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|Trustees'
annual
report||||
|Independent|auditor's|report to the members|27|
|Statement|offinancial|activities|31|
|Statement|offinancial|position|32|
|Statement|ofcash flows||33|
|Notes to the financial||statements||
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|Supporting
onganisations
that help people set up|Supporting
carer-centred
organisations
working|
|---|---|
|their own business
orenterprise.
We also|to supporl unpaid carers, especially young|
|support those organisations
that work hard to|carers, snd carers ofpeople
with the conditions|
|helpincrease
an individual's
employability
skills|prioritisedin
our Child Development
Research|
|so they are more likely tosecure permanent,|Fund.|
|paid employment.||
|Supporting
organisations
that aim to reduce the|Although
not a main funding
theme,
we also|
|impact poverty has on the educational
achievement
ofyoung people. We also welcome|recognise the importanc
ofour rolein Wales as
"agood neighbour
and therekrre
enjoy the|
|applications
from onganisations
that aim to|flexibility ofbeing able to offer mom modest|
|inspire young people from diverse backgrounds|funding,
at our discretion,
to applicants
who can|
|to pursue
further qualifications
orcareers in|demonstrate
their positive impact
within the|
|STEM.|local community
frere in Wales.|
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|||Year ended|31Decem|ber 2022|ber 2022||
|---|---|---|---|---|---|---|
|||||2022||2021|
|||||Unrestricted|||
|||||funds|Total funds|Totalfunds|
||||Note||6||
|Income and endowments|||||||
|Donations
and legacies|||4|4,233,250|4,233,250|6,043,400|
|Investment
income|||5|7,266,669|7,266,669|8,299,348|
|Total income||||11,499,919|11,499,919|14,342,748|
|Expenditure|||||||
|Expenditure
on raising funds:|||||||
|Investment
management||costs|6|(371,905)|(371,905)|(298,032)|
|Expenditure
on charitable|activities||7,8|(11,249,962)|(11,249,962)|(10,838,547)|
|Other expenditure|||11|(5,161)|(5,161)||
|Total expenditure||||(11,627,028)|(11,627,028)|(11,136,579)|
|Net (losses)/gains
on investments|||12|(55,954,571)|(55,954,571)|26,203,006|
|Net (expenditure)/income|and net movement||in funds|(56,081,680)|(56,081,680)|29,409,175|
|Reconciliation
offunds|||||||
|Total funds brought forward||||246,373,827|246,373,827|216,964,652|
|Total funds carried forward||||190,292,147|190,292,147|246,373,827|
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|||||2022|2021|
|---|---|---|---|---|---|
||||Note|||
|Fixed assets||||||
|Tangible fixed assets|||17|19,409|23,043|
|Investments|||18|185,515,502|242,377,602|
|||||185,534,911|242,400,645|
|Current assets||||||
|Debtors|||19|14,282|14,411|
|Cash at bank and|in|hand||6,245,110|5,010,931|
|||||6,259,392|5,025,342|
|Creditors: amounts||falling due within one year|20|1,502,156|1,052,160|
|Net current assets||||4,757,236|3,973,182|
|Total assets less|current liabilities|||190,292,147|246,373,827|
|Net assets||||190,292,147|246,373,827|
|Funds ofthe charity||||||
|Unrestricted
funds||||190,292,147|246,373,827|
|Total charity funds|||22|190,292,147|246,373,827|
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||||2022|2021|
|---|---|---|---|---|
||||6||
|Cash flows from operating|activities||||
|Net (expenditure)/income|||(56,081,680)|29,409,175|
|Adjustments
for:|||||
|Depreciation oftangible fixed assets|||7,790|9,919|
|Net (losses)/gains
on investments|||55,954,571|(26,203,006)|
|Dividends„
interest and rents from investments|||(7,262,633)|(8,307,800)|
|Other interest receivable
and similar income|||(4,036)|8,452|
|Loss on disposal oftangible|fixed assets||5,161||
|Accrued (income)/expenses|||(10,064)|101,730|
|Changes in:|||||
|Trade and other debtors|||239|38,344|
|Trade and other creditors|||459,950|(900,573)|
|Cash generated
from operations|||(6,930,702)|(5,843,759)|
|Interest received|||4,036|(8,452)|
