The Cayzer Family Archive
Report and financial statements
Year ended 31 March 2022
Charity number: 1122921
Registered in England & Wales No. 06212781
The Cayzer Family Archive
Contents
| Page | |
|---|---|
| Report of the Board of Trustees | 1 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
The Cayzer Family Archive
Report of the Board of Trustees
The Board of Trustees presents its report, which is also the directors’ report for the purpose of company law, and the financial statements of the charity for the year to 31 March 2022.
Reference and administrative information
Directors and trustees
The directors and trustees are as follows:
The Honourable Mrs Elizabeth Gilmour James Michael Beale Cayzer-Colvin James Rushworth Hope Loudon Dominic Vaughan Gibbs (secretary and director) Sonia Claire Barry
The Honourable Mrs Elizabeth Gilmour, Mr James Loudon, and Mr Dominic Gibbs were all appointed on 31 May 2007. Mr James Cayzer-Colvin and Mrs Sonia Barry were each appointed on 29 May 2020. All served throughout the financial year.
The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
| Secretary and registered office: | Dominic Vaughan Gibbs |
|---|---|
| Cayzer House | |
| 30 Buckingham Gate | |
| London SW1E 6NN | |
| Solicitors: | BDB Pitmans LLP |
| One Bartholomew Close | |
| London EC1A 7BL | |
| Bankers: | The Royal Bank of Scotland plc |
| Drummonds Branch | |
| 49 Charing Cross | |
| London SW1A 2DX | |
| Independent examiner: | S J Wakefield ACA |
| Dixon Wilson Chartered Accountants | |
| 22 Chancery Lane | |
| London WC2A 1LS |
Structure, governance, and management
The Cayzer Family Archive is a company limited by guarantee and governed by its current Memorandum and Articles of Association. The company was incorporated on 13 April 2007 under number 06212781 and the charity was registered by the Charity Commissioners for England and Wales on 22 February 2008 under charity number 1122921.
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The Cayzer Family Archive
Report of the Board of Trustees (continued)
Structure, governance, and management (continued)
The power of appointing new trustees is as set out in the Memorandum and Articles of Association and shall be a maximum of six and a minimum of three. New trustees may be elected by a simple majority at any meeting of the board. At any one time the majority of the trustees shall be members of the Cayzer family.
The board of trustees, which meets at least twice a year, administers the charity and agrees the broad strategy and areas of activity for the charity, including investment policy, risk management, reserves, and performance. All trustees give their time freely and no trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 12 to the accounts.
The Memorandum and Articles of Association gives the trustees the power to accept subscriptions, donations, devises, and bequests of any real or personal estate, and to accept transfers of property and assets and gifts of money etc., but prohibits the trustees from undertaking any permanent trading activities for the purpose only of raising funds for the objects of the charity.
Objectives and activities
The object of the charity is to advance education for the public benefit by the preservation, maintenance, and exhibition of the books, letters, manuscripts, and other memorabilia, which together form the historical archives of the Cayzer family and the Cayzer family businesses.
On 28 March 2008, the charity received a substantial cash endowment from The Honourable Mrs Gilmour, which was applied in part to defray formation, set-up, and other costs. The balance of the endowment is retained as an expendable endowment. Further donations from The Honourable Mrs Gilmour were received in subsequent years, and were added to the expendable endowment. The trustees will not consider making grants to people or organisations who apply speculatively, except to further the aims and objects of the charity. The trustees also have a policy of not responding to any correspondence unless it relates to any grants it has agreed to make or to the general management and administration of the charity.
The trustees are in the process of collecting historical archive material from various sources which is then being recorded on the charity’s electronic cataloguing system, CALM. The charity also maintains a detailed website which contains catalogues of material held, as well as examples of specific artefacts. The website was substantially updated in 2020-21 and moved onto a more modern platform, the aim of which is to present information in a more user-friendly and accessible manner. A comprehensive family tree was added to the website in 2022.
The charity leases an archive room and offices at a peppercorn rent. This rental agreement runs until August 2027. The estimated value of the peppercorn rental is £21,000 (2021 - £21,000), and is shown as voluntary income and then offset as rental expenditure in the accounts.
The trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
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The Cayzer Family Archive
Report of the Board of Trustees (continued)
Achievements and performance
After the multiple closures due to the Covid-19 pandemic in the previous year, Cayzer House reopened in midApril 2021, with one further closure in August of that year. Consequently, the year to 31 March 2022 saw a return to in-person visits to the building. In addition, the annual reunion for former Clan Line staff, which had been cancelled in 2020, took place once again in Liverpool in October 2021. The archivist attended as usual, and reported that turn-out was remarkably high.
The ongoing project to conserve and display the two dress uniforms belonging to Admiral Jellicoe was completed this year. Museum standard custom mannequins were made for each uniform, and they were finally put on display just before the end of March 2022. Visitors were invited to Cayzer House to view the installation the following day.
During the year, the project archivist employed from early 2020 onwards was able to complete the cataloguing of the business and family papers of the late Peter Neville Buckley, onetime chairman of Caledonia Investments plc. This was the main project for which the archivist had been employed, and following this they were retained for two further projects, the first being the listing of the small but significant collection of papers of Rear Admiral John Ernest Troyte Harper, and the second being the cataloguing of a large collection of material comprising the archives of both the first and second Earls Jellicoe, a task for which the project archivist’s contract was extended.
A variety of research was undertaken during the year. Genealogical research was carried out into the Nicklin Family, ancestors of the founder of the original Cayzer family company, and the Barclay family, ancestors of one of the branches of the Cayzer family. The archivist also investigated the history of the Cayzer family titles, to ascertain where possible when and why these were granted. A paper completed as part of this research was later added to the website. One request was regarding the number of lascar crew fatalities on Clan Line ships which were casualties of the two World Wars. This research inspired another article for the website regarding the lascar crews on the early Clan Line ships, based partly on the writings of Captain Purssey Phillips, who sailed with Clan Line for about 40 years from 1899.
Other general enquiries included questions about the one-time manager of the Liverpool company office, Sir George Peat, ships of the Clan and Bullard Lines, sailing schedules from the 1970s, and the story behind a 19th century medal and certificate dated 1888, from the Liverpool Shipwreck and Humane Society. One unexpected query came from the archivist at the Museum of Freemasonry, London, who was enquiring about one of the historic office staff who worked at the original Cayzer House in the city from 1948 to their retirement in 1963. They had spent a great deal of their time outside the office either involved in founding new lodges or writing books on Masonic matters. This was a rare opportunity for archivists from two separate organisations to exchange notes about the same person.
There were a substantial number of donations and long-term loans made to the archive this year. Notable donations were received from branches of the Jellicoe family, related to the Cayzer family by virtue of the marriage of the first Earl Jellicoe to the daughter of the first Sir Charles Cayzer. The Jellicoe family donated firstly the papers of Rear Admiral John Ernest Troyte Harper, which are documents arising from the writing of Harper’s book The Truth about Jutland (1927), and secondly the large collection of Jellicoe papers comprising the archives of the first and second Earls Jellicoe. Each of them had a distinctive and distinguished career, and the collection is possibly the largest the archive has yet received. The cataloguing of this archive was undertaken by the project archivist. An Edwardian visitors’ book for one of the Cayzer family homes came from descendants of the couple whose wedding gift it had been. Early in 2022 one of the companies’ longretired seafarers donated the Lobito Oar to the archive. This is a real oar, which had been a prize for a rowing competition over 40 years ago, just outside the port at Lobito (Angola). The oar is presently on display in Cayzer House, together with the donor’s own account of the circumstances that led to the competition. In addition to these items the archive received a large number of books in the year.
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The Cayzer Family Archive
Report of the Board of Trustees (continued)
Achievements and performance (continued)
In the latter part of the year, the archive’s web developers created a new and sophisticated family tree, which is freely accessible to the public on the archive’s website. The size of the family necessarily made this a challenging project, but the facility has been very well received, and presents the information in a clear and easily-searched manner.
Financial review, investment policy, and reserves policy
The charity’s investment powers are prescribed in the Memorandum and Articles of Association and these give the trustees very wide powers of investment.
