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|||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|
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|||||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)|
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|||||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|
##
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|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|
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|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|
##
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##
|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|
##
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##
|||||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|
##
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|||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|
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