2021-04-05-accounts

		Page
Report ofthe	Trustees	2-6
Report ofthe	Independent Auditors	7-9
Consolidated	Statement ofFinancial Activities	10
Consolidated	and Charity Balance Sheets
Consolidated	Cashflow Statement	12
Consolidated	Notes to the Cashflow Statement	13
Notes to the	Financial Statements	14-24

				Notes	2021	2020
					Total	Total
					unrestricted	unrestricted
					funds	funds
INCOME FROM:
Donations					3,000	3,456,305
Other trading activities					72,081	28,598
Investments					517,771	474,193
Total					592,852	3,959,096
EXPENDITURE ON:
Raising funds					143,780	150,726
Charitable activities					290,288	628,895
Total					434,068	779,621
NET INCOME					158,784	3,179,475
Net gains/(losses)		on investment	assets
Listed investments
- Realised					334,470	43,028
- Unrealised				12	1,317,980	(1,793,249)
Property
- Realised					2,500	25,276
- Unrealised				12		(8,333)
Net movement	in	funds			1,813,734	1,446,197
RECONCILIATION		OF FUNDS
Total funds brought forward					20,579,099	19,132,902
TOTAL FUNDS CARRIED FORWARD					22,392,833	20,579,099

				The Group	The Group	The Charity	The Charity
			Notes	2021	2020	2021	2020
					E		f
FIXEDASSETS
Tangible assets			11	3,331,560	3,403,388	3,331,560	3,403,388
Investments			12	19,732,880	18,633,332	19,795,881	18,696,333
				23,064,440	22,036,720	23,127,441	22,099,721
CURRENT ASSETS
Stock			15	56,977	56,977
Debtors			16	81,626	32,683	101,351	86,461
Cash at bank	and in hand			367,373	389,356	337,595	384,698
				505,976	479,016	438,946	471,159
CREDITORS:	amounts	falling due within
one year			17	(1,165,083)	(1,891,637)	(1,161,050)	(1,881,884)
NET CURRENT ASSETS/(LIABILITIES)				(659,107)	(1,412,621)	(722,104)	(1,410,725)
TOTAL ASSETS LESSCURRENT LIABILITIES				22,405,333	20,624,099	22,405,337	20,688,996
CREDITORS:	amounts	falling due after
more than one year			18	(12,500)	(45,000)	(12,500)	(45,000)
NET ASSETS				22,392,833	20,579,099	22,392,837	20,643,996
FUNDS
Unrestricted	income	funds		22,392,833	20,579,099	22,392,837	20,643,996
TOTAL FUNDS				22,392,833	20,579,099	22,392,837	20,643,996

					Notes tothe
					cash flow	2021
					statement	f
Cashflows from operating	activities:
Net cash provided by/(used	in) operating		activities			(321,082)	(955~)
Cashflows from investing	activities:
Dividends, interest and rents from investments						368,697	441,190
Purchase of property, plant 5equipment							(1,585,444)
Proceeds from sales of investments						3,219,142	10,682,900
Purchase of investments						(2,792,436)	(5,093,793)
Net cash provided by/(used	in) investing		activities			795,403	4,444,853
Cashflows from financing	activities:
Bank loans borrowed in year
Bank loans repaid in year							(5,500,000)
Concessionary loans borrowed in year							2,000,000
Concessionary loans repaid in year						(625,000)	(300,000)
Interest paid							(83,518)
Net cash provided by/(used	in) financing		activities			(625,000)	(3,883,518)
Change in cash and cash equivalents		in the		year		(150,679)	(393,781)
Cash and cash equivalents	at the beginning			ofthe year	2	1,174,990	1,568,771
Cash and cash equivalents	at the end	ofthe		year		1,024,311	1,174@90

