THE CORTON HILL TRUST
Trustees’ Report
and Financial Statements
for the year ended 13 November 2021
Registered Charity Number 1186843
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Auditor’s report | 4 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Accounting policies | 9 |
| Notes to the accounts | 11 |
THE CORTON HILL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Nicholas James Gray Robinson (Settlor) Catherine Joanna Robinson (Settlor) Coutts & Co (to 4 July 2021) Ludlow Trust Company Limited (from 5 July 2021)
Principal office
1[st] Floor Tower Wharf Cheese Lane Bristol BS2 0JJ
Charity registered number
1186843
Independent Auditors
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Investment Advisers
Coutts & Co 440 Strand London WC2R 0QS
Page 1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
TRUSTEES’ REPORT
The Trustees present their report and financial statements of the charity for the year ended 13 November 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Corton Hill Trust is a registered charity constituted under a Trust Deed dated 14 November 2019 and registered as a charity 9 December 2019.
The charity is controlled by the trustees, as detailed on page 1. The power to appoint and remove trustees is exercisable by the settlor trustees during their lifetimes and subject to that the power to appoint shall be exercisable by the trustees.
New trustees are selected on the basis of the contribution that they will make to the governance of the charity and the skills that they will contribute. They are provided with copies of the Charity Commission’s guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required.
During the year under review the administration of the charity was undertaken by Coutts & Co until July 2021 and from this point Ludlow Trust Company Limited in capacity as trustee.
OBJECTIVES AND ACTIVITIES
The Trust Deed states that the objects of the trust are as follows: “To apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such charities or such exclusively charitable purposes according to the laws of England and Wales in any part of the world as the trustees may in their discretion think fit.”
The trust achieves this object by provision of grants and donations. In determining the means by which the trust shall achieve its object the trustees have had regard to the guidance on public benefit issued by the Charity Commission.
ACHIEVEMENTS AND PERFORMANCE
During the year under review the trustees awarded a total of 31 grants to 28 institutions amounting to £704,550 in accordance with the trust’s grant making policy.
In the opinion of the trustees the trust, by making grants only to charitable organisations which themselves are for the benefit of the public, is in turn meeting its own obligation to deliver public benefit.
Investment policy. There are no restrictions on the charity’s power to invest. The investment strategy is agreed between the trustees and the investment managers, and is regularly reviewed. This is the subject of a policy statement which has been completed by the trustees, is also kept under review, and forms an integral part of the agreement with the investment manager to provide investment management services.
The policy of the trust is to invest prudently in a managed portfolio of equities, fixed income and alternative investments to generate income and capital growth which contributes towards the charity’s grant programme. The main investment objective of the charity is to produce a better return than cash and protect future purchasing power against inflation.
Investment performance was in line with expectations for the period.
Page 2
THE CORTON HILL TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
TRUSTEES’ REPORT
FINANCIAL REVIEW
During the year ended 13 November 2021 the trust’s total income amounted to £795,685 consisting of investment income of £157,399 and transfers from expendable endowment of £638,286. Expenditure for the same period amounted to £794,184.
Reserves policy. The trust is operated as a grant giving charity and is funded by additions to its capital fund and income arising on its investment portfolio, which is held in the capital fund. The trustees have the power to alter the level of grant expenditure from year to year insofar as they shall think fit.
The balance sheet shows total funds of £12,847,725 with free reserves at 13 November 2021 of £43,827. Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves and recognise such deficits on reserves will arise from time to time.
PLANS FOR FUTURE PERIODS
The trustees will continue to accept applications for grant funding in pursuance of their grant-making policy outlined above.
Statement of Trustees' responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the trustees:
Joanne Spiceley on behalf of Ludlow Trust Company Limited Trustee
Date 30 September 2022
Page 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
INDEPENDENT AUDITOR’S REPORT
Independent Auditor's Report to the Trustees of The Corton Hill Trust
Opinion
We have audited the financial statements of The Corton Hill Trust (the ‘charity’) for the year ended 13 November 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 13 November 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
-
• the charity has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
INDEPENDENT AUDITOR’S REPORT
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited (Statutory Auditor) Cawley Priory South Pallant Chichester West Sussex PO19 1SY
03 October 2022 Date
Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 5
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - investment managers fees 3 Charitable activities 4 Total Gains/(losses) on investments 6 Net income/expenditure) Transfers between funds 10 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 10 Total funds carried forward 10 |
Unrestricted Funds £ - 157,399 157,399 - 747,868 747,868 - (590,469) 638,286 47,817 (3,990) 43,827 |
Endowment Funds £ 4,962,500 - 4,962,500 46,316 - 46,316 1,371,026 6,287,210 (638,286) 5,648,924 7,154,974 12,803,898 |
2021 Total Funds £ 4,962,500 157,399 5,119,899 46,316 747,868 794,184 1,371,026 5,696,741 - 5,696,741 7,150,984 12,847,725 |
2020 Total Funds £ 6,254,200 62,396 |
|---|---|---|---|---|
| 6,316,596 | ||||
| 24,239 558,198 |
||||
| 582,437 | ||||
| 1,416,825 | ||||
| 7,150,984 | ||||
| 7,150,984 - |
||||
| 7,150,984 |
None of the charity’s other activities were acquired or discontinued during the above financial year.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 6
THE CORTON HILL TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
BALANCE SHEET AS AT 13 NOVEMBER 2021
| Note FIXED ASSETS Investments - Listed investments 6 CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 7 Net current assets/(liabilities) Net assets/(liabilities) THE FUNDS OF THE CHARITY Capital (expendable endowment) 10 Income 10 Total charity funds |
£ £ 11,311,342 11,311,342 1,549,762 1,549,762 13,379 1,536,383 12,847,725 12,803,898 43,827 12,847,725 2021 |
£ £ 6,848,165 6,848,165 313,164 313,164 10,345 302,819 7,150,984 7,154,974 (3,990) 7,150,984 2020 |
£ £ 6,848,165 6,848,165 313,164 313,164 10,345 302,819 7,150,984 7,154,974 (3,990) 7,150,984 2020 |
|---|---|---|---|
| 7,150,984 | |||
| 7,154,974 (3,990) |
|||
| 7,150,984 |
The notes on pages 11 to 14 form part of these accounts.
