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2021-03-31-accounts

F

The John Mason Family Trust

Report and Financial Statements

Year ended: 31 March 2021

The John Mason Family Trust is registered as a charity in England and Wales with The Charity Commission (number 1136856)

The John Mason Family Trust

Reference and administrative information

Trustees

J P Mason (Chair) J L Mason (Secretary) R J Gates

Principal Office

Aaron & Partners Grosvenor Court Foregate Street CHESTER CH1 1HG

Charity Number

1136856

Independent examiner

Mr Alan Stott 59 Grappenhall Road Stockton Heath Warrington Cheshire WA4 2AR

Bank

HSBC

Investment Management

CCLA

Solicitors

Aaron & Partners LLP

ii

The John Mason Family Trust

Report of the Trustees for the year ended 31[st] March 2021

The Trustees present their annual report and financial statements of the charity for the year ended 31st March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and 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 published on 16 July 2014.

Structure, governance and management

The Trust is a registered charity, number 1136856, and is constituted under a Trust Deed dated 8 July 2010. It was endowed by a founding gift and this endowment remains its principal source of income. The Trust does not actively raise funds, but seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.

New trustees may be appointed by the existing trustees. The Trust Deed provides for a minimum of two trustees but does not impose any time limits on the period for which trustees can serve. It is the policy that any new trustees should be provided with appropriate background material concerning the Trust and the requirements of being a trustee. The Trustees appoint their Chair.

The Trustees aim to meet on a quarterly basis to consider grant-making, investment strategy, reserves and risk management policies and performance but in recent years it has tended to be less frequent. They met just twice in the period covered by this Report. The day-to-day administration of grants and the processing and handling of applications is carried out by the Trustees themselves and if needed by the Trust’s solicitors.

All Trustees give of their time freely.

Risk Management

The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established policies and systems to manage them. They consider the variability of investment returns on the endowment to be the charity’s major financial risk, and have managed this by investing in a range of funds with different underlying asset classes (equities, bonds and property) operating in different geographical markets.

To ensure that beneficial grants are made, standard information is sought from applicants to confirm that the proposed use of funds is in alignment with the charity’s objects. Applications from organisations with a good track record of applying funds are favoured.

Objectives and activities for the public benefit

The objects of the Trust are:

  1. To prevent or relieve poverty or financial hardship, with particular emphasis on socially and economically disadvantaged communities in the UK North West, by providing grants to organisations that assist with education, training and other forms of support needed for the generation of sustainable income and self-sufficiency.

  2. To prevent or improve the treatment of mental or physical illness through public education and, by conducting research, to improve the effectiveness of public

iii

The John Mason Family Trust

education in preventing illness and in improving potential outcomes through early diagnosis.

  1. (a) To further the religious and other charitable works of the Church of England for the benefit of the public particularly, but not exclusively, in the Diocese of Chester.

  2. (b) To support organisations that promote religious harmony.

The Trust acts for the public benefit by providing grants to community groups and other charitable organisations which arrange projects and provide services directed towards alleviating social conditions that can lead to, or be caused by, poverty and by providing facilities that enable those in poverty and financial hardship to receive services. The provision of such grants benefits the individuals who are able to access those projects and services.

The Trust also provides grants to organisations that: (i) work to prevent mental or physical illness through education of the public in measures to diagnose illness, or by raising awareness of the symptoms and effects of different illnesses; and (ii) conduct research that aims to improve the effectiveness of public education and awareness-raising in the prevention of illness.

The public benefit as they are better informed about illness and will be able to recognise and respond accordingly to symptoms. The public also benefit from research which enables individuals to become more aware about illness and its prevention.

The Trust provides grants to the Church of England to encourage and facilitate its followers' religious practice, to raise awareness and understanding, and to support missionary and outreach work. The Trust also supports groups that promote religious harmony by (a) increasing understanding and respect of the beliefs and practices of different religious faiths; (b) building connections between people of different ethnic, religious and cultural backgrounds; and (c) supporting faith-based community activities that break down barriers caused by economic or social deprivation. The Trust benefits the members of the public who follow the teachings of the Church of England by supporting them in their religious practice. The wider public benefits from donations to groups that support wider community religious cohesion.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant-making policy.