				Notes tothe
				cash flow	2021	2020
				statement	f	f
	Net income/(expenditure)		for the year		158,784	3,179,475
	(as per the statement offinancial activities J
	Adjustments for:
	Depreciation charge				71,828	68,158
	Investment income				(368,697)	(441,190)
	Interest charges					83,518
	Donations received	oflisted	investments			(3,443,805)
	(Increase)/decrease	in stocks				823
	(Increase)/decrease	in debtors			(48,943)	200,594
	Increase/(decrease)	in creditors			(134,054)	(602,689)
	Net cash provided by/(used		in) operating	activities	(321,082)	(955,116)
2	ANALYSIS OF CASH AND CASH EQUIVALENTS
					2021	2020
					f	f
	Cash at bank and in	hand			367,373	389,356
	Cash investments				656,938	785,634
	Total cash and cash	equivalents			1,024,311	1,174,990
3	ANALYSIS OF CHANGES IN NET DEBT
				As at 5 "	Cash flows	As at 5 "
				April 2020	in year f	April 2021 f
	Cash at bank and in	hand		389,356	(21,983)	367,373
	Cash investments			785,634	(128,696)	656,938
				1,174,990	(150,679)	1,024,311
	Concessionary loans			(1,700,000)	625,000	(1,075,000)
				(525,010)	474,321	(50,689)

				2021 f	2020f
	Donations from C A5 BKinnear:
	Cash			3,000
	Gift aid				12,500
	Donated	listed investments			3,443,805
				3,000	3,456,305
3	OTHER TRADING ACTIVITIES INCOME
				2021	2020
				f	f
	Hall and room hire			1,032	23,129
Grants				68,064
Other trading		income		2,985	5,469
				72,081	28,598
4	INVESTMENT INCOME
				2021	2020
				f	f
	Rent and service charges from investment		properties	148,393	64,080
	Income from	listed investments		368,697	407,510
	Bank interest			681	2,603
				517,771	474,193

5	RAISING FUNDS	RAISING FUNDS	EXPENDITURE	EXPENDITURE	EXPENDITURE
							2021	2020
							f	f
	Direct costs oftrading			subsidiary			21,841	48,060
	Investment management				costs		112,528	96,091
	Property management			costs			4,694	2,977
	Property repairs						4,717	3,598
							143,780	150,726
6	CHARITABLE ACTIVITIES EXPENDITURE
							2021	2020
							f	f
	Ro al Porcelain Works:
	Professional fees						31,938	128,342
	Wages and salaries						57,656	90,254
	Marketing						2,294	32,732
	Site management						56,587	134,376
	Depreciation						71,828	68,158
							220,303	453,862
	Grants a roved in		ear		note 7		4,250	1,000
	Su ort costs relatin			to	Ro al Porcelain Works:
	Lega I S.professiona	Ifees					46,267	62,289
	Administration costs						12,451	18,585
	Bank charges						367	889
	Bank loan interest							83,518
	Other							136
	Governance costs:
	Auditors' remuneration			re external		scrutiny	4,000	3,975
	Accounts preparation						2,650	3,843
	Previous year under/(over)				reserve			798
							290,288	628,895

			Commitments	Approved	Paid in the	Commitments	Due within	Due after
			at 5/4/20	in the year	year	at 5/4/21	1year	1year
			f	f	f		f
Worcester	Live			10,000	(10,000)
Worcester	Cathedral		62,500		(25,000)	37,500	25,000	12,500
Malvern Youth		Community	20,000		(20,000)
Trust (The	Cube)
Worcester	Arts	Workshop	15,000	(11,250)	(3,750)
County Air	Ambulance		4,000			4,000	4,000
Youth Community Media				2,500	(2,500)
The Mayflower		Project		3,000	(3,000)
			101,500	4,250	(64,250)	41,500	29,000	12,500

		2021	2020
		f	f
Depreciation		71,828	68,158
Auditors	remuneration	4,000	3,975

0 STAFF	COSTS
			2021 f	2020f
Gross wages			68,653	103,575
Socia I security costs			1,235	3,522
Employer's	pension costs (defined contribution	schemes)	1,781	3,865
			71,669	110,962

	Freehold	land &	Fixtures, fittings
	buildings		and equipment	Total
		f	E
Cost:
At 6'" April 2020	3,433,795		88,319	3,522,114
Additions
At 5th April 2021	3,433,795		88,319	3,522,114
Depreciation:
At 6'" April 2020		110,243	8,483	118,726
Charge		62,996	8,832	71,828
At 5'" April 2021		173,239	17,315	190,554
Net book value
At 5'" April 2021	3,260,556		71,004	3,331,560
At 5th April 2020	3,323,552		79,836	3,403,388