These financial statements were approved by the board and signed on their behalf
Joanna Spiceley on behalf of Ludlow Trust Company Limited Trustee
Date 30 September 2022
Page 7
THE CORTON HILL TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
STATEMENT OF CASH FLOWS
| Note Net cash flow from operating activities (see below) Cash flow from investing activities Investment income Proceeds from sale of investments Purchase of investments Net cash flow from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carried forward Cash and cash equivalents consist of: Cash at bank and in hand Cash and cash equivalents carried forward Reconciliation of net income to net cash flow from operating activities Net income for the year Adjusted for: Investment income (Gain)/Loss on investments Increase/(decrease) in creditors |
£ £ 4,171,350 157,399 6,568,107 (9,660,258) (2,934,752) 1,236,598 313,164 1,549,762 1,549,762 1,549,762 £ £ 5,696,741 (157,399) (1,371,026) 3,034 (1,525,391) 4,171,350 2021 2021 |
£ £ 5,682,108 62,396 1,548,870 (6,980,210) (5,368,944) 313,164 - 313,164 313,164 313,164 £ £ 7,150,984 (62,396) (1,416,825) 10,345 (1,468,876) 5,682,108 2020 2020 |
£ £ 5,682,108 62,396 1,548,870 (6,980,210) (5,368,944) 313,164 - 313,164 313,164 313,164 £ £ 7,150,984 (62,396) (1,416,825) 10,345 (1,468,876) 5,682,108 2020 2020 |
|---|---|---|---|
| 5,682,108 |
Page 8
THE CORTON HILL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Corton Hill Trust is an unincorporated charity registered in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Page 9
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Capital (endowment) funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 10
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| Donations Gift Aid 2. Investment income Dividends Interest 3. Investment management fees Investment management fees 4. Charitable activities Grants to institutions1 Administration fees Other administrative management Governance costs: Charity set up costs Independent auditor's fees |
Unrestricted Funds £ - - - Unrestricted Funds £ 157,203 196 157,399 Unrestricted Funds £ - - Unrestricted Funds £ 704,550 26,066 15,152 - 2,100 747,868 |
Endowment Funds £ 4,700,000 262,500 4,962,500 Endowment Funds £ - - - Endowment Funds £ 46,316 46,316 Endowment Funds £ - - - - - - |
2021 Total Funds £ 4,700,000 262,500 4,962,500 2021 Total Funds £ 157,203 196 157,399 2021 Total Funds £ 46,316 46,316 2021 Total Funds £ 704,550 26,066 15,152 - 2,100 747,868 |
Unrestricted Funds £ - - - Unrestricted Funds £ 57,399 4,997 62,396 Unrestricted Funds £ - - Unrestricted Funds £ 524,025 27,873 - 4,200 2,100 558,198 |
Endowment Funds £ 5,004,200 1,250,000 6,254,200 Endowment Funds £ - - - Endowment Funds £ 24,239 24,239 Endowment Funds £ - - - - - - |
2020 Total Funds £ 5,004,200 1,250,000 |
|---|---|---|---|---|---|---|
| 6,254,200 | ||||||
| 2020 Total Funds £ 57,399 4,997 |
||||||
| 62,396 | ||||||
| 2020 Total Funds £ 24,239 |
||||||
| 24,239 | ||||||
| 2020 Total Funds £ 524,025 27,873 - 4,200 2,100 |
||||||
| 558,198 |
1 In respect of these financial statements the trustees have elected to use the exemption from disclosing the names of grant recipients in the lifetime of the settlors under paragraph 16.25 of the Charities Statement of Recommended Practice.
