COMPANY REGISTRATION NUMBER: 06503435 CHARITY REGISTRATION NUMBER: 1126504
igen Trust
Company Limited by Guarantee
Unaudited Financial Statements
31 July 2021
igen Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2021
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 to 16 |
8 to 16
igen Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2021.
Reference and administrative details
| Registered charity name | igen Trust |
|---|---|
| Charity registration number | 1126504 |
| Company registration number | 06503435 |
| Principal office and registered | PO Box 330 |
| office | 15 Newbury Close |
| Shipley | |
| West Yorkshire | |
| BD18 9DU | |
| The trustees | |
| Mr F J Griffiths | |
| Mr T Murray | |
| Mr P Newman | |
| Mr W H C Webster | |
| Company secretary | Mrs C E Morris |
| Independent examiner | Susan Seaman, BA FCA CIOT |
| Gresham House | |
| 5-7 St Paul's Street | |
| Leeds | |
| LS1 2JG |
Structure, governance and management
The Charity was incorporated on 13 February 2008.
The Charity is governed in accordance with its Memorandum and Articles of Association as amended by a Special Resolution dated 23 October 2008. The Charity is governed in accordance with the Charities Acts.
Membership of the Charity is open to individuals who apply to the Charity and are approved by the directors. The directors may only refuse an application for membership where they consider this to be in the best interests of the charity.
The members of the Charity may appoint subsequent directors through an ordinary resolution. There is no maximum number of directors. Any director of the Charity will automatically become a Trustee.
Where new Trustees are appointed as directors of the Charity, induction training will be provided.
The day to day management of the charity is delegated to the Company Secretary, who is classed as key management personnel.
- 1 -
igen Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2021
Objectives and activities
The Charity's objects are:
-
the relief of unemployment for the benefit of the public in such ways as may be thought fit, including education, training and development; information, advice and guidance and practical assistance to find employment; and
-
the advancement of education in particular (but not exclusively) through assisting the public in accessing and understanding post compulsory education.
Achievements and performance
The year to 31st July encompassed a complete year of covid restrictions. The Charity continued to support all of our recipients; a small number of visits were made during this period with the bulk of contacts remaining on zoom.
Due to the challenges of Covid no new charities have been considered except for those who started the process before the first lockdown eg. Brathay Trust in Bradford a young person’s project. Despite the challenges all of our charities have continued to be creative, innovative, and successful.
The Annual Conference was cancelled in July 2021 because of covid restrictions and instead took place in September at Chapel FM in Leeds-This will be considered in next year’s accounts.
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igen Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2021
Public Benefit
Section 4 of the Charities Act 2006 requires the Trustee Board to comply with their duty to have due regard to the public benefit guidance published by the Charity Commission in exercising their powers or duties.
The Trustee Board has reviewed the organisation's vision, mission and key objectives in the context of its charitable purposes and considers that they meet the two key principles of public benefit as identified by the Charity Commission:
-
there must be an identifiable benefit or benefits
-
benefit must be to the public, or section of the public
The Trustee Board reviews all work undertaken by igen Trust to ensure that it is in line with the key objectives and hence it is deemed to be for the public benefit according to the Charity Commission guidance.
Financial review
The attached financial statements show a net decrease in funds of £30,031 (2020 net decrease of £534,957) for the financial year ended 31 July 2021.
Investment policy
The Trust has most of its reserves invested by professional advisers, Brewin Dolphin, in low risk shares on the London Stock Exchange. In addition, there is a property owned by the charity in Leeds which provides rental income as shown in the accounts. Small cash balances are retained for incidental expenses again as shown in the accounts.
Dividend income is important in contributing to the principal activities of the Trust.
As a conscious policy certain categories of business activity are not supported by share acquisitions. These include tobacco, child labour, military activity and pornography.
A working balance of up to £50,000 is normally kept in our current accounts which also receives modest rental income and dividends from our share portfolio. The balance of our assets are managed by our brokers.
Reserves Policy
The Trustees recognise the high level of reserves held by the Trust. A minimum level of grant expenditure is set for each year and will be funded from investment income and historic reserves.
Plans for future periods
The trust intends to continue on its current grant trajectory and develop on a nationwide basis.
Funds held as custodian trustee
There are no funds held as a custodian trustee on behalf of others.
- 3 -
igen Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2021
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, 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).
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 charitable company and the incoming resources and application of resources, including the income and expenditure, 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 applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. 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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
28-Feb-2022
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr F J Griffiths Trustee
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igen Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of igen Trust
Year ended 31 July 2021
I report to the trustees on my examination of the financial statements of igen Trust ('the charity') for the year ended 31 July 2021 as set out on pages 6 to 16.
This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
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 the 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.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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 financial statements 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 other 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.
