THE ARDEOLA CHARITABLE TRUST
Trustees’ Report
and Financial Statements
for the year ended 31 May 2021
Registered Charity Number 1124380
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
INDEX
| Charity information | 1 |
|---|---|
| Trustees’ report | 2 |
| Independent auditor’s report | 4 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Accounting policies | 9 |
| Notes to the financial statements | 11 |
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
CHARITY INFORMATION
Trustees
Mr G E Barker (settlor trustee) Mrs J Barker (settlor trustee) Professor J M Cornwall Mr W J Hiscocks Coutts & Co Zedra Trust Company (UK) Limited
To 24 September 2021 From 24 September 2021
Principal office
Zedra UK Trusts Booths Hall Booths Park Chelford Road Knutsford Cheshire WA16 8GS
Registered charity number
1124380
Independent Auditor
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers and Investment Managers
Coutts & Co 440 Strand London WC2R 0QS
Page 1
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 May 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Ardeola Charitable Trust is a registered charity constituted under a trust deed dated 19 May 2008, as amended by a supplemental deed dated 21 January 2011, and registered as a charity 7 June 2008.
The trust is controlled by the trustees. The power to appoint and remove trustees rests with the settlor trustees.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
“To further such other objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.”
In pursuance of its objects, the charity’s income is applied in making grants to charitable organisations. The trustees believe by making such grants the charity fulfils its obligation to deliver public benefit.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
Total income for the year amounted to £917,008 (2020: £1,174,570) and comprised income arising on the charity’s investments and transfers from the endowment fund.
Charitable expenditure in the year comprised grants to charitable organisations, inclusive of transaction charges and governance costs, totalling £898,743 (2020: £1,185,054) while investment management fees totalled £63,900 (2020: £68,224) giving total expenditure of £962,643 (2020: £1,253,278).
A transfer from expendable endowment to income funds of £803,064 (2020: £1,022,493) was made during the period in order to cover expenditure in excess of investment income received.
Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves and acknowledged that deficits will arise from time to time due to the timing of transactions. As at 31 May 2021 free reserves were £15,911 (2020 deficit: £2,354).
The charity’s investments are managed by Coutts & Co with the target of generating income and maintaining capital value. The trustees continually monitor the investment policy and performance against objectives and are content with the performance of investments during the year under review.
Page 2
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
TRUSTEES’ REPORT
FUND RAISING STANDARDS
The charity does not raise funds from the public and therefore does not follow any voluntary standards on fund raising.
PLANS FOR FUTURE PERIODS
The trustees intend to continue the charity’s grant-making activity.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPOINTMENT OF AN INDEPENDENT AUDITORS
During the year under review the charity exceeded the audit threshold and appointed Blue Spire Limited as independent auditors. Blue Spire Limited have expressed their willingness to continue as auditors to the charity.
Approved by the trustees and signed on their behalf.
Sue Wakefield on behalf of Zedra Trust Company (UK) Limited Trustee
Date[30 March 2022]
Page 3
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report to the trustees of The Ardeola Charitable Trust
Opinion
We have audited the financial statements of The Ardeola Charitable Trust (the ‘charity’) for the year ended 31 May 2021 which comprise Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 May 2021, and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