On 28 March 2008, The Honourable Mrs Gilmour donated £600,000 to the charity under the gift aid scheme as an expendable endowment and has since donated a further £750,000. All amounts have been treated as additions to the endowment along with the applicable gift aid received. This endowment fund has been invested to earn income to meet operational costs and the charity’s objectives. The trustees regularly monitor the cash flow to ensure there are adequate funds to cover charitable expenditure. The trustees do however have the power to spend the expendable endowment as necessary, and a transfer was made to unrestricted funds in the year.
Total expenditure in the year came to £132,744 (2021 - £127,194), broadly in line with expenditure in the prior year. Expenditure is expected to fall in 2022-23, as the project archivist employed over the previous two financial years completed their work and left the charity in April 2022.
The charity holds an investment portfolio under the discretionary management of Charles Stanley. Other investments include funds invested in the Church House Fixed Interest Fund, the Troy Asset Management Trojan Income Fund, and the Troy Asset Management Trojan Fund, along with smaller investments in Caledonia Investments Plc and The Cayzer Trust Company Limited. No significant changes are planned to the investment strategy.
Total gains on investment assets during the year were £48,894 (2021 - £153,445). The large gains in the prior year were a result of the general rally in investment markets following the sharp declines before the start of that year caused by the Covid-19 pandemic.
At 31 March 2022 the total reserves held were £2,693,926 (2021 - £2,628,175). These reserves are predominantly endowment reserves held in order to generate income for ongoing annual operating costs.
The charity maintains cash reserves for between one and two years of normal expenditure.
Risk management
The trustees annually review the risks facing the charity. The charity’s risks include risks in relation to the management of investment assets and these have been ameliorated by diversification over investment mangers and sectors of the economy. Risks in relation to the physical security over the archive’s artefacts and other documents are mitigated by insurance, controls over access, continued cataloguing and scanning of documents by the professional archivist, and maintenance agreements for artwork and shipping models.
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The Cayzer Family Archive Report of the Board of Trustees (continued) statement Of truste responsibilitie5 The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom A¢countln8 Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial Statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resour$ for that year. In preparing those financial statements the trustees are required to.. select suitable accounting poliiies and then apply them con51Stently.' observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards and statements of recommended practi have been followed, subjert to any departures disclosed and explained in the financial statements: and prepare the financial statements on a going concern ba515 unless it is inappropriate to presume that the charlty wlll contlnue In operatlon. The trustees are responsible for keeping proper accounting records which dlsclose with reasonable accuracy at any time the financial p051tion of the charity and to enable them to ensure that the flnantial statements comply with the Companies Act 2006. They are a150 responsible ft)r safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and Dther irregularltSes. Approved by the 803rd of Trustees on lg PecéMb4J 20Z¥ and signed on its behalf by The Honourable Mr5 Elizabeth Gilmour Chairman
The Cayzer Family Archive
Independent examiner’s report to the trustees of The Cayzer Family Archive (‘the Company’)
I report to the trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). You are satisfied that an audit is not required for this year under charity or company law and that an independent examination is needed.
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by The Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S J WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS
19 December
2022
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The Cayzer Family Archive
Statement of financial activites for the year to 31 March 2022
| Note Income Donations 2 Investment income 3 Total income Expenditure Expenditure on charitable activities 4 Costs of raising funds Total expenditure Net gains on investments 7 Net (expenditure) / income and net movement in funds Reconciliation of funds Total funds brought forward Transfers between funds Total funds carried forward 10 |
Unrestricted fund £ 45,500 41,011 86,511 125,991 — 125,991 — (39,480) 914,898 50,000 925,418 |
Expendable Endowment fund £ 62,500 590 63,090 4,231 2,522 6,753 48,894 105,231 1,713,277 (50,000) 1,768,508 |
Total 2022 £ 108,000 41,601 149,601 130,222 2,522 132,744 48,894 65,751 2,628,175 — 2,693,926 |
Unrestricted fund £ 31,000 40,117 71,117 121,667 — 121,667 — (50,550) 920,448 45,000 914,898 |
Expendable Endowment fund £ — — — 3,422 2,105 5,527 153,445 147,918 1,610,359 (45,000) 1,713,277 |
Total 2021 £ 31,000 40,117 71,117 125,089 2,105 127,194 153,445 97,368 2,530,807 — 2,628,175 |
|---|---|---|---|---|---|---|
This statement of financial activities includes all gains and losses in the year.
All income and expenditure derives from continuing activities.
