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|||Page|
|---|---|---|
|Legal and administrative|information||
|Report ofthe Trustees||4-10|
|independent
auditors'|report tothe Trustees|11-14|
|Statement offinancial|activities|15|
|Balance sheet||16|
|Cashf low statement||17|
|Notes tothe financial statements||18-27|
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||Note|Unrestdicted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||Income Fund|Capital Fund|Funds|Funds|
|||2021|2021|2021|2020|
|||6|6|f|E|
|Income from:||||||
|Donations
and legacies||15,000|3,898,449|3,913,449|29,596,328|
|Income from investments:||||||
|Investment
income||320,931||320,931|57,639|
|Total income||335,931|3,898,449|4,234.380|29,653,967|
|Expenditure
on:||||||
|Costs of raising funds|||133,920|133,920|25,859|
|Expenditure
on charitable||||||
|activities|4|4602)87|3,490|464,377|531,897|
|Total expenditure||460,887|137,410|598,297|557,756|
|Net income for the year before||||||
|gains and losses||(124,956)|3,761,039|3,636,083|29,096,211|
|Realised investment
gains/(losses):||||||
|— on foreign currency||(182822)||(182,422)|775,995|
|— on fixed asset investments|||102,921|102,921|115,966|
|||(182/I22)|102,921|(79,501)|891,961|
|Unrealised
investment||||||
|gains/(losses):||||||
|- on foreign currency||2,007||2,007|(500)|
|- on fixed asset investments|||(1,559,0211|(1,559,021)|569,935|
|||2,007|(1,559p021)|(1,557,014|569,435|
|Net gains/(losses)
on investments||(180/I15|(1/I56,100)|(1,636,515)|1,461,396|
|Net income||(305,371)|2 304939|1,999,568|30,557,607|
|Transfer between
funds||520,474|(520,474)|||
|Net movement
in funds||215,103|1,784,465|1,999,568|30,557,607|
|Reconciliation
offunds||||||
|Balance brought
forward at 1July||||||
|2020||2/I56,868|30,323,387|32,780,255|2,222,648|
|Balance carried forward at 30June
2021|12|2,671,971|32,107,852|34,779,823|32,780,255|
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|||||Note|||
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||6|6|
|Fixed assets|||||||
|Investments|||||32,104,536|25,771,126|
|Tangible assets|||||3,316|6,806|
||||||32,107,852|25,777,932|
|Current assets|||||||
|Cash at bank|and in hand||||2,715,804|7,112,354|
|Debtors|||||43,645|67,655|
||||||2,759,449|7,180,009|
|Current liabilities|||||||
|Creditors: amounts||falling|due within one year-|10|(80,435)|(177,686)|
|unrestricted|||||||
|Net current|assets||||2,679,014|7,002,323|
|Total assets|less current||liabilities||34,786,866|32,780,255|
|Creditors: amounts||falling due after more than one|||||
|Year - unrestricted|||||(7,043)||
|Net assets|||||34,779,823|32,780,255|
|Funds|||||||
|unrestricted|capital fund||||32,107,852|30,323,387|
|unrestricted|income fund||||2,671,971|2,456,868|
|Total unrestricted||funds||12|34,779,823|32,780,255|
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|||||2021|2021|2020|2020|
|---|---|---|---|---|---|---|---|
|||||f|f|f|E|
|Net cash inflow from|operating|||||||
|activities (Note 14)|||||3,252,444||28,960,521|
|Returns on investment||and servicing||||||
|offinance||||||||
|Dividends
received||||214,345||54,669||
|Interest received||||106,586||2,970||
||||||320,931||57,639|
|Capital expenditure|and financial|||||||
|Investment||||||||
|Proceeds from sale ofinvestments||||7,649,983||3,018,034||
|Purchase offixed assets||||||(4,933)||
|Purchase ofinvestments||||(28,187,227)||(8,203,448)||
||||||(20~537~244)||(5,190,347)|
|Effect ofcurrency translation|||on cash|||||
|and cash equivalents|||||(1,676,367)||851,617|
|Net increase in cash|||||(18,640,236)||24,679,430|
|Analysis ofnet funds||||||||
||||||Net balance|Cash increase|Net balance|
||||||at 1July|/(decrease)in|at 30June|
||||||2020
f|the yearf|2021
f|
|Cash at bank|||||7,112,354|(4,396,550)|2,715,804|
|Investment
cash (see||note below)|||17,775,087|(14,243,686)|3,531,400|
||||||24,887,441|(18,640,236)|6,247,204|
|Note||||||||
|Iocreasef(decrease)|in cash awaitinginvestment|||(oore 7)|||(12,747,734)|
