## ## |||Page| |---|---|---| |Legal and administrative|information|2-3| |Report ofthe Trustees||4-11| |Independent
auditors'|report tothe Trustees|12-15| |Statement of financial|activities|16| |Balance sheet||17| |Cashflow statement||18| |Notes tothe financial|statements|19-29| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||Note|Unrestricted|Unrestricted|Total|Tota
I| |---|---|---|---|---|---| |||Income Fund|Capital Fund|Funds|Funds| |||2023|2023|2023|2022| |||E|E|E|E| |Income from:|||||| |Donations
and legacies||798,868||798,868|15,000| |Income from investments:|||||| |Investment
income||752,580||752,580|488,405| |Total income||1,551,448||1,551,448|503,405| |Expenditure
on:
Costs of raising funds|||33,149|33,149|176,755| |Expenditure
on charitable
activities|4|871,974|1,326|873,300|658,811| |Total expenditure||871,974|34,475|906,449|835,566| |Net income for the year before
gains and losses||679,474|(34,475)|644,999|(332,161)| |Realised investment
gains/(losses):
- on foreign currency
- on fixed asset investments||(22,232)|(39,252)|(22,232)
(39,252)|5,673
236,387| |||(22,232)|(39,252)|(61,484)|242,060| |Unrealised
investment|||||| |gains/(losses):
- on foreign currency
- on fixed asset investments||(104,665)|25,246|(104,665)
25,246|16,095
(38,188)| |- on investment
property|||(1,320,353)|(1,320,353)|| |||(104p665)|(1~295107)|(1p399772)|(22,093)| |Net gains/(losses)
on investments||(126,897)|(1,334,359)|(1,461,256)|219,967| |Net income||552,577|(1,368,834)|(816,257)|(112,194)| |Transfer between funds||(938,523)|938,523||| |Net movement
in funds||(385p946)|(430~311)|(816257)|(112194)| |Reconciliation offunds|||||| |Balance brought
forward at 1July
2022||1' 12p664|32p855~965|34p667~629|34,779,823| |Balance carried forward at 30June|||||| |2023|||||| |||1425p718|32p425p654|33p851372|34667 629| ## ## ## ||||||Note|2023|2022| |---|---|---|---|---|---|---|---| |||||||6|6| |Fixed assets|||||||| |Investment|portfolios|||||4,938,481|5,525,442| |Investment|property|||||27,484,228|27,328,692| |Tangible assets||||||2,945|1,831| |||||||32,425,654|32,855,965| |Current assets|||||||| |Cash at bank and in|||hand|||2,009,477|2,438,754| |Debtors|||||10|372,844|110,667| |||||||2,382,321|2,549,421| |Current liabilities|||||||| |Creditors: amounts|||falling|due within one year-||(447,651)|(213,007)| |unrestricted|||||||| |Net current|assets|||||1,934,670|2,336,414| |Total assets|less current|||liabilities||34,360,324|35,192,379| |Creditors: amounts|||falling due after more than one||||| |Year - unrestricted|||||12|(508,952)|(524,750)| |Net assets||||||33,851,372|34,667,629| |Funds|||||||| |uinrestricted|capital||fund|||32,425,654|32,855,965| |Unrestricted|income fund|||||1,425,718|1,811,664| |Totalunrestricted||funds|||13|33,851,372|34,667,629| ## ||||||2023|2023|2022||2022| |---|---|---|---|---|---|---|---|---|---| ||||||f|f|f||f| |Net cash inflow from|operating||||||||| |activities (Note 15)||||||(149,586)|||(234,167)| |Returns on investment||and servicing|||||||| |offinance|||||||||| |Dividends
received|||||48,863||211,602||| |Interest received|||||30,859||156,958||| |Rent received|||||672,858||56,045||| |||||||752,580|||424,605| |Capital expenditure|and financial||||||||| |Investment|||||||||| |Proceeds from sale of investments|||||2,864,336||30,840,418||| |Purchase offixed assets|||||(1,475,890)||(1,658)||| |Purchase ofinvestment|||property||(2,440)||(27,328,692)||| |Purchase ofinvestments|||||(209,607)||(7,435,823)||| |||||||1,176,399|||(3,925,755)| |Effect ofcurrency translation
and cash equivalents||||on cash||(37,174)|||292,144| |Net decrease in cash||||||1,742,219|||(3,443,173)| |Analysis ofnet funds|||||Net|balance at 1July|Cash increase||Net balance| |||||||2022|/(decrease)|in|at 30June| |||||||f|the year
f||2023
f| |Cash at bank||||||2,438,754|(429,277)||2,009,477| |Investment
cash (see|||note below)|||365,277|2,171,496||2,536,773| |||||||2,804,031|1,742,219||4,546,250| |Note
increasef(Decrease)|in|cash awaiting investment|||(note 7)||||2,081,774| |tlnreagsed
