| Reference and Administrative Details |
|
|---|---|
| Trustees' Report |
2 —5 |
| Independent Auditors' Report |
6 —9 |
| Consolidated Statement of Financial Activities |
10 |
| Consolidated Statement of Financial Position |
11 —12 |
| Company Statement of Financial Position |
13 |
| Consolidated and Charity Statement ofCash Flows |
14 |
| Notes to the Financial Statements | 16—24 |
| Endowment | Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Capital | Income | Group | Group | ||||
| Fund | Funds | Funds | Funds | ||||
| 2021 | 2021 | 2021 | 2020 | ||||
| Notes | E | f | E | ||||
| INCOMING RESOURCES | |||||||
| Donations and legacies |
|||||||
| Investment Property Rental Income |
931,898 | 931,898 | 975,135 | ||||
| Investment Income |
834,326 | 834,326 | 1,241,887 | ||||
| Bank Deposit Interest | 421 | 421 | |||||
| Total incoming Resources |
1,766,645 | 1,766,645 | 2,217,022 | ||||
| RESOURCES EXPENDED | |||||||
| Charitable Activities |
3a | 265,617 | 265,617 | 205,915 | |||
| Cost of Generating Funds |
3b | 680,087 | 680,087 | 1,279,893 | |||
| Governance Costs |
4 | 97,515 | 97,515 | 92,200 | |||
| 1,043,219 | 1,043,219 | 1,578,008 | |||||
| NET INCOMING RESOURCES | |||||||
| Net (Deficit) / Income for the year | 723,426 | 723,426 | 639,014 | ||||
| Gains on Disposal Fixed Assets | 12 | 638,787 | 638,787 | 405,928 | |||
| Foreign exchange gains/(losses) | 104,162 | 104,162 | (1,827,625) | ||||
| Investment Revaluation gains/(losses) |
12 | 5,807,880 | 5,807,880 | (5,516,867) | |||
| Profit/(losses) from Disposal |
of Fixed | ||||||
| Asset Investments | 12 | 503,156 | 503,156 | 120597 | |||
| Net Movement in Funds |
5,943,511 | 827,588 | 6,771,099 | (6,420,147) | |||
| ENDOWMENT CAPITAL |
FUND | 8 | |||||
| REVENUE RESERVES | |||||||
| Brought forward | 22,627,993 | 299,480 | 22,927,473 | 29,347,620 | |||
| Funds at 5April 2021 | 28,571,504 | 1,127,068 | 29,698,5?2 | 22,927,473 |
| GROUP | GROUP | |||||
|---|---|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | |||
| Notes | f | |||||
| FIXEDASSETS | ||||||
| Tangible Assets | 15,225,000 | 14,709,000 | ||||
| Investments | 18,150,574 | 14,976,113 | ||||
| 33,375,574 | 29,685,113 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 7 | 396,956 | 512,746 | |||
| Cash at Bank and in Hand |
2,347,606 | 1,107,749 | ||||
| 2,744,562 | 1,620,495 | |||||
| CREDITORS | ||||||
| Amounts falling due within year |
one | 9 | 927,564 | 2,700,135 | ||
| 927,564 | 2,700,135 | |||||
| NET CURRENT LIABILITIES | 1 816,998 | (1,079,640) | ||||
| TOTAL ASSETS LESSCURRENT LIABILITIES |
35,192,572 | 28,605,473 | ||||
| CREDITORS: AMOUNTS | FALLING | DUE | ||||
| AFTER ONE YEAR | ||||||
| Bank loan | 10 | (5,494,000) | (5,678,000) | |||
| NET ASSETS | 29,698,572 | 22,927,473 | ||||
| THE FUNDS OF CHARITY | ||||||
| Endowment Capital Fund |
12 | 28,571,504 | 22,627,994 | |||
| Corporate Revenue Reserves | 1,127,068 | 299,479 | ||||
| TOTAL FUNDS | 29,698,572 | 22,927,473 |
| GROUP | GROUP | COMPANY | COMPANY | |||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||
| Cash flows from operating activities: |
||||||
| Net (expenditure)/income for the reporting period |
6,416,322 | (6,420,148) | 1,281,837 | 2,761,032 | ||
| Net(gains)/losses on investments |
(5,943,511) | 5,231,536 | (1,469,029) | 914,404 | ||
| Foreign exchange movements in investments |
104,162 | (1,827,625) | 80,116 | (250,220) | ||
| Add: Non-operating investment management |
cost | 51,742 | (338,909) | 51,742 | (338,909) | |
| Less: Non-operating investment income reinvested |
180,998 | 180,583 | 180,998 | 180,583 | ||
| Decrease/(increase) in trade and other receivables |
198,253 | (279,681) | 71,852 | 32,569 | ||
| (Decrease)/increase in trade and trade payables |
(1,837,160) | (483,846) | 38,798 | 124,122 | ||
| Decrease/(increase) in investments |
||||||
