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2021-03-31-accounts

REGISTERED CHARITY NUMBER: 1141661

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Cantiacorum Foundation

Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG

Cantiacorum Foundation

Contents of the Financial Statements for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14 to 15

Cantiacorum Foundation

Report of the Trustees for the Year Ended 31 March 2021

The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

To apply the net income of the Trust Fund and any part of the capital to or towards the benefit or in furtherance of such Charitable purposes or Charitable institutions in such proportion and manner as the Trustees in their absolute discretion from time to time think fit.

The Charity will only operate within the historic county of Kent.

Public benefit

In deciding on how to direct the grant-making activities of the Charity, the Trustees have regard to the guidance of the Charity Commission on public benefit.

Grantmaking

Applications are received either online (our website includes online application forms for completion) or via the post. Applications are circulated to all Trustees upon receipt in order that they may be considered in detail before the quarterly meetings. Urgent applications are treated as such. Further information may be requested or checks carried out, for example on the Charity Commission website, as necessary. Applications are fully discussed at the quarterly meetings and applicants are contacted as soon as possible after the meeting in order to let them know if a grant is to be made. We try to support the widest possible range of causes. We ask those we support to let us know when the funding has been used and often receive very detailed feedback which we share on our website, subject to the appropriate consents.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Trustees have provided financial assistance to organisations previously supported and also to organisations new to Cantiacorum Foundation. It remains the aim of the Trustees to provide support to the widest possible range of organisations to ensure that grants benefit the widest range of causes in terms of age, needs and conditions. The website has been redesigned and it is hoped that this will assist in raising awareness of the support we can provide.

The Trustees continued to meet quarterly in order to assess applications received, and to consider whether we are aware of any organisations we should approach to see if we can assist. We continue to recognise the need to be pro-active in order to grow our network of contacts. Urgent applications are considered immediately upon receipt.

During the period 1st April 2020 to 31st March 2021 grants in the sum of £78,539 were awarded to 25 charities which provide assistance to a wide number of causes to include hospice care, community projects, respite breaks, support for those with sight and hearing loss, aids and equipment for those suffering from illnesses such as respiratory disease, multiple sclerosis, cancer and motor neurone disease. The number of applications received continues to grow.

The Charity will only operate within the historic County of Kent.

Impact of COVID-19

The charity has noticed an increase in the number of applications received during the pandemic. It has not impacted on the charity's activities as the Trustees have continued to meet remotely on a quarterly basis in order to consider the applications.

Investment performance

During the year end to 31 March 2018 the investment properties held by the charity were professionally valued at £520,000. One of the investment properties was sold shortly after the year end and so the proceeds were taken to be the market value at 31 March 2021 increasing the value of investment property to £590,000.

The investment portfolio generated income of £2,459 (2020: £3,008) in the period. The capital value of the portfolio grew by £32,325 (2020: reduced by £11,258).

Given the present pandemic. the Trustees had low expectations of the investment returns however the growth has far exceeded what it was hoped could be achieved.

Page 1

Cantiacorum Foundation

Report of the Trustees for the Year Ended 31 March 2021

FINANCIAL REVIEW

Principal funding sources

The Charity's income currently derives solely from gifts from the Founder, gift aid rebate, rental income and interest from cash reserves. It is likely that a further property will be received by the charity, and the rentals from this will be an additional income stream which will assist the charity in funding its charitable activities.

Considerations will always be given to the partial use of ethical funds as requested by the Founders.

Reserves policy

At the end of the year the total reserves were £853,641 (2020: £743,358), £101,064 (2020: £83,646) of which is in the form of cash. Total unrestricted reserves were £853,641 (2020: £743,358). The Trustees continue in their view that as the Charity has no-ongoing commitments such as salaries or contracted expenditure and there are no restrictions on the spending of capital there is no requirement to provide a contingency reserve. Should circumstances materially change i.e. the receipt of further properties, the Trustees will review the reserves policy seeking professional advice.

When making decisions regarding grants, the Trustees will ensure that they retain adequate cash resources to meet the maintenance costs of the properties and a reserve for unforeseen costs.

