| Page | ||
|---|---|---|
| REPORT OF THE TRUSTEES | ||
| REPORT OF THE INDEPENDENT | EXAMINER | |
| STATEMENT OF FINANCIAL ACTIVITIES | ||
| BALANCE SHEET | ||
| NOTES TO THE FINANCIAL STATEMENTS | 8-11 | |
| 2019STATEMENT OF FINANCIAL | ACTIVITIES | 12 |
| INCOME FUND | INCOME FUND | EXPENDABLE | TOTAL | TOTAL | ||||
|---|---|---|---|---|---|---|---|---|
| (unrestricted) | ENDOWMENT | 2020 | 2019 | |||||
| Notes | 6 | 6 | 6 | F | ||||
| (page 10) | ||||||||
| INCOME AND EXPENDITURE | ||||||||
| Income and Endowments | from | |||||||
| Investment income |
65,055.57 | 65,055.57 | 79,916 | |||||
| Other income | 63.18 | 63.18 | 558 | |||||
| Total Income | 65,118.75 | 65,118.75 | 80,474 | |||||
| EXPENDITURE ON | ||||||||
| Raising Funds | ||||||||
| Investment management |
fees | 17,767.15 | 17,767.15 | 17,569 | ||||
| Charitable Activities |
||||||||
| Grants | 30,200.00 | 30,200.00 | 101,800 | |||||
| Support costs | 24,854.00 | 24,854.00 | 20,561 | |||||
| Total Expenditure | 55,054.00 | 17,767.15 | 72,821.15 | 139,930 | ||||
| NET INCOME/(EXPENDITURE) | 10,064.75 | (17,?67.15) | (7,702.40) | (59,456) | ||||
| Other recognised gains/(losses) |
||||||||
| Foreign currency (loss) | (229.89) | (229.89) | (459) | |||||
| Gains/(losses) on investments: |
||||||||
| -realised | (23,749.44) | (23,749.44) | 33,774 | |||||
| -unrealised | 138,270.13 | 138,270.13 | 370,837 | |||||
| 114,290.80 | 114,290.80 | 404,152 | ||||||
| Net Movement in Funds |
10,064.75 | 96,523.65 | 106,588.40 | 344,696 | ||||
| Reconciliation ofFunds |
||||||||
| Fund Balances brought | forward | 9,506.30 | 5,690,188.51 | 5,699,694.81 | 5,354,999 | |||
| TOTAL FUNDS CARRIED FORWARD AT | ||||||||
| 31 DECEMBER 2020 | E | 19,571.05 | 65,786,712.16 | 6 | 5,806,283.21 | 65,699,695 |
| Notes | 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|---|
| Fixed Assets | ||||||||
| Investments | 3,076,542.00 | 2,945,830 | ||||||
| Freehold properties | 2,603,000.00 | 2,603,000 | ||||||
| Chattels | 50,816.56 | 50,817 | ||||||
| 5,730,358.56 | 5,599,647 | |||||||
| Current Assets | ||||||||
| -BDP Pitmans | LLP - Client Account | 1,622.46 | 307 | |||||
| - Metro Bank account | 600.00 | 46,600 | ||||||
| -Investec Accounts | 75,402.19 | 99,576 | ||||||
| Total Current Assets | 77,624.65 | 146,483 | ||||||
| Less: Creditors | ||||||||
| Amounts falling |
due within one year | |||||||
| Accruals | 1,700.00 | 635 | ||||||
| Grants committed | 45,800 | |||||||
| 1,700.00 | 46,435 | |||||||
| Net current assets | 75,924.65 | 100,048 | ||||||
| Net Assets | 6 | 5,806,283.21 | 5 | 5,699,695 | ||||
| Funds ofthe Charity | ||||||||
| Capital Funds | ||||||||
| Expendable Endowment |
5,786,712.16 | 5,690,189 | ||||||
| Income Funds | ||||||||
| Income Fund (unrestricted) | 19,571.05 | 9,506 | ||||||
| Total Funds | K | 5,806,283.21 | E | 5,699,695 |
| 2. | Income from i | nv | est | ments | for th | e year comprises the follo | wing: | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||||||
| E | |||||||||||
| Income from | overseas | holdings | 24,663.87 | 24,135 | |||||||
| Income from | UK investments | ||||||||||
| -fixed interest | 4,000.07 | 2,365 | |||||||||
| -equities | and | unit | trusts | 32,597.26 | 49,558 | ||||||
| - property | 3,794.37 | 3,858 | |||||||||
| 665,055.57 | 679,916 | ||||||||||
| 3. | Other Income | 2020 | 2019 | ||||||||
| 6 | f | ||||||||||
| Investec - deposit | interest | 63.18 | 260 | ||||||||
| Orion Publishing | royalties | 298 | |||||||||
| 6 | 63.18 | 558 | |||||||||
| 4. | Expenditure | ||||||||||
| Raising funds | |||||||||||
| Investec investment | management | and safe custody fees | 17,767.15 | 17,569 | |||||||
| 6 | 17,767.15 | 17,569 | |||||||||
| 5. | Charitable Activities |
||||||||||
| Income Fund | Expendable | Total | Total | ||||||||
| (unrestricted) | Endowment | 2020 | 2019 | ||||||||
| 6 | 6 | E | |||||||||
| Grants committed | 30,200.00 | 30,200.00 | 101,800 | ||||||||
| Support and governance | costs | ||||||||||
| BDBPitmans | LLP | fees | 23,154.00 | 23,154.00 | 19,926 | ||||||
| Independent | Examination | fee | 1,700.00 | 1,700.00 | 635 | ||||||
| 24,854.00 | 24,854.00 | 20,561 | |||||||||
| 655,054.00 | 655,054.00 | 6122,361 |
| 6.Investments | 6.Investments | 6.Investments | |||||
|---|---|---|---|---|---|---|---|
