| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2-5 |
| Independent auditors' report | 6-9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13-22 |
| Endowment Unrestricted | Endowment Unrestricted | Total | Total | ||
|---|---|---|---|---|---|
| funds funds | funds | funds | |||
| 2022 2022 Note £ £ |
2022 £ |
2021£ | |||
| INCOME AND ENDOWMENTS FROM: | |||||
| Investments | 2 | 361,469 | 361,469 | 276,603 | |
| TOTAL INCOME AND ENDOWMENTS | 361,469 | 361,469 | 276,603 | ||
| EXPENDITURE ON: | |||||
| Raising funds | 29,296 | 22,405 | 51,701 | 31,900 | |
| Charitable activities | 5,4 | 466,568 | 466,568 | 194,448 | |
| TOTAL EXPENDITURE | 6 | 29,296 | 488,973 | 518,269 | 226,348 |
| NET INCOME / (EXPENDITURE) BEFORE | |||||
| INVESTMENT GAINS | (29,296) | (127,504) (156,800) 50,255 | |||
| Net gains on investments | 9,10 | 1,950,812 | 1,950,812 2,813,729 | ||
| NET INCOME / (EXPENDITURE) BEFORE | |||||
| OTHER RECOGNISED GAINS AND | |||||
| LOSSES | 1,921,516 | (127,504) 1,794,012 2,863,984 | |||
| NET MOVEMENT IN FUNDS | 1,921,516 | (127,504) 1,794,012 2,863,984 | |||
| RECONCILIATION OF FUNDS: | |||||
| Total funds brought forward | 16,466,493 | 350,620 16,817,113 13,953,129 | |||
| TOTAL FUNDS CARRIED FORWARD | 18,388,009 | 223,116 18,611,125 16,817,113 |
| Note | £ | 2022 £ |
£ | 2021£ | |
|---|---|---|---|---|---|
| FIXED ASSETS | |||||
| Investment property | 9 | 360,000 | 360,000 | ||
| Investments | 10 | 18,661,147 | 16,592,822 | ||
| 19,021,147 | 76,952,822 | ||||
| CURRENT ASSETS | |||||
| Debtors | 11 | 14,128 | 14,499 | ||
| Cash at bank and in hand | 237,319 | 299,891 | |||
| 251,447 | 314,390 | ||||
| CREDITORS: amounts falling due within | |||||
| one year 12 | (273,133) | (260,099) | |||
| NET CURRENT (LIABILITIES)/ASSETS | (21,686) | 54,291 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 18,999,461 | 17,007,113 | |||
| CREDITORS: amounts falling due after | |||||
| more than one year | 1 3 | (388,336) | (190,000) | ||
| NET ASSETS | 18,611,125 | 16,817,113 | |||
| CHARITY FUNDS | |||||
| Endowment funds | 15 | 18,388,009 | 16,466,493 | ||
| Unrestricted funds | 15 | 223,116 | 350,620 | ||
| TOTAL FUNDS | 18,611,125 | 16,817,113 |
| Note | 2022 £ |
2021£ | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net cash used in operating activities | 17 | (306,527) | (212,739) |
| Cash flows from investing activities: | |||
| Dividends, interest and rents from investments | 361,469 | 276,603 | |
| Proceeds from sale of investments | 3,311,171 | 3,141,549 | |
| Purchase of investments | (3,428,685) | (3,093,204) | |
| Net cash provided by investing activities | 243,955 | 324,948 | |
| Change in cash and cash equivalents in the year | (62,572) | 112,209 | |
| Cash and cash equivalents brought forward | 299,891 | 187,682 | |
| Cash and cash equivalents carried forward | 237,319 | 299,891 |
| INVESTMENT INCOME | |||
|---|---|---|---|
| Endowment Unrestricted | Total | Total | |
| funds funds | funds | funds | |
| 2022 2022 £ £ |
2022 £ |
2021£ | |
| Investment income - local investment | |||
| properties | 10,740 | 10,740 | 10,740 |
| Investment income - local listed | |||
| investments | 273,206 | 273,206 | 155,021 |
| Investment income - foreign listed | |||
| investments | 77,484 | 77,484 | 110,789 |
| Investment income - local cash | 39 | 39 | 53 |
| 361,469 | 361,469 | 276,603 | |
| Total 2021 | 276,603 | 276,603 |
