**THE HENRIETTA ST. ANDREW CHARITY CHARITY REGISTRATION NUMBER 1163010** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 OCTOBER 2021** ## **THE HENRIETTA ST. ANDREW CHARITY** ## **YEAR ENDED 31 OCTOBER 2021** |**CONTENTS**
Charity Information
Trustees Report
Independent Examiners Report to the Trustees
Balance Sheet
Statement of Financial Activities
Notes to the Accounts|**PAGE**
1-2
3-4
5
6
7
8 - 19| |---|---| ## **THE HENRIETTA ST. ANDREW CHARITY** ## **CHARITY INFORMATION** ## **YEAR ENDED 31 OCTOBER 2021** ## **Charity Information** Trustees: Mr R H A MacDougald Mrs O A Talbot Principal Address: 77A Cheap Street Sherborne Dorset DT9 3BA Accountants: Lanham & Francis 77A Cheap Street Sherborne Dorset DT9 3BA Investment Managers: Bordier & Cie (UK) plc 23 King Street St James’s London SW1Y6QY Page 1 ## **THE HENRIETTA ST. ANDREW CHARITY** ## **CHARITY INFORMATION** ## **YEAR ENDED 31 OCTOBER 2021** ## **(continued)** The testatrix of the will creating the charity was Miss Anna Manin. The trust was created following the death of Miss Manin in December 2013, and in accordance with the terms stated in her Will dated 14 November 2003. The terms stated in the Will form the governing documents of the Trust. The Trustees' Duties are outlined in Clause 5 of the Will, and the accompanying declaration dated 15 April 2015. The trust was registered on 5 August 2013. Following the death of Miss Manin, her estate was administered by her executors, who were subsequently the same persons as the trustees of Pelham Court Music Foundation. The administration of the estate was completed in November 2016. Under Clause 5 of the Will, the trustees were directed to hold the trust fund upon trust to pay or apply the income thereof and so much of the capital thereof as they shall from time to time think fit to or in furtherance of such object or purpose being wholly charitable according to the laws of England and Wales as they shall in their absolute discretion think fit. The Trustees may in their discretion for the period of 21 years from the date of death of Miss Manin instead of applying the income of the Charity in any year accumulate all or any part of such income at compound interest by investing the same and the resulting income in any authorised investments and hold the same as to accretion to and as part of the capital of the Charity without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Charity arising in the same year. In October 2020 the Charity acquired the rights and obligations of an unperformed contract in respect of the land and property known as the Henrietta Barnett Field Study Centre at Donhead St. Andrew. Completion of the purchase took place on 2 November 2020 at which point the charity acquired an interest in the land and property concerned. As exchange had taken place at the reporting date and the funds settled, the property is reported in the October 2020 accounts In December 2020, a resolution was passed in order to change the name of the Charity to The Henrietta St. Andrew Charity. Page 2 ## **THE HENRIETTA ST. ANDREW CHARITY** ## **TRUSTEES’ REPORT** ## **FOR THE YEAR ENDED 31 OCTOBER 2021** The Trustees present their report and the financial statements for the year ended 31 October 2021, which comply with current statutory requirements and the trust deed. ## **Objectives and Activities** The Trustees were appointed by the will and subsequent deeds. The charity was established to provide financial contributions to help small charities to fund specific projects that support their growth and charitable aims. Grants are generally made for specific projects that would not be eligible for financial assistance elsewhere. The title of the Charity was changed from Pelham Court Music Foundation to Henrietta St Andrew Charity by way of a deed dated 14 December 2020. ## **Governance and Management** There have been no changes to the trustees during the year. There must