| Page: | Reportofthe trustees | |
|---|---|---|
| 8 | Reportoftheindependent auditors | |
| t2 | ConsolidatedStatementof FinancialActivities | |
| 13 | Consolidated BalanceSheet | |
| t4 | BalanceSheet | |
| 15 | ConsolidatedStatementofCashFlows | |
| l6 | Notesformingpartofthefinancialstatements | |
| Trustees | J CHarrison-LeeLL.B | |
| P J GLeeDLLL.B | ||
| NPHarrison | ||
| Director | SJRidley | |
| Principal | offïce | SecondFloor,Foundation House, 42-48 LondonRoad,Reigate, |
| Surrey,RH29QQ | ||
| Bankers | Coutts&Co,440Strand,London WC2ROQS | |
| Bank ofScotland, TheMound,EdinburghEHl lYZ | ||
| SantanderUKplc,100LudgateHill,LondonEC4M7RE | ||
| Auditor | Moore KingstonSmithLLP, Betchworth House,57-65Station | |
| Road,Redhill,Surrey,RHllDL | ||
| Solicitors | 'Withers,16OldBailey, London, EC4M7EG | |
| Charityregistration | ||
| number | 1076579 |
| Notes | 2023 | 2023 | 2023 | 2022 | |
|---|---|---|---|---|---|
| Unrestricted incomefund f |
Expendable endowment fundsf |
Total r, |
Total f, |
||
| Incomefrom: | |||||
| Donation | 2 | 750 | 15,827 | 16,577 | 630,073 |
| Investmentsandcashdeposits | J | r,277,5r9 | 11,799 | l,2gg,3lg | L,395,077 |
| Rental income | 4 | r,015,936 | 0 | l,ol5,g36 | 1,025,962 |
| Totalincome | 2,294,205 | 27,626 | 2,321,931 | 3,051,112 | |
| Expenditureon: | |||||
| Raisingfunds: | |||||
| Rentalactivity | 4 | 104,837 | 0 | r04,837 | 21g,6lg |
| Charitable activities | 5 | 1,6'72,295 | 565,000 | 2,23',7,295 | 1,633,76r |
| Totalexpenditure | 1,7'77,132565,000 | 2,342,132 | 1,852,379 | ||
| Net operatingincome/(loss) | 5t7,073(537,374)(20,301) | 1,198,733 | |||
| Net realisedinvestrnentgain | 7 | 0 | 00 | l,ggg,241 | |
| Netunrealisedinvestmentlosses(2022:gains) | 7 | (1,933,441) | 0(1,833,441) | 214,376 | |
| Netloss(2022:income)and netmovementinfunds | (1,316,368)(537,374)(1,853,742) | 3,301,350 | |||
| Reconciliationoffunds | |||||
| Funds broughtforward | II | 9,609,76645,718,00054,327,7665L,026,416 | |||
| Fundscarried forward | 11 | '1,293,39845,180,62652,474,02454,327,766 |
| Notes | 2023 | 2023 | 2022 | 2022 | |
|---|---|---|---|---|---|
| t | f | f | f | ||
| Fixedassets | |||||
| Managed investment funds | 7 | 10,936,627 | 10,350,568 | ||
| Investment properties | 7 | 17,250,000 | 8,775,000 | ||
| Loans | 7 | 12,100,000 | 14,834,459 | ||
| Totalinvestments | 40,286,627 | 33,960,027 | |||
| Intangiblef,rxed assets | 8 | I 1,700 | 0 | ||
| Total fixedassets | 40,298,327 | 33,960,027 | |||
| Currentassets | |||||
| Debtors | 9 | 468,998 | 506,234 | ||
| Investment: medium term bankdeposit | |||||
| (maturingNovember 2023) | 750,000 | 0 | |||
| Cashatbankandinhand | |||||
| Cash andbankbalances | 86,196 | 20,000 | |||
| Short term deposits | 12,572,960 | 21,533,711 | |||
| 13,878,054 | 22,059,945 | ||||
| Creditors:amountsfallingduewithinoneyear | |||||
| Charitablegrantsprovidedand contractedfor, butnotpaid |
5 | (686,670) | (786,425) | ||
| Other creditors | 10 | (416,2l8) | (376,401) | ||
| (1,102,888) | (t,162,826) | ||||
| Netcurrentassets | 12,775,166 | 20,897,119 | |||