Susan Seaman, BA FCA CIOT Independent Examiner
Gresham House 5-7 St Paul's Street Leeds LS1 2JG
03-Mar-2022
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igen Trust
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 July 2021
| Year ended 31 July 2021 | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 5 | 79,416 | 79,416 | 109,704 |
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───────── |
||
| Total income | 79,416 | 79,416 | 109,704 | |
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═════════ |
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 19,360 | 19,360 | 17,719 |
| Expenditure on charitable activities | 7,8 | 491,194 | 491,194 | 476,276 |
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───────── |
||
| Total expenditure | 510,554 | 510,554 | 493,995 | |
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═════════ |
||
| Net gains/(losses) on investments | 11 | 401,107 | 401,107 | (150,666) |
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───────── |
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||
| Net expenditure and net movement in funds | (30,031) | (30,031) | (534,957) | |
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||
| Reconciliation of funds | ||||
| Total funds brought forward | 3,114,317 | 3,114,317 | 3,649,274 | |
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||
| Total funds carried forward | 3,084,286 | 3,084,286 | 3,114,317 | |
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═══════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
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igen Trust
Company Limited by Guarantee
Statement of Financial Position
31 July 2021
| 31 July 2021 | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 16 | 2,676 | 699 | ||
| Investments | 17 | 2,849,344 | 2,963,244 | ||
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||||
| 2,852,020 | 2,963,943 | ||||
| Current assets | |||||
| Debtors | 18 | 499 | 11,053 | ||
| Cash at bank and in hand | 234,703 | 142,151 | |||
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───────── |
||||
| 235,202 | 153,204 | ||||
| Creditors:amounts falling due within | |||||
| one year | 19 | 2,936 | 2,830 | ||
───────── |
───────── |
||||
| Net current assets | 232,266 | 150,374 | |||
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||||
| Total assets less current liabilities | 3,084,286 | 3,114,317 | |||
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─────────── |
||||
| Net assets | 3,084,286 | 3,114,317 | |||
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═══════════ |
||||
| Funds of the charity | |||||
| Unrestricted funds | 3,084,286 | 3,114,317 | |||
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||||
| Total charity funds | 20 | 3,084,286═══════════ |
3,114,317═══════════ |
For the year ending 31 July 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
28-Feb-2022
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Mr F J Griffiths Trustee
Company Registration Number: 06503435
The notes on pages 8 to 16 form part of these financial statements.
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igen Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2021
1. General information
The charity is a private limited company by guarantee (no. 06503435), registered in England and Wales and a registered charity in England and Wales (no. 1126504). The address of the registered office is PO Box 330, 15 Newbury Close, Shipley, West Yorkshire, BD18 9DU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS102) (Charities SORP (FRS102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue. As a result of Covid 19 the Trustees have reviewed the financial situation of the Trust and are confident that the charity is still in a position to support the charities it is currently working with and is continuing to look for new charities to support moving forward.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 8 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Resources expended
All resources expended are included in the statement of financial activities on an accruals basis and include attributable VAT which cannot be recovered.
Costs of raising funds are those costs incurred in relation directly in the pursuit fundraising activities.
Costs of charitable activities comprise all costs directly attributable to and in support of the charitable objects.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - straight line over 3 years
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
- 9 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
3. Accounting policies (continued)
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee to a value not exceeding £10 per member
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 15,697 | 15,697 | 24,999 | 24,999 |
| Income from listed investments | 63,697 | 63,697 | 84,705 | 84,705 |
| Bank interest receivable | 22 | 22 | – | – |
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|
| 79,416 | 79,416 | 109,704 | 109,704 | |
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igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Portfolio management | 17,096 | 17,096 | 17,704 | 17,704 |
| Administration of investments | 1,910 | 1,910 | - | - |
| Investment property costs | 354 | 354 | – | – |
| Bank charges | – | – | 15 | 15 |
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|
| 19,360 | 19,360 | 17,719 | 17,719 | |
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|
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Covid emergency grants <£500 | - | - | 3,500 | 3,500 |
| Funding grants under £5,000 | 500 | 500 | 1,511 | 1,511 |
