##
|||Page|
|---|---|---|
|Charity
information||1-2|
|Trustees'
report||3-10|
|Independent
auditor's|report|11-13|
|Statement
offinancial|activities|14|
|Balance sheet|||
|Statement
ofcash flows||16|
|Notes to the financial|statements|17-31|
|Mission statement||32|
##
|Chadty registration|Chadty registration|number|1150776||||
|---|---|---|---|---|---|---|
|Registered|office||PO Box270||||
||||Guildhall||||
||||LONDON||||
||||EC2P 2EJ||||
|Auditor|||Irwin Donaghey|Stockman||LLP|
||||23/25 Queen Street||||
||||COLERAINE||||
||||Co Londonderry||||
||||BT52 1BG||||
|Bankers|||Danske Bank||||
||||Corporate
Banking Centre||||
||||PO Box 183||||
||||BELFAST||||
||||BT16JS||||
|Investment|managers||Baring Fund Managers||Ltd||
||||20 Old Bailey||||
||||LONDON||||
||||EC4M 7BF||||
||||Cazenove
Capital|Management|||
||||1 London Wall Place||||
||||LONDON||||
||||EC2Y 5AU||||
|Solicitors|||Elliott Duffy Garrett||||
||||Royston House||||
||||34 Upper Queen|Street|||
||||BELFAST||||
||||BT16FD||||
##
##
|List ofTrustees 2020-21|List ofTrustees 2020-21||||
|---|---|---|---|---|
|Governor:||Alderman
SirAndrew
Charles|Parmley,|(to 04/03/2021)|
|||MusM Hon FGS|||
|||The Rt Hon. The Lord Mayor,|Alderman||
|||William Anthony
Bowater Russell||(from 04/03/2021)|
|Deputy Governor:||Peter Gerard
Dunphy,
Deputy||(to 04/03/2021)|
|||Wendy Hyde, Deputy||(from 04/03/2021)|
|Aldermen:||Nicholas Stephen
Leland Lyons|||
|||Gregory Jones, QC|||
|Commoners:||John David Absalom,
Deputy|||
|||Simon D'Olier Duckworth,
OBE, DL|||
|||Sheriff Christopher
Michael Hayward|||
|||Vivienne
Littlechild,
MBE, JP|||
|||Charles
Edward
Lord, OBE, JP, Deputy||(from 04/03/2021)|
|||Hugh Fenton Morris, Deputy|||
|||James Henry George Pollard,|Deputy||
|||Richard David Regan, OBE, Deputy||(to 04/03/2021)|
|||lan Christopher
Norman
Seaton, MBE|||
|||Jeremy Lewis Simons, OBE|||
|||Philip Woodhouse,
Deputy|||
|Society's Representative|||||
|(Northern|Ireland) &Secretary:|Edward
Montgomery,
MBE DL|||
|Assistant|Secretary:|Candya
L Farmer|||
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|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|||
|||||2021|2021|2021|2020|
||||Notes|6|6|6|f|
|Donations
and grants
Other trading
activities|||3
4|25,000
284,578|70,000|95,000
284,578|82,500
281,854|
|Investment
income
Other income|||5
6|270,275
4,375||270,275
4,375|297,598
3,270|
|Total income||||584,228|70,000|654,228|665,222|
|Eza~itttmn;||||||||
|Managing
funds|||7|33,913||33,913|38,092|
|Charitable
activities|||8|532,104|40,000|572,104|580,810|
|Total resources expended||||566,017|40,000|606,017|618,902|
|Trading surplus/(deficit)||||18,211|30,000|48,211|46,320|
|Net unrealised
gains/(losses)||on investments|13|1,539,852||1,539,852|(603,579)|
|Net incoming/(outgoing)|resources|||1,558,063|30,000|1,588,063|(557,259)|
|Other recognised
gains and||losses||||||
|Revaluation
oftangible|fixed assets|||96,581||96,581||
|Net movement
in funds||||1,654,644|30,000|1,684,644|(557,259)|
|Fund balances at 1 May|2020|||10,625,682|127,000|10,752,682|11,309,941|
|Fund balances at 30April 2021||||12,280,326|157,000|12,437,326|10,752,682|
##
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||||||2021||2020|
|---|---|---|---|---|---|---|---|
||||Notes||8||6|
|Fixed assets||||||||
|Tangible assets|||14||724,501||644,384|
|Investment
properties|||15||3,802,000||3,256,506|
|Investments|||16||7,653,074||6,683,410|