The Group
			Listed		Freehold
MARKET VALUE			Investments f	Cash f	~Pro pertlyf	Total f
At 6April 2020			11,022,499	785,634	6,825,199	18,633,332
Additions			2,792,436			2,792,436
Disposals			(2,354,801)		(527,371)	(2,882,172)
Net cash movements				(128,696)		(128,696)
Revaluations			1,317,980			1,317,980
At 5 April 2021			12,778,114	656,938	6,297,828	19,732,880
			Quoted	Investment
The investments	are held:		Investments f	~Propert@	2021Total f	2020Total f
Fixed Interest			5,201,896		5,201,896	5,106,713
Equities			5,217,000		5,217,000	3,862,400
Alternative Investments			2,359,218		2,359,218	2,053,386
Portfolio Cash			470,805		470,805	675,224
Cash Investments			186,133		186,133	110,410
Investment Property				6,297,828	6,297,828	6,825,199
			13,435,052	6,297,828	19,732,880	18,633,332
The Charity
		Listed		Freehold	Subsidiary
		Investments	Cash	~Pro pertly	Undertakin s	Total
MARKET VALUE		f	f	f		f
At 6 April 2020		11,022,499	785,634	6,825,199	63,001	18,696,333
Additions		2,792,436				2,792,436
Disposals		(2,354,799)		(527,371)		(2,882,170)
Net cash movements			(128,698)			(128,698)
Revaluations		1,317,980				1,317,980
At 5 April 2021		12,778,116	656,936	6,297,828	63,001	19,795,881
		Quoted	Investment	Subsidiary
The investments	are held:	Investments	~Pro pertly	Undertakin s	2021Total	2020Total
					f	f
Fixed Interest		5,201,896			5,201,896	5,106,713
Equities		5,217,000			5,217,000	3,862,400
Alternative Investments		2,359,218			2,359,218	2,053,386
Portfolio Cash		470,805			470,805	675,224
Cash Investments		186,133			186,133	110,410
Investment Property			6,297,828		6,297,828	6,825,199
Subsidiary undertakings				63,001	63,001	63,001
		13,435,052	6,297,828	63,001	19,795,881	18,696,333

ift aided to th	e charity. The summary financial performa	nce ofthe subsidiary	is:
		2021	2020
		f	f
Turnover		139,404	107,710
Cost ofsales		(31,909)	(48,060)
Gross profit		107,495	59,650
Administrative	expenses	(42,602)	(115,265)
Profit for the	financial year	64,893	(55,615)
The aggregate	ofthe assets and liabilities was:
Assets		155,478	70,815
Liabilities		(92,485)	(72,714)
Net assets		62,993	(1,899)

			2021	2020
			f	f
Gross income			490,019	3,946,273
Expenditure			(396,128)	(669,785)
Net income/(expenditure)			93,891	3,276,488
Net gains/(losses)	on investments		1,654,950	(1,733,278)
Total funds brought		forward	20,643,996	19,100,786
Total funds carried		forward	22,392,837	20,643,996

				Group		Charity
				2021	2020	2021	2020
				f	f	f	f
Trade	debtors			20,748	21,426	4,275	15,753
Other	debtors			55,126	141	9,626	106
Amounts owed		by Royal Porcelain				82,969	62,961
Works Ltd
VAT				5,752	11,116	4,481	7,641
				81,626	32,683	101,351	86,461
7	CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
				Group		Charity
				2021	2020	2020	2020
				f	f	f	f
Bank	loans 5overdraft
Concessionary		loans —see note 21		1,075,000	1,700,000	1,075,000	1,700,000
Trade	creditors			22.322	22,646	12,834	19,133
Grants payable				29,000	56,500	29,000	56,500
Other	creditors			1,659	3,387	1,659	2,934
Accruals - Royal Porcelain Works					60,000		60,000
Accruals - other				37,102	49,104	42,557	43,317
				1,165,083	1,891,637	1,161,050	1,881,884

		Group		Charity
		2021	2020	2021	2020
		f	f		f
Grants	payable	12,500	45,000	12,500	45,000
		12,500	45,000	12,500	45,000