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|Trustees'
report||1-4|
|Statement oftrustees'|responslbllltlss||
|Independent
auditor's|report||
|Statement offinancial|activities||
|Balance sheet||10|
|Statement ofcash flows|||
|Notes tothe flnanclal|statements|12-19|
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|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2021|2020|
|f|Notes|5|5|
|Donations
and legacies|3|14,718,750||
|Investments|4|21,000,450|21,362,993|
|Total Income||35,719,200|21,362,993|
|Property
holding costs|6|3,460,845|4,731,256|
|Charitable
activities|5|15,596,974|13,135,973|
|Total resources expended||19,057,819|17,867,229|
|Net gains on Investments|11|40,482,282|9,882,214|
|Net Income forthe yearl||||
|Net movement
in funds||57,143,663|13,377,978|
|Fund balances st 1 January 2021||351,873,094|338,495,116|
|Fund balances at 31 December 2021||409,016,757|351,873,094|
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|||||||2021|2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||Notes|6|6|6|
|Fixed assets|||||||||
|Investment|properties||||12||415,551,607|416,283,094|
|Current assets|||||||||
|Debtors|||||13|2,620,727||3,074,665|
|Cash at bank and||In|hand|||37,308,798||12,498,766|
|||||||39,929,525||15,573.431|
|Creditors:|amounts||faglng due within||||||
|one year|||||15|(10,458,794)||(11,301,937)|
|Net current|assets||||||29,470,731|4,271,494|
|Total assets less||current liabilities|||||445,022,338|420,554,588|
|Creditors:|amounts||faglng due after||||||
|more than|one year||||16||(36,005,581)|(68,881,494)|
|Net assets|||||||409,018,757|351,873,094|
|Income funds|||||||||
|Unrestricted|funds||||||409,016,757|351,573,094|
||||||||409,018,757|351,873,094|
|The financial|statements|||were approved|by the Trustees|on ......VX(th......
Qo f'|||
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||||2021|2020|
|---|---|---|---|---|
|||Notes|6|6|
|Cash gows from operating|activities||||
|Cash absorbed
by operations||19|(3,223,884)|(28,921,982)|
|Investing
activities|||||
|Purchase ofinvestment
property
Proceeds on disposal ofinvestment|||(36,424,428)|(657,225)|
|property|||77,638,196|20,489,352|
|Repayment
of Investment
loans and|||||
|receivables|||(410)|7,756|
|Interest and rent received frere Investments|||21,000,450|21,362,993|
|Net cash generated
from Investing|||||
|activltlen|||62,213,808|41,202,876|
|Financing
activities|||||
|Repayment
ofbank loans|||(34,179,892)|(15,636,968)|
|Net cash used
In financing|activities||(34,1'79,692)|(15,636,968)|
|Net Incrsasel(decrease)
In|cash and|cash|||
|equivalents|||24,810,032|(3,356,074)|
|Cash and cash equivalents|at beginning|ofyear|12,499,766|15,854,840|
|Cash and cash equivalents|at end of|year|37,308,798|12,498,766|
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||||Unrestricted|Total|
|---|---|---|---|---|
||||funds||
||||2021f|2020f|
|Gift sid receivable|||14,718,750||
|investments|||||
||||Unrestricted|Unrestricted|
||||funds|funds|
||||2021|2020|
||||5||
|Rental Income|||20,965,934|21,350,667|
|Interest receivable|||34,516|12,326|
||||21,000,450|21,362,993|
|Charitable|activities||||
||||Unrestricted|Unrestricted|
||||funds|funds|
||||2021|2020|
||||5|6|
|Charitable|grants to|institutions|15,533,914|13,018,672|
|Share ofsupport costs (see note 7)|||30,478|87,301|
|Share ofgovernance||costs (see note 7)|32,582|30,000|
||||15,596,974|13,135,973|
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||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|
||||||funds|funds|
||||||2021|2020|
||||||6|6|
|Ground|rents, Insurance|premiums,|legal snd professional|fees|1,775,666|2,287,064|
|Interest|paysbls||||1,685,179|2,444,192|
||||||3,460,845|4,731,256|