||||||12,179,575||10,584,300|
|Current assets||||||||
|Debtors|||18|168,679||154,208||
|Cash at bank and|in|hand||316,372||164,538||
|||||485,051||318,746||
|Creditors: amounts||falling due within||||||
|one year|||19|(227,300)||(150,364)||
|Net current assets|||||257,751||168,382|
|Total assets less current liabilities|||||12,437,326||10,752,682|
|Income funds||||||||
|Restricted funds|||||157,000||127,000|
|~nr
~tr' te I~unds||||||||
|General unrestricted||funds||12,105,405||10,547,342||
|Revaluation
reserve||||174,921||78,340||
||||||12,280,326||10,625,682|
||||||12,437,326||10,752,682|
##
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||||||2021||2020|
|---|---|---|---|---|---|---|---|
||||Notes||||F|
|Cash flows from operating|activities|||||||
|Cash absorbed
by operations|||24||(106,391)||(311,836)|
|investing
activities||||||||
|Purchase
oftangible fixed assets||||(2,832)||(23,338)||
|Proceeds on disposal oftangible||fixed||||||
|assets||||||833||
|Purchase ofinvestment
property||||||(38,645)||
|Schroders fees deducted
at source||||(9,219)||(9,249)||
|Interest received||||270,275||297,598||
|Net cash generated
from investing||||||||
|activities|||||258,224||227,199|
|Net cash used
in financing|activities|||||||
|Net increase/(decrease)
in cash||and|cash|||||
|equivalents|||||151,833||(84,637)|
|Cash and cash equivalents
at|beginning||ofyear||164,538||249,175|
|Cash and cash equivalents|at end of||year||316,372||164,538|
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||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|||
||||2021|2021|2021|2020|
||||6|6|6|F|
|Donations|and grants||25,000|70,000|95,000|82,500|
|Forthe year ended 30April 2020|||25,000|57,500||82,500|
|Donations|and|gifts|||||
|Livery company||- Drapers||20,000|20,000|20,000|
|Livery company||- Clothworkers||20,000|20,000|10,000|
|City of London|||25,000||25,000|25,000|
|Drapers to|NCS|||10,000|10,000|10,000|
|Mercers to|NCS|||6,500|6,500|6,500|
|City of London to NCS||||11,000|11,000|11,000|
|Other||||2,500|2,500||
||||25,000|70,000|95,000|82,500|
##
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||||Unrestricted||
|---|---|---|---|---|
||||funds|Total|
||||2021|2020|
|||||6|
|Commercial|property|rent|122,962|131,318|
|Fishing, coarse, game||and sporting|161,616|150,536|
|Other trading|activities||284,578|281,854|
##
|||Unrestricted||
|---|---|---|---|
|||funds|Total|
|||2021|2020|
|||6|f|
||Dividends - equities|270,275|297,598|
|6|Other income|||
|||Unrestricted||
|---|---|---|---|
|||funds|Total|
|||2021|2020|
||||6|
|Net gain on disposal oftangible|fixed assets||833|
|Other income||4,375|2,437|
|||4,375|3,270|
##
||||Unrestricted||
|---|---|---|---|---|
||||funds|Total|
||||2021|2020|
||||6|f|
|Investment|management|fees|33,913|38,092|
||||33,913|38,092|
##
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##
|||Education|Community
Environmental|Community
Environmental||Total|Total|
|---|---|---|---|---|---|---|---|
||||Development
Protection
&|||2021|2020|
||||Improvement|||||
||||6|6||||
|Grant funding
of activities||||||||
|(see note 9)||125,942|64,856|11,250|202,048||237,650|
|Share ofsupport costs (see||||||||
|note 10)
Share ofgovernance|costs|65,396|65,394|196,181|326,971||289,677|
|(see note 10)||8,616|8,617|25,850|43,083||53,481|
|||199,954|138,867|233,281|572,104||580,810|
|Analysis
by fund||||||||
|Unrestdcted
funds||181,406|118,167|232,531|532,104|||
