| Page | |||||
|---|---|---|---|---|---|
| Trustees' | annual report |
(incorporating | the director's report) | ||
| Independent auditor's |
report to the members | ||||
| Statement | offinancial | activities (including | income and expenditure | ||
| account) | 10 | ||||
| Statement | offinancial | position | |||
| Statement | ofcash flows | 12 | |||
| Notes to | the financial | statements | 13 |
| Y | EARENDED | 31DECE | MBER2021 | MBER2021 | |||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| Unrestricted | |||||||
| funds | Total funds | Total funds | |||||
| Note | |||||||
| Income and endowments | |||||||
| Donations and legacies |
5 | 1,930,220 | 1,930,220 | 1,995,130 | |||
| Investment income |
6 | 278,756 | 2789756 | 61,682 | |||
| Total income | 2,208,976 | 2,208,976 | 2,056,812 | ||||
| Expenditure | |||||||
| Expenditure on raising funds: |
|||||||
| Investment management |
costs | 7 | (56,141) | (56)141) | (40,034) | ||
| Expenditure on charitable |
activities | 8,9 | (435,154) | (435,154) | (576,156) | ||
| Other expenditure | 12 | (6,564) | |||||
| Total expenditure | (491,295) | (491,295) | (622,754) | ||||
| Net gains on investments | 13 | 665,059 | 665,059 | 696,509 | |||
| Net income and net movement | in funds | 2,382,740 | 2,382,740 | 2,130,567 | |||
| Reconciliation offunds | |||||||
| Total funds brought forward |
7,349,883 | 7,349,883 | 5,219,316 | ||||
| Total funds carried forward | 9,732,623 | 9,732i623 | 7,349,883 |
| STATEM | E | NT OF FINANCIAL POSITION | NT OF FINANCIAL POSITION | ||||
|---|---|---|---|---|---|---|---|
| ' | 31DECEMBER 2021 | ||||||
| 2021 | 2020 | ||||||
| Note | f | ||||||
| Fixed assets | |||||||
| Investments | 16 | 8,734,834 | 6,635,751 | ||||
| Current assets |
|||||||
| Debtors | 17 | 423,311 | 134,758 | ||||
| Cash at bank | and in hand | 581,578 | 581,174 | ||||
| 1,004,889 | 715,932 | ||||||
| Creditors: amounts | falling due | ||||||
| within one year |
18 | ' (7,100) | '(1,800) | ||||
| Net current | assets | 997&789 | 714,132 | ||||
| Total assets | less current liabilities | 9,732,623 | 7,349,883 | ||||
| Net assets | 9,732,623 | 7,349,883 | |||||
| Funds ofthe | charity | ||||||
| Unrestricted | funds | 9,732,623 | 7,349,883 | ||||
| Total charity | funds | 19 | 9,732,623 | 7,349,883 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| f | |||||
| Cash flows from operating | activities | ||||
| Net income | 2,382,740 | 2,130,567 | |||
| Adjustments for: | |||||
| Net gains on investments | (665,059) | (696,509) | |||
| Other interest receivable and similar income |
(278,756) | (61,682) | |||
| Interest payable and similar |
charges | 492 | 485 | ||
| Changes in: | |||||
| Trade and other debtors | (288,553) | 102,331 | |||
| Trade and other creditors | 5,300 | ||||
| Cash generated from operations |
1,156,164 | 1,475,192 | |||
| Interest paid | (492) | (485) | |||
| Interest received | 278,756 | 61,682 | |||
| Net cash from operating activities |
1,434,428 | 1,536,389 | |||
| Cash flows from investing | activities | ||||
| Purchases ofother investments | (2,662,175) | (2,584,702) | |||
| Proceeds from sale ofother | investments | 1,228,151 | 1,072,397 | ||
| Net cash used in investing | activities | (1,434,024) | (1,512,305) | ||
| Net increase in cash and | cash equivalents | 404 | 24,084 | ||
