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2021-06-30-accounts
| Referenceandadministrativeinformation |
|
| aboutthecharityanditsadvisers |
1 |
| Governors'annualreport |
3 |
| Independentauditor'sreport |
13 |
| Financialstatements |
|
| Statementoffinancialactivities |
17 |
| Balancesheet |
18 |
| Statementofcashflows |
19 |
| Principalaccountingpolicies |
20 |
| Notestothefinancialstatements |
24 |
| Bankers: |
LloydsBank |
NationwideBS |
|
1stFloor |
KingsParkRoad |
|
39ThreadneedleStreet |
MoultonPark |
|
London |
Northampton |
|
EC2R8AU |
NN36NW |
| Solicitors: |
InvestmentPropertyadvice: |
Charityadvice: |
|
IBBSolicitors |
WombleBondDickinsonLLP |
|
CapitalCourt |
4MoreLondonRiverside |
|
30WindsorStreet |
London |
|
Uxbridge |
SE12AU |
|
Middlesex |
|
|
UB81AB |
|
| Investmentadvisers: |
CazenoveCapital |
WavertonInvestment |
|
ManagementLtd |
ManagementLtd |
|
1LondonWallPlace |
16BabmaesStreet |
|
LondonWall |
LondonSW1Y6AH |
|
BarbicanEC2Y5AU |
|
| Investmentpropertyadvisers: |
AvisonYoungUKLLP |
|
|
BecketHouse |
|
|
36OldJewry |
|
|
London |
|
|
EC2R8DD |
|
|
|
|
|
2021 |
|
|
2020 |
|
|
Unrestricted |
Endowment |
Total |
Unrestricted |
Endowment |
Total |
|
|
funds |
funds |
funds |
funds |
funds |
funds |
|
Notes |
£ |
£ |
£ |
f |
f |
f |
| Income |
|
|
|
|
|
|
|
| Investmentincome |
1 |
1,229,515 |
|
1,229,515 |
1,341,721 |
— |
1,341,721 |
| Totalincome |
|
1,229,515 |
|
1,229,515 |
1,341,721 |
— |
1,341,721 |
| Expenditure |
|
|
|
|
|
|
|
| Costofraisingfunds |
2 |
113,163 |
— |
113,163 |
— |
116,297 |
116,297 |
| Expenditureoncharitable |
|
|
|
|
|
|
|
| activities |
3 |
1,226,125 |
- |
1,226,125 |
953,768 |
- |
953,768 |
| Totalexpenditure |
|
|
|
|
|
|
|
|
|
1,339,288 |
- |
1,339,288 |
953,768 |
116,297 |
1,070,065 |
| Netincome(expenditure) |
|
|
|
|
|
|
|
| beforegains(losses)on |
7 |
|
|
|
|
|
|
| investments |
|
(109,773) |
— |
(109,773) |
387,953 |
(116,297) |
271,656 |
| Netgains(losses)onlisted |
12 |
|
|
|
|
|
|
| investments |
|
|
4,349,974 |
4,349,974 |
— |
(659,293) |
(659,293) |
| Revaluationofinvestment |
|
|
|
|
|
|
|
| property |
11 |
|
(200,000) |
(200,000) |
|
|
|
| Netincome(expenditure) |
|
|
|
|
|
|
|
| fortheyearandnet |
|
|
|
|
|
|
|
| movementinfunds |
|
(109,773) |
4,149,974 |
4,040,201 |
387,953 |
(775,590) |
(387,637) |
| Reconciliationoffunds: |
|
|
|
|
|
|
|
| Balancesbroughtforward |
|
|
|
|
|
|
|
| at1July |
|
2,558,499 |
43,651,965 |
46,210,464 |
2,170,546 |
44,427,555 |
46,598,101 |
| Balancescarriedforwardat |
|
|
|
|
|
|
|
| 30June |
|
2,448,726 |
47,801,939 |
50,250,665 |
2,558,499 |
43,651,965 |
46,210,464 |
|
Notes |
2021 |
2021 |
2020 |
2020 |
| Fixedassets |
|
|
|
|
|
| Tangiblefixedassets |
10 |
|
— |
|
— |
| Investmentproperties |
11 |
|
11,525,000 |
|
11,725,000 |
| Listedinvestments |
12 |
|
26,709,139 |
|
32,591,312 |
| Totalfixedassets |
|
|
38,234,139 |
|
44,316,312 |
| Currentassets |
|
|
|
|
|
| Debtors |
13 |
3,892 |
|
600 |
|
| Shorttermdeposits |
|
12,064,843 |
|
2,048,285 |
|
| Cashatbank |
|
55,832 |
|
