||||Page|
|---|---|---|---|
|Report of|the Trustees||1to3|
|Report of|the Independent
Auditors||4to 5|
|Statement|of Financial|Activities||
|Statement|of Financial|Position||
|Notes to the Financial||Statements|gto14|
|Detailed Statement
of||Financial Activities|15|
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|Principal address|||
|---|---|---|
|c/o Wedlake
Bell LLP|||
|71Queen Victoria Street|||
|London|||
|EC4V 4AY|||
|Trustees|||
|J A H West- Resigned|13September 2021||
|R McLeod|||
|J A Cutts —Appointed|13September 2021||
|Auditors|||
|Villars Hayward
LLP|||
|Chartered
Accountants,|||
|Chartered
Tax Advisers|and Registered|Auditors|
|Boston House|||
|Henley-on-Thames|||
|RG9 1DY|||
|Lawyers|||
|Wedlake
Bell LLP|||
|71Queen Victoria Street|||
|London|||
|EC4V 4AY|||
|Bankers|||
|National
Westminster|Bank Pic||
|PO Box No. 159|||
|322 High Holborn|||
|London|||
|WC1V 7PS|||
|Investment
Managers|||
|Brewin Dolphin|||
|12Smithfield
Street|||
|London|||
|EC1A9BD|||
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|||||||31.12.20|31.12.19|
|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Total|
|||||||funds|funds|
||||||Note|f|E|
|INCOME AND ENDOWMENTS||||FROM:||||
|Investment|income|||||302,072|370,935|
|Total||||||302,072|370,935|
|EXPENDITURE ON:||||||||
|Raising funds||||||||
|Investment|management||costs|||53,207|55,614|
|||||||53,207|55,614|
|Charitable|activities|||||||
|Donations||||||205,491|281,008|
|Other||||||36,745|23,550|
|Total||||||295,443|360,172|
|Net gains on investments||||||10,468|1,444,159|
|Impairment|of investments||to|fair value||1,261,886|(1,261,886)|
|NET INCOME||||||1,278,983|193,036|
|RECONCILIATION
OF||FUNDS||||||
|Total funds|brought|forward||||9,951,968|9,758,932|
|TOTAL FUNDS CARRIED FORWARD||||||11,230,951|9,951,968|
||The Serth and Gates Charit|The Serth and Gates Charit|||
|---|---|---|---|---|
||Balance Sheet||||
||as at||||
||31December|2020|||
||||31.12.20|31.12.19|
|||Note|f||
|FIXEDASSETS|||||
|Investments|||10738611|9,481,942|
|CURRENT ASSETS|||||
|Cash at bank|||327,585|715,763|
|Other Debtors|||331,983||
||||659,568|715,763|
|CREDITORS|||||
|Amounts
falling due within one year|||(167,228)|(245,737)|
|NET CURRENT ASSETS|||492,340|470,026|
|TOTAL ASSETS LESSCURRENT LIABILITIES|||11,230,951|9,951,968|
|NET ASSETS|||11,230,951|9,951,968|
|FUNDS|||||
|Unrestricted
funds:|||||
|Income Fund|||434,148|355,940|
|Designated
Capital Fund|||10,796,803|9,596,028|
|TOTAL FUNDS|||11,230,951|9,951,968|
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##
##
|INVESTMENT INCOME|INVESTMENT INCOME||31.12.20|31.12.19|
|---|---|---|---|---|
||||Unrestricted|Total|
||||funds|funds|
||||f|f|
|Cash investments|||597|1,216|
|Investment
income|||301,475|369,719|
||||302,072|370,935|
|INVESTMENT MANAGEMENT||COSTS|||
||||31.12.20|31,12.19|
||||Unrestricted|Total|
||||funds|funds|
|Portfolio management|||53,207|55,614|
|CHARITABLE ACTIVITIES|||||
|Donations|||31.12.20|31.12.19|
||||f||
|Funding committed|not yet paid brought forward at 1January 2020||||
|Animal
Health Trust|||(40,000)|(30,000)|
|The Horse Trust|||(35,992)|(77,975)|
|University
of Bristol|||(27,000)|(7,000)|
|University
ofSurrey|||(18,000)||
|Greatwood|||(15,000)|(15,000)|
|SPANA|||(15,000)|(15,000)|
|The Brooke|||(15,000)|(15,000)|
|Blue Cross|||(12,000)|(12,000)|
|Dogs Trust|||(12,000)|(12,000)|
|Hearing
Dogs for Deaf People|||(12,000)|(12,000)|
|PDSA|||(12,000)|(12,000)|
|Dogs for Good|||(10,000)|(10,000)|
|Cherington
PCC|||(1,500)|(1,500)|
|Friends of Mann Cottage Surgery|||(1,500)|(1,500)|
|Longborough
Festival Opera|||(1,500)|(1,750)|
