| We have nothing to report in respect ofthe following matters where the Companies Act2006requires us to report |
|---|
| to you if, in our opinion: |
| ~ adequate accounting records have not been kept, or returns adequate for our audit have not been received |
| from branches not visited by us; or |
| ~ the fmancial statements are not in agreement with the accounting records and returns; or |
| certain disclosures oftrustees' remuneration specified by law are not made; or |
| ~ we have not received all the information and explanations we require for our audit; or |
| ~ the Trustees were not entitled to prepare the financial statements in accordance with the small companies' |
| regime and take advantage ofthe small companies' exemption &om the requirement to prepare aStrategic Report |
| or in preparing the Trustees' Report. |
| Note | Year ended | Year ended | ||||
|---|---|---|---|---|---|---|
| 31March | 31March | |||||
| 2022 | 2021 | |||||
| Unrestricted | Unrestricted | |||||
| funds | funds | |||||
| Income from: | ||||||
| Donations and legacies |
2,500 | |||||
| Investments | ||||||
| Rent receivable | 288,459 | 238,518 | ||||
| Listed investments | 1,612,111 | 1,461,994 | ||||
| Interest received | 84 | 7,490 | ||||
| 1,900,654 | 1,708,002 | |||||
| Gain on the disposal | ofplant, property | |||||
| and eqmpment | 263,638 | |||||
| Total | 1,903,154 | 1,971,640 | ||||
| Expenditure on: |
||||||
| Raising funds | ||||||
| Investment management |
costs | 898,130 | 790,031 | |||
| Property management, | repairs and | |||||
| maintenance costs |
175,372 | 168,327 | ||||
| 1,073,502 | 958,358 | |||||
| Charitable activities |
||||||
| Grants and donations | payable | 3,729,509 | 3,829,031 | |||
| Total | 4,803,011 | 4,787,389 | ||||
| Net expenditure before |
gains on | |||||
| investments | (2,899,857) | (2,815,749) | ||||
| Net gains on investments | 4,208,100 | 13,836,227 | ||||
| Net movement in funds |
1,308,243 | 11,020,478 | ||||
| Reconciliation offunds: | ||||||
| Total funds brought | forward at 1 April | 87,035,562 | 76,015,084 | |||
| Total funds carried | forward at31 | |||||
| March | S8,343,805 | 87,035,562 |
| 31March | 31March | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| FIXEDASSETS | ||||
| Tangible Assets | 1,205,000 | 1,590,000 | ||
| Investments | ||||
| Investment Properties |
8a | 7,921,438 | 7,361,438 | |
| Listed Investments | 9 | 78,454,993 | 77,275,245 | |
| Unlisted Investments |
9a | 210,700 | ||
| 86,376,431 | 84,847,383 | |||
| 87,581,431 | 86,437,383 | |||
| CURRENT ASSETS | ||||
| Debtors | 10 | 83,700 | 89,983 | |
| Cash at bank and in hand | 930,490 | 715,350 | ||
| 1,014,190 | 805,333 | |||
| Creditors: Amounts | falling due | (251,816) | (207,154) | |
| within one year | ||||
| NET CURRENT ASSETS | 762/74 | 598,179 | ||
| TOTAL NET ASSETS | 88,343,805 | 87,035„562 | ||
| THE FUNDS OFTHE | ||||
| CHARITY' | ||||
| Unrestricted Funds |
||||
| -General | 12 | 88,343,805 | 87,035,562 |
| Note | 2022 | 2021 | ||
|---|---|---|---|---|
| Operating activities: |
||||
| Net cash used in operating | 13 | (4,749,498) | (4,884,279) | |
| activities | ||||
| Investing activities: | ||||
| Dividends, interest and rents |
1,900,586 | 1,708,002 | ||
| from investments | ||||
| Proceeds from the sale ofproperty, | 793,638 | |||
| plant and equipment | ||||
| Proceeds from sale ofinvestments | 29,470,966 | 24,356,199 | ||
| Purchase ofinvestments | (26,406,914) | (22,154,366) | ||
| Net cash from investing | activities | 4,964,638 | 4,703,473 | |
| Change in cash and cash | ||||
| equivalents in the reporting period |
215,140 | (180,806) | ||
| Cash and cash equivalents | at 1 | 715,350 | 896,156 | |
| April | ||||
| Cash and cash equivalents | at 31 | 13 | 930,490 | 715,350 |
| March |
| ) | member is limited to Kl Expenditure |
(2 | 021:K | l). | ||||
|---|---|---|---|---|---|---|---|---|
