**CHARITY NO: 1159943** **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** # **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2021** **PRINCIPAL OFFICE** Reading Blue Coat School Holme Park Sonning Lane Sonning Reading RG4 6SU **TRUSTEES** H Williams (Chairman) P Thompson P Bertram A Gray A J Guy (resigned 11 May 2021) C Hubbard M Swan S Jackson (ex-officio to 12 March 2021) T Tabrah (ex-officio from 16 August 2021) J Elzinga (ex-officio to 31 August 2020) P Thomas (ex-officio from 01 September 2020) **CLERK TO THE TRUSTEES** A West (resigned 16 June 2020) L Jones (appointed 11 June 2020, resigned 8 September 2021) P Hughes (appointed 11 October 2021) **TREASURER TO THE TRUSTEES** T van der Meijden **CHARITY REGISTRATION NUMBER** 1159943 **INDEPENDENT EXAMINERS** Crowe U.K. LLP Aquis House 49 – 51 Blagrave Street Reading Berkshire RG1 1PL **BANKERS** Lloyds Bank PLC 1-2 Market Place Reading RG1 2EQ **SOLICITORS** Boyes Turner LLP Abbots House Abbey Street Reading RG1 3BD **STOCKBROKERS** Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Page 1 **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **TRUSTEES’ REPORT** The Trustees present their annual report for the year ended 31 March 2021 under the Charities Act 2011, together with the financial statements for that period and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP FRS 102. ## **Structure, governance and management** The Trust was registered on 14 January 2015 as a Charitable Incorporated Organisation. On 31 March 2015, all the assets and undertaking of the Reading Blue Coat School Foundation (Charity Registration Number 309024) were transferred to the Trust together with those of the Archbishop Laud Non-Educational Charity (Number 307987). The former Foundation comprised a number of Gifts made over an extended period, of which the earliest and most important were by Richard Aldworth in 1646, Sir Thomas Rich in 1666 and William Malthus in 1700. The Foundation operated under a scheme made by the Secretary of State for Education and Science under the Charities Act 1960 dated 30 April 1964, which consolidated all the underlying gifts, and subsequent amendments. The first objects of the Trust, reflecting the objects of the former Foundation, are:- - (i) to provide premises for the Reading Blue Coat School being a day school near Reading in which religious instruction in accordance with the doctrines of the Church of England shall be given. - (ii) the award of scholarships, bursaries or maintenance allowances to beneficiaries tenable at the School or at any University or other place of learning who may reside within a ten mile radius of the School. - (iii) the provision of items, services or facilities at three specified Infants or Primary Schools in Reading known as the National Schools of Reading. The former Foundation also contained a fund known as the Matheson Scholarship fund which is governed by the Will of the late David M Matheson. This provides for the income of the fund to be first applied to the education of children of Clergy in the Church of England at the Reading Blue Coat School, but in the event of there being no suitable applicants the Trustees have discretion to utilise the income in accordance with the above objects. The Trustees have discretion to utilise the capital of the fund should the income be insufficient to provide the benefits. Whilst the Trustees would resist any such application of capital, the fund is technically under the category of Expendable Endowment. The second object of the Trust reflects the objects of the former Archbishop Laud Non-Educational Charity which was constituted by a Deed of Gift dated 26 March 1640. This separate fund is to provide financial assistance to young men and young women between the age of 16 to 30 inclusive, educated in, residing in, or from the vicinity of Reading, to support them in training for a trade or vocation through the making of grants. The governance and management of the Trust is carried out in accordance with its constitution. There are four ex-officio trustees who have the power to co-opt not less than five and not more than ten additional trustees. The ex-officio trustees are: the vicar of the ecclesiastical parish of St Mary, Reading; the vicar of the ecclesiastical parish of St Laurence, Reading; the head of the Reading Blue Coat School; and the bursar of the Reading Blue Coat School. Unfortunately, due to other commitments, neither vicar was able to take up these posts during the year. Co-opted trustees serve for a period of five years. During the year, the Trustees conducted a review of the grant making process of the Archbishop Laud Foundation in order to widen the scope of eligible beneficiaries and improve the effectiveness of the