## THE RELITHAN CHARITABLE TRUST
**Trustees’ Report**
## **and Unaudited Financial Statements**
For the year ended 15 March 2021
**Registered Charity Number 1140843**
## **THE RELITHAN CHARITABLE TRUST**
## UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **INDEX**
||**Page**|
|---|---|
|Reference and administrative details|**1**|
|Trustees’ report|**2**|
|Independent examiner’sreport|**4**|
|Statement of financial activities|**5**|
|Balance sheet|**6**|
|Statement of cash flows|**7**|
|Accounting policies|**8**|
|Notes to the financial statements|**10**|
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Trustees**
Mr D W A East Mrs A H East Coutts & Co _To 05 July 2021_ Ludlow Trust Company Limited _from 05 July 2021_
## **Principal office**
1[st] Floor Tower Wharf Cheese Lane Bristol BS2 0JJ
## **Charity registered number**
1140843
## **Independent Examiner**
Geoffrey Frost Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Solicitors**
TLT Solicitors One Redcliffe Street Bristol BS1 6TP
## **Bankers**
Coutts & Co 440 The Strand London WC2R 0QS
**Page 1**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **THE RELITHAN CHARITABLE TRUST**
## **TRUSTEES’ REPORT**
The Trustees present their report and the unaudited financial statements of the charity for the year ended 15 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The Relithan Charitable Trust is a registered charity constituted under a Declaration of Trust dated 16 March 2011 and is registered with the Charity Commission (no. 1140843).
It is controlled by a board of trustees who manage all aspects of the Trust’s affairs and in whom vests the power to appoint new trustees.
Any new trustees will be provided with copies of the Charity Commission’s guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required. On agreeing to become a trustee of the charity the trustees are thoroughly briefed by the existing cotrustees on the history of the charity, the day-to-day management, their responsibilities as trustees and the current objectives and future plans of the charity.
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to its investments and finances. The trustees believe that ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls, and by delegating the investment management function to investment managers, subject to regular monitoring, including periodic reviews of performance against benchmark, they have established effective systems to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
The charity’s objects are:
To further such objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.
In considering how best to achieve these objects the trustees have had regard to the guidance on public benefit issued by the Charity Commission.
In furtherance of the charity’s objects, the charity makes grants to a number of charitable organisations and bodies. In the opinion of the trustees, by making grants only to charitable organisations which are themselves for the benefit of the public, the charity fulfils its obligation to deliver public benefit in furtherance of its object.
## **Grant making policy**
Regular meetings are held by the trustees to discuss any applications received, which must be in writing, and consider which grants they wish to award.
Recipients of grants are required to sign a formal receipt. Where relevant, the trustees also ask to be provided with copies of receipts for expenditure and the grant may be subject to an ongoing monitoring programme and further instalments of grants only released subject to timescales being reached.
## **ACHIEVEMENTS AND PERFORMANCE**
During the year under review the charity made grants totalling £261,000 (2020: £102,000), to a range of organisations and individuals as disclosed in note 6 to the financial statements.
## **FINANCIAL REVIEW**
Outgoing resources totalled £295,520 (2020: £139,279) including £261,000 (2020: £102,000) of grants to beneficiary charities. Total incoming resources for the year ended 15 March 2021 was £525,386 (2020: £137,170) inclusive of a transfer of £469,532 from the endowment fund to unrestricted funds in order to fund the charity’s expenditure.
The trustee’s policy on reserves is to seek to distribute or commit the income arising in each financial year. Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time.
**Page 2**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **THE RELITHAN CHARITABLE TRUST**
## **TRUSTEES’ REPORT**
At 15 March 2021 the charity’s free reserves a deficit of £53,595 (2020 deficit: £316,361). The deficit at the balance sheet date is the result of the timing of expenditure recognition and the transfer of funds from endowment to unrestricted funds.
There are no restrictions on the charity’s power to invest. The investment strategy is agreed between the trustees and the investment managers and is regularly reviewed.
## **PLANS FOR FUTURE PERIODS**
The charity will continue to provide grants to charitable organisations in furtherance of its objects when sufficient income has been received.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity 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 Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
## **APPOINTMENT OF INDEPENDENT EXAMINER**
During the year under review the charity was below the audit threshold and appointed Geoffrey Frost of Blue Spire Limited as independent examiner. Geoffrey Frost has expressed his willingness to continue as examiner to the charity should it remain below the audit threshold.
