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2022-04-30-accounts
|
Page |
| Trustees’ Annual Report |
1 |
| Accountant’s Report |
5 |
| Statement of Financial Activities |
6 |
| Balance Sheet |
7 |
| Notes to the Financial Statements |
8 |
| Settlors |
Gilbert Prousch |
|
George Passmore |
| Dates of Constitution |
4th October 2017 |
| Trustees |
Gilbert Prousch |
|
George Passmore |
|
Richard Riley |
|
Michael Bracewell |
|
Nigel Fox |
| Nature of CIO |
A registered charity, registered with the Charity Commissioners for England |
|
and Wales as number 1174981 |
| Registered Office |
12 Fournier Street |
|
London |
|
El 6QE |
| Investment Managers |
Cazenove |
|
1 London Wall Place |
|
London |
|
EC2Y 5AU |
| Bankers |
Messrs. Hoare & Co. |
|
37 Fleet Street |
|
London |
|
EC4P 4DQ |
| Solicitors |
Charles Russell Speechlys |
|
5 Fleet Place |
|
London |
|
EC4M 7RD |
| Accountants |
Moore Kingston Smith LLP |
|
6th Floor |
|
9 Appold Street |
|
London, EC2A 2AP |
15 December 2022
|
|
- Unrestricted Funds - |
- Unrestricted Funds - |
Total |
- Unrestricted Funds - |
- Unrestricted Funds - |
Total |
|
|
|
Expendable |
Funds |
|
Expendable |
Funds |
|
Notes |
**Income ** |
Endowment |
2022 |
Income |
Endowment |
2021 |
| Income and Expenditure |
|
£ |
£ |
£ |
£ |
£ |
£ |
| INCOME FROM: |
|
|
|
|
|
|
|
| Donations & legacies:- |
|
|
|
|
|
|
|
| Donations received |
2 |
6,339 |
425,000 |
431,339 |
200 |
|
200 |
| Investment income |
3 |
8,637 |
|
8,637 |
21,628 |
|
21,628 |
| TOTAL INCOME |
|
14,976 |
425,000 |
439,976 |
21,828 |
|
21,828 |
| EXPENDITURE ON: |
|
|
|
|
|
|
|
| Raising funds:- |
|
|
|
|
|
|
|
| Investment Management Costs |
|
|
5,858 |
5,858 |
|
15,953 |
15,953 |
| Charitable activities |
415 |
70,392 |
|
70,392 |
11,559 |
|
11,559 |
| TOTAL EXPENDITURE |
|
70,392 |
5,858 |
76,250 |
11,559 |
15,953 |
27,512 |
| **NET OPERATING INCOME/(EXPENDITURE ** |
|
(55,416) |
419,142 |
363,726 |
10,269 |
(15,953) |
(5,684) |
| OTHER RECOGNISED GAINS/(LOSSES) |
|
|
|
|
|
|
|
| Gains/(losses) on Investments |
7 |
|
19,405 |
19,405 |
|
608,701 |
608,701 |
| NET INCOME/(EXPENDITURE) |
|
(55,416) |
438,547 |
383,131 |
10,269 |
592,748 |
603,017 |
| Gross transfer between Funds |
9 |
|
|
|
|
|
|
| NET MOVEMENT IN FUNDS |
|
(55,416) |
438,547 |
383,131 |
10,269 |
592,748 |
603,017 |
| RECONCILIATION OF FUNDS |
|
|
|
|
|
|
|
| Total funds brought forward |
|
**214,807 ** |
**11,654,260 ** |
11,869,067 |
204,538 |
11,061,512 |
11,266,050 |
| BALANCES CARRIED FORWARD |
|
**159,391 ** |
**12,092,807 ** |
12,252,198 |
214,807 |
11,654,260 |
11,869,067 |
|
Notes |
2022 |
2021 |
|
|
£ |
£ |
| FIXED ASSETS |
|
|
|
| Intangible fixed assets |
6 |
13,468 |
|
| Tangible fixed assets |
7 |
11,010,831 |
7,958,080 |
| Investments |
8 |
529,261 |
2,759,856 |
|
|
11,553,560 |
10,717,936 |
| CURRENT ASSETS |
|
|
|
| Cash held at |
|
|
|
| C. Hoare & Co. |
|
209319 |
256,577 |
| Cazenove |
|
511,225 |
976,203 |
| Metro |
|
14,717 |
|
| Debtors |
11 |
____ 55 |
348 |
|
|
735316 |
1,233,128 |
| CURRENT LIABILITIES |
|
|
|
| Creditors - amounts falling due within one year |
12 |
36,678 |
5,880 |
| NET CURRENT ASSETS |
|
698,638 |
1,227,248 |
| NET ASSETS |
|
12,252,198 |
11,945,184 |
| FUNDS |
|
|
|
| Unrestricted Funds |
|
|
|
| Income |
|
159391 |
214,807 |
| Expendable Endowment |
|
12,092,807 |
11,654,260 |
|
|
12,252,198 |
11,869,067 |
