**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
**FOR**
**WORSHIPFUL COMPANY OF BASKETMAKERS 2011 CHARITABLE TRUST**
**THE BASKETMAKERS 2011 CHARITABLE TRUST**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
||Page|
|---|---|
|Report of the Trustees|1 to 7|
|Report of the Independent Examiner|8|
|Statement of Financial Activities
|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 to 15|
|Detailed Statement of Financial Activities|16 to 17|
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **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.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1141986
**Principal address** Clay Hall Clayhall Lane Reigate RH2 8LD
**Trustees**
Graham Aslet Julian Adams Anthony Charlwood (Appointed 2 September 2020) Hedley French (Appointed 3 March 2021) Stephen Gee Chris Hipkins Philip Miles Dorothy Newlands of Lauriston Neil Redcliffe (Retired 2 September 2020) John D’Orsay Robinson Peter Yarker
## **Honorary Secretary**
Hedley French
**Independent Examiner**
Stephen Tanner Kreston Reeves LLP Second Floor 168 Shoreditch High Street E1 6RA
**Bankers**
NatWest PO Box 35 10 Southwark Street LONDON SE1 1TT
**Grant Application Administrator** Barry Scrutton 103 High Road Chigwell Essex IG7 6QQ
1
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 MARCH 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Investment Fund Managers**
Cazenove Capital Management 31 Gresham Street LONDON EC2V 7QA
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is constituted and managed in accordance with the trust deed of 16 March 2011.
## **Recruitment and appointment of new trustees**
New trustees of the charity are appointed by the existing trustees. The Worshipful Company of Basketmakers has the power to remove trustees.
## **Induction and training of new trustees**
Trustees are given the opportunity to attend training seminars and are referred to the Charity Commission website.
## **Organisational structure**
The Trustees appoint a Chairman from among their number. They also appoint a Secretary and an Accountant, who may also be Trustees and who usually attend Trustee meetings. The Secretary runs the charity on a day to day basis and the Accountant oversees the financial systems and the reporting of the charity’s finances.
## **Related parties**
The Worshipful Company of Basketmakers is a Royal Charter Company, number RC703.
## **Risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those risks related to the operation and finances of the Charity, and are satisfied that systems are in place to mitigate exposure to the major risks, although it is recognised that systems can only provide reasonable, not absolute, assurance. These systems are reviewed at least once every year.
The trustees have identified the following as the principal risks faced by the Charity:
|**Risk identified**|**Action taken to mitigate the risk**|
|---|---|
|Underperformance of investments|Investments are managed by a leading firm of Investment Fund Managers
whose performance is monitored by one of the Trustees and reported regularly
to the Trustee body.|
|Misfeasance of assets|All payments by the charity are approved by the Trustee body and all payments
made are authorised bytwo Trustees|
|Charitable giving is not used in the
way intended|All donations are approved by the Trustee body. Wherever possible payments
are only made against receipted invoices. Regular payments are conditional on
annual monitoring and satisfactory performance, and are re-authorised annually.|
|Covid-19pandemic|See below|
2
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **COVID-19**
Covid-19 is believed to have entered the UK around January 2020 and now affects all areas of our national life. The charitable sector and the basketmaking fraternity in particular are by no means exempt. Charities are affected in a wide-ranging manner, with implications for their operational capability, liquidity and financial position.
The Trustees have considered the situation and have put in place continuity plans that should allow the charity to continue in operation. In addition, as a funding body, the Charity is a signatory to the London Funders’ COVID-19 Statement which recognises that the Covid-19 pandemic is an exceptional event that will have an impact on civil society groups, and offers reassurance that signatories stand with the sector during this time.
During the year the Government imposed restrictions on many aspects of our national life and initiated a campaign to vaccinate a large proportion of resident UK adults. As a result the effect of the pandemic seems to be declining and restrictions are being lifted. It is too early to say when, and to what extent, the charity will be able to return to normal operation. The Trustees keep the matter under constant review.
## **Key Management Personnel**
The Trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All give of their time freely and no Trustee received remuneration in the year. No Trustees expenses have been incurred in the year.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Charity supports:
Charitable objectives related to the trade of Basketmaking including education and welfare. Charitable objectives relating to the City of London including the Lord Mayor's Appeal. The Guild Church, St Margaret Pattens. Small charities focused mainly in London. Benevolence for Company members and their dependants
Donations to London charities continue to be concentrated on fewer charities so allowing the maintenance of better relationships with those involved in running them, which will also mean that the Trust can more easily ensure funds are being used responsibly. Most support is provided to social and welfare type charities, such as rehabilitation, assistance to the homeless and care for the elderly, primarily in the poorer areas of London.
