|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|7|
|Report ofthe Independent
Auditors|8|to|9|
|Statement ofFinancial Activities||10||
|Balance Sheet||||
|Cash Flow Statement||12||
|Notes to the Cash Flow Statement||13||
|Notes to the Financial Statements|14|to|22|
|Detailed Statement ofFinancial Activities|23|to|24|
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|||||2023|2022|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||fund|funds|funds|funds|
||Notes|||||
|INCOME AND ENDOWMENTS FROM||||||
|Donations
and legacies||10,073||10,073|2,102|
|Investment
income||549,787||549,787|478,838|
|Other income||1,017||1,017||
|Total||560,877||560,877|480,940|
|EXPENDITURE ON||||||
|Raising funds||183,038||183,038|174,346|
|Charitable
activities||||||
|Grants to Foundationers||416,482||416,482|918,773|
|Total||599,520||599,520|1,093,119|
|Net gains on investments||26,925||26,925|115,015|
|NET INCOME/(EXPENDITURE)||(11,718)||(11,718)|(497,164)|
|RECOiVCILIATION OF FUNDS||||||
|Total funds brought
forward||20,162,511|17,461|20,179,972|20,677,136|
|TOTAL FUNDS CARRIED FORWARD||20,150,793|17,461|20,168,254|20,179,972|
##
##
|||||||||2023||2022|
|---|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted||Total||Total|
||||||fund||funds|funds||funds|
|||||Notes|||||||
|FIXEDASSETS|||||||||||
|Tangible assets|||||11,611|||11,611||27,985|
|Investments|||||||||||
|Investments||||12|16,686,112|||16,686,112||16,803,705|
|Investment
property||||13|4,200,000|||4,200,000||4,200,000|
||||||20,897,723|||20,897,723||21,031,690|
|CURRENT ASSETS|||||||||||
|Debtors
Cash at bank and in hand||||14|716
~5,381)||17,461|716
12,080||1,396
49,358|
||||||(4,665)||17,461|12,796||50,754|
|CREDITORS|||||||||||
|Amounts
falling due within||one year||15|(407,031)|||(407,031)||(377,387)|
|NET CURRENT ASSETS|||||~4)),696)||)7,46)|~394,235)|~326,633)||
|TOTAL ASSETSLESSCURRENT|||||||||||
|LIABILITIES|||||20,486,027||17,461|20,503,488||20,705,057|
|CREDITORS|||||||||||
|Amounts
falling due after more than one year||||16|(335,234)|||(335,234)||(525,085)|
|NET ASSETS|||||20,150,793||17,461|20,168,254||20,179,972|
|FUNDS||||18|||||||
|Unrestricted
funds||||||||20,150,793||20,162,511|
|Restricted
funds||||||||17,461||17,461|
|TOTAL FUNDS||||||||20,168,254||20,179,972|
|The financial
statements|were approved||by the|Board ofTrustees
and authorised|||for issue|onk~|.mt|...)i9tI)u,...|
|and were signed on its behalf by:|||||||||||
##
##
|||||2023|2022|
|---|---|---|---|---|---|
||||Notes|||
|Cash flows from operating
activities
Cash generated
from operations||||~741,684)|~655,504)|
|Net cash used in operating|activities|||~741,684)|~655,504)|
|Cash flows from investing|activities|||||
|Purchase oftangible
fixed assets||||(1,399)|(19,380)|
|Purchase offixed asset investments||||(4,976,500)|(5,247,904)|
|Sale oftangible fixed assets||||11,500||
|Sale offixed asset investments||||5,121,018|5,294,248|
|Dividends
received||||367,488|301,122|
|Rental incoine received||||182,299|177,716|
|Net cash provided
by investing
