Charity number: 1139102
THE CHALK CLIFF TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE CHALK CLIFF TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent auditors' report on the financial statements | 5 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 22 |
THE CHALK CLIFF TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Robert N Senior, Chair Sarah F Hunter Justine M Fulford Hannah A Hunter-Senior Rachel L Hunter-Senior
Charity registered number
1139102
Principal office
18 Keere Street Lewes East Sussex BN7 1TY
Independent auditors
Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS
Page 1
THE CHALK CLIFF TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report together with the audited financial statements of the The Chalk Cliff Trust for the year 1 April 2021 to 31 March 2022.
The trustees confirm that the annual report and financial statements comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of 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 (FRS 102) (effective 1 January 2015) issued in October 2019 (the Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
a. Policies and objectives
The Chalk Cliff Trust is a foundation set up to provide grants and donations to charities, action groups and benevolent organisations in East Sussex.
In setting objectives and planning for activities, the trustees have given due consideration to guidance published by the Charity Commission relating to public benefit.
The primary objects of the charity are:
-
the prevention or relief of poverty;
-
the advancement of education;
-
the advancement of the arts, culture, heritage or science; and
-
the advancement of environmental protection or improvement for the public benefit.
The objective of demonstrating the charity's public benefit is met in practice by making grants to other charities operating in areas consistent with its own objects.
b. Grant-making policies
The charity principally supports organisations and projects focussed regionally in East Sussex. Each application is considered on merit and the charity enjoys a reputation for reacting efficiently to applications made whilst exercising due diligence in a non-intrusive manner throughout the evaluation process.
Achievements and performance
a. Key financial performance indicators
The charity's principal funding has historically been from donations given by its trustees. The charity has now established an investment portfolio. Whilst discretion for the day-to-day management of the portfolio has been given to a professional firm of investment managers, the trustees review the financial performance on a regular basis to evaluate whether the return received and change in the valuation of the capital portfolio is in line with their aspirations and expectations.
b. Investment policy and performance
The investment portfolio is being managed in line with the wishes of the trustees which were for a cautious, broad-based and environmentally sound investment platform to be established.
Page 2
THE CHALK CLIFF TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Financial position and reserves policy
The charity's net assets at the balance sheet date have increased to £19.59m (2021 - £12.74m) with £18.50m (2021 - £11.23m) being held within fixed asset investments. Expenditure on grants has increased in 2022 to £981k (2021 - £808k).
The trustees recognise the need to hold reserves at a level that will enable them to ensure that the charity can continue to operate for at least a period of 12 months should there be a severe drop in income or any major unforeseen expenditure. Whilst donations from a trustee is their main source of income, the charity has invested in its investment portfolio and can rely on those funds should the need ever arise.
The trustees have also assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to those risks.
Structure, governance and management
a. Constitution
The charity is governed by a trust deed dated 16 November 2010 and is registered with the Charity Commission under number 1139102.
b. Methods of appointment or election of trustees
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed. J M Fulford and R L Hunter-Senior were re-elected in March 2021 to serve for three years and H A Hunter-Senior was re-elected in 2022.
c. Organisational structure and decision-making policies
Robert N Senior is the chair of trustees and is responsible for ensuring that the other trustees are aware of applications for funding that have been received by the charity and for communicating to applicants whether their proposals are to be supported or not.
d. Policies adopted for the induction and training of trustees
New trustees are sent relevant documents published by the Charities Commission, and receive an education session with existing trustees. The Trust also provides access to trust law specialists with charity law knowledge. All trustees have an ongoing involvement in grant making ethos and aims.
Page 3
THE CHALK CLIFF TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management (continued)
e. Financial risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Approved by order of the members of the board of trustees and signed on their behalf by:
................................................ Robert N Senior (Chair of Trustees) Date: 21 November 2022
Page 4
THE CHALK CLIFF TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHALK CLIFF TRUST
Opinion
We have audited the financial statements of The Chalk Cliff Trust (the 'charity') for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Page 5
THE CHALK CLIFF TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHALK CLIFF TRUST (CONTINUED)
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the 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.
Page 6
THE CHALK CLIFF TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHALK CLIFF TRUST (CONTINUED)
Auditors' 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 the Act and relevant regulations made or having effect thereunder.
