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|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|5|
|Report ofthe Independent
Auditors|6|to|8|
|Statement ofFinancial Activities||||
|Balance Sheet||10||
|Cash Flow Statement||||
|Notes to the Cash Flow Statement||12||
|Notes to the Financial Statements|13|to|26|
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||FORTHE|YEAR E|NDED 31DECE|MBER2022|||
|---|---|---|---|---|---|---|
||||||2022|2021|
||||Unrestricted|Restricted|Total|Total|
||||fuilds|funds|funds|funds|
|||Notes|||||
|INCOME AND ENDOWMENTS FROM|||||||
|Donations
and legacies|||96,945||96,945|1,886,827|
|Charitable
activities|||||||
|Income from charitable|activities||16,421||16,421|13,398|
|Investment
income|||221,844|153,081|374,925|313,725|
|Other income|||1,596||1,596|9,177|
|Total|||336,806|153,081|489,887|2,223,127|
|EXPENDITURE ON|||||||
|Raising funds|||28,052|28,434|56,486|41,601|
|Charitable
activities|||||||
|Grant funding ofactivities|||15,009|195,490|210,499|82,694|
|Support costs|||20,634|720|21,354|20,708|
|Activities
undertaken
directly|||441,550|384|441,934|443,668|
|Governance
costs|||15,520||15,520|11,489|
|Total|||520,765|225,028|745,793|600,160|
|Net gains/(losses)
on investments|||(745,755)|(778,354)|(1,524,109)|1,108,250|
|NET INCOME/(EXPENDITURE)|||(929,714)|(850,301)|(1,780,015)|2,731,217|
|Transfers
between
funds|||(3,470)|3,470|||
|Net movement
in funds|||(933,184)|(846,831)|(1,780,015)|2,731,2]7|
|RECONCILIATION|OF FUNDS||||||
|Total funds brought forward|||10,052,403|5,776,251|15,828,654|13,097,437|
|TOTAL FUNDS CARRIED FORWARD|||9,119,219|4,929,420|14,048,639|15,828,654|
##
||BALANCE SHEET
31DECEMBER 2022|||
|---|---|---|---|
|||2022|2021|
||Notes|E||
|FIXEDASSETS||||
|Tangible assets|16|1,566,014|1,341,176|
|Investments||||
|Investments|17|9,290,952|11,435,996|
|Investment
property|18|2,900,002|2,900,002|
|||13,756,968|15,677,174|
|CURRENT ASSETS||||
|Debtors|19|20,915|48,065|
|Cash at bank and in hand||316,374|156,210|
|||337,289|204,275|
|CREDITORS||||
|Amounts
falling due within one year|20|(45,618)|(50,795)|
|NET CURRENT ASSETS||291,671|153,480|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||14,048,639|15,830,654|
|PENSION LIABILITY|23||(2,000)|
|NET ASSETS||14,048,639|15,828,654|
|FUNDS||||
|Unrestricted
funds||9,119,218|10,052,403|
|Restricted funds||4,929,421|5,776,251|
|TOTAL FUNDS||14,048,639|15,828,654|
##
|||||2022|2021|
|---|---|---|---|---|---|
||||Notes|||
|Cash flows from operating
activities||||||
|Cash generated
&om operations||||(454,754)|(219,553)|
|Net cash used in operating|activities|||(454,754)|(219,553)|
|Cash flows from investing|activities|||||
|Purchase oftangible fixed|assets|||(305,608)|(680)|
|Purchase offixed asset investments||||(1,724,154)|(1,716,321)|
|Sale offixed asset investments||||2,345,089|1,523,850|
|Dividend
income||||298,441|238,623|
|Interest received||||1,150|79|
|Net cash provided
by investing
activities||||614,918|45,551|
|Change in cash and cash|equivalents|in||||
|the reporting
period||||160,164|(174,002)|
|Cash and cash equivalents|at the|||||
|beginning
ofthe reporting|period|||156,210|330,212|
|Cash and cash equivalents|at the end|of||||
|the reporting
period||||316,374|156,210|
##
##
|OPERATING ACTIVITIES||||
|---|---|---|---|
|||2022|2021|
|Net (expenditure)/income
for the reporting|period (as per the|||
|Statement ofFinancial Activities)||(1,780,015)|2,731,217|