FUTURE PLANS

The level of rents charged by the charity on the properties was reviewed last year. The trustees gained advice on the current market rentals achieved in the area from a local property expert and considered this along with safeguarding the income streams of the charity. An increase was agreed with the tenants.

The Trustees made the decision to sell the two investment properties in Canterbury with a view to reinvesting the sale proceeds in residential properties in Lincolnshire with the rental income to be used in accordance with the terms of the Trust. The sale of one of the properties has completed to date and the second property is sold subject to contract.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

Trustees are appointed by resolution of the Trustees or by deed.

Risk management

The Trustees regularly review the risks of the charity and ensure that there are sufficient safeguards in place.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1141661

Principal address PO Box 1255 Lincoln LN5 5PP

Trustees

C H Kemp Mrs P E Kemp Mrs A N Hurton Mrs N J Hurton C J Hurton A R Hurton Mrs F J McBarron J McCarter (appointed 18.7.20)

Independent Examiner

Paul Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG

Page 2

Cantiacorum Foundation

Report of the Trustees for the Year Ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS Solicitors

Sills & Betteridge Silver Street Lincoln LN2 1ED

Bankers

HSBC Stonebow Branch Lincoln LN1 1TS

Charity website

www.cantiacorumfoundation.org.uk

Approved by order of the board of trustees on 8 December 2021 and signed on its behalf by:

Alison Hurton

Alison Hurton (Dec 18, 2021 13:08 GMT)

Mrs A N Hurton - Trustee

Page 3

Independent Examiner's Report to the Trustees of Cantiacorum Foundation

Independent examiner's report to the trustees of Cantiacorum Foundation

I report to the charity trustees on my examination of the accounts of Cantiacorum Foundation (the Trust) for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 Trust 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.

Paul Colcomb

Paul Colcomb (Dec 19, 2021 21:19 GMT)

Paul Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG

8 December 2021

Page 4

Cantiacorum Foundation

Statement of Financial Activities for the Year Ended 31 March 2021

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
62,500
Investment income
3
35,227
Total
97,727
EXPENDITURE ON
Raising funds
4
11,026
Charitable activities
5
Grant
78,539
Total
89,565
Net gains/(losses) on
investments
102,121
NET INCOME/(EXPENDITURE)
110,283
RECONCILIATION OF FUNDS
Total funds brought forward
743,358
TOTAL FUNDS CARRIED
FORWARD
853,641		 Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
62,500
35,227
97,727
11,026
78,539
89,565
102,121
110,283
743,358
853,641		 2020
Total
funds
£
53,125
39,501
92,626
9,790
93,467
103,257
(12,007)
(22,638)
765,996
743,358

The notes form part of these financial statements

Page 5

Cantiacorum Foundation

Balance Sheet

31 March 2021

Notes
FIXED ASSETS
Intangible assets
10
Tangible assets
11
Investments
Investments
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one
year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
4,074
111
166,838
590,000
761,023
3,201
92,064
95,265
(2,647)
92,618
853,641
853,641		 Restricted
fund
£
-
-
-
-
-
-
9,000
9,000
(9,000)
-
-
-		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
4,074
111
166,838
590,000
761,023
3,201
101,064
104,265
(11,647)
92,618
853,641
853,641
853,641
853,641		 2020
Total
funds
£
4,582
288
134,513
520,000
659,383
11,407
83,646
95,053
(11,078)
83,975
743,358
743,358
743,358
743,358

The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2021 and were signed on its behalf by:

Alison Hurton

Alison Hurton (Dec 18, 2021 13:08 GMT)

A N Hurton - Trustee

The notes form part of these financial statements

Page 6

Cantiacorum Foundation

Notes to the Financial Statements for the Year Ended 31 March 2021

1. STATUTORY INFORMATION

Cantiacorum Foundation is an unincorporated Charity, registered in England and Wales. The charities registered number and registered office can be found on the Report of the Trustees.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentational currency of the Charity is Sterling.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Intangible fixed assets

Website costs are carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the Statement of Financial Activities (SOFA) using the straight-line method over their estimated useful lives of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Computer equipment - 25% on cost Fixtures and fittings - 25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value are recognised in the Statement of financial activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 7

continued...