-
• sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Page 4
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
INDEPENDENT AUDITOR’S REPORT
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Cawley Priory South Pallant Chichester West Sussex Blue Spire Limited, Statutory Auditor PO19 1SY 30 March 2022 Date
Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 5
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 13 Total funds carried forward 13 |
Unrestricted Funds £ - 113,944 113,944 - 898,743 898,743 - (784,799) 803,064 18,265 (2,354) 15,911 |
Endowment Funds £ - - - 63,900 - 63,900 585,808 521,908 (803,064) (281,156) 6,730,672 6,449,516 |
31 May 2021 Total Funds £ - 113,944 113,944 63,900 898,743 962,643 585,808 (262,891) - (262,891) 6,728,318 6,465,427 |
31 May 2020 Total Funds £ - 152,077 |
|---|---|---|---|---|
| 152,077 | ||||
| 68,224 1,185,054 |
||||
| 1,253,278 | ||||
| 60,994 | ||||
| (1,040,207) - |
||||
| (1,040,207) 7,768,525 |
||||
| 6,728,318 |
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 6
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
BALANCE SHEET AS AT 31 MAY 2021
| Note FIXED ASSETS Investments - managed funds 9 Investments - interest-bearing deposits Total fixed assets CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 10 Net current assets/(liabilities) Total assets less current liabilities NON CURRENT LIABILITIES Creditors: amounts falling due after more than one year 11 Total assets/(liabilities) THE FUNDS OF THE CHARITY Expendable endowment funds 13 Unrestricted funds 13 Total charity funds |
£ £ 6,373,294 86,677 6,459,971 21,511 21,511 13,555 7,956 6,467,927 (2,500) 6,465,427 6,449,516 15,911 6,465,427 31 May 2021 |
£ £ 6,454,050 287,436 6,741,486 3,746 3,746 13,914 (10,168) 6,731,318 (3,000) 6,728,318 6,730,672 (2,354) 6,728,318 31 May 2020 |
£ £ 6,454,050 287,436 6,741,486 3,746 3,746 13,914 (10,168) 6,731,318 (3,000) 6,728,318 6,730,672 (2,354) 6,728,318 31 May 2020 |
|---|---|---|---|
| 6,728,318 | |||
| 6,730,672 (2,354) |
|||
| 6,728,318 |
The notes on pages 11 to 16 form part of the financial statements.
30 March 2022
The financial statements on pages 6 to 16 we approved and authorised for issue by the trustee on ……………………………………. And signed on its behalf by:
…………………………………………
Sue Wakefield on behalf of Zedra Trust Company (UK) Limited Trustee
Page 7
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
STATEMENT OF CASH FLOWS
| Note £ £ Net cash flow from operating activities (see below) (963,502) Cash flow from investing activities Purchase of investments (4,573,598) Proceeds from sales of investments 5,240,162 Investment income 113,944 Net cash flow from investing activities 780,508 Net increase/(decrease) in cash and cash equivalents (182,994) Cash and cash equivalents at the beginning of the year 291,182 Cash and cash equivalents at the end of the year 108,188 Cash and cash equivalents consist of: Cash at bank and in hand 21,511 Cash held in investment portfolio 86,677 Cash and cash equivalents at the end of the year 108,188 Reconciliation of net income to net cash flow from operating activities £ £ Net income for the period (262,891) Adjusted for: Investment income (113,944) (Gains)/losses on investments (585,808) Increase/(decrease) in creditors (859) (700,611) (963,502) 31 May 2021 31 May 2021 |
£ £ (1,254,137) (5,315,600) 5,529,413 152,077 365,890 (888,247) 1,179,429 291,182 3,746 287,436 291,182 £ £ (1,040,207) (152,077) (60,994) (859) (213,930) (1,254,137) 31 May 2020 31 May 2020 |
£ £ (1,254,137) (5,315,600) 5,529,413 152,077 365,890 (888,247) 1,179,429 291,182 3,746 287,436 291,182 £ £ (1,040,207) (152,077) (60,994) (859) (213,930) (1,254,137) 31 May 2020 31 May 2020 |
|---|---|---|
| (1,254,137) |
Page 8
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Ardeola Charitable Trust is an unincorporated charity constituted under a deed of settlement. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Page 9
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
THE ARDEOLA CHARITABLE TRUST
ACCOUNTING POLICIES