activities||||704,406|505,802|
|Change in cash and cash|equivalents|in||||
|the reporting
period||||(37,278)|(149,702)|
|Cash and cash equivalents|at the|||||
|beginning ofthe reporting|period|||49,358|199,060|
|Cash and cash equivalents|at the end|of||||
|the reporting
period||||12,080|49,358|
##
##
|RECONCILIATION|OF NET EXPENDITURE TO NET CASH|OF NET EXPENDITURE TO NET CASH|OF NET EXPENDITURE TO NET CASH|FLOW|FROM OPERATING|FROM OPERATING|
|---|---|---|---|---|---|---|
|ACTIVITIES|||||||
||||||2023|2022|
|Net expenditure
for the reporting||period (as per the Statement|of||||
|Financial Activities)|||||(11,718)|(497,164)|
|Adjustments
for:|||||||
|Depreciation
charges|||||7,290|6, 154|
|Gain on investments|||||(26,925)|(115,015)|
|Profit on disposal offixed assets|||||(1,017)||
|Dividends
received|||||(367,488)|(301,122)|
|Rental income received|||||(182,299)|(177,716)|
|Decrease/(increase)
in
(Decrease)/increase
in|debtors
creditors||||680
~)60,207|(417)
429,776|
|Net cash used in operations|||||~741,684)|~655,504)|
|ANALYSIS OF CHANGES IN NET FUNDS|||||||
||||At|1.9.22|Cash flow|At 31.8.23|
|Net cash|||||||
|Cash at bank and in hand||||49,358|~37,27tt|12,080|
|||||49,358|~37,278|12,080|
|Total||||49,358|(37,278)|12,080|
##
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|2.|DONATIONS
AND|DONATIONS
AND|DONATIONS
AND|LEGACIES|LEGACIES||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||Donations||||||10,073|2,102|
|3.|INVESTMENT INCOME||||||||
||||||||2023|2022|
||Rents received||||||182,299|177,716|
||Interest and||dividend|income|||367,488|301,122|
||||||||549,787|478,838|
|4.|RAISING|FUNDS|||||||
||Investment||management||costs||||
||||||||2023|2022|
||Portfolio management||||||149,675|153,317|
||Maintenance||charges||||2,186|649|
||Rates||||||1,361|1,331|
||Legal &professional||||||23,519|12,922|
||Insurance||||||4,512|3,534|
||Custodian|Trustee fees|||||1,785|2,593|
||||||||183,038|174,346|
|5.|CHARITABLE ACTIVITIES COSTS||||||||
|||||||Grant|||
|||||||funding of|||
|||||||activities|Support||
|||||||(see note|costs (see||
|||||||6)|note 7)|Totals|
||Grants to|Foundationers||||162,768|253,714|416,482|
|6.|GRANTS||PAYABLE||||||
||||||||2023|2022|
||||||||E||
||Grants to|Foundationers|||||162,768|760,193|
##
|SUPPORT COSTS||||||
|---|---|---|---|---|---|
|||||Governance||
|||Management|Finance|costs|Totals|
|Grants to Foundationers||240,545|593|12,576|253,714|
|Support costs, included|in the above, are as|follows:||||
|||||2023|2022|
|||||Grants to|Total|
|||||Foundationers|activities|
|Wages||||179,250|103,741|
|Social security||||9,448|6,040|
|Pensions||||195|195|
|Light, heat and water||||2,172|2,047|
|Telephone||||2,673|3,041|
|Postage and stationery||||2,051|795|
|Advertising|||||4,000|
|Sundries||||3,944|5,358|
|Head Office Rent||||16,800|16,800|
|Travel &subsistence||||2,856|96|
|Subscriptions||||1,671|410|
|Computer
costs||||12,195||
|Depreciation oftangible|and heritage assets|||7,290|6,154|
|Bank charges||||593|543|
|Auditors'
remuneration||||12,576|9,360|
