2020-05-31-accounts

Charity number: 201277

NORTHCOTT DEVON FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

NORTHCOTT DEVON FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 6
Independent examiner's report	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10 - 21

NORTHCOTT DEVON FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2020

Trustees	J Grey, Chairman
	J Shorters
	M Pentreath (died 30 October 2019)
	P Lane
Charity registered number 201277 Principal office 1B Victoria Road Exmouth EX8 1DL Accountants Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS Bankers Barclays Bank Plc 20 High Street Exeter EX1 1LX Solicitors Michelmores Woodwater House Pynes Hill Exeter Devon EX2 5WR Investment Advisor Charles Stanley and Company Limited Broadwalk House Southerhay West Exeter EX1 1TS

Page 1

NORTHCOTT DEVON FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2020

The Trustees present their annual report together with the financial statements of the Charity for the year 1 June 2019 to 31 May 2020.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

The principal objects of the charity are to provide support for individuals in Devon and to assist registered charities which seek to improve the living conditions of disabled or disadvantaged persons resident in Devon.

There have been no changes in the objectives since the last annual report.

b. Strategies for achieving objectives

The strategy for achieving objectives covers four specific areas.

The charity aims to closely monitor its investment policy so as to maximise its total return on investments in the long term. This in turn will maximise the funds available for grant funding.

Monitoring governance and administrative support costs - again ensuring that the funds available for grant funding will be maximised.

Making information about the charity widely known. This will ensure that as many people and groups as possible who are in need of assistance can benefit from the funds of the charity.

To make grants that are appropriate and that make a genuine difference to people and organisations in Devon.

c. Activities undertaken to achieve objectives

Grant making and investment policies and activities are considered separately below.

The charity has also continued to maintain public awareness about its activities and this has resulted in requests for grant funding significantly exceeding funds available at each meeting of the advisory committee.

d. Grant-making policies

The charity considers applications from individuals primarily through the County Social Services departments and other registered charities and community care organisations. It also responds to appeals from other charitable organisations operating in Devon.

The charity has a policy of paying small grants, but normally up to £200, to all applicants who meet the agreed criteria rather than a small number of large grants. The agreed criteria are designed to ensure that grants are only paid to those with a genuine need and where the receipt of the grant will make a beneficial difference to that individual or organisation

Page 2

NORTHCOTT DEVON FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2020

Objectives and activities (continued)

e. Main Activites Undertaken to Further the Charity's Purposes For Public Benefit

In deciding on both the current and future policy and criteria, the charity has referred to the Charity Commission's general guidance on public benefit. In particular the trustees consider how the planned policies and activities will contribute to the aims and objectives they have set.

The nature of the grant making policies as set out above are such that the charity is able to benefit individuals in particular, who would otherwise have no contact with the charity, at times of great need. Whilst each grant offered is relatively small it is hoped that each grant may make a significant difference to that individual or organisation's circumstances.

f. Volunteers

Members of the advisory committee offer their services free of charge. They normally meet on a monthly basis with the Trustees to consider the grant applications received by the charity during that month. There are no other voluntary helpers. Since March 2020 it has become necessary to update procedures in order to be able to continue to award grants, whilst complying with the restrictions imposed as a result of Covid-19.

Achievements and performance

a. Review of activities

In 1960 a donation was received from Mr George Vernon Northcott CBE, which was invested and at the year end had a value in excess of £5.7 million. This in turn generates income to be used in accordance with the objects of the charity and represents the principal funding source for the charity. Income during the period amounted to £190,645 (2019: £206,082). The level of income reflects the continuing use of the "total return" basis when considering the choice of investments and investment performance but is also a reflection of the returns being generated by markets generally. The income was used to fund grants of £176,596 (2019: £186,836) together with associated support and governance costs. Grants continued to be awarded on a monthly basis throughout the year despite the impact of Covid-19. OK All expenditure suported the principal objectives of the charity.

The trustees consider the key performance measure to be the amount of grants that the charity is able to distribut whilst maintaing the capital base so as to ensure that a high level of grant distributions can be maintained in the long term. The trustees consider that these performance measures have been met.

Unrestricted funds increased by £785 over the year.

b. Summary of Achievements

The charity aims to closely monitor its investment policy so as to maximise its total return on investments in the long term. This in turn will maximise the funds available for grant funding. The charity considers that it has achieved this goal and whilst there was a small reduction in grants payable, this was principally as a result of the impact of Covid-19 on grant applications and investment returns in the final quarter of the year.

c. Investment policy and performance

There are no restrictions on the charity's power to invest and the investment policy is to maximise the total return of the portfolio whether this be by capital growth or by income received, whilst adopting a medium risk approach The benchmark for the investment advisors is to track and ideally out perform the MSCI WMA private Investor Balanced Total Return Index. The strategy is reviewed with the investment advisor on a regular basis.

