| Page | |||
|---|---|---|---|
| Reference and Administrative Details |
|||
| Trustees' Report |
2 | to | 5 |
| Statement ofTrustees' Responsibilities |
|||
| Report ofthe Independent Auditors |
7 | to | 9 |
| Statement ofFinancial Activities |
10 | ||
| Balance Sheet | |||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 21 |
| Detailed Statement ofFinancial Activities | 22 | to | 23 |
| TRUSTEES | A E Law | ||||
|---|---|---|---|---|---|
| Mrs Z Law | |||||
| R Sadewsky | |||||
| E A EHoskyns-Abrahall | (appointed | 27.4.21)(resigned 27.5.21) | |||
| PRINCIPAL ADDRESS | Caxton Europe Asset | Management | |||
| 40 Berkley Square | |||||
| London | |||||
| W1JSAL | |||||
| REGISTERED CHARITY | 1141997 | ||||
| NUMBER | |||||
| INDEPENDENT AUDITORS | Martin and Company |
Audit Limited | |||
| Chartered Accountants |
|||||
| and Statutory | Auditors | ||||
| 25 StThomas | Street | ||||
| Winchester | |||||
| Hampshire | |||||
| SO23 9HJ | |||||
| SOLICITORS | Forsters LLP | ||||
| 31 Hill Street | |||||
| London | |||||
| W1J 5LS | |||||
| BANKERS | Coutts k. Co | ||||
| 440 Strand | |||||
| London | |||||
| WC2R OQS |
| Period | |||||
|---|---|---|---|---|---|
| 5.4.21 | |||||
| to | Year Ended | ||||
| 31.3.22 | 4.4.21 | ||||
| Unrestricted | Total | ||||
| fund | funds | ||||
| as restated | |||||
| Notes | |||||
| INCOME AND ENDOWMENTS | FROM | ||||
| Donations and legacies |
48,491,120 | ||||
| Investment income |
329,479 | 156,999 | |||
| Total | 329)479 | 48,648,119 | |||
| EXPENDITURE ON | |||||
| Raising funds | 26,865 | 7,783 | |||
| Charitable activities |
|||||
| Charitable giving |
11,157,236 | 10,833,285 | |||
| Total | 11)184,101 | 10,841,068 | |||
| Net gains on investments | 5,953,971 | 8,904,171 | |||
| NET INCOME/(EXPENDITURE) | (4,900,651) | 46,711,222 | |||
| RECONCILIATION | OII' FUNDS | ||||
| Total funds brought | forward | ||||
| As previously reported |
56,422,713 | 26,950,435 | |||
| Prior year adjustment | 17238,944 | ||||
| As restated | 73)661&657 | 26,950,435 | |||
| TOTAL FUNDS CARRIED FORWARD | 68,761,006 | 73.661,6)7 |
| 31.3.22 | 4.4.21 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| fund | funds | |||
| as restated | ||||
| Notes | ||||
| FIXED | ASSETS | |||
| Tangible | assets | 12 | 224 | 298 |
| Investments | 13 | 58 878 868 | 53 125,248 | |
| 58,879,092 | 53,125,546 | |||
| CURRENT ASSETS | ||||
| Stocks | 14 | 17,238,944 | ||
| Debtors | 15 | 6,250,000 | ||
| Cash at | bank | 14,756,839 | 2,169,300 | |
| 14,756,839 | 25,658,244 | |||
| CREDITORS | ||||
| Amounts | falling due within one year | 16 | (2,562,925) | (1,515,133) |
| NET CURRENT ASSETS | 12,193,914 | 24,143,111 | ||
| TOTAL | ASSETS LESSCURRENT | |||
| LIABILITIES | 71,073,006 | 77,268,657 | ||
| CREDITORS | ||||
| Amounts | falling due after more than one year | 17 | (2,312,000) | (3,607,000) |
| NET ASSETS | 68,761,1186 | 73,661,657 | ||
| FUNDS | 18 | |||
| Unrestricted funds |
68,761,006 | 73,661,657 | ||
| TOTAL | FUNDS | 68,761,006 | 73,661,657 |
| Period | ||||||
|---|---|---|---|---|---|---|
| 5.4.21 | ||||||
| to | Year Ended | |||||
| 31.3.22 | 4.4.21 | |||||
| as restated | ||||||
| Notes | ||||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
124&4574 | 13613266 | ||||
| Net cash provided by operating |
activities | H 4114,574 | 18,613,266 | |||
| Cash flows from investing | activities | |||||
| Purchase offixed asset investments | (8,739,889) | (25,141,470) | ||||
| Sale offixed asset investments | 8,894)343 | |||||
| Interest received | 17,841 | 6,180 | ||||