|||||253,714|158,580|
##
##
##
|||2023|2022|
|---|---|---|---|
|Wages|and salaries|179,250|103,741|
|Social|security costs|9,448|6,040|
|Other|pension costs|195|195|
|||188,893|109,976|
##
|The average|mon|thly
number ofemployees
during
the yea|r was as follows:||
|---|---|---|---|---|
||||2023|2022|
|Management|and|administration|2|2|
|Fundraising|and|welfare|1|1|
##
##
|TANGIBLE FIXEDASSETS||||
|---|---|---|---|
||Motor|Computer||
||vehicles|equipment|Totals|
|COST||||
|At 1st September 2022|13,104|28,750|41,854|
|Additions||1,399|1,399|
|Disposals|(13,104)||L13,110044)|
|At 31stAugust 2023||30,149|30,149|
|DEPRECIATION||||
|At 1st September 2022|2,621|11,248|13,869|
|Charge for year||7,290|7,290|
|Eliminated
on disposal|~2,621)||~2,621)|
|At 31stAugust 2023||18,538|18,538|
|NET BOOK VALUE||||
|At 31stAugust 2023||11,611|11,611|
|At 31stAugust 2022|10,483|17,502|27,985|
##
|FIXEDASSETINVESTMENTS||||
|---|---|---|---|
|||Cash and||
||Listed|settlements||
||investments|pending|Totals|
|MARKET VALUE||||
|At 1st September 2022|15,643,270|1,160,435|16,803,705|
|Additions|2,615,143|2,361,357|4,976,500|
|Disposals|(2,273,390)|(3,127,149)|(5,400,539)|
|Revaluations|306,446||306,446|
|At 31stAugust 2023|16,291,469|394,643|16,686,112|
|NET BOOK VALUE||||
|At 31stAugust 2023|16,291,469|394,643|16,686,112|
|At 31stAugust 2022|15,643,270|1,160,435|16,803,705|
||||Cash and||
|---|---|---|---|---|
|||Listed|settlements||
|||investments|pending|Totals|
||Valuation
in 2023|16,291,469|394,643|16,686,112|
|13.|INVESTMENT PROPERTY||||
||FAIR VALUE||||
||At 1st September 2022||||
||and 31st August 2023|||4,200,000|
||NET BOOK VALUE||||
||At 31stAugust 2023|||4,200,000|
||At 31st August 2022|||4,200,000|
##
|||||2023|2022|
|---|---|---|---|---|---|
||Prepayments
and accrued income|||716|1,396|
|15.|CREDITORS:|AMOUNTS|FALLING DUE WITHIN ONE YEAR|||
|||||2023|2022|
||Trade creditors|||2,585|974|
||Social security|and other taxes||3,453|2,442|
||Grants payable|||351,930|328,293|
||Deposits received|||900|900|
||Accruals and deferred income|||48,163|44,778|
|||||407,031|377,387|
|16.|CREDITORS:|AMOUNTS|FALLING DUE AFTER 1VIORE THAN ONE YEAR|||
|||||2023|2022|
||Grants payable|||335,234|525,085|
|||||2023|2022|
||Brought forward|||853,378|426,095|
||Net new grant commitments
Paid in the year||in the year|178,366
771,572
~344,380)~344,289)||
||Carried forward|||687,164|853,378|
||Due:|||||
||Year ended 31|August 2023|||328,293|
||Year ended 31|August 2024||351,930|211,368|
||Year ended 31|August 2025||240,943|139,301|
||Year ended 31|August 2026||77,291|60,616|
||Year ended 31|August 2027||11,600|57,400|
||Year ended 31|August 2028||5,400|56,400|
|||||687,164|853,378|
##
|||||2023|2022|
|---|---|---|---|---|---|
|Within one year||||16,800|16,800|
|Between|one|and five years||18,900|35,700|
|||||35,700|52,500|
|MOVEMENT IN FUNDS||||||
|||||Net||
|||||movement|At|
||||At 1.9.22|in funds|31.8.23|
|Unrestricted||funds||||
|General|fund||20,162,511|(11,718)|20, 150,793|
|Restricted funds||||||
|Underhill|||311||311|