be at least two trustees and they must meet at least once a year. During the year the charity has made two charitable donations amounting to £28,500, In the previous year, thirteen charitable donations were made, totalling £120,000. The Charity’s Trustees have given regard to the Charity Commission’s public benefit guidance. ## **Investment Policy** The portfolio of investments has continued to be reviewed on the advice of retained financial advisors. The changes are detailed in the notes to the financial statements, together with the respective costs of investments. The investments held have been acquired in accordance with the trust deed. At 31 October 2021 the market value of the investments held was £1,618,123. This compares with £1,360,380 at 31 October 2020. ## **Reserves Policy** The trustees believe that the level of reserves maintained are sufficient and necessary to generate the funds required to make the current level of grants expended. All of the reserves are unrestricted. Page 3 ## **THE HENRIETTA ST. ANDREW CHARITY** ## **TRUSTEES’ REPORT** ## **FOR THE YEAR ENDED 31 OCTOBER 2021** ## **(continued)** ## **Risk Assessment** The trustees continue to assess the major risks to which the charity is exposed. Historically, the principal risk has concerned the investment portfolio. Management of the investments is entrusted to the brokers that administer the portfolio. The mandate given to the investment broker has been carefully considered in our assessment to reflect these matters. With the property now owned by the Charity, the trustees are aware of the need to ensure that adequate funds are available to meet the running costs of the property, and to ensure that the property has sufficient insurance cover. On Behalf of the Trustees:- Mr R H MacDougald Mrs O A Talbot Page 4 ## **THE HENRIETTA ST. ANDREW CHARITY CHARITY No. 1163010** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HENRIETTA** ## **ST. ANDREW CHARITY** I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 October 2021. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the charity’s trustees, 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 which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Acts 2011; or - the accounts did not accord with the accounting records; or - the accounts did 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 the report in order to enable a proper understanding of the accounts to be reached. 31 August 2022 Lanham & Francis, Chartered Accountants 77A Cheap Street Sherborne Dorset DT9 3BA Page 5 ## **THE HENRIETTA ST. ANDREW CHARITY** ## **BALANCE SHEET AS AT 31 OCTOBER 2021** **----- Start of picture text -----**
Year to 31-10-21 Year to 31-10-20
Note £ £ £ £
Investments 11 1,618,123 1,300,380
Fixed Assets 3 439,118 360,137
Other assets
Cash at Bordier 25,936 167,230
Debtors - 4,500
25,936 171,730
Less:
Current liabilities
Accruals (4,000) (4,020)
Net current assets 21,936 167,710
Total assets less current liabilities 2,079,177 1,828,227
(Unrestricted non-designated)
Represented by :
Capital Account 6 2,079,177 1,828,277
Income Account 7 - -
2,079,177 1,828,237
**----- End of picture text -----**
The financial statements on pages 6 to 19 were approved by the Trustees on 31 August 2022. Mr R H MacDougald Mrs O A Talbot Page 6 ## **THE HENRIETTA ST. ANDREW CHARITY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 OCTOBER 2021** |**Incoming**
**resources**
Investment income
Other income
**Resources**
**expended**
Distributions
Investment
Management
Charges
Administration
costs
**Transfer between**
**funds**
**Net incoming/**
**outgoing funds**
**Gains/(losses) on**
**investments**
Realised
Unrealised
**Net Movement in**
**funds**
**Balance brought**
**forward**
**Balance carried**
**forward**|**Year to**
**31-10-21**
£
£
£
Capital
Income
Total
33,468
33,468
-
-
**33,468**
**33,468**
28,500
28,500
13,078
13,078
6,517
5,517