| Dividends received |
311,638 | 148,819 | ||||
| Third party investment management |
charges | (26,865) | ||||
| Decrease cash held pending | settlement | 45)897 | ||||
| Net cash provided by/(used |
in) | investing | activities | 502,965 | ~4916471) | |
| Change in cash and cash equivalents |
in | |||||
| the reporting period |
12,587,539 | (6,373,205) | ||||
| Cash and cash equivalents | at | the | ||||
| beginning ofthe reporting |
period | 2,169,300 | 8,542,505 | |||
| Cash and cash equivalents | at | the end | of | |||
| the reporting period |
14,756 239 | 2,169,300 |
| OPERATING AC | TIV | I | TIES | |||||
|---|---|---|---|---|---|---|---|---|
| Period | ||||||||
| 5.4.21 | ||||||||
| to | Year Ended | |||||||
| 31.3.22 | 4.4.21 | |||||||
| as restated | ||||||||
| Net (expenditure)/income | for the | reporting | period (as per the | |||||
| Statement ofFinancial |
Activities) | (4,900,651) | 46,711,222 | |||||
| Adjustments for: |
||||||||
| Depreciation charges |
74 | 99 | ||||||
| Gain on investments | (5,953,971) | (8,904,171) | ||||||
| Interest received | (17,841) | (6,180) | ||||||
| Dividends received |
(311,638) | (148,819) | ||||||
| Third party investment | management | oharges | 26,865 | |||||
| Decrease/(increase) | in stocks | 17,238,944 | (17,23 8,944) | |||||
| Decrease/(increase) (Decrease)/increase |
in debtors in creditors |
6,250,000 ~247,288 |
(6,250,000) 4,450,059 |
|||||
| Net cash provided | hy | operations | 12D84274 | 18,613,266 | ||||
| ANALYSIS OF CHANGES IN NET FUNDS | ||||||||
| At 5.4.21 | Cash flow | At 31.3.22 | ||||||
| Net cash | ||||||||
| Cash at bank | 2,169,300 | 12,587,539 | 14,756,839 | |||||
| 2,169,300 | 12,587,539 | 14,756&839 | ||||||
| Total | 2,169,300 | 12,587&539 | 14,756,839 |
| 3. | in the Statement ofFinancial Activities. No unquoted i DONATIONS AND LEGACIES |
nvestments are held. |
|
|---|---|---|---|
| Period | |||
| 5.4.21 | |||
| to | Year Ended | ||
| 31.3.22 | 4.4.21 | ||
| as restated | |||
| Donations | 42,241,120 | ||
| Gilt aid | 6,250,000 | ||
| 48,491,120 | |||
| 4. | INVESTMENT INCOME | ||
| Period | |||
| 5.4.21 | |||
| to | Year Ended | ||
| 31.3.22 | 4.4.21 | ||
| as restated | |||
| 6 | |||
| Rents received | 2,000 | ||
| Portfolio income | 311,638 | 148,819 | |
| Deposit account interest | 17,841 | 6,180 | |
| 329,479 | 156,999 |
| 5. | RAISING FUNDS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment management |
costs | |||||||||
| Period | ||||||||||
| 5.4.21 | ||||||||||
| to | Year Ended | |||||||||
| 31.3.22 | 4.4.21 | |||||||||
| as restated | ||||||||||
| Third party investment | management | charges | 26,865 | 7,783 | ||||||
| 6, | CHARITABLE ACTIVITIES | COSTS | ||||||||
| Grant | ||||||||||
| funding of | ||||||||||
| activities | Support | |||||||||
| (see note | costs (see | |||||||||
| 7) | note 8) | Totals | ||||||||
| 5 | ||||||||||
| Charitable giving |
11,088,733 | 68,503 | 11,157,236 | |||||||
| 7. | GRANTS PAYABLE | |||||||||
| Period | ||||||||||
| 5.4.21 | ||||||||||
| to | Year Ended | |||||||||
| 31.3.22 | 4.4.21 | |||||||||
| as restated | ||||||||||
| g | ||||||||||
| Charitable giving |
11,088,733 | 10,797,506 | ||||||||
| The total grants payable | to | institutions | in the | period was as follows: | ||||||
| 31.3.22 | 4.4.21 | |||||||||
| Speakers for Schools | 5,315,000 | 1,885,000 | ||||||||
| Place2be | 2,720)000 | |||||||||
| Law Family Educational | Trust | 1,500,000 | 1,000,000 | |||||||
| Pro Bono Economics | 792,650 | 1,292,650 | ||||||||