| Totalassets lesscurrentliabilities | 53,073,493 | 54,857,146 | |||
| Creditors:amounts payableaftermore thanone | year | ||||
| Charitable,grantsprovidedand contractedfor, | |||||
| butnotpaid | 5 | (599,469) | (529,380) | ||
| Netassets | 52,474,024 | 54,327,766 | |||
| Expendable endowments | |||||
| Endowmentgifts | l1 | 45,001,000 | 45,001,000 | ||
| Expendable endowmentgift | 11 | 179,626 | 717,000 | ||
| 45,190,626 | 45,718,000 | ||||
| Incomefunds | |||||
| Unrestrictedincomefirnd | 11 | 7,293,398 | 9,609,766 | ||
| Totalexpendable endowment and income funds | 52,474,024 | 54,327,766 |
| BalanceSheetasat31May2023 | |||||
|---|---|---|---|---|---|
| Notes | 2023 | 2022 | |||
| f | f | Ê | f | ||
| Fixedassets | |||||
| Managed investment funds | 7 | 10,936,627 | 10,350,568 | ||
| Loantosubsidiary company | 7 | 32,800,000 | 35,800,000 | ||
| Investmentinsubsidiary company | 7 | 1,000 | 1,000 | ||
| Totalinvestments | 43,737,627 | 46,151,568 | |||
| Intangible fixedassets | 8 | 11,700 | 0 | ||
| Total fixedassets | 43,749,327 | 46,r51,568 | |||
| Currentassets | |||||
| Debtors | 9 | 79,731 | 933,502 | ||
| Investment: medium term bank deposit | |||||
| (maturing November 2023) | 750,000 | 0 | |||
| Cashatbankandinhand | |||||
| Cash andbankbalances | 76,196 | 10,000 | |||
| Short term deposits | 7,4r2,r51 | 5,459,868 | |||
| 9,3lg,07g | 6,402,370 | ||||
| Creditors:amountsfallingduewithinoneyear | |||||
| Charitablegrants,providedandcontracted,but notpaid |
5 | (686,670) | (786,425) | ||
| Other creditors | 10 | (23,497) | (2t,tgt) | ||
| (710,167) | (807,616) | ||||
| Netcurrentassets | 7,607,gtl | 5,594,754 | |||
| Totalassets lesscurrentliabilities | 51,357,238 | 5t,746,322 | |||
| Creditors:amounts payableaftermorethanoneyear | |||||
| Charitablegrants,providedandcontracted,but | |||||
| notpaid | 5 | (599,469) | (529,380) | ||
| Netassets | 50,757,769 | 51,216,942 | |||
| Expendable endowments | |||||
| Endowmentgifts | ll | 45,001,000 | 45,001,000 | ||
| Expendable endowmentgift | 11 | 179,626 | 717,000 | ||
| 45,180,626 | 45,718,000 | ||||
| Income funds | |||||
| Unrestricted incomefirnd | l1 | 5,577,143 | 5,499,942 | ||
| Totalexpendable endowment and incomefunds | 50,757,769 | 51,216,942 |
| 2023 | 2023 | 2022 | 2022 | ||
|---|---|---|---|---|---|
| f, | f | f | f | ||
| Netloss(2022:income)forthereportingperiod | (1,853,742) | 3,301,350 | |||
| Adjustments for: | |||||
| Realised gains oninvestments | 0 | (1,888,241) | |||
| Unrealisedlosses(2022: gains) oninvestments | 1,833,441 | (214,376) | |||
| Incomereceivablefrominvestmentsandcashdeposits | (1,277,519) | (1,395,077) | |||
| Rents receivablefrominvestments | (1,015,936) | (1,025,962) | |||
| Decrease(2022: inuease)indebtors | 45,437 | (56,197) | |||
| Decreaseincreditors | (254,480) | (464,267) | |||
| Netcash usedby operating activities | (2,522,799) | (1,742,770) | |||
| Cash flowsfrominvesting activities: | |||||
| Dividenddistributionsand interestreceived | 1,53',7,768 | 1,261,014 | |||
| Rentreceived | 1,012,217 | 1,110,745 | |||