**(48.095)**
**(47,095)**
**(14,627)**
**14,627**
**(14,627)**
**0**
**(14,627)**
17,376
-
17,376
248,201
-
248,201
250,950
-
250,950
**1,828,227**
**-**
**1,828,227**
**2,079,177**
**-**
**2,079,177**|**Year to**
**31-10-20**
£
£
£
Capital
Income
Total
51,620
51,620
75
75| |---|---|---| |||**51,695**
**51,695**
120,000
120,000
14,318
14,318
4,405
4,405| |||**-**
**(138,723)**
**(138,723)**
**(87,028)**
**87,028**| |||**(87,028)**
**0**
**(138,723)**
(90,559)
-
(90,559)
(72,169)
-
(72,169)| |||(249,756)
-
(249,756)
**2,077,983**
**-**
**2,077,983**
**1,828,227**
**-**
**1,828,227**| There are no restricted funds held by the charity in either of the above two financial years. All amounts relate to continuing activities. Page 7 **THE HENRIETTA ST. ANDREW CHARITY** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 OCTOBER 2021** ## **1 ACCOUNTING POLICIES** ## **Basis of Accounting** The accounts (financial statements) have been prepared in accordance with applicable Charity law and SORP (FRS102) the Reporting Standard applicable in the U.K. and Republic of Ireland. The Charity constitutes a public benefit entity as defined by FRS 102. ## **Going Concern** There are no material uncertainties related to events or conditions that cast significant doubt on the charity’s ability to continue as a going concern. The accounts have therefore been prepared on a going concern basis. ## **Land and Property** Tangible fixed assets are state at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Property is not depreciated. ## **Investments** The investments are stated at market value and the realised and unrealised gains and losses are shown each year in the Statement of Financial Activities. ## **Income** Dividend income is accounted for as received with no provisions being made for accruals of income. ## **Expenditure** Expenses of running the trust are allocated against income, so long as there are sufficient reserves available. If sufficient income reserves are not available, expenditure is allocated against capital reserves. ## **Liabilities** Liabilities are recognised where it is more likely than not there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Page 8 ## **THE HENRIETTA ST. ANDREW CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021** ## **1 ACCOUNTING POLICIES (continued)** ## **Basic Financial Instruments** The Charity accounts for basic financial instruments on initial recognition. The accounts are prepared in Sterling and are rounded to the nearest pound. ## **2 GRANTS AWARDED** |Worshipful Company of Paviors|1,500
27,000|28,500
£28,500| |---|---|---| |||| Mr H MacDougald, trustee of Henrietta St Andrew Charity is an officer of the Worshipful Company of Paviors, and during the period was Master of the organisation. The Worshipful Company of Paviors is a voluntary organisation that operates on a not for profit basis. Mr MacDougald receives no benefits from the charity. ## **3 TANGIBLE FIXED ASSETS** |At 1 November 2020
Additions and improvements
Disposals
Revaluation
At 31 October 2021|Land and
Buildings
Fixtures and
Fittings
Total
360,137
-
360,137
78,981
-
78,981
-
-
-
-
-
-| |---|---| ||439,118
439,118| The net book value of land and buildings comprised: ||31.10.2021|31.10.2020| |---|---|---| |Freehold Land and Buildings|439,118|360,137| Page 9 **THE HENRIETTA ST. ANDREW CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 OCTOBER 2021** ## **4 DEBTORS UNDER 1 YEAR** |31.10.2021
Sundry Debtor
Deposit balance repayable re property
-
**5**
**CREDITORS FALLING DUE WITHIN 1 YEAR**
31.10.2021
Accrued Expenses
Accountancy
4,000
**6**
**CAPITAL ACCOUNT**|31.10.2021
Sundry Debtor
Deposit balance repayable re property
-
**5**
**CREDITORS FALLING DUE WITHIN 1 YEAR**
31.10.2021
Accrued Expenses
Accountancy
4,000
**6**
**CAPITAL ACCOUNT**|31.10.2021
Sundry Debtor
Deposit balance repayable re property
-
**5**
**CREDITORS FALLING DUE WITHIN 1 YEAR**
31.10.2021
Accrued Expenses
Accountancy
4,000
