| h Year | Ended S A r 2 |
|
|---|---|---|
| Page | ||
| Trustees' Annual Report |
1-3 | |
| Independent | Examiner's Report | |
| Statement of | Fiuaoclai Activities | |
| Batance sheet | ||
| Notes to the Financial Statements | 7-11 |
| Charity Name: | Charity Name: | The Francis Bernard | Caunt Education Trust. |
|---|---|---|---|
| Governing | D'oenmenk | Trust deed dated 7 | February 2005. |
| Registered | Charity Nuraber: | 1108858 |
| Charley Trus | Charley Trus | tees: | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| The Sllowiug | are | the names of | the Trustees who | have acted at | any time | during | the course of | the | relevant financial | period and | ||||||
| at the date of | this | rcport- | ||||||||||||||
| RP Fisher | ||||||||||||||||
| A Hudson | ||||||||||||||||
| HN Newsum | ||||||||||||||||
| Miss JParlby | ||||||||||||||||
| M RPurser | ||||||||||||||||
| CRossiu | ||||||||||||||||
| Mrs DKRyan | ||||||||||||||||
| Principal Address: | 10Lombard | Street, Newark, | Notttughamshbe, | NG24 | 1XE. | |||||||||||
| Independent | Ksaminer: | Adriau Heigh |
FCA, | Stepbenson | Nuttsll | dk Co., | Chartered | Accountants, | Ossington | |||||||
| Chambers, 6/8 |
Castle | Gate, | Newark, | Nottinghamsbire, | NG24 | 1AX. | ||||||||||
| Investment | Managerm | Brewin Dolphin LtcL, | 1"Floor, Water&out House, Waterfront | Plaza, 35Station | Street, | |||||||||||
| Nottingham, | NG2 3DQ. | |||||||||||||||
| Bankers: | National Westminster |
Bank | pic., 1 Market Place, Newark, | Nottinghamshire, | NG24 1DY. | |||||||||||
| Specific R'astriet | iona: | None. | ||||||||||||||
| Investment | Powers: | By authority | ofthe Trust deecL |
| STATEMENT OF FINAN for the Ye E ded |
CIAL A | IVITIES | CLUDIN | G ME A |
ND EX | PENDI | TURE ACCOU | NT |
|---|---|---|---|---|---|---|---|---|
| Total | Total | |||||||
| Fuads | Funds | |||||||
| Iinrestrieted | Endowraent | Year Eaded | Year Ended | |||||
| Funds | Funds | 5/4/Zl | 5/4/20 | |||||
| Notes | 8 | |||||||
| INCOME | ||||||||
| Donations | 985 | 985 | ||||||
| Iavestment Income | ||||||||
| Dividends - Equities | 18,171 | 18,171 | 21,548 | |||||
| Dividends —Absolute return |
ftmds | 5,021 | 5,021 | 4,210 | ||||
| Interest - I/K government bonds Interest - Corporate bonds |
2,825 8,131 |
2,825 8,131 |
3,500 10,986 |
|||||
| Interest cn cash deposits | 56 | 56 | '329 | |||||
| Rental income | 12820 | ~1 | ||||||
| TOTAL INCOME | 4~009 | ~5 | ||||||
| EXPENDITURE | ||||||||
| Costs ofraismg fimds | 2,439 | 8,193 | 10,632 | 12,284 | ||||
| Charitable activities |
39290 | 39390 | 38,568 | |||||
| Other costs TOTAL EXPENDITURE |
3 983 ~4712 |
3983 ~05 |
3 '659 ~54'511 |
|||||
| NET INCOME/(EXPENDITURE) | BEFORK | |||||||
| GAINS/(LOSSES) ON INVKSTMKNTS | (S,193) | (53)96) | 61 | |||||
| GAINS/(LOSSES) ON INVESTMENT ASSETS | ||||||||
| Investments Gains/(Losses) |
- Realised | 36,182 | 36,182 | (2,622) | ||||
| Investments Gains/(Lasses) TOTA,LGAINS/(LOSSES) |
-Unrealised ON INVKSTMKNT |
7 ASSETS |
~11 ~I |
187 | 115187 ~151 69 |
~135525 | ||
| NKT INCOME/(EXPENDITURE) | 143,176 | 145,473 | (13@086) | |||||
| TRANSFERS BETWEEN | FUNDS | |||||||
| NET MOVEMENT IN FUNDS | 143,176 | 145,473 | (138sOS6) | |||||
| RECONCILIATION OFFUNDS |
||||||||
| Total funds brought forward |
~100 | 058 | 1 41335S | ~1551444 | ||||
| TOTAL FUNDS CARRIED FORWARD |
| BALANCE SHEET A rB 21 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |||||
| Funds | Funds | Funds | Funds | |||||
| Notes | 5/4/21 f |
5/4/21 | 5/4/21 | 5/4/20f | ||||
| FIXEDASSETS | ||||||||
| Investments -l.isted investments |
1,147,991 | 1,147,991 | 1,017,652 | |||||
