| Page | |||
|---|---|---|---|
| Reference and Administrative Details ofthe Charity, |
its Trustees and Advisers | ||
| Trustees' Report |
2-6 | ||
| Independent Examiner's |
Report | ||
| Statement of Financial | Activities | ||
| Balance Sheet | |||
| Notes to the Financial Statements | 10-22 |
| Trustees | J Grey, Chairman | J Grey, Chairman | (resigned 13September 2023) | (resigned 13September 2023) | (resigned 13September 2023) | (resigned 13September 2023) | (resigned 13September 2023) | (resigned 13September 2023) | ||
|---|---|---|---|---|---|---|---|---|---|---|
| J Shorters (resigned | 15March | 2023) | ||||||||
| P Lane (resigned | 13 | September 2023) | ||||||||
| G Wood (appointed | 15March | 2023, resigned | 13September 2023) | |||||||
| Northcott Devon |
Foundation | (charity | number | 1202638) (appointed | 13 September | |||||
| 2023) | ||||||||||
| Charity registered | ||||||||||
| number | 201277 | |||||||||
| Principal office | 1(b) Victoria Road | |||||||||
| Exmouth | ||||||||||
| Devon | ||||||||||
| 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 |
||||||||||
| Southernhay West |
||||||||||
| Exeter | ||||||||||
| EX1 1TS |
| Endowment | Unrestricted | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | Total | |||||
| 15Nlonth | 15Nlonth | 15Month | funds | |||||
| Period ended | Period ended | Period ended | Year ended | |||||
| 31August | 31August | 31August | 31 May | |||||
| Note | 2023 E |
2023 F |
2023f | 2022 | ||||
| Income and endowments | from: | |||||||
| Investments | 249,953 | 249,953 | 185,483 | |||||
| Total income and | endowments | 249,953 | 249,953 | 185,483 | ||||
| Expenditure on: |
||||||||
| Raising funds | 38,005 | 38,005 | 30,942 | |||||
| Charitable activities |
252,978 | 252,978 | 187,569 | |||||
| Other expenditure | 6,051,338 | 2,144 | 6,053,482 | |||||
| Total expenditure | 6,089,343 | 255,122 | 6,344,465 | 218,511 | ||||
| Net expenditure before net |
||||||||
| (losses)/gains on investments |
(6,089,343) | (5,169) | (6,094,512) | (33,028) | ||||
| Net (losses)/gains | on investments | (295,805) | (295,805) | 71,105 | ||||
| Net (expenditure)/income | (6,385,148) | (5,169) | (6,390,317) | 38,077 | ||||
| Transfers between |
funds | 15 | (5,000) | 5,000 | ||||
| Net movement in |
funds | (6,390,148) | (169) | (6,390,317) | 38,077 | |||
| Reconciliation of |
funds: | |||||||
| Total funds brought | forward | 6,390,14& | 169 | 6,390,317 | 6,352,240 | |||
| Net movement in funds |
(6,390„148) | (169) | (6,390,317) | 38,077 | ||||
| Total funds carried forward | 6,390,317 |
| 31August | 31 May | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Note | E | |||||
| Fixed assets | ||||||
| Tangible assets | 10 | 1,053 | ||||
| Investments | 11 | 6,342,377 | ||||
| 6,343,430 | ||||||
| Current assets | ||||||
| Debtors | 12 | 337 | ||||
| Gash at bank and | in | hand | 60,266 | |||
| 60,603 | ||||||
| Creditors: amounts | falling due within one | |||||
| year | 13 | (13,716) | ||||
| Net current assets | 46,887 | |||||
| Total net assets | 6,390,317 | |||||
| Charity funds | ||||||
| Endowment funds |
15 | 6,390,148 | ||||
| Restricted funds |
15 | |||||
| Unrestricted funds |
15 | 169 | ||||
| Total funds | 6,390,317 |
| Unrestricted | Total | |||
|---|---|---|---|---|
| funds | funds | |||
| 15Month | 15Month | Total | ||
| Period | Period | funds | ||
| ended | ended | Year ended | ||
| 31August | 31August | 31 May | ||
| 2023 | 2023 | 2022 | ||