| T OF INSTITUTIONAL GRANTS PAYABLE | ||
|---|---|---|
| Name of institution/grant | 2022£ | 2021£ |
| 1. Culford School - Bursaries 2. Ely Cathedral - Video 3. Ely Cathedral - Bursaries |
103,336 (6,170) |
150,000 (4,532) 14,000 |
| 4. Angles Theatre | 10,000 | |
| 5. Culford Science Laboratory | 200,000 | |
| 6. Priscilla Bacon Hospice | 25,000 | |
| 7. Pulse | 17,000 | |
| 8. East Anglia Air Ambulance | 2,500 | 2,500 |
| 9. Ely Cathedral - Paving | (11,118) | |
| 9. Ely Cathedral - Safety rails | ||
| 10. Alzheimers Research Trust | 3,000 | 2,500 |
| 11. West Norfolk hlospice Tapping House | 1,000 | 1,000 |
| 11. Ely Cathedral - Octagon Work | ||
| 12. Ely Cathedral - IT System | 117,288 | |
| 13. Cambridge Arts Theatre | 10,000 | |
| 454,836 | 182,468 |
| Endowment Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds funds | funds | funds | ||
| 2022 2022 £ £ |
2022£ | 2021£ | ||
| Grant | Making | 454,836 | 454,836 | 182,468 |
| Total | 2021 | 182,468 | 182,468 |
| GOVERNANCE COSTS | |||
|---|---|---|---|
| Endowment Unrestricted | Total | Total | |
| funds funds | funds | funds | |
| 2022 2022 £ £ |
2022£ | 2021£ | |
| Audit Fees | 3,129 | 3,129 | 2,822 |
| Accountancy Fees | 6,203 | 6,203 | 5,796 |
| Legal Fees | 2,400 | 2,400 | 3,362 |
| 11,732 | 11,732 | 11,980 |
| Other costs | Total | Total | |
|---|---|---|---|
| 2022£ | 2022 £ |
2021£ | |
| Expenditure on investment management | 51,701 | 51,701 | 31,900 |
| Costs of raising funds | 51,701 | 51,701 | 31,900 |
| Grant Making | 454,836 | 454,836 | 182,468 |
| Expenditure on governance | 11,732 | 11,732 | 11,980 |
| 518,269 | 518,269 | 226,348 | |
| Total 2021 | 226,348 | 226,348 |
| DITORS' REMUNERATION | ||
|---|---|---|
| 2022£ | 2021£ | |
| Fees payable to the charity's auditor and its associates for the | ||
| audit of the charity's annual accounts | 3,129 | 2,822 |
| Fees payable to the charity's auditor and its associates in respect of: |
||
| All other non-audit services not included above | 6,203 | 5,796 |
| INVESTMENT PROPERTY | |
|---|---|
| Freehold | |
| investment | |
| property£ | |
| Valuation | |
| At 1 April 2021 and 31 March 2022 | 360,000 |
| Comprising | |
| Cost | 329,932 |
| Annual revaluation surplus/(deficit): 2021 |
30,068 |
| At 31 March 2022 | 360,000 |
| IXED ASSET INVESTMENTS | |||
|---|---|---|---|
| Listed Other | |||
| securities | investments | Total | |
| £ £ | £ | ||
| Market value | |||
| At 1 April 2021 | 16,078,394 | 514,428 | 16,592,822 |
| Additions | 2,539,790 | 888,894 | 3,428,684 |
| Disposals | (1,816,636) | (1,106,295) | (2,922,931) |
| Revaluations | 1,562,572 | 1,562,572 | |
| At 31 March 2022 | 18,364,120 | 297,027 | 18,661,147 |
| Historical cost | 11,803,658 | 297,027 | 12,100,685 |
| UK £ |
Overseas£ | 2022 £ |
2021£ | |
|---|---|---|---|---|
| Listed investments | 17,582,761 | 781,358 | 18,364,119 | 16,078,394 |
| Other fixed asset investments | 297,028 | 297,028 | 514,428 | |
| Total market value | 17,879,789 | 781,358 | 18,661,147 | 16,592,822 |
| 11. DEBTORS | ||||
| 2022 £ |
2021£ | |||
| Prepayments and accrued income | 14,128 | 14,499 | ||
| 12. CREDITORS: Amounts falling due within one year | ||||
| 2022 £ |
2021£ | |||
| Trade creditors | 29,419 | ^8,797 | ||
| Accruals and deferred income | 11,670 | 11,200 | ||
| Grants accrued - Institutional | 232,044 | 230,102 | ||
| 273,133 | 260,099 | |||