| Proceedsfrom investment loanrepayments | 5,434,459 | 2,058,453 | |||
| Investmentloans made | (2,700,000) | (4,600,000) | |||
| Purchaseofmanagedinvestment funds | (1,000,000) | (2,000,000) | |||
| Purchaseof investment properties | (9,894,500) | 0 | |||
| Purchaseofintangiblefixedasset | (11,700) | 0 | |||
| Deposit in medium term bank deposit | (750,000) | 0 | |||
| Proceedsfromdisposalofinvestment property | 0 | 62, | 53',l | ||
| Netcashprovided by investing activities | (6,371,''Ì56) | 8,992,',l49 | |||
| Changeincashinthereporting period | (9,994,555) | 7,249,979 | |||
| Cashat thebeginning ofthereporting period | 21,553,711 | 14,303,732 | |||
| Cash at the end ofthereporting period | 12,659,156 | 2r,553,7rt | |||
| Analysisofcash | 31May2023 | 3lNlay2022 | |||
| f | f | ||||
| Cashandbank balances | 96,196 | 20,000 | |||
| Shorttermdeposits | 60 | 21,533,711 | |||
| 12,659,156 | 21,553,71r |
| Incomefrominvestmentsandcashdeposits | ||
|---|---|---|
| 2023 | 2022 | |
| f | f | |
| Incomefromlistedinvestments | 412,010 | 301,777 |
| Interestreceivablefromloansfor property development | 735,103 | 1,092,433 |
| Interestreceivable from bankdeposits andother depositaccounts: | ||
| Unrestricted incomefund | r30,406 | 854 |
| 1,277,519 | 1,395,064 | |
| Expendable endowmentfund | 1l,7gg | 13 |
| l,2gg,3lg | 1,395,077 |
| belawfullydistributed tothecharity underaDeedofCovenant.Asunìm | aryofthesubsidia | ry'sresults is show | nbelow: |
|---|---|---|---|
| 2023 | 2022 | ||
| ff, | |||
| Rental income | l,ol5,936 | 1,025,962 | |
| Interest receivable | 776,120 | 1,093,270 | |
| Operatingexpensesforrental activities | (104,837) | (218,618) | |
| Fair valuelosses(2022:gains) oninvestmentproperties | (1,419,500) | 1,862,537 | |
| Other operatingexpenses | (l3,006) | (9,372) | |
| Interestpayable onshareholder loans | (1,622,819) | (89s,783) | |
| Shareofnetdevelopmentprofiton loans | 0 | 25,705 | |
| Loss(2022:profit)onordinary activities | (l,368,1 06) | 2,993,701 | |
| Donation payabletoparent charity | Q6,463) | (2,L34,688) | |
| Loss (2022;profit)retained inthesubsidiary | :: | (1,394,569) | 749,013 |
| Charitableactivities | |||
|---|---|---|---|
| Grants | Support | Total | |
| awarded | costs | ||
| t | f | f | |
| 2023 | |||
| Opportunities through Sport | 845,546 | 120,609 | 966,r55 |
| SupportforChildrenandYoungPeople who have special educational needs,disabilities or mentalillhealth |
358,289 | 46,233 | 404,522 |
| Trustees'Discretion-Unrestrictedincomefund: education | 156,132 | 14,071 | 170,203 |
| - Unreshictedincomefund: other | 223,374 | 8,041 | 23r,415 |
| - Expendable endowment funds | 565,000 | 0 | 565,000 |
| Less grants awardedin previousysars not taken up | (100,000) | 0 | (100,000) |
| 2,048,341 | 188,954 | 2,237,295 | |
| 2022 | |||
| Opportunities through Sport | 888,065 | 114,559 | 1,002,624 |
| SupportforChildrenandYoungPeople who have special educational needs,disabilities or mentalillhealth |
474,771 | 57,279 | 532,050 |
| Trustees'Discretion-Unrestrictedincomefund:education | 145,82 7 |