Grant-making policy

The Trustees receive unsolicited applications and these are generally considered at scheduled meetings of the Trustees. Site visits and additional enquiries are made in support of applications where appropriate. The Trustees aim to consider grant awards at their periodic meetings, but will occasionally agree or reject applications for grants between scheduled meetings (particularly when it is clear the applications are for purposes that fall outside the objects of the Trust). The applications that are received are normally from other registered charities that are performing for the public benefit. In response, the Trust offers grants, sometimes conditional on the success of particular projects. The Trust particularly favours the making of grants for specific projects to medium-sized charities (those with income up to about £2m) .

The Trustees also pursue a proactive approach, identifying and evaluating specific charities that might promote the Trust’s objects most effectively including those that have a closer

iv

The John Mason Family Trust

geographical proximity that makes evaluation and monitoring easier. This approach is intended also to help the Trustees to fulfil their policy of providing about 50% of their grantgiving in support of their first object and 25% in support of each of the other two.

In 2013-14 the Trustees introduced a policy of restricting funding of UK charities that operate overseas to just three or four different charities for a period of two or three years. However, the Trustees do not currently have such a three-year cycle in operation. The Trustees are considering whether to review this policy due to difficulties in evaluating the impact of giving towards international projects and of being able to determine genuine needs.

The tendency to provide follow-on grants to organisations that still required funds and had demonstrated good use of funds previously awarded to them by the Trust has been continued.

Review of achievements

The Pandemic and the Response of the Trust

The period covered by this report coincided with the COVID pandemic, but the Trust was largely unaffected by it as Trustees were able to meet virtually, and much business is in any case carried out electronically. Sadly, the demand for support of those areas for which the Trust was established showed no signs of reducing: poverty, health issues and civic harmony have all been put under increased strain, and sadly we can only see that trend continuing into the future.

During the year, the Trust did take the opportunity to establish a simple website to allow potential applicants to find out more about its work, and to submit grant applications in a standard form. It is hoped that over time this will lead to even more of the Trust’s work being conducted in a wholly electronic fashion. This should be more efficient and a more environmentally sound way of operating.

Grant-making

In the period covered by this report the Trustees met by zoom to consider grant applications and awards on two occasions. At those meetings (and through additional decisions made between meetings), the Trustees approved grants totalling around £42k to 5 different charities. This compares with the £37k of grants awarded to 15 different charities last year. The smaller number of charities but greater total grant-giving reflects in part a desire to make a more significant impact on the charities we support. By avoiding dilution of the impact across many charities the Trustees hope that it will also be possible to gauge the effectiveness of the Trust’s support more accurately.

In relation to Object 1 a total of £35k was given in support of two charities working to alleviate poverty through food banks, debt counselling and other self-sustaining assistance.

In relation to Object 2 a total of just over £2k was given to assist with awareness-raising of the occurrence of oesophageal cancer. This represents an on-going commitment to provide support in this area through the Oesophageal Patients Association .

In relation to Object 3 a total of nearly £5k was awarded to assist with charitable church youth work, and a continuing support of a programme to deliver spoken English courses in Oldham .

v

The John Mason Family Trust

Monitoring

When grants are made, Trustees usually invite feedback on the use of their funds. The Trustees have been encouraged by the number of charities who have provided timely reports on the effectiveness of work undertaken with the assistance of grants from the Trust. This has allowed more informed judgements to be made, particularly over the award of “follow-on” grants.

The Trustees also like to visit projects to see progress where this is possible and appropriate although it was not possible for any such visits to take place during this reporting year.