| Direct | Support | Total | Total | |||||
| Costs | Costs | 2022 | 2021 | |||||
| Expenditure on raising |
funds: | |||||||
| Investment management |
costs | 898,130 | 898,130 | 790,031 | ||||
| Property management, | repairs and | |||||||
| maintenance costs |
151,874 | 23,498 | 175,372 | 168,327 | ||||
| 1,050,004 | 23,498 | 1,073,502 | 958,358 | |||||
| Expenditure on charitable activities: |
||||||||
| Grants and donations: | ||||||||
| United Kingdom | 2,758,273 | 117,954 | 2,876,227 | 3,033,323 | ||||
| South A&ica | 804,680 | 28,385 | 833,065 | 723,857 | ||||
| Pensioners' welfare costs |
34,448 | 2,765 | 37,213 | 107,816 | ||||
| 3,597,401 | 149,104 | 3,746,505 | 3,864,996 | |||||
| Profit on foreign currency | (16,996) | - | (16,996) | (35,965) | ||||
| 3,580,405 | 149,104 | 3,729,509 | 3,829,031 | |||||
| 4,630,409 | 172,602 | 4,803,011 | 4,787,389 | |||||
| 2022 | 2021 | |||||||
| Support costs: | ||||||||
| Office running costs |
14,675 | 15,857 | ||||||
| Staffcosts | 67,293 | 64,718 | ||||||
| Legal and professional | fees | 34,166 | 33,417 | |||||
| Bank charges | 1,994 | 2,110 | ||||||
| Office and administration | costs | 13,171 | 11,877 | |||||
| Governance costs (3(a)) |
41,303 | 33,527 | ||||||
| 172,602 | 161,506 | |||||||
| 2022 | 2021 | |||||||
| (a) | Governance Costs: | |||||||
| Administration staff costs |
10,154 | 10,009 | ||||||
| External audit fees | 21,522 | 20,400 | ||||||
| Trustees' meetings |
3,641 | 1,809 | ||||||
| Trustees' expenses (including |
site visits) | 5,986 | 1,309 | |||||
| 41,303 | 33,527 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 4) | Net gains/{losses) on investments | ||||||
| Realised and unrealised gains on investments |
4,243,800 | 13,838,727 | |||||
| Impairment ofunlisted investments |
(210,700) | (52,500) | |||||
| Revaluation ofinvestment | properties | 175,000 | 50,000 | ||||
| 4,208,100 | 13,836,227 | ||||||
| 2021 | |||||||
| 5) | Net Expenditure | ||||||
| Net expenditure is stated aiter charging/(crediting): |
|||||||
| Reporting Auditors fees: | |||||||
| Audit fee —current year | 21,522 | 20,400 | |||||
| Accountancy services |
3,900 | ||||||
| Gain on disposal ofplant, | property | and | equipment | 263,638 | |||
| Profit on foreign currency | (16,996) | (35,965) | |||||
| Rental income | (288,459) | (238,518) | |||||
| 2022 | 2021 | ||||||
| No. | No. | ||||||
| 6) | StaffCosts | ||||||
| The average number offull and part-time | employees | during the year | |||||
| was: | |||||||
| Part-time | |||||||
| 2022 | 2021 | ||||||
| Staffcosts for the above persons: | |||||||
| Wages and salaries | 67,325 | 64,651 | |||||
| Social security costs | 2,850 | 2,497 | |||||
| Employer's pension costs |
7,272 | 7,579 | |||||
| 77,447 | 74,727 | ||||||
| No member ofstaff earned | in excess of | f60,000. |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Trustees' meetings | and | travel | 5,986 | 1,309 | ||
| 2022 | 2021 | |||||
| No. | No. | |||||
| Number ofTrustees | incurring | expenses in the period | ||||
| 8) | Tangible Fixed Assets | Freehold | ||||
| Land and | ||||||
| Buildings | ||||||
| Valuation | ||||||
| As at 1April 2021 | 1,590,000 | |||||
| Transfer to Investment | Properties | (385,000) | ||||
| As at 31March 2022 | 1,205,000 | |||||
| Depreciation | ||||||
| As at 1April 2021 | and | 31March | ||||
| 2022 | ||||||
| Net BookValue | ||||||
| As at 31March 2022 | 1,205,000 | |||||
| As at 31March 2021 | 1,590,000 | |||||
| Total | ||||||
| 8a) | Investment Properties |
|||||
| Valuation | ||||||
| As at 1 April 2021 | 7,361,438 | |||||
| Transfer &om Tangible | Fixed | Assets | 385,000 | |||
| Revaluations | 175,000 | |||||
| As at 31March 2022 | 7,921,438 | |||||
| 18 |
| Fixed Asset Investments | - Managed Funds | |
|---|---|---|
| Valuation | ||
| As at 1 April 2021 | 77,275,245 | |
| Additions to investment | portfolio | 26,406,914 |
| Disposal proceeds | (29,470,966) | |