|Restricted funds||18,550|20,700|750|40,000|||
|||199,956|138,867|233,281|572,104|||
|Forthe year ended|30April|2020||||||
|Unrestricted
funds
Restricted funds||183,919
16,768|122,573
20,656|235,194
1,700|||541,686
39,124|
|||200,687|143,229|236,894|||580,810|
|Grants payable||||||||
|||Education
CommunityEnvironmental||||Total|Total|
||||Development|Protection|&|2021|2020|
|||||Improvement||||
||||8||8|||
|Grants to institutions:||||||||
|Advisory
Committee
Clothworkers|||26,941
10,650
26,223
9,350|2,700||55,864
20,000|54,166
20,000|
|Drapers
London budget
To NCS|||7,550
40,454
40,000
11,350
17,433|750
7,800||19,650
65,687
40,000|19,124
108,428
34,435|
|||125,592
64,356||11,250||201,198|236,150|
|Grants to individuals|||350
500|||850|1,500|
|||125,942
64,856||11,250||202,048|237,650|
##
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|Supportcosts||||||||
|---|---|---|---|---|---|---|---|
|||||Support|Governance|2021|2020|
|||||costs|costs|||
||||||6|||
|Staffcosts||||182,138|36,363|218,501|221,320|
|Depreciation||||19,295||19,295|18,169|
|Rent, rates, insurance|&|utilities||17,679||17,679|18,215|
|Repairs
&maintenance||||5,064||5,064|19,482|
|Advertising,
PR, & printing||||750||750|587|
|Telephone||||1,998||1,998|1,954|
|Computer
&website costs||||5,909||5,909|750|
|Motor &travel||||12,275||12,275|16,064|
|Legal 8 professional|(Nl|property)||77,048||77,048|24,534|
|Audit &accountancy||||1,884||1,884|1,814|
|General (office sundries,||stationery,|subscriptions)|2,931||2,931|4,516|
|Audit fees|||||2,400|2,400|2,400|
|Accountancy|||||1,600|1,600|1,600|
|Trustee 8 executive expenses|||||||9,137|
|Legal fees (non-property)|||||2,720|2,720|2,619|
|||||326,971|43,083|370,054|343,161|
|Analysed
between||||||||
|Charitable
activities||||326,971|43,083|370,054|343,161|
##
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##
|The average|monthly
number of full time equivalent
e|mployees
during the year was:||
|---|---|---|---|
|||2021|2020|
|||Number|Number|
|Direct charitable
activities||||
|Administration||||
|Employment|costs|2021|2020|
|||6||
|Wages and salaries||169,562|169,791|
|Social security|costs|17,113|17,230|
|Other pension|costs|31,826|34,299|
|||218,501|221,320|
||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||Number|Number|
||560,001-670,000||||||1|1|
|13|Net gains/(losses)|||on investments|||||
||||||||Unrestricted|Total|
||||||||funds||
||||||||2021|2020|
|||||||||f|
||Net unrealised
Revaluation
of||gains/(losses)
on investments
investment
properties||||994,358
545,494|(603,579)|
||||||||1,539,852|(603,579)|
##
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|Tangible fixed assets|Tangible fixed assets|||||
|---|---|---|---|---|---|
|||Leasehold|Motor vehicles|Furniture
and|Total|
|||land and|and boats|office||
|||buildings||equipment||
|||E|E|||
|Cost or valuation||||||
|At 1 May 2020||683,420|49,959|20,681|754,060|
|Additions|||2,832||2,832|
|Revaluation||96,581|||96,581|
|At 30April 2021||780,001|52,791|20,681|853,473|
|Depreciation
and impairment||||||
|At 1 May 2020||54,168|38,357|17,152|109,677|
|Depreciation
charged|in the year|15,600|2,600|1,095|19,295|
|At 30April 2021||69,768|40,957|18,247|128,972|
|Carrying
amount||||||
|At 30April 2021||710,233|11,834|2,434|724,501|
|At 30April 2020||629,252|11,602|3,530|644,384|
##
|Investment
property|||
|---|---|---|
|||2021|
|||E|
|Fair value|||
|At 1 May 2020