Financial review

The Trust’s work is almost entirely reliant on income from its founding endowment. In order to maintain long-term viability, it is also important that the capital value of the endowment (after allowing for inflation) is not eroded. During the period to 31 March 2021, the investment income received was £33.6k (2019-20, £34.5k).

After a low level of awarding of grants in 2018-19, this was the second year in which there was some “catch-up” to meet the overall aim of matching income with grant-awards over the long term. The Trust also received a higher level of donations than normal (totalling £5k with tax reclaimed) so the overall deficit for the year was just £4k.

Investment policy and performance

The Trustees continued their investment policy (revised in 2014-15) of having a large proportion of funds with exposure to equities, a small proportion incorporating fixed interest instruments, and a moderate proportion containing property-based assets. The aim of this policy is to provide the prospects of high returns in the longer term whilst retaining sufficient cash generation to ensure that regular grant-making can still be supported in the short to medium term.

During the reporting period, the overall strategy for implementing the policy remained the same: to invest in a range of managed funds that involved different asset classes (and with a geographic spread) so as to mitigate risk and to smooth out returns from year to year. The realisation of this strategy was achieved by continued investment in three CCLA Funds: the Investment Fund, the Global Equity Fund and the Property Fund with the total invested split approximately as 45%, 40% and 15% respectively between these three Funds. The stated aim of these Funds is to maintain their underlying capital value in real terms whilst having prospective yields of about 5% per year. CCLA’s view has been that there is little value in bonds at the moment, and the Trust’s exposure to fixed interest instruments is now small as CCLA has reduced its holdings of such instruments in the Funds in which the Trust is invested.

At the start of the reporting year, the COVID pandemic had started to have a marked effect on investment values. However, over the 12-month period markets recovered well and, helped by the diversified nature of the CCLA investments, this meant that we had a significant increase in the value of our investment portfolio. This was achieved despite CCLA’s policy of maintaining income where possible. By the end of the reporting year, the average annualised yield from all investments was still 3.1% (2019-20, 3.8% %), despite the capital value of the investments increasing by about 22% over the same period (2019-20 decreased by 1.2%). This exceptional investment performance was largely due to appropriate diversification, and was helped by exposure to global rather than UK equities.

vi

The John Mason Family Trust

The disruption to markets caused by the COVID pandemic had meant that the CCLA property fund was illiquid on the opening balance sheet date, but this restriction was removed during the reporting year so an accurate valuation is possible in the accounts.

The Trustees are content with the investment performance this year. They feel it has served the Trust well, and see no need to make any adjustments to the policy. However, there is a desire for ethical investment by the Trust, so the Trust gave notice during the reporting period of its intention to switch its investments in CCLA’s Investment Fund into the CCLA Ethical Fund instead. This switch was completed post balance sheet date (at a time where a preferential low cost switch was made available). Investments in the Global Equity and Property Funds were unchanged.

Reserves policy

The Trustees revisited the Reserves policy in 2015-16 and decided that there was no longer any need formally to maintain any specific level of reserves although it was likely that in practice about £5k (probably in cash) would be retained in the unrestricted fund. This remains the reserves policy.

Approved by the Trustees at its meeting on 20 January 2022 and signed on their behalf by the Chair of the meeting.

John Mason, Chair of Trustees

vii

The John Mason Family Trust

Independent Examiner’s Report

Report to the Trustees of the John Mason Family Trust (registered charity number 1136856) on accounts for the year ended 31 March 2021 set out on pages 1 to 5.