**6**
**CAPITAL ACCOUNT**|31.10.2021
Sundry Debtor
Deposit balance repayable re property
-
**5**
**CREDITORS FALLING DUE WITHIN 1 YEAR**
31.10.2021
Accrued Expenses
Accountancy
4,000
**6**
**CAPITAL ACCOUNT**|31.10.2020
4,500
31.10.2020
4,020|31.10.2020
4,500
31.10.2020
4,020| |---|---|---|---|---|---| |||**Year to**
**31-10-21**|||**Year to**
**31-10-20**| |||**£**|||**£**| ||||||| |Balance brought forward||1,828,227|||2,077,983| ||||||| |Profit/ (Loss) on sale of stocks and shares||17,376|||(90,559)| |Revaluation of stocks and shares||248,201|||(72,169)| |||2,093,804|||1,915,255| |||(14,627)|||(87.028)| |Transfer of Funds – from Capital to Income|||||| ||||||| |**Balance carried forward at 31 October**||**2,079,177**|||**1,828,227**| ||||||| ||||||| Page 10 **THE HENRIETTA ST. ANDREW CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 OCTOBER 2021** ## **7 INCOME ACCOUNT** **----- Start of picture text -----**
Year to Year to
31-10-21 31-10-20
Note £ £
Balance brought forward 0 0
Dividends and interest 33,468 51,620
Other income - 75
33,468 51,695
Less:
Investment management charges 13,078 14,318
Legal, taxation and administration charges - -
Accountancy fees 4,680 3,685
Independent examination fees 1,000 720
Grants awarded 2 28,500 120,000
Property running cost 837 -
48,095 138,723
Transfer of Funds - from Capital to Income 14,627 87,028
Balance carried forward at 31 October - -
**----- End of picture text -----**
Page 11 **THE HENRIETTA ST. ANDREW CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 OCTOBER 2021** |**8**
**INVESTMENT INCOME**
Dividends on investments held in the UK
**9**
**MANAGEMENT AND ADMINISTRATION**
Trust management fees
Accountancy fees
Disbursements|**Year to**
**Year to**
**31-10-21** **31-10-20**
**£**
**£**
33,468 51,620
**Year to**
**Year to**
**31-10-21** **31-10-20**
**£ £**
-
-
5,680
4,405
-
-
5,680
4,405|**Year to**
**Year to**
**31-10-21** **31-10-20**
**£**
**£**
33,468 51,620
**Year to**
**Year to**
**31-10-21** **31-10-20**
**£ £**
-
-
5,680
4,405
-
-
5,680
4,405| |---|---|---| |||
4,405| ## **10 TRUSTEE EXPENSES** No trustee expenses or remuneration have been incurred in the period. Page 12 **The Henrietta St. Andrew Charity** ## **Financial Statements for the year ended 31 October 2021** ## **Note 11** ## **Schedule of Stocks and Shares** |**Artemis**
Artemis Target Return
Purchased 4.6.2021
Interest 20.10.2021
**Artemis**
US Absolute Return I Acc GBP
Purchased 15.10.2019
Sold 26.2.2020
**BNY Mellon (UK)**
Asian Income Inst W GBP
Purchased 27.2.2019
Sold 28.5.2019
Equalisation 31.5.2019|**Market Value**
**Cost/**
**Profit/**
**Book Value**
**Market Value**
**Income Received**
**Holding**
**1 Nov 2020**
**- Proceeds**
**- Loss**
**31 Oct 2021**
**31 Oct 2021**
**Date**
**Amount**
£
£
£
£
£
£
48,142.08
45,732.01
48,224.09
48137.34
29.10.2021
213.66
-86.75
35,478.148
39,912.92
0
-35,478.148
-40,522.81
609.89
0.000
66,871.59
30.11.2020
525.49
1.3.2020
334.44
88,251.519
1.6.2021
467.31
-37,637.235
31.8.2021
722.95
50,614.284
58,555.67
58555.67| |---|---| Page 13 ## **BNY Mellon (UK)** |**BNY Mellon (UK)**
Global Dynamic Bond Inst W
Purchased 27.2.2019
Equalisation 31.5.2019
**Coupland Cardiff (CC)**
Japan Income & Growth Founder GBP
Purchased 28.2.2019
Sold 16.1.2020
Purchased 23.1.2020
Sold 25.3.2020
Sold 16.9.2020|30.11.2020
294.11
54,892.66
1.3.2021
335.55
1.6.2021
314.16
57,179.859
55,710.34
55710.34
31.8.2021
336.16
40,328.93
6,318.1840
8.1.2021
599.25
-6,318.1840
8.7.2021
523.82
0.0000
6,222.3560
-2,466.4370
3,755.9190
-1,263.8640
2,492.0550
35,586.55
35586.55| |---|---| ## **Capital Group** |Investment Company of America Lux Zgd
Purchased 14.6.2019
Purchased 11.6.2020
Purchased 24.7.2020|141,528.05
15.1.2021
381.20
19.4.2021
473.87
4,016.064
15.7.2021
429.64
3,338.775
15.10.2021
619.19
7,354.839
3,175.522
10,530.361
_109,410.45_
109410.45| |---|---| Page 14 ## **Cullen** North American High Dividend Value |North American High Dividend Value
