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2021-09-30-accounts
| Registered charity name |
The James Tudor Foundation |
|
| Charity registration number |
1105916 |
|
| Company registration number |
5178537 |
|
| Principal office and registered |
Suite 8 Clifton Business Centre |
|
| ofrlce |
Somerset House |
|
|
18 Canynge Road |
|
|
Clifton |
|
|
Bristol |
|
|
BS8 3JX |
|
| DirectorsITrustees |
|
|
|
M G Daw |
Chairman Appointed 08 December 2021 |
|
R R G Esler |
Resigned as Chairman 10 September 2021 |
|
S E Evans |
Senior Director/Acting Chairman (25 |
|
|
May 2021 Resigned 13 August 2021) |
|
A F Mcpherson |
|
|
S K Wren |
|
|
L A Hooper |
|
| Foundation Director and Company |
|
|
| Secretary |
S J M Stewart |
|
| Grantofflcer |
C Berman |
|
| Grant Adm inistrator |
J MCHugh |
|
| Auditors |
Mazars LLP |
|
|
Chartered accountants & statutory |
auditor |
|
90 Victoria Street |
|
|
Redcliffe |
|
|
Bristol |
|
|
UK |
|
|
BS16DP |
|
| Accountants |
Elliott Bunker Limited |
|
|
Chartered Ac countants |
|
|
61 Macrae Road |
|
|
Bristol |
|
|
BS20 ODD |
|
| Bankers |
National Westminster Bank Plc |
|
I st Floor |
|
40 Queens Road |
|
Clifton |
|
Bristol |
|
BS81BF |
| Solicitors |
Veale Wasbrough Vizards |
|
Narrow Quay |
|
Bristol |
|
BS14QA |
| Investment Managers |
Smith and Williamson Investment Management LLP |
|
25 Moorgate |
|
London |
|
UK |
|
EC2R 6AY |
| Programme |
Awards |
Percentage |
Total Value |
Percentage |
| Palliative Care |
9 |
10% |
100,714 |
17% |
| Medical Research |
6 |
7% |
92,331 |
15% |
| Health Education |
18 |
19% |
106,874 |
18% |
| Relief of sickness |
45 |
48% |
242,066 |
40% |
| Overseas |
15 |
16% |
58,770 |
10% |
| Total |
93 |
1000/o |
600'755 |
1000/o |
| Programme |
Awards |
Percentage |
Total Value |
Percentage |
| Palliative Care |
9 |
10% |
89,936 |
130/o |
| Medical Research |
12 |
13% |
163,062 |
23% |
| Health Education |
12 |
13% |
96,673 |
14% |
| Relief of sickness |
50 |
46% |
300,730 |
42% |
| Overseas |
16 |
180/o |
60,739 |
80/o |
| Total |
99 |
1000/o |
711'140 |
1000/o |
| 3) and was invested as follows: |
|
|
|
| Investments |
Value @ 30 September 2021 |
Percentage |
|
| Equity - Ordinary Shares |
31,410,709 |
|
88% |
| Fixed income Preference Shares |
2,556,538 |
|
7% |
| Fixed Interest, cash & floating rate notes |
1,332,925 |
|
4% |
| Total |
35,300,172 |
|
99O/o |
| Portfolio Cash |
163,833 |
|
1% |
| Total |
35,464,005 |
|
1000/o |
|
|
|
2021 |
|
2020 |
|
|
Uurestricted |
Endowment |
|
|
|
|
funds |
funds |
Total funds |
Total funds |
|
Note |
£ |
£ |
£ |
£ |
| Income and endowments |
|
|
|
|
|
| Income from investments |
4 |
792,019 |
74,154 |
866'173 |
817,166 |
| Total income |
|
792,019 |
74,154 |
866,173 |
817,166 |
| Expenditure |
|
|
|
|
|
| Expenditure on raising funds |
5 |
|
(74,154) |
(74,154) |
(71,709) |
| Expenditure on charitable activities |
6,7 |
(756,128) |
|
(756,128) |
(846,971) |
| Total expenditure |
|
(756,128) |
(74,154) |
(830,282) |
(918,680) |
| Net gains/(losses) on investments |
10 |
|
5,894,456 |
5,894,456 |
(1,225,531) |
| Net income/(expenditure) and net movement |
in |
|
|
|
|
| funds |
|
35,891 |
5,894,456 |