| Game &Wildlife Conservation | Trust | 210,000 | 157,600 | |||||||
| The Clocktower Foundation |
106,000 | |||||||||
| Rise Up Clean Up | 90,000 | |||||||||
| The New Tavistock Youth | Cafe | 60,000 | ||||||||
| Lord Mayors Appeal | 50,000 | 50,000 | ||||||||
| Long Covid Kids and Friends | 50,000 | |||||||||
| Blavatnik School of |
Government, | University | ofOxford | 50,000 | ||||||
| The Sutton Trust | 30,000 | 30,000 | ||||||||
| Manchester FC City |
in | the | Community | 25,000 | 55,000 | |||||
| Devon Environment | Foundation | 25,000 | ||||||||
| Institute ofInternational | Monetary | Research | 25&000 | |||||||
| Photographers Gallery |
15,000 | |||||||||
| The Atlantic Partnership |
7,500 | |||||||||
| Savage Foundation | 5,000 | |||||||||
| Grassington festival |
5,000 | 17,343 |
| GRANTS PAYABLE | GRANTS PAYABLE | GRANTS PAYABLE | - continued | ||||
|---|---|---|---|---|---|---|---|
| Maggie's at Marsden |
3,997 | 1,369 | |||||
| Other donations under |
gL000 | 3,585 | 2,544 | ||||
| University | ofSheffield | 5,850,000 | |||||
| Policy Exchange | 175,000 | ||||||
| University | ofYork | 160,000 | |||||
| Synchronicity | Earth | 35,000 | |||||
| Noah's Ark |
Children's | Hospice | 25,000 | ||||
| Nyumbani | &Hotcourses | Foundation | 25,000 | ||||
| British Fashion Council | 15,000 | ||||||
| Greenhouse | Sport | 10,000 | |||||
| Red Squirrel | Survival | Trust | 6,000 | ||||
| St Andrew's | Youth Club | 5,000 | |||||
| 11,1188,732 | 10.797306 | ||||||
| SUPPORT COSTS | |||||||
| Governance | |||||||
| Management | costs | Totals | |||||
| g | |||||||
| Charitable | giving | 30,403 | 38,100 | 68)503 | |||
| Support costs, included | in the above, are as follows: | ||||||
| Management | |||||||
| Period | |||||||
| 5.4.21 | |||||||
| to | Year Ended | ||||||
| 31.3.22 | 4.4.21 | ||||||
| as restated | |||||||
| Charitable | Total | ||||||
| giving | activities | ||||||
| Rent | 21,870 | 25,101 | |||||
| Rates | 2,363 | 2,063 | |||||
| Office costs | 6,096 | 4,152 | |||||
| Depreciation | 74 | 99 | |||||
| ~30 403 | ~31 415 |
| Period | |||
|---|---|---|---|
| 5.4.21 | |||
| to | Year Ended | ||
| 31.3.22 | 4.4.21 | ||
| as restated | |||
| Charitable | Total | ||
| giving | activities | ||
| Auditors' | remuneration | 5,100 | 3,270 |
| Accountancy | 1,740 | ||
| Consultancy | ~31 260 | ||
| 38,100 | 3,270 |
| 12. | TANGIBLE FIXEDASSETS | |||
|---|---|---|---|---|
| Office | Computer | |||
| equipment | equipment f |
Totals f |
||
| COST | ||||
| At 5 April 2021 and 31 March 2022 | 1,676 | 1,300 | ~2976 | |
| DEPRECIATION | ||||
| At 5 April 2021 | 1,378 | 1,300 | 2,678 | |
| Charge for year | 74 | 74 | ||
| At 31 March 2022 | 1,452 | 1,300 | 2&752 | |
| NET BOOK VALUE | ||||
| At 31 March 2022 | 224 | 224 | ||
| At 4 April 2021 | 298 | 298 | ||
| 13. | FIXEDASSET INVESTMENTS | |||
| Cash and | ||||
| Listed | settlements | |||
| investments | pending | Totals f |
||
| MARKET VALUE | ||||
| At 5 April 2021 | 52,949,468 | 175,781 | 53,125,249 | |
| Additions | 8,739,889 | 8,739,889 | ||
| Disposals | (8,392,064) | (45&899) | (8,437&963) | |
| Revaluations | 5,451,693 | 5,451,693 | ||
| At 31 March 2022 | 58,748,986 | 129,882 | 58,878,868 | |
| NET BOOK VALUE | ||||
| At 31 March 2022 | 58,748,986 | 12&,882 | 88,878,868 | |
| At 4 April 2021 | 52,949,468 | 175,781 | 53,125,249 |
| 14. | STOCKS | STOCKS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.3.22 | 4.4.21 | ||||||||||
| as restated | |||||||||||
| Property | for resale | 17.238 944 | |||||||||
