| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 6 |
| Report ofthe Independent Auditors |
7 | to | 8 |
| Statement ofFinancial Activities | |||
| Balance Sheet | 10 | ||
| Cash Flow Statement | |||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 20 |
| Detailed Statement of Financial Activities | 21 | to | 22 |
| REFERENCE AND ADMINISTRATIVE DETAILS | REFERENCE AND ADMINISTRATIVE DETAILS | REFERENCE AND ADMINISTRATIVE DETAILS | REFERENCE AND ADMINISTRATIVE DETAILS |
|---|---|---|---|
| Solicitors | |||
| Blake Morgan LLP | |||
| 6New Street Square | |||
| London | |||
| EC4A 3DJ | |||
| Investment | Advisors | ||
| Veritas Investment | Management | LLP | |
| Riverside House | |||
| 2a Southwark | Bridge Road | ||
| London | |||
| SEI 9HA | |||
| Insurers | |||
| NFU Mutual | |||
| Dunn House | |||
| Charnham Lane |
|||
| Hunger ford | |||
| RG17 OEY | |||
| Property Advisors | |||
| Comerford Real Estate Limited | |||
| I Wilderness | Road | ||
| Reading | |||
| RG6 7RF |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | ||||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies |
759 | 759 | 2,043 | |||
| Investment income |
553,172 | 553 172 | 432 467 | |||
| Total | 553,931 | 553,931 | 434,510 | |||
| EXPENDITURE ON | ||||||
| Raising funds | 150,877 | 150,877 | 143,532 | |||
| Charitable activities |
||||||
| Grants to Foundationers | 607,201 | 607,201 | 274,174 | |||
| Total | 758,078 | 758,078 | 417,706 | |||
| Net gains on investments | 4608,596 | 4 608 596 | 557,979 | |||
| NET INCOME | 4,404,449 | 4,404,449 | 574,783 | |||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought forward | 16,255,226 | 17,461 | 16,272,687 | 15,697,904 | ||
| TOTAL FUNDS CARRIED FORWARD | 20,659675 | 17461 | 20,677 136 | 16,272,687 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | f1ulds | flmds | ||
| Notes | |||||
| FIKEDASSETS | |||||
| Tangible assets | 10 | 14,759 | 14,759 | 415 | |
| Investments | |||||
| Investments | 11 | 16,735,034 | 16,735,034 | 14,462,164 | |
| Investment property |
12 | 4 200000 | 4,200000 | 2 000 000 | |
| 20,949,793 | 20,949,793 | 16,462,579 | |||
| CURRENT ASSETS | |||||
| Debtors | 13 | 979 | 979 | 6,431 | |
| Cash at bank and in hand | 181599 | 17461 | 199060 | 59937 | |
| 182,578 | 17,461 | 200,039 | 66,368 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
14 | (266,184) | (266,184) | (183,640) | |
| NET CURRENT ASSETS | ~83,6063 | 17,461 | ~66,145 | ~117,272 | |
| TOTAL ASSETSLESSCURRENT | |||||
| LIABILITIES | 20,866,187 | 17,461 | 20,883,648 | 16,345,307 | |
| CREDITORS | |||||
| Amounts falling due after more than one year |
15 | (206,512) | (206,512) | (72,620) | |
| NET ASSETS | 20,659,675 | 17461 | 20677,136 | 16272 687 | |
| FUNDS | 17 | ||||
| Unrestricted funds |
20,659,675 | 16,255,226 | |||
| Restricted funds | 17461 | 17461 | |||
| TOTAL~S | 20,677,136 | 16272,687 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| Cash flows from operating activities |
|||||
| Cash generated &om operations |
~534,530) | ~611,346) | |||
| Net cash provided by operating | activities | ~534 530) | ~611346) | ||
| Cash flows from investing activities |
|||||
| Purchase oftangible fixed assets | (15,245) | ||||
| Purchase offixed asset investments | (7,351,029) | (4,345,752) | |||
| Sale offixed asset investments | 7,486,755 | 4,409,012 | |||
| Interest received | 168 | 157 | |||
| Dividends received |
375,705 | 271,045 | |||
| Rental income received | 177299 | 161265 | |||
