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|||Page|
|---|---|---|
|Legal and administrative
information||1-2|
|Trustees'
report||3 - 11|
|Independent
auditor's|report|12-14|
|Statement
offinancial|activities|15|
|Balance sheet||16|
|Statement ofcash flows||17|
|Notes to the financial|statements|18-31|
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|Charity registration|Charity registration|number|1150776|||
|---|---|---|---|---|---|
|Registered|office||PO Box270|||
||||Guildhall|||
||||LONDON|||
||||EC2P2EJ|||
|Auditor|||IDS Chartered Accountants||LLP|
||||23/25 Queen Street|||
||||COLERAINE|||
||||Co Londonderry|||
||||BT52 1BG|||
|Bankers|||Danske Bank|||
||||Corporate
Banking Centre|||
||||PO Box183|||
||||BELFAST|||
||||BT16JS|||
|Investment|managers||Cazenove
Capital Management|||
||||1 London Wall Place|||
||||LONDON|||
||||EC2Y SAU|||
||||CCLA Fund Managers|Ltd||
||||1 Angel Lane|||
||||LONDON|||
||||EC4R 3AB|||
|Solicitors|||Elliott Duffy Garrett|||
||||40 Linenhall
Street|||
||||BELFAST|||
||||BT2 SBA|||
##
##
|List ofTrustees 2022-23|||
|---|---|---|
|Governor:|Alderman
Sir William Bowater|Russell|
|Deputy Governor:|Wendy Hyde (to 09/03/23)||
|Deputy Governor:|Edward
Lord OBE, JP, Deputy|(from 09/03/23)|
|Aldermen:|Robert Howard||
||Gregory Jones||
|Commoners:|John Absalom,
Deputy (to 09/03/2023)||
||James Bromiley-Davis,
(from 09/03/2023)||
||Anne Corbett (from 19/05/2022)||
||Peter Dunphy,
Deputy (to 09/03/2023)||
||Mary Durcan||
||John Foley (from 09/03/2023)||
||John Griffiths (from 09/03/2023)||
||Christopher
Hayward,
Deputy (to 09/03/2023)||
||Shravan Joshi, MBE, Deputy||
||Eamonn
Mullally
(from 19/05/2022)||
||Hugh Selka (from 09/03/2023)||
||Oliver Sells, KC||
||Philip Woodhouse,
Deputy||
||Dawn Wright||
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|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|||
|||||2023|2023|2023|2022|
||||Notes|E|E|E|F|
|In
m
dowm|ts fr|||||||
|Donations
and grants
Other trading
activities|||3
4|30,000
340,143|50,000|80,000
340,143|70,000
320,319|
|Investment
income
Other income|||5
6|253,075
4,144||253,075
4,144|256,823
1,683|
|Total income||||627,362|50,000|677,362|648,825|
|~Ex&~en
igZ~||||||||
|Managing
funds|||7|6,598||6598|19165|
|Charitable
activities|||8|589,452|40,000|629,452|556,355|
|Total resources expended||||596,050|40,000|636,050|575,520|
|Trading surplus/(deficit)||||31,312|10,000|41,312|73,305|
|Net unrealised
gains/(losses)||on investments|14|(294,209)||(294,209)|(192,206)|
|Net movement
in funds||||(262,897)|10,000|(252,897)|(118,901)|
|Fund balances at 1 May|2022|||12,162,296|156,130|12,318,425|12,437,325|
|Fund balances at 30April 2023||||11,899,399|166,130|12,065,529|12,318,425|
##
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|||||2023||2022|
|---|---|---|---|---|---|---|
|||Notes||6||6|
|Fixed assets|||||||
|Tangible assets||15||691,016||707,517|
|Investment
properties||16||3,802,000||3,802,000|
|Investments||17||7,308,941||7,603,150|
|||||11801 957||12,112,667|
|Current assets|||||||
|Debtors||19|190,954||184,921||
|Cash at bank and in|hand||261,114||252,648||
||||452,068||437,569||
|Creditors: amounts|falling due within||||||
|one year||20|(188,497)||(231,810)||
|Net current assets||||263,571||205,759|
|Total assets less current liabilities||||12,065,529||12,318,425|
|Income funds|||||||
|Restricted funds||||166,130||156,130|
|~Urestric eddas|||||||
|General
unrestricted|funds||11,724,478||11,987,374||
|Revaluation
reserve|||174,921||174,921||
|||||11,899,399||12,162,295|
|||||12,065,529||12,318,425|
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|||||||2023||2022|
|---|---|---|---|---|---|---|---|---|
|||||Notes||||f|
|Cash flows from operating|||activities||||||
|Cash absorbed
by operations||||25||(234,418)||(156,412)|
|Investing
activities|||||||||
|Purchase oftangible
fixed|assets||||(3,592)||(2,691)||
|Purchase of investments|||||||(151,438)||
|Schroders fees deducted|at source||||(6,598)||(10,006)||