Respective responsibilities of Trustees and examiner

The charity's Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed:

Mr Alan Stott

Date: 21 January 2022

59 Grappenhall Road, Stockton Heath, Warrington, WA4 2AR

viii

Statement of financial activities

Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
Income from investments
3
Income from charitable activities
Other income
TOTAL INCOME AND ENDOWMENTS
EXPENDITURE ON
Expenditure on raising funds
Expenditure on charitable activities
4
Other expenditure
Net gains/(losses) on investments
5
NET INCOME/(EXPENDITURE)
Transfers between funds
6
Gains/(losses) on revaluation of fixed assets
Other gains/(losses)
NET MOVEMENT IN FUNDS
BALANCES B/FWD 1 APRIL
BALANCE AT 1 APRIL RESTATED
BALANCES C/FWD 31 MARCH		 Unrestricted
Funds
£
2,063
0
33,566
0
0
35,629
(13)
(39,825)
0
(520)
(4,729)
0
0
0
(4,729)
67,266
67,266
62,537		 Designated
Restricted
Endowment
Funds
Funds
Funds
£
£
0
3,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,000
0
0
0
0
0
(2,250)
0
0
0
0
0
0
195,780
0
750
195,780
0
0
0
0
0
0
0
0
0
0
750
195,780
0
0
887,172
0
0
887,172
0
750
1,082,952
For the Year to 31 March 2021		 TOTAL FUNDS
2020/21
£
5,063
0
33,566
0
0
38,629
(13)
(42,075)
0
195,260
191,801
0
0
0
191,801
954,438
954,438
1,146,239		 Unrestricted
Funds
£
63
0
34,431
0
0
34,494
0
(35,550)
0
(634)
(1,690)
0
0
0
(1,690)
68,958
68,958
67,268		 Designated
Funds
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
For the		 Restricted
Endowment
Funds
Funds
£
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1,525)
0
0
0
0
(10,382)
(1,525)
(10,382)
0
0
0
0
0
0
(1,525)
(10,382)
1,525
897,553
1,525
897,553
0
887,171
Year to 31 March 2020		 TOTAL FUNDS
2019/20
£
63
0
34,431
0
0
34,494
0
(37,075)
0
(11,016)
(13,597)
0
0
0
(13,597)
968,036
968,036
954,439

The notes on pages 3 to 5 form part of these accounts

The John Mason Family Trust Balance sheet as at 31 March

Note
FIXED ASSETS
Tangible
Investments
5
CURRENT ASSETS
Debtors
7
Short-term deposits
8
Cash at bank and in hand
LIABILITIES
Creditors: amounts falling due in one year
9
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITES
Creditors - amounts falling due after one year
TOTAL NET ASSETS
TRUST FUNDS
Unrestricted
Designated
10
Restricted
11
Endowment
6		 Unrestricted
Funds
£
0
23,015
23,015
12
0
39,560
39,572
(50)
39,522
62,537
0
62,537
62,537
0
0
0
62,537		 Designated
Funds
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Restricted
Funds
£
0
0
0
0
0
750
750
0
750
750
0
750
0
0
750
0
750		 Endowment
Funds
£
0
1,082,952
1,082,952
0
0
0
0
0
0
1,082,952
0
1,082,952
0
0
0
1,082,952
1,082,952		 TOTAL FUNDS
2021
2020
£
£
0
0
1,105,967
910,707
1,105,967
910,707
12
38
0
0
40,310
46,744
40,322
46,782
(50)
(3,050)
40,272
43,732
1,146,239
954,439
0
0
1,146,239
954,439
62,537
67,267
0
0
750
0
1,082,952
887,172
1,146,239
954,439		 TOTAL FUNDS
2021
2020
£
£
0
0
1,105,967
910,707
1,105,967
910,707
12
38
0
0
40,310
46,744
40,322
46,782
(50)
(3,050)
40,272
43,732
1,146,239
954,439
0
0
1,146,239
954,439
62,537
67,267
0
0
750
0
1,082,952
887,172
1,146,239
954,439
910,707
38
0
46,744
46,782
(3,050)
43,732
954,439
0
954,439
67,267
0
0
887,172
954,439

Approved by the Trustees on 20 January 2022 and signed on its behalf by John Mason, Chair

The notes on pages 3 to 5 form part of these accounts

Notes to the financial statements

For the year ending 31 March 2021

1. ACCOUNTING POLICIES

The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the FRS 102 SORP and applicable UK Accounting Standards and the Charities Act.

