| Net cash | |||
| Cash at bank | 308,488 | (226,298) | 82,190 |
| 308,488 | (226,298) | 82,190 | |
| Total | 308,488 | (226,298) | 82,190 |
| 2. | DONATIONS AND |
DONATIONS AND |
LEGACIES | LEGACIES | LEGACIES | ||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||||
| Grants | 13,696 | 19,926 | |||||||
| Grants received, included | in | the above, are as | follows: | ||||||
| 2020 | 2019 | ||||||||
| StJoseph's | Hospital | and Medical Center | 19,926 | 48,363 | |||||
| 3. | INVESTMENT INCOME | ||||||||
| 2021 | 2020 | ||||||||
| Dividend income |
39,052 | 50,385 | |||||||
| 4. | RAISING | FUNDS | |||||||
| Investment | management | costs | |||||||
| 2021 | 2020 | ||||||||
| Portfolio management | 1,190 | 1,223 | |||||||
| 5. | GRANTS | PAYABLE | |||||||
| 2021 | 2020 | ||||||||
| Education | and research costs | 76,169 | 37,555 | ||||||
| Grants made to institutions | for the furtherance | ofthe Charity's | objects were: | ||||||
| 2021 | 2020 | ||||||||
| Institutions: | |||||||||
| St Joseph's | Hospital | and Medical Center | 76,169 | 37,555 | |||||
| 76,169 | 37,555 |
| FIXEDASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| MARKET VALUE | |
| At 1stJuly 2020 | 3,024,403 |
| Additions | 216,430 |
| Revaluations | 583,807 |
| Exchange losses | ~314,219) |
| At 30th June 2021 | 3,510,421 |
| NET BOOK VALUE | |
| At 30th June 2021 | 3,510,421 |
| At 30th June 2020 | 3,024,403 |
| Listed | ||||
|---|---|---|---|---|
| investments | ||||
| Valuation in 2021 |
3,510,421 | |||
| CREDITORS: AMOUNTS FALLING DUE | WITHIN ONE YEAR | |||
| 2021 | 2020 | |||
| Other creditors | 55,193 | 56,154 | ||
| Accruals and deferred income |
10,812 | 14,496 | ||
| 66,005 | 70,650 | |||
| MOVEMENT IN FUNDS | ||||
| Net | ||||
| movement | At | |||
| At 1.7.20 | in funds | 30.6.21 | ||
| Unrestricted funds |
||||
| General fund | 28,651 | (20,909) | 7,742 | |
| Restricted funds |
||||
| Split Immunity Project |
15,249 | 1,948 | 17,197 | |
| Endowment funds |
||||
| Expendable Endowment |
Fund | 3,218,341 | 283,326 | 3,501,667 |
| TOTAL FUNDS | 3,262,241 | 264,365 | 3,526,606 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General fund |
13,696 | (24,521) | (10,084) | (20,909) | ||
| Restricted | funds | |||||
| Split Immunity Project |
1,948 | 1,948 | ||||
| Endowment | funds | |||||
| Expendable | Endowment | Fund | 39,052 | (77,358) | 321,632 | 283,326 |
| TOTAL FUNDS | 52,748 | ~101,879) | 313,496 | 264,365 |
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | At | |||
| At 1.7.19 | in funds | funds | 30.6.20 | ||
| Unrestricted funds |
|||||
| General fund | 37,445 | (27,613) | 18,819 | 28,651 | |
| Restricted funds |
|||||
| Split Immunity Project |
15,735 | (486) | 15,249 | ||
| Endowment funds |
|||||
| Expendable Endowment |
Fund | 3,027,356 | 209,804 | (18,819) | 3,218,341 |
| TOTAL FUNDS | 3,080,536 | 181,705 | 3,262,241 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| Unrestricted funds |
|||||
| General fund | 19,926 | (22,658) | (24,881) | (27,613) | |
| Restricted funds |
|||||
| Split Immunity Project |
(486) | (486) | |||
| Endowment funds |
|||||
| Expendable Endowment |
Fund | 50,385 | (38,778) | 198,197 | 209,804 |
| TOTAL FUNDS | 70,311 | /61,436) | 172,830 | 181,705 | |
| A current year 12months | and prior year 12months | combined | position is as follows: | ||
| Net | Transfers | ||||
| movement | between | At | |||
| At 1.7.19 | in funds | funds | 30.6.21 | ||
| Unrestricted funds |
|||||
| General fund | 37,445 | (48,522) | 18,819 | 7,742 | |
| Restricted funds |
|||||
| Split Immunity Project |
15,735 | 1,462 | 17,197 | ||
| Endowment funds |
|||||
| Expendable Endowment |
Fund | 3,027,356 | 493,130 | (18,819) | 3,501,667 |
| TOTAL FUNDS | 3,080,536 | 446,070 | 3,526,606 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| Unrestricted funds |
|||||
| General fund | 33,622 | (47,179) | (34,965) | (48,522) | |
| Restricted funds |
|||||
| Split Immunity Project |
1,462 | 1,462 | |||
| Endowment funds |
|||||
| Expendable Endowment |
Fund | 89,437 | (116,136) | 519,829 | 493,130 |
| TOTAL FUNDS | 123,059 | (163,315) | 486,326 | 446,070 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies |
||||
| Grants | 13,696 | 19,926 | ||
| Investment income |
||||
| Dividend income |
39,052 | 50,385 | ||
| Total incoming resources |
52,748 | 70,311 | ||
| EXPENDITURE | ||||
| Raising donations and |
legacies | |||
| Consultancy fees |
10,823 | 12,034 | ||
| Investment management |
costs | |||
| Portfolio management | 1,190 | 1,223 | ||
| Charitable activities |
||||
| Grants to institutions | 76,169 | 37,555 | ||
| Support costs | ||||
| Management | ||||
| Travel and subsistence | 6,376 | |||
| Finance | ||||
| Bank charges | 54 | |||
| Governance costs |
||||
| Auditors' remuneration Professional fees |
5,569 8,128 |
5,771 ~1,577) |
||
| 13,697 | 4,194 | |||
| Total resources expended | 101,879 | 61,436 | ||
| Net (expenditure)/income | before gains and | |||
| losses | (49,131) | 8,875 | ||
| Realised recognised gains |
and losses | |||
| Realised gains/(losses) | on | fixed asset investments | 69,152 | /20, 056) |
| Net income/(expenditure) | 20,021 | ~)1,)81) |