Realised and unrealised losses in the period amounted to £339,876 reflecting the challenging market conditions compared to the prior year (2019: losses of £78,222).

Page 3

NORTHCOTT DEVON FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2020

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. This includes consideration of the impact of Covid-19. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves and Investement Policy

It is the intention of the charity to retain a portfolio of investments within the endowment funds and to principally use this to generate income which will fund the grant payments and other expenditure of the charity. An element of these funds may periodically be transferred to free reserves under the "total return" policy. The trustees seek to maintain the indexed value of this fund so as to protect the future long term ability of the charity to meet its charitable objectives.

General unrestricted reserves have increased during the period from £496 to £1,281. As a result of the "total return" policy the charity now considers it necessary to hold only a minimal amount in free reserves and the current level of reserves reflects this policy. Periodic transfers are made from the endowment funds to top up the free reserves as required. £30,000 was transferred during the year under review. Endowment funds have decreased during the period from £6,152,356 to £5,751,658.

Structure, governance and management

a. Constitution

Northcott Devon Foundation is a registered charity, number 201277, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

New trustees are appointed by the board of trustees at a regular board meeting. The organisation seeks to recruit trustees with skills, values and experience that compliment and benefit the organisation.

c. Policies adopted for the induction and training of Trustees

The board are aware of the need to remain up to date with current legislation and best practice and will arrange for training to be provided to trustees as and when the need arises.

When a new trustee is appointed, they are allowed to attend a meeting prior to appointment and will be provided with legal, financial and background information about the charity. They also provide any prospective trustee with the Charity Commission guidance documentation on the responsibilities of trustees. The existing trustees give a full briefing to any new trustees.

Page 4

NORTHCOTT DEVON FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2020

Structure, governance and management (continued)

d. Organisational structure and decision-making policies

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The trustees normally meet four times a year and in addition to being empowered by the deed to appoint additional trustees they also appoint persons to serve with them on an advisory committee which considers all grant applications. The advisory committee normally meets twelve times a year.

The trustees and members of the advisory committee offer their services free of charge. There are no other voluntary helpers. The secretary is employed on a part time basis and there is one (2019 - one) other part time administrative employee. The secretary undertakes the day to day management of the charity but is not empowered to undertake actions without authority from the board of trustees.

The board remains conscious of the need to keep the skills requirements of the board of trustees under review and seeks independent professional advice where this is considered necessary.

e. Related party relationships

Members of the board of trustees and the advisory committee are required to declare any potential conflict of interest if they are connected with any grant application and to refrain from being involved in the decision making process in respect of any such application.

f. Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. This has included consideration of the impact of Covid-19 on the Charity.

The steps taken include:

• Obtaining insurance against liability - Taking professional advice where appropriate

• Ensuring the safe custody of investments

• Implementing appropriate procedures and controls to prevent fraud and loss

Plans for future periods

The trustees will continue to monitor the appropriateness of the current investment and grant making policies and make any amendments they consider appropriate. However, no material adjustments are anticipated at the present time.

In addition, having adopted the "total return" basis for maximising investment returns the trustees may periodically need to make further transfers from the endowment investment fund to unrestricted income funds. This is closely monitored by the trustees and their advisors on a regular basis.

Page 5

NORTHCOTT DEVON FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2020

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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) 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 business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.

Approved by order of the members of the board of Trustees on 17 March 2021 and signed on their behalf by:

J Grey Chair of Trustees

Page 6

NORTHCOTT DEVON FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2020

Independent examiner's report to the Trustees of Northcott Devon Foundation ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2020.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: R E T Borton Dated: 29 March 2021

Richard Edward Timothy Borton (Partner of Bishop Fleming LLP)

FCA DChA

Bishop Fleming LLP, Stratus House, Emperor Way, Exeter Business Park, Exeter, EX1 3QS.

Page 7

NORTHCOTT DEVON FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2020

Note Income and endowments from: Investments 3 Total income and endowments Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net losses on investments Net expenditure Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Endowment funds 2020 £ - - 30,822 - 30,822 (339,876) (370,698) (30,000) (400,698) 6,152,356 (400,698) 5,751,658	Unrestricted funds 2020 £ 190,645 190,645 - 219,860 219,860 - (29,215) 30,000 785 496 785 1,281	Total funds 2020 £ 190,645 190,645 30,822 219,860 250,682 (339,876) (399,913) - (399,913) 6,152,852 (399,913) 5,752,939	Total funds 2019 £ 206,082 206,082 30,590 229,194 259,784 (78,222) (131,924) - (131,924) 6,284,776 (131,924) 6,152,852

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 21 form part of these financial statements.