grant giving process. The original intentions of the Foundation have been retained. Page 2 **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT** ## **FOR THE PERIOD ENDED 31 MARCH 2021** ## **Grant making policy** The Charity has three principal grant making objectives: - (i) The Charity grants money to the Reading Blue Coat School for its bursary scheme. Scholarships and Bursaries are awarded to individual applicants by a Committee of Trustees and Officers of the School who determine the awards of up to 100% of fees following an assessment of educational potential, merit and the financial means of applicants. - (ii) The Charity makes further grants to the three schools known as the National Schools of Reading as determined by the Trustees on an annual basis. - (iii) The Charity also makes grants ranging from £300 up to £1,000 to individuals who meet the criteria within the second object of the Trust. ## **Investment policy** The Trust's funds are invested to produce an attractive financial return with an acceptable level of risk over the long term. The primary investment objective is to generate a high and sustainable annual income (net of investment management fees) to support the grant making objects, whilst striking a balance between generating long-term income and capital returns. With the rental income from the school providing more than 30% of the normal annual income expended, the Trustees are able to accept a medium to higher level of risk with regard to long term investments in order to grow the real capital value of the funds over time. The Trust's constitution provides for the lease to the School of the freehold land, in meeting its first objectives, but otherwise does not place any restriction on the investment policy of the Trustees. Portfolio investments are managed on a discretionary basis whereby the investment manager has control over the investments within the formal guidelines of the investment policy of the Trust. An investment subcommittee of Trustees sets the investment objectives and risk profile for the Trust and monitors performance. The investment funds are invested in a diversified portfolio of equities, mutual funds bonds with a prudent cash balance held in order to meet unforeseen bursarial requirements. Whilst the Trustees have chosen not to invest directly into tobacco stocks there are no ethical restrictions on investments. ## **Reserves policy** The Trustees consider that it is important to maintain and add to reserves when possible in order to fulfil the first object of the Charity over the long run. In doing so, the Trustees take into account the School’s ability to make its own contribution to bursaries, which can be affected by many factors including the economy and the need for investment in new or improved facilities, as they have agreed that the Trust should endeavour to cover, where possible, any shortfall to avoid qualifying pupils being denied support. Having regard to the above factors, the Trustees have a policy, reviewed annually, of allocating 25% of the main scholarship fund’s “net incoming resources” to a designated reserve. Through this process, the Charity helps to provide bursarial support to a number of pupils at the school. Forty-two pupils are currently in receipt of bursaries. ## **Investment Performance** The three investment funds all recovered in value somewhat from the prior year set back. The change in capital values over the year is shown below. The General Fund value at year-end was £3,264,350 (2020: £2,866,389) The Matheson Fund value at year-end was £362,561 (2020: £302,726) The Archbishop Laud Fund value at year-end was £25,822 (2020: £21,308) The property assets held by the Charity, namely the freehold land occupied by the School, were professionally re-valued at year-end in 2020 at £1,200,000. The prior year valuation has been carried forward for this year. Page 3 **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT** ## **FOR THE PERIOD ENDED 31 MARCH 2021** ## **Investment Performance (continued)** In addition to the above funds held with the Investment Manager, the Charity also maintained cash balances at the year-end to the value of £209,262. The Trustees have agreed that a minimum sum of £50,000 should be retained on bank deposit to meet any immediate demand on reserves. Higher than usual cash reserves were held during the year under review in light of the potential need to provide additional bursaries through the COVID-19 crisis. After movements in the values of land and investments, the endowed funds of the General Fund stood at £3,923,487 (2020: £3,608,776), the Matheson fund £241,078 (2020: £209,267) and the Archbishop Laud Fund £25,822 (2020: £21,308). These endowed funds will continue to be invested to