Charity of Sir Richard Whittington Trustee's Annual Report & Financial Statements 2021 Charity Commission Number1087167 Charity of Sir Richard Whittington Trustee's Annual Rewrt & Finoncial Statements 202115 Trustee's Annual Report for the year ended 31 March 2021 The Trustee presents the Charity's Annual Report and Audited Financial Statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting principles set out in note I to the financial statements and comply with the Charity's Governing DocumenL the Charities Act 2011 and Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their tinancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Objectives and activities for public benefit The objects of the Charity are the provision of almshouses at Whittington College, Felbridge, East Grinstead, Surrey and at Lady Mico's Almshouses, Stepney, London and to award grants tor relief in need to individuals and to organisotions supporting such individuals. The Trustee confirms that it has complied with its duty under Section17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives, in planning future activities and in setting the grant making policy for the year. Provision of Housing - Achievements, Impact and Future Plans The greatest achievement during the year is to have continuedto operate the two almhouses with minimal disruption to service provision despite the impact of Covid-19. The residents were kept sale with increased communication and support from the Trustee's Housing Team. Sadly, many ot the events and activities normally planned for residents had to be cancelled due to restrictions. However, a positive approach has been taken and the gardening project has continued to engage residents at Lady Mico's and where possible, activities and events were adapted to be Covid-safe - for example carol singing at Whittington College. This ensured that there was still an element of social engagement for the residents. All residents at both sites have - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22 November 2021 Charity of Sir Richard Whittington Trustee's Annual Report & Financial Statements 2021125 Statement of Financial Activities for the year ended 31 March 2021 31 March 2021 31 March 2020 Unrestricted Restricted Endowment Total Total Funds Funds Funds Funds Funds Note £'ooo £'ooo £'ooo £'ooo £'ooo In¢ome Donations and legacies Investment income 24 24 2,935 48 2,983 3,106 Charitable activities 875 875 844 Total incomo 3B34 3,882 3,950 Expenditure Raising funds. Investment management costs (50) (5) (188) (243) (240) Investment property costs Charitable octivitie&. (27) (27) (69) Housing lor the elderly Relief of poverty Total •xp•nditur• Gains l (losses) on investments (720) (4,159) (4,956) (175) (43) (938) (4,159) (231) (5,367) (1,128) (3,235) (4,672) (180) 3,532 324 17,084 20,940 (7,870) Net incom• l (oxpenditurn) Transfers between funds 2,410 (365) 192 16,853 19,455 (8,592) 10 365 Not mov•m•nt in funds 2,045 557 16,853 19,455 (8,592) Fund balances brought 23,923 1,331 78,782 104,036 112,628 forward at l April Fund l>alances Carrled 25,968 1,888 95,635 123,491 104,036 forward at 31 March All of the Charity s activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above. Charity of Sir Richard Whittington Trustee's Annual Report & Financial Statements 2021 126 Statement of Financial Activities for the year ended 31 March 2020 31 March 2020 Unrestricted Restricted Endowment Total Funds Funds Funds Funds Note £'ooo £'ooo £'ooo £'ooo In¢ome Investment income 3,063 43 3,106 Charitable activities 844 844 Total Income 3,907 3,950 Expenditure Raising funds. Investment management costs (51) (5) (184) (240) Investment property costs charitable activitie¥. (69) (69) Housing lor the elderly Relief of poverty Total •xp•nditur• (737) (3,235) (4,092) (1,142) (1,327) (332) (1,659) (348) (43) (1,128) (3,235) (227) (4,672) (6,571) (7,870) (6,798) (8,592) (353) (157) (467) 332 Losses on investments Net •xponditur• Transfers between funds 10 Not mov•m•nt in funds (135) (6,798) (8,592) Fund balances brought forward at l April 25,582 1,466 85,580 112,628 Fund l)alances ¢arrled 23,923 1,331 78,782 104,036 forward