|Investment
income received|||||253,075||256,823||
|Net cash generated
from|investing||||||||
|activities||||||242,885||92,688|
|Net cash used in financing|||activities||||||
|Net increase/(decrease)|in|cash and||cash|||||
|equivalents||||||8,467||(63,724)|
|Cash and cash equivalents||at|beginning|ofyear||252,648||316,372|
|Cash and cash equivalents|||at end of|year||261,114||252,648|
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|||||Unrestdcted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||funds|funds|||
|||||2023|2023|2023|2022|
|||||k||S|F|
|Donations|and grants|||30,000|50,000|80,000|70,000|
|Forthe year ended||30April 2022||30,000|40,000||70,000|
|Donations|and gifts|||||||
|Grant from|Drapers||||20,000|20,000|20,000|
|Clothworkers
grant|||||20,000|20,000|20,000|
|Annual
contributions||to small grants||||||
|2021-22 (6th year of||10)||30,000||30,000|30,000|
|Drapers to|Co-Operation||Ireland||10,000|10,000||
|||||30,000|50,000|80,000|70,000|
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||||Unrestricted|Unrestricted|
|---|---|---|---|---|
||||funds|funds|
||||2023|2022|
|||||6|
|Commercial|property|rent|173,162|169,186|
|Fishing, coarse, game||and sporting|166,981|151,133|
|Other trading|activities||340,143|320,319|
##
|||||Unrestricted||
|---|---|---|---|---|---|
|||||funds|Total|
|||||2023|2022|
|||||f|f|
||Dividends|-equities||253,075|256,823|
|6|Other income|||||
|||||Unrestricted||
|||||funds|Total|
|||||2023|2022|
|||||5||
||Other income|||4, 144|1,683|
|7|Managing|funds||||
|||||Unrestricted||
|||||funds|Total|
|||||2023|2022|
|||||5|5|
||Investment|management|fees|6,598|19,165|
|||||6,598|19,165|
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|||||Education|Community|Environmental|Total||
|---|---|---|---|---|---|---|---|---|
||||||Development|Protection
&|2023|Total|
|||||||Improvement||2022|
|||||||6||6|
|Grant funding
ofactivities|||||||||
|(see note|9)|||142,923|74,817|26,459|244,196|232,065|
|Share of|support costs (see||||||||
|note 11)||||68,154|68,154|204,462|340,770|287,355|
|Share of|governance||costs||||||
|(see note|11)|||8,896|8,896|26,689|44,481|36,936|
|||||219,973|151,867|257,610|629,452|556,355|
|Analysis|by|fund|||||||
|Unrestricted||funds||198,918|132,924|257,610|589,452||
|Restdcted|funds|||21,057|18,943||40,000||
|||||219,975|151,867|257,610|629,452||
|Forthe year||ended|30April|2022|||||
|Unrestricted||funds||155,496|150,434|209,555||515,485|
|Restricted|funds|||13,050|27,820|||40,870|
|||||168,546|178,254|209,555||556,355|
##
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||||Education|Community|Environmental||Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||Development|Protection|&|2023|2022|
||||||Improvement||||
||||2023|2023|2023||||
||||6|f|||||
|Grants to institutions:|||||||||
|Advisory|Committee||30,421|28,084|7,959||66,464|63,549|
|Clothworkers|||6,464|13,536|||20,000|19,500|
|Drapers|||14,593|5,157|||'I9,750|20,000|
|London|Budget||91,895|27,540|18,500||137,935|106,263|
|To Co-operation||Ireland||||||22,500|
|Other|||(2,700)||||(2,700)||
||||140,673|74,317|26,459||241,446|231,812|
|Grants to individuals|||2,250|500|||2,750|250|
||||142,923|74,817|26,459||244,196|232,062|
##
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|Support costs||||||||
|---|---|---|---|---|---|---|---|
|||||Support|Governance|2023|2022|
|||||COStS|COSts|||
|||||f|f|||
|Staff costs||||192,730|39,458|232,188|218,415|
|Depreciation||||20,093||20,093|19,673|
|Rent, rates, insurance|&|utilities||26,522||26,522|17,938|
|Repairs &maintenance||||17,970||17,970|9,105|
|Advertising,
PR, & printing||||1,514||1,514|293|
|Telephone||||2,972||2,972|2,617|
|Computer
&website|costs|||1,011||1,011|947|
|Motor &travel||||28,508||28,508|19,006|
|Legal &professional|(Nl|property)||30,227||30,227|30,594|
|Audit &accountancy||||2,029||2,029|1.,884|
|Bad debt provision||||12,279||12,279||
|General (office sundries,||stationery,|subscriptions)|4,919||4,919|3,680|