| Net cash provided by investing |
activities | 673 653 | 573 341 | ||
| Change in cash and cash equivalents | in | ||||
| the reporting period |
139,123 | (38,005) | |||
| Cash and cash equivalents at |
the | ||||
| beginning ofthe reporting period |
59937 | 97942 | |||
| Cash and cash equivalents at |
the end | of | |||
| the reporting period |
199,060 | 59937 |
| ACTIVITIES | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Net income for the | reporting | period (as per the Statement of Financial | |||
| Activities) | 4,404,449 | 574,783 | |||
| Adjustments for: |
|||||
| Depreciation charges |
901 | 646 | |||
| Gain on investments | (4,608,596) | (557,979) | |||
| Interest received | (168) | (157) | |||
| Dividends received |
(375,705) | (271,045) | |||
| Rental income received | (177,299) | (161,265) | |||
| Decrease/(increase) | in debtors | 5,452 | (6,431) | ||
| Increase in creditors | 216436 | 256260 | |||
| Net cash provided | by operations | ~534 530) | ~611346) | ||
| 2. | ANALYSIS OF CHANGES | IN NET FUNDS | |||
| At 1.9.20 | Cash flow | At 31.8.21 | |||
| Net cash | |||||
| Cash at bank and in | hand | 59,937 | 139,123 | 199,060 | |
| 59937 | 139 123 | 199060 | |||
| Total | 59,937 | 139,123 | 199060 |
| 2. | DONATIONS AND LEGACIES |
DONATIONS AND LEGACIES |
DONATIONS AND LEGACIES |
|||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Donations | 759 | ~2043 | ||||
| 3. | INVESTMENT INCOME | |||||
| 2021 | 2020 | |||||
| Rents received | 177,299 | 161,265 | ||||
| Dividend income |
375,705 | 271,045 | ||||
| Deposit account interest | 168 | 157 | ||||
| 553 172 | 432 467 | |||||
| 4. | RAISING | FUNDS | ||||
| Investment | management | costs | ||||
| 2021 | 2020 | |||||
| Portfolio management | 139,097 | 134,356 | ||||
| Maintenance charges |
729 | 243 | ||||
| Rates | 1,485 | 1,163 | ||||
| Legal &professional | 6,508 | 3,742 | ||||
| Insurance | 3,058 | 3,004 | ||||
| Custodian | Trustee fees | 1,024 | ||||
| 150877 | 143532 | |||||
| 5. | CHARITABLE ACTIVITIES COSTS | |||||
| Grant | ||||||
| funding of | ||||||
| activities | Support | |||||
| (see note | costs (see | |||||
| 6) | note 7) | Totals | ||||
| Grants to | Foundationers | 458419 | 148782 | 607201 | ||
| 6. | GRANTS | PAYABLE | ||||
| 2021 | 2020 | |||||
| Grants to | Foundationers | 458,419 | 126592 |
| SUPPORT COSTS | |||||
|---|---|---|---|---|---|
| Governance | |||||
| Management | Finance | Other | costs | Totals | |
| Grants to Foundationers | 140,812 | 775 | 35 | 7 160 | 148782 |
| Support costs, included | in the above, are as follows: | ||||
| 2021 | 2020 | ||||
| Grants to | Total | ||||
| Foundationers | activities | ||||
| Wages | 89,688 | 64,158 | |||
| Social security | 3,011 | 4,851 | |||
| Pensions | 195 | 1,240 | |||
| Light, heat and water | 1,592 | 1,775 | |||
| Telephone | 2,845 | 2,395 | |||
| Postage and stationery | 92 | 370 | |||
| Advertising | 675 | 19,140 | |||
| Sundries | 9,977 | 3,093 | |||
| Head Office Rent | 16,800 | 16,800 | |||
| Travel &subsistence | 847 | ||||
| Subscriptions | 577 | 1,558 | |||
| Bookkeeping | 14,459 | 21,548 | |||
| Depreciation oftangible | and heritage assets | 901 | 646 | ||
| Bank charges | 775 | 911 | |||
| Bad debts | 35 | ||||
| Auditors' remuneration |
7 160 | 8 250 | |||
| 148,782 | 147582 |
| STAF | FCOSTS | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Wages | and salaries | 89,688 | 64,158 |
| Social | security costs | 3,011 | 4,851 |