produce income to meet the Charity’s objects. ## **Achievements, financial review and future plans** In considering its activities for the year the Trustees have had regard to the public benefit guidance issued by the Charity Commission. ## Bursaries and Grants In recent years, the Trustees have entered into an informal arrangement whereby the Charity makes an agreed contribution to the overall cost of bursaries with the School providing the balance. This has enabled 42 (2020: 43) bursaries to be paid to successful applicants in this period and 46 (2020: 41) applications to be approved for 2021/22. Awards from the General Fund were maintained at £125,000 (2020: £125,000) to the Reading Blue Coat Bursary Scheme. A decision on the award from the Matheson Fund was pending at year-end. Grants made to the National Schools of Reading were maintained at £4,500. The Trustees agreed that, rather than travel related grants, the Archbishop Laud Foundation would fund the purchase of laptops to the value of £300 for two qualifying recipients. . ## Incoming Resources The Trustees report incoming resources, net of investment management fees and governance costs, of £178,977 (2020: £204,708). As expected, the substantial cuts to company dividends paid in 2020 had an impact on the Charity’s income during the reporting period. ## Transfers to Reserves Reflecting lower income earned in the reporting year, the Trustees agreed a transfer to the General Fund Designated Reserves for the year of £40,793 (2020: £46,393) representing 25% of General Fund ‘net incoming resources’. Where appropriate there is a general policy of transferring 25% of ‘net incoming resources’, depending on the level of investment income and bursarial support. The transfer has remained at this level for a number of years and as a result the Charity has accumulated substantial Designated reserves. Designated Reserves may only be used for bursarial support if required and at year-end were valued at £611,250 (2020: £570,457). In addition, Restricted Fund Reserves of £151,210 (2020: £118,562) were held in relation to the Matheson Fund and £13,209 (2020: £12,331) held in relation to the Archbishop Laud Fund. Any annual surplus funds available after transfer to Reserves and reinvestment into the investment portfolios are held as a School Scholarship Fund. At year-end the Scholarship Fund held an undistributed balance of £72,776 (2020: £67,528). Page 4 # **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** ## **Achievements, financial review and future plans (continued)** ## Future Plans The charity has no changes planned with regard to its activities. ## COVID-19 The principal direct impact of the COVID pandemic on the Charity has been a fall in income from investments over the year. Whilst the capital values of the investment portfolios have rebounded from their March 2020 lows, it is likely that the dividend income from these portfolios may remain below prior year levels for some time. However, the Charity’s investment portfolios are professionally managed with a view to generating an attractive level of income and growing the real value of capital and income over the long term. The portfolios are invested in a diversified spread of liquid, higher quality, mostly UK listed companies which should provide real returns ahead of inflation over the long term. Whilst it is likely that COVID and its after effects will be with us for some time, the Charity’s governance, assets and flexible reserve policies should stand it in good stead and enable the Charity to continue meet its long-term objectives. By Order of the Board of Trustees on 3 November 2021 ## **H Williams Chairman** Page 5 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** |Notes
**INCOMING RESOURCES**
Investment income
2
Rental income
3
**_Total incoming resources_**
**RESOURCES EXPENDED**
**Costs of raising funds**
Investment management
**Charitable activities**
Scholarships awarded
4
Archbishop Laud Grants
4
National Schools of
Reading
4
**_Total resources expended_**
**_Net incoming resources_**
**_before investment_**
**_gains/losses_**
Revaluation of fixed assets
Investment gains /
(losses)
6
**Net movement in funds**
9
Fund balances brought
forward
9
**Fund balances carried**
**forward**
9|**Endowment**
**Funds**
**£**
-
-
-
12,367
-
-
-
12,367
(12,367)
-
363,403
351,036
3,839,351
4,190,387|**Restricted**
**Funds**
**£**
14,807
-
14,807
-
182
-
-
182
14,625
-
18,023
32,648
118,562
151,210|**Unrestricted**
**Funds**
**£**
141,256
51,600
192,856
8,244
132,693
300
4,700
145,937
46,919
-
-
46,919
650,316
697,235|**2021**
_2020_
**Total**
_Total_
**£**
_£_
**156,063**
_181,906_
**51,600**
_51,600_
**207,663**
_233,506_
**20,611**
_22,433_
**132,875**
_144,300_
**300**
_605_