at 31 March All of the Charity s activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above. Charity of Sir Richard Whittington Trustee's Annual Rewrt & Finoncial Statements 2021 127 Balance Sheet as at 31 March 2021 31 March 2021 31 March 2020 Not• £'ooo £'ooo £'ooo £'ooo Flxed assels Tangible assets Investment property 5,905 6,053 24,815 24,570 Quoted investments 83,385 68,374 Total fixed assets 114,105 98,997 Current assets Debtors 383 184 Cash on deposit Cash at bank and in hand 3,181 9,553 2,081 Total current assets 9.936 5,446 Creditors: amounts falling due within one (550) (407) year Net current assets 9,386 5,039 Total not assets 123,491 104,036 The lunds ol the Charfly. Endowment funds 10 95,635 78,782 Restricted income funds 10 1,888 1,331 Unrestricted income funds 10 25,968 23,923 Total charityfunds 123,491 104,036 The attached notes on pages 29 to 50 form an integral part of these financial statements. The financial statements on pages 25 to 50 were approved by the Trustee on18 November 2021 and signed on its behalf by: Nr CJ Vermont Mr RM Abernethy Clerk to the Mercers, Company Master 18 November 2021 Charity of Sir Richard Whittington Trustee's Annual Report & Financial Statements 2021 128 Statement of Cash Flows for the year ended 31 March 2021 2021 2020 Note £'ooo £'ooo Cash Ilows Irom operating a¢tivitie& Net cash used in operating activities Cash Ilows Irom investing activities: Interest received 12 (3,414) (3,342) 13 Dividends received 2,014 2.193 Purchase of tangible fixed assets Purchase of quoted investments Decrease in cash held by investment managers Proceeds from the sale of quoted investments Proceeds from the sale of investment property Net cash provided by investing activities Change in cash and cash equivalents in the financial year Cash and cash equivalents at the beginning of the financial year Cash and cash equlvalents at the ond of the financlal yoar (2) (21,689) (30,693) 937 235 26,436 24,026 6,169 7,705 1,941 4,291 (1,401) 5,262 6,663 12 9,553 5,262 Charity of Sir Richard Whittington Trustee's Annual Report & Financial Statements 2021 129 Notes to the Financial Statements l Accounting Policies ACCOUNTING BASIS The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice for charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) ('SORP (FRS102)') and the Financial Reporting standard applicable in the UK and Republic of Ireland ('FRS102') and the Charities Act 2011. The financial statements have been prepared to give a'true and faiff view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the SORP (FRS 102) rather than the previous withdrawn version which it replaced. The Charity constitutes a public benefit entity as defined by FRS 102. GOING CONCERN The Trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concern. The Trustee has considered the impact of the ongoing Coronavirus pandemic on the Charity's operations, with a particular focus on its eff ect on its beneficiaries and suppliers and on the Charity's income and expenditure. The Trustee does not consider this to be cause for material uncertainty in respect of the Charity's ability to continue as a going concern. The Charity has reforecast its grant making budget and adapted to its beneficiaries, needs. The Trustee considers that it has sufficient financial resources for the foreseeable future, despite the ongoing pandemic. Therefore. the financial statements have been prepared on a going concern basis. - - - Charity of Sir Richard Whittington Trustee's Annual Report & Financial Statements 2021150 Legal and Administrative Information LEGAL ST ATUS BANKERS The Charity has registered number1087167 and Barclays Bank PLC, is regulated by a Scheme of the Charity Commissioners dated April 2001 and is the amalgamation of both The Charity of Sir Richard Whittington and Lady Mico s I Churchill Place, London E14 5HP INVESTMENT MANAGERS Almshouse Charity. Rathbone Brothers PIC 8 Finsbury Circus PRINCIPAL ADDRESS London, EC2M 7AZ 6 Frederick's Place London EC2R 8AB PROPERTY MANAGEMENT Knight Frank Pennant House, Napier Court, Reading, RGI 8BW INDEPENDENT AUDITOR Buzzacott LLP 130 Wood StreeL London, EC2V 6DL