Net gains or losses through|fair value adjustments|3,256,506
545,494|
|At 30April 2021||3,802,000|
##
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##
||||||Listed|Other|Cash held by|Total|
|---|---|---|---|---|---|---|---|---|
||||||investments|investments|investment||
||||||||manager||
||Cost or valuation||||||||
||At1 May 2020||||6,660,622||22,786|6,683,410|
||Investment
gains - unrealised||||994,358|||994,358|
||Barings investment|management||costs|(24,694)|||(24,694)|
||At 30April 2021||||7,630,286||22,786|7,653,074|
||Carrying
amount||||||||
||At 30April 2021||||7,630,286|2|22,786|7,653,074|
||At 30April 2020||||6,660,622|2|22,786|6,683,410|
|17|Financial instruments||||||2021|2020|
||||||||6|5|
||Carrying
amount|of|financial assets||||||
||Instruments
measured||at fair value through||profit or loss||7,630,286|6,660,622|
|18|Debtors||||||||
||||||||2021|2020|
||Amounts
falling due||within one|year:||||6|
||Trade debtors||||||120,235|111,291|
||Other debtors||||||44,234|38,397|
||Prepayments
and accrued income||||||4,210|4,520|
||||||||168,679|154,208|
##
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##
|Creditors: am|ounts
|falling due within one year|||
|---|---|---|---|---|
||||2021|2020|
||||f||
|Other taxation|and social security||24,639|17,634|
|Trade creditors|||21,162|1,759|
|Other creditors|||156,737|110,298|
|Accruals and deferred||income|24,762|20,673|
||||227,300|150,364|
##
|Valuation date|||31 March 2019|31 March 2016|
|---|---|---|---|---|
|Value ofassets (smoothed)|||61,062,901,000|5796,301,000|
|Value of liabilities|||51,175,715,000|F945,576,000|
|Funding
level ofaccrued benefits|||90%||
|Investment
return
on future contributions||per annum|98%|5.7%|
|Investment
return
on accumulated|assets|per annum|98%|5.7%|
|Pension increases per annum|||2.6%|24%|
|Rate of price inflation|||2.6%|2 4%|
##
##
|21|Analysis|of net assets|between funds||||||
|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
||||2021
f|2021
6|2021|2020|2020|2020|
||Fund balances at 30||||||||
||April 2021|are|||||||
||represented|by:|||||||
||Tangible assets
Investment
properties
Investments
Current assets/||724,501
3,802,000
7,653,074||724,501
3,802,000
7,653,074|644,384
3,256,506
6,683,410||644,384
3,256,506
6,683,410|
||(liabilities)||257,751||257,751|41,382|127,000|168,382|
||||12,437,326||12,437,326|10,625,682|127,000|10,752,682|
##
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||||2021|2020|
|---|---|---|---|---|
|||||8|
|Within|one|year|550|550|
##
|||2021|2020|
|---|---|---|---|
||||F|
|Aggregate|compensation|80,972|80,078|
##
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##
||||||||||(Continued)|
|---|---|---|---|---|---|---|---|---|---|
|24|Cash generated|from operations||||||2021|2020|
||||||||||6|
||Surplus/(deficit)|for|the year|||||1,588,063|(557,259)|
||Adjustments
for:|||||||||
||Investment
income||recognised|in statement||offinancial|activities|(236,362)|(259,506)|
||Gain on disposal|of|tangible fixed assets||||||(833)|
||Fair value gains|and|losses on|investment||properties||(545,494)||
||Fair value gains|and|losses on|investments||||(994,358)|603,579|
||Depreciation
and|impairment
oftangible|||fixed assets|||19,295|18,169|
||Movements
in working
capital:|||||||||
||(Increase)
in debtors|||||||(14,471)|(28,812)|
||Increase/(decrease)||in creditors|||||76,936|(87,174)|
||Cash absorbed|by|operations|||||(106,391)|(311,836)|