8,183 | 154,010 |
| -Unrestrictedincomefund: other | 0 | 0 | 0 |
| -Expendable endowment funds | 0 | 0 | 0 |
| Less grants awardedin previousyearsnot taken up | (54,923) | 0 | (54,923) |
| 1,453,740 | 190,021 | 1,633,761 |
| Reconciliation of grantsprovidedorreserved: | ||
|---|---|---|
| 2023 | 2022 | |
| g | f, | |
| Grants awardedduringtheyear | 2,048,341 | 1,453,740 |
| Addcharitable grants awarded and contractedin previousyearbut not | ||
| paidat3li | l4ay2022 | 1,315,805I,97 6,477 |
| 3,364,146 | 3,430,217 | |
| Charitablegrantspaidduringtheyear | (2,078,007) | (2,114,412) |
| Charitable grantsprovidedand contractedfor but notpaidat3lI | iday2023 | 1,286,139 |
| Charitable grantsprovidedand contractedfor but not paidcomprise: | ||
| Grants payableaftermore thanoneyear butwithin fiveyears | 575,469 | 506,852 |
| Grants payableafterfiveyears | 24,000 | 22,528 |
| Grants payableafter morethanoneyear | 599,469 | 529,380 |
| Grants payableduringthe nextyear | 686,670 | 786,425 |
| 1,286,1391,315,805 |
| Grant-making | Governance | Governance | Total support | |
|---|---|---|---|---|
| 2023 | costs | costs | costs | |
| t | f. | f | ||
| Staffcosts | ||||
| Gross salaries | 69,920 | 3,550 | 73,470 | |
| Employer'sNationalInsurance | 6,280 | 319 | 6,599 | |
| Pension | 2,797 | 142 | 2,939 | |
| Staff recruitmentandtraining | 949 | 0 | 949 | |
| 79,946 | 4,011 | 83,957 | ||
| Professionalfees | ||||
| Auditfees | 0 | 23,247 | 23,247 | |
| Legalandprofessionalfees | 0 | 6,280 | 6,280 | |
| 0 | 29,527 | 29,527 | ||
| Premisescosts | ||||
| Rent | 19,385 | 984 | 20,369 | |
| Rates | 10,415 | 529 | 10,944 | |
| Premises management | 7,940 | 403 | 8,343 | |
| 37,',?40 | 1,916 | 39,656 | ||
| Officecosts | 34,084 | l,''130 | 35,814 | |
| 151,770 | 3',7,r84 | 188,954 |
| Supportcosts(continued) | |||
|---|---|---|---|
| Grant-making | Governance | Total support | |
| 2022 | costs | costs | costs |
| t | s | f | |
| Staffcosts | |||
| Gross salaries | 59,474 | 3,298 | 62,772 |
| Employer's NationalInsurance | 4,961 | 270 | 5,131 |
| Pension | 7)) | 140 | 2,662 |
| Staff recruitmentandtraining | 20,049 | 0 | 20,049 |
| 96,906 | 3,708 | 90,614 | |
| Professionalfees | |||
| Auditfees | 0 | 22,223 | 22,223 |
| Legalandprofessionalfees | 0 | 1,243 | 1,243 |
| 0 | 23,466 | 23,466 | |
| Premisescosts | |||
| Rent | 19,299 | 1,070 | 20,369 |
| Rates | 8,687 | 482 | 9,169 |
| Premises management | 6,083 | 337 | 6,420 |
| 34,069 | 1,889 | 35,958 | |
| Officecosts | 28,408 | 1,575 | 29,983 |
| 149,383 | 30,638 | 180,021 |
| Investments | ||||
|---|---|---|---|---|
| Group | Managed investmentfunds |
Investment properties |
Loans | Totalfor group |
| f | f, | f | s | |
| Cost andvøluøtion | ||||
| AtlJwe2022 | 10,350,568 | 8,775,000 | 14,834,459 | 33,960,027 |
| Additions | 1,00o,ooo | g,gg4,5oo | 2,700,000 | 13,594,500 |
| Disposals | 0 | 0 | (5,434,459) | (5,434,459) |
| Revaluationlosses | (413,941) | (1,419,500) | 0 | (1,833,441) |
| At3lMay2023 | 10,936,62717,250,000 | 12,100,000 | 40,286,627 | |