| **3 ** |
INVESTMENT INCOME |
2022 |
2021 |
|
|
£ |
£ |
|
Investment income |
8,371 |
21,138 |
|
Interest on cash deposits |
267 |
490 |
|
|
8,637 |
21,628 |
| **4 ** |
CHARITABLE ACTIVITIES |
2022 |
2021 |
|
|
£ |
£ |
|
Staff costs (see note 5) |
27,300 |
|
|
Support costs (see below) |
43,092 |
11,559 |
|
|
70,392 |
11,559 |
|
Support costs are split as follows: |
2022 |
2021 |
|
|
£ |
£ |
|
Rates & water |
679 |
239 |
|
Light & heat |
7,320 |
2,581 |
|
Repairs & maintenance |
4,960 |
540 |
|
Insurance |
1,942 |
1,811 |
|
Legal & professional fees |
11,559 |
75 |
|
Finance costs |
581 |
433 |
|
Computer costs |
2,143 |
|
|
Depreciation |
3,575 |
|
|
Amortisation |
1,124 |
|
|
Other office costs |
449 |
|
|
Governance Costs |
|
|
|
Moore Kingston Smith Independent Examiner’s fee: |
|
|
|
Current year |
3,960 |
2,400 |
|
Whitefield Co. Accountancy Fees |
4,800 |
3,480 |
|
|
43,092 |
11,559 |
| **5 ** |
STAFF COSTS |
2022 |
2021 |
|
|
£ |
£ |
|
Salaries, National Insurance and Pension costs |
27,300 |
|
|
|
27,300 |
|
| INTANGIBLE FIXED ASSETS |
Website |
|
|
Development |
Total |
|
£ |
£ |
| Cost/Market Value |
|
|
| Brought Forward |
|
|
| Additions |
14,592 |
14,592 |
| At 30 April 2022 |
14,592 |
14,592 |
| Amortisation |
|
|
| Brought Forward |
|
|
| Charge for the period |
1,124 |
1,124 |
| At 30 April 2022 |
1,124 |
1,124 |
| Net Book Value |
|
|
| At 30 April 2022 |
13,468 |
13,468 |
| At 30 April 2021 |
|
|
| TANGIBLE FIXED ASSETS |
|
|
|
|
|
Freehold |
|
|
|
|
Land and |
Fixtures and |
|
|
|
Buildings |
Fittings Equipment |
|
Total |
| Cost/Market Value |
£ |
£ |
£ |
£ |
| Brought Forward |
7,958,080 |
|
|
7,958,080 |
| Additions |
2,993,726 |
48,977 |
13,623 |
3,056,326 |
| At 30 April 2022 |
10,951,806 |
48,977 |
13,623 |
11,014,406 |
| Depreciation |
|
|
|
|
| Brought Forward |
|
|
|
|
| Charge for the period |
|
1,560 |
2,015 |
3,575 |
| At 30 April 2022 |
|
1,560 |
2,015 |
3,575 |
| Net Book Value |
|
|
|
|
| At 30 April 2022 |
10,951,806 |
47,417 |
11,608 |
11,010,831 |
| At 30 April 2021 |
7,958,080 |
|
|
7,958,080 |
| Movement in fixed asset investments |
|
|
|
2022 |
2021 |
| Listed investments |
£ |
£ |
| Market Value Brought Forward |
2,759,856 |
4,151,155 |
Purchase costs
Add: |
|
|
Sale proceeds
Less: |
(2,250,000) |
(2,000,000) |
| Realised gains |
288,279 |
158,657 |
| (Losses) on revaluation |
(268,874) |
450,044 |
| Market Value of Investments |
529,261 |
2,759,856 |
| Historical cost |
465,072 |
2,426,793 |
| DEBTORS |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Prepayments |
55 |
348 |
|
55 |
348 |
| CREDITORS |
|
|
|
2022 |
2021 |
|
£ |
£ |
| Accruals |
36,678 |
5,880 |
|
36,678 |
5,880 |
| ANALYSIS OF NET ASSETS BY F |
UND |
|
|
|
Unrestricted |
Expendable |
|
|
income fund |
Endowment |
Total |
| As at 30 April 2022 |
£ |
£ |
£ |
| Tangible fixed assets |
|
11,024,299 |
11,024,299 |
| Investments |
|
529,261 |
529,261 |
| Current assets |
196,069 |
539,247 |
735,316 |
| Current liabilities |
(36,678) |
|
(36,678) |
|
159,391 |
12,092,807 |
12,252,198 |
|
Unrestricted |
Expendable |
|
|
income fund |
Endowment |
Total |
| As at 30 April 2021 |
£ |
£ |
£ |
| Tangible fixed assets |
|
7,958,080 |
7,958,080 |
| Investments |
|
2,759,856 |
2,759,856 |
| Current assets |
220,687 |
936,324 |
1,157,011 |
| Current liabilities |
(5,880) |
|
(5,880) |
|
214,807 |
11,654,260 |
11,869,067 |