|Net cash used in operating|activities||(6,926,866)|(5,852,211)|
|Cash flows from Investing|activities||||
|Dividends,
interest and rents from investments|||7,262,633|8,307,800|
|Purchase oftangible assets|||(9,316)|(1,078)|
|Purchases ofother investments|||(49,013,017)|(54,045,745)|
|Proceeds from sale ofother|investments||49,920,545|51,989,463|
|Net cash from investing
activities|||8,160,845|6,250,440|
|Net increase
In cash and cash equivalents|||1,234,179|398,229|
|Cash and cash equivalents|at beginning|ofyear|5,010,931|4,612,702|
|Cash and cash equivalents|at end ofyear||6,245,110|5,010,931|
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|4.|Donations a||nd legacies||||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds
f|2022
6|Funds
f|2021
f|
||Donations||||||||
||Donations||||4,233,250|4,233,250|6,043,400|6,043,400|
|5.|Investment|income|||||||
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds
f|2022|Funds|2021
6|
||Income from||listed investments||7,262,633|7,262,633|8,307,800|8,307,800|
||Bank interest||receivable||4,036|4,038|1,795|1,795|
||Other interest||receivable||||(10,247)|(10,247)|
||||||7,266,669|7,266,669|8,299,348|8,299,348|
|6.|Investment|management||costs|||||
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds|2022
f|Funds
f|2021
F|
||Porffolio management||||371,905|371,905|298,032|298,032|
|7.|Expenditure||on charitable|activities by fund type|||||
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds
f|2022|Funds
f|2021
6|
||Grants &project funding||||11,021,939|11,021,939|10,683,051|10,683,051|
||Support costs||||228,023|228,023|155,496|155,496|
||||||11,249,962|11,249,962|10,838,547|10,838,547|
|8.|Expenditure||on charitable|activities by activity type|||||
|||Activities|||||
|---|---|---|---|---|---|---|
|||undertaken|Grant funding|Support|Totalfunds|Total fund|
|||directly|ofactivities|costs
f|2022|2021
5|
|Grants &project funding||432,773|10,589,166|198,705|11,220,644|10,826,820|
|Governance|costs|||29,318|29,318|11,727|
|||432,773|10,589,166|228,023|11,249,962|10,838,547|
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|9.|Analysis ofsuppor|t co|s|ts|||||
|---|---|---|---|---|---|---|---|---|
|||||||Analysis of|||
|||||||support costs
f|Total 2022
f|Total 2021
f|
||Staff costs|||||81,127|81,127|80,210|
||Premises|||||42,120|42,120|39,606|
||Communications
and IT|||||4,504|4,504|709|
||General office|||||63,161|63,161|13,327|
||Governance
costs|||||29,318|29,318|11,724|
||Support costs - Other|||||7,793|7,793|9,919|
|||||||228,023|228,023|155,495|
|10.|Analysis ofgrants||||||||
||||||||2022
f|2021
f|
||Grants to institutions||||||||
||Grants to institutions||||||10,589,166|10,296,760|
||Total grants||||||10,589,166|10,296,760|
|11.|Other expenditure||||||||
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds|2022
f|Funds|2021
F|
||Loss on disposal of|tangible fixed|||||||
||assets held for charity's||own use||5,161|5,161|||
|12.|Net (losses)/gains|on investments|||||||
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds|2022|Funds
f|2021
f|
||Revaluation
of investment|||assets|(55,954,571)|(55,954,571)|26,203,006|26,203,006|
|13.|Net (expenditure)/income||||||||
||Net (expenditure)/income|||is stated after|charging/(crediting):||||
||||||||2022
f|2021
f|
||Depreciation
oftangible||fixed assets||||7,790|9,919|
||Loss on disposal of|tangible fixed assets|||||5,161||
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|Auditors
remuneration|||||||
|---|---|---|---|---|---|---|
||||||2022|2021|
|||||||6|
|Fees payable for the audit ofthe financial statements|||||9,000|9,600|
|Fees payable to the charity's
auditor and its associates for other services:
Audit-related
assurance
services||||||2,400|
|Staff costs|||||||
|The total staff costs and|employee|benefits for||the reporting|period are analysed as follows:||
||||||2022|2021|
||||||5||