| Other | pension costs | 195 | 1,240 |
| 92 894 | 70,249 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Management | and | administration | 1 | 1 |
| Fundraising | and | welfare | 1 | 1 |
| 10. | TANGIBLE FIXEDASSETS | |||
|---|---|---|---|---|
| Motor | Computer | |||
| vehicles | equipment | Totals | ||
| COST | ||||
| At 1st September 2020 | 7,229 | 7,229 | ||
| Additions | 13,104 | 2 141 | 15245 | |
| At 31stAugust 2021 | 13,104 | ~9370 | ~22 474 | |
| DEPRECIATION | ||||
| At 1st September 2020 | 6,814 | 6,814 | ||
| Charge for year | 901 | 901 | ||
| At 31stAugust 2021 | ~7715 | ~7715 | ||
| NET BOOK VALUE | ||||
| At 31stAugust 2021 | ~13 104 | 1,655 | ~14759 | |
| At 31stAugust 2020 | 415 | 415 | ||
| 11. | FIXEDASSET INVESTMENTS | |||
| Cash and | ||||
| Listed | settlements | |||
| investments | pending | Totals | ||
| MARKET VALUE | ||||
| At 1st September 2020 | 14,130,705 | 331,459 | 14,462,164 | |
| Additions | 3,026,683 | 4,324,346 | 7,351,029 | |
| Disposals Revaluations |
(3,723,500) 2 184269 |
(3,538,928) | (7,262,428) 2 184,269 |
|
| At 31stAugust 2021 | 15,618 157 | 1,116877 | 16735,034 | |
| NET BOOK VALUE | ||||
| At 31stAugust 2021 | 15618157 | 1 116877 | 16735034 | |
| At 31stAugust 2020 | 14 130,705 | 331459 | 14,462 164 |
| Cash and | |||
|---|---|---|---|
| Listed | settlements | ||
| investments | pending | Totals | |
| Valuation in 2021 |
15,618 157 | 1 116877 | 16,735 034 |
| INVESTMENT PROPERTY | |||
| FAIR VALUE | |||
| At 1st September 2020 | 2,000,000 | ||
| Revaluation | 2,200,000 | ||
| At 31stAugust 2021 | 4200,000 | ||
| NET BOOKVALUE | |||
| At 31stAugust 2021 | 4 200,000 | ||
| At 31stAugust 2020 | 2,000,000 |
| Bearwood Estate was revalued by Strutt an basis at K4,200,000. |
d Parker Chartered Surveyors on |
20'" October 2021 | on a fair val |
|---|---|---|---|
| Fair value at 31stAugust 2021 is represented | by: | ||
| Valuation in 2021 |
4,200 000 | ||
| DEBTORS:AMOUNTS FALLING DUE | WITHIN ONE YEAR | ||
| 2021 | 2020 | ||
| Rents receivable | 35 | ||
| Prepayments and accrued income |
979 | 6,396 | |
| 979 | 6,431 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2021 | 2020 | ||
| Trade creditors | 401 | 1,110 | |
| Social security and other taxes |
2,010 | 1,281 | |
| Grants payable | 219,583 | 139,508 | |
| Deposits received | 900 | 900 | |
| Accruals and deferred income | 43 290 | 40 841 | |
| 266 184 | 183640 |
| CREDITORS: AMOUNTS | FALLING DUE AFTER M | ORE THAN ONE YEAR | |
|---|---|---|---|
| 2021 | 2020 | ||
| Grants payable | 206512 | 72,620 | |
| GRANTS PAYABLE | 2021 | 2020 | |
| Brought forward | 212,128 | 393,115 | |
| Net new grant commitments Paid in the year |
in the year | 458,419 126,592 ~244,452)~307579) |
|
| Carried forward | 426 095 | 212,128 | |
| Due: | |||
| In less than one year | 219,583 | 139,508 | |
| After more than one year | 206 512 | 72620 | |
| 426 095 | 212 )28 |
| 2021 | 2020 | |
|---|---|---|
| Within one year | 16,800 | 16,800 |
| Between one and five years | ~52 500 | 69,300 |
| 69,300 | ~86 100 |
| MOVEMEN | T IN FUNDS | |||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| At 1.9.20 | in funds | 31.8.21 | ||
| Unrestricted | funds | |||
| General fund | 16,255,226 | 4,404,449 | 20,659,675 | |
| Restricted funds | ||||
| Underhill | 311 | 311 | ||
| Watson | 904 | 904 | ||
| Capital Flats | 12,962 | 12,962 | ||
| Tree Fund | 3284 | 3,284 | ||
| 17,461 | 17461 | |||