| Cash and cash equivalents | at beginning | ofyear | 581,174 | 557,090 | |
| Cash and cash equivalents | at end ofyear | 581,578 | 581,174 |
| DONATION | S | AND LEGACIE | S | |||
|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2021 | Funds | 2020 | |||
| 8 | ||||||
| Donations | ||||||
| Donations | 951,102 | 951,102 | 500,000 | 500,000 | ||
| Endowment | - | Investments | 979,118 | 979,118 | 1,495,130 | 1,495,130 |
| 1,930,220 | 1)930,220 | 1,995,130 | 1,995,130 |
| INVE | STMENT | INCOME | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2021 | Funds | 2020 | |||
| Bank | interest receivable | 38 | 38 | 240 | 240 | |
| Other | investment | income | 278,718 | 278,718 | 61,442 | 61,442 |
| 278,756 | 278,756 | 61,682 | 61,682 |
| Bank interest receivable Other investment income |
Bank interest receivable Other investment income |
38 278,718 278,756 |
38 278,718 278,756 |
240 61,442 61,682 |
240 61,442 61,682 |
||
|---|---|---|---|---|---|---|---|
| 7. | INVESTMENT MANAGEMENT | COSTS | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
| Funds | 2021 | Funds | 2020 | ||||
| 6 | |||||||
| Portfolio | management | 56,141 | 56,141 | 40,034 | 40,034 | ||
| 8, | EXPENDITURE ON CHARITABLE ACTIVITIES | BYFUND TYPE | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
| Funds | 2021 | Funds | 2020 | ||||
| 6 | |||||||
| Charitable | donations | 432,600 | 432,600 | 573,610 | 573,610 | ||
| Supportcosts | 2,554 | 2,554 | 2,546 | 2,546 | |||
| 435,154 | 435)154 | 576,156 | 576,156 |
| EXPENDI | TURE ON CHARI | TABLE ACTIVITIE | S BYACTIVI | TY TYPE | |
|---|---|---|---|---|---|
| Grant | |||||
| funding of | Total funds | Total fund | |||
| activities | Support costs | 2021 | 2020 | ||
| Charitable | donations | 432,600 | 432,600 | 573,610 | |
| Governance | costs | 2,554 | 2,554 | 2,546 | |
| 432,600 | 2,554 | 435,154 | 576,156 |
| ANALYSIS | OF SUPPO | R | T | COS | TS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal and | |||||||||||
| Bank | charges | Accountancy | professional | ||||||||
| and | fees | fees | fees | Total | 2021 | Total 2020 | |||||
| 6 | |||||||||||
| Finance costs | 492 | 492 | 485 | ||||||||
| Governance | costs | 1,800 | 262 | 2,062 | 2,061 | ||||||
| 492 | 1,800 | 262 | 2,554 | 2,546 | |||||||
| ANALYSIS | OF GRANTS | ||||||||||
| 2021 | |||||||||||
| Grants to institutions | |||||||||||
| Royal Opera | House Covent | Garden Foundation | 250,000 | ||||||||
| Royal Ballet | School | 50,000 | |||||||||
| Protection Against Stalking |
25,000 | ||||||||||
| Royal National Lifeboat | Institution | 25,000 | |||||||||
| The Pepper Foundation | 20,000 | ||||||||||
| Prostate Cancer UK | 25,000 | ||||||||||
| Helford River Children's | Sailing Trust | 10,000 | |||||||||
| Royal Academy ofDance | 10,000 | ||||||||||
| Other grants | less than 610,000 | 17,600 | |||||||||
| 432,600 | |||||||||||
| Total grants | |||||||||||
| The gmnts to institutions | to | support the | charity's objectives are as follows: | ||||||||
| 2021 | |||||||||||
| Advancement | ofthe arts, | culture, heritage and | science | 310,100 | |||||||
| Advancement | ofeducation, | health | and | saving lives | 119,500 | ||||||
| Advancement | for the relief | of | poverty | 3,000 | |||||||
| Total Grants | 432,600 |
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