gains on|cash held|||for investment|||||89,722| ||||||||||2,271,496| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Furniture,|fittings and|equipment|3years| |---|---|---|---| |Website|development|and design|3years| ## ## ## ## ## ## |estment|income|||| |---|---|---|---|---| ||||2023|2022| ||||6|6| |interest|earned||30,417|156,909| |Dividend|income||48,863|211,602| |Rental income —Newman||Street|672,858|119,845| |Otherlnterest|||442|49| ||||752,580|488,405| ## |enditure
on charita|ble
activiti|es||| |---|---|---|---|---| ||||2023|2022| ||||6|6| |Grant-making
(see below)|||436,786|433,123| |Charitable
progra mmes
Support costs
Governance
costs|||9,278
242,291
11,287|201,163
13,100| |Property expenditure|—Newman|Street|173,658|11,425| ||||873,300|658,811| ## ## |The following
grants were made during the|The following
grants were made during the|The following
grants were made during the|The following
grants were made during the|The following
grants were made during the|The following
grants were made during the|year:||| |---|---|---|---|---|---|---|---|---| ||||||||2023|2022| ||||||||f|6| |Barefoot Kitchen|||||||5,050|| |Bike Stop|||||||(17,342)|17,342| |Brookside Theatre||||||||5,000| |Buddhist
Heritage Project- Archive||||buildin|g|repairs|16,030|| |Buddhist
Heritage Project —Overheads||||||||32,205| |Creative
Learning||||||||6,650| |Conservation
Collective|||||||8,358|1,750| |Deer Wood Trust|||||||12,237|| |Denton Youth and Community|||Project||||20,000|15,000| |Devon Environment
Foundation|||||||5,000|9,000| |Devon Wildlife Trust|||||||15,000|| |Earth Doctors Ltd "Big|River Bakery"|||||||5,000| |Escape2Make||||||||4,000| |Firestarter Association||||||||15,424| |Flow Foundation||||||||3,189| |Foundation
Futures|||||||34,300|14,030| |Green Schools Project|||||||10,000|15,000| |High Trees Community||Development||Trust|||10,000|20,000| |Kompania
Foundation|||||||223|| |Mahajana
Foundation||||||||9,045| |Oswin Project|||||||14,000|| |Plastic Free North Devon|||||||12,000|| |Roma Minority
Representatives|||||||(1,180)|6,650| |Romaversitas
Ala pitvany||||||||4,577| |5 IMPACT|||||||19,141|| |Smile For Life Children's||Charity|(SFL)||||10,000|14,810| |Stone Soup Academy|||||||60,432|| |Tandem Theatre|||||||430|| |Well Grounded|||||||45,000|15,000| |Wilder City|||||||2,880|14,690| |Women for the Future||Association:||Roma|H|eroes||22,000| |Wonderworkshop
Association||||||||102,090| |Woodshed
Workshop|CIC||||||32,000|12,000| |Youth Realities|||||||13,200|| |Total ofgrants awarded|||||||326,759|364,452| |Support costs classified||as grant making|||||110,027|68,671| |Total grant-making|||||||436,786|433,123| ## |eived remuneration
and benefits amounting|to more than f60,000 in either year is n|il.| |---|---|---| ||2023|2022| ||6|E| |Salaries|170,702|112,968| |Social Security Costs|16,411|17,068| |Pension Costs|4,919|3,546| ||192,032|133,582| ## ## |Net inco|ming resourc|es||| |---|---|---|---|---| ||||2023|2022| ||||f|6| |This is stated after charging:||||| |Auditors'|remuneration|—audit ofaccounts|9,744|12,100| |Auditors'|remuneration|—other services|1,988|4,120| |Depreciation|||1,326|3,143| ## |vestments||||| |---|---|---|---|---| ||||2023|2022| ||||6|f| |Market value at 1July 2022|||5,525,442|32,104,536| |Purchases
made during the year|||209,607|7,435,823| |Sales proceeds received|||(2,864,336)|(30,840,418)| |Increase/(Decrease)
in cash awaiting||investment|2081774|(3,372,697)| |Gains and (losses) on investments|for|the year||| |- Realised|||(39,252)|236,387| |- tlnrealised|||25,246|(38,189)| |Market value at 30June 2023|||4,938,481|5,525,442| ## |.|Investments
continued|Investments
continued|Investments
continued||| |---|---|---|---|---|---| ||Analysis ofmarket value at 30June 2023|||2023|2022| |||||6|E| ||Equities —listed on a recognised||Stock Exchange|609,534|628,298| ||Bonds|||1,050,676|2,354,777| ||Absolute
return funds|||741,498|2,177,090| ||Cash awaiting|investment||2,536,773|365,277| ||Market value|at 30June 2023||4,938,481|5,525,442| |g.|Investment|property||2023|2022| |||||6|E| ||Fair Value at|1July 2022||27,328,692|| ||Additions|||1,475,889|27,328,692| ||Revaluation|||I1,320,353)|| ||Fair value at|30 June 2023||27,484,228|27,328,692| ## ## |.
