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|---|---|---|
|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|
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||||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|
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|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|
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|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|
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|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|
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||||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|