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 auditors' 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:
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Performing audit work over the risk of management override of controls, including evaluating the rationale of significant transactions outside the normal course of the charitable activity and any accounting estimates for bias;
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Carry out substantive checks, on a sample basis,to supporting documentation of individual transactions to give comfort the statement of financial activities does not contain any material irregular items;
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Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date;
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Enquiry of management and those charged with governance around actual and potential litigation and claims; and
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Reviewing minutes of the trustees meetings.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Page 7
THE CHALK CLIFF TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHALK CLIFF TRUST (CONTINUED)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Griffin Stone Moscrop & Co
Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London WC1N 3GS
- 21 November 2022
Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
THE CHALK CLIFF TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 7,814,314 181,768 7,996,082 137,031 985,671 1,122,702 6,873,380 (25,198) 6,848,182 12,738,682 19,586,864 |
Total funds 2022 £ 7,814,314 181,768 7,996,082 137,031 985,671 1,122,702 6,873,380 (25,198) 6,848,182 12,738,682 19,586,864 |
Total funds 2021 £ 4,062,563 87,572 |
|---|---|---|---|
| 4,150,135 | |||
| 79,317 812,714 |
|||
| 892,031 | |||
| 3,258,104 2,109,279 |
|||
| 5,367,383 | |||
| 7,371,299 | |||
| 12,738,682 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 22 form part of these financial statements.
Page 9
THE CHALK CLIFF TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
750,000 339,248 1,089,248 (5,070) |
2022 £ 18,502,686 18,502,686 1,084,178 19,586,864 19,586,864 19,586,864 - 19,586,864 19,586,864 |
812,513 700,022 1,512,535 (7,000) |
2021 £ 11,233,147 |
|---|---|---|---|---|
| 11,233,147 1,505,535 |
||||
| 12,738,682 | ||||
| 12,738,682 | ||||
| 12,738,682 | ||||
| - 12,738,682 |
||||
| 12,738,682 |
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
................................................ Robert N Senior (Chair of Trustees) Date: 21 November 2022
The notes on pages 12 to 22 form part of these financial statements.
Page 10
THE CHALK CLIFF TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Cash transferred into investment portfolio Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 12 to 22 form part of these financial statements |
2022 £ 7,139,226 (7,500,000) (7,500,000) - (360,774) 700,022 339,248 |
2021 £ 3,301,610 (2,750,000) (2,750,000) - 551,610 148,412 700,022 |
|---|---|---|
Page 11
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Chalk Cliff Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted funds which 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.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Governance costs are accounted for on an accruals basis and are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 12
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Creditors and provisions
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The preparation of financial statements in compliance with the Charities SORP (FRS 102) and FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies (see Note 23).
Page 13
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. General information
The Chalk Cliff Trust is a charitable trust. The address of its principal office is 18 Keere Street, Lewes, East Sussex, BN7 1TY.
4. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 6,251,814 Tax recoverable 1,562,500 7,814,314 Unrestricted funds 2021 £ Donations 3,250,050 Tax recoverable 812,513 Total 2021 4,062,563 Investment income Unrestricted funds 2022 £ Investment income 181,768 Unrestricted funds 2021 £ Investment income 87,572 |
Total funds 2022 £ 6,251,814 1,562,500 |
|---|---|
| 7,814,314 | |
| Total funds 2021 £ 3,250,050 812,513 |
|
| 4,062,563 | |
| Total funds 2022 £ 181,768 |
|
| Total funds 2021 £ 87,572 |
5. Investment income
Page 14
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Investment management costs
| Unrestricted funds 2022 £ Investment management fees 137,031 Unrestricted funds 2021 £ Investment management fees 79,317 |
Total funds 2022 £ 137,031 |
|---|---|
| Total funds 2021 £ 79,317 |
7. Analysis of expenditure by activities
| Charitable activities Charitable activities |
Grant funding of activities 2022 £ 980,741 Grant funding of activities 2021 £ 807,684 |
Support costs 2022 £ 4,930 Support costs 2021 £ 5,030 |
Total funds 2022 £ 985,671 |
|---|---|---|---|
| Total funds 2021 £ 812,714 |
Page 15
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Governance costs Governance costs 8. Analysis of grants Grants Grants |
Activities 2022 £ 4,930 Activities 2021 £ 5,030 Grants to Institutions 2022 £ 980,741 Grants to Institutions 2021 £ 807,684 |
Total funds 2022 £ 4,930 |
|---|---|---|
| Total funds 2021 £ 5,030 |
||
| Total funds 2022 £ 980,741 |
||
| Total funds 2021 £ 807,684 |
Page 16
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Analysis of grants (continued)
The charity has made the following material grants to institutions during the year:
| Name of institution De La Warr Pavilion Charitable Trust Glyndebourne Productions Li,ited East Sussex Rwanda Aid Mission without Wonder Foundation Charleston Trust Brighton & Hove Farley Arts Christ Church St Michael's Hospice St Peter and St James Hospice, Chailey Townder Art Gallery The Cinema Museum Listen Hear Other grants to institutions (individually £5,000 or less) |
2022 £ 25,000 20,000 12,000 10,000 9,900 9,500 - - - 5,000 - 5,000 - - 5,000 101,400 879,341 980,741 |
2021 £ - 45,000 9,250 5,000 - - 28,000 10,000 10,000 10,000 10,000 10,000 20,000 10,000 7,000 |
|---|---|---|
| 174,250 633,434 |
||
| 807,684 |
9. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £3,455 ( 2021 - £3,585 ) , and accountancy services of £1,445 (2021 - £1,445).
10. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, no trustee expenses have been incurred (2021 - £NIL).
Page 17
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Fixed asset investments
| Cost or valuation At 1 April 2021 Monies transferred to investment cash account Net cash invested in listed securities in year Revaluations Withdrawls Dividends and interest receiveable Investment management fees and commission At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 12. Debtors Due within one year Tax recoverable 13. Creditors: Amounts falling due within one year Accruals Grants accrued |
Listed investments £ 10,255,560 - 6,456,987 (25,198) - - - 16,687,349 16,687,349 10,255,560 |
Cash account £ 977,587 7,500,000 (6,456,987) - (250,000) 181,768 (137,031) 1,815,337 1,815,337 977,587 2022 £ 750,000 750,000 2022 £ 5,070 - 5,070 |
Total £ 11,233,147 7,500,000 - (25,198) (250,000) 181,768 (137,031) 18,502,686 18,502,686 11,233,147 2021 £ 812,513 812,513 2021 £ 5,000 2,000 7,000 |
|
|---|---|---|---|---|
Page 18
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 339,248 | 700,022 |
Financial assets measured at fair value through income and expenditure comprise of cash in bank and at hand.
15. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 12,738,682 | 7,996,082 | (1,122,702) | (25,198) | 19,586,864 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| 7,371,299 | 4,150,135 | (892,031) | 2,109,279 | 12,738,682 |
Page 19
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 April 2021 £ 12,738,682 Balance at 1 April 2020 £ 7,371,299 |
Income £ 7,996,082 Income £ 4,150,135 |
Expenditure £ (1,122,702) Expenditure £ (892,031) |
Gains/ (Losses) £ (25,198) Gains/ (Losses) £ 2,109,279 |
Balance at 31 March 2022 £ 19,586,864 |
|---|---|---|---|---|---|
| Balance at 31 March 2021 £ 12,738,682 |
|||||
| Summary of funds - prior year | |||||
| General funds |
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 18,502,686 Current assets 1,089,248 Creditors due within one year (5,070) Total 19,586,864 |
Total funds 2022 £ 18,502,686 1,089,248 (5,070) |
|---|---|
| 19,586,864 |
Page 20
THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Net (gains)/losses on investments Dividends and interest retained in investments Decrease/(increase) in debtors (Increase)/decrease in creditors Investment management fees (taken from investment account) Cash withdrawal from investment portfolio Net cash provided by operating activities |
2022 £ 6,848,182 25,198 (181,768) 62,513 (1,930) 137,031 250,000 7,139,226 |
2021 £ 5,367,383 |
|---|---|---|
| (2,109,279) (87,572) (187,500) (10,737) 79,315 250,000 |
||
| 3,301,610 |
| 19. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 20. Analysis of changes in net debt Cash at bank and in hand |
At 1 April 2021 £ 700,022 700,022 |
2022 £ 339,248 339,248 Cash flows £ (360,774) (360,774) |
2021 £ 700,022 |
|---|---|---|---|
| 700,022 | |||
| At 31 March 2022 £ 339,248 |
|||
| 339,248 |
21. Controlling party
The charity is controlled by its trustees.
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THE CHALK CLIFF TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
22. Related party transactions
Income includes donations totalling £6,250,000 (2021 - £3,250,000) received from one (2021 - the same) of the charity's trustees.
23. Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. However, there are no judgements or assumptions that have a significant risk of causing material adjustment.
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