|---|---|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||||
| Foreign exchange losses | 6,564 | 6,564 | |||||
| 13. | NET GAINS | ON INVESTMENTS | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
| Funds | 2021 | Funds | 2020 | ||||
| 5 | |||||||
| Gains/(losses) | on revaluation | of | |||||
| investments | 635,895 | 635,895 | 584,975 | 584,975 | |||
| Gains/(losses) | on disposal of | ||||||
| investments | 29,164 | 29,164 | 111,534 | 111,534 | |||
| 665,059 | 665,059 | 696,509 | 696,509 | ||||
| 14. | AUDITORS | REMUNERATION | |||||
| 2021 | 2020 | ||||||
| Fees payable | for the audit ofthe financial | statements | 1,800 | 1,800 |
| Listed | ||
|---|---|---|
| investments | ||
| Valuation | ||
| At 1 January 2021 | 69635,751 | |
| Additions | 2,662,175 | |
| Disposals | (1,198,987) | |
| Fair value | movements | 635,895 |
| At 31December 2021 | 8,734,834 | |
| Carrying | amount | |
| At 31December 2021 | 8,734i834 | |
| At 31December 2020 | 6,635,751 |
| 17. | The historical DEBTORS |
cost ofinve | stments was 86,4 |
7 | 4,720(20 | 20:55,101,196) | . | |
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Trade debtors | 423,311 | 134,758 | ||||||
| 18. | CREDITORS: amounts | falling due within | one year | |||||
| 2021 | 2020 | |||||||
| 8 | f | |||||||
| Accruals and | deferred income | 1,800 | 1,800 | |||||
| Other creditors | 5,300 | |||||||
| 7,100 | 1,800 | |||||||
| 19. | ANALYSIS | OF CHARITABLE FUNDS | ||||||
| Unrestricted | funds | |||||||
| At | At | |||||||
| 1 January | Gains and | 31December | ||||||
| 2021 | Income | Expenditure | losses | 2021 | ||||
| General funds | 7,349,883 | 2,208,976 | (491,295) | 665,059 | 9,732,623 | |||
| At | At | |||||||
| 1 January | Gains and | 31December | ||||||
| 2020 | Income | Expenditure | losses | 2020 | ||||
| a | s | |||||||
| General funds | 5,219,316 | 2,056,812 | (622,754) | 696,509 | 7,349,883 |
| 20. | ANALYSIS | OF N | ET AS | SETS | BETWEEN | FUN | DS | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | ||||||||||
| Funds | 2021 | ||||||||||
| f | |||||||||||
| Investments | 8,734,834 | 8,734,834 | |||||||||
| Current assets | 1,004,889 | 1,004,889 | |||||||||
| Creditors less |
than | 1 year | (7,100) | (7,100) | |||||||
| Net assets | 9,732,623 | 9,732,623 | |||||||||
| Unrestricted | Total Funds | ||||||||||
| Funds | 2020 | ||||||||||
| Investments | 6,635,751 | 6,635,751 | |||||||||
| Current assets | 715,932 | 715,932 | |||||||||
| Creditors less | than | 1 year | (1,800) | (1,800) | |||||||
| Net assets | 7,349,883 | 7,349,883 | |||||||||
| 21. | FINANCIAL | INSTRUMENTS | |||||||||
| The carrying | amount for each category offinancial | instrument | is as follows: | ||||||||
| 2021 | 2020 | ||||||||||
| E | |||||||||||
| Financial assets measured | at fair value through | income and | expenditure | ||||||||
| Investments | 8,734,834 | 6,635,751 | |||||||||
| Financial assets that are | debt instruments | measured | at amortised | cost | |||||||
| Current assets | 1,004,889 | 715,932 | |||||||||
| Financial liabilities |
measured | at amortised | cost | ||||||||
| Current liabilities | 1,800 | 1,800 | |||||||||
| 22. | ANALYSIS OF CHANGES IN NET DEBT | ||||||||||
| At | At | ||||||||||
| 1 Jan 2021 | Cash flows | 31Dec 2021 | |||||||||
| Cash at bank and in | hand | 581,174 | 404 | 581,578 |