|Adjustments
for:||||
|Depreciation
charges||80,770|75,812|
|Losses/(gain)
on investments||1,524,109|(1,108,250 )|
|Interest received||(1,150)|(79)|
|Dividends
and rents received||(298,441)|(238,623)|
|Transfer ofSSM(SA) donation|||(1,653,820)|
|Decrease/(increase)
in debtors||27,150|(25,451)|
|(Decrease)/increase
in creditors||(5,177)|1,641|
|Difference between
pension charge and cash|contributions|(2,000)|(2,000)|
|Net cash used in operations||(454,754)|(219,553)|
##
|ANALYSIS OFCHANGES IN NET FUND|S|||
|---|---|---|---|
||At 1.1.22|Cash flow|At 31.12.22|
|Net cash||||
|Cash at bank and in hand|156,210|160,164|316,374|
||156,210|160,164|316,374|
|Total|156,210|160,164|316,374|
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|DONATIONS
AND LEGACIES|||
|---|---|---|
||2022|2021|
|Donations|90,441|1,881,827|
|Legacies|6,504|5,000|
||96,945|1,886,827|
##
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|INVESTMENT INCO|ME|||
|---|---|---|---|
|||2022|2021|
|Income from investment|properties|75,334|75,023|
|Dividend
income||298,441|238,623|
|Bank interest||1,150|79|
|||374,925|313,725|
|INCOME FROM CHARITABLE ACTIVITIES||||
|||2022|2021|
|Income from guests and|residents|16,421|13,398|
|||16,421|13,398|
|All income in the above|years was unrestricted.|||
|OTHER INCOME||||
|||2022|2021|
|Royalties|||99|
|Sundry Income||726|8,438|
|Room hire||870|640|
|||1,596|9,177|
##
##
||||2022|2021|
|---|---|---|---|---|
|General|fund||28,052|18,382|
|Kelham|College|fund|19,404|21,082|
|Southern|A&ica|fund|9,030|2,137|
||||56,486|41,601|
##
|||||||Grant|||
|---|---|---|---|---|---|---|---|---|
|||||||funding of|||
||||||Direct|activities|Support||
||||||Costs (see|(see note|costs (see||
||||||note 9)|10)|note 11)|Totals|
||Grant funding ofactivities|||||210,499||210,499|
||Support costs||||||21,354|21,354|
||Activities|undertaken||directly|441,934|||441,934|
||Governance||costs||||15,520|15,520|
||||||441,934|210,499|36,874|689,307|
|9.|DIRECT|COSTS OFCHARITABLE|||ACTIVITIES||||
||||||||2022|2021|
||Staffcosts||||||144,509|117,953|
||Depreciation||||||80,770|75,812|
||Community|costs|||||203,170|232,607|
||Travel and|transport|||||1,191|465|
||Furniture
and||equipment||||983|9,223|
||Publicity||||||105|748|
||Administration||||||11,206|6,860|
||||||||441,934|443,668|
|10.|GRANTS|PAYABLE|||||||
||||||||2022|2021|
||Grant funding||ofactivities||||210,499|82,694|
##
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##
|||2022|2021|
|---|---|---|---|
|Trustees' expenses||545|1,309|
|Bank charges||721|762|
|Auditor's
remuneration||10,500|11,489|
|Legal and professional||15,430|9,213|
|Accountancy
and payroll||9,678|9,424|
|||36,874|32,197|
|NET INCOME/(EXPENDITURE)||||
|Net income/(expenditure)|is stated after charging/(crediting):|||
|||2022|2021|
|Depreciation
-owned assets||80,770|75,812|
##
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##
||||2022|2021|
|---|---|---|---|---|
|Wages and salaries|||128,503|105,801|
|Social security|costs||4,781|2,784|
|Contributions|to defined contribution|pension schemes|11,225|9,368|
||||144,509|117,953|
##
|2022|2021|
|---|---|
|7|7|
##
##
|||NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31DECEMBER2022|NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31DECEMBER2022|NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31DECEMBER2022|||
|---|---|---|---|---|---|---|