| Historiccost | ||||
| Ar3lÌll4ay2023 | 10,500,000 | 16,307,689 | 12,100,000 | 38,907,689 |
| At3lÌllday2022 | 9,500,000 | 6,4t3,189 | t4,834,459 | 30,747,648 |
| Managed | Investmentin | Loanto | Totalfor | |
| Charity | investment funds | subsidiary | subsidiary | charity |
| company | company | |||
| t | f | t | g | |
| Cost andvaluation | ||||
| AtlJune2022 | 10,350,568 | ,000 | 35,800,000 | 46,151,568 |
| Additions | 1,000,000 | 0 | 0 | 1,000,000 |
| Repayment | 0 | 0 | (3,000,000) | (3,000,000) |
| Revaluationlosses | (413,941) | 0 | 0 | (413,94r) |
| At3IMay2023 | 10,936,627 | 1,000 | 32,800,000 | 43,737,627 |
| Historiccost | ||||
| At3l}l{ay2023 | 10,500,000 | 1,000 | 32,800,000 | 43,301,000 |
| At3LÌNday2022 | 9,500,000 | 1,000 | 35,800,000 | 45,301,000 |
| 2023 | '2022 | |||
| f, | f | |||
| Netrealisedinvestmentgains | ||||
| Revaluation gainon investmentproperty sold | 0 | 1,862,537 | ||
| Loans:shareofdevelopmentprofits | 0 | 25,704 | ||
| 0 | 1,888,241 | |||
| Netunrealised investmentlosses(2022: gains) | ||||
| Managedinvestmentfunds | (413,941) | 214,376 | ||
| Revaluationlosseson investmentproperties | (1,419,500) | 0 | ||
| (1,833,441)214,376 |
| Groupandcharity | |
|---|---|
| f | |
| Cost | |
| AtlJune2022 | 0 |
| Additions | I1,700 |
| Disposals | 0 |
| AI3lNf.ay2023 | 11,700 |
| Debtors | ||||
|---|---|---|---|---|
| Group 2023 Êcf,f |
Group 2022 |
Charity 2023 |
Charity 2022 |
|
| Trade debtors | 0 | 84,930 | 0 | 0 |
| Profitsharesreceivable | 0 | 0 | 0 | 0 |
| Other debtorsandprepayments | 74,811 | 35,3l8 | 9,827 | 5,44 6 |
| Accruedincomereceivable | 394,087 | 385,986 | 43,441 | 0 |
| Donation receivablefromsubsidiarycompany | 0 | 0 | 26,463 | 928,05 6 |
| 468,898 | 506,234 | 79,731 | 933,502 |
| Other creditors | ||||
|---|---|---|---|---|
| Group | Group | Charity | Charity | |
| 2023 | 2022 | 2023 | 2022 | |
| f | f | f, | f | |
| Rent receivedinadvance | 316,501 | 51,870 | 0 | 0 |
| Tradecreditors | 824 | 259,567 | 824 | 1,606 |
| Accruals | 35,976 | 28,887 | 22,673 | 19,585 |
| Taxes andsocial security | 55,463 | 1,279 | 0 | 0 |
| Othercreditors | 7,454 | 34,798 | 0 | 0 |
| 416,218 | 376,401 | 23,497 | 2l,l9l |
| Group | At1June | IncomeExpenditure | Gains and | At31 |
|---|---|---|---|---|
| 2022 | losses | .M.ay2023 | ||
| f, | f, c |
t | f | |
| Expendableendowments | ||||
| Endowment gifts | 45,001,000 | 0 0 |
0 | 4s,001,000 |
| Furtherexpendable endowmentgifts | 717,000 | 27,626(565,000) | 0 | 179,626 |
| 45,718,000 | 27,626 (565,000) |
0 | 45,t80,626 | |
| Income funds | ||||
| Unrestricted fund | 8,609,7662,294,205(1,777,132) | (1,833,441)7,293,398 | ||
| 54,327,766 2,32r,831 (2,342,t32) | (1,833,441) | 52,474,024 | ||
| Charity | At1June | IncomeExpenditure | Gains and | At31 |
| 2022 | losses | J$Iay2023 | ||
| f | t g |
t | t | |
| Expendableendowments | ||||
| Endowment gifts | 45,001,000 | 0 0 |
0 | 45,001,000 |
| Furtherexpendable endowmentgifts | 717,000 | 21,626(565,000) | 0 | 179,626 |
| 45,718,00027,626 (565,000) |
0 | 45,180,626 | ||
| Income funds | ||||