5,930,347 |
(1,327,045) |
| Reconciliation of funds |
|
|
|
|
|
| Total funds brought forward |
|
289,911 |
29,316,046 |
29,605,957 |
30,933,002 |
| Total funds carried forward |
|
325,802 |
35,210,502 |
35,536,304 |
29,605,957 |
| 30 SEPTEMBER 2021 |
|
|
|
|
2021 2020 |
|
Note |
£ £ |
| FIXED ASSETS |
|
|
| Tangible fixed assets |
15 |
2,396 2,902 |
| Investments |
16 |
35,464,005 29,563 ,823 |
|
|
35,466,401 29,566,725 |
| CURRENT ASSETS |
|
|
| Debtors |
17 |
82,616 96,383 |
| Cash at bank and in hand |
|
259,956 156,614 |
|
|
342,572 252,997 |
| CREDITORS: amounts falling due within one year |
18 |
(257,619) (200,015) |
| NET CURRENT ASSETS |
|
84,953 52,982 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
35,551,354 29,619,707 |
| CREDITORS: amounts falling due after more than one year |
19 |
(15,050) (13,750) |
| NET ASSETS |
|
35,536,304 29,605 ,95 7 |
| FUNDS OF THE CHARITY |
|
|
| Endowment funds |
|
35,210,502 29,316,046 |
| Unrestricted funds |
|
325,802 289,911 |
| Total charity funds |
21 |
35,536,304 29,605 ,95 7 |
| YEAR ENDED 30 SEPTEMBER 2021 |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Cash generated from operations |
(770,339) |
(983,571) |
| Interest received |
879,894 |
809,278 |
| Net cash from/(used in) operating activities |
109,555 |
(174,293) |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Purchase of tangible assets |
(487) |
(2,323) |
| Purchases of other investments |
(S,181,073) |
(2,898,079) |
| Proceeds from sale of other investments |
5,052,642 |
3,045,662 |
| Net cash (used in)/from investing activities |
(128,918) |
145,260 |
| NET DECREASE IN CASH AND CASH EQUIVALENTS |
(19,363) |
(29,033) |
| CASH AND CASH EQUIVALENTS AT BEGINNING 0F YEAR |
443,152 |
472,185 |
| CASH AND CASH EQUIVALENTS AT END 0F YEAR |
423,789 |
443,152 |
|
Unrestricted |
Endowment |
Total Funds |
|
Funds |
Funds |
2 021 |
|
£££ |
|
|
| Bank interest receivable |
|
1414 |
|
| Dividends - Ordinary shares |
658,425 |
74,140 |
732,565 |
| Dividends - Preference shares |
132,439 |
|
132,439 |
| Interest received from fixed interest securities |
1,155 |
|
1'155 |
|
792,019 |
74,154 |
866,173 |
|
Unrestricted |
Endowment |
Total Funds |
|
Funds |
Funds |
2 02 0 |
|
£ |
|
£ |
| Bank interest receivable |
|
578 |
578 |
| Dividends - Ordinary shares |
660,627 |
|
660,627 |
| Dividends - Preference shares |
71,250 |
71,131 |
142,381 |
| Interest received from fixed interest securities |
13,580 |
|
13,580 |
|
745,457 |
71,709 |
817,166 |
|
Endowment |
Total Funds |
Endowment |
Total Funds |
|
Funds |
2021 |
Funds |
2020 |
|
£££ |
|
|
£ |
| Investment management fees |
74,154 |
74,154 |
71,709 |
71,709 |
| EXPENDITURE ON CHARITABLE |
ACTIVITIES BY FUND |
TYPE |
|
|
|
Unrestricted |
Total Funds |
Unrestricted |
Total Funds |
|
Funds |
2021 |
Funds |
2020 |
|
£ |
£ |
£ |
£ |
| Palliative Care |
100,714 |
100'714 |
89,936 |
89,936 |
| Medical Research |
92,331 |
92,331 |
163,062 |
163,062 |
| Health Education |
106,874 |
106'874 |
96,673 |
96,673 |
| Direct Relief of Sickness |
242,066 |
242,066 |
300,730 |
300,730 |
| Overseas |
58,770 |
58'770 |
60,739 |
60,739 |
| Support costs |
155,373 |