**4,700**
_4,700_
**158,486**
_172,038_
**49,177**
_61,468_
**-**
_725,355_
**381,426**
_(487,832)_
**430,603**
_298,991_
**4,608,229**
_4,309,238_
**5,038,832**
_4,608,229_| |---|---|---|---|---| The notes on pages 8 - 16 form part of these accounts Page 6 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST BALANCE SHEET** ## **31 MARCH 2021** |Notes
**FIXED ASSETS**
Tangible fixed assets
5
Investments
6
**CURRENT ASSETS**
Debtors
7
Cash at bank and in hand
**CREDITORS**: Amounts falling due
within one year
8
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**ENDOWMENT FUNDS**
Capital General Fund
9
Capital Archbishop Laud
9
Property
9
Matheson Scholarship
9
**RESTRICTED FUNDS**
Matheson Scholarship
9
**UNRESTRICTED FUNDS**
School Scholarship
9
Designated
9
Archbishop Laud
9|**2021**
**£**
**£**
**1,200,000**
**3,652,733**
**4,852,733**
**38,788**
**209,261**
**248,049**
**(61,950)**
**186,099**
**5,038,832**
**2,723,487**
**25,822**
**1,200,000**
**241,078**
**151,210**
**72,776**
**611,250**
**13,209**
**5,038,832**|_2020_
_£_
_1,200,000_
_3,190,423_
_4,390,423_
_34,187_
_259,195_
_293,382_
_(75,576)_
_217,806_
_4,608,229_
_2,408,776_
_21,308_
_1,200,000_
_209,267_
_118,562_
_67,528_
_570,457_
_12,331_
_4,608,229_| |---|---|---| Approved by the trustees on 3 November 2021 And signed on its behalf by ## **H Williams Chairman** The notes on pages 8 - 16 form part of these accounts Page 7 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. STATEMENT OF ACCOUNTING POLICIES** ## **a) Basis of Accounts Preparation** The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Reading Blue Coat and Archbishop Laud Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. ## **b)** ## **Going Concern** In their assessment of going concern the Trustees have considered the current and developing impact on the charity as a result of the COVID19 virus. This has not had a significant, immediate impact on the charity’s operations although investment returns have been diminished but the Trustees are aware that if the current situation becomes prolonged then this may change. It is likely that the dividend income from these portfolios will remain depressed for some time to come. However, the Charity’s investment portfolios are professionally managed with a view to generating the target level of income and growing the real value of capital and income over the long term and the portfolios are invested in a diversified spread of liquid, higher quality, mostly UK listed companies Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements ## **c) Critical accounting judgements and key sources of estimation uncertainty.** In the application of the charity’s accounting policies, which are described in note 1, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. ## **d)** ## **Financial Instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 8 # **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **e) Income** All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. - The following specific policies are applied to particular categories of income: - Investment income is included when receivable. - Incoming resources from charitable trading activity are accounted for when earned. ## **f) Expenditure** Expenditure is recognised on an accrual basis as each liability is incurred. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, for example, governance costs. - Charitable expenditure is reported under the following sub headings: - Scholarships awarded. - Archbishop Laud Grants - National Schools of Reading ## **g) Grants - Scholarships** Scholarships payable are recognised as expenditure in the year in which a binding commitment to make payments is entered into. ## **h) Fund Accounting** Unrestricted funds held by the charity are those which can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds are where specific conditions are imposed by the donor which restricts the use of unspent funds. The income is taken directly to the relevant restricted funds. The endowment fund represents those assets which must be held permanently by the charity, principally quoted investments and freehold properties. Income arising on the endowment fund can be used in accordance with the objects of the charity. Any capital gains or losses arising on the investments are attributable to the fund. Investment management charges and legal advice relating to the fund are charged against the fund. The expendable endowment fund is similar to that of the endowed fund. However, the trustees have the power to apply both capital and income arising on the fund in accordance with the Matheson will. Any capital gains or losses arising on the investments are attributable to the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Page 9 # **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. ACCOUNTING POLICIES (continued)** ## **i) Tangible Fixed Assets** These are represented by freehold land and are held under the revaluation model. ## **i) Investments** Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently valued at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. ## **k) Cash and cash equivalents** Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value ## **l) Debtors** Debtors are recognised at the settlement amount due after any trade discount offered. ## **m) Creditors** Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ## **2. INVESTMENT INCOME** ## **3.** |Equity and GILT edged stocks - General Account