| Orb (Mental Health) | 500 | 500 | 13,200 | 13,200 |
| Converge (Mental Health) | 29,741 | 29,741 | 51,395 | 51,395 |
| Arts Network (Mental Health) | 26,165 | 26,165 | 8,758 | 8,758 |
| Pioneer Projects (Mental Health) | 28,632 | 28,632 | 12,800 | 12,800 |
| Dark Horse (Learning Disability) | 27,026 | 27,026 | 26,055 | 26,055 |
| Accessible Arts (Learning Disability) | 20,474 | 20,474 | 19,500 | 19,500 |
| Outside the Box Café (Learning Disability) | 17,100 | 17,100 | 19,300 | 19,300 |
| Tang Hall Smart (Learning Disability) | 14,220 | 14,220 | 28,720 | 28,720 |
| Chapel FM (Young People) | 23,800 | 23,800 | 572 | 572 |
| Bolton Octagon (Young People) | 21,468 | 21,468 | 28,915 | 28,915 |
| Leeds Rhinos Foundation (Young People) | - | - | 200 | 200 |
| SELFA (Young People) | 500 | 500 | 46,113 | 46,113 |
| Brathay Trust with Leeds Rhinos (Young | ||||
| People) | 24,554 | 24,554 | 10 | 10 |
| Harrogate Skills 4 Life (Young People) | 33,867 | 33,867 | 33,876 | 33,876 |
| Blackpool BGC (Young People) | 46,838 | 46,838 | 46,137 | 46,137 |
| White Horse (Young People) | 15,720 | 15,720 | 14,910 | 14,910 |
| Bolton Somalis (Social Welfare) | 13,348 | 13,348 | 5,973 | 5,973 |
| Futures Theatre (Social Welfare) | 22,489 | 22,489 | 30,939 | 30,939 |
| Free to be Kids (Young People) | 29,023 | 29,023 | - | - |
| Northumbria Dragons den converge | ||||
| (Mental Health) | 20,300 | 20,300 | - | - |
| Consultancy & travel support costs | 57,114 | 57,114 | 59,638 | 59,638 |
| Governance costs | 19,724 | 19,724 | 24,254 | 24,254 |
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|
| 493,103 | 493,103 | 476,276 | 476,276 | |
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7. Expenditure on charitable activities by fund type
- 11 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
8. Expenditure on charitable activities by activity type
| Grant funding of | Total funds | Total funds | ||
|---|---|---|---|---|
| activities | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Covid emergency grants <£500 | - | - | - | 3,500 |
| Funding grants under £5,000 | 500 | - | 500 | 1,511 |
| Orb (Mental Health) | 500 | - | 500 | 13,200 |
| Converge (Mental Health) | 29,741 | - | 29,741 | 51,395 |
| Arts Network (Mental Health) | 26,165 | - | 26,165 | 8,758 |
| Pioneer Projects (Mental Health) | 28,632 | - | 28,632 | 12,800 |
| Dark Horse (Learning Disability) | 27,026 | - | 27,026 | 26,055 |
| Accessible Arts (Learning Disability) | 20,474 | - | 20,474 | 19,500 |
| Outside the Box Café (Learning Disability) | 17,100 | - | 17,100 | 19,300 |
| Tang Hall Smart (Learning Disability) | 14,220 | - | 14,220 | 28,720 |
| Chapel FM (Young People) | 23,800 | - | 23,800 | 572 |
| Bolton Octagon (Young People) | 21,468 | - | 21,468 | 28,915 |
| Leeds Rhinos Foundation (Young People) | - | - | - | 200 |
| SELFA (Young People) | 500 | - | 500 | 46,113 |
| Brathay Trust with Leeds Rhinos (Young | ||||
| People) | 24,548 | 6 | 24,554 | 10 |
| Harrogate Skills 4 Life (Young People) | 33,863 | 4 | 33,867 | 33,876 |
| Blackpool BGC (Young People) | 46,838 | - | 46,838 | 46,137 |
| White Horse (Young People) | 15,720 | - | 15,720 | 14,910 |
| Bolton Somalis (Social Welfare) | 13,348 | - | 13,348 | 5,973 |
| Futures Theatre (Social Welfare) | 22,489 | - | 22,489 | 30,939 |
| Free to be Kids (Young People) | 29,023 | - | 29,023 | - |
| Northumbria Dragons den converge | ||||
| (Mental Health) | 20,300 | - | 20,300 | - |
| Consultancy & travel support costs | - | 57,114 | 57,114 | 59,638 |
| Governance costs | - | 19,724 | 19,724 | 24,254 |
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|
| 416,255 | 76,848 | 493,103 | 476,276 | |
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9. Analysis of support costs
| Support costs | Total 2021 | Total 2020 | |
|---|---|---|---|
| £ | £ | £ | |
| Governance costs | 19,724 | 19,724 | 24,254 |
| Consultancy & travel support costs | 57,114 | 57,114 | 60,453 |
| Other | 10 | 10 | - |
| -------------------------- | -------------------------- | -------------------------- | |
| 76,848 | 76,848 | 84,707 | |
| ========================== | ========================== | ========================== |
- 12 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
10. Analysis of grants
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Grants to institutions | 416,255 | 391,569 |
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|
| Total grants | 416,255 | 391,569 |
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|
| An analysis of the grants is shown in note 8. |
11. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains/(losses) on investment property | 10,000 | 10,000 | – | – |
| Gains/(losses) on listed investments | 360,038 | 360,038 | (148,298) | (148,298) |
| Gains/(losses) on other investment assets | 31,069 | 31,069 | (2,368) | (2,368) |
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|
| 401,107 | 401,107 | (150,666) | (150,666) | |
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═════════ |
12. Net expenditure
Net expenditure is stated after charging/(crediting):
| Net expenditure is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 504 | 1,102 |
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══════ |
|
| Independent examination fees | ||
| 2021 | 2020 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,936 | 2,800 |
| --------------------- | --------------------- | |
| 2,936 | 2,800 | |
| ===================== | ===================== |
13. Independent examination fees
14. Staff costs
No salaries or wages have been paid to employees, including the members of the committee during the year.
