2021-03-31-accounts - The Childwick Trust

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					Note	Year ended	Year ended
						31March	31March
						2021	2020
						Unrestricted	Unrestricted
						funds	funds
Income from:
Investments
Rent receivable						238,518	225,244
Listed inveslments						1,461)994	1,976,216
Interest received						7,490	15,452
						1,708,002	2,216,912
Other							3,674
Gain on the disposal of		phmt, property
snd equipment						263,638
						1,971,640	2,220,586
Expenditure ont
Raising ftmds
Investment management			costs			790,031	773)261
Froperty management,			repairs and
maintenance costs						168,327	232,596
						958,358	1,005,857
Charitable activities
Grants and donations		payable				3,829,031	3,250,195
Total						4,787,389	4,256,052
Net expenditure before		gains/(losses)		on
inveslm ants						(2,815,749)	(2,035,466)
Net gains/(losses)	on investments				4	13,836,227	(3,693,855)
Net movement in	funds					11,020,478	(5,729,321)
Reconciliation of	fiends:
Total funds brought forward at I April						76,015,084	81,744,405
Total funds carried forward at31
March						87,035,562	76,015,084

			Note	2021	2020
Net cash used in operating			13	(4,884,279)	(4,127,386)
achviTdes
Investing activities:
Dividends, interest and rents				1,708,002	2,216,912
fmm investments
Proceeds from the sale ofproperty,				793,638
plant and equipment
Purchase ofproperty, plant		and			(1,321,438)
equipment
Proceeds &om sale ofinvestments				24,356,199	16,897,615
Purchase ofinvestments				(22,154366)	(13,233,911)
Net cash from investing	activities			4,703,473	4,559,178
Change in cash and cash
equivalents inke reporting		period		(180,806)	431,792
Cash and cash equivalents		at 1		896,156	464,364
April
Cash and cash equivalents		at 31	13	715350	896,156
March

	member is limited to gI Expenditure	(2	020:Z	I).
					Direct	Support	Total	Total
					Costs	Costs	2021	2020
					g	g	g
	Expeaditure on raising		funds:
	Investment management		costs		790,031		790,031	773,261
	Property management,	repairs and
	maintenance costs				150,036	8,291	168,327	232,596
					940,067	18,291	958,358	1,005,857
	Expeaditure on charitable acdvities:
	Grants and donations:
	United Kingdom				2,924,926	IG8,397	3,033,323	2,325,414
	South Africa				695,572	28,285	723,857	830,230
	Pensioners' weifaie costs				101,283	6,533	107,816	93,357
					3,721,781	143,215	3)864,996	3)249,001
	(Profit)/loss on foreign	cunency			(35,965)	-	(35,965)	1,194
					3,685,816	143,215	3,829,031	3450,195
					4,625,883	161,506	4,787,389	4,256,052
							2021	2020
								g
	Support costs:
	06ice running costs						15,857	20,030
	Staffcosts						64,718	56,777
	Legal snd professional	fees					33,417	34,926
	Bank charges						2,110	2,136
	Office and administmtion		costs				11,877	14,650
	Governance costs (3(a))						33,527	64,799
							161,5G6	193,318
							2021	2020
(a)	Governance Costs:						8
	Administration stafFcosts						10,009	8,678
	External audit fees						20,400	19,773
	Tfusio:s iilcctmgs						],809	2,383
	Trustees' expenses (including			site visits)			1,309	33,965
							33,527	64,799

							2021	2020
4)	Net gains/(losses) on investments						8
	Realised and unrealised		gams/(losses)		on investments		13,838,727	(3,693,855)
	Impairmeot	ofunlisted	investments				(52,500)
	Revaluation	ofinvestment		properties			50,000
							13,836327	(3,693,855)
5)	Net Income/(Expenditure)
	Net income/(expenditure)			is stated atter charging/(crediting);
	Reporting	Auditors fees:
	Audit fee	—cunerrt year					20,400	19,200
	Audit fee	—prior year						573
	Accountancy services						3,900	7,200
	Gain on disposal ofplant,			property aud	equipment		263,638
	(Profit)/loss	on foreign	currency				(35,965)	1,194
	Rental income						(238,518)	(225,244)
							2021	2020
							No.	No,
6)	StaffCosta
	The avemge	number offuBand part-time employees				during the year
	was:
	Part-thne
							2021	2020
	Staffcosts for the above		persons:
	Wages snd	salaries					64,651	56,815
	Social security costs						2,497	2,459
	Employer's	pension costs					7,579	6,181
							74,727	65,455
	No member	ofstaff earned		in excess ofB@,OOG.