Equity and GILT edged stocks - Matheson Bequest
Equity and GILT edged stocks - Archbishop Laud
Deposit interest
**RENTAL INCOME**
Reading Blue Coat School|**2021**
**£**
**139,977**
**14,807**
**1,178**
**101**
**156,063**
**2021**
**£**
**51,600**|_2020_
_£_
_162,934_
_17,298_
_1,415_
_259_
_181,906_
_2020_
_£_
_51,600_| |---|---|---| Page 10 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **4a. RESOURCES EXPENDED – CHARITABLE ACTIVITIES** ## **2021** |Scholarships
Matheson Scholarship
Total scholarships
Archbishop Laud Grants
National Schools of Reading
_2020_
_Scholarships_
_Matheson Scholarship_
_Total scholarships_
_Archbishop Laud Grants_
_National Schools of Reading_
Governance costs:
Clerk and Treasurer’s Honorarium
Independent Examiners Fee
Professional fees
Sundry items|**Direct**
**£**
125,000
-
125,000
300
4,500
**129,800**
_125,000_
_13,135_
_138,135_
_605_
_4,500_
_143,240_||**Governance**
**£**
7,693
182
7,875
-
200
**8,075**
_5,983_
_182_
_6,165_
_-_
_200_
_6,365_
**2021**
**£**
**3,200**
**2,820**
**1,920**
**135**
**8,075**|**Governance**
**£**
7,693
182
7,875
-
200
**8,075**
_5,983_
_182_
_6,165_
_-_
_200_
_6,365_
**2021**
**£**
**3,200**
**2,820**
**1,920**
**135**
**8,075**|**Total**
**£**
**132,693**
**182**
**132,875**
**300**
**4,700**
**137,875**
_130,983_
_13,317_
_144,300_
_605_
_4,700_
_149,605_
_2020_
_£_
_3,200_
_3,050_
_-_
_115_
_6,365_| |---|---|---|---|---|---| ||||||| Page 11 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **5. TANGIBLE FIXED ASSETS** |At 1 April 2020
Revaluation
**At 31 March 2021**|**Freehold**
**Land**
**£**
1,200,000
-
**1,200,000**| |---|---| The carrying value of tangible fixed assets substantially relate to freehold land on which the school buildings stand. The property was valued on a fair value basis by Dunster & Morton in March 2020. A carrying amount of £300,000 (2018 £300,000) would have been recognised if the land had been carried under the historic cost model. ## **6. FIXED ASSET INVESTMENTS** |**Listed investments:**
Market Value at 1 April 2020
Additions
Disposals
Net Investment gain/(loss)
Cash held by Stockbroker
**Market value at 31 March 2021**
**Historic Cost**|**2021**
**£**
**2,968,997**
**303,381**
**(285,497)**
**381,426**
**3,368,307**
**284,426**
**3,652,733**
**2,839,627**|_2020_
_£_
_3,521,541_
_354,109_
_(418,821)_
_(487,832)_| |---|---|---| |||
_2,968,997_
_221,426_
_3,190,423_
_2,859,006_| ## **7.** ## **DEBTORS** ## **8.** |Other debtors
**CREDITORS**
Other creditors, accruals and deferred income|**2021**
**£**
**38,788**
**2021**
**£**
**61,950**|_2020_
_£_
_34,187_| |---|---|---| |||
_2020_
_£_
_75,576_| Page 12 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **9a. FUNDS** |**2021**
**ENDOWMENT**
Capital
Archbishop Laud
Property
Matheson
Scholarship
**RESTRICTED**
Matheson
Scholarship
**UNRESTRICTED**
Scholarship
Designated
Archbishop Laud
**Total**|_1 April_
_2020_
_£_
_2,408,776_
_21,308_
_1,200,000_
_209,267_
_3,839,351_
_118,562_
_67,528_
_570,457_
_12,331_
_650,316_
_4,608,229_|**Incoming**
**resources**
**£**
**-**
**-**
**-**
**-**
**-**
**14,807**
**191,678**
**-**
**1,178**
**192,856**
**207,663**|**Transfers**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**(40,793)**
**40,793**
**-**
**-**
**-**|**Investment**
**gains**
**£**
**327,078**
**4,514**
**-**
**31,811**
**363,403**
**18,023**
**-**
**-**
**-**
**-**
**381,426**|**Resources**
**expended**
**£**
**(12,367)**
**-**
**-**
**-**
**(12,367)**
**(182)**
**(145,637)**
**-**
**(300)**
**(145,937)**
**(158,486)**|**31 March**
**2021**
**£**
**2,723,487**
**25,822**
**1,200,000**
**241,078**
**4,190,387**
**151,210**
**72,776**
**611,250**
**13,209**
**697,235**
**5,038,832**| |---|---|---|---|---|---|---| ## **TRANSFERS BETWEEN FUNDS** - a) The trustees have continued their policy of transferring 25% of the net income resources of the Unrestricted Scholarship Fund, before scholarship payments, into the designated fund to provide income to help maintain the real value of bursaries and scholarships. - b) The balance on the property fund is aligned with the value of fixed assets held. Any surplus or deficit in any year is transferred to the Capital fund. Page 13 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **9b. COMPARATIVE FUNDS** |_2020_
_ENDOWMENT_