|15.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES|||||
|||||Unrestricted|Restricted|Total|
|||||funds|funds|funds|
||INCOME AND ENDOWMENTS FROM||||||
||Donations
and legacies|||105,381|1,781,446|1,886,827|
||Charitable
activities||||||
||Income from charitable||activities|13,398||13,398|
||Investment
income|||210,796|102,929|313,725|
||Other income|||9,177||9,177|
||Total|||338,752|1,884,375|2,223,127|
||EXPENDITURE ON||||||
||Raising funds|||18,382|23,219|41,601|
||Charitable
activities||||||
||Grant funding ofactivities|||23,404|59,290|82,694|
||Support costs|||20,708||20,708|
||Activities
undertaken|directly||443,668||443,668|
||Governance
costs|||11,489||11,489|
||Total|||517,651|82,509|600,160|
||Net gains on investments|||564,140|544,110|1,108,250|
||NET INCOME|||385,241|2,345,976|2,731,217|
||RECONCILIATION||OF FUNDS||||
||Total funds brought forward|||9,667,162|3,430,275|13,097,437|
||TOTAL FUNDS CARRIED FORWARD|||10,052,403|5,776,251|15,828,654|
##
##
|TANGIBLE FIXEDASSETS|||||
|---|---|---|---|---|
||Freehold|Building|Equipment||
||property|improvements|gc furnishings|Totals|
|COST|||||
|At 1 January 2022|1,131,173|511,405|21,903|1,664,481|
|Additions||300,120|5,488|305,608|
|At 31December 2022|1,131,173|811,525|27,391|1,970,089|
|DEPRECIATION|||||
|At 1 January 2022|198,347|115,665|9,293|323,305|
|Charge for year|20,357|55,865|4,548|80,770|
|At 31December 2022|218,704|171,530|13,841|404,075|
|NET BOOK VALUE|||||
|At 31December 2022|912,469|639,995|13,550|1,566,014|
|At 31December 2021|932,826|395,740|12,610|1,341,176|
##
||||Listed|
|---|---|---|---|
||||investments|
|MARKET VALUE||||
|At 1 January 2022|||11,435,996|
|Additions|||1,724,154|
|Disposals|||(2,091,884)|
|Revaluations|||(1,777,314)|
|At 31December 2022|||9,290,952|
|NET BOOK VALUE||||
|At 31December 2022|||9,290,952|
|At 31December 2021|||11,435,996|
|There were no investment|assets outside ofthe UK.|||
|Cost or valuation
at 31December 2022 is represented||by:||
||||Listed|
||||investments|
|Valuation
in 2022|||9,290,952|
##
##
##
|FAIRVALUE||
|---|---|
|At I January 2022||
|and 31December 2022|2,900,002|
|NET BOOK VALUE||
|At 31December 2022|2,900,002|
|At 31December 2021|2,900,002|
##
##
##
##
|DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR|||
|---|---|---|
||2022|2021|
|Trade debtors|13,539|31,500|
|Prepayments
and accrued income|7,376|16,565|
||20,915|48,065|
|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||
||2022|2021|
|Trade creditors|5,805|2,086|
|Social security and other taxes|2,396|1,713|
|Other creditors|153|190|
|Accruals and deferred income|37,264|46,806|
||45,618|50,795|
##
|ANALYSIS OFNET ASSETS|BETWEEN FUNDS||||
|---|---|---|---|---|
||||2022|2021|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
|Fixed assets|1,566,014||1,566,014|1,341,176|
|Investments|7,261,533|4,929,421|12,190,954|14,335,998|
|Current assets|337,289||337,289|204,275|
|Current liabilities|(45,618)||(45,618)|(50,795)|
|Pension liability||||(2,000)|
||9,119,218|4,929,421|14,048,639|15,828,654|
##
##
##
##
|MOVEMENT IN FUNDS||||||
|---|---|---|---|---|---|
||||Net|Transfers||
||||movement|between|At|
|||At 1.1.22|in funds|funds|31.12.22|
|Unrestricted
funds||||||
|General fund||8,052,403|(929,715)|(3,470)|7,119,218|
|Care ofthe elderly||2,000,000|||2,000,000|
|||10,052,403|(929,715)|(3,470)|9,119,218|
|Restricted funds||||||
|Kelham College fund||3,902,170|(545,251)|3,470|3,360,389|
|Durham