The notes on pages 10 to 16 form an integral part of these financial statements.
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The Cayzer Famlly Archlve (company no. 06212781) Balance sheet at 31 March 2022 Exp¢ndablE Unrestrltted Endovm*nt fund nd Expendable ElowMeNt flmd Totsl 2022 Unrestrit fund Totsl 2021 Note Flx•d •sxts Tan8lble asset5 Heritage assets Investments 47,696 47,6% 882,602 1.616,294 37.299 37,299 880.602 1,522,582 882.602 880.602 1.616,294 1.522.582 882.602 1,663, 2,546,592 880,602 1.559.881 Z440,483 Current assets Debtors Cash •t bank and In hand 174 53,046 12.SthJ 107,280 12,674 160,326 37 44,399 37 198.344 153,945 53,220 119,780 173.000 44.436 153.945 198.381 Crqditors lallingdue wlthln oneyear Other credltors ILO,4041 115,2621 125.6661 (10.1401 [5491 (10.6891 Net ¢urrertt assets 42,816 104.518 147,334 34,296 153.3 187,692 Net asstts 925.418 1,768,508 2.693,9Z6 914.898 1.713.277 2,628.175 The funds of the chirlty: UnrestrictÈd fund Expendable endowmentfund 925,418 925,418 1,768,5 914.898 914,898 1.713.277 io 1,768,508 1,713,277 925.418 1.768.508 2.693.926 914.898 1,713,277 1628.175 Aydlt exempiion For the year to 31 March 2022 the MpanYWa$ entitled to ememptlon from 3udlt undÈr section 477 ofiho Companies Act 2W6, relalingto small companie5. 31 The members have not requiredthe tomp3nytD obtaifi an aLMJit of Its actountsfortheyear in questlon in aCrdnce with sertion 476. bl The dlrectors acknOWd@ their responsibilitS for cornplwngwith the requirernefits of the Artwtth rEspert to accountin8 records and the preparation of aCCDunts. cl These accounts have been prepared in atcordante with the provtslons applitableto companies subhct to tho sm311 iornpanl@s reglme. 4)proved by the Board of Trustees oTh.. nd sign on their behalf by The Honourable Mrs Elizabeth Gilrnour Chalmian Mis Sonla 8arry re£torl Trustee The notes on pages 10 to 16 form èn integral part ofthese hnantial ststements.
The Cayzer Family Archive
Statement of cash flows for the year to 31 March 2022
| Note Net cash used in operating activities 13 Cash flows from investing activities Interest and dividends Investment management costs Movement of cash within investment portfolio Purchases of investments Sales of investments / returns of capital Purchases of tangible assets Net cash (used in) / provided by investing activities Cash flows from financing activities Receipt of expendable endowment Net cash flow from financing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
Total 2022 £ (82,263) 40,909 (2,436) (13,804) (112,413) 81,989 — (5,755) 50,000 50,000 (38,018) 198,344 160,326 — |
Total 2021 £ (54,282) 40,117 (2,071) 22,555 (102,040) 170,320 (8,936) 119,945 — — 65,663 132,681 198,344 |
|---|---|---|
The notes on pages 10 to 16 form an integral part of these financial statements.
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022
1. Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 2 October 2019 and the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
The Cayzer Family Archive meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the company's ability to continue as a going concern, and that there are no key assumptions that affect items in the accounts.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding-up is limited to £1.
Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured reliably.
Gift aid reclaimable on donations to the charity is included with the amount received.
Dividends and other income from investments are recognised in the financial statements when the charity is entitled to the income.
Income from cash deposits is included on an accruals basis.
Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure is included in the accounts on an accruals basis.
Irrecoverable VAT has been charged against the relevant expenditure.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value. Subsequently, investments are valued at at their fair value at the balance sheet date, using the closing market price for listed investments, and using market price where available, or the trustees' valuation based on dealing prices or other information available as appropriate for unlisted investments.
The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Donated facilities
These are only included as income (with a corresponding amount recognised in expenditure) when the benefit to the charity is probable and can be measured reliably. The value placed on these resources is the estimated value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain facilities of equivalent economic benefit on the open market.
Fixed assets
Website development costs have been capitalised as future economic benefits to the charity are expected in the form of the provision of educational material to the public. These costs are written off over 15 years from the launch date of any components as the economic benefits are expected to continue for the long term.