|Unrealised
gains oo|cash held forinvestment||||||(1,495,952)|
||||||||(14,243,686)|
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||||2021|2020|
|---|---|---|---|---|
|||||6|
|Donations|—unrestricted||3,898,449|29,581,328|
|Value ofservices received treated as a donation||—unrestricted|15,000|15,000|
||||3,913,449|29,596,328|
|estment|income||||
||||2021|2020|
||||6|6|
|Bank interest|||101,992|2,700|
|Dividend|income||214,345|54,669|
|Otherlnterest|||4,594|270|
||||320,931|57,639|
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|||2021|2020|
|---|---|---|---|
|||6|f|
|Grant-making|(see below)|203,423|248,251|
|Support costs||245,612|266,552|
|Governance|costs|15,342|17,094|
|||464,377|531,897|
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|The following grants were made during the year:|||||
|---|---|---|---|---|
||||2021|2020|
||||6|E|
|Apricot Centre —Contribution
to support young people leaving||care|18,100||
|Association
of Rema Minority Representatives
—Covid-19|relief grant|||9,799|
|BAGazs Public Benefit Association —Covid-19 relief grant||||3,016|
|Barefoot Kitchen —Support costs for new community
growing||site|9,000||
|Bike Stop —Covid-19 relief grant||||1,295|
|Brookside Theatre —Contribution
toward
a youth production|||10,450||
|Buddhist Heritage Project —Archive
building
repairs|||5,386|45,399|
|Buddhist Heritage Project-Contribution
towards
operating costs||||37,279|
|Buddhist Heritage project —Covid-19 emergency
funding||||849|
|Buddhist Heritage Project —Overheads
2021|||32,324||
|Buddhist Heritage Project —Workshop||||5,094|
|Csodamuhely
Association —Support towards
adult education||||16,896|
|programme|||||
|Devon Environment
Foundation
—Support for environmental||projects in|10,000||
|Devon|||||
|Earth Doctors Ltd "Big River Bakery"|||15,150||
|Enactus
UK —Covid-19 relief grant|||5,000||
|Ethnic Talents Nonprofit
Bt-Contribution
towards
labour
integration
of marginalised
communities|market||(11,356)||
|Flow Foundation —Contribution
towards capacity building|work||10,643||
|Foundation
Futures —Contribution
towards
'Makes Stuff'|pilot|||26,080|
|Giving Yoga Foundation —Contribution
towards development||||2,577|
|jai Bhim Trirantna
Buddhist Community
—Support for financial
stabilisation|||14,089||
|Let's Help Each Other Association —Contribution
towards
refurbishment
and opening ofa sandwich
factory|the|||13,707|
|Live Consciously
Association —Contribution
towards
purchase||ofa van|613|5,798|
|Live Consciously Association —Covid-19 relief grant||||3,684|
|Mahajana
Foundation —Covid-19 relief grant||||4,885|
|Make Your Way CIC —Contribution
towards
external
business||support||3,000|
|Make Your Way CIC —Covid-19 relief grant||||4,000|
|Multi-Faith
Centre —Covid-19 relief grant||||700|
|Oswin Project —Contribution
toward
Cafe 16|||26,000|25,700|
|Plastic Free North
Devon —'Protect our Playground'
project|||8,995||
|SIMPACT —Support for social enterprise
development
programme||||12,493|
|T-Tudok - Assiastance to introducing
a new methodology|in a|school|4,645||
|Well Grounded —Covid-19 relief grant|||(24,500)|25,000|
|Wonderworkshop
Association —Support for Community
Assistants
Programme|||35,256||
|Woodshed
Workshop
CIC —Contribution
to provide support for learners|||17,630||
|Woodshed
Workshop CIC- Covid-19 relief grant|||674|1,000|
|Youth Realities —Contribution
to meet increased service|demand||15,324||
|Total ofgrants awarded|||203,423|248,251|
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|received remuneration||and ben|efi|ts amounting
to more than f60,00|0 in either year is|nil.|
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||f|f|
|Salaries|||||104,711|104,269|
|Social Security Costs|||||11,296|12,295|
|Pension Costs|||||2p352|2,306|
||||||118,359|118,870|
|Net incoming
resources|||||||
||||||2021|2020|
||||||f|f|
|This is stated after charging:|||||||
|Auditors'