Purchased 11.6.2020
Sold 23.4.2021
**ES**
River & Mercantile UK Equity Income B
Purchased 22.3.2019
Sold 30.9.2020
**Guinness Asset Management**
Sustainable Energy
Purchased 7.12.2020
Accumulated dividend 30/6/2021
**Janus Henderson**
Strategic Bond I Inc
Purchased 21.10.2019
Equalisation 28.2.2020
**Jupiter**
Asian Income
Purchased 22.3.2019|11.1.2021
801.52
12.4.2021
718.54
7,074.3500
92,249.52
-7,074.3500
-112,078.44
19,828.92
0.00
0.0000
67,573.76
30.11.2020
1,125.19
21,696.9391
55,269.96
55,269.96
28.5.2021
744.55
-8,939.5553
12,757.3838
38,702.55
1,586.3
30,205.00
30,211.50
6.50
30.6.2021
6.50
_41,351.55_
28,756.290
41,351.55
41,351.55
30.11.2020
362.88
26.2.2021
396.75
28.5.2021
353.96
31.8.2021
307.20
121,934.53
30.11.2020
837.10
26.2.2021
616.63
82,327.01
105,584.39
-384.14
105,200.25
28.5.2021
954.01
31.8.2021
1,215.81
Page 15| |---|---| ## **JP Morgan** US Equity Income C Inc |US Equity Income C Inc
Purchased 28.5.2019
Sold 15.9.2020
**Jupiter**
European Income I Inc
Purchased 22.3.2019
Sold 10.7.2019
Equalisation 31.7.2019
**FTF/Legg Mason**
Clearbridge Global Infrastructure
Purchased 4.12.2020
Equalisation 30.4.2021
**M & G**
North American Dividend I Inc
Purchased 22.3.2019
Sold 17.7.2019
Sold 15.9.2020|166,911.64
29.1.2021
742.10
46,316.823
128,508.98
128,508.98
30.4.2021
762.38
-5,764.919
30.7.2021
733.99
40,551.904
29.10.2021
815.09
45,027.55
29.1.2021
550.12
30.7.2021
845.26
128,016.84
-50,795.87
77,220.97
36,262.97
0.00
36,262.97
31,654.14
30.4.2021
208.54
30.7.2021
391.97
25,062.657
30,050.00
29.10.2021
376.76
-183.93
29,866.07
157,662.61
29.1.2021
448.10
30.4.2021
430.22
6,278.970
30.7.2021
421.90
-466.059
121,010.97
121,010.97
29.10.2021
935.56
5,812.911
-1,353.206
4,459.705| |---|---| Page 16 **MAN Funds** |MAN GLG Alpha Select
Purchased 2.3.2021
**C F Milton**
US Opportunities Fund
Purchased 28.4.2021
**Montanaro**
Equity Income GBP
Purchased 22.3.2019
Sold 15.9.2020
Purchased 17.12.2019
**Montanaro**
European Income Inc
Purchased 27.2.2019
Sold 10.7.2019
**Ninety One Fund Series**
Global Environment Fund
Purchased 7.12.2020
Equalisation 30.4.2021|33,004.27
275.265
30,620.93
30,620.93
22,591.048
80,652.60
80,652.60
83,157.65
61,695.28
12.2.2021
281.65
23,499.210
45,674.69
45,674.69
19.4.2021
221.51
-19,944.969
15.7.2021
597.51
3,554.241
15.10.2021
679.04
21,054.965
24,609.206
55,411.19
12.2.2021
211.24
37,502.831
19.4.2021
59.59
-15,514.265
42,042.14
42,042.14
15.7.2021
812.87
21,988.566
15.10.2021
60.16
36385.35
20,442.36
30,562.26
30.4.2021
12.14
-210.43
30,351.83
Page 17| |---|---| ## **Schroder** Strategic credit L Inc ## **SPDR S & P** |US Dividends Aristocrats
Purchased 15.7.2018
Accumulated dividend 30/09/2021
**Threadneedle**
UK ZN Inc
Purchased 28.5.2019
Equalisation 7.11.2019
Sold 30.9.2020
**Trojan**
Income (Ireland) X Inc
Purchased 30.10.2019
Purchased 24.7.2019
Sold 16.9.2020
**UK Government Stock**
1.25% 2027
Purchased 2.11.2016
Purchased 31.5.2017|95,680.86
30.9.2021
3.98
4.1.2021
566.55
1,914
75,440.31
30.3.2021
546.43
3.98
75,444.29
29.6.2021
498.54
28.9.2021
489.35
29,030.0138
6.11.2020
463.81
-29,030.0138
0.0000
79,336.8600
70,564.72
70,564.72
80,960.92
31.3.2021
1,197.38
41,786.2000
30.9.2021
776.68
121,123.0600
-40,218.7700
80,904.2900
22.11.2020
228.19
24.5.2021
230.21
£19,500
£4,600
£24,100
32,401.70
32,401.70
31,668.24
Page 18| |---|---| |**UK Government Stock**
2.5% 2024
Purchased 7.7.2015
**Vanguard Funds**
UK Government Bond
Purchased 2.10.2019
Sold 15.9.2020
Sold 29.5.2021
**Waverton**
European Dividend Growth
Purchased 3.3.2019|£18,000
570.440
-251.700
318.740
-318.740
46,873.673|64,806.00
47,755.73
42,280.05
**1,300,379.61**|-44,693.03
**52,165.83**|-3,062.70
**17,376.11**|64,806.00
0.00
42,280.05
**1,369,921.55**|18.1.2021
19.7.2021
65,735.37
15.1.2021
14.4.2021
51,842.28
11.2.2021
11.8.2021
**1,618,123.05**|673.15
676.13
102.61
93.27
656.23
656.23
**33,467.88**| |---|---|---|---|---|---|---|---| Page 19