##
##
|||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|