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2023-03-31-accounts
Date: 21 July 2023
|
Note |
Yearended |
Yearended |
|
|
31March |
31March |
|
|
2023 |
2022 |
|
|
Unrestricted |
Unrestricted |
|
|
funds |
funds |
|
|
£ |
£ |
| Incomefrom: |
|
|
|
| Donationsandlegacies |
|
|
2,500 |
| Investments |
|
|
|
| Rentreceivable |
|
291,695 |
288,459 |
| Listedinvestments |
|
1,614,909 |
1,612,111 |
| Interestreceived |
|
73 |
84 |
| Total |
|
1,906,677 |
1,903,154 |
| Expenditureon: |
|
|
|
| Raisingfunds |
|
|
|
| Investmentmanagementcosts |
3 |
833,663 |
898,130 |
| Propertymanagement,repairsand |
|
|
|
| maintenancecosts |
3 |
168,498 |
175,372 |
|
|
1,002,161 |
1,073,502 |
| Charitableactivities |
|
|
|
| Grantsanddonationspayable |
3 |
3,277,470 |
3,729,509 |
| Total |
|
4,279,631 |
4,803,011 |
| Netexpenditurebefore(losses)/gainson |
|
|
|
| investments |
|
(2,372,954) |
(2,899,857) |
| Net(losses)/gainsoninvestments |
4 |
(2,266,872) |
4,208,100 |
| Gainsonrevaluationoftangiblefixedassets |
8 |
320,000 |
|
| Netmovementinfunds |
|
(4,319,826) |
1,308,243 |
| Reconciliationoffunds: |
|
|
|
| Totalfundsbroughtforwardat1April |
|
88,343,805 |
87,035,562 |
| Totalfundscarriedforwardat31March |
|
84,023,979 |
88,343,805 |
|
|
31March |
31March |
|
|
2023 |
2022 |
|
|
£ |
£ |
| FIXEDASSETS |
|
|
|
| TangibleAssets |
8 |
1,525,000 |
1,205,000 |
| Investments |
|
|
|
| InvestmentProperties |
9a |
8,995,000 |
7,921,438 |
| ListedInvestments |
9b |
73,069,835 |
78,454,993 |
|
|
82,064,835 |
86,376,431 |
|
|
83,589,835 |
87,581,431 |
| CURRENTASSETS |
|
|
|
| Debtors |
10 |
77,144 |
83,700 |
| Cashatbankandinhand |
|
583,688 |
930,490 |
|
|
660,832 |
1,014,190 |
| Creditors:Amountsfallingdue |
11 |
(226,688) |
(251,816) |
| withinoneyear |
|
|
|
| NETCURRENTASSETS |
|
434,144 |
762,374 |
| TOTALNETASSETS |
|
84,023,979 |
88,343,805 |
| THEFUNDSOFTHECHARITY: |
|
|
|
| UnrestrictedFunds |
|
|
|
| -General |
12 |
83,648,979 |
88,288,805 |
| Revaluationreserve |
12 |
375,000 |
55,000 |
|
|
84,023,979 |
88,343,805 |
|
2023 |
2022 |
|
£ |
£ |
| Reconciliationofnetexpendituretonet |
(4,319,826) |
1,308,243 |
| cashusedinoperatingactivities |
|
|
| Adjustmentsfor: |
|
|
| Losses/(gains)oninvestments |
1,946,872 |
(4,208,100) |
| Dividends,interestandrentsfrom |
|
|
| investments |
(1,906,677) |
(1,900,586) |
| Decreaseindebtors |
6,556 |
6,283 |
| Decrease/(increase)increditors |
(25,128) |
44,662 |
| Netcashusedinoperatingactivities |
(4,298,203) |
(4,749,498) |
| Investingactivities: |
|
|
| Dividends,interestandrentsfrom |
|
|
| investments |
1,906,677 |
1,900,654 |
| Proceedsfromsaleofinvestments |
41,673,925 |
29,470,898 |
| Purchaseofinvestments |
(39,629,201) |
(26,406,914) |
| Netcashfrominvestingactivities |
3,951,401 |
4,964,638 |
| Changeincashandcashequivalentsinthe |
|
|
| reportingperiod |
(346,802) |
215,140 |
| Cashandcashequivalentsat1April |
930,490 |
715,350 |
| Cashandcashequivalentsat31March |
583,688 |
930,490 |
memberislimitedto£1(2022:£1).