| Net gain on revaluation | 4,243,800 | |
| As at 31March 2022 | 78,454,993 |
| The historical cost ofthe investments at th |
e year end was $64,013,099(202 | 1:$59,978,385). |
|---|---|---|
| 2022 | 2021 | |
| Listed securities comprised: | ||
| UK Equities | 11,386,372 | 12,475,974 |
| Overseas Equities | 30,149,882 | 30,304,956 |
| UK Bonds and Gilts | 6,175,041 | 5,056,393 |
| Overseas Bonds | 9,213,632 | 8,405,088 |
| Unit Trusts and Funds | 417,866 | 395,084 |
| Property | 5,312,718 | 4,617,726 |
| Commodities | 5,737,S84 | 3,441,824 |
| Other | 8,541,561 | 8,043,047 |
| 76,934,956 | 72,740,092 | |
| 1,520,037 | 4,535,153 | |
| 78,454,993 | 77,275,245 |
| 9) | Fixed Asset Investments | -Managed Funds (continued) | ||
|---|---|---|---|---|
| Details ofmaterial investments are as follows: |
2022 | 2021 | ||
| /o value of | %value of | |||
| Portfolio | Portfolio | |||
| Ruffer SICAV Fixed income ZGBP | 6.58 | 8.78 | ||
| RuAer Illiquid Multi Strategies Fund 2015Limited | 3.55 | 5.49 | ||
| The Growth Trust For Charities Income Units | 5.S6 | 5.34 | ||
| Vanguard SAP 500UCITS Exchange Traded |
||||
| Fund | 5.16 | 5.27 | ||
| Total | ||||
| 9a) | Fixed Asset Investments | —Unlisted | ||
| Cost | ||||
| As at 1 April 2021 | 210,700 | |||
| Impairment | (210,700) | |||
| As at 31March 2022 | ||||
| The unlisted investment |
is in Smart Matrix Limited and the company | went into administration | ||
| on 16December 2021 and it has therefore been fully impaired in the | year. | |||
| 10) | Debtors | 2022 | 2021 | |
| Other debtors | 81,170 | 75,547 | ||
| P repayments | 2,530 | 14,436 | ||
| 83,700 | 89,983 | |||
| 11) | Creditors: Amounts falling due within one year |
2022 | 2021 | |
| Trade creditors | 3,S86 | 23,929 | ||
| Other tax and social security | 1,772 | 1,731 | ||
| Other creditors | 88,867 | 28,000 | ||
| Accruals | 140,674 | 138,850 | ||
| Deferred income | 16,617 | 14,644 | ||
| 251,816 | 207,154 |
| 12) | Analysis ofnet assets betw | een fun | ds | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Fund balance —Unrestricted | 88,343,805 | 87,035,562 | |||
| Fund balance is represented | by: | ||||
| Tangible fixed assets | 1,205,000 | 1,590,000 | |||
| Investment properties |
7,921,438 | 7,361,438 | |||
| Fixed asset investments | 78,454,993 | 77,485,945 | |||
| Current assets | 1,014,190 | 805,333 | |||
| Current liabilities | (251,816) | (207,154) | |||
| Total Net Assets | 88,343,805 | 87,035,562 | |||
| 13) | Reconciliation ofnet expenditure | to | |||
| net cash used in operating | activities | 2022 | 2021 | ||
| Net income for the year | 1,308,243 | 11,020,478 | |||
| Adjustments for: |
|||||
| Gains on investments | (4,208,100) | (13,836,227) | |||
| Dividends, interest and rents lrom investments |
(1,900,586) | (1,708,002) | |||
| Gain on disposal ofplant, property and equipment |
(263,638) | ||||
| Decrease in debtors | 6,283 | 28,191 | |||
| Increase/(decrease) in creditors |
44,662 | (125,081) | |||
| Net cash used in operating | activities | (4,749,498) | (4,884,279) | ||
| Analysis ofcash and cash | equivalents | 2022 | 2021 | ||
| Cash at bank and in hand | 930,490 | 715,350 |
| An analysis ofgrants made per object ofth | e Trust is as follo | ws: | ||
|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | |
| 0/ | ||||
| Education —South A&ica - charitable | ||||
| objects (d) and (e} | 804,680 | 22.37 | 695,572 | 18.70 |
| Racing —United Kingdom -charitable object (b) |
325,000 | 9.03 | 55,000 | 148 |
| Health and associated causes —United | ||||
| Kingdom - charitable objects (a) and (f) | 2,125,222 | 59.08 | 2,595,526 | 69.73 |
| Jewish Charities —United Kingdom- | ||||
| charitable object (c) | 308,051 | 8.56 | 274,400 | 7.37 |
| 3,562,953 | 3,620,498 | |||
| Pensioners' Welfare —charitable object |
||||
| (a) | 34,448 | 0.96 | 101,283 | 2.72 |
| 3,597,401 | 100.0 | 3,721,781 | 100.0 |