## **Significant activities**
The objectives, as detailed separately, continue to allow the Trust to be focused in its grant making, and the appointment of a Grant Application Administrator continues to facilitate the handling of requests for assistance.
The Basketmakers’ competition continues to operate successfully. Three prizes totaling £3,138 were awarded to UK residents. A further prize of £1,000 was available for award to an overseas competitor but was withheld.
The Trust supplies baskets to official dinner guests of the Worshipful Company of Basketmakers and sponsors the Prime Warden’s Consort Days, all of which promote the trade of basketmaking. An annual bursary is also made to provide support to someone keen to pursue a development opportunity which will benefit their basketry practice.
3
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **OBJECTIVES AND ACTIVITIES**
## **Grantmaking**
The Trust sponsors seven charities giving £4,000 to £5,000 per annum over a three year period, subject to satisfactory annual reviews. Each charity was reviewed by two Trustees and a further annual payment was agreed for each.
**Spires** : a day centre working with homeless & disadvantaged people in South London, providing a broad range of services to improve their quality of life. During the year the Trustees agreed to support the charity for an additional year after the end of its final three year period in order to alleviate the effects of the Covid-19 pandemic.
**Theatre Royal Stratford East** : provides a programme of workshops for vulnerable youngsters, referred by local schools & youth groups. The intention is to build confidence & self respect to equip them for adult life. During the year the Trustees agreed to support the charity for an additional year after the end of its final three year period in order to alleviate the effects of the Covid-19 pandemic.
**Sheriffs’ & Recorder’s Fund** supports the rehabilitation of prisoners. During the year a payment of £5,000, being the first annual payment in a second three year period, was made to the Fund.
**Magical Taxi Tour** gives sick children a break from therapy and treatment by giving them a three day break in Disney® Paris. The Charity sponsored three taxis at a cost of £4,200. The Magical Taxi Tour could not take place in September 2020 as planned, so no payment was made in the year. It is expected that the Tour will be able to resume operations in September 2022.
**London Youth Choir** seeks to be a truly representative youth arts organisation, enriching the cultural life of London through the pursuit of musical excellence and social change. The Charitable Trust supports their Aspire Programme which works collaboratively with schools, music hubs and cultural organisations to provide bespoke singing experiences within schools in areas observed to have limited cultural opportunity or music provision. Although the Covid-19 pandemic affected its operations in during the year, the Trustees agreed to support the Choir for a third year in its first three year period and to continue to support it during a second three period.
**Cockpit Arts** is the UK’s only creative business incubator for craftspeople. The Charitable Trust enabled Cockpit Arts to offer a place on their 2019 programme to Alison Dickens, a professional basketmaker, enabling her to develop her business. This sponsorship was renewed for a second year, Esna Su being offered a place on their 2020 programme. Lisa Atkin was offered a place on the 2021, supported by the Charitable Trust.
**Magic Breakfast** , a registered charity which aims to end hunger as a barrier to education in UK schools through the provision of healthy breakfasts to vulnerable children. Magic Breakfast continued to operate throughout the pandemic and the Trustees continued their support for a second year of their initial three year period.
**Food Cycle St Cuthberts** is a branch of Foodcycle, a national charity which provides delicious communal three course meals for people at risk of food poverty and social isolation using surplus food. Foodcycle St Cuthberts is associated with St Cuthberts Church, West Hampstead whose Associate Vicar is a Liveryman and Court Assistant of the Basketmakers Company. The Charitable Trust contributed £4,000 to the charity in the year, this being the first payment of an initial three year period.
Smaller, additional grants continue to be made to a number of charities on a one-off basis, as chosen by the Trustees following submission of requests vetted by the Grant Application Administrator.
The Trust has an ongoing commitment to St Margaret Pattens Church, currently £4,500 per annum.
An annual grant is made to the Lord Mayor’s Appeal.
The Trust also supports basketmaking courses via the Basketmakers’ Association and the City Lit. It also offers bursaries to basketmakers wishing to enhance their skills by attending specialist courses.
