2023-03-31-accounts - James Marshall Foundation CIO

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		Page
Trustees
Advisors
Report ofthe Trustees		3to6
Report ofthe Independent	Auditors	7and 8
Shrtements of Financial Activities
Balance Sheet		10
Notes tothe Financial Statements		11to 17

			Notes	2023		2022
				E		E	F
UNRESTRICTED FUNDS —General funds for distribution
Income
Donations			2		1,435		175
Investment income
Property income —Rent					332,613		323,806
	Commission				3,698		3,362
Recoverable costs -	Insurance				21,828		18,988
	Professional fees				720		720
	Grounds maintenance				2,150		2,150
Dividends and interest			3		48,972		41,423
Total Income					411,416		390,624
Expenditure
Costs ofgenerating funds
Property expenditure				40,734		23,438
Property management				22,513		14,567
Investment management				753		549
				64,000		38,554
Expenditure on charilable activities
Grants awarded to individuals in the year				307,119		181,831
Grants for awards in earlier	years			-17,176		-20,068
				289,943		161,763
Office expenses				49,688		31,314
Support costs				28,635		28,333
				368,266		221,410
Total expenditure					432,266		259,964
Net income and net movement		in unrestricted	funds
before gains and losses	on invesbnents				-20,850		130,660
Surplus/deficit on revaluation ofinvestments					-32,122		35,240
NET INOVEMENT IN UNRESTRICTED FUNDS
FOR THE YEAR					-52,972		165,900
Unrestricted funds at 1 April	2022				1,005,640		839,740
Total unrestricted funds at31 March 2023					952,668		1,005,640
RESTRICTED FUNDS
Restricted funds at 1 April 2022					6,112,568		6,048,061
Surplus/deficit on revaluation ofinvestment					-30,757		64,507
Total restricted funds at31	March	2023			6,081,811		6,112,568

	Notes	2023
FIXEDASSETS
Investment properties	10	5,300,000		5,300,000
Investment	11	1,551,256		1,614,135
Tangible gxed assets	12	698		508
Total fixed assets			6,851,954		6,914,643
CURRENT ASSETS
Debtors and prepayments	13	15,323		14,049
Short term deposils		315,640		305,329
Cash at bank		20,531		12,327
Total current assets		351,494		331,705
LIABILITIES
Creditors: amounts falling due within one year	14	-168,969		-128,140
Net current assets			182,525		203,565
TOTAL NETASSETS			7,034,479		7,118,208
RESTRICTED FUNDS	15		6,081,811		6,112,568
UNRESTRICTED FUNDS	15		952,668		1,005,640
TOTAL FUNDS			7,034,479		7,118,208

	NOTE	S TO	THE	FINANCIAL STATEMENTS	AT 31 MARCH 2023
2.	DONATIONS				E1,435	5175
	The Foundation was chosen as the recipient from community				fundraising events
3.	INVESTMENT INCOME				2023	2022
	Interest				E	f
	National Savings and Investment			Income Bond	2,259	215
	CAF Bank accounts				352	13
	Nationwide Business Saver		account		1,049	168
	Total interest on cash	deposits			3,660
	Dividends
	COIF Charihes Investment		Fund	Income Units	40,971	37,748
	COIF Charities Ethical	Investment		Fund Income Units	4,341	3,279
	Total investment income				48,972	41,423
4.	PROPERTY EXPENDITURE				2023	2022
	Repairs and maintenance				7,176	0
	Insurance				22,033	19,228
	Grounds maintenance				2,683	2,921
	Service charges				6,897	0
	VAT pargal exemption	- VAT not		recoverable	1,945	1,289
					40,734	23,438
5.	PROPERTY MANAGEMENT				2023 f	2022 5
	Management fees				14,642	10,920
	Legal and professional	fees			4,860	1,450
	Oflice expenses —4%	(2022 -4%)(Note 6)			3,011	2,197
					22,513	14,567
6.	OFFICE EXPENSES				2023 5	2022 f
	Building maintenance	and water			1,094	142
	Rates				379	379
	Printing &shrtionery				953	755
	Postage and sundries				319	1,029
	Staff salary				64,649	46,479
	ITdevelopment and support				3,776	1,797
	Charity insurance				461	310
	Light, heat 8 telephone				1,420	1,197
	Bank charges				100	96
	Depreciation				351	666
	Publicity				291	356
	VAT partial exemption	- VAT not		recoverable	1,491	1,730
					75,284

OFFICE EXPENSES Continued	OFFICE EXPENSES Continued	OFFICE EXPENSES Continued
Allocated on the	basis ofstaff time as follows:		2023	2023	2022	2022
				E
Properties			4	3,011	4	2,197
Grants			66	49,688	57	31,314
Governance			29	21,832	38	20,876
Investments			1	753	1	549
			100	75,284	100
SUPPORT COSTS				2023 f		2022 F
Governance and	support costs
Oflice expenses	—29%(2021 -38%)(Note 6)			21,832		20,876
Auditor's remuneration				4,000		4,000
Training, meetings		and other costs		1,239		1,117
300th Anniversary		celebration		837		1,446
Trustees insurance				727		894
				28,635		28,333
ANALYSIS OF STAFF COSTSAND REMUNERATION			OF KEY	MANAGEMENT	PERSONNEL
				2023		2022
Salaries				63,337		45,358
Employers National		Insurance		14		2
Pension costs				1,298		1,119
						46,479

13.	DEBTORS				2023		2022 f
	Accrued Income	—rent, interest and dividends		receivable	11,787		11,329
	Prepayments				1,346		159
	VAT recoverable				2,190		2,561
					15,323
14.	CREDITORS AMOUNTS		FALLING DUE	WITHIN ONE YEAR	2023 f		2022
	Auditor's fees				4,000		4,000
	Holiday pay accrual Professional fees				2,256 7,677		1,000 2,985
	Property-related	costs			14,073		0
	Oflice costs and	other unpaid invoices			245		1,525
	Tenants rent and	charges	in advance		63,853		62,933
	Grants to be paid				69,036		47,220
	VAT - HMRC				7,829		8,477
					168,969		128,140
15.	MOVEMENT ON	FUNDS
					1 April	Current	31 March
					2022f	Year F	2023f
	Restricted fund				6,112,568	-30,757	6,081,811
	Unrestricted fund				1,005,640	-52,972	952,668
	Total funds				7,118,208	-83,729	7,034,479
					Restricted	Unrestricted	31 March
	ANALYSIS OF NETASSETSBYFUND AT			31 MARCH 2023	Fundsf	Fundsf	2023 f
	Investment properties				5,300,000	0	5,300,000
	Investment				781,811	769,445	1,551,256
	Tangible fixed assets				0	698	698
	Debtors and prepayments				0	15,323	15,323
	Short term deposits				0	315,640	315,640
	Cash at bank				0	20,531	20,531
					6,081,811	1,121,637	7,203,448
	Creditors and accruals					-168,969	-168,969
					6,081,811	952,668	7,034,479