| Page | ||
|---|---|---|
| Administrative details |
||
| Report ofthe trustees | ||
| Independent Auditor's |
report | |
| Statement offinancial | activities 2022 | |
| Statement offinancial | activities 2021 | |
| Balance sheet | 10 | |
| Statement ofcash flows | ||
| Notes to the financial | statements | 12 |
| CHARITY REGISTERED No. | 1175442 | |
|---|---|---|
| TRUSTEES: | R.M. Plummer (Chairman) F.J.Plummer |
|
| G.H. Carter | ||
| S.E. Floyd | ||
| AUDITOR: | Dafferns LLP | |
| One Eastwood | ||
| Harry Weston Road | ||
| Binley Business Park | ||
| Coventry | ||
| CV3 2UB | ||
| BANKERS: | Handelsbanken | |
| Leamington Spa Branch |
||
| Myton House | ||
| 40 Holly Walk | ||
| Leamington Spa |
||
| CV32 4HY | ||
| INVESTMENT MANAGERS: | a) Close Brothers Asset Management 8'"floor |
|
| 10,Exchange Square | ||
| Primrose Street, London EC2A 2BY | ||
| b) Baillie Gifford and Co Ltd | ||
| Carlton Square | ||
| 1,Greenside Row, Edinburgh |
EH1 3AN | |
| c)Punter Southall Wealth Management | ||
| 88Wood Street, London EC2V 7QR | ||
| INVESTMENT ADVISOR: | Henry Denne, Punter Southall | Wealth Management |
| 88Wood Street, London EC2V 7QR |
| Expendable | |||||
|---|---|---|---|---|---|
| General | endowment | 2022 | 2021 | ||
| fund | fund | Total | Total | ||
| Notes | F | F | E | ||
| INCOME AND ENDOWMENTS: | |||||
| Settlements | 1,426,885 | 1,426,885 | 418,433 | ||
| Investment income |
2 | 75593 | 75,593 | 55,270 | |
| Other income | 110 | ||||
| TOTAL INCOME AND ENDOWMENTS | 75,593 | 1,426,885 | 1,502,478 | 473,813 | |
| EXPENDITURE ON: | |||||
| Raising funds | |||||
| Investment management fees |
14,482 | 14,482 | 16,731 | ||
| Charitable Activities |
|||||
| Grant expenditure | 3 | 82,140 | 82,140 | 362,710 | |
| Grant related support costs | 4 | 15,826 | 15,826 | 15,821 | |
| TOTAL EXPENDITURE | 112,448 | 112,448 | 395,262 | ||
| NET (EXPENDITURE)/INCOME | |||||
| BEFOREOTHER RECOGNISED | |||||
| GAINS &LOSSES | (36,855) | 1,426,885 | 1,390,030 | 78,551 | |
| NET (LOSSES)/GAINS ON INVESTMENTS 5 | (1,420,610) | (1,420,610) | (623,907) | ||
| TRANSFERS BETWEEN FUNDS | 40,000 | (40,000) | |||
| NET MOVEMENT IN FUNDS |
3,145 | (33,725) | (30,580) | (545,356) | |
| RECONCILIATION OF FUNDS |
|||||
| Fund balances brought forward |
17,340 | 5,110,690 | 5,128,030 | 5,673,386 | |
| Fund balances carried forward | 20,485 | 5,076,965 | 5,097,450 | 5,128,030 |
| Expendable | ||||
|---|---|---|---|---|
| General | endowment | 2021 | ||
| Notes | fundf | fund | Total f |
|
| INCOME AND ENDOWMENTS: | ||||
| Settlements by Mr & Mrs Plummer |
418,433 | 418,433 | ||
| Investment income |
2 | 55,270 | 55,270 | |
| Other income | 110 | 110 | ||
| TOTAL INCOME AND ENDOWMENTS | 55,380 | 418,433 | 473,813 | |
| EXPENDITURE ON: | ||||
| Raising funds | ||||
| Investment management fees |
16,731 | 16,731 | ||
| Charitable Activities |
||||
| Grant expenditure | 362,710 | 362,710 | ||
| Grant related support costs | 4 | 15,821 | 15,821 | |
| TOTAL EXPENDITURE | 395,262 | 395,262 | ||
| NET (EXPENDITURE)IINCOME | ||||
| BEFOREOTHER RECOGNISED | ||||
| GAINS 8 LOSSES | (339,882) | 418,433 | 78,551 | |
| NET (LOSSES)/GAINS ON INVESTMENTS | (623,907) | (623,907) | ||
| TRANSFERS BETWEEN FUNDS | 300,000 | (300,000) | ||
| NET MOVEMENT IN FUNDS |
(39,882) | (505,474) | (545,356) | |
| RECONCILIATION OF FUNDS |
||||
| Fund balances brought forward |
57,222 | 5,616,164 | 5,673,386 | |
| Fund balances carried forward |
17,340 | 5,110,690 | 5,128,030 |
| TH | E ROCKS | PRING CHARITABLE TRUST | PRING CHARITABLE TRUST | |||
|---|---|---|---|---|---|---|
| BALANCE SHEET | ||||||
| as | at 31December | 2022 | ||||
| 2022 | 2021 | |||||
| Notes | E | F | E | f. | ||
| INVESTIIENT ASSETS | ||||||
| Investment | 4,539,797 | 4,518,652 | ||||
| Cash awaiting investments |
114,184 | 74,286 | ||||