4
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **OBJECTIVES AND ACTIVITIES**
## **Income sources**
We are fortunate to have the support of the Worshipful Company of Basketmakers and their members who have been generous with their donations and in volunteering their support. The Charitable Trust’s other principal income source is the investment income received on its investments.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
|During the year the Charitable Trust made the following grants
**The Trade of Basketmaking**,
Bursaries
Cockpit Arts
Heritage Crafts Association
Other
**The City of London:**
Sherrifs’ & Recorder’s Fund
Livery Schools Link
Lord Mayor’s Appeal
**Small charities, mainly in London:**
Fern Street Family Centre
London Youth Choir
Magic Breakfast
The Spires Centre
Theatre Royal Stratford East
Food Cycle St Cuthberts
Digital Divide
Attend
Clothing Solutions
Corum Life Education
Cpotential Trust
Demand Design & Manufacture for Disability
Down Tools
Loughborough Junction Action Group
Pembroke College Cambridge Mission
Prisoners’ Penfriends
Samson Centre
Silverlining Charity
Spitalfields Farm Association
Strongbones Children,s Charitable Trust
Action for ME
Activiteens
Asthma Relief
Barons Court Project
Create Arts
Heartburn Cancer
I Can Dance
Mark Evison Foundation
New Bridge Foundation
Tower Hamlet Friends & Neighbours
Vineyard Community Centre
Womens Trust
**Benevolence**|**£**
**£**
**8,750**
**6,880**
**5,000**
**12,626**
**33,256**
**5,000**
**2,500**
**2,000** **9,500**
**5,000**
**5,000**
**5,000**
**5,000**
**5,000**
**4,000**
**29,000**
**2,500**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**1,000**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**21,500**
**1,003**
**£94,259**|
|---|---|
||
|
5
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **FINANCIAL REVIEW**
## **Investment performance**
Our portfolio has produced an increase in total return of 24.8% over the last year (7.5% decline over 2019-2020).
## **Reserves review including policy**
The Trust maintains income reserves to cover fluctuations in income and to enable it to meet requests for exceptional grants at short notice.
The Trustees have reviewed the reserves of the charity and have established a policy under which the free reserves held by the charity should be between three and four months projected annual expenditure, that is between £25,000 and £30,000.
The amount and timing of grants and donations made by the Charity is determined so that reserves can be maintained at the agreed level.
The Trust’s reserves and reserves policy is reviewed at least once every year.
At 31 March 2021 the free reserves were £65,585 (2020 £63,102).
The free reserves at the end of the year remain in excess of the budget. The trustees constantly seek to increase their activities, especially within the Basketmaking trade, to reduce the reserves to fit within the policy. The Charitable Trust will continue to sponsor activities related to the support to those affected by the Covid-19 pandemic in addition to its grants in accordance with its pre-Covid giving criteria.
## **Principal funding sources**
We rely on our investment income and on the members of the Worshipful Company of Basketmakers for funding our grantmaking programme.
## **Investment policy and objectives**
Our main investment objective is to maximise total return with an income bias whilst adopting a moderate approach to risk. We achieve this through investment in diversified common investment funds.
## **Conflict of Interest**
The Trustees have a system in place to identify any conflicts of interests that may occur. When a conflict of interest arises, the relevant Trustee or Trustees agree to withdraw from any discussion and decision.
6
##
##
##
##
##
##
##
##
## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE BASKETMAKERS 2011 CHARITABLE TRUST**
I report to the trustees on my examination of the accounts of the Basketmakers 2011 Charitable Trust (the Trust) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
Your attention is drawn to the fact that the charity has prepared the accounts 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 (FRS 102) (effective 1 January 2019) 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.
I understand that 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 2019.
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.