| Movements on quoted investments were as follows: |
2020f | 2019 | |||||
| Market value at 1 January 2020 | 2,945,830.00 | 2,619,283 | |||||
| Add: acquisitions at cost |
321,235.50 | 528,633 | |||||
| Less: realised gain/(loss) |
(23,749.44) | ||||||
| proceeds | (305,044.19) | (328,793.63) | (572,923) | ||||
| Net gain/(loss) on revaluation at 31 December 2020 |
138,270.13 | 370,837 | |||||
| Market value at 31 December 2020 | f | 3,076,542.00 | f | 2,945,830 | |||
| Historical cost as at 31 December 2020 | f | 2,036,880.00 | f | 1,967,649 | |||
| All investments are listed on a recognised |
stock | exchange. | The following | investment accounted |
for more | ||
| than 5'/o ofthe portfolio by value. |
|||||||
| Findlay Park Funds American USD Dis |
7.03'/o | ||||||
| 7.Freehold Properties and Chattels |
|||||||
| The Trust chattels are valued at f50,817on 31 December | 2020 and | 2019and the following | properties | ||||
| form the freehold of Cavendish Hall, Cavendish, |
Suffolk. | ||||||
| 2020f | 2019 f |
||||||
| Main House, gardens and outbuildings |
1,600,000.00 | 1,600,000 | |||||
| Land (22.39acres) | 110,000.00 | 110,000 | |||||
| The Coach House (subject to Robertson | tenancy) | 475,000.00 | 475,000 | ||||
| The Coach House (subject to KJohnson | lease) | 90,000.00 | 90,000 | ||||
| The Old Lodge | 140,000.00 | 140,000 | |||||
| The New Lodge (subject to Lee tenancy) | 188,000.00 | 188,000 | |||||
| Total value ofproperties | f | 2,603,000.00 | f | 2,603,000 |
| Fund balances at | 31 December 2020 | are | Income Fund | Income Fund | Expendable | Total Funds | Total Funds | |||
|---|---|---|---|---|---|---|---|---|---|---|
| represented by: |
(unrestricted) | Endowment | ||||||||
| F | F | |||||||||
| Fixed Assets | 5,730,358.56 | 5,730,358.56 | ||||||||
| Current Assets | 21,271.05 | 56,353.60 | 77,624.65 | |||||||
| Creditors | (1,700.00) | (1,700.00) | ||||||||
| Net Assets | 6 | 19,571.05 | 6 | 5,786,712.16 | 6 | 5,806,283.21 | ||||
| The summary of |
net assets between | funds | for | 31 | Income Fund | Expendable | Total Funds | |||
| December 2019was as follows: | (unrestricted) | Endowment | ||||||||
| 6 | 6 | |||||||||
| Fixed Assets | 5,599,647 | 5,599,647 | ||||||||
| Current Assets | 55,941 | 90,542 | 146,483 | |||||||
| Creditors | (46,435) | (46,435) | ||||||||
| Net Assets | 6 | 9,506 | 6 | 5,690,189 | F | 5,699,695 | ||||
| 9.Summary of Fund Movements |
||||||||||
| 2020 | 2020 | 2019 | 2019 | |||||||
| Income | Fund | Expendable | Income Fund | Expendable | ||||||
| (unrestricted) f |
Endowment 5 |
(unrestricted) F |
Endowment 6 |
|||||||
| Balance brought | forward | 9,506.30 | 5,690,188.51 | 51,393 | 5,303,606 | |||||
| Income | 65,118.75 | 80,474 | ||||||||
| Expenditure | (55,054.00) | (17,767.15) | (122,361) | (17,569) | ||||||
| Other recognised | gains/(losses) | 114,290.80 | 404,152 | |||||||
| Balance carried forward | F | 19,571.05 | 5 | 5,786,712.16 | 5 9,506 |
6 | 5,690,189 | |||
| Total funds | 2020 - | 5 | 5,806,283.21 | 2019 - | E | 5,699,695 |
| INCOME | FUND | EXPENDABLE | EXPENDABLE | TOTAL | ||||
|---|---|---|---|---|---|---|---|---|
| Notes | (unrestricted) F |
ENDOWMENT f |
2019 f |
|||||
| INCOME AND EXPENDITURE | ||||||||
| Income and Endowments | from | |||||||
| Investment income |
79,916 | 79,916 | ||||||
| Other income | 558 | 558 | ||||||
| Total Income | 80,474 | 80,474 | ||||||
| EXPENDITURE ON | ||||||||
| Raising Funds | ||||||||
| Investment management |
fees | 17,569 | 17,569 | |||||
| Charitable Activities |
||||||||
| Grants | 101,800 | 101,800 | ||||||
| Supportcosts | 20,561 | 20,561 | ||||||
| Total Expenditure | 122,361 | 17,569 | 139,930 | |||||
| NET INCOME/EXPENDITURE | (41,887) | (17,569) | (59,456) | |||||
| Other recognised gains/losses |
||||||||
| Foreign currency (loss) |
(459) | (459) | ||||||
| Gains/(losses) on investments: |
||||||||
| -realised | 33,774 | 33,774 | ||||||
| -unrealised | 370,837 | 370,837 | ||||||
| 404,152 | 404,152 | |||||||
| Net Movement in Funds |
(41,887) | 386,583 | 344,696 | |||||
| Reconciliation ofFunds |
||||||||
| Fund Balances brought | forward | 51,393 | 5,303,606 | 5,354,999 | ||||
| TOTAL FUNDS CARRIED FORWARD AT | ||||||||
| 31 DECEMBER2019 | 6 | 9,506 | 6 | 5,690,189 | 6 | 5,699,695 |