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2021-04-05-accounts

Charity number: 1150031

THE WEINSTOCK FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE WEINSTOCK FUND

CONTENTS
Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 22

THE WEINSTOCK FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021

Trustees The Hon. Susan Gina Lacroix The Hon. Laura Helen Weinstock The Hon. Clare Renton Charity registered number 1150031 Principal office PO Box 5369 Wincanton Somerset BA9 0BG Administrator Mrs Sally Barber PO Box 5369 Wincanton Somerset BA9 0BG Independent auditors Berg Kaprow Lewis LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Investment Managers Troy Asset Management Limited 33 Davies Street London W1K 4BP

Page 1

THE WEINSTOCK FUND

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their annual report and financial statements of the The Weinstock Fund for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

Structure, governance and management

a. Constitution

The charity was established, by deed of trust dated 29 November 2012, as the successor charity to the Weinstock Fund (1962) Trust which had been set up by the late Lord Weinstock in 1962, and which ceased on 12 December 2012 on the expiration of the trust period. The successor charity was created in its place to enable the trustees to continue to support a wide range of charitable causes.

The deed of charitable trust, under which The Weinstock Fund was formed, is not specific about the objects of the trust and allows the trustees absolute discretion to apply funds for general charitable purposes.

b. Methods of appointment or election of Trustees

The trust deed allows the trustees to appoint additional trustees.

c. Policies adopted for the induction and training of Trustees

New trustees would be supported by the experienced trustees and on induction would be provided with a copy of the previous year's accounts, a copy of the Charity Commission publication 'The Essential Trustee' and any other relevant information.

d. Organisational structure and decision-making policies

The trustees aim to meet regularly to award grants, review the investment portfolio and discuss the administration of the trust. The day to day administration of grants and the processing and handling of applications prior to consideration by the trustees is delegated to a charity consultant.

Objectives and activities

a. Policies and objectives

The principal objective of the charity is to pay or apply the income of the trust to such charities or for such charitable purposes as the trustees in their absolute discretion think fit.

The trustees support a wide range of charitable causes, particularly in the field of The Arts, Community groups and projects, Cultural and Environmental causes, Disability groups and charities supporting people with disabilities, Educational projects, Welfare causes to include hardship alleviation, and Medical charities encompassing treatment, care and support. Only charities registered in the United Kingdom are considered.

Page 2

THE WEINSTOCK FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Objectives and activities (continued)

b. Main activities undertaken to further the charity's purposes for the public benefit

The trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when making grants and agreeing the distribution policy for the year.

139 grants totalling £580,475 were paid to charitable institutions during the year (2020 152 grants totalling £671,654). Typically grants were awarded within the range of £2,000 to £5,000. 129 of the 139 grants made during the year were within this range (2020: 141 of the 152 grants were within this range). The grant allocation between the charitable sectors, as follows, was within the range set by the trustees for the period:

The Arts - 34% Community - 6% Cultural/Environmental - 4% Disability - 18% Educational – 13% Hardship Alleviation - 4% Medical - 21%

In addition to the grants paid in the year the trustees may also commit to supporting charitable causes for a number of years. For example, during the period covered by these accounts a three-year grant totalling £9,000 was awarded to a charity providing advice, information and support to carers in the United Kingdom. £3,000 was paid in the period covered by these accounts with a further £3,000 to be paid in 2022 and 2023.

c. Plans for future periods

The trustees aim to continue to support as many charities as possible that meet the criteria set out in their grant making policy, the details of which can be found at:

https://www.weinstockfund.org.uk/guidlinesforapplicants.html

The trustees have charitable commitments for 2021/22 of £168,724 and £29,000 for 2022/23. These amounts are provided for in the balance sheet, net of discount as required by SORP FRS102. These commitments are to be met from income.

The £2,000,000 legacy bequeathed to the charity by the late Lady Weinstock is unrestricted and is to be used for general charitable purposes. The legacy was received in April 2021.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future despite the current uncertain outlook. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Page 3

THE WEINSTOCK FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

b. Reserves policy

The trustees aim to maintain a reserve fund, including cash, at a level equating to at least one year's normal charitable expenditure in order to meet any short term variances in cash flow. This enables the trustees to respond to grant applications and to cover support and governance costs.

c. Investment policy and performance

There are no restrictions on the charity’s powers to invest. The investment strategy is set by the trustees and takes account of the demand for funds and the quality of the funding applications.

The trustees consider the income requirements, the risk profile and the investment managers' views of the market prospects in the medium term.

This strategy is set within an overall policy which states that the funds be invested in medium risk investments.

The income from the investment portfolio for the year ended 5 April 2021 was £464,966 which represented a return of 4% on the original value of the investments (being the market value of the investments transferred into trust on 12 December 2012) and any subsequent acquisitions (2020: income of £647,130 representing a return of 5%). Interest on cash deposits was £nil (2020: £1,037).