| 13. CREDITORS: Amounts falling due after more than one year | ||||
| 2022£ | 202?£ | |||
| Grants accrued - Institutional | 388,336 | 190,000 | ||
| 14. FINANCIAL INSTRUMENTS | ||||
| 2022 £ |
2021£ | |||
| Financial Assets | ||||
| Financial assets measured at fair value through net income | 19,021,146 | 16,952,822 |
| Balance at | |||
|---|---|---|---|
| Balance at | Gains/ 31 March | ||
| 1 April 2021£ | Income Expenditure £ £ |
(Losses) 2022 £ £ |
|
| Unrestricted funds | |||
| General Fund | 350,620 | 361,469 (488,973) | 223,116 |
| Endowment funds | |||
| Endowment Funds - all funds | 16,466,493 | (29,296) | 1,950,812 18,388,009 |
| Total of funds | 16,817,113 | 361,469 (518,269) 1,950,812 18,611,125 |
| STATEMENT OF FUNDS - PRIOR | YEAR | ||
|---|---|---|---|
| Balance at | |||
| Balance at | Gains/ 31 March | ||
| 1 April 2020 £ |
Income Expenditure £ £ |
(Losses) 2021 £ £ |
|
| General funds | |||
| General Fund | 271,148 | 276,603 (197,132) | 350,619 |
| Endowment Funds - all funds | 13,681,980 | (29,216) | 2,813,729 16,466,493 |
| Balance at | ||
|---|---|---|
| Balance at | Gains/ 31 March | |
| 1 April 2021£ | Income Expenditure £ £ (Losses) 2022 £ £ |
|
| General fund Endowment funds |
350,620 16,466,493 |
361,469 (488,973) - 223,116 (29,296) 1,950,812 18,388,009 |
| 16,817,113 | 361,469 (518,269) 1,950,812 18,611,125 |
| Balance at | |||
|---|---|---|---|
| Balance at | Gains/ 31 March | ||
| 1 April 2020 £ |
Income Expenditure £ £ (Losses) 2021 £ £ |
||
| General funds Endowment funds |
271,148 13,681,980 |
276,603 | (197,132) - 350,619 (29,216) 2,813,729 16,466,493 |
| 13,953,128 | 276,603 | (226,348) 2,813,729 16,817,112 |
| Endowment Unrestricted Total | |
|---|---|
| funds funds funds | |
| 2022 2022 2022 | |
| £ £ £ | |
| Fixed asset investments | 18,661,146 1 18,661,147 |
| Investment property | 360,000 360,000 |
| Current assets | 251,448 251,448 |
| Creditors due within one year | (273,133) (273,133) |
| Creditors due in more than one year Other assets/(liabilities) |
(633,137) (388,337) (388,337) 633,137 |
| 18,388,009 223,116 18,611,125 |
| Endowment Unrestricted Total |
|
|---|---|
| funds funds funds |
|
| 2021 2021 2021 |
|
| £ £ £ |
|
| Fixed asset investments | ^6,592,822 16,592,822 |
| Investment property | 360,000 360,000 |
| Current assets | 3^4,390 314,390 |
| Creditors due within one year | (260,099) (260,099) |
| Creditors due in more than one year Other assets/(liabilities) |
(486,329) (190,000) (190,000) 486,329 |
| 16,466,493 350,620 16,817,113 |
ACTIVITIES |
||
|---|---|---|
| 2022£ | 2021£ | |
| Net income for the year (as per Statement of Financial Activities) | 1,794,012 | 2,863,984 |
| Adjustment for: | ||
| Losses on investments Dividends, interest and rents from investments Decrease/(increase) in debtors Increase in creditors |
(1,950,812) (361,469) 372 211,370 |
(2,813,729) (276,603) (14,195) 27,804 |
| Net cash used in operating activities | (306,527) | (212,739) |
| NALYSIS OF CASH AND CASH EQUIVALENTS | ||
| 2022£ | 2021£ | |
| Cash in hand | 237,319 | 299,891 |
| Total | 237,319 | 299,891 |
| RANT COMMITMENTS | ||
| Total | Total | |
| 2022£ | 2021£ | |
| At 31 March 2022 the charity had commitments as follows: | ||
| Commitments in respect of grants approved for projects which | ||
| have not been accrued in the financial statements but will form | ||
| part of grants: | ||
| Within one year | 2,500 |