| Unrestricted flrnd | 5,498,9422,151,43t(r,659,289)(4t3,941) | 5,5't7,143 | ||
| 51,216,9422,179,057(2,224,289) (413,941) | 50,757,769 |
| 11 | Analysisoffunds (continued) | |||||
|---|---|---|---|---|---|---|
| Group | At1June | IncomeExpenditure | Gains and | Ar31 | ||
| 2021 | losses | M,ay 2022 | ||||
| s | f | c | f | t | ||
| Expendable endowments | ||||||
| Endowment gifts | 45,001,000 | 0 | 0 | 0 | 45,001,000 | |
| Furtherexpendable endowmentgifts | 86,914 | 630,086 | 0 | 0 | 717,000 | |
| 45,087,914630,086 | 0 | o | 45,718,000 | |||
| Incomefunds | ||||||
| Unrestricted fund | 5,938,5022,421,026 | (r,852,379) | 2,102,6178,609,766 | |||
| 51,026,4163,051,112(1,852,379) | 2,102,617 | 54,327,766 | ||||
| Charity | At1June | IncomeExpenditure | Gains and | At31 | ||
| 2021 | losses | N'l.ay2022 | ||||
| f | s | f | g. | t | ||
| Expendable endowments | ||||||
| Endowmentgifts | 45,001,000 | 0 | 0 | 0 | 45,001,000 | |
| Furtherexpendable endowmentgifts | g6,914 | 630,086 | 0 | 0 | 717,000 | |
| 45,087,914630,086 | 0 | 0 | 45,718,000 | |||
| Incomefunds | ||||||
| Urnestricted fund | 3,576,6913,332,265(1,624,389) 214,3755,498,942 | |||||
| 48,664,6053,962,351(1,624,389)214,375 | 51,216,942 |
| Analysis of netassetsbetweenfunds | ||||
|---|---|---|---|---|
| Group -2023 | Endowment fund |
Expendable endowment |
Unrestricted incomefund |
Total funds |
| fund | ||||
| f | f, | f | g | |
| Fixedassets | 40,298,327 | 0 | 0 | 40,298,327 |
| Currentassets | 4,702,673 | 79,626 1 |
9,995,755 | 13,878,054 |
| Currentliabilities | 0 | 0 | (1,I02,888) | (1,102,888) |
| Creditors payableaftermore than oneyear | 0 | 0 | (599,469) | (599,469) |
| At3lll4ay2023 | 45,001,000 179,6267,293,398 | 52,474,024 | ||
| Charity -2023 | Endowment fund |
Expendable endowment |
Unrestricted incomefund |
Total funds |
| fund | ||||
| f | f | Ê | t | |
| Fixedassets | 43,749,327 | 0 | 0 | 43,749,327 |
| Currentassets | r,251,673 | 79,626 I |
6,886,779 | 8,318,078 |
| Currentliabilities | 0 | 0 | ('710,167) | (710,167) |
| Creditorspayableaftermore than oneyear | 0 | 0 | (599,469) | (599,469) |
| At3ltlday2023 | 45,001,000 179,6265,577,143 | 50,757,',769 | ||
| Group -2022 | Endowment fund |
Expendable endowment |
Unrestricted incomefund |
Total funds |
| fund | ||||
| c | f | f, | f | |
| Fixedassets | 33,960,027 | 0 | 0 | 33,960,027 |
| Currentassets | 11,040,973 | ,00 717 0 |
10,301,972 | 22,059,945 |
| Currentliabilities | 0 | 0 | (r,162,826) | (1,162,826) |
| Creditors payableaftermore than oneyear | 0 | 0 | (529,380) | (529,380) |
| At3l}l4ay2022 | 45,001,000 717,0008,609,766 | 54,327,766 | ||
| Charity-2022 | Endowment fund |
Expendable endowment |
Unrestricted incomefund |
Total funds |
| fund | ||||
| f | f | f | f, | |
| Fixedassets | ,000 45,00 |
0 | 1,150,568 | 46,151,568 |
| Currentassets | 0 | ,000 7 7 |
5,685,370 | 6,402,370 |
| Currentliabilities | 0 | 0 | (807,616) | (807,616) |
| Creditorspayableaftermore thanoneyear | 0 | 0 | (529,380) | (529,380) |
| At3li | l4.ay2022 | 45,001,000 717,0005,498,94251,216,942 |