Signed:
Dated: 14th September 2021
Stephen Tanner BSc (Econ) FCA
Kreston Reeves LLP London
8
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**Note**
**INCOME FROM:**
Donations and legacies3
Investments
4
**Total income**
**EXPENDITURE ON:**
**Charitable activities** 5/6
The trade of basketmaking
City of London charities
St Margaret Pattens
Small charities, mostly from London
Benevolence
Support Costs
**Raising Funds**
**Total expenditure**
**Net income / (expenditure)**
**before gains on investments**
**Other recognised gains/(losses)**
Net gains/(losses) on investments
**Net movement in funds**
**Total funds brought forward**
**TOTAL FUNDS**
**CARRIED FORWARD**|**Unrestricted**
**fund**
**£**
36,845
70,745
107,590
33,256
9,500
4,500
50,500
1,003
2,350
3,998|**Unrestricted**
**fund**
**£**
36,845
70,745
107,590
33,256
9,500
4,500
50,500
1,003
2,350
3,998|**2021**
**2020**
**Restricted Endowment Total funds**
Total funds
**fund**
**fund**
**£**
**£**
£
-
6,251 43,096 55,254
-
-
70,745
70,525
-
6,251
113,841
125,779
-
-
33,256
37,306
-
-
9,500
7,000
-
-
4,500
4,500
-
-
50,500
44,210
-
-
1,003
823
-
-
2,350
2,876
-
-
3,998
4,020
-
-
105,107
100,735
_________
-
6,251
8,734 25.044
**-**
290,110
290,110
(186,334)
-
296,361 298,844
(161,290)
-
1,471,341
1,534,443
1,695,733
-
1,767,702
1,833,287 1,534,443|**2021**
**2020**
**Restricted Endowment Total funds**
Total funds
**fund**
**fund**
**£**
**£**
£
-
6,251 43,096 55,254
-
-
70,745
70,525
-
6,251
113,841
125,779
-
-
33,256
37,306
-
-
9,500
7,000
-
-
4,500
4,500
-
-
50,500
44,210
-
-
1,003
823
-
-
2,350
2,876
-
-
3,998
4,020
-
-
105,107
100,735
_________
-
6,251
8,734 25.044
**-**
290,110
290,110
(186,334)
-
296,361 298,844
(161,290)
-
1,471,341
1,534,443
1,695,733
-
1,767,702
1,833,287 1,534,443|**2021**
**2020**
**Restricted Endowment Total funds**
Total funds
**fund**
**fund**
**£**
**£**
£
-
6,251 43,096 55,254
-
-
70,745
70,525
-
6,251
113,841
125,779
-
-
33,256
37,306
-
-
9,500
7,000
-
-
4,500
4,500
-
-
50,500
44,210
-
-
1,003
823
-
-
2,350
2,876
-
-
3,998
4,020
-
-
105,107
100,735
_________
-
6,251
8,734 25.044
**-**
290,110
290,110
(186,334)
-
296,361 298,844
(161,290)
-
1,471,341
1,534,443
1,695,733
-
1,767,702
1,833,287 1,534,443|**2021**
**2020**
**Restricted Endowment Total funds**
Total funds
**fund**
**fund**
**£**
**£**
£
-
6,251 43,096 55,254
-
-
70,745
70,525
-
6,251
113,841
125,779
-
-
33,256
37,306
-
-
9,500
7,000
-
-
4,500
4,500
-
-
50,500
44,210
-
-
1,003
823
-
-
2,350
2,876
-
-
3,998
4,020
-
-
105,107
100,735
_________
-
6,251
8,734 25.044
**-**
290,110
290,110
(186,334)
-
296,361 298,844
(161,290)
-
1,471,341
1,534,443
1,695,733
-
1,767,702
1,833,287 1,534,443|**2021**
**2020**
**Restricted Endowment Total funds**
Total funds
**fund**
**fund**
**£**
**£**
£
-
6,251 43,096 55,254
-
-
70,745
70,525
-
6,251
113,841
125,779
-
-
33,256
37,306
-
-
9,500
7,000
-
-
4,500
4,500
-
-
50,500
44,210
-
-
1,003
823
-
-
2,350
2,876
-
-
3,998
4,020
-
-
105,107
100,735
_________
-
6,251
8,734 25.044
**-**
290,110
290,110
(186,334)
-
296,361 298,844
(161,290)
-
1,471,341
1,534,443
1,695,733
-
1,767,702
1,833,287 1,534,443|
|---|---|---|---|---|---|---|---|
||
||
|||||
|||
105,107|
|
-|-|
|
105,107
_|
||
|2,483
**-**
2,483
63,102
65,585||-
**-**
-
-
-|6,251
290,110
296,361
1,471,341
1,767,702|8,734
290,110
298,844
1,534,443
1,833,287||
|||||||||
All activities are continuing. There are no other gains or losses other than those shown above.