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Capital funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any transfers made out of capital. The capital funds are expendable at the discretion of the trustees.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 10
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
THE ARDEOLA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| Unrestricted Funds £ Donations - Gift Aid - - 2. Investment income Unrestricted Funds £ From investments and cash balances 113,944 113,944 3. Raising funds - investment management charges Unrestricted Funds £ Fees paid to investment managers - - |
Endowment Funds £ - - - Endowment Funds £ - - Endowment Funds £ 63,900 63,900 |
31 May 2021 Total Funds £ - - - 31 May 2021 Total Funds £ 113,944 113,944 31 May 2021 Total Funds £ 63,900 63,900 |
Unrestricted Funds £ - - - Unrestricted Funds £ 152,077 152,077 Unrestricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ - - Endowment Funds £ 68,224 68,224 |
31 May 2020 Total Funds £ - - |
|---|---|---|---|---|---|
| - | |||||
| 31 May 2020 Total Funds £ 152,077 |
|||||
| 152,077 | |||||
| 31 May 2020 Total Funds £ 68,224 |
|||||
| 68,224 |
4. Charitable activities
| Grants (see note 5) Bank charges Governance costs (see note 6) |
Unrestricted Funds £ 896,613 30 2,100 898,743 |
Endowment Funds £ - - - - |
31 May 2021 Total Funds £ 896,613 30 2,100 898,743 |
Unrestricted Funds £ 1,182,929 25 2,100 1,185,054 |
Endowment Funds £ - - - - |
31 May 2020 Total Funds £ 1,182,929 25 2,100 |
|---|---|---|---|---|---|---|
| 1,185,054 |
Page 11
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
NOTES TO THE FINANCIAL STATEMENTS
5. Grants to institutions
| Analysis of grants All Saints Parochial Church Council Ashmolean Museum British Library British Museum Chawton House Library Dingley Familty and Specialist Early Years Centres Dorset Natural History and Archaeological Society Durham Cathedral Durham University Elizabeth Montagu Corresp. Online English Heritage Trust Frimley Health Charity (Dementia appeal) Historic Royal Places National Art Collections Fund National Theatre Orchestra of the Age of Enlightenment Pope's Grotto Preservation Trust Reading Min. Ch. of St Mary the Virgin Royal National Theatre St Johns Ambulance Target Ovarian Cancer Thames Hospice The Art Fund The Friends of St Michael's Bray The Hannah More Trust The London Mozart Players Trust The London Symphony Orchestra The Mousetrap Foundation for the Arts University of Oxford University of Warwick Windsor Festival Society |
31 May 2021 Unrestricted Funds £ 1,000 10,000 25,000 41,000 51,000 2,000 2,000 - 300,000 41,000 5,000 3,000 1,500 5,000 - 5,000 - 5,000 125,000 5,000 230,000 - 2 grants 2,113 5,000 5,000 5,000 5,000 2,000 - 10,000 5,000 896,613 |
31 May 2020 Unrestricted Funds £ - 10,000 59,565 530,251 - - - 35,000 50,000 34,000 - - - - 25,000 3,000 5,000 - 25,000 7,000 342,000 50,000 2,113 - - - - - 5,000 - - |
|---|---|---|
| 1,182,929 |
6. Governance Costs
| 6. Governance Costs | ||||||
|---|---|---|---|---|---|---|
| Independent auditors' fees | Unrestricted Funds £ 2,100 2,100 |
Endowment Funds £ - - |
31 May 2021 Total Funds £ 2,100 2,100 |
Unrestricted Funds £ 2,100 2,100 |
Endowment Funds £ - - |
31 May 2020 Total Funds £ 2,100 |
| 2,100 |
Page 12
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
NOTES TO THE FINANCIAL STATEMENTS
7. Independent auditors' and examiner's fees
| 31 | May 2021 | 31 May 2020 | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| £ | £ | £ | £ | £ | £ | ||
| Auditors' fees - Audit | 2,100 | - | 2,100 | 2,100 | - | 2,100 |
8. Related party transactions
Fees payable to Coutts & Co, which is a trustee of the charity, are included under raising funds and governance costs and are authorised under section 6 of the trust deed. At the balance sheet date £10,455 (2022: £10,814) is accrued in respect of these charges.
The charity has no employees, all administration being carried out by the trustees.
Other than the fees noted above, no remuneration was paid nor expenses reimbursed to trustees in the year under review.