7)	Payments te Trustees	Payments te Trustees	Payments te Trustees	Payments te Trustees	2021 g	2020
	The Trustees received no remuneration				for their work as Trustees. The Trustees arc	considered
	to be the only key management			personnek
	Trustees' expenses	during the		period under review were as follows:
	Trustees' meetings	and	travel		1,3G9	33,965
					2021	2020
					No.	No.
	Number ofTrustees	incurring		expenses	in the period
8)	Tangible Hxed Assets					Freehold
						Land and
						Bugdings
						8
	Valuation
	As at 1 April 2020					2,425,000
	Disposals					(530,000)
	Transfer to Investment		Properties			(305,000)
	As at31March 2021					1,590,000
	Depreciation
	As at I April 2020	and	31March
	2021
	Net BookValue
	As at 31March 2021					1,590,000
	As at31March 2G20					2,425,000
						Total
ga)	Investment Properties
	Valuadon
	As at 1 April 2020					7,006,438
	Transfer from Tangible		Fixed	Assets		305,000
	Revaluations					50,000
	As at 31March 2021					7,361,438

No depreciation isprovid	ed in respect	ofinvestment	properties.
				Total
Fixed Asset Investments	- Managed	Funds
Valuation
As at 1April 2020				65,702,051
Additions to investment	portfolio			22,090,666
Disposal proceeds				(24,356,199)
Net gain on revaluation				13,838,727
As at 31March 2021				77,275,245
The historical costofthe	investments	atthe year end	wasf59,978/85 (2020:$58,751,697).
			2021	2020
			8
Listed securities comprised:
UK Equities			12,475,974	13,629,117
Overseas Equities			30,304,956	17,530,962
UKBonds and Giltx			5,056,393	8,331,381
Overseas Bonds			8,405,088	6,342,017
Unit Trusts and Funds			395,084	303,285
Property			4,617,726	4,734,646
Commodities			3,441,824	3,545,053
Other			8,043,047	6,973,980
			72,740,092	61,390,441
Cash			4,535,153	4,311,610
			77,275,245	65,702,051

9)	Hxed Asset Investments -	Hxed Asset Investments -	Managed Funds	Managed Funds
	(continued)
	Details ofmaterial investments me as follovm:				202I	2020
					%value of	%value of
					PoMolio	Portfolio
	Ruffer SICAV Fixed	income ZGBP			8.78	11.05
	Ruffer Illiquid Multi Strategies Fund 2015Limited				5.49	6.1S
	The Growth Trust For Charities Income			Units	5.34	6.48
	Vanguard SdbP 500UCITS		Exchange Traded
	Fund				5.27	4.75
						Total
9a)	Axed Asset Investments -		Unlisted
	Cost
	As at I April 2020					199,500
	Additions					63,700
	Impairment					(52,500)
	As at 31March 2021					210,700
10)	Debtors				202I	2020
					K
	Other debtors				75,547	111,374
	Prepayments				14,436	6,800
					89,983	118,174
11)	Creditors: Amounts	failing due within		one year	202I	2020
					g
	Trade creditors				23,929	2,050
	Other tax and sound security				1,731	1,283
	Other creditors				28,000	195,584
	Accruals				138,850	126,410
	Deferred income				14,644	6,908
					207,154	332,235

12)	Funds Summary
						2020
						8
	Fund balance —Unrestricted				87,035,562	76,015,084
	Fund balance is represented		by:
	Tangible frxed assets				1,590,000	2,425,000
	Investment propaties				7,361,438	7,006,438
	Fixed asset investments				77,485,945	6S,901,551
	Current assets				805,333	1,014,330
	Current liabilities				(207,154)	(332,235)
	Total Net Assets				87,035,562	76,01S,084
13)	Reconciliation ofaet expenditure			to
	net cash generated used	in			2021	2020
	operations
	Net income/(expenditure)	for the year			11,020,478	(5,729,321)
	Adjuslments for:
	(Gains)/Losses on investments				(13,836427)	3,693,855
	Dividends, interest and rents investments		from		(1,708,002)	(2,216,912)
	Gain on disposal ofplant, and equipment	property			(263,638)
	Decrease in debtors				28,191	9,722
	(Decrease)/increase in creditors				(125,081)	115,270
	Net cash used in operating	activines			(4,884,279)	(4,127,386)
	Analysis ofcash aud cash equivalents				2021	2020
						8
	Cash at bank and in band				715,350	896,156