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022 (continued)
1. Accounting policies (continued)
Heritage assets
Heritage assets consist of a number of artefacts that were purchased by the archive in October 2013, and additional items that have been donated since then. Upon receipt donated items are valued at cost or trustees' estimated value, but a revaluation exercise was undertaken in the year ended 31 March 2019, after which artefacts were valued at market value. The revaluation was undertaken by a a specialist auction house.
These assets will not be depreciated as it is not expected that their value will diminish over time. This is in accordance with Section 18 of the SORP.
The acquisition of heritage assets is only with the agreement of the trustees, considering the expected cultural and knowledge value that would be brought to the charity's existing collection.
A number of other heritage items have also been loaned to the archive under agreement, but are not beneficially owned by the charity and have not been recorded in these accounts.
| 2. Donations Unrestricted fund Cash donations Donations in kind (artefacts) Donations in kind (rental) Expendable endowment fund Cash donations |
2022 £ 22,500 2,000 21,000 45,500 62,500 108,000 |
2021 £ 10,000 — 21,000 31,000 — 31,000 |
|---|---|---|
The charity leases the archive rooms at a peppercorn rental, and has leased a second office room from late March 2020 onwards. The value to the charity is calculated using the market rental square footrate payable by other tenants of the building. The corresponding rental expense is disclosed within archive occupancy costs. The charity moved premises in August 2017.
| 3. Investment income UK listed investments UK unlisted investments Overseas listed investments Interest income Property income distributions |
2022 £ 26,311 2,615 2,145 9,917 613 41,601 |
2021 £ 21,562 2,528 1,214 9,912 4,901 40,117 |
|---|---|---|
All investment income in both years arose in the unrestricted fund, with the exception of £590 of UK listed investment income, which arose in the expendable endowment fund.
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022 (continued)
| 4. Expenditure on charitable activities Direct costs Unrestricted fund costs Archive occupancy costs Archiving costs Wages & salaries - archivists Special projects Bank charges Expendable endowment fund costs Website depreciation Total direct costs Governance costs (unrestricted fund) Independent examination fee Accounts preparation and administration fee Compliance costs 5. Tangible fixed assets (expendable endowment fund) Charity website Cost - opening balance at 1 April Additions Cost - closing balance at 31 March Accumulated depreciation - opening balance at 1 April Depreciation for year Accumulated depreciation - closing balance at 31 March Net book value at 31 March |
2022 £ 30,398 6,123 78,231 3,104 60 117,916 4,231 122,147 1,020 7,020 35 8,075 130,222 2022 £ 63,471 14,628 78,099 (26,172) (4,231) (30,403) 47,696 |
2021 £ 28,067 2,797 76,228 6,655 60 113,807 3,422 117,229 960 6,900 — 7,860 125,089 2021 £ 54,535 8,936 63,471 (22,750) (3,422) (26,172) 37,299 |
|---|---|---|
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022 (continued)
| 6. Heritage assets (unrestricted fund) Fair value / cost - opening balance at 1 April Purchases of artefacts Donations of artefacts Artefacts written out and valuation changes Revaluation Fair value / cost - closing balance at 31 March |
2022 £ 880,602 — — 2,000 — 882,602 |
2021 £ 880,602 — — — — 880,602 |
2020 £ 837,876 — 37,843 (1,367) 6,250 880,602 |
2019 £ 406,096 271 — (4,453) 435,962 837,876 |
2018 £ 404,892 — 1,204 — — 406,096 |
|---|---|---|---|---|---|
Various artefacts were donated during the year ended 31 March 2020 by The Cayzer Trust Company Ltd and have been valued at cost.
A revaluation by Charles Miller Ltd was undertaken in November 2018. Charles Miller Ltd are a specialist auction house dedicated to the sale of marine, maritime, nautical, and scientific antiques.