fund||18,606|(1,104)||17,502|
|Southern A&ica fund||1,855,475|(303,945)||1,551,530|
|||5„776,251|(850,300)|3,470|4,929,421|
|TOTAL FUNDS||15,828,654|(1,780,015)||14,048,639|
|Net movement
in funds, included||in the above are as follows:||||
|||Incoming|Resources|Gains and|Movement|
|||resources|expended|losses|in funds|
|Unrestricted
funds||||||
|General fund||336,806|(520,766)|(745,755)|(929,715)|
|Restricted
funds||||||
|Kelham College fund||104,650|(118,123)|(531,778)|(545,251)|
|Durham
fund|||(1,104)||(1,104)|
|Southern Africa fund||48,431|(105,800)|(246,576)|(303,945)|
|||153,081|(225,027)|(778,354)|(850,300)|
|TOTAL FUNDS||489,887|(745,793)|(1,524,109)|(1,780,015)|
|Comparatives
for movement|in|funds||||
|||||Net||
|||||movement|At|
||||At 1.1.21|in funds|31.12.21|
|Unrestricted
funds||||||
|General fund|||7,667,162|385,241|8,052,403|
|Care ofthe elderly|||2,000,000||2,000,000|
||||9,667,162|385,241|10,052,403|
|Restricted
funds||||||
|Kelham College fund|||3,408,196|493,974|3,902,170|
|Durham
fund|||22,079|(3,473)|18,606|
|Southern A&ica fund||||1,855,475|1,855,475|
||||3,430,275|2,345,976|5,776,251|
|TOTAL FUNDS|||13,097,437|2,731,217|15,828,654|
##
##
##
||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|
||||resources|expended|losses|in funds|
|||||E|||
|Unrestricted||funds|||||
|General|fund||338,752|(517,651)|564,140|385,241|
|Restricted
funds|||||||
|Kelham|College fund||91,753|(63,843)|466,064|493,974|
|Durham|fund|||(3,473)||(3,473)|
|Southern|Airica fund||1,792,622|(15,193)|78,046|1,855,475|
||||1,884,375|(82,509)|544,110|2,345,976|
|TOTAL|FUNDS||2,223,127|(600,160)|1,108,250|2,731,217|
||||Net|Transfers||
|---|---|---|---|---|---|
||||movement|between|At|
|||At 1.1.21|in funds|funds|31.12,22|
|Unrestricted
funds||||||
|General|fund|7,667,162|(544,474)|(3,470)|7,119,218|
|Care ofthe elderly||2,000,000|||2,000,000|
|||9,667,162|(544,474)|(3,470)|9,119,218|
|Restricted
funds||||||
|Kelham|College fund|3,408,196|(51,277)|3,470|3,360,389|
|Durham|fund|22,079|(4,577)||17,502|
|Southern|Africa fund||1„551,530||1,551,530|
|||3,430,275|1,495,676|3,470|4,929,421|
|TOTAL|FUNDS|13,097,437|951,202||14,048,639|
|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended|losses|in funds|
|Unrestricted
funds||||||
|General|fund|675,558|(1,038,417)|(181,615)|(544,474)|
|Restricted funds||||||
|Kelham|College fund|196,403|(181,966)|(65,714)|(51,277)|
|Durham|fund||(4,577)||(4,577)|
|Southern|A&ica fund|1,841,053|(120„993)|(168,530)|1,551,530|
|||2,037,456|(307,536)|(234,244)|1,495,676|
|TOTAL|FUNDS|2,713,014|(1,345,953)|(415,859)|951,202|
##
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||||2022|2021|
|---|---|---|---|---|
|Balance sheet liability at|I January||2,000|4„000|
|Deficit contributions
paid|||(1,000)|(2,000)|
|Interest cost (recognised|in SoFA)||||
|Remaining
change to the|balance sheet liability*(recognised|in SoFA)|(1,000)||
|Balance sheet liability at|31December|||2,000|
|||December 2022|December 2021|December 2020|
|---|---|---|---|---|
|Discount rate||N/A|0.0%pa|0.2%pa|
|Price inflation||N/A|N/A|3.1%pa|
|Increase to total pensionable|payroll|N/A|-1.5%pa|1.6%pa|
##
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|||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Financial|assets|||||||||||
|Financial|assets|measured|at|fair|value|through|income|and|expenditure|12,190,954|14,335,998|
|||||||||||12,190,954|14,335,998|
##