Approved by the trustees and signed on their behalf
James Sansum on behalf of Ludlow Trust Company Limited Trustee
Date 24 January 2022
**Page 3**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **THE RELITHAN CHARITABLE TRUST**
## **INDEPENDENT EXAMINER’S REPORT**
## **Independent Examiner’s Report to the Trustees of the The Relithan Charitable Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 15 March 2021 which are set out on pages 5 to 13.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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
Cawley Priory South Pallant Chichester Geoffrey Frost BSc(Hons) FCA West Sussex Blue Spire Limited PO19 1SY
Date 24 January 2022
**Page 4**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Investments
**2**
**Total**
**EXPENDITURE:**
Investment management costs
**3**
Charitable activities
**4**
**Total**
Net gains/(losses) on investments
**Net Income/(expenditure)**
Transfers between funds
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**12**
**Total funds carried forward**
**12**|**Unrestricted**
**Funds**
**£**
-
55,854
55,854
-
262,620
262,620
-
(206,766)
469,532
262,766
(316,361)
(53,595)|**Endowment**
**Funds**
**£**
250,000
-
250,000
32,900
-
32,900
642,946
860,046
(469,532)
390,514
2,752,723
3,143,237|**2021**
**Total**
**Funds**
**£**
250,000
55,854
305,854
32,900
262,620
295,520
642,946
653,280
-
653,280
2,436,362
3,089,642|**2020**
**Total**
**Funds**
**£**
-
64,976|
|---|---|---|---|---|
|||||64,976|
|||||35,659
103,620|
|||||139,279|
|||||(248,240)|
|||||(322,543)
-|
|||||(322,543)
2,758,905|
|||||2,436,362|
None of the charity’s other activities were acquired or discontinued during the above financial year.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 5**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **BALANCE SHEET AS AT 15 MARCH 2021**
|**Note**
**FIXED ASSETS**
Investments
**8**
**CURRENT ASSETS**
Cash at hand and in bank
**Total current assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
**9**
**Net current assets/(liabilities)**
**NON CURRENT LIABILITIES**
Creditors: amounts falling due after one year
**10**
**Net assets/(liabilities)**
**THE FUNDS OF THE CHARITY**
Capital (expendable endowment)
**12**
Income
**12**
**Total charity funds**|**£**
**£**
3,048,539
109,946
109,946
38,843
38,843
71,103
(30,000)
3,089,642
3,143,237
(53,595)
3,089,642
**2021**|**£**
**£**
2,392,328
392,806
392,806
288,772
288,772
104,034
(60,000)
2,436,362
2,752,723
(316,361)
2,436,362
**2020**|**£**
**£**
2,392,328
392,806
392,806
288,772
288,772
104,034
(60,000)
2,436,362
2,752,723
(316,361)
2,436,362
**2020**|
|---|---|---|---|
||||2,436,362|
||||2,752,723
(316,361)|
||||2,436,362|
The notes on pages 10 to 13 form part of these accounts.
These financial statements were approved by the board and signed on their behalf
James Sansum on behalf of Ludlow Trust Company Limited Trustee
Date 24 January 2022
**Page 6**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **STATEMENT OF CASH FLOWS**
|**Note**
**£**
**£**
**Net cash flow from operating activities (see below)**
(325,449)
**Cash flow from investing activities**
Purchase of investments
(2,376,186)
Proceeds from sales of investments
2,362,921
Investment income
55,854
**Net cash flow from investing activities**
42,589
**Net increase/(decrease) in cash and cash equivalents**
(282,860)
**Cash and cash equivalents at 16 March 2020**
392,806
**Cash and cash equivalents at 15 March 2021**
109,946
**Cash and cash equivalents consist of:**
Cash at bank and in hand
109,946
**Cash and cash equivalents at 15 March 2021**
109,946
**Reconciliation of net income to net cash flow from operating activities**
**£**
**£**
Net income for the period
653,280
Adjusted for:
Investment income
(55,854)
(Gains)/losses on investments
(642,946)
Increase/(decrease) in creditors
(279,929)
(978,729)
(325,449)
**2021**
**2021**|**£**
**£**
(169,076)
(2,024,189)
2,371,580
64,976
412,367
243,291
149,515
392,806
392,806
392,806
**£**
**£**
(322,543)
(64,976)
248,240
(29,797)
153,467
(169,076)
**2020**
**2020**|**£**
**£**
(169,076)
(2,024,189)
2,371,580
64,976
412,367
243,291
149,515
392,806
392,806
392,806
**£**
**£**
(322,543)
(64,976)
248,240
(29,797)
153,467
(169,076)
**2020**
**2020**|
|---|---|---|
|||(169,076)|
**Page 7**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The Relithan Charitable Trust is an unincorporated association constituted under a deed of settlement. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Cash flow statement**
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a statement of cash flows on the grounds that it is applying FRS 102 Section 1A.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
## **VAT**
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
## **Taxation**
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
**Page 8**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **ACCOUNTING POLICIES**
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
## **Fund accounting**
Unrestricted income funds 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.