remuneration||—audit of|accounts||10,409|9,794|
|Auditors'
remuneration||—other services|||2,023||
|Depreciation|||||3,490|2,985|
|Loss on disposal ofassets|||||||
|Net incoming resources||are shown|after any foreign exchange movement.||||
|nvestments|||||||
||||||2021|2020|
||||||f|f|
|Market value at 1July|2020||||25,771,126|2,225,857|
|Purchases
made during||the year|||28,187,227|3,078,188|
|Sales proceeds received|||||(7,649,983)|(3,018,034)|
|Increase/(decrease)
in|cash awaiting|||investment|(12,747,734)|17,673,954|
|Securities transferred|in specie|||||5,125,260|
|Gains and (losses) on investments|||for the year||||
|— Realised|||||102,921|115,966|
|Unrealised|||||(1~559p021)|569,935|
|Market value at 30June 2021|||||32,104,536|25,771,126|
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|nalysis o|fmar|ket value at 30June 2021|||
|---|---|---|---|---|
||||2021|2020|
||||f|E|
|Equities|—listed on a recognised Stock Exchange||5,108,726|581,263|
|Bonds|||22,083,625|6,523,334|
|Absolute|return funds||1,380,785|891,443|
|Cash awaiting||investment|3,531,400|17,775,086|
|Market|value|at 30June 2021|32,104,536|25,771,126|
##
||Furniture,|Website|Total|
|---|---|---|---|
||fittings and|design and||
||equipment|development||
||E|||
|Cost||||
|At 1July 2020|22,209|5,956|28,165|
|Additions
during the year||||
|Disposals||||
|At 30June 2021|22,209|5,956|28,165|
|Depreciation||||
|At 1July 2020|15,403|5,956|21,359|
|Charge for the year|3,490||3,490|
|Depreciation
on disposal||||
|At 30June 2021|18,893|5,956|24,849|
|Net book value||||
|At 30June 2021|3,316||3,316|
|At 30June 2020|6,806||6,806|
##
||||||2021|2020|
|---|---|---|---|---|---|---|
||||||6|6|
|Prepayments|||||23,073|30,283|
|Other debtors|||||20,572|37,372|
||||||43,645|67,655|
|reditors - Amounts|falling due within||one year||||
||||||2021|2020|
||||||f|6|
|Trade creditors|||||3,581|5,423|
|Grant commitments|||||33,865|137,279|
|Accruals|||||42,699|34,700|
|Other creditors|||||290|284|
||||||80,435|177,686|
|reditors
-Amounts|falling due after||more than one|year|||
||||||2021|2020|
||||||6|6|
|Grant commitments|||||7,043||
||||||7,043||
|nalysis ofnet assets||between funds|||||
||||Unrestricted|Unrestricted|2021|2020|
||||income fund|capital fund|||
||||||Total|Total|
|Tangible fixed assets||||3,316|3,316|6,806|
|Investments||||32,104,536|32,104,536|25,771,126|
|Net current assets|||2,679,014||2,679,014|7,002,323|
|Creditors due after one year|||(7,043)||(7,043)||
|Net surplus|||2,671,971|32,107,852|34,779,823|32,780,255|
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|ovement
in fund|s|||||
|---|---|---|---|---|---|
|||Unrestricted|Unrestricted|2021|2020|
|||income fund|capital fund|||
|||||Total|Total|
|||||6|f|
|Balance at 1July 2020||2,456,868|30,323,387|32,780,255|2,222,648|
|Incoming resources||335,931|3,898,449|4,234,380|29,653,967|
|Resources expended||(4602)87)|(137,410)|(598p297)|(557,756)|
|Realised/unrealised|gains and losses|(180,415)|(1,456,100)|(1,636,515)|1,461,396|
|Transfer between
funds||520/74|(520,474)|||
|Balance at 30June|2021|2,671,971|32,107,852|34,779,823|32,780,255|
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|econciliation ofne|t incoming|resources to operating
act|ivities||
|---|---|---|---|---|
||||2021|2020|
||||f|E|
|Net income for the year before||gains/(losses)|3,636,083|29,096,211|
|Depreciation
charges|||3,490|2,984|
|Loss on disposal ofassets|||||
|Dividend
and interest|receivable||(320,931)|(57,639)|
|Decrease/(increase)|in debtors||24,010|2,015|
|Increase/(decrease)|in creditors||6,163|(10,058)|
|Increase/(decrease)|in grant commitments||(96,371)|(72,992)|
|Net cash inflow from operating||activities|3,252,444|28,960,521|
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|||2021|2020|
|---|---|---|---|
|Within one year||19,483|34,115|
|After one year but within|five years|9,742||
|After five years||||
|Total||29,225|34,115|
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