|Audit fees|||||2,400|2,400|2,400|
|Accountancy|||||1,600|1,600|1,600|
|Legal fees (non-property)|||||1,023|1,023|(3,859)|
|||||340,770|44,481|385,251|324,291|
|Analysed
between||||||||
|Charitable
activities||||340,770|44,481|385,251|324,291|
##
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|The average|monthly
number of full time equivalent
em|ployees
during the year was:||
|---|---|---|---|
|||2023|2022|
|||Number|Number|
|Direct charitable
activities||||
|Administration||||
|Employment|costs|2023
E|2,022f|
|Wages and salaries||180,669|171,201|
|Social security|costs|19,667|17,292|
|Other pension|costs|31,852|29,922|
|||232,188|218,415|
||2023|2,022|
|---|---|---|
||Number|Number|
|860,001-670,000|1|1|
##
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||||||Unrestricted|Total|
|---|---|---|---|---|---|---|
||||||funds||
||||||2023|2022|
||||||6||
|Net|unrealised|gains/(losses)|on|investments|(294,209)|(192,206)|
##
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|||||||Listed|Other|Cash held by|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||investments|investments|investment||
|||||||||manager||
|||||||6|6|||
||Cost orvaluation|||||||||
||At 1 May|2022 8 30|April 2023|||7,599,574|2|3,574|7,603,150|
||Carrying|amount||||||||
||At 30April|2023||||7,599,574|2|3,574|7,603,150|
||At 30April|2022||||7,599,574|2|3,574|7,603,150|
|18|Financial|instruments||||||2023|2022|
|||||||||f|F|
||Carrying
amount of|||financial assets||||||
||Instruments|measured||at fair value through|profit|or loss||7,308,658|7,599,574|
|19|Debtors|||||||||
|||||||||2023|2022|
||Amounts|falling due||within one year:||||f|6|
||Trade debtors|||||||131,328|113,248|
||Other debtors|||||||51,654|64,450|
||Prepayments
and accrued income|||||||7,971|7,223|
|||||||||190,954|184,921|
|20|Creditors:|amounts|falling due within one||year|||||
|||||||||2023|2022|
|||||||||6|6|
||Other taxation and social security|||||||31,707|38,791|
||Trade creditors|||||||1,829|5,191|
||Other creditors|||||||128,650|166,380|
||Accruals and deferred|||income||||26,311|21,448|
|||||||||188,497|231,810|
##
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||Valuation
date|||||31 March 2022|31 March|2019|
|---|---|---|---|---|---|---|---|---|
||Value ofassets (smoothed)|||||51,370m|F1,063m||
||Value of liabilities|||||f1,404m|61,176m||
||Funding
level ofaccrued benefits|||||98%|g0||
||Investment
return on future|contributions||per annum||4.6%|5.7%||
||Investment
return on accumulated||assets|per annum||4.6%|5.7%||
||Pension increases per annum|||||2 9%|2 6%||
||Rate ofprice inflation|||||29%|2.6%||
|22|Analysis ofnet assets between||funds||||||
|||Unrestricted||Restricted|Total|Unrestricted
Restricted||Total|
||||2023|2023|2023|2022|2022|2022|
|||||6|f|6|8||
||Fund balances at 30||||||||
||April 2023 are||||||||
||represented
by:||||||||
||Tangible assets|691,016|||691,016|707,517||707,517|
||Investment
properties|3,802,000|||3,802,000|3,802,000|3,802,000||
||Investments|7,308,941|||7,308,941|7,603,150|7,603,150||
||Current assets/(liabilities)|263,570|||263,570|205,759||205,759|
|||12,065,529|||12,065,529|12,318,425|12,318,425||
##
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||||2023|2022|
|---|---|---|---|---|
||||f|F|
|Within|one|year|550|550|
##
|||2023|2022|
|---|---|---|---|
||||f|
|Aggregate|compensation|85,414|82,236|
|Cash generated
from operations|Cash generated
from operations||2023f|2022f|
|---|---|---|---|---|
|Deficit for the year|||(252,897)|(118,901)|
|Adjustments
for:|||||
|Investment
income recognised|in statement|offinancial activities|(246,477)|(237,658)|
|Fair value gains and losses on|investments||294,209|192,206|
|Depreciation
and impairment
oftangible fixed assets|||20,093|19,673|
|Movements
in working
capital:|||||
|(Increase)
in debtors|||(6,033)|(16,242)|
|(Decrease)/increase
in creditors|||(43,313)|4,510|
|Cash absorbed
by operations|||(234,418)|(156,412)|
##