Capital funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any transfers made out of capital. The capital funds are expendable at the discretion of the trustees.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 9**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
|**1. Donations and legacies**
Donations from settlors
Gift aid
**2. Investment income**
Dividends received
Interest received
**3. Investment management fees**
Investment management fees
**4. Charitable activities**
Grants awarded (see note 6)
Governance costs
Independent examiner's fees
**5. Independent examiner's fees**
Examiner's fees - examination|**Unrestricted**
**Funds**
**£**
-
-
-
**Unrestricted**
**Funds**
**£**
55,700
154
55,854
**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
261,000
1,620
262,620
**Unrestricted**
**Funds**
**£**
1,620
1,620|**Endowment**
**Funds**
**£**
200,000
50,000
250,000
**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
32,900
32,900
**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
-
-|**2021**
**Total**
**Funds**
**£**
200,000
50,000
250,000
**2021**
**Total**
**Funds**
**£**
55,700
154
55,854
**2021**
**Total**
**Funds**
**£**
32,900
32,900
**2021**
**Total**
**Funds**
**£**
261,000
1,620
262,620
**2021**
**Total**
**Funds**
**£**
1,620
1,620|**Unrestricted**
**Funds**
**£**
-
-
-
**Unrestricted**
**Funds**
**£**
64,033
943
64,976
**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
102,000
1,620
103,620
**Unrestricted**
**Funds**
**£**
1,620
1,620|**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
35,659
35,659
**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
-
-|**2020**
**Total**
**Funds**
**£**
-
-|
|---|---|---|---|---|---|---|
|||||||-|
|||||||**2020**
**Total**
**Funds**
**£**
64,033
943|
|||||||64,976|
|||||||**2020**
**Total**
**Funds**
**£**
35,659|
|||||||35,659|
|||||||**2020**
**Total**
**Funds**
**£**
102,000
1,620|
|||||||103,620|
|||||||**2020**
**Total**
**Funds**
**£**
1,620|
|||||||1,620|
**Page 10**
## **THE RELITHAN CHARITABLE TRUST**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
## **6. Grants to institutions**
|Cambridge Science University
The Brian Cross Tumour Trust
The Monmouth Schools Charitable Trust
The Oli Hilsdon Foundation
University of Bath
Wadham College|**Unrestricted**
**Funds**
**£**
51,000
10,000
100,000
-
-
100,000
261,000|**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
51,000
10,000
100,000
-
-
100,000
261,000|**Unrestricted**
**Funds**
**£**
55,000
10,000
-
10,000
27,000
-
102,000|**Endowment**
**Funds**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
-|**2020**
**Total**
**Funds**
**£**
175,000
-
5,000
-
-
150,000|
|---|---|---|---|---|---|---|
|||||||330,000|
## **7. Related party transactions and employment costs**
Fees payable to Coutts & Co, which is a trustee of the charity, are included in note 3 above and are authorised under section 6 of the Trust Deed. At the balance sheet date £7,223 (2020: £7,152) was accrued for fees payable to Coutts & Co.
The Foundation has no employees, all administration being carried out by the trustees.
Other than the fees noted above, no remuneration was paid nor expenses reimbursed to trustees in the year under review.
There were no other related party transactions to disclose.