| Net cash from/(used in) operating activities |
829 194 | 3,938,090 | 236,314 | 3 | 423,581 | |
| Cash flows from investing activities |
||||||
| Proceeds from sale oftangible assets | ||||||
| Proceeds from disposal of loans to Participating | ||||||
| interests | ||||||
| Purchases ofother investments other than loans |
44,405,357 | 28,376,716 | 34,455,751 | 33,902,626 | ||
| Proceeds from sale of investments | 51643,292 | 36667,157 | 33859310 | 36667,157 | ||
| Net cash from/(used in) investing activities |
7,237935 | 8,290,441 | 596,441 | 2,764,531 | ||
| Bank loan and overdrafts | 9,306,986 | 9,528,000 | ||||
| Amount from creditors amounts due for more |
than | |||||
| one year | ||||||
| Net cash used in financing activities |
9,306,986 | 9,528 000 | ||||
| Net increase/(decrease) in cash and cash |
||||||
| equivalents | 1,239,857 | (2,700,531) | 832,755 | 659,050 | ||
| Cash and cash equivalents at beginning of year |
1,107,749 | 3,808,280 | 928,248 | 269,198 | ||
| Cash and cash equivalents at end ofyear |
2,347 606 | 1,107,749 | 1761,003 | 928,248 |
| 3a. | Charitable Activities |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Endowment | Unrestricted | Total | Total | ||||||
| Funds f |
Funds | 2021 | 2020 | ||||||
| Grant making | 265,617 | 265,617 | 205,915 | ||||||
| Charity and Group Total | 265,617 | 265617 | 205,915 | ||||||
| 3b. | Cost ofGenerating | Funds | |||||||
| Estate Management | Costs | ||||||||
| Ground Rent |
25,536 | 25,536 | 27,506 | ||||||
| Insurance | (2,066) | (2,066) | 17,846 | ||||||
| Training and conference |
costs | 610 | 610 | 1,172 | |||||
| Property management |
fees | 20,682 | 20,682 | 18,143 | |||||
| Repairs and maintenance | 48 | 48 | 48 | ||||||
| Letting Fees | 11,051 | 11,051 | 15,?84 | ||||||
| Administration expenses |
46,904 | 46,904 | 47,700 | ||||||
| Directors salaries 8 Nl | 151,615 | 151,615 | 140,345 | ||||||
| Wages 8 salaries | 27,254 | 27,254 | 32,390 | ||||||
| Travel and subsistence | 2,525 | 2,525 | 20,302 | ||||||
| Other establishment | 2,181 | ||||||||
| Legal Fees | 42 956 | 42,956 | 124,706 | ||||||
| Total Estate Management | Costs | 327,115 | 327,115 | 44S,123 | |||||
| Finance Costs | |||||||||
| Financial Costs | 62,360 | 62,362 | 54,122 | ||||||
| Bank Charges | 11,708 | 11,707 | 42,824 | ||||||
| Bank Loan Interest | 225,134 | 225,134 | 227,883 | ||||||
| Investment management |
cost | 53,770 | 53,770 | 506 941 | |||||
| Total Finance Costs | 352,972 | 352,972 | 831,770 | ||||||
| Group Total Cost ofGenerating | Funds | 680 087 | 680 087 | 1 279893 | |||||
| 4. | Governance Cost |
||||||||
| Professional Fees |
1,500 | 1,500 | 15,000 | ||||||
| Accountancy Fees |
82,179 | 82,179 | 65,200 | ||||||
| Auditors' Remuneration |
(Charity) | 13836 | 13836 | 12,000 | |||||
| Charity and Group Total | 97515 | 97515 | 92200 | ||||||
| 5. | Group Tangible Fixed | Assets | |||||||
| Investment | |||||||||
| Properties | |||||||||
| At Fair Value | |||||||||
| 6April 2020 | 14,709,000 | ||||||||
| Additions | |||||||||
| Disposal | |||||||||
| Revaluation | 516,000 | ||||||||
| 5April 2021 | 15225 000 |
| F12,344,414(2020:f12,344, vestments roup Investments |
414)at | the | balance sh | eet date. | |||
|---|---|---|---|---|---|---|---|
| Listed | Investments | Other | |||||
| Company | Subsidiary | Investments | Total | ||||
| Unlisted investments |
|||||||
| ~Shareholdin | |||||||
| At 6 April 2020 | 39 | 39 | |||||
| Additions/transfer | |||||||
| Disposal/other movement |
|||||||
| (a) | 39 | 39 | |||||
| Loan Advances | |||||||
| At 6April 2020 | 5,957,194 | 5,957,194 | |||||
| Advanced in the year |
538,016 | 538,016 | |||||
| Repaid in the year |
1 061,288 | 1,061,288 | |||||
| At 5 April 2021 | 5,433,922 | 5,433,922 | |||||
| Total unlisted investments atcost as at 5April 2020 |
held | (a+b) | 5,433,961 | 5,433,961 | |||
| Listed investments | |||||||