Page 8

NORTHCOTT DEVON FOUNDATION

BALANCE SHEET AS AT 31 MAY 2020

Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Endowment funds 14 Restricted funds 14 Unrestricted funds 14 Total funds	979 33,740 34,719 (14,241)	2020 £ 5,732,461 5,732,461 20,478 5,752,939 5,752,939 5,752,939 5,751,658 - 1,281 5,752,939	- 22,350 22,350 (16,065)	2019 £ 6,146,567
				6,146,567 6,285
				6,152,852
				6,152,852
				6,152,852
				6,152,356 - 496
				6,152,852

The financial statements were approved and authorised for issue by the Trustees on 17 March 2021 and signed on their behalf by:

J Grey Chair of Trustees

The notes on pages 10 to 21 form part of these financial statements.

Page 9

NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

1. General information

Northcott Devon Foundation is constituted under a Trust deed dated 31 December 1960 and is a registered charity, number 201277. The principal office is 1B Victoria Road, Exmouth, EX8 1DL.

2. Accounting policies

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Northcott Devon Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 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. This has included consideration of the impact of Covid-19. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on raising funds represents investment management expenses.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 10

NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

2. Accounting policies (continued)

2.4 EXPENDITURE (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised. Tangible fixed assets costing £500 or less are written off in the period of aquisitio.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Depreciation is provided on the following basis:

• Office equipment 20% straight line

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Realised gains and losses on investments are calculated as the difference between the sales proceeds and the fair value at the start of the financial quarter in which they are disposed (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (purchase date if later).

2.8 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

2. Accounting policies (continued)

2.9 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation.

2.10 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

2.12 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 TAXATION

The charity is not registered for VAT. Irrecoverable VAT is charged to the Statement of Financial Activities.

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 to the extent that such income or gains are applied exclusively to charitable purposes.

2.14 FUND ACCOUNTING

General funds are unrestricted funds which 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.

Endowment funds represent a single expendable fund provided by Mr George Vernon Northcott CBE. The terms of the fund allow income to be accumulated and the capital to be spent if the trustees so determine.

Investment income, gains and losses are allocated to the appropriate fund with income being classified as unrestricted funds and gains and losses as part of the endowment fund.

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

3. Investment income Unrestricted funds 2020 £ Income from UK listed investments 190,593 Interest receivable 52 Total 2020 190,645 Total 2019 206,082 4. Investment management costs Endowment funds 2020 £ Investment management fees 30,822 Total 2019 30,590 5. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2020 £ Grants payable to individuals and organisations in Devon 219,860 Total 2019 229,194	Total funds 2020 £ 190,593 52 190,645 206,082 Total funds 2020 £ 30,822 30,590 Total funds 2020 £ 219,860 229,194	Total funds 2019 £ 206,025 57 206,082
		Total funds 2019 £ 30,590
		Total funds 2019 £ 229,194

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

6. Analysis of expenditure by activities

Grants payable to individuals and organisations in Devon Total 2019	Grant funding of activities 2020 £ 176,596 186,836	Support costs 2020 £ 43,264 42,358	Total funds 2020 £ 219,860 229,194	Total funds 2019 £ 229,194

Analysis of direct costs

Grants to individuals Grants to organisations Total 2019	Grants payable 2020 £ 174,696 1,900 176,596 186,836	Total funds 2020 £ 174,696 1,900 176,596 186,836	Total funds 2019 £ 182,155 4,681 186,836

All grants awarded were in accordance with the objects of the charity. In particular the grants sought to provide funding to individuals, and a small number of organisations that would improve the living conditions of quality of life of disabled or disadvantaged persons resident in Devon.

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Grants payable 2020 Total funds 2020 £ £ Wages and Salaries 19,762 19,762 Office and general costs 5,454 5,454 Premises costs - rent payable 1,556 1,556 Professional Fees 16,492 16,492 43,264 43,264 Total 2019 42,358 42,358 During the year ended 31 May 2020, the charity incurred the following Governance costs:	Total funds 2019 £ 19,423 5,768 975 16,192 42,358

£7,204 (2019: £7,150) included within the table above allocated to Grants payable to individuals and organisations in Devon.