## **8. Investments**
|Market value brought forward
Cost of investments purchased
Disposals at proceeds
Net gain/(loss) on investments
Market value carried forward
Comprising:
Listed and equivalent investments
**9. Creditors falling due within one year**
Accrued grants
Investment manager's fees
Legal and professional fees|**2021**
**£**
2,392,328
2,376,186
(2,362,921)
642,946
3,048,539
**2021**
**£**
3,048,539
3,048,539
**2021**
**£**
30,000
7,223
1,620
38,843|**2020**
**£**
2,987,959
2,024,189
(2,371,580)
(248,240)|
|---|---|---|
|||2,392,328|
|||**2020**
**£**
2,392,328|
|||2,392,328|
|||**2020**
**£**
280,000
7,152
1,620|
|||288,772|
**Page 11**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **THE RELITHAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **10. Creditors falling due after one year**
|**10. Creditors falling due after one year**|||
|---|---|---|
|Accrued grants|**2021**
**£**
30,000
30,000|**2020**
**£**
60,000|
|||60,000|
## **11. Analysis of net assets between funds**
|Fixed Assets
Current assets
Current liabilities
Non current liabilities|**Unrestricted**
**Funds**
**£**
-
8,025
(31,620)
(30,000)
(53,595)|**Endowment**
**Funds**
**£**
3,048,539
101,921
(7,223)
-
3,143,237|**2021**
**Total**
**Funds**
**£**
3,048,539
109,946
(38,843)
(30,000)
3,089,642|**Unrestricted**
**Funds**
**£**
-
25,259
(281,620)
(60,000)
(316,361)|**Endowment**
**Funds**
**£**
2,392,328
367,547
(7,152)
-
2,752,723|**2020**
**Total**
**Funds**
**£**
2,392,328
392,806
(288,772)
(60,000)|
|---|---|---|---|---|---|---|
|||||||2,436,362|
## **12. Analysis of net movement in funds**
|Total funds brought forward
Total incoming resources
Total resources expended
Gains/(losses) on investments
Transfers between funds
Total funds carried forward|**Unrestricted**
**Funds**
**£**
(316,361)
55,854
(262,620)
-
469,532
(53,595)|**Endowment**
**Funds**
**£**
2,752,723
250,000
(32,900)
642,946
(469,532)
3,143,237|**2021**
**Total**
**Funds**
**£**
2,436,362
305,854
(295,520)
642,946
-
3,089,642|**Unrestricted**
**Funds**
**£**
(349,911)
64,976
(103,620)
-
72,194
(316,361)|**Endowment**
**Funds**
**£**
3,108,816
-
(35,659)
(248,240)
(72,194)
2,752,723|**2020**
**Total**
**Funds**
**£**
2,758,905
64,976
(139,279)
(248,240)
-|
|---|---|---|---|---|---|---|
|||||||2,436,362|
## **13. Transfers between funds**
During the year under review a total of £469,533 (2020: £72,194) was transferred from the expendable endowment (capital) fund to the unrestricted income funds in order to meet the charity's liabilities as they fell due as authorised under the trust deed.
## **14. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:
|_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments|**2021**
**Total**
**Funds**
**£**
3,048,539
3,048,539|**2020**
**Total**
**Funds**
**£**
2,392,328|
|---|---|---|
|||2,392,328|
**Page 12**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 MARCH 2021
## **THE RELITHAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **14. Financial instruments (continued)**
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
|_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
Investment management fees
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments|**2021**
**Total**
**Funds**
**£**
55,700
(32,900)
22,800
**2021**
**Total**
**Funds**
**£**
642,946
642,946|**2020**
**Total**
**Funds**
**£**
64,033
(35,659)|
|---|---|---|
|||28,374|
|||**2020**
**Total**
**Funds**
**£**
(248,240)|
|||(248,240)|
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
## **15. Comparative statement of financial activities**
|**15. Comparative statement of financial activities**||||
|---|---|---|---|
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Investments
**2**
**Total**
**EXPENDITURE:**
Investment management costs
**3**
Charitable activities
**4**
**Total**
Net gains/(losses) on investments
**Net Income/(expenditure)**
Transfers between funds
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**12**
**Total funds carried forward**
**12**|**Unrestricted**
**Funds**
**£**
-
64,976
64,976
-
103,620
103,620
-
(38,644)
72,194
33,550
(349,911)
(316,361)|**Endowment**
**Funds**
**£**
-
-
-
35,659
-
35,659
(248,240)
(283,899)
(72,194)
(356,093)
3,108,816
2,752,723|**2020**
**Total**
**Funds**
**£**
-
64,976|
||||64,976|
||||35,659
103,620|
||||139,279|
||||(248,240)|
||||(322,543)
-|
||||(322,543)
2,758,905|
||||2,436,362|
**Page 13**