| 15. | DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||||
| 31.3.22 | 4.4.2I | ||||||||||
| as restated | |||||||||||
| 5 | |||||||||||
| Other debtors | 6,250,000 | ||||||||||
| 16. | CREDITORS: AMOUNTS FALLING | DUE WITHIN ONE YEAR | |||||||||
| 31.3.22 | 4.4.21 | ||||||||||
| as restated | |||||||||||
| Grants payable | 2,555,000 | 1,510,333 | |||||||||
| Accrued | expenses | 7,925 | 4,800 | ||||||||
| 2,562,925 | 1,515,133 | ||||||||||
| 17. | CREDITORS: AMOUNTS FALLING | DUE AFTER MORE THAN ONE | YEAR | ||||||||
| 31.3.22 | 4.4.21 | ||||||||||
| as restated | |||||||||||
| 8 | f | ||||||||||
| Grants payable | 2,312,000 | 3,607,000 | |||||||||
| 18. | MOVEMENT | IN FUNDS | |||||||||
| Prior | Net | ||||||||||
| year | movement | At | |||||||||
| At 5.4.21 | adjustment | in funds | 31.3.22 | ||||||||
| Unrestricted | funds | ||||||||||
| General | fund | 56,422,7]3 | 17,238,944 | (4,900,651) | 68,761,006 | ||||||
| TOTAL | FUNDS | 56,422,713 | 17,230,944 | )4,9110,651) | 68,761,006 | ||||||
| Net movement | in funds, | included | in the above are as | follows: | |||||||
| Incoming | Resources | Gains and | Movement | ||||||||
| resources | expended | losses | in funds | ||||||||
| 6 | |||||||||||
| Unrestricted | funds | ||||||||||
| General | fund | 329,479 | (11,184,101) | 5,953,971 | (4,900,651) | ||||||
| TOTAL | FUNDS | 329,479 | (11,184,101) | 5,953,971 | (4,900,651) |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 5.4.20 | in funds | 4.4.21 | |||
| 8 | |||||
| Unrestricted | funds | ||||
| General | fund | 26,950,435 | 46,711,222 | 73,661,657 | |
| TOTAL | FUNDS | 6,956,435 | 46,711,222 | 73,661,657 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| f, | ||||||
| Unrestricted | funds | |||||
| General | fund | 48,648,119 | (10,841,068) | 8,904,171 | 46,711,222 | |
| TOTAL | FUNDS | 48,648,119 | (]0,841,068) | 8,904,171 | 46,711,222 |
| Period | |||||||
|---|---|---|---|---|---|---|---|
| 5.4.21 | |||||||
| to | Year Ended | ||||||
| 31.3.22 | 4.4.21 | ||||||
| as restated | |||||||
| INCOME AND | ENDOWMENTS | ||||||
| Donations and |
legacies | ||||||
| Donations | 42,241,120 | ||||||
| Gift aid | 6,250,000 | ||||||
| 48,491,120 | |||||||
| Investment income |
|||||||
| Rents received | 2,000 | ||||||
| Portfolio income | 311,638 | 148,819 | |||||
| Deposit account | interest | 17,841 | 6,180 | ||||
| 3&9479 | 766.999 | ||||||
| Total incoming | resources | 329,479 | 48,648,119 | ||||
| EXPENDITURE | |||||||
| Investment management |
costs | ||||||
| Third party investment | management | charges | 26,865 | 7,783 | |||
| Charitable activities |
|||||||
| Grants to institutions | 11,088,733 | 10,797,506 | |||||
| Supportcosts | |||||||
| Management | |||||||
| Rent | 21)870 | 25,101 | |||||
| Rates | 2,363 | 2,063 | |||||
| Office costs | 6,096 | 4,152 | |||||
| Office equipment | 74 | 99 | |||||
| 30,403 | 31,415 | ||||||
| Finance | |||||||
| Bank charges | 1,094 | ||||||
| Governance | costs | ||||||
| Auditors' remuneration |
5,100 | 3,270 | |||||
| Accountancy | 1&740 | ||||||
| Consultancy | 31,260 | ||||||
| 38&100 | 3,270 |
| Period | ||||
|---|---|---|---|---|
| 5.4,21 | ||||
| to | Year Ended | |||
| 31.3.22 | 4.4.21 | |||
| as restated | ||||
| Total resources | expended | 11,184,1111 | 10841,068 | |
| Net (expenditure)/income | before gains and | |||
| losses | (1098549622) | 37,807,051 | ||
| Gains and losses | ||||
| Gains/(losses) | on fixed asset investments | 5955971 | 8904171 | |
| Net (expenditure)/income | ~4,9llb,6517 | 46,711,222 |