155,373 |
135,831 |
135,831 |
|
756,128 |
756,128 |
846,971 |
846,971 |
|
Activities |
|
|
|
|
undertaken |
|
Total funds |
Total funds |
|
directly |
Support costs |
2021 |
2020 |
|
£ |
f |
£ |
£ |
| Palliative Care |
100,714 |
15,730 |
116'444 |
102,094 |
| Medical Research |
92,331 |
14,422 |
106'753 |
185,107 |
| Health Education |
106,874 |
16,694 |
123,568 |
109,743 |
| Direct Relief of Sickness |
242,066 |
37,814 |
279'880 |
341,392 |
| Overseas |
58,770 |
9,180 |
67'950 |
68,950 |
| Governance costs |
|
61,533 |
61'533 |
39,685 |
|
600,755 |
155,373 |
756,128 |
846,971 |
|
Staff costs Other costs |
Staff costs Other costs |
2021 |
2020 |
|
£ |
£ |
£ |
£ |
| Palliative Care |
12,715 |
3'015 |
15,730 |
12,158 |
| Medical Research |
11'658 |
2,764 |
14'422 |
22,045 |
| Health Education |
13'494 |
3'200 |
16'694 |
13,070 |
| Direct Relief of Sickness |
30'566 |
7'248 |
37'814 |
40,662 |
| Overseas |
7'420 |
1,760 |
9'180 |
8,211 |
| Governance Costs |
18'963 |
42,570 |
61'533 |
39,685 |
|
94,816 |
60'557 |
155,373 |
135,831 |
|
|
Endowment Total Funds Endowment Total Funds |
Endowment Total Funds Endowment Total Funds |
|
|
Funds |
2021 Funds 2020 |
|
|
££££ |
|
|
Gains/(losses) on listed investments |
5,894,456 |
5,894,456 (I,225,531) (1,225,531) |
| 11. |
NET INCOME/(EXPENDITURE) |
|
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
|
|
2021 2020 |
|
|
|
££ |
|
Depreciation of tangible fixed assets |
|
993 448 |
| 12. |
AUDITORS REMUNERATION |
|
|
|
|
|
2021 2020 |
|
|
|
££ |
|
Fees payable for the audit of the financial statements |
|
14'100 13,200 |
|
2021 |
2020 |
|
£ |
£ |
| Wages and salaries |
84'396 |
74,756 |
| Social security costs |
2'635 |
4,043 |
| Employer contributions to pension plans |
7'785 |
7,891 |
|
94'816 |
86,690 |
| employees during the year is analysed as follows: |
|
|
|
|
2021 |
|
2020 |
|
No. |
|
No. |
| Number of administrative staff |
|
3 |
|
| Cost |
|
| At 1 October 2020 |
|
| Additions |
|
| At 30 September 2021 |
|
| Depreciation |
|
| At 1 October 2020 |
|
| Charge for the year |
|
| At 30 September 2021 |
|
| Carrying amount |
|
| At 30 September 2021 |
2,3 96 2,396 |
| At 30 September 2020 |
2,902 2,902 |
|
2021 |
2020 |
|
££ |
|
| Market value at 1 October |
29,277,285 |
30,650,399 |
| Acquisitions at cost |
5,181,073 |
2,898,079 |
| Disposals at opening book value |
(5,052,642) |
(3 ,045,662) |
| Net investment gains/(losses) |
5,894,456 |
(I,225,531) |
| Market value at 30 September |
35,300,172 |
29,277,285 |
| Portfolio Cash |
163,833 |
286,538 |
|
35,464,005 |
29,563 ,823 |
| Cumulative unrealised gains at year end |
8,843,831 |
4,453,717 |
| Historical cost at 30 September |
26,620,174 |
25,110,106 |
|
2021 2020 |
|
££ |
| UK Listed investments |
|
| Equities - Ordinary shares |
31,410,709 25,374,325 |
| Equities - Preference shares |
2,556,538 2,412,310 |
| Fixed interest/cash and floating rate notes |
1,332,925 I,490,650 |
|
35,300,172 29,277,285 |
| Portfolio cash |
163,833 286,538 |
|
35,464,005 29,563 ,823 |
|
2021 |
2020 |
|
££ |
|
| Grant commitments |
218,257 |
168,802 |
| Other creditors |
39,362 |
31,213 |
|
257,619 |
200,015 |