| Investments -Cash deposits investmentP~ |
37,377 ~260 |
37,377 ~2 |
24+65 260 000 |
|||||
| 1,445;368 | 1,445,368 | 1,301,917 | ||||||
| CURRENT ASSETS | ||||||||
| Debtors | 10 | 358 | 35& | 349 | ||||
| Cash atbank | ~ll | 730 | 0 | 117045 | ||||
| 120,088 | 120,088 | 117,394 | ||||||
| LIABILITIES Creditors: Amounts fall tn8 due within NKT CURRENT ASSETS |
one year | ~4491 115597 |
~2134 ~4 |
~6625 113463 |
111441 | |||
| TOTAL NET ASSETS | ||||||||
| FUNDS OF THE CHARITY | 14 | |||||||
| UNRESTRICTED FUNDS | ||||||||
| General Reserve | 115,597 | 115,597 | 113,300 | |||||
| RESTRICTED FUNDS | ||||||||
| Expendable Endowment |
Funds | 1 443 234 | 1443 234 | I 300058 | ||||
| TOTAL CHARITY FUNDS | ||||||||
| Thefinancialstatements | wereapproved | andauthorised | for issue | b the | Trustees | on . | (7 (( Zcrg( |
ihe table below. |
|||||
|---|---|---|---|---|---|
| Total | Other | ||||
| AUocated | Costs | ||||
| Administration fees |
f. | 8 ~(80'!a) |
|||
| Support costs are allocated on the basis Ofabest estimate oftime spent in respect ofthe activity cost category. | |||||
| 3. | COSTS OF RAISING | FUNDS | |||
| 5/4/21 | 5/4/20 | ||||
| Investment property |
costs | ||||
| Insurance | 384 | 395 | |||
| Repairs to property | 517 | 898 | |||
| Managing agems connniss ion |
1,538 | 1,532 | |||
| Letting fees | dao | ||||
| 2,439 | 3,485 | ||||
| htvestment management |
fees | 8 193 | 8 799 | ||
| J?dent | |||||
| 4. | CHARITABLE ACTIVITIES | ||||
| 5/4/21 | 5/4/20 | ||||
| 8 | |||||
| Grants to beneffciaries Adminietnuion fees (note 2) |
38,750 ~4 |
38,100 4ea |
| 5/4/21 | 5/4/20 | |||
|---|---|---|---|---|
| f | ||||
| Accountancy | 1,068 | 1,044 | ||
| Independent | examiner's | fee | 720 | '708 |
| Adm'nistration | fees (note 2) | 2,160 | 1,872 | |
| Sundry expenses | 35 | |||
| ASQ |
| Absolute | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Government | Corporate | Return | ||||||||
| Bonds | Bonds | Funds | Equities | Totals | ||||||
| f, | ||||||||||
| VALUATION | ||||||||||
| At6 April 2020 |
164,871 | 267463 | 163,778 | 421,740 | 1,017,652 | |||||
| Additions | at cost | 45,597 | 18,109 | 20i,592 | 265,298 | |||||
| Disposals at market value Net gains/Uosses) on listed investment |
'(53,732) ~2738 |
(55,775) ~7705 |
15784 | (140,639) | (250,&46) | |||||
| At 5 April 2021 |
||||||||||
| NET BOOKVALUE | ||||||||||
| At 5 April 2021 |
||||||||||
| At 5 April 2020 |
||||||||||
| Listed Investments | comprise the following: | |||||||||
| 5/4/21 | 5/4/20 | |||||||||
| f | ||||||||||
| Government Bonds |
||||||||||
| f50,000 | 2.00%Treasury slack | 2025 | 53,898 | 55,238 | ||||||
| f50,000 f50,000 |
2.25%Treasury stock 2.75%Treasury stock |
2023 2024 |
~0 | 53,733 55 900 |
||||||
| 108401 | 164871 | |||||||||
| Corporate | Bonds | |||||||||
| 62,021.85 | FIL UK Money Builder Income | 63,076 | 60,378 | |||||||
| 49,353.79 | Jupiter Strategic Bond | Income | 49/04 | 48,113 | ||||||
| 4'0,000 | Maitland Select Bond | 44,026 | ||||||||
| 4,500 | Pimco Select UKIncome Bond | 4o,440 | 43,110 | |||||||
| 500 | Twentyfour Asset Management |
corporate | Bond income | 51,505 | 49,290 | |||||
| f25,000 f10,000 |
4.75%A2D Funding 4.75%London Stock |
pic 18/10/2022 Exchange 2/11/2021 |
10,439 | 26,968 10,597 |
||||||
| f25,000 | 5.75%HSBC Holdings | pic 20/12/2027 | 28 807 | |||||||
| 264 790 | 267263 |
| INVESTMENTS | - LISTEDINVESTMENTS —continued | |||
|---|---|---|---|---|
| 5/4/21 | 5/4/20 | |||
| Absolute Return | Funds | |||
| 27,0DO | Artemis Global High Yield Bond | 86,009 | 22,6811 | |
| 40,000 | Henderson UK Absolute Return |