The notes form part of these financial statements
9
##
|AT31MARCH|2027|||||||
|---|---|---|---|---|---|---|---|
||||||2021||2020|
|||Unrestricted|Restricted|Endowment|Totalfunds|Totalfunds||
||Note|fund
f,|fund
I|fund
{|t||f,|
|FIXEDASSETS||||||||
|Investments|8|||1,,759,0321,759,032|||1,,469,025|
|CURRENTASSETS||||||||
|Debtors|9|18,195|||18,195||21,334|
|Cash at bank||50.013||8.670|58,683||46.687|
|||68,208||8,670|76,878||68,021|
|CREDITORS||||||||
|Amountsfallingdue
withinoneyear|10|(2.623)|||(2.623\||
(2.603\|
|NETCURRENT||||||||
|ASSETS/(LIABILITIES)||65.585||8.670|74.255||65,418|
|TOTALASSETS||||||||
|LESSCURRENT|LIABILITIES65,585|||1,.767,702|1.,833,287||1,,534,443|
|NETASSETS||65,585||1,,767,702|1,,833,287||'.1,534,443|
|FUNDS|11|||||||
|Unrestrictedfunds|||||65,585||63,1,02|
|Endowmentfunds|||||1,,767.702||']-.,471.,341|
|TOTALFUNDS|||||1,833,287||1,534,443|
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. GENERAL INFORMATION**
The charity is a public benefit entity which is incorporated in England and Wales. The address of its registered office is: Clay Hall, Clayhall Lane, Reigate, RH2 8LD.
## **2. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of preparing the financial statements**
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 (FRS 102) (effective 1 January 2019) - (Charities SORP(FRS102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Basketmakers 2011 Charitable Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments.
## **Taxation**
The charity is exempt from Income Tax and Capital Gains Tax on its charitable activities
## **Donations and legacies**
Donations and legacies are credited in the period in which the charity becomes entitled to them, and include related taxation recoverable. Donations and legacies of assets are valued when they are recognised in the accounts. Legacies are regarded as receivable when they can be quantified with reasonable accuracy, and when any conditions for receipt have been complied with.
## **Investment income**
Dividends and interest on listed investments are accounted for when receivable. Other interest is taken into account on an accruals basis. All investment income is stated inclusive of any related taxation recoverable.
## **Expenditure**
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.
11
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021**
## **2. ACCOUNTING POLICIES – continued**
## **Support costs**
Support costs are those associated with the supporting of the charity not relating to fundraising, charitable activities or day to day management.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Fund accounting**
## Unrestricted funds
These are funds which are expended at the discretion of the Trustees in furtherance of the objects of the charity.
## Restricted funds
Restricted funds are funds subject to specific trusts, which may only be expended in accordance with the conditions imposed by the donors.
## Endowment funds
The charity has an expendable endowment fund derived from donations from individuals who have specified that they should be accumulated and from the Worshipful Company of Basketmakers Charitable Trust. The income is spent on the general charitable objects of the trust and the capital of the fund can be spent if the trustees so determine.
## **Investments**
Investments are valued at mid-market value at the balance sheet date, with any differences in valuation being recorded through the Statement of Financial Activities.
## **Estimates and judgements**
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. Although these estimates are based on the Trustees’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The trustees do not consider there to be any estimates and judgements.
## **Financial Instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
12
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021**
## **3. DONATIONS AND LEGACIES**
|Individual endowment donations - Gift Aid
Individual endowment donations – GYE, KKL and CAF
Individual unrestricted donations - Gift Aid
Individual unrestricted donations - GYE, KKL and CAF
Individual unrestricted donations – other
Company and Trust unrestricted
Bequests & Legacies
**4.**
**INVESTMENT INCOME**
Cazenove portfolio investment income
**5.** **CHARITABLE ACTIVITIES COSTS**
The Trade of Basketmaking
City of London charities
St Margaret Pattens
Small charities, mainly in London
Benevolence
**6. SUPPORT COSTS**
Trustee insurance
Examiner’s remuneration
Bookkeeping
|**2021**
**£**
5,661
590
20,095
2,103
4,647
6,000
4,000
43,096
========
**2021**
**£**
70,745
70,745
========
**2021**
**£**
33,256
9,500
4,500
50,500
1,003
98,759
=========
**2021**
**£**
230
1,500
620
2,350
========|2020
£
6,242
-
19,989
2,703
16,320
10,000
-
55,254
=========
2020
£
70,525
70,525
========
2020
£
37,306
7,000
4,500
44,210
823
93,839
========
**2020**
£
716
1,560
600
2,876
========|2020
£
6,242
-
19,989
2,703
16,320
10,000
-
55,254
=========
2020
£
70,525
70,525
========
2020
£
37,306
7,000
4,500
44,210
823
93,839
========
**2020**
£
716
1,560
600
2,876
========|
|---|---|---|---|
||||93,839
========
**2020**
£
716
1,560
600
2,876
========|
13
**THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021**
## **7. 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. There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2020
Equalisation
Revaluations
At 31 March 2021
**NET BOOK VALUE**
At 31 March 2021
At 31 March 2020
There were no investment assets outside the UK.