|Watson|||904||904|
|Capital Flats|||12,962||12,962|
|Tree Fund|||3,284||3,284|
||||17,461||17,461|
|TOTAL|FUNDS||20,179,972|~)1,718)|20, 168,254|
##
||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|
||||resources|expended|losses|in funds|
|Unrestricted||funds|||||
|General|fund||560,877|(599,520)|26,925|(11,718)|
|TOTAL|FUNDS||560,877|(599,520)|26,925|/11,718)|
##
##
||||Net||
|---|---|---|---|---|
||||movement|At|
|||At 1.9.21|in funds|31.8.22|
|Unrestricted|funds||||
|General fund||20,659,675|(497,164)|20,162,511|
|Restricted funds|||||
|Underhill||311||311|
|Watson||904||904|
|Capital Flats||12,962||12,962|
|Tree Fund||3,284||3,284|
|||17,461||17,461|
|TOTAL FUNDS||20,677,136|~497,164)|20,179,972|
|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended|losses|in funds|
|Unrestricted|funds|||||
|General fund||480,940|(1,093,119)|115,015|(497,164)|
|TOTAL FUNDS||480,940|~1,093,119)|115,015|~497,164)|
||||Net||
|---|---|---|---|---|
||||movement|At|
|||At 1.9.21|in funds|31.8.23|
|Unrestricted|funds||||
|General
fund||20,659,675|(508,882)|20,150,793|
|Restricted funds|||||
|Underhill||311||311|
|Watson||904||904|
|Capital Flats||12,962||12,962|
|Tree Fund||3,284||3,284|
|||17,461||17,461|
|TOTAL FUNDS||20,677,136|~508,882)|20,168,254|
##
|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended|losses|in funds|
|Unrestricted|funds|||||
|General fund||1,041,817|(1,692,639)|141,940|(508,882)|
|TOTAL FUNDS||1,041,817|0),692,639)|141,940|i508,882)|
##
||||2023|2022|
|---|---|---|---|---|
|INCOME AND ENDOWMENTS|||||
|Donations
and legacies|||||
|Donations|||10,073|2,102|
|Investment
income|||||
|Rents received|||182,299|177,716|
|Interest and dividend|income||367,488|301,122|
||||549,787|478,838|
|Other income|||||
|Gain on sale oftangible fixed assets|||1,017||
|Total incoming
resources|||560,877|480,940|
|EXPENDITURE|||||
|Investment
management||costs|||
|Portfolio management|||149,675|153,317|
|Maintenance
charges|||2,186|649|
|Rates|||1,361|1,331|
|Legal &professional|||23,519|12,922|
|Insurance|||4,512|3,534|
|Custodian
Trustee fees|||1,785|2,593|
||||183,038|174,346|
|Charitable
activities|||||
|Grants to individuals|||162,768|760,193|
|Support costs|||||
|Nlanagement|||||
|Wages|||179,250|103,741|
|Social security|||9,448|6,040|
|Pensions|||195|195|
|Light, heat and water|||2,172|2,047|
|Telephone|||2,673|3,041|
|Postage and stationery|||2,051|795|
|Advertising||||4,000|
|Sundries|||3,944|5,358|
|Head Office Rent|||16,800|16,800|
|Travel &subsistence|||2,856|96|
|Subscriptions|||1,671|410|
|Computer
costs|||12,195||
|Depreciation ofcomputer||equipment|7,290|6,154|
||||240,545|148,677|
|||2023|2022|
|---|---|---|---|
|Management||||
|Finance||||
|Bank charges||593|543|
|Governance
costs||||
|Auditors'
remuneration||12,576|9,360|
|Total resources expended||599,520|1,093,119|
|Net expenditure
before gains and losses||(38,643)|(612,179)|
|Realised recognised
Realised gains/(losses)|gains and losses
on fixed asset investments|~279,521)|552,652|
|Net expenditure||~318,164)|~59,527)|