7.	Independent examiner's remuneration
		2020	2019
		£	£
	Independent examination fees	2,550	2,500
	Fees payable to the Charity's independent examiner in respect of:
	Other accountancy and professional services provided by the independent
	examiner	13,942	13,692

8. Staff costs

Wages and salaries Other pension costs	2020 £ 19,304 458 19,762	2019 £ 19,082 341
		19,423

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

8. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

2020 No. Administrative staff 2 The average headcount expressed as full-time equivalents was: 2020 No. Administrative staff 1 No employee received remuneration amounting to more than £60,000 in either year.	2019 No. 2 2019 No. 1

The trustees constitute the key management personnel of the charity. No trustee received any remuneration or other benefits or expenses during the yea (2019 - £nil).

9. Tangible fixed assets

Cost or valuation At 1 June 2019 At 31 May 2020 Depreciation At 1 June 2019 At 31 May 2020 Net book value At 31 May 2020 At 31 May 2019	Office equipment £ 8,405
	8,405
	8,405
	8,405
	-
	-

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

10. Fixed asset investments

Cost or valuation At 1 June 2019 Additions Disposals Revaluations At 31 May 2020	Listed quoted share, stocks and funds £ 6,029,815 1,468,056 (1,791,007) (382,881) 5,323,983	Cash held as part of the investment portfolio £ 116,754 291,724 - - 408,478	Total £ 6,146,569 1,759,780 (1,791,007) (382,881) 5,732,461

All fixed asset investments are managed in the UK.

In addition to the revaluations noted above, realised gains on disposal amounted to £43,005.

11. Debtors

Due within one year Prepayments and accrued income	2020 £ 979 979	2019 £ -
		-

12. Creditors: Amounts falling due within one year

Accruals and deferred income Grants accrued - individual Grants accrued - institutional	2020 £ 4,001 5,390 4,850 14,241	2019 £ 6,115 5,100 4,850
		16,065

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

13. Financial instruments

	2020	2019
	£	£
Financial assets
Financial assets measured at amortised cost	33,740	22,350

Financial assets measured at amortised cost comprise cash at bank and cash held as part of the investment portfolio.

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

14. Statement of funds

Statement of funds
Statement of funds - current year Balance at 1 June 2019 £ Income £ Expenditure £ Unrestricted funds General Funds 496 190,645 (219,860) Endowment funds Endowment Funds 6,152,356 - (30,822) Total of funds 6,152,852 190,645 (250,682)	Transfers in/out £ 30,000 (30,000) -	Gains/ (Losses) £ Balance at 31 May 2020 £ - 1,281 (339,876) 5,751,658 (339,876) 5,752,939
Balance at 1 June 2019 £ Unrestricted funds General Funds 496 Endowment funds Endowment Funds 6,152,356 Total of funds 6,152,852
			5,751,658
			5,752,939

The endowment fund represents a donation originally provided by Mr George Vernon Northcott, CBE that has subsequently been invested. The fund, and in particular the income generated by it, is used to make grants to individuals and organisations in Devon in accordance with the objects of the charity.

In the opinion of the trustees, sufficient resources are held in the endowment fund, and in an appropriate form, to enable the requirements of the fund to be met.

The charity has adopted the "total return" basis for maximising investment returns. As part of this basis the trustees need to periodically make transfers from the endowment fund to unrestricted funds. Such transfers are permitted under the terms of the endowment. The transfer above represents such a transfer.

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

14. Statement of funds (continued) Statement of funds - prior year Balance at 1 June 2018 £ Income £ Unrestricted funds General Funds 3,608 206,082 Endowment funds Endowment Funds 6,281,168 - Total of funds 6,284,776 206,082	Expenditure £ (229,194) (30,590) (259,784)	Transfers in/out £ 20,000 (20,000) -	Gains/ (Losses) £ Balance at 31 May 2019 £ - 496 (78,222) 6,152,356 (78,222) 6,152,852	Gains/ (Losses) £ Balance at 31 May 2019 £ - 496 (78,222) 6,152,356 (78,222) 6,152,852
				6,152,356
				6,152,852

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NORTHCOTT DEVON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

15. Analysis of net assets between funds

Analysis of net assets between funds - current period Endowment funds 2020 Unrestricted funds 2020 £ £ Fixed asset investments 5,732,461 - Current assets 19,197 15,522 Creditors due within one year - (14,241) Total 5,751,658 1,281 Analysis of net assets between funds - prior period Endowment funds 2019 Unrestricted funds 2019 £ £ Fixed asset investments 6,146,567 - Current assets 5,785 16,565 Creditors due within one year - (16,069) Total 6,152,352 496

Total funds 2020 £ 5,732,461 34,719 (14,241) 5,752,939 Total funds 2019 £ 6,146,567 22,350 (16,069) 6,152,848

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