| 4,653,981 | 4,592,938 | |||||
| CURRENT ASSETS | ||||||
| Debtors and prepayments | 9,355 | 16 | ||||
| Cash at bank | 480,007 | 587,296 | ||||
| 489,362 | 587,312 | |||||
| LIABILITIES:Amounts | falling due | |||||
| within one year: | 6 | (45,893) | (52,220) | |||
| NET CURRENT ASSETS | 443,469 | 535,092 | ||||
| NET ASSETS | 5,097,450 | 5,128,030 | ||||
| FUNDS OF THE CHARITY: | ||||||
| Expendable endowment |
fund | 5,076,965 | 5,110,690 | |||
| General fund |
20,485 | 17,340 | ||||
| TOTAL CHARITY FUNDS | 5,097,450 | 5,128,030 |
| 31 December 2022 | 31 December 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| Cash Flow from Operating | Activities | 8 | 1,298,771 | 71,052 | |||
| Cash Flow from Investing | Activities | ||||||
| Payments | to acquire investments | (1,616,077) | (988,037) | ||||
| Interest received | 602 | 101 | |||||
| Dividends | received | 74,991 | 55,169 | ||||
| Receipts | from disposal of investments | 174,322 | 834,670 | ||||
| Net Cash | Flow from Investing | Activities | (1,366,162) | (98,097) | |||
| Net Cash | Flow from Financing | Activities | |||||
| Net increase in cash and cash |
equivalents | (67,391) | (27,045) | ||||
| Cash and | cash equivalents | at | 1January | 2022 | 661,582 | 688,627 | |
| Cash and | cash equivalents | at | 31 December 2022 | 594,191 | 661,582 | ||
| Cash and | cash equivalents | consists | of: | ||||
| Cash at bank | 480,007 | 587,296 | |||||
| Cash awaiting investment |
114,184 | 74,286 | |||||
| 594,191 | 661,582 |
| GRANTS | |||
|---|---|---|---|
| The following grants were awarded |
during the year. | ||
| Kensington and Chelsea Foundation |
for: | ||
| West London Action for Children | 24,000 | ||
| Nucleo Project | 15,000 | ||
| SMART | 18,000 | ||
| Christmas Appeal |
5,000 | ||
| The Playground Theatre |
140 | ||
| The Photography Summer School |
20,000 | ||
| 82,140 |
| ALLOCATION O | F SU | PPORT COSTS | ||
|---|---|---|---|---|
| 2022 | 2021f | |||
| Grant Making | ||||
| Legal and professional | fees | 5,814 | 5,149 | |
| Accountancy and |
advisory | 8,682 | 8,776 | |
| Audit fee —governance | cost | 1,850 | 1,850 | |
| Bank charges | 255 | 46 | ||
| Advertising costs |
750 | |||
| Foreign exchange | rate | difference | (1,525) | |
| 15,826 | 15,821 |
| No Trustee or person with family or business co expenses during the year (2021:fNil). |
nnections with the Trustees |
received any re | muneration or |
|---|---|---|---|
| INVESTMENT | Quoted | ~Ue uoted | Totalf |
| Market value at 31 December 2021 | 4,518,652 | 4,592,938 | |
| Acquisitions | 554,430 | 1,045,000 | 1,599,430 |
| Disposals | (174,322) | (174,322) | |
| Dividend reinvested |
16,647 | 16,647 | |
| Revaluation | (1,420,610) | (1,420,610) | |
| Market value at 31 December 2022 | 3,494,797 | 1,045,000 | 4,539,797 |
| 2022 | 2021 |
|---|---|
| 7,393 | 5,000 |
| 38,500 | 47,220 |
| 45,893 | 52,220 |
| ANALYS | IS OF N | ET | ASSET | S B | ETWE | EN THE FUNDS | ||
|---|---|---|---|---|---|---|---|---|
| Expendable | ||||||||
| General | endowment | |||||||
| fund | fund | Total | ||||||
| F | F | |||||||
| Fixed asset investments | 4,653,981 | 4,653,981 | ||||||
| Other net assets | 20,485 | 422,984 | 443,469 | |||||
| 20,485 | 5,076,965 | 5,097,450 | ||||||
| RECONCILIATION | OF NET | INCOME | / (EXPENDITURE) TO NET CASH | FLOW FROM | OPERATING | |||
| ACTIVITIES | ||||||||
| 2022 | 2021 | |||||||
| F | ||||||||
| Operating | income | / (expenditure) | for period | (30,580) | (545,356) | |||
| Dividends | received | (74,991) | (55,169) | |||||
| Interest receivable | (602) | (101) | ||||||
| Gains on | investments | 1,420,610 | 623,907 | |||||
| (Increase) / decrease | in debtors | (9,339) | 206 | |||||
| Increase | / (decrease) | in creditors | (6,327) | 47,565 | ||||
| Net cash | flow from | operating | activities | 1,298,771 | 71,052 |