xpenditure |
|
|
|
|
Direct |
Support |
Total |
|
Costs |
Costs |
2023 |
|
£ |
£ |
£ |
| Expenditureonraisingfunds: |
|
|
|
| Investmentmanagementcosts |
833,663 |
|
833,663 |
| Propertymanagement,repairsandmaintenancecosts |
136,950 |
31,548 |
168,498 |
|
970,613 |
31,548 |
1,002,161 |
| Expenditureoncharitableactivities: |
|
|
|
| Grantsanddonations: |
|
|
|
| UnitedKingdom |
2,211,037 |
159,543 |
2,370,580 |
| SouthAfrica |
807,265 |
88,567 |
895,832 |
| Pensioners'welfarecosts |
28,901 |
3,712 |
32,613 |
|
3,047,203 |
251,822 |
3,299,025 |
| Profitonforeigncurrency |
(21,555) |
- |
(21,555) |
|
3,025,648 |
251,822 |
3,277,470 |
|
3,996,261 |
283,370 |
4,279,631 |
|
Direct |
Support |
Total |
|
Costs |
Costs |
2022 |
|
£ |
£ |
£ |
| Expenditureonraisingfunds: |
|
|
|
| Investmentmanagementcosts |
898,130 |
|
898,130 |
| Propertymanagement,repairsandmaintenancecosts |
151,874 |
23,498 |
175,372 |
|
1.050,004 |
23,498 |
1,073,502 |
| Expenditureoncharitableactivities: |
|
|
|
| Grantsanddonations: |
|
|
|
| UnitedKingdom |
2,758,273 |
117,954 |
2,876,227 |
| SouthAfrica |
804,680 |
28,385 |
833,065 |
| Pensioners'welfarecosts |
34,448 |
2,765 |
37,213 |
|
3,597,401 |
149,104 |
3,746,505 |
| Profitonforeigncurrency |
(16,996) |
- |
(16,996) |
|
3,580,405 |
149,104 |
3,729,509 |
|
4,630,409 |
172,602 |
4,803,011 |
|
|
2023 |
2022 |
|
Supportcosts: |
|
|
|
Officerunningcosts |
14,941 |
14,675 |
|
Staffcosts |
73,098 |
67,293 |
|
Legalandprofessionalfees |
37,697 |
34,166 |
|
Bankcharges |
2,026 |
1,994 |
|
Officeandadministrationcosts |
13,924 |
13,171 |
|
Websitedevelopmentcosts |
41,580 |
|
|
Governancecosts(3(a)) |
100,104 |
41,303 |
|
|
283,370 |
172,602 |
|
|
2023 |
2022 |
| (a) |
GovernanceCosts: |
|
|
|
Administrationstaffcosts |
11,154 |
10,154 |
|
Externalauditfees |
21,726 |
21,522 |
|
Trustees'meetings |
2,295 |
3,641 |
|
Trustees'expenses(includingsitevisits) |
64,929 |
5,986 |
|
|
100,104 |
41,303 |
|
|
2023 |
2022 |
| 4) |
Netgains/(losses)oninvestments |
|
|
|
Realisedandunrealisedgainsoninvestments |
(3,340,434) |
4,243,800 |
|
Impairmentofunlistedinvestments |
|
(210,700) |
|
Revaluationofinvestmentproperties |
1,073,562 |
175,000 |
|
|
(2,266,872) |
4,208,100 |
|
|
2023 |
2022 |
| 5) |
NetExpenditure |
|
|
|
Netexpenditureisstatedaftercharging/(crediting): |
|
|
|
ReportingAuditorsfees: |
|
|
|
Auditfee—currentyear |
21,600 |
21,522 |
|
Auditfee—prioryear(disbursements) |
126 |
|
|
Accountancyservices |
4,514 |
|
|
Profitonforeigncurrency |
(21,555) |
(16,996) |
|
Rentalincome |
(291,695) |
(288,459) |
|
|
2023 |
2022 |
|
|
No. |
No. |
| 6) |
StaffCosts |
|
|
|
Theaveragenumberoffullandpart-timeemployeesduringtheyear |
|
|
|
was: |
|
|
|
Part-time |
2 |
2 |
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Staffcostsfortheabovepersons: |
|
|
|
Wagesandsalaries |
72,604 |
67,325 |
|
Socialsecuritycosts |
2,903 |
2,850 |
|
Employer'spensioncosts |
8,745 |
7,272 |
|
|
84,252 |
77,447 |
|
2023 |
2022 |
|
£ |
£ |
| Trustees'meetingsandtravel |
64,929 |
5,986 |
|
2023 |
2022 |
|
No. |
No. |
| NumberofTrusteesincurringexpensesintheperiod |
5 |
6 |
|
|
| TangibleFixedAssets |
Freehold |
|
Landand |
|
Buildings |
| Valuation |
|
| Asat1April2022 |
