|||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|
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|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||||
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||||||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|
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|||||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|
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|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|
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|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|
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|||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|
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|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|
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|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)|