_Capital_
_Archbishop Laud_
_Property_
_Matheson_
_Scholarship_
_RESTRICTED_
_Matheson_
_Scholarship_
_UNRESTRICTED_
_Scholarship_
_Designated_
_Archbishop Laud_
_Total_|_1 April_
_2019_
_£_
_2,837,074_
_27,332_
_474,645_
_243,845_
_3,582,896_
_133,513_
_57,244_
_524,064_
_11,521_
_592,829_
_4,309,238_|_Incoming_
_resources_
_£_
_-_
_-_
_-_
_-_
_-_
_17,298_
_214,793_
_-_
_1,415_
_216,208_
_233,506_|_Transfers_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_(46,393)_
_46,393_
_-_
_-_
_-_|_Investment_
_gains_
_£_
_(428,298)_
_(6,024)_
_725,355_
_(34,578)_
_256,455_
_(18,932)_
_-_
_-_
_-_
_-_
_237,523_|_Resources_
_expended_
_£_
_-_
_-_
_-_
_-_
_-_
_(13,317)_
_(158,116)_
_-_
_(605)_
_(158,721)_
_(172,038)_|_31 March_
_2020_
_£_
_2,408,776_
_21,308_
_1,200,000_
_209,267_
_3,839,351_
_118,562_
_67,528_
_570,457_
_12,331_
_650,316_
_4,608,229_| |---|---|---|---|---|---|---| ## **10a. ANALYSIS OF NET ASSETS BETWEEN FUNDS** |**2021**
**Endowment**
**Restricted**
**£**
**£**
Tangible fixed assets
1,200,000
-
Investments
2,990,387
121,483
Current assets
-
29,727
Current liabilities
-
-
4,190,387
151,210
**OMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS**
_2020_
_Endowment_
_Restricted_
_£_
_£_
_Tangible fixed assets_
_1,200,000_
_-_
_Investments_
_2,639,351_
_113,952_
_Current assets_
_-_
_4,610_
_Current liabilities_
_-_
_-_
_3,839,351_
_118,562_|**Unrestricted**
-
540,863
218,322
(61,950)
697,235
_Unrestricted_
_-_
_437,120_
_288,772_
_(75,576)_
_650,316_|**Total funds**
**£**
**1,200,000**
**3,652,733**
**248,049**
**(61,950)**
**5,038,832**
_Total funds_
_£_
_1,200,000_
_3,190,423_
_293,382_
_(75,576)_
_4,608,229_| |---|---|---| ## **10b. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS** Page 14 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** ## **11. TRUSTEES BENEFITS AND TRANSACTIONS** None of the trustees or any persons connected with them, received any remuneration or reimbursed expenditure during the period. There have been no related party transactions in the period. ## **12. FINANCIAL INSTRUMENTS** ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |Financial assets measured at amortised cost|**248,049**|_293,382_| |Financial liabilities measured at amortised cost|**57,650**|_71,276_| Financial assets measured at amortised cost comprise other debtors and cash equivalents. Financial liabilities measured at amortised cost comprise other creditors and accruals excluding deferred income. ## **13. LEASES** The charity earns rental income by leasing its property to a tenant under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. At the balance sheet date, the charity had contracted with tenants to receive the following future minimum lease payments: |Not later than one year
Later than one year and not later than five years
Later than five years|**2021**
**£**
**55,800**
**240,000**
**30,000**
**325,800**|_2020_
_£_
_51,600_
_206,400_
_77,400_| |---|---|---| |||_335,400_| There are no contingent rents recognised as income. Page 15 ## **READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** ## **14. COMPARATIVE SOFA** |_INCOMING RESOURCES_
_Investment income_
_Rental income_
_Total incoming resources_
_RESOURCES EXPENDED_
_Costs of raising funds_
_Investment management_
_Charitable activities_
_Scholarships awarded_
_Archbishop Laud Grants_
_National Schools of_
_Reading_
_Total resources expended_
_Net incoming resources_
_before investment (losses)_
_Revaluation of fixed assets_
_Investment (losses)_
_Net movement in funds_
_Fund balances brought_
_forward_
_Fund balances carried_
_forward_|_Endowment_
_Funds_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_725,355_
_(468,900)_
_256,455_
_3,582,896_
_3,839,351_|_Restricted_
_Funds_
_£_
_17,298_
_-_
_17,298_
_-_
_13,317_
_-_
_-_
_13,317_
_3,981_
_-_
_(18,932)_
_(14,951)_
_133,513_
_118,562_|_Unrestricted_
_Funds_
_£_
_164,608_
_51,600_
_216,208_
_22,433_
_130,983_
_605_
_4,700_
_158,721_
_57,487_
_-_
_-_
_57,487_
_592,829_
_650,316_|_2020_
_Total_
_£_
_181,906_
_51,600_
_233,506_
_22,433_
_144,300_
_605_
_4,700_
_172,038_
_61,468_
_725,355_
_(487,832)_
_298,991_
_4,309,238_
_4,608,229_| |---|---|---|---|---| Page 16 **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST** I report on the accounts of the Trust for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet and associated notes. This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached A R Lyon Crowe U.K. LLP Chartered Accountants Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Date: 28 January 2022 Page 17