| At 6April 2020 | 771,313 | 8,247,567 | 9,018,880 | ||||
| Net Cash injection during | the year | ||||||
| Additions/ disposals/ movements |
1 078,466 | 2,619267 | 3697,733 | ||||
| Total listed investments held fair value as at 5 April 2020 |
at | (c) | 1,849,779 | 10,866,834 | 12,716,613 | ||
| Balance carried forward | |||||||
| At 5April 2021 | 1,849,779 | 10,866,834 | 5,433,961 | 18,150,5?4 | |||
| At 5 April 2020 | 771,313 | 8,247,567 | 5,957,233 | 14,976,113 |
| Company Investmen |
ts | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted Funds |
Endowment Total Funds Funds 5Apl' 21 |
Total Funds Year to 5Apr 20 |
||||||||
| F | ||||||||||
| Group undertakings | 11,514,540 | 11,514,540 | 20,552,580 | |||||||
| (Profit)/loss on revaluation |
of | |||||||||
| investment in subsidiary |
||||||||||
| undertaking | 5,475,928 | 5,475,928 | (9,038,037) | |||||||
| Other investments | (a+b) | 5,433,961 | - | 5,433,961 | 5,957,233 | |||||
| Listed investments | (c) | 1 | 849,779 | 1,849779 | 771 313 | |||||
| Total Company investment |
7,283,740 | 16990,468 | 24,274,208 | 18,243,089 | ||||||
| Analysis of Investments | ||||||||||
| i) Other Investments |
—Grou | and Com | n | |||||||
| Loan | Total | |||||||||
| Shareholding | Cost | of | Investments | Advances | Investments | |||||
| shares | as at 5April | (Repaid) | / | as at 5April | ||||||
| Company | 2020 | advanced | 2021 | |||||||
| Edinburgh Sainsbury |
Group | |||||||||
| Holdings Limited |
10% | 10 | 902,800 | (902,788) | 12 | |||||
| Royal Docks Hotel Group | ||||||||||
| Holdings Limited |
||||||||||
| Marine Point Group Holdings | ||||||||||
| Limited | 5% | 5 | 538,496 | (7,000) | 531,496 | |||||
| M22 Portfolio Property | Limited | 10% | 10 | 666,843 | (27,000) | 639,843 | ||||
| Theobalds Park Property |
||||||||||
| Limited | 5% | 5 | 1,075,000 | 1,075,000 | ||||||
| Project Spirit Property | Limited | 4% | 4 | 1,707,999 | (124,500) | 1,583,499 | ||||
| Marine Point Freehold | Group | |||||||||
| Holdings Limited |
217,495 | 217,495 | ||||||||
| Akili Network USA |
848,595 | 538,016 | 1,386,611 | |||||||
| (a+b) | 39 | 5957233 | 523 272 | 5433961 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| E | ||||
| Bank Loans | 184,000 | 184,000 | ||
| Social security and | other taxes | 51,726 | 78,145 | |
| Derivative financial |
liability | 274,024 | 2,139,883 | |
| Other creditors | 249,558 | 191,428 | ||
| Accruals and deferred | income | 168256 | 106,679 | |
| 927564 | 2700135 |
| 184000 | 184000 |
|---|---|
| 2021 f |
2020 |
| 5494,000 | 5,678,000 |
| 5,494000 | 5,678,000 |
| Bank Loans | Bank Loans | 5494000 | 5678 000 | ||
|---|---|---|---|---|---|
| Company | Creditors | ||||
| Amounts | falling due | within one year | |||
| 2021 | 2020 | ||||
| F | |||||
| Accruals | and deferred | income | 49,887 | 22,000 | |
| Social security and | other taxes | 3,783 | 169 | ||
| Derivative | financial | liability | 136,169 | 107,794 | |
| Other creditors | 21 077 | ||||
| 189839 | 151041 |
| Group Endowment C |
apita | l Fund | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| F | ||||
| Balance brought forward | 22,627,993 | 27,859,529 | ||
| Revaluation offixed assets |
516,000 | 629,000 | ||
| Gains/(Losses) on revaluation |
and fair value | |||
| movements in investments |
5,291,880 | (6,145,867) | ||
| Share of Profits/(Losses) | from | Investments | (503,156) | (120,597) |
| Gain on disposal oftangible asset | 638787 | 405,928 | ||
| 285?1504 | 22,627993 |
| 2021 | 2020 |
|---|---|
| F | F |
| 13,836 | 12,000 |
| The total | staff costs an | d employee | benefits for the reporting | period are analysed as follows: | |
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| F | |||||
| Wages and salaries | 177,607 | 170,951 | |||
| Employer | contributions | to pension | plans | 1,262 | 1,784 |
| 178,869 | 172,734 |