The trustees aim to annually achieve an above average return on their investments. The total return on their investments, before fees, for the year ended 5 April 2021 was 13.7% against a year on year target return (capital growth with dividends and yield reinvested) of 4% per annum. The MSCI PIMFA Balanced Index (peer group) showed an increase over the same period of 20.8%. (2020: -7.07%).

d. Overview

The Foundation funds the grants it makes to charities from investment income with any shortfall being met from the proceeds of investment sales.

e. Factors relevant to achieve objectives

The continuing volatility of the stock market over the last few years has made the management of the investments particularly difficult. The trustees, on professional advice from their investment advisors, are of the view that the current mix of equities, global funds and cash is appropriate to their investment policy and attitude towards risk.

f. Risk management

The trustees have identified the major risks to which the charity is exposed. These fall into two main categories: protection of assets and income and the integrity of the grant making process. Having carried out their annual review of these risks, the trustees remain confident that they have the systems and procedures in place to mitigate the risks as far as possible.

Page 4

THE WEINSTOCK FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

The auditors, Berg Kaprow Lewis LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Laura Weinstock

The Hon. Laura Helen Weinstock Trustee 27/01/2022 Date:

Page 5

THE WEINSTOCK FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WEINSTOCK FUND

Opinion

We have audited the financial statements of The Weinstock Fund (the 'charity') for the year ended 5 April 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

THE WEINSTOCK FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WEINSTOCK FUND (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE WEINSTOCK FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WEINSTOCK FUND (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Berg Kaprow Lewis LLP

Berg Kaprow Lewis LLP Chartered Accountants Statutory Auditor

London

Date: 27/01/2022

Berg Kaprow Lewis LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

THE WEINSTOCK FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Income from:
Note
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income/(expenditure) before net gains/(losses)
on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
 Unrestricted
funds
2021
£
2,000,000
464,966
2,464,966
2,205
296,790
298,995
2,165,971
1,745,538
3,911,509
15,134,356
3,911,509
19,045,865		 Total
funds
2021
£
2,000,000
464,966
2,464,966
2,205
296,790
298,995
2,165,971
1,745,538
3,911,509
15,134,356
3,911,509
19,045,865		 Total
funds
2020
£
-
648,167
648,167
2,410
992,876
995,286
(347,119)
(2,249,856)
(2,596,975)
17,731,331
(2,596,975)
15,134,356

Total funds carried forward

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 22 form part of these financial statements.

Page 9

THE WEINSTOCK FUND

BALANCE SHEET AS AT 5 APRIL 2021

Fixed assets
Note
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Total net assets
Charity funds
Unrestricted funds
15
Total funds		 2,009,962
639,166
2,649,128
(179,334)		 2021
£
16,603,863
16,603,863
2,469,794
19,073,657
(27,791)
19,045,866
19,045,866
19,045,866		 14,592
763,579
778,171
(345,565)		 2020
£
14,877,484
14,877,484
432,606
15,310,090
(175,734)
15,134,356
15,134,356
15,134,356

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Laura Weinstock

The Hon. Laura Helen Weinstock

27/01/2022 Date:

The notes on pages 12 to 22 form part of these financial statements.

Page 10

THE WEINSTOCK FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18
The notes on pages 12 to 22 form part of these financial statements		 2021
£
(608,538)
464,966
19,159
484,125
(124,413)
763,579
639,166		 2020
£
(676,984)
648,167
424,814
1,072,981
395,997
367,582
763,579

Page 11

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Weinstock Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The Trustees are confident that the Foundation has adequate reserves and resources to continue operations for the foreseeable future and is well placed to manage its business risks successfully despite the current uncertain economic outlook. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The charity does not have restricted funds.

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Page 12

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.5 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.

Grant commitments are recognised as liabilities in the balance sheet and charged to the statement of profit or loss when the commitment to make the grant is communicated to the recipient. Grants due in more than one year are discounted to present value. The discount rate used is determined using the charity's average income yield on investments.

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 13

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

2. Income from donations and legacies

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Unrestricted legacy 2,000,000 2,000,000 -

3. Investment income

Unrestricted
funds
2021
£
Interest received on cash deposits
-
Dividends received
464,966
464,966
Total 2020
648,167
Investment management costs
Unrestricted
funds
2021
£
Investment management fees
2,205
Total 2020
2,410		 Total
funds
2021
£
-
464,966
464,966
648,167
Total
funds
2021
£
2,205
2,410		 Total
funds
2020
£
1,037
647,130
648,167
Total
funds
2020
£
2,410

4. Investment management costs

Page 14

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
Grant making activities
261,781
Support costs
35,009
296,790
Total 2020
992,876		 Total
funds
2021
£
261,781
35,009
296,790
992,876		 Total
funds
2020
£
963,611
29,265
992,876

6. Analysis of expenditure by activities

Grant making activities
Support costs
Total 2020		 Direct costs
2021
£
261,781
-
261,781
963,611		 Support
costs
2021
£
-
35,009
35,009
29,265		 Total
funds
2021
£
261,781
35,009
296,790
992,876		 Total
funds
2020
£
963,611
29,265
992,876