42,840 | 40,680 | |
| 60.000 | Ninety One Diversified income (formerly lnvestec) | 60,738 | 54,834 | |
| 475 | Muzinich Global Tactical Credit Fund |
Hedged | 49,984 | 45,576 |
| 40 | Personal Assets Trust pic f12.50 ord | 18 100 | ||
| 12LGl | 163778 | |||
| Equities | ||||
| 5,00D | Aberdeen Asian Income Fund Ltd NPV ord |
11,350 | 7,925 | |
| 250/500 | Ashtead Group plr, 10p Ord |
11,163 | 8,028 | |
| 7,000 | Aviva US Equity income | 8,969 | ||
| 16,000 | Blackrack Continental Eumpean |
27,920 | 21,120 | |
| 10,000 | Blackrock ishares Global Property | 13,690 | ||
| 29,318.297 | BNY Mellon Fund Managers Newton |
Asian Income | 34/20 | '20,450 |
| 2,5DO | BPpic US$025 ord | 7345 | 6,433 | |
| 400 | British American Tobacco pic 25p ord |
11,760 | ||
| 1350 | British Land Co.pic 25p ord | 3,931', | ||
| 1.,400 | Coupland Cardiff Japan Income et, Growth |
17,766 | ||
| 500 | Diageo pk 28 101/108p ord | 15,035 | 12,290 | |
| 500 | Experian US $0.10ord | 12,730 | ||
| 10,500 | Fide(ity Quality Income | 6],031 | ||
| 7,000 | First Sentier Global Listed in&ustructure (formerly First State) |
14,617 | 12,815 | |
| 1,250 | GlaxoSmithKline pic 25p ard |
15,970 | 18,616 | |
| 1,750/1,000 | Hiscox Lid6.5p ord | 15,166 | 8.404 | |
| 2,000 | HSBC Holdings pic US$0,50 ord | 7,944 | ||
| 475 | lnduex Euro 0.03 | I1,441 | 9,162 | |
| 10,000 | JPMorgau Global Emergiug Markets Income Trust pic lp ord | 14,500 | 9,400 | |
| 28,935361 | JPMorgan US Equity income | 37,500 | 28,038 | |
| (ADD 350 |
Jupiter Japan Income Kone Oyj Corporation NPV 'B' ord |
20,593 20,693 |
||
| 5,DDD 5,000 |
Lmv Debenture Corporation pic 5p ord Legal dt General Group pic 2' ord |
14,175 | 22,500 7,965 |
|
| 15,000 | Lloyds Banking Group pic 10p ord | 4, 159 | ||
| 20,000 | Maitland North Anierican Equity |
36,874 | ||
| 10,000/15,000 | Mercantile investment Trust pic 25p ord |
25,600 | 24,030 | |
| 2,000 | Merian US Equity Income | 22,612 | ||
| 200 | Novartis AG CHF 0.50 | 12,450 | 13,627 | |
| 650 | Prudential pic 5p ord |
10,084 | 5,981' | |
| 650 | RELXpic 14/1 16p ord | 11,926 | 10/62 | |
| 4DO | Rio Tiara pic 10p ord | 15,044' | ||
| 1200 | RIT Capital Partners pic 8I ord | 28,740 | 18,S88 | |
| 1,000 | Rayal Dutch Shall pic Euro 0,07ord | 13/54 | 14,1S4' | |
| 15,000 | Schrader Asian Income | 12,008 | ||
| 20,000 | Schroder Global Cities Real Estate | 12,302 | ||
| 12,200/4,000 | TRProperty Investment Trust pic 25p |
ord | 48,190 | 12,580; |
| 500 | Unilever pla 3 I/9p ord | 20 110 | 20 185. | |
| 521 740 | ||||
| Total | ||||
| The histaric coat oflisted investments on 5"April 2021 was $1,040,038(2020-$1,038,578). |
||||
| INVESTMENTS | - CASH DEPOSITS | |||
| 5/4/21f | 5/4/20 |
| Total | ||||||
|---|---|---|---|---|---|---|
| COST OR VALUATION | ||||||
| At6 | April2020 | 260,000 | ||||
| Revaluations | ||||||
| At 5 | April 2021 | |||||
| NET | BOOK VALVE | |||||
| At5 | April2021 | |||||
| At 5' | April 2020 | |||||
| Cost | or valuation | at5 | April 2021 ls represented. by: | f | ||
| Valuation | 50230 | |||||
| Cost | 200 770 | |||||
| Ifinvestment property |
had not been revalued | it would have been mcludad | at the following historical | cost | ||
| 5/4/21 | 5/4/20, | |||||
| f |
| 10. | DEBTORS:AMOUNTS FALLING DVK WITHIN ONK YEAR |
||||
|---|---|---|---|---|---|
| 5/4/21 | 5/4/20 | ||||
| Accrued income | 104 | 69 | |||
| Pre payin ants | 254 | 2K | |||
| 358 | |||||
| 11. | CREDITORS: AMOUNTS FALLING | ||||
| DUK WITHIN ONK YEAR | |||||
| 5/4/21 | 5/4/20 | ||||
| Accrued expenses | |||||
| 12. | CAPITAL COMMITMENTS | ||||
| The Charity had no capital commitments | at 5 | April 2021 (2020 - Nil). |