Funds

Endowment fund. There is an expendable endowment fund created by an initial gift ("the founding endowment"). The income from this endowment is unrestricted to providing grants in pursuit of the charity's objects. The terms of the Trust Deed allow the capital of the endowment to be spent if the trustees so determine.

Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object. Such funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The trustees do not usually invest separately each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.

Unrestricted Funds are general funds which can be used for ordinary purposes. On occasions the trustees may designate part of the unrestricted funds for a particular purpose. Although these designated funds are thereby ear-marked for that purpose they still form a part of the unrestricted funds and may still be used for ordinary purposes.

Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Tax refunds are recognized when the incoming resource to which they relate is received. Grants and legacies are accounted for when received rather than when the Trust is legally entitled to the amounts due. Dividends are accounted for when receivable, and interest is accounted for when received. All other income is recognized when it is receivable. All incoming resources are accounted for gross.

Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the Trust. All other expenditure is generally recognized when it is incurred and is accounted for gross. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination of the accounts and certain legal fees and trustee expenses.

Fixed assets

Tangible fixed assets costing more than £500 are capitalised and valued at historic cost. Depreciation is charged on furniture and equipment which is written off on a straight-line basis over their estimated useful life of four years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired.

Fixed asset investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are aggregated in the Statement of Financial Activities.

In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees' control. Provisions are recognised for those grants where there is uncertainty as to the timing or amount, and any uncertainty regarding the amount is more than one of determining a basis for reasonable estimation of the liability arising from that constructive obligation

2.
DONATIONS AND LEGACIES
Recurring donations
One-off donations
Tax recovered
Grants		 Unrestricted
Funds
£
0
1,650
413
0
2,063		 Designated
Funds
£
0
0
0
0
0		 Restricted
Funds
£
0
2,400
600
0
3,000		 Endowment
Funds
£
0
0
0
0
0		 TOTAL FUNDS
2021
2020
£
£
0
0
4,050
50
1,013
13
0
0
5,063
63		 TOTAL FUNDS
2021
2020
£
£
0
0
4,050
50
1,013
13
0
0
5,063
63
63

Recurring donations are those made on a regular basis as part of a committed programme of giving (as indicated by the donor). "One-off" donations are categorised separately. The total of donations made by Trustees during the year was £4,000 (nil in 2019-20).

3.
INCOME FROM INVESTMENTS
Unrestricted
Funds
£
Dividends and interest including tax
recoverable from investments
33,566
Interest from cash on deposit
0
Other investment income
0
33,566
4.
ANALYSIS OF CHARITABLE EXPENDITURE
Unrestricted
Funds
£
Support of poverty relief
(35,000)
Support of health awareness
0
Support of religious harmony
(4,775)
Trustee expenses
0
Independent examiner fee
(50)
(39,825)		 Designated
Funds
£
0
0
0
0
Designated
Funds
£
0
0
0
0
0
0		 Restricted
Funds
£
0
0
0
0
Restricted
Funds
£
0
(2,250)
0
0
0
(2,250)		 Endowment
Funds
£
0
0
0
0
Endowment
Funds
£
0
0
0
0
0
0		 TOTAL FUNDS
2021
2020
£
£
33,566
34,431
0
0
0
0		 TOTAL FUNDS
2021
2020
£
£
33,566
34,431
0
0
0
0
33,566
34,431
TOTAL FUNDS
2021
2020
£
£
(35,000)
(10,500)
(2,250)
(10,750)
(4,775)
(15,775)
0
0
(50)
(50)
(42,075)
(37,075)
(37,075)

Trustee expenses are reimbursed costs incurred by the Trustees (typically for travel to review existing or to assess potential grants to be made to beneficiaries). If Trustees pay third parties directly for products and services these are charged to the nominal account associated with those products or services. Immaterial sums related to office expenses may be waived by the Trustees.