9. Fixed asset investments - managed funds
| Market value brought forward Additions at cost Disposals at carrying value Gain/(Loss) on revaluation Market value carried forward Asset distribution Listed investments or equivalents Gains/(losses) on investment assets Unrealised gains/(losses) Realised gains/(losses) |
31 May 2021 £ 6,454,050 4,573,598 (4,972,496) 318,142 6,373,294 6,373,294 6,373,294 318,142 267,666 585,808 |
31 May 2020 £ 6,606,869 5,315,600 (5,493,828) 25,409 |
|---|---|---|
| 6,454,050 | ||
| 6,454,050 | ||
| 6,454,050 | ||
| 25,409 35,585 |
||
| 60,994 |
10. Creditors: amounts falling due within one year
| 10. Creditors: amounts falling due within one year | ||||
|---|---|---|---|---|
| Accruals - grants payable Accruals - Independent auditors' fees Accruals - management fees |
Unrestricted Funds £ 1,000 2,100 - 3,100 |
Endowment Funds £ - - 10,455 10,455 |
31 May 2021 Total Funds £ 1,000 2,100 10,455 13,555 |
31 May 2020 Total Funds £ 1,000 2,100 10,814 |
| 13,914 |
Page 13
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
THE ARDEOLA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
11. Creditors: amounts falling due after more than one year
| 11. Creditors: amounts falling due after more than one year | ||||
|---|---|---|---|---|
| Accruals - grants payable | Unrestricted Funds £ 2,500 2,500 |
Endowment Funds £ - - |
31 May 2021 Total Funds £ 2,500 2,500 |
31 May 2020 Total Funds £ 3,000 |
| 3,000 |
12. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities Long term liabilities |
Unrestricted Funds £ - 21,511 (3,100) (2,500) 15,911 |
Endowment Funds £ 6,459,971 - (10,455) - 6,449,516 |
31 May 2021 Total Funds £ 6,459,971 21,511 (13,555) (2,500) 6,465,427 |
Unrestricted Funds £ - 3,746 (3,100) (3,000) (2,354) |
Endowment Funds £ 6,741,486 - (10,814) - 6,730,672 |
31 May 2020 Total Funds £ 6,741,486 3,746 (13,914) (3,000) |
|---|---|---|---|---|---|---|
| 6,728,318 |
13. Analysis of net movements in funds
| Total funds brought forward Total incoming resources Total resources expended Gains/(losses) on investments Transfers between funds Total funds carried forward |
Unrestricted Funds £ (2,354) 113,944 (898,743) - 803,064 15,911 |
Endowment Funds £ 6,730,672 - (63,900) 585,808 (803,064) 6,449,516 |
31 May 2021 Total Funds £ 6,728,318 113,944 (962,643) 585,808 - 6,465,427 |
Unrestricted Funds £ 8,130 152,077 (1,185,054) - 1,022,493 (2,354) |
Endowment Funds £ 7,760,395 - (68,224) 60,994 (1,022,493) 6,730,672 |
31 May 2020 Total Funds £ 7,768,525 152,077 (1,253,278) 60,994 - |
|---|---|---|---|---|---|---|
| 6,728,318 |
The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives.
Page 14
THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 14. Financial instruments The carrying amounts of the charity's financial instruments are as follows: |
|
|---|---|
| 31 May 2021 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 6,373,294 6,373,294 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 31 May 2021 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 113,944 Investment management fees (63,900) 50,044 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments 585,808 585,808 |
31 May 2020 Total Funds £ 6,454,050 |
| 6,454,050 | |
| 31 May 2020 Total Funds £ 152,077 (68,224) |
|
| 83,853 | |
| 60,994 | |
| 60,994 |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
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THE ARDEOLA CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
NOTES TO THE FINANCIAL STATEMENTS
15. Comparative statement of financial activities
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 13 Total funds carried forward 13 |
Unrestricted Funds £ - 152,077 152,077 - 1,185,054 1,185,054 - (1,032,977) 1,022,493 (10,484) 8,130 (2,354) |
Endowment Funds £ - - - 68,224 - 68,224 60,994 (7,230) (1,022,493) (1,029,723) 7,760,395 6,730,672 |
31 May 2020 Total Funds £ - 152,077 |
|---|---|---|---|
| 152,077 | |||
| 68,224 1,185,054 |
|||
| 1,253,278 | |||
| 60,994 | |||
| (1,040,207) - |
|||
| (1,040,207) 7,768,525 |
|||
| 6,728,318 |
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