4,586 |
|
| Totalcurrentassets |
|
12,124,567 |
|
2,053,471 |
|
| Liabilities |
|
|
|
|
|
| Creditors:amountsfallingdue |
|
|
|
|
|
| withinoneyear |
14 |
(108,041) |
|
(159,319) |
|
| Netcurrentassets |
|
|
12,016,526 |
|
1,894,152 |
| Totalnetassets |
|
|
50,250,665 |
|
46,210,464 |
| Thefundsofthecharity |
|
|
|
|
|
| Accumulatedincomefund |
|
|
2,448,726 |
|
2,558,499 |
| Endowmentfund |
|
|
47,801,939 |
|
43,651,965 |
|
15 |
|
50,250,665 |
|
46,210,464 |
|
|
2021 |
2020 |
|
Notes |
£ |
£ |
| Cashflowsfromoperatingactivities: |
|
|
|
| Netcashusedinordinaryoperatingactivities |
A |
(1,393,859) |
(1,020,427) |
| Cashflowsfrominvestingactivities: |
|
|
|
| Investmentincome |
|
1,229,515 |
1,341,721 |
| Proceedsfromthedisposalofinvestments |
|
17,687,390 |
5,599,540 |
| Purchaseofinvestmentsandinvestmentproperties |
|
(6,871,282) |
(5,431,632) |
| Netcashprovidedbyinvestingactivities |
|
12,045,623 |
1,509,629 |
| Changeincashandcashequivalentsintheyear |
|
10,651,764 |
489,202 |
| Cashandcashequivalentsat1July |
B |
2,845,535 |
2,356,333 |
| Cashandcashequivalentsat30June |
B |
13,497,299 |
2,845,535 |
|
activities |
|
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
£ |
|
|
Netmovementinfunds(asperthestatementoffinancialactivities) |
|
|
4,040,201 |
(387,637) |
|
Adjustmentsfor: |
|
|
|
|
|
(Gains)lossesonlistedinvestments |
|
|
(4,349,974) |
659,293 |
|
Lossesoninvestmentproperty |
|
|
200,000 |
|
|
Investmentincome |
|
|
(1,229,515) |
(1,341,721) |
|
(Increase)decreaseindebtors |
|
|
(3,292) |
54,000 |
|
(Decrease)increaseincreditors |
|
|
(51,279) |
(4,362) |
|
Netcashusedinordinaryoperatingactivities |
|
|
(1,393,859) |
(1,020,427) |
| B |
Analysisofchangesinnetdebt |
|
|
|
|
|
|
At |
1July |
|
At30June |
|
|
|
2020 |
Cashflows |
2021 |
|
Cashatbankandinhand |
|
4,586 |
51,246 |
55,832 |
|
Shorttermdeposits |
2,048,285 |
|
10,016,558 |
12,064,843 |
|
Cashheldbyinvestmentmanagers(note12) |
792,664 |
|
583,960 |
1,376,624 |
|
Totalcashandcashequivalents |
2,845,535 |
|
10,651,764 |
13,497,299 |
|
Unrestricted |
Endowment |
|
Unrestricted |
Endowment |
|
|
funds |
fund |
2021 |
funds |
fund |
2020 |
|
£ |
£ |
£ |
f |
£ |
£ |
| Propertyrentalincome |
286,366 |
— |
286,366 |
350,463 |
|
350,463 |
| Investmentincome |
941,850 |
- |
941,850 |
983,341 |
- |
983,341 |
| Bankdepositinterest |
1,299 |
|
1,299 |
7,417 |
|
7,417 |
| Other |
— |
|
— |
500 |
— |
500 |
|
1,229,515 |
— |
1,229,515 |
1,341,721 |
— |
1,341,721 |
|
Unrestricted |
Endowment |
|
Unrestricted |
Endowment |
|
|
funds |
fund |
2021 |
funds |
fund |
2020 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Costsofmanaginglisted |
113,163 |
|
113,163 |
|
116,297 |
116,297 |
| investments |
|
|
|
|
|
|
|
113,163 |
|
113,163 |
|
116,297 |
116,297 |
| Charitableactivities |
|
|
|
|
|
|
|
Unrestricted |
Endowment |
|
Unrestricted |
Endowment |
|
|
funds |
fund |
2021 |
funds |
fund |
2020 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Grantfundingofactivities |
1,164,390 |
|
1,164,390 |
866,780 |
|
866,780 |
| (note4) |