| CREDITORS: amounts falling due after more than one year |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Grant commitments |
15'050 |
13,750 |
| Unrestricted funds |
|
|
|
|
|
|
At |
|
|
At |
Gains and 30 September |
|
I |
october 2020 Income Expenditure |
losses 2021 |
|
|
£££ |
£ |
| Unrestricted Fund |
|
289,911 792,019 (756,128) |
325'802 |
|
|
|At |
|
|
|
At |
\Gains and 30 September |
|
1 |
october 2019 Income Expenditure |
losses 2020 |
|
|
£££ |
£ |
| Uurestricted Fund |
|
391,425 745,457 (846,971) |
289,911 |
| Endowment funds |
|
|
|
|
|
|
|
|
At |
|
|
At |
|
30 September |
|
1 |
october 2020 Income |
Expenditure Gains and losses |
2021 |
|
|
££ |
££ |
£ |
| Expendable Endowment |
|
|
|
|
| Fund |
|
29,316,046 74,154 |
(74,154) 5,894,456 35,210,502 |
|
|
|
|
|
At |
|
|
At |
|
30 September |
|
1 |
october 2019 Income |
Expenditure Gains and losses |
2020 |
|
|
££ |
££ |
£ |
| Expendable Endowment |
|
|
|
|
| Fund |
|
30,541,577 71,709 |
(71,709) (I,225,531) 29,316,046 |
|
|
Unrestricted |
Endowment Total Funds |
|
Fun ds |
Funds 2 021 |
|
£ |
££ |
| Tangible fixed assets |
2,396 |
2,396 |
| Investments |
253,503 |
35,210,502 35,464,005 |
| Current assets |
342,572 |
342,572 |
| Creditors less than 1 year |
(257,619) |
(257,619) |
| Creditors greater than 1 year |
(15,050) |
(15,050) |
| Net assets |
325,802 |
35,210,502 35,536,304 |
|
-I, |
|
|
Unre stricte d |
Endowment Total Funds |
|
Funds |
Funds 2 02 0 |
|
£££ |
|
| Tangible fixed assets |
2,902 |
2,902 |
| Investments |
247,777 |
29,316,046 29,563,823 |
| Current assets |
252,997 |
252,997 |
| Creditors less than 1 year |
(200,015) |
(200,015) |
| Creditors greater than 1 year |
(13,750) |
(13,750) |
| Net assets |
289,911 |
29,316,046 29,605,957 |
| FINANCIAL INSTRUMENTS |
|
|
| The carrying amount for each category of financial |
instrument is as follows: |
|
|
|
2021 2020 |
|
|
££ |
| Financial assets measured at fair value through income and expenditure |
|
|
| Fixed asset listed investments |
|
35,464,005 29,563 ,823 |
|
|
|
2021 |
2020 |
|
|
|
££ |
|
| Financial assets that are debt instruments measured at amortised cost |
|
|
|
|
| Accrued dividend income |
|
|
79,428 |
93,149 |
| Financial liabilities measured at amortised cost |
|
|
|
|
| Other creditors |
|
|
18'000 |
18,000 |
| Grants commitments |
|
|
233'307 |
182,552 |
|
|
|
251'307 |
200,552 |
| CASH GENERATED FROM OPERATIONS |
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
££ |
|
| Net income/(expenditure) |
|
|
5,930,347 |
( 1,327,045) |
| Adiustmentsfior: |
|
|
|
|
| Depreciation of tangible fixed assets |
|
|
993 |
448 |
| Net gains/(losses) on investments |
|
|
(5,894,456) |
I,225,531 |
| Other interest receivable and similar income |
|
|
(866,173) |
(817,166) |
| Changes in: |
|
|
|
|
| Trade and other debtors |
|
|
46 |
1,236 |
| Trade and other creditors |
|
|
58,904 |
(66,575) |
|
|
|
(770,339) |
(983 ,571 ) |
| ANALYSIS OF CHANGES INNETDEBT |
|
|
|
|
|
At 1 Oct |
2020 |
Cash flows At30Sep2021 |
|
|
|
£ |
££ |
|
| Cash at bank and in hand |
156,614 |
|
103,342 |
259,956 |
| Cash held by investment manager |
286,538 |
|
(122,705) |
163,833 |
|
443,152 |
|
(19,363) |
423,789 |