|Shipston
Home Nursing|||(1,250)|(1,250)|
|Guiting
Festival|||(750)|(750)|
|The Carice Singers|||(500)|(250)|
|University
of Glasgow||||(30,000)|
|Total Funding committed not||yet paid at1January 2020|(230,992)|(254,975)|
|Note continued
on|page 10||||
|CHARITABLE ACTIVITIES|(continued)|(continued)|(continued)|(continued)||||
|---|---|---|---|---|---|---|---|
|Donations||||||31.12.20|31.12.19|
||||||||E|
|Donations paid during the|||period|||||
|University
of Bristol||||||52,000|34,000|
|University ofSurrey||||||50,500|43,000|
|The Horse Trust||||||40,992|35,992|
|Animal
Health Trust||||||40,000|40,000|
|The Brooke Hospital for|Animals|||||15,000|15,000|
|Greatwood||||||15,000|15,000|
|Society of Protection of|Animals|||Abroad|(SPANA)|15,000|15,000|
|Blue Cross||||||12,000|12,000|
|The People's Dispensary|for Sick|||Animals|(PDSA)|12,000|12,000|
|Hearing Dogs for the Deaf||||||12,000|12,000|
|Dogs Trust||||||12,000|12,000|
|Dogs For Good (Previously|||Dogs|for the|Disabled)|10,000|10,000|
|Longborough
Festival Opera||||||1,500|1,750|
|Friends of Mann Cottage||Surgery||||1,500|1,500|
|Cherington
PCC||||||1,500|1,500|
|Shipston
Home Nursing||||||1,250|1,250|
|6uiting Festival||||||750|750|
|The Carice Singers||||||500|250|
|University
of Glasgow|||||||30,000|
|Donkey Sanctuary|||||||5,000|
|Henley Music School|||||||2,500|
|Ufton Court Educational|Trust||||||1,500|
|The Chiltern
Centre|||||||1,500|
|Rivertime
Boat Trust|||||||1,500|
|Total donations
paid during the period||||||293,492|304,992|
|Funding committed not yet paid carried forward at31December 2020||||||||
|The Horse Trust||||||25,992|35,992|
|SPANA||||||15,000|15,000|
|6reatwood||||||15,000|15,000|
|The Brooke||||||15,000|15,000|
|Blue Cross||||||12,000|12,000|
|Dogs Trust||||||12,000|12,000|
|PDSA||||||12,000|12,000|
|Hearing Dogs for Deaf People||||||12,000|12,000|
|Dogs for Good||||||10,000|10,000|
|Ufton Court Educational||Trust||||3,000||
|Henley Music School||||||2,000||
|Longborough
Festival Opera||||||1,500|1,500|
|Friends of Mann Cottage|||Surgery|||1,500|1,500|
|Cherington
PCC||||||1,500|1,500|
|Shipston
Home Nursing||||||1,250|1,250|
|The Chiltern
Centre||||||1,000||
|The Rivertime BoatTrust||||||1,000||
|Guiting
Festival||||||750|750|
|The Carice Singers||||||500|500|
|Animal
Health Trust|||||||40,000|
|University
of Bristol|||||||27,000|
|University
ofSurrey|||||||18,000|
|Total Funding committed|||not yet paid|||142,992|230,992|
|Total Donations||||||205,491|281,008|
##
##
|Professional|fees and charges||31.12.20|31.12.19|
|---|---|---|---|---|
|Lega
I fees|||23,071|13,465|
|Independent|auditor's fee —audit||6,500|4,473|
|Independent|auditor's fee - other services||5,500|5,530|
|Under /(over)|accrued fees - audit||1,595||
|Other
—Bank|charges||79|82|
||||36,745|23,550|
|Split as follows:
—Income Fund|||18,373|11,775|
||—Designated|Capital Fund|18,372|11,775|
||||36,745|23,550|
##
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|FIXED ASSET INVESTMENTS||
|---|---|
||Listed|
||investments|
||E|
|MARKET VALUE||
|At 1January 2020|9,481,942|
|Additions|1,231,961|
|Disposals|(1,247,646)|
|Revaluations|10,468|
|Reversal of prior year Impairment|1,261,886|
|At 31December 2020|10,738,611|
|NET BOOK VALUE||
|At 31December 2020|10,738,611|
|At 31December 2019|9,481,942|
##
|||||||31.12.20|31.12.19|
|---|---|---|---|---|---|---|---|
||||||||E|
|Funding committed
not yet paid (see analysis||||below)||142,992|230,992|
|Creditors
and accruals||||||24,236|14,745|
|||||||167,228|245,737|
|Analysis offunding
committed|||not yet paid|||||
|The Horse Trust||||||25,992|35,992|