Cantiacorum Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

2. ACCOUNTING POLICIES - continued

Fixed asset investments

Fixed asset investments are shown at their market value as at the year end date. Any aggregate surplus or deficit arising from changes in market value during the year are recognised in the Statement of Financial Activities.

3. INVESTMENT INCOME

INVESTMENT INCOME
Rents received
Interest and dividends
Interest		 2021
£
32,029
2,459
739
35,227		 2020
£
35,586
3,008
907
39,501

4. RAISING FUNDS

Raising donations and legacies

2021 2020
£ £
Accountancy 3,004 2,141
Legal fees 90 570
Insurance 1,570 1,249
Postage and stationery 314 514
Travel costs 868 1,045
Sundries 1,311 580
Website design 650 374
Amortisation 508 285
Depreciation 177 238
Repairs and renewals 280 535
8,772 7,531

Investment management costs

Portfolio management
Aggregate amounts
CHARITABLE ACTIVITIES COSTS
Grant		 2021
2020
£
£
2,254
2,259
11,026
9,790
Grant
funding of
activities
(see note
6)
£
78,539		 2020
£
2,259
9,790		 2020
£
2,259
9,790
9,790

5. CHARITABLE ACTIVITIES COSTS

Page 8

continued...

Cantiacorum Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

6. GRANTS PAYABLE

GRANTS PAYABLE
Grant
The following Institutions were the recipients of the grants made during the year:		 2021
£
78,539		 2020
£
93,467
2021 2020
£ £
3H Fund - 1,250
All Saints Church - 6,510
Ashfield Special Needs 7,855 -
Asthma Relief 1,900 1,900
BLESMA 1,330 -
Canterbury Day Nursery - 2,000
Chicks - 4,032
Coram beanstalk - 660
Cross Roads Care - 1,796
Cry - 5,000
Deafblind UK 1,454 -
Demelza Hospice 3,000 3,500
Dog Assistance 2,000 3,000
Dogs for Good - 3,200
Ellenor Lions Hospice 3,000 -
Exmoor Calvert Trust 2,500 -
Guide Dogs for the Blind 2,000 4,000
Happy Days Children's Charity 3,000 2,580
Handicapped Children's Action Group 542 1,277
Heart of Kent Hospice 3,295 2,00
Independant Age 2,000 -
Involvekent - 5,000
Kent Association For The Blind - 2,196
Kent Autistic Trust - 5,000
Kent MS Therapy Centre 5,000 3,701
Little Hearts Matter - 2,250
Living on Bereavement - 3,500
Macmillion Cancer Support 2,000 2,000
Make a Wish - 4,200
Meningitis Now - 2,000
MND Association 2,000 2,000
MSAT 5,000 -
NARA 2,000 2,000
Newlife 7,500 -
Orchid Cancer Appeal 5,000 -
Rainbow Trust - 4,500
Revitalise - 1,528
Royal National Institute of Blind People - 1,000
Sense 2,900 1,500
Tankerton Football Club 2,050 -
Wheel potential - 1,250
Whizzkids 8,250 4,500
75,576 90,830
The following Individuals were the recipients of the grants made during the year:
2021 2020
£ £
Kings school - Choral scholarship 963 963
Mr W M Bersey 2,000 -
Mrs V Stoneley - 1,074
Athene LaneMartin - 600
2,963 2,637

Page 9

continued...

Cantiacorum Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

6. GRANTS PAYABLE - continued

7.

SUPPORT COSTS

SUPPORT COSTS
Information
Management Finance technology Totals
£ £ £ £
Raising donations and legacies 7,157 1,335 280 8,772

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash of kind. Expenses were paid to 4 Trustees in the year for travel costs totalling £868 (2020: £1,045). Expenses were paid to 4 Trustees in the year for post, print and stationery costs totalling £361 (2020: £237).

9. INDEPENDENT EXAMINATION

The total fees paid in respect of the independent examination were as follows:


Independent examination fees
10.
INTANGIBLE FIXED ASSETS
COST
At 1 April 2020 and 31 March 2021
AMORTISATION
At 1 April 2020
Charge for year
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
2021		 2020
£ £
1,350 1,254
Website
costs
£
5,080
498
508
1,006
4,074
4,582

Page 10

continued...

