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2022-03-31-accounts

Page
Report ofthe Trustees 1 to 3
Report ofthe Indepeadent
Auditors		 4 to 6
Statemeat ofFinancial Activities
Balance Sheet 8 to 9
Cash Flow Statement 10
Notes to the Cash Flow Statement
Notes to the Financial Statements 12 to 19
Detailed Statement ofFinancial Activities 20 to 21

31/3/22 31/3/21
Unrestricted Total
fund funds
Notes f
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,259494 1,329,966
lnvesnnent income 3,177,531 777,083
Other income 10,695
Total 4,447,620 2,107,049
EXPENDITURE ON
Charitable activities
General 481,438 257,796
Other 2,101,779 24,500
Total 2,583,217 282,296
Net gains on investments 9,232,404
NET INCOME 11,096,807 1,824,753
RECONCILIATION OFFUNDS
Total funds brought forward 28&991&128 27,166,375
TOTAL FUNDS CARRIED FORWARD 40,087,935 28,991,128

31/3/22 31/3/21
Unrestricted Total
fund funds
Notes
FIXED ASSETS
Tangible assets 11 4,113316 4,053,812
Investments 12 30846,071 11,255,648
34459487 15,309,460
CURRENT ASSETS
Debtors 13 7,753,953 15,950,126
Cash at bank 930,645 940,047
8,684,598 16,890,173
CREDITORS
Amounts falling due within one year 14 (179,422) (408,450)
NET CURRENT ASSETS 8,505,176 16,481,723
TOTAL ASSETSLESSCURRENT
LIABILITIES 42,864,563 31,791,183
CREDITORS
Amounts falling due after more than one year 15 (2,776,628) (2,800,055)
NET ASSETS 40,087,935 28,991,128
FUNDS 18
Unrestricted
funds		 40,087,935 28,991,128
TOTAL FUNDS 40,087,935 28,991,128

31/3/22 31/3/21
Notes 8
Cash flows from operating activities
Cash generated
from operations		 (10,024,782) (4,298,152)
Interest paid (103,401) (82,051)
Finance costs paid (6,300)
Net cash used in operating activities (10,134,483) (4,380,203)
Cash flows from investing activities
Purchase oftangible fixed assets (90,876) (1,079,054)
Purchase offixed asset investments (3,060,162) (6,269,341)
Saleoftangible fixed assets 10,695
Saleoffixed asset investments 12,564,165 4,666,059
Interest received 878476 624,850
Net cash provided
by/(used		 in) investing activities 10,302,198 (2,057,486)
Cash flows from financing activities
New loans in year 500,000
Net cash provided
by financing		 activities 500,000
Change in cash and cash equivalents in
the reporting
period		 167,715 (5,937,689)
Cash and cash equivalents at the
beginning
ofthe reporting		 period 2 618,531 6,556,220
Cash and cash equivalents at the end of
the reporting
period		 786446 618,531

RECONCILIATION
OFNET INCOME TO		 RECONCILIATION
OFNET INCOME TO		 RECONCILIATION
OFNET INCOME TO		 RECONCILIATION
OFNET INCOME TO		 NET CASH FLOW FROM NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31/3/22 31/3/21
8
Net income for the reporting period (as per the Statement ofFinancial
Activities) 11,096,$07 1,824,753
Adjustments for:
Depreciation charges 31,372 17,742
Profit on disposal offixed assets (10,695)
Interest received (87$,376) (624,850)
Interest paid 103,401 82,051
Finance costs 6,300
Impairment ofinvestments 2,075,979
Revaluation gains (9,232,404)
Conversion ofLoans to Investments (21,33$,001)
Decrease/(increase) in debtors $&196,173 (3,33 1,579)
Decrease in creditors (75,338) (2,266,269)
Net cash used in operations (10,024,782) (4,298,152)
ANALYSIS OF CASH AND CASH EQUIVALENTS
31/3/22
8		 31/3/21
f
Notice deposits (less than 3 months) 930,645 940,047
Overdratls
included		 in bank loans and overdrafls falling due within one year (144499) (321816)
Total cash and cash equivalents 7$6,246 6!$,53l
ANALYSIS OF CHANGES IN NET DEBT
At I/4/21 Cash flow At 31/3/22
Net cash
Cash at bank 940,047 (9,402) 930,645
Bank overdrafts (321,516) 177,117 (144,399)
618,531 167,715 786&246
Debt
Debts falling due after I year (1,760,000) (1&760,000)
(1,760,000) (1,760&000)
Total (1,141,469) 167,715 (973&754)

3. DONATIONS DONATIONS DONATIONS AND LEGACIES AND LEGACIES AND LEGACIES
31/3/22 31/3/21
Donations 1,259,394 1,329,966
4. INVESTMENT INCOME
31/3/22 31/3/21
f
Rents received 30,828 23,428
(Loss)/Profit on investment disposal 2,268,327 (319,514)
Amounts received on investment 448,319
Interest receivable 878476 624,850
3,177,531 777,083
5. CHARITABLE ACTIVITIES COSTS
Support
costs (see
note 6)
f
General 481&438
6. SUPPORT COSTS
Human
Management Finance resources
Other resources expended
General 276,543 106,750 5,617
276,543 186,750 5,617
Governance
Other costs Totals
f f
Other resources expended 25,800 25,800
General 8,107 4,421 481,438
8,107 30,221 507,238

31/3/22 31/3/21
g 6
Depreciation - owned assets 31,372 17,742
Surplus on disposal offixed assets (10&695)