Page 15

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Unrestricted
funds
2021
£
Stationery and postage
2,400
General management
22,349
Audit and accounting fees
10,260
35,009
Total 2020
29,265		 Total
funds
2021
£
2,400
22,349
10,260
35,009
29,265		 Total
funds
2020
£
342
17,983
10,940
29,265

7. Analysis of grants

Grant making activities
Total 2020		 Grants to
Institutions
2021
£
261,781
963,611		 Total
funds
2021
£
261,781
963,611		 Total
funds
2020
£
963,611

Page 16

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

7. Analysis of grants (continued)

2021 2020
Grants paid in the year £ £
Arts 197,805 168,685
Community 33,672 40,290
Cultural and Environmental 23,500 65,000
Disability 103,943 184,491
Education 77,775 46,274
Hardship alleviation 22,450 39,000
Medical (care/treatment) 121,330 127,914
Total grants paid in the year 580,475 671,654
Grant awarded in prior years (327,476) (167,311)
Future commitments awarded in current year 25,000 456,419
Cancelled grants (12,000) (5,000)
Total grants paid and awarded in the year 265,999 955,762
Finance charges on discounting of future commitments (4,218) 7,849
Total _261,781 _ 963,611

Page 17

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

8. Auditors' remuneration

The Auditor's remuneration amounts to an audit fee of £4,860 (2020 - £4,860), and accountancy services of £5,400 (2020 - £6,080).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year, no Trustee expenses have been incurred (2020 - £NIL) .

10. Fixed asset investments

Valuation
At 6 April 2020
Disposals
Revaluations
At 5 April 2021
Market value
At 5 April 2021
At 5 April 2020
Debtors
Due within one year
Prepayments and accrued income
Legacy receivable		 UK Equities
£
1,383,600
(19,159)
89,154
1,453,595
1,453,595
1,383,600		 OEICs
£
13,493,884
-
1,656,384
15,150,268
15,150,268
13,493,884
2021
£
9,962
2,000,000
2,009,962		 Total
£
14,877,484
(19,159)
1,745,538
16,603,863
16,603,863
14,877,484
2020
£
14,592
-
14,592

11. Debtors

Page 18

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

12. Creditors: Amounts falling due within one year

Accruals and deferred income
Grants accrued - institutional (see note 14)		 2021
£
10,610
168,724
179,334		 2020
£
16,090
329,475
345,565

13. Creditors: Amounts falling due after more than one year

Grants accrued - institutional (see note 14)
Grants accrued
Opening grant commitments
Opening commitments paid in current year
New commitments in the year
Cancelled grants
Finance charges on discounting of future commitments		 2021
£
27,791
2021
£
505,209
(327,476)
25,000
(2,000)
(4,218)
196,515		 2020
£
175,734
2020
£
213,252
(167,311)
456,419
(5,000)
7,849
505,209

14. Grants accrued

Breakdown of commitments

Due within one year (see note 12)
Due after one year (see note 13)		 2021
£
168,724
27,791
196,515		 2020
£
329,475
175,734
505,209

Page 19

THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Balance at 6
April 2020
£
General Funds - all funds
15,134,356
Statement of funds - prior year
Balance at
6 April 2019
£
Unrestricted funds
General Funds - all funds
17,731,331		 Income
£
2,464,966
Income
£
648,167		 Expenditure
£
(298,994)
Expenditure
£
(995,286)		 Gains/
(Losses)
£
1,745,538
Gains/
(Losses)
£
(2,249,856)		 Balance at 5
April 2021
£
19,045,866
Balance at
5 April 2020
£
15,134,356

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Fixed asset investments
16,603,863
Current assets
2,649,128
Creditors due within one year
(179,334)
Creditors due in more than one year
(27,791)
Total
19,045,866		 Total
funds
2021
£
16,603,863
2,649,128
(179,334)
(27,791)
19,045,866

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THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Tl		 Unrestricted
funds
2020
£
14,877,484
778,171
(345,565)
(175,734)
15,134,356		 Total
funds
2020
£
14,877,484
778,171
(345,565)
(175,734)
15,134,356

Total

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Dividends and interest from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
(Gains)/losses on investments
Net cash used in operating activities		 2021
£
3,911,509
(464,966)
(1,995,370)
(314,173)
(1,745,538)
(608,538)		 2020
£
(2,596,975)
(648,167)
19,306
298,996
2,249,856
(676,984)

18.

Analysis of cash and cash equivalents

2021 2020
£ £
Cash in hand 639,166 763,579

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THE WEINSTOCK FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

19. Analysis of changes in net debt

At 6 April At 5 April
2020 Cash flows 2021
£ £ £
Cash at bank and in hand 763,579 (124,413) 639,166

20. Related party transactions

Clare Renton is a Trustee of DEMAND Design and Manufacture for Disability. During the prior year, the charity made a grant of £10,000 to this charity. No grants were made to this charity during the current year.

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