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|Support|costs|||||||
|---|---|---|---|---|---|---|---|
|||Support|Governance|2021|Support|Governance|2020|
|||costs|costs||costs|costs||
||||6|6|8|6|6|
|Support costs||30,478||30,478|87,301||87,301|
|Audit fees|||27,500|27,500||25,000|25,000|
|Accountancy|||5,082|5,082||5,000|5,000|
|||30,478|32,582|63,060|87,301|30,000|117,301|
|Analysed|between|||||||
|Charitable|activities|30,478|32,582|63,060|87,301|30,000|117,301|
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|||||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|---|---|
|||||||||funds|funds|
|||||||||2021|2020|
||||||||||8|
||Revaluation||ofinvestment||properties|||24,155,779|8,631,874|
||Gals/(loss)||on sale of Investment||||properties|16,326,503|1,250,340|
|||||||||40,482,282|9,882,214|
|12|Investment||property|||||||
||||||||||2021|
||||||||||6|
||Fair value|||||||||
||At 1 January||2021||||||416,283,093|
||Additions|through||acquisitions||snd gifts|||36,424,428|
||Dlsposals||||||||(61,305,685)|
||Net gains|orlosses through|||fair value adjustments||||24,149,771|
||At 31 December 2021||||||||415,551,607|
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|13|Oebtors||||
|---|---|---|---|---|
||||2021|2020|
||Amounts
falling due within one year:||6|0|
||Trade debtors
Other debtors||1,726,370
179,828|1,496,334
755,844|
||Prepsyments|and accrued income|714,529|822,487|
||||2,620,727|3,074,665|
|14|Loans and overdrsfts||||
||||2021|2020|
|||||5|
||Bankloans||36,958,581|71,138,473|
||Payable
within|one year|953,000|2,456,979|
||Payable after|one year|36,005,581|68,681,494|
||Amounts
included above which fall due alter five years:||||
||Payable other|than by lnstalments|12,167,500|13,067,500|
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|Creditors: am|ounts
|falling due within one year||||
|---|---|---|---|---|---|
|||||2021|2020|
||||Notes|5|6|
|Bank loans|||14|953,000|2,456,979|
|Other taxation|and social security|||736,930|606,949|
|Trade creditors||||1,390,865|2,157,413|
|Other creditors||||2,842,302|933,313|
|Accruals and deferred||income||4,535,697|5,147,283|
|||||10,458,794|11,301,937|
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|These are u|nrestricted
funds|which ars material to ths ch|arity's
activities made up as follows:|arity's
activities made up as follows:|arity's
activities made up as follows:||
|---|---|---|---|---|---|---|
||||Movement
ln funds||||
|||Bslsnce sl|incoming|Resources|Revelneuons,|Belence at|
|||1January
zc21|resources|expended|gelns snd
losses|21
December|
|||f||f|f|2ez(I|
|Unrestricted|funds|351,873,094|35,719,200|(19,057,819)|40,482,282|409,016,757|
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|19|Cash generated
from operations|Cash generated
from operations|||2021|2020|
|---|---|---|---|---|---|---|
||||||8|8|
||Surplus forthe year||||57,143,663|13,377,978|
||AdJustments
for:||||||
||Investment
Income recognised
Gain on disposal ofinvestment
Fair value gains and losses on|in statement
property
investment|offinancial activities
properties||(21,000,450)
(16,326,503)
(24,155,779)|(21,362,993)
(1,250,340)
(8,631,874)|
||Movements
in working
capital:||||||
||Decrease/(increase)
In debtors||||454,348|(808,565)|
||Increase/(decrease)
in creditors||||660,837|(10,246,188)|
||Cash absorbed
by operations||||(3,223,884)|(28,921,982)|
|20|Analysis ofchanges
in net funds/(debt)||||||
|||||At 1Jshusry|Cash itsws|At 31Oscsmhsr|
|||||2C21f||2S21
6|
||Cash at bank and
In hand|||12,496,766|24,810,032|37,308,798|
||Loans falling due within one year|||(2,456,979)|1,503,979|(953,000)|
||Loans falling due after more than one year|||(68,681,494)|32,675,913|(36,005,581)|
|||||(58,639,707)|58,989,924|350,217|