| TOTAL FUNDS | 16272 687 | 4,404,449 | 20 677,136 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| Unrestricted | funds | ||||
| General fund | 553,931 | (758,078) | 4,608,596 | 4,404,449 | |
| TOTAL FUNDS | 553,931 | ~758,078) | 4,608 596 | 4404 449 |
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.9.19 | in funds | 31.8.20 | ||
| Unrestricted | funds | |||
| General fund | 15,680,443 | 574,783 | 16,255,226 | |
| Restricted funds | ||||
| Underhill | 311 | 311 | ||
| Watson | 904 | 904 | ||
| Capital Flats | 12,962 | 12,962 | ||
| Tree Fund | 3284 | 3,284 | ||
| 17461 | 17461 | |||
| TOTAL FUNDS | 15697,904 | 574,783 | 16272,687 |
| Comparative | net movement in funds |
, included in the above are a |
s follows: | ||
|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| Unrestricted | funds | ||||
| General fund | 434,510 | (417,706) | 557,979 | 574,783 | |
| TOTAL FUNDS | 434 510 | ~417706) | 557 979 | 574783 |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 1.9.19 | in funds | 31.8.21 | |||
| Unrestricted | funds | ||||
| General fund |
15,680,443 | 4,979,232 | 20,659,675 | ||
| Restricted funds | |||||
| Underhill | 311 | 311 | |||
| Watson | 904 | 904 | |||
| Capital Flats Tree Fund |
12,962 3284 |
12,962 3284 |
|||
| 17461 | 17461 | ||||
| TOTAL FUNDS | 15697,904 | 4 979232 | 20,677 | 136 |
| A current yea as follows: |
r 12months and prior |
year 12months combined |
net movement in |
funds, included |
in the above |
|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| Unrestricted | funds | ||||
| General fund | 988,441 | (1,175,784) | 5,166,575 | 4,979,232 | |
| TOTAL FUNDS | 988,441 | ~1175,784) | 5 166575 | 4,979,232 |
| 2021 | 2020 | ||
|---|---|---|---|
| INCOME AND ENDOWMENTS | |||
| Donations and legacies |
|||
| Donations | 759 | 2,043 | |
| Investment income |
|||
| Rents received | 177,299 | 161,265 | |
| Dividend income |
375,705 | 271,045 | |
| Deposit account interest | 168 | 157 | |
| 353 172 | 432,467 | ||
| Total incoming resources |
553,931 | 434,510 | |
| EXPENDITURE | |||
| Investment management |
costs | ||
| Portfolio management | 139,097 | 134,356 | |
| Maintenance charges |
729 | 243 | |
| Rates | 1,485 | 1,163 | |
| Legal &professional | 6,508 | 3,742 | |
| Insurance | 3,058 | 3,004 | |
| Custodian Trustee fees |
1,024 | ||
| 150,877 | 143,532 | ||
| Charitable activities |
|||
| Grants to individuals | 458,419 | 126,592 | |
| Support costs | |||
| Management | |||
| Wages | 89,688 | 64,158 | |
| Social security | 3,011 | 4,851 | |
| Pensions | 195 | 1,240 | |
| Light, heat and water | 1,592 | 1,775 | |
| Telephone | 2,845 | 2,395 | |
| Postage and stationery | 92 | 370 | |
| Advertising | 675 | 19,140 | |
| Sundries | 9,977 | 3,093 | |
| Head Office Rent | 16,800 | 16,800 | |
| Travel &subsistence | 847 | ||
| Subscriptions | 577 | 1,558 | |
| Bookkeeping | 14,459 | 21,548 | |
| Depreciation ofcomputer | equipment | 901 | 646 |
| 140,812 | 138,421 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Management | ||||||
| Finance | ||||||
| Bank charges | 775 | 911 | ||||
| Other | ||||||
| Bad debts | 35 | |||||
| Governance costs |
||||||
| Auditors' remuneration |
7,160 | 8 | 260 | |||
| Total resources expended | 738 | 078 | 417 | 706 | ||
| Net (expenditure)/income | before gains and | |||||
| losses | (204,147) | 16,804 | ||||
| Realised recognised Realised gains/(losses) |
gains on |
and losses fixed asset investments |
224 | 327 | ~77,6)4) | |
| Net income/(expenditure) | 20,180 | ~60 | 810) |