5. FIXED ASSET INVESTMENTS

Endowment Fund . Since 2014-15 the Endowment Funds have been invested within three separate COIF funds (within CCLA) as follows: 27,319.78 units of the COIF Investment Fund; 197,052.77 units of the COIF Global Equity Income Fund; and 96,509.02 units of the COIF Property Fund. As at 31/3/21 the market values of these holdings were: Investment Fund £489,745 (£405,874 at 31/3/20); Global Equity Fund £484,277 (£369,908 at 31/3/20) and Property Fund £108,930 (£111,391 at 31/3/20).

Designated Fund. There are currently no designated funds.

Unrestricted Fund. During the year the unrestricted fixed asset investments consisted of 20390.62 units of the COIF Propery Fund. As at 31/3/21 these units had a market value of £23,015 (£23,535 at 31/3/20).

Market value b/f 1 April
Prior year adjustments
Value at 1 April restated
Purchases at cost
Disposals at carrying value
Revaluation gain/(loss)		 Unrestricted
Funds
£
23,535
0
23,535
0
0
(520)		 Designated
Funds
£
0
0
0
0
0
0		 Restricted
Funds
£
0
0
0
0
0
0		 Endowment
Funds
£
887,172
0
887,172
0
0
195,780		 TOTAL FUNDS
2021
2020
£
£
910,707
921,722
0
0
910,707
921,722
0
0
0
0
195,260
(11,016)		 TOTAL FUNDS
2021
2020
£
£
910,707
921,722
0
0
910,707
921,722
0
0
0
0
195,260
(11,016)
921,722
0
0
(11,016)

Market value at 31 March

23,015

0 0 1,082,952 1,105,967 910,706

6. FUND TRANSFERS

In accordance with the Trust Deed that established the Trust, any endowment funds are in principle expendable. However, it is not the policy of the trustees to expend any endowments, and accordingly no capital from the endowment was spent in the reporting year.

7.
DEBTORS
Tax recoverable
Debtor prepayment and accruals
Other debtors
8.
SHORT TERM DEPOSITS
HSBC Deposit account
COIF Charities Deposit Fund
9.
CREDITORS
Creditor prepayment and accruals
Grants committed but not paid
Other creditors
10.
DESIGNATED FUNDS		 Unrestricted
Funds
£
13
0
0
13
Unrestricted
Funds
£
0
0
0
Unrestricted
Funds
£
(50)
0
0
(50)
Balance at
Apr-20
0
0		 Designated
Funds
£
0
0
0
0
Designated
Funds
£
0
0
0
Designated
Funds
£
0
0
0
0
Incoming
0
0		 Restricted
Funds
£
0
0
0
0
Restricted
Funds
£
0
0
0
Restricted
Funds
£
0
0
0
0
Outgoing
0
0		 Endowment
Funds
£
0
0
0
0
Endowment
Funds
£
0
0
0
Endowment
Funds
£
0
0
0
0
Investment
0
0		 TOTAL FUNDS
2021
2020
£
£
13
38
0
0
0
0
13
38
TOTAL FUNDS
2021
2020
£
£
0
0
0
0
0
0
TOTAL FUNDS
2021
2020
£
£
(50)
(50)
0
(3,000)
0
0
(50)
(3,050)
Transfers
Balance at
Mar-21
0
0
0
0		 TOTAL FUNDS
2021
2020
£
£
13
38
0
0
0
0
13
38
TOTAL FUNDS
2021
2020
£
£
0
0
0
0
0
0
TOTAL FUNDS
2021
2020
£
£
(50)
(50)
0
(3,000)
0
0
(50)
(3,050)
Transfers
Balance at
Mar-21
0
0
0
0
(3,050)
Balance at
Mar-21
0
0

There were no designated funds during the year.

11.
RESTRICTED FUNDS
Cancer Awareness Raising		 Balance at
Apr-20
0
0		 Incoming
3,000
3,000		 Outgoing
(2,250)
(2,250)		 Investment
0
0		 Transfers
0
0		 Balance at
Mar-21
750
750