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|---|---|---|
|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|
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|Advisors forthe ye|ar ended 31|March 2023|||||
|---|---|---|---|---|---|---|
|OFFICE|||Unit 6, 17Leyton Road||||
||||Harpenden||||
||||Herffordshire
AL5|2HY|||
|ADMINISTRATION|Foundation|Manager|Mrs. P.Whiting||||
||Grant Manager||Mr. N. Hodgins||||
||Foundation|Associates|Ms. F.Brown||||
||||Ms. A. Letcher||||
|AUDITOR|||David M. Ress &Associates|||Limited|
||||Well Cottage||||
||||Cucumber
Lane||||
||||Essendon||||
||||Herffordshire
AL96JB||||
|SOLICITOR|||SALaw||||
||||Gladstone Place||||
||||36-38Upper Marlborough||Road||
||||StAlbans||||
||||Hertfordshire
AL1|3UU|||
|BANKER|||CAF Bank Ltd||||
||||25 Kings Hill Avenue||||
||||Igngs
Hill||||
||||West Mailing||||
||||Kent ME194JQ||||
|PROPERTYMANAGEMENT|||HO2 (Brighton) Ltd||||
||||Suite G, Pavilion House||West||
||||King Business Centre||||
||||Sayers Common||||
||||East Sussex BN6|9LS|||
|BUILDING SURVEYOR|||Evans 8Crawley||||
||||Bridge House||||
||||Water Meadow||||
||||Chesham||||
||||Buckinghamshire|HP5 1LF|||
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||||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|
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||Notes|2023|||2022||
|---|---|---|---|---|---|---|
|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|
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||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||
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|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|
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|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|
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