Tangible fixed asse|ts|||| |---|---|---|---|---| |||Furniture,|Website|Total| |||fittings and|design and|| |||equipmentf|development
6|| |Cost
At 1July 2022
Additions
during the|year|23,867
2,440|5,956|29,823
2,440| |Disposals
At 30June 2023||26,307|5,956|32,263| |Depreciation
At 1July 2022
Charge for the year||22,036
1,326|5,956|27,992
1,326| |Depreciation
on disposal
At 30June 2023||23,362|5,956|29,318| |Net book value
At 30June 2023||2,945||2,945| |At 30June 2022||1,831||1,831| |10. Debtors||||| ||||2023|2022| ||||6|E| |Prepayments
VAT recoverable
Other debtors|||34,115
338,729|30,405
43,053
37,209| ||||372,844|110,667| |11.Creditors -Amounts|falling due within one year|||| ||||2023|2022| ||||6|6| |Trade creditors
Grant commitments
Accruals and deferred
Other creditors||income|45,011
94,901
252,606
55,133|21,822
111,775
75,331
4,079| ||||447,651|213,007| ## ## |12.Creditors -|Amounts|falling due after|more than one y|ear||| |---|---|---|---|---|---|---| ||||||2023|2022| ||||||6|6| |Grant commitments|||||20,000|16,850| |Rent deposits|||||488,952|507,900| ||||||508,952|524,750| |13.Analysis of|net assets between funds|||||| ||||Unrestricted|Unrestricted|2023|2022| ||||income fund|capital fund||| ||||||Total|Tota I| |Tangible fixed assets||||2,945|2,945|1,831| |Investments|(including
property)|||32,422,709|32,422,709|32,854,134| |Net current|assets||1,934,670||1,934,670|2,336,414| |Creditors due after one year|||(508,952)||(508,952)|(524,750)| |Net surplus|||1,425,718|32,425,654|33,851,372|34,667,629| |14.Movement|in funds|||||| ||||Unrestricted|Unrestricted|2023|2022| ||||income fund|capital fund||| ||||||Total|Total| ||||||6|E| |Balance at|1July 2022||1,811,664|32,855,965|34,667,629|34,779,823| |Incoming resources|||1,551,448||1,551,448|503,405| |Resources expended|||(871,974)|(34,475)|(906,449)|(835,566)| |Realised/(unrealised)
losses||gains and|(126,897)|(1,334,359)|(1,461,256)|219,967| |Transfer between
funds|||(938,523)|938,523||| |Balance at|30June 2023||1,425,718|32p425,654|33,851,372|34,667g629| ## ## |econciliation
ofnet incoming resources to operating activiti|es|| |---|---|---| ||2023|2022| ||6|E| |Net (deficit)/income
for the year before (losses)/gain
Depreciation
charges
Dividends,
interest
and rent receivable|644,999
1,326
(752,581)|(332,161)
3,143
(488,406)| |(Increase) in deferred
rental income
(Increase)/decrease
in debtors
Increase
in creditors|156,144
(262,178)
76,428|(63,800)
(3,222)
562,562| |Increase/(decrease)
in grant commitments|(13,724)|87,717| |Net cash inflow from operating
activities|(149,586)|(234,167)| ## ## |operating
leases as fol|lows:||| |---|---|---|---| |||2023|2022| |Within one year|||9,742| |After one year but within|five years||| |Total|||9,742| ##