|
|
|
|
|
|
| Supportcosts |
|
|
|
|
|
|
| Premisescosts |
617 |
— |
617 |
63 |
— |
63 |
| Officeexpenses |
3,167 |
— |
3,167 |
2,939 |
|
2,939 |
| Professionalfees |
46,628 |
|
46,628 |
75,753 |
— |
75,753 |
| Governancecosts(note6) |
11,323 |
— |
11,323 |
8,233 |
|
8,233 |
|
61,735 |
— |
61,735 |
86,988 |
— |
86,988 |
| Totalfunds |
1,226,125 |
|
113,163 |
953,768 |
|
116,297 |
|
2021 |
2020 |
| Grantspayabletoorganisations |
£ |
£ |
| Literacyandnumeracy: |
|
|
| PartnersinLearning |
|
(3,231) |
| HegartyMaths |
|
4,800 |
| AmblerPrimarySchool |
20,500 |
12,083 |
| AshmountPrimarySchool |
13,242 |
|
| DraytonParkPrimarySchool |
35,624 |
|
| DuncombePrimarySchool |
32,583 |
|
| HanoverPrimarySchool |
13,746 |
|
| HighburyQuadrant |
14,000 |
|
| HughMiddletonPrimarySchool |
10,998 |
|
| MontemPrimarySchool |
25,498 |
14,500 |
| RotherfieldPrimarySchool |
9,339 |
7,733 |
| Thornhillacademy |
|
20,000 |
| EleanorPalmerPrimarySchool |
|
37,300 |
| ActionTutoring |
39,712 |
36,000 |
| NewNorthAcademy |
19,568 |
156,600 |
| (prioryearsrefund) |
(10,095) |
|
| PakemanPrimarySchool |
46,447 |
151,500 |
| (prioryearsrefund) |
(50,493) |
|
| VittoriaPrimarySchool |
10,000 |
|
| MorelandPrimarySchool |
11,473 |
|
| LondonBoroughofIslington(library) |
1,000 |
99,989 |
| ExceptionalGrants |
|
|
| CamdenLearning |
120,263 |
|
| IslingtonFuturesFederation |
63,831 |
|
| LondonBoroughofIslington |
125,000 |
|
| CareersEducationandGuidanceProgramme |
|
|
| .LondonBoroughofCamden |
8,060 |
17,900 |
| .SamuelRhodesSchool |
|
17,316 |
| .HampsteadSchool |
|
(20,605) |
| .SMMA |
32,300 |
22,100 |
| .EGASchool |
|
55,000 |
| (prioryearsrefund) |
(17,814) |
|
| .LSUSchool |
|
16,000 |
| .NRCollege |
|
22,408 |
| .HaverstockSchool |
6,000 |
6,000 |
| .ParliamentHillSchool |
|
14,468 |
| .CareerReady |
40,000 |
40,000 |
| .LondonBoroughofIslington |
|
16,544 |
| .COLAI |
(2092) |
9,550 |
| .LTSB |
|
12,000 |
| Heritage: |
|
|
| Christ'sHospital |
39,200 |
39,000 |
| Music: |
|
|
| CamdenMusicTrust |
|
11,825 |
| Totalgrantstoorganisations |
657,890 |
816,780 |
| gofactivities(continued) |
|
|
|
2021 |
2020 |
| Grantspayabletoindividuals |
|
|
| CityUniversity(blockgrant) |
— |
25,000 |
| CityandIslingtonCollege(blockgrant) |
25,000 |
25,000 |
| HardshipsGrantsIslingtonandCamden |
481,500 |
— |
| Totalgrantspayabletoindividuals |
506,500 |
50,000 |
| Totalgrantspayable |
1,164,390 |
866,780 |
|
2021-22 |
2022-23 |
2023-24 |
|
|
£ |
£ |
| Rotherfield |
11,600 |
|
|
| Ambler |
14,500 |
|
|
| Montem |
14,500 |
|
|
| Pakeman |
33,000 |
|
|
| Duncombe |
14,500 |
|
|
| DraytonPark |
14,500 |
|
|
| NewNorthAcademy |
17,400 |
|
|
| CityUniversity |
25,000 |
25,000 |
|
|
145,000 |
25,000 |
|
| osts |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Auditor'sremuneration |
11,323 |
8,233 |
|
11,323 |
8,233 |
|
2021 |
2020 |
|
£ |
£ |
| Auditor'sremuneration |
|
|
| .Statutoryaudit |
|
|
| -Currentyearcharge |
9,900 |
8,233 |
| -Prioryearcharge |
1,423 |
|
| Staffcosts(note8) |
|
|
| assets |
|
|
Furnitureand |
|