Cantiacorum Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 March 2021

11. TANGIBLE FIXED ASSETS

11. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment
Totals
£ £ £
COST
At 1 April 2020 and 31 March 2021 143 1,024 1,167
DEPRECIATION
At 1 April 2020 94 785 879
Charge for year 36 141 177
At 31 March 2021 130 926 1,056
NET BOOK VALUE
At 31 March 2021 13 98 111
At 31 March 2020 49 239 288
12. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2020 134,513
Additions 4,162
Disposals (2,254)
Revaluations 30,417
At 31 March 2021 166,838
NET BOOK VALUE
At 31 March 2021 166,838
At 31 March 2020 134,513
There were no investment assets outside the UK.
Investments at market value
Comprised:
2021 2020
£ £
Equities 56,061 44,790
Fixed interest securities 110,745 89,102
Cash 32 621
166,838 134,513
Cost or valuation at 31 March 2021 is represented by:
Listed
investments
£
Valuation in 2021 30,416
Cost 136,422
166,838

Page 11

continued...

Cantiacorum Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 March 2021

13. INVESTMENT PROPERTY

FAIR VALUE
At 1 April 2020
Revaluation
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
Fair value at 31 March 2021 is represented by:
Valuation in 2018
Valuation in 2021
Cost		 £
520,000
70,000
590,000
590,000
520,000
£
(90,000)
70,000
610,000
590,000

One property was sold shortly after the year so in order to recognise the fair value of the property at the year end, the trustees uplifted the value of the property to the stated sales proceeds:

Reconciliation of Investment Property:

Reconciliation of Investment Property:
£
Carrying value b/fwd 520,000
Fair value adjustment 70,000
Carrying value c/fwd 590,000

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income		 2021
£
-
3,201
3,201		 2020
£
10,625
782
11,407

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.20
£
743,358
743,358		 2021
£
250
11,397
11,647
Net
movement
in funds
£
110,283
110,283		 2020
£
353
10,725
11,078
At
31.3.21
£
853,641		 2020
£
353
10,725
11,078
853,641

16. MOVEMENT IN FUNDS

Page 12

continued...

Cantiacorum Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 97,727 (89,565) 102,121 110,283
TOTAL FUNDS 97,727 (89,565) 102,121 110,283

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.19
£
765,996
765,996		 Net
movement
At
in funds
31.3.20
£
£
(22,638)
743,358
(22,638)
743,358

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 92,626 (103,257) (12,007) (22,638)
TOTAL FUNDS 92,626 (103,257) (12,007) (22,638)

Rent Deposit Fund

The Rent Deposit fund arose from deposits received from tenants. These are to be held by the charity until the rental period ceases where these will be returned in full or in part after deducting for any repairs subject to the rental agreements.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.

Page 13

Cantiacorum Foundation

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

INCOME AND ENDOWMENTS
Donations and legacies
Founders donations
Gift aid
Investment income
Rents received
Interest and dividends
Interest
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Grants to institutions
Grants to individuals
Support costs
Management
Accountancy
Legal fees
Insurance
Postage and stationery
Travel costs
Sundries
Finance
Website design
Development costs
Fixtures and fittings
Computer equipment
Information technology
Repairs and renewals
Total resources expended
Net income/(expenditure) before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on investments
Carried forward		 2021
£
50,000
12,500
62,500
32,029
2,459
739
35,227
97,727
2,254
75,576
2,963
78,539
3,004
90
1,570
314
868
1,311
7,157
650
508
36
141
1,335
280
89,565
8,162
8,954
16,836		 2020
£
42,500
10,625
53,125
35,586
3,008
907
39,501
92,626
2,259
90,830
2,637
93,467
2,141
570
1,249
514
1,045
580
6,099
374
285
36
202
897
535
103,257
(10,631)
(19,308)
(30,474)

This page does not form part of the statutory financial statements

Page 14

Cantiacorum Foundation

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

Realised recognised gains and losses
Brought forward
Realised gains/(losses) on investment property
Unrealised gains/(losses) on investments
Net income/(expenditure)		 2021
£
16,836
70,000
23,167
110,283		 2020
£
(30,474)
-
7,301
(22,638)

This page does not form part of the statutory financial statements

Page 15