SUTL Cazenove Charity Multi-Asset Fund – market value
Cazenove cash balance
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Due from Worshipful Co of Basketmakers -donations
Income tax
=
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Creditors
Accrued expenses|**Common investment funds**
**£**
1,469,025
(103)
290,110
1,759,032
================
1,759,032
===============
1,469,025
===============
£1,759,032
£17,039
**2021**
2020
**£**
£
267
-
17,928
21,334
18,195
21,334
========
=========
**2021**
2020
**£**
£
620
600
2,003
2,003
2,623
2,603
=======
=======|
|---|---|
## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
14
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021**
## **11. MOVEMENT IN FUNDS**
|**Unrestricted funds**
Unrestricted
**Endowment funds**
Expendable endowment fund
**TOTAL FUNDS**|**Net movement**
**in funds**
**At 1/4/20**
**£**
**£**
63,102
2,483
1,471,341 296,361
1,534,443 298,844
**===========**
**========**|**At 31/3/21**
**£**
65,585
1,767,702
1,833,287
**===========**|
|---|---|---|
Net movement in funds, included in the above are as follows:
|||**Income**|**Income**|**Expenditure**|**Gains and**|**Movement**|
|---|---|---|---|---|---|---|
||||||**Losses**|**in funds**|
||||**£**|**£**|**£**|**£**|
||**Unrestricted funds**||||||
||Unrestricted
|107,590||(105,107)|-|2,483|
||**Endowment fund**||||||
||Expendable endowment fund|6,251||-|290,110|296,361|
||**TOTAL FUNDS**
|113,841||(105,107)|290,110|298,844|
|||**========**||**===========**|**=========**|**=========**|
|**11.**|**FINANCIAL INSTRUMENT**||||||
||||||2021|2020|
||||||**£**|£|
||Financial assets at fair value||||1,759,032|1,469,025|
||Financial assets at amortised cost||||18,195|21,334|
||Financial liabilities at amortised|cost|||(2,623)|(2,603)|
## **12. RELATED PARTY DISCLOSURE**
The Worshipful Company of Basketmakers received individual charitable donations of £267 during the year 2020/21 and these were due to the Charitable Trust at 30.03.2021
15
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**INCOME**
**Donations and legacies**
Individual endowment donations - Gift Aid
Individual endowment donations – GYE, KKL and CAF
Individual unrestricted donations - Gift Aid
Individual unrestricted donations - GYE, KKL and CAF
Individual unrestricted donations – other
Company and Trust unrestricted
Bequests and Legacies
**Investment income**
Cazenove portfolio investment income
**Total income**
**EXPENDITURE**
**Charitable activities**
Grants to the trade of basketmaking
Grants to City of London charities
Grants to the Guild Church, St Margaret Pattens
Grants to small charities, mostly from London
Benevolence
|
|**2021**
**£**
5,661
590
20,095
2,103
4,647
6,000
_4,000
43,096
===========
70,745
70,745
113,841
33,256
9,500
4,500
50,500
1,003
98,759|2020
£
6,242
-
19,989
2,703
16,320
10,000
____-
55,254
=========
70,525
70,525
125,779
37,306
7,000
4,500
44,210
**_**_823
93,839|
|---|---|---|---|
||
|||
||
|||
This page does not form part of the statutory financial statements
16
## **THE BASKETMAKERS 2011 CHARITABLE TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**2021**
**£**
**Support costs**
Trustees insurance
230
Examiner’s remuneration
1,500
Bookkeeping
620
2,350
**Raising funds**
Investment management charges
3,971
Bank charges
27
3,998
**Total expenditure**
105,107
**Net income/(deficit) before investment gains/losses**
8,734
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
290,110
**Net income/(deficit)**
298,844
===========|2020
£
716
1,560
600
2,876
3,980
40
4,020
100,735
25,044
(186,334)
(161,290)
==========|
|---|---|
This page does not form part of the statutory financial statements
17