equipment |
| Cost |
|
| At1July2020 |
2,184 |
| Disposal |
(2,184) |
| At30June2021 |
|
| Depreciation |
|
| At1July2020 |
2,184 |
| Disposal |
(2,184) |
| At30June2021 |
|
| Netbookvalue |
|
| At30June2021 |
|
| At30June2020 |
|
| operties |
|
|
|
2021 |
2020 |
| Atvaluation |
|
|
| At1July |
11,725,000 |
11,725,000 |
| Revaluationduringtheyear |
(200,000) |
|
| At30June |
11,525,000 |
11,725,000 |
|
2021 |
2020 |
|
£ |
£ |
| 40BeakStreet |
5,625,000 |
5,950,000 |
| 1/3UpperJamesStreet |
5,900,000 |
5,775,000 |
|
11,525,000 |
11,725,000 |
| ents |
|
|
|
2021 |
2020 |
|
£ |
£ |
| At1July |
31,798,648 |
32,625,849 |
| Additions |
6,871,282 |
5,431,632 |
| Disposals(proceeds:£17,687,390,realisedgains£1,100,120) |
(16,587,270) |
(5,628,506) |
| Unrealisedgains(losses) |
3,249,855 |
(630,327) |
| Marketvalueat30June |
25,332,515 |
31,798,648 |
| Cashheldbyinvestmentmanagerforreinvestment |
1,376,624 |
792,664 |
| At30June |
26,709,139 |
32,591,312 |
| Historicalcostoflistedinvestmentsat30June(includingcash) |
19,972,198 |
27,795,506 |
|
Total |
Total |
|
2021 |
2020 |
|
£ |
£ |
| Listedinvestmentscomprise: |
|
|
| UKfixedinterest |
2,010,508 |
4,506,622 |
| UKEquities |
4,066,398 |
5,817,342 |
| Overseasfixedinterest |
291,375 |
293,359 |
| Overseasequities |
15,736,419 |
16,904,866 |
| Portfoliofunds |
|
690,028 |
| Property |
1,206,409 |
1,152,339 |
| Others |
2,021,406 |
2,434,092 |
|
25,332,515 |
31,798,648 |
|
2021 |
2020 |
|
£ |
£ |
| Otherdebtorsandprepayments |
3,892 |
600 |
|
3,892 |
600 |
|
2021 |
2020 |
|
£ |
£ |
| Othercreditors |
— |
8,863 |
| VATpayable |
12,891 |
15,529 |
| Accruals |
28,900 |
47,312 |
| Deferredincome |
66,250 |
87,615 |
|
108,041 |
159,319 |
| tassetsbetweenfunds |
|
|
|
|
Unrestricted |
Endowment |
|
|
funds |
fund |
Total |
|
£ |
£ |
£ |
| Fundbalancesat30June2021arerepresentedby: |
|
|
|
| Investmentproperties |
|
11,525,000 |
11,525,000 |
| Listedinvestments |
1,376,624 |
25,332,515 |
26,709,139 |
| Shorttermdeposits |
1,233,582 |
10,831,261 |
12,064,843 |
| Othernetcurrentliabilities |
(48,317) |
|
(48,317) |
|
2,561,889 |
47,688,776 |
50,250,665 |
|
Unrestricted |
Endowment |
|
|
funds |
fund |
Total |
|
£ |
|
|
| Fundbalancesat30June2020arerepresentedby: |
|
|
|
| Investmentproperties |
|
11,725,000 |
11,725,000 |
| Listedinvestments |
664,347 |
31,926,965 |
32,591,312 |
| Shorttermdeposits |
2,048,285 |
|
2,048,285 |
| Othernetcurrentliabilities |
(154,133) |
|
(154,133) |
|
2,558,499 |
43,651,965 |
46,210,464 |
|
2021 |
2020 |
|
£ |
£ |
| Unrealisedgainsincludedabove: |
|
|
| Oninvestmentproperties |
10,366,233 |
10,566,233 |
| Onlistedinvestments |
5,360,317 |
4,003,142 |
| Totalunrealisedgainsat30June |
15,726,550 |
14,569,375 |
| Reconciliationofmovementsinunrealisedgains |
|
|
| Unrealisedgainsat1July |
14,569,375 |
15,936,037 |
| Less:inrespecttodisposalsintheyear |
(1,892,680) |
(736,335) |
|
12,676,695 |
15,199,702 |
| Add:netgainsarisingonrevaluationintheyear |
3,049,855 |
(630,327) |
| Totalunrealisedgainsat30June |
15,726,550 |
14,569,375 |