1,205,000 |
| Revaluation |
320,000 |
| Asat31March2023 |
1,525,000 |
| Depreciation |
|
| Asat1April2022and31March |
|
| 2023 |
|
| NetBookValue |
|
| Asat31March2023 |
1,525,000 |
| Asat31March2022 |
1,205,000 |
|
|
Total |
| 9a) |
InvestmentProperties |
|
|
Valuation |
|
|
Asat1April2022 |
7,921,438 |
|
Revaluation |
1,073,562 |
|
Asat31March2023 |
8,995,000 |
| FixedAssetInvestments-ManagedFunds |
|
| Valuation |
|
| Asat1April2022 |
78,454,993 |
| Additionstoinvestmentportfolio |
39,629,201 |
| Disposalproceeds |
(41,673,925) |
| Netgainonrevaluation |
(3,340,434) |
| Asat31March2023 |
73,069,835 |
|
2023 |
2022 |
|
£ |
£ |
| Listedsecuritiescomprised: |
|
|
| UKEquities |
6,547,207 |
11,386,372 |
| OverseasEquities |
27,620,275 |
30,149,882 |
| UKBonds andGilts |
6,717,263 |
6,175,041 |
| OverseasBonds |
11,416,332 |
9,213,632 |
| UnitTrustsandFunds |
2,939,593 |
417,866 |
| Property |
4,520,213 |
5,312,718 |
| Commodities |
4,099,860 |
5,737,884 |
| Other |
8,002,765 |
8,541,561 |
|
71,863,508 |
76,934,956 |
| Cash |
1,206,327 |
1,520,037 |
|
73,069,835 |
78,454,993 |
| Detailsofmaterialinvestmentsareasfollows: |
2023 |
2022 |
|
%valueof |
%valueof |
|
Portfolio |
Portfolio |
| RufferSICAVFixedincomeZGBP |
11.65 |
6.58 |
| TheGrowthTrustForCharitiesIncomeUnits |
5.49 |
5.86 |
| VanguardS&P500UCITSExchangeTraded |
|
|
| Fund |
5.13 |
5.16 |
| I0) |
Debtors |
2023 |
2022 |
|
|
£ |
£ |
|
Tradedebtors |
370 |
|
|
Otherdebtors |
73,011 |
81,170 |
|
Prepayments |
3,763 |
2,530 |
|
|
77,144 |
83,700 |
| 11) |
Creditors:Amountsfallingduewithinoneyear |
2023 |
2022 |
|
|
£ |
£ |
|
Tradecreditors |
15,350 |
3,886 |
|
Othertaxandsocialsecurity |
2,073 |
1,772 |
|
Othercreditors |
58,764 |
88,867 |
|
Accruals |
133,225 |
140,674 |
|
Deferredincome |
17,276 |
16,617 |
|
|
226,688 |
251,816 |
| Analysisofnetassetsbetweenfunds |
|
|
|
2023 |
2022 |
|
£ |
£ |
| Fundbalances |
|
|
| Unrestricted |
|
|
| Broughtforward |
88,288,805 |
86,980,562 |
| (Deficit)/surplusfortheyear(excluding |
|
|
| losses) |
(4,639,826) |
1,308,243 |
| Carriedforward |
83,648,979 |
88,288,805 |
| Revaluationreserve |
|
|
| Broughtforward |
55,000 |
55,000 |
| Unrealisedgain(note8) |
320,000 |
|
| Carriedforward |
|
|
|
375,000 |
55,000 |
|
84,023,979 |
88,343,805 |
| Fundbalanceisrepresentedby: |
|
|
| Tangiblefixedassets |
1,525,000 |
1,205,000 |
| Investmentproperties |
8,995,000 |
7,921,438 |
| Fixedassetinvestments |
73,069,835 |
78,454,993 |
| Currentassets |
660,832 |
1,014,190 |
| Currentliabilities |
(226,688) |
(251,816) |
| TotalNetAssets |
84,023,979 |
88,343,805 |
|
2023 |
2023 |
2022 |
2022 |
|
£ |
0/0 |
£ |
"A |
| Education—SouthAfrica-charitable |
|
|
|
|
| objects(d)and(e) |
807,265 |
26.49 |
804,680 |
22.37 |
| Racing—UnitedKingdom-charitable |
|
|
|
|
| object(b) |
266,837 |
8.76 |
325,000 |
9.03 |
| Healthandassociatedcauses—United |
|
|
|
|
| Kingdom-charitableobjects(a)and(1) |
1,740,700 |
57.12 |
2,125,222 |
59.08 |
| JewishCharities—UnitedKingdom- |
|
|
|
|
| charitableobject(c) |
203,500 |
6.68 |
308,051 |
8.56 |
|
3,018,302 |
|
3,562,953 |
|
| Pensioners'Welfare—charitableobject |
|
|
|
|
| (a) |
28,901 |
0.95 |
34,448 |
0.96 |
|
3,047,203 |
100.0 |
3,597,401 |
100.0 |