Maintenance and insurance of the heritage assets is the responsibility of Caledonia Investments plc under an agreement dated 25 October 2013. The artefacts are insured for the full values stated in the accounts.
| 7. Fixed assets - investments (expendable endowment fund) Movement in fixed asset investments: Opening fair values at 1 April Purchases Disposal proceeds Movement in portfolio cash Net gains on revaluation and disposals Closing fair values at 31 March Investments at fair value comprise: Equities Fixed income Property and alternatives Capital cash held within the investment portfolio Material investments at 31 March Church House Investment Grade Fixed Interest Fund Trojan Income Fund Trojan Fund |
2022 £ 1,522,582 121,814 (90,800) 13,804 48,894 1,616,294 1,133,343 420,108 27,346 35,497 1,616,294 Fair value £ 367,530 434,964 187,927 |
2021 £ 1,459,972 102,040 (170,320) (22,555) 153,445 1,522,582 1,040,422 411,319 49,148 21,693 1,522,582 Fair value £ 384,579 408,841 166,606 |
|---|---|---|
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022 (continued)
| 8. Debtors Unrestricted fund debtors Prepayments and accrued income Income tax repayable Expendable endowment fund debtors Income tax repayable 9. Creditors falling due within one year Unrestricted fund creditors Accruals Creditors Expendable endowment fund creditors Accruals 10. The funds of the charity Unrestricted Balance at 1 April Incoming resources Resources expended Transfers between funds Balance at 31 March Expendable endowment Balance at 1 April Incoming resources Resources expended Gain on investment assets Transfers between funds Balance at 31 March |
2022 £ 137 37 174 12,500 12,674 2022 £ 68 10,336 10,404 15,262 25,666 2022 £ 914,898 86,511 (125,991) 50,000 925,418 1,713,277 63,090 (6,753) 48,894 (50,000) 1,768,508 |
2021 £ — 37 37 — 37 2021 £ — 10,140 10,140 549 10,689 2021 £ 920,448 71,117 (121,667) 45,000 914,898 1,610,359 — (5,527) 153,445 (45,000) 1,713,277 |
|---|---|---|
The endowment fund was initially created on 28 March 2008 by a cash donation from The Hon. Mrs Gilmour. Further donations by the Hon. Mrs Gilmour were made in 2015, 2016, 2018, 2020, and 2022.
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022 (continued)
11. Employees
The average number of staff employed by the archive during the year was 2 (2021 - 2).
12. Transactions with trustees or connected persons
An administration fee of £7,020 (2021 - £6,900) is payable to a company of which The Hon. Mrs Gilmour, Mr Dominic Gibbs, and Mrs Sonia Barry are directors.
No other arrangement, including transactions, contracts and grants, existed during the accounting period with trustees or connected persons. No trustees, or connected persons, received remuneration directly or indirectly from the charity during the accounting period nor did the trustees receive reimbursement of any expenses.
| 13. Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds Deduct gift of endowment and applicable gift aid Deduct donations in kind and artefacts donated Deduct investment income and expenses shown in investing activities Add back non cash expenditure Deduct gain on revaluation and disposal of investments (Increase) / decrease in operating debtors Increase / (decrease) in operating creditors 14. Reconciliation of net debt At 1 April (all held in cash) Cash flows for the year At 31 March (all held in cash) |
2022 £ 65,751 (62,500) (23,000) (39,079) 25,231 (48,894) (35) 263 (82,263) 2022 £ 198,344 (38,018) 160,326 |
2021 £ 97,368 — (21,000) (38,012) 24,422 (153,445) 39,632 (3,247) (54,282) 2021 £ 132,681 65,663 198,344 |
|---|---|---|
15. Taxation
The charity is a registered charity and is thus exempt from taxation of its income and gains falling within Part 11 of the Corporation Tax Act 2010 to the extent that they are applied to its charitable objectives. No tax charges have arisen in the charity.
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The Cayzer Family Archive
Notes to the financial statements for the year to 31 March 2022 (continued)
16. Financial assets and liabilities
The following are financial assets and financial liabilities that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their amortised cost.
| Financial assets Debtors Financial liabilities Creditors Accruals |
2022 £ 12,674 10,336 15,330 25,666 |
2021 £ 37 10,140 549 10,689 |
|---|---|---|
The following are financial assets and financial liabilities that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their fair value as at the balance sheet date, using the closing market price.
| Financial assets | |
|---|---|
| Investments | 1,616,294 1,522,582 |
17. Events after the end of the reporting period
There are no events that have occurred since the end of the reporting period that require disclosure under FRS 102.
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