|Wages and salaries
Social security costs|||||366,462
40,606|370,142
37,965|
|Employer contributions|to pension|plans|||22,533|22,497|
||||||429,601|430,604|
|The average
head count of employees|||during|the year was 12(2021:12).The average||number|
|offull-time
equivalent
employees||during|the year is analysed||as follows:||
||||||2022|2021|
||||||No.|No.|
|Number ofadministrative|staff||||3|3|
|Number ofsupport staff|||||8|7|
||||||11|10|
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||Yea|r ended 31 Decem|ber 2022|||
|---|---|---|---|---|---|
|17.|Tangible fixed assets|||||
||||Fixtures and|||
||||fittings|Equipment|Total|
||||E|E|6|
||Cost|||||
||At 1 January 2022||40,609|69,920|110,529|
||Additions|||9,316|9,316|
||Disposals||(34,405)|(22,773)|(57,178)|
||At 31 December 2022||6,204|56,463|62,667|
||Depreciation|||||
||At 1 January 2022||35,442|52,044|87,486|
||Charge for the year||191|7,599|7,790|
||Disposals||(30,193)|(21,825)|(52,018)|
||At 31December 2022||5,440|37,818|43,258|
||Carrying
amount|||||
||At 31 December 2022||764|18,645|19,409|
||At 31 December 2021||5,167|17,876|23,043|
|18.|Investments|||||
|||Cash or cash|Listed|Other||
|||equivalents|investments|investments|Total|
|||E|E|E|E|
||Cost or valuation|||||
||At 1 January 2022|6,665,773|234,953,489|758,340|242,377,602|
||Additions|33,694,306|15,302,707|16,004|49,013,017|
||Disposals|(23,449,650)|(17,286,872)||(40,736,722)|
||Fair value movements||(65,378,757)|240,362|(65,138,395)|
||At 31 December 2022|16,910,229|167,590,567|1,014,706|185,515,502|
||Impairment|||||
||At 1 January 2022 and|||||
||31December 2022|||||
||Carrying
amount|||||
||At 31 December 2022|16,910,229|167,590,567|1,014,706|185,515,502|
||At 31 December 2021|6,665,773|234,953,489|758,340|242,377,602|
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||5%ofthe total value|ofthe porffolio:||||
|---|---|---|---|---|---|
|||||Holding|Market|
||||||Value 8|
||Admiral
Group pic|213p ordinary|shares|3,259,481|269,655,109|
||There is no restriction|on the realisation|ofthis investment.|||
|19.|Debtors|||||
|||||2022|2021|
|||||6|F|
||Prepayments
and accrued income
Other debtors|||3,429
10,853|3,319
11,092|
|||||14,282|14,411|
|20.|Creditors: amounts|falling due within|one year|||
|||||2022|2021|
||Accruals and deferred|income||90,344|100,296|
||Social security and other taxes|||9,041|9,174|
||Trade creditors|||17,878|5,243|
||Other creditors|||1,384,893|937,445|
|||||1,502,156|1,052,160|
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|||At||||At|
|---|---|---|---|---|---|---|
||1 January|20|||Gains and|31 Decembe|
||E|22|Income
6|Expenditure
6|losses
f|r2022|
|General funds|246,373,827||11,499,919|(11,627,028)|(55,954,571)|190,292,147|
|||At||||At|
||1 January|20|||Gains and 31 December||
||f|21|Income
f|Expenditure
f|losses
f|2021|
|General funds|216,964,652||14,342,748|(11,136,579)|26,203,006|246,373,827|
|Analysis of net assets between funds|||||||
||||||Unrestricted|Total Funds|
||||||Funds|2022|
||||||f|8|
|Tangible fixed assets|||||19,409|19,409|
|Investments|||||185,515,502|185,515,502|
|Current assets|||||6,259,392|6,259,392|
|Creditors less than|1 year||||(1,502,156)|(1,502,156)|
|Net assets|||||190,292,147|190,292,147|
||||||Unrestricted|Total Funds|
||||||Funds
f|2021|
|Tangible fixed assets|||||23,043|23,043|
|Investments|||||242,377,602|242,377,602|
|Current assets|||||5,025,342|5,025,342|
|Creditors less than|1 year||||(1,052,160)|(1,052,160)|
|Net assets|||||246,373,827|246,373,827|
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|Operating|lea|se commit|ments|||||
|---|---|---|---|---|---|---|---|
|The total|future|minimum|lease payments|under non-cancellable|operating|leases are|as follows:|
|||||||2022|2021|
|||||||5||
|Not later than||1 year||||20,362||
|Later than|1 year and not||later than 5years|||99,500||
|Later than|5years|||||129,012||
|||||||248,874||