|SPANA||||||15,000|15,000|
|Greatwood||||||15,000|15,000|
|The Brooke||||||15,000|15,000|
|Blue Cross||||||12,000|12,000|
|Dogs Trust||||||12,000|12,000|
|PDSA||||||12,000|12,000|
|Hearing
Dogs for Deaf People||||||12,000|12,000|
|Dogs for Good||||||10,000|10,000|
|Ufton Court Educational||Trust||||3,000||
|Henley Music School||||||2,000||
|Longborough
Festival|Opera|||||1,500|1,500|
|Friends of Mann Cottage||Surgery||||1,500|1,500|
|Cherington
PCC||||||1,500|1,500|
|Shipston
Home Nursing||||||1,250|1,250|
|The Rivertime
BoatTrust||||||1,000||
|The Chiltern Centre||||||1,000||
|Guiting
Festival||||||750|750|
|The Carice Singers||||||500|500|
|Animal
Health Trust|||||||40,000|
|University
of Bristol|||||||27,000|
|University
ofSurrey|||||||18,000|
|||||||142,992|230,992|
|MOVEMENT
IN FUNDS||||||||
|||||||Designated||
||||||Income|Capital||
||||||fund|fund|Total|
||||||E|E||
|Total funds brought|forward||at 1.1.20||355,940|9,596,028|9,951,968|
|Incoming resources|||||302,072||302,072|
|Resources expended||||||||
|—Investment
management|||costs|||(53,206)|(53,206)|
|—Donations|||||(205,491)||(205,491)|
|—Other|||||(18,373)|(18,372)|(36,745)|
|Gains and Losses on|investments|||||1,272,353|1,272,353|
|Total funds carried forward at 31.12.20|||||434,148|10,796,803|11,230,951|
|Movement
in funds|in period||||78,208|1,200,775|1,278,983|
##
||||||||31.12.20|31.12.19|
|---|---|---|---|---|---|---|---|---|
||||||||E|f|
|Financial|assets at fair value through||Statement of Financial Activities||||||
|Investments|||||||10,738,611|9,481,942|
|Financial|assets that are debt instruments|||measured|at amortised|cost|||
|Cash at bank|||||||327,585|715,763|
|Financial|liabilities measured|at amortised||cost|||||
|Creditors|&1year||||||(167,228)|(246,737)|
##
##
|The following|The following|bursaries|bursaries|have been awarded to various students|at the Universities|of Bristol, Glasgow and Surrey respectively.|
|---|---|---|---|---|---|---|
|University|of|Bristol|||||
|A~cademic|ar||||||
|2012/13||||||46,875|
|2013/14||||||45,465|
|2014/15||||||55,000|
|2015/16||||||31,000|
|2016/17||||||60,000|
|2017/18||||||64,000|
|2018/19||||||54,000|
|2019/20||||||7,000|
|2020/21||||||27,000|
|||||||390,340|
|University|ofGlasgow||||||
|~Academic|ear|||||f|
|2012/13||||||40,000|
|2013/14||||||50,000|
|2014/15||||||63,000|
|2015/16||||||61,000|
|2016/17||||||47,000|
|||||||261,000|
|University|ofSurrey||||||
|A~cademic||ar|||||
|2018/19||||||7,000|
|2019/20||||||7,000|
|2020/21||||||18,000|
|||||||32,000|
|Total bursaries|||awarded|||683,340|
||||--Unrestricted|funds--|funds--|||
|---|---|---|---|---|---|---|---|
||||Income Fund|Designated
Capital Fund||Total funds|Prior period total
funds|
|||||f|||f|
|INCOME AND ENDOWMENTS||FROM||||||
|Cash investments|||597|||597|1,216|
|Investment
income|||292,085|||292,085|369,719|
|Sundry income|||9,390|||9,390||
|Total incoming resources|||302,072|||302,072|370,935|
|EXPENDITURE ON||||||||
|Investment
management|costs|||||||
|Portfolio management|||||53,207|53,207|55,614|
|Charitable
activities||||||||
|Donations|||205,491|||205,491|281,008|
|Support costs||||||||
|Finance||||||||
|Bank charges|||40|||79|82|
|Governance
costs||||||||
|Accountancy
and legal|fees||18,333||18,333|36,666|23,468|
|Total resources expended|||223,864||71,579|295,443|360,172|
|Net income/(expenditure)|before gains and losses||78,208|(71,579)||6,629|10,763|
|Net gains on investments|||||10,468|10,468|182,273|
|Impairment
ofassets to fair value||||1,261,886||1,261,886||
|Net income/(expenditure)|||78,208|1,200,775||1,278,983|193,036|