Page 11
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
5. Independent Auditor's remuneration
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Income | Capital | Total | Income | Capital | Total | |
| Fund | Fund | Funds | Fund | Fund | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Auditors remuneration - audit | 2,100 | - | 2,100 | 2,100 | - | 2,100 |
6. Investments
| Market value brought forward Cost of investments purchased Disposals at proceeds Gains/(losses) on investments Market value carried forward Analysis of investment holdings: Listed investments 7. Creditors Accrued Investment manager and bank fees Accrued other administrative management Accrued professional fees |
2021 £ 6,848,165 9,660,258 (6,568,107) 1,371,026 11,311,342 11,311,342 2021 £ 6,377 4,902 2,100 13,379 |
2021 £ - 6,980,210 (1,548,870) 1,416,825 |
|---|---|---|
| 6,848,165 | ||
| 6,848,165 | ||
| 2020 £ 8,245 - 2,100 |
||
| 10,345 |
8. Related party transactions and employment costs
Fees payable to Coutts & Co, a trustee of the charity throught the comparative year and to July 2021, for investment management totalling £26,545 (2020: £24,239) and administration totalling £25,009 (2020: £27,873) are included within notes 3 and 4 respectively. The fees are authorised under clause 6 of the trust deed. Ludlow Trust Company Limited was appointed trustee July 2021 and charged fees of £15,152 between appointment and the balance sheet date. The fees are authorised under clause 6 of the trust deed The fees are authorised under clause 6 of the trust deed.
The charity has no employees, all administration being carried out by the trustees who were not remunerated in the year under review or the comparative year other than by those fees included in notes 3 and 4.
No expenses were reimbursed to or paid on behalf of the charity's trustees in the year under review or the comparative year.
There were no other disclosable related party transactions in the year under review or the comparative year.
Page 12
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
9. Analysis of net assets between funds
| Investments Current assets Current liabilities |
Unrestricted Funds £ - 50,829 (7,002) 43,827 |
Endowment Funds £ 11,311,342 1,498,933 (6,377) 12,803,898 |
2021 Total Funds £ 11,311,342 1,549,762 (13,379) 12,847,725 |
Unrestricted Funds £ - 2,096 (6,086) (3,990) |
Endowment Funds £ 6,848,165 311,068 (4,259) 7,154,974 |
2020 Total Funds £ 6,848,165 313,164 (10,345) |
|---|---|---|---|---|---|---|
| 7,150,984 |
10. Net movement in funds
| Endowment funds Unrestricted funds Endowment funds Unrestricted funds |
Year ended 13 November 2021 | Year ended 13 November 2021 | ||||
|---|---|---|---|---|---|---|
| Total funds brought forward £ 7,154,974 (3,990) 7,150,984 |
Total incoming resources £ 4,962,500 157,399 5,119,899 |
Total Gains/ resources (losses) on expended investments £ £ (46,316) 1,371,026 (747,868) - (794,184) 1,371,026 Year ended 13 November 2020 |
Transfers between funds £ (638,286) 638,286 - |
Total funds carried forward £ 12,803,898 43,827 |
||
| 12,847,725 | ||||||
| Total funds brought forward £ - - - |
Total incoming resources £ 6,254,200 62,396 6,316,596 |
Total resources expended £ (24,239) (558,198) (582,437) |
Gains/ (losses) on investments £ 1,416,825 - 1,416,825 |
Transfers between funds £ (491,812) 491,812 - |
Total funds carried forward £ 7,154,974 (3,990) |
|
| 7,150,984 |
11. Transfers between funds
As authorised by clause 2.2 of the trust deed, £638,286 (2020: £491,812) was transferred from the expendable endowment (capital) fund to the unrestricted income funds in the year in order to meet the charity's liabilities as they fell due.
Page 13
FINANCIAL STATEMENTS FOR THE YEAR ENDED 13 NOVEMBER 2021
THE CORTON HILL TRUST
NOTES TO THE FINANCIAL STATEMENTS
12. Comparative statement of financial activities
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - investment managers fees 3 Charitable activities 4 Total Gains/(losses) on investments 7 Net income/expenditure) Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds carried forward 11 |
Unrestricted Funds £ - 62,396 62,396 - 558,198 558,198 - (495,802) 491,812 (3,990) (3,990) |
Endowment Funds £ 6,254,200 - 6,254,200 24,239 - 24,239 1,416,825 7,646,786 (491,812) 7,154,974 7,154,974 |
2020 Total Funds £ 6,254,200 62,396 |
|---|---|---|---|
| 6,316,596 | |||
| 24,239 558,198 |
|||
| 582,437 | |||
| 1,416,825 | |||
| 7,150,984 - |
|||
| 7,150,984 | |||
| 7,150,984 |
13. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 2021 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 11,311,342 11,311,342 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 2021 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 157,203 Investment management fees (46,316) 110,887 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Gains/(losses) on investments 1,371,026 1,371,026 |
2020 Total Funds £ 6,848,165 |
|---|---|
| 6,848,165 | |
| 2020 Total Funds £ 57,399 (24,239) |
|
| 33,160 | |
| 1,416,825 | |
| 1,416,825 |
Fixed asset investments are held at fair value with valuations obtained using closing mid-market price.
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