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
15. Trustee remuneration and expenses
No remuneration was paid to trustees during the year.
During the year the charity reimbursed trustee expenses totalling £11 to 2 trustees (2020 - £469 to 2 trustees).
During the year consultancy fees of £56,992 (2020 - £58,729) and expenses of £114 (2020 - £646) were paid to key management personnel.
- 13 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
16. Tangible fixed assets
| Equipment | |
|---|---|
| £ | |
| Cost | |
| At 1 August 2020 | 3,865 |
| Additions | 2,481 |
────── |
|
| At 31 July 2021 | 6,346 |
══════ |
|
| Depreciation | |
| At 1 August 2020 | 3,166 |
| Charge for the year | 504 |
────── |
|
| At 31 July 2021 | 3,670 |
══════ |
|
| Carrying amount | |
| At 31 July 2021 | 2,676 |
══════ |
|
| At 31 July 2020 | 699 |
══════ |
17. Investments
| Cash or cash | Listed | Investment | Other | ||
|---|---|---|---|---|---|
| equivalents | investments | properties | investments | Total | |
| £ | £ | £ | £ | £ | |
| Cost or valuation | |||||
| At 1 August 2020 | 49,118 | 2,132,863 | 360,000 | 421,263 | 2,963,244 |
| Additions | – | 278,171 | – | 268,920 | 547,091 |
| Disposals at market value | (17,503) | (584,789) | (370,000) | (89,806) | (1,062,098) |
| Net gains on investments | – | 360,038 | 10,000 | 31,069 | 401,107 |
─────── |
─────────── |
───────── |
───────── |
─────────── |
|
| At 31 July 2021 | 31,615 | 2,186,283 | – | 631,446 | 2,849,344 |
═══════ |
═══════════ |
═════════ |
═════════ |
═══════════ |
|
| Impairment | |||||
| At 1 August 2020 and | |||||
| 31 July 2021 | – | – | – | – | – |
═══════ |
═══════════ |
══════════ |
═════════ |
═══════════ |
|
| Carrying amount | |||||
| At 31 July 2021 | 31,615 | 2,186,283 | – | 631,446 | 2,849,344 |
═══════ |
═══════════ |
═════════ |
═════════ |
═══════════ |
|
| At 31 July 2020 | 49,118═══════ |
2,132,863═══════════ |
360,000═════════ |
421,263═════════ |
2,963,244═══════════ |
All investments shown above are held at valuation.
Financial assets held at fair value
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.
- 14 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
18. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 473 | 9,219 |
| Other debtors | 26 | 1,834 |
──── |
─────── |
|
| 499 | 11,053 | |
════ |
═══════ |
|
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 2,936 | 2,830 |
══════ |
══════ |
19. Creditors: amounts falling due within one year
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 | August 2020 | Income | Expenditure Gains and losses | 31 July 2021 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 3,114,317 | 79,416 | (510,554) | 401,107 | 3,084,286 | |
═══════════ |
═══════ |
═════════ |
═════════ |
═══════════ |
||
| At | At | |||||
| 1 | August 2019 | Income | Expenditure Gains and losses | 31 July 2020 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 3,649,274 | 109,704 | (493,995) | (150,666) | 3,114,317 | |
═══════════ |
═════════ |
═════════ |
═════════ |
═══════════ |
- 15 -
igen Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2021
21. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 2,676 | 2,676 |
| Investments | 2,849,344 | 2,849,344 |
| Current assets | 235,202 | 235,202 |
| Creditors less than 1 year | (2,936) | (2,936) |
──── |
──── |
|
| Net assets | 3,084,286 | 3,084,286 |
════ |
════ |
|
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Tangible fixed assets | 699 | 699 |
| Investments | 2,963,244 | 2,963,244 |
| Current assets | 153,204 | 153,204 |
| Creditors less than 1 year | (2,830) | (2,830) |
─────────── |
─────────── |
|
| Net assets | 3,114,317 | 3,114,317 |
═══════════ |
═══════════ |
22. Related parties
The charity was under the control of the trustees throughout the current and previous year.
There were no transactions with related parties other than expenses that were paid to trustees, detailed in note 15.
- 16 -