9. STAFFC OSTS
31/3/22 31/3/21
Wages and salaries 5,617 6,128
5,617 6,128
The average monthly number ofemployees during the year was as follows:
31/3/22 31/3/21
Employees I 1
No employees
received emoluments		 in excess of660,000.
10. COMPARATIVKS FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,329,966
Investment income 777,083
Total 2,107,049
EXPENDITURE ON
Charitable activities
General 257,796
Other 24,500
Total 282,296

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
NET INCOME 1,824,753
RECONCILIATION OF FUNDS
Total funds brought forward 27,166,375
TOTAL FUNDS CARRIED FORWARD 28,991,128

TANGIBLE FIXEDASSETS
Improvements Fixtures
Freehold to and
property properly fittings Totals
COST
At I April 2021 3&953477 107,044 11,233 4,071,554
Additions 84,433 6&443 90,876
At 31March 2022 3&953477 191,477 17&676 4,162,430
DEPRECIATION
At 1 April 2021 16,057 1&685 17,742
Charge for year 28,721 2,651 31@72
At 31March 2022 44,778 4,336 49,114
NET BOOKVALUE
At 31March 2022 3&953477 146,699 13,340 4,113,316
At 31March 2021 3,953,277 90,987 9,548 4,053,812

Unlisted
investments
MARKET VALUE
At 1 April 2021 11,255,648
Additions 24,398,163
Disposals (12,564,165)
Revaluations 9,232&404
Impairments (2,075,979)
At 31March 2022 30,246,071
NET BOOK VALUE
At 31March 2022 30&246,071
At 31 March 2021 11,255,648
There were no investment assets outside the UK.
Cost or valuation
at31March 2022 is represented		 by;
Unlisted
investments
8
Valuation in 2022 6&993,970
Cost 23,252,101
30,246,071

IfFixed As set Investments
had not been revalued
they would have been inc		 luded
at the following		 historical co
31/3/22 31/3/21
Cost 14,182,152
Aggregate provisions (2,075,979)
DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
I
Trade debtors 87,285
Other debtors 189,050 188,544
Loans due 0om related parties 7,474,258 15,759,650
Prepayments and accrued income 3,360 l,932
7,753&953 15,950,126

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
Bank loans and overdraits (see note 16) 144,399 321,516
Trade creditors 1,212 51,765
Amounts
owed to companies		 unde r common control 478
Accruals
and deferred		 income 33,811 34,691
179,422 408,450
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/22 31/3/21
f.
Bank loans (see note 16) 1,760,000 1,760,000
Accruals and deferred income 1,016,628 1,040,055
2,776,628 2,800,055
16. LOANS
An analysis ofthe maturity ofloans is given below:
31/3/22 31/3/21
Amounts
falling due within		 one year on demand:
Bank overdraiis 144,399 321,516
Amounts
falling due between		 two and five years'.
Bank loans - 2-5 years 1,760,000 1,760,000
17. SECURED DEBTS
The following
secured		 debts are included within creditors:
31/3/22 31/3/21
Bank loans 1,760,000 ],760,000

MOVE MEN T IN FUNDS
Net
movement At
At I/4/21 in funds 31/3/22
f, 6
Unrestricted funds
General fund 28,991,128 11,096,807 40,087,935
TOTAL FUNDS 28,991,128 11,096,807 40,087,935
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
Unrestricted funds
General fund 4,447,620 (2,583,217) 9,232,404 11,096,807
TOTAL FUNDS 4,447,620 (2,583,217) 9,232,404 11,096,807
Comparatives for movement in funds
Net
movetnent At
At I/4/20 in funds 31/3/21
Unrestricted funds
General fund 27,166,375 1,824,753 28,991,128
TOTAL FUNDS 27,166,375 1,824,753 28,991,128
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
Unrestricted funds
General fund 2,107,049 (282,296) 1,824,753
TOTAL FUNDS 2,107,049 (282,296) 1,824,753

31/3/22 31/3/21
INCOME AND ENDOWMENTS
Donations
and legacies
Donations 1,259,394 1,329,966
Investment
income
Rents received 30,$28 23,428
(Loss)/Profit
on investment		 disposal 2,268,327 (319,514)
Amounts
received on		 investment 448,319
Interest receivable 878,376 624,$50
3,177,531 777,083
Other income
Gain on sale oftangible fixed assets 10,695
Total incoming resources 4,447,620 2,107,049
EXPENDITURE
Other
Impairment
losses - Investment		 2&075&979
Support costs
Management
Rates and water 2&888 3,537
Insurance 3,807 494
Telephone 511 217
Consultancy 4,320 4,320
ITand website costs 2&828 2,2$7
Gifts and donations 125,572 54,600
Subscriptions 45 45
Travelling 506 724
Property expenses 103,104 26,694
Rental expenses 1,590
Depn Improvements to property 28,721 16,057
Depn Fixtures and fittings 2,651 1,685
276&543 110,660
Finance
Bank charges 6,745 2,348
Bank interest 25,457 19,691
Bank loan interest 77,944 62,360
Loan charges 6,300
Exceptional
items		 70,304 110
186,750 84,509

31/3/22 31/3/21
Finance
Human resources
Wages 5,617 6,128
Other
Foreign exchange (gains)/tosse 7,907 35,445
HMRC Penalties and Fines 200
8&107 35,445
Governance costs
Accountancy and legal fees 25,800 24,500
Legal fees 4&421 21,054
30)221 45,554
Total resources expended 2)583)217 282,296
Net income Idt64)403 1,824,753