| Income | from UK listed investments | 249,593 | 249,593 | 185,479 |
| Interest | receivable | 360 | 360 | 4 |
| 249,953 | 249,953 | 185,483 | ||
| TOTAL | 2022 | 185,483 | 185,483 |
| Endowment | Total | |
|---|---|---|
| funds | funds | |
| 15Month | 15Month | Total |
| Period | Period | funds |
| ended | ended | Year ended |
| 31August | 31August | 31 May |
| 2023f | 2023 E |
2022 |
| 38,005 | 38,005 | 30,942 |
| 30,942 | 30,942 |
| Unrestricted | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | Total | |||||||||
| 15Month | 15Month | |||||||||
| Period | Period | Total | ||||||||
| ended | ended | Year ended | ||||||||
| 31August | 31August | 31 May | ||||||||
| 2023 | 2023 | 2022 | ||||||||
| E | f | |||||||||
| Grants | payable | to | individuals | and | organisations | in | Devon | 252,978 | 252,978 | 187,569 |
| TOTAL | 2022 | 187,569 | 187,569 |
| Endowment | Unrestricted | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||||
| 15Month | 15Month | 15Month | Total | ||||||
| Period | Period | Period | funds | ||||||
| ended | ended | ended | Year ended | ||||||
| 31August | 31August | 31August | 31 May | ||||||
| 2023 | 2023 | 2023 | 2022 | ||||||
| E | |||||||||
| Transfer | to | Northcott | Devon | Foundation | CIO | 6,051,338 | 2,144 | 6,053,482 |
| Grant | ||||||
|---|---|---|---|---|---|---|
| funding of |
Support | Total | ||||
| activities | costs | funds | ||||
| 15Month | 15Month | 15Month | Total | |||
| Period | Period | Period | funds | |||
| ended | ended | ended | Year ended | |||
| 31August | 31August | 31August | 31 May | |||
| 2023 | 2023 | 2023 | 2022 | |||
| f. | f, | |||||
| Grants payable | to individuals | and | ||||
| organisations | in Devon | 183,112 | 69,866 | 252,978 | 187,569 | |
| TOTAL 2022 | 141,951 | 45,618 | 187,569 |
| Grants | Total | |||
|---|---|---|---|---|
| payable | funds | |||
| 15Month | 15Month | Total | ||
| Period | Period | funds | ||
| ended | ended | Year ended | ||
| 31August | 31August | 31 May | ||
| 2023 | 2023 | 2022 | ||
| F | ||||
| Grants | to individuals | 182,612 | 182,612 | 140,651 |
| Grants | to organisations | 500 | 500 | 1,300 |
| 183,112 | 183,112 | 141,951 | ||
| TOTAL | 2022 | 141,951 | 141,951 |
| Grants | Total | |||
|---|---|---|---|---|
| payable | funds | |||
| 15Month | 15Month | Total | ||
| Period | Period | funds | ||
| ended | ended | Year ended | ||
| 31August | 31August | 31 May | ||
| 2023 | 2023 | 2022 | ||
| F | ||||
| Wages and Salaries | 26,685 | 26,685 | 19,989 | |
| Office and general costs | 11,324 | 11,324 | 4,649 | |
| Premises costs | 2,500 | 2,500 | 2,500 | |
| Professional | Fees | 29,357 | 29,357 | 18,480 |
| 69,866 | 69,866 | 45,618 | ||
| TOTAL 2022 | 45,618 | 45,618 |
| 15Month | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Period | ||||||||||
| ended | Year ended | |||||||||
| 31August | 31 May | |||||||||
| 2023 | 2022 | |||||||||
| Independent | examination | fees | 3,245 | 2,945 | ||||||
| Fees payable | to the | Charity's | independent | examiner | in | respect of: | ||||
| Other accountancy | and | professional | services provided | by the independent | ||||||
| examiner | 26,112 | 15,535 |
| 15Month | |||
|---|---|---|---|
| Period | |||
| ended | Year ended | ||
| 31August | 31 May | ||
| 2023 | 2022 | ||
| f. | E | ||
| Wages | and salaries | 25,537 | 19,128 |
| Social | security costs | 572 | 429 |
| Other | pension costs | 576 | 432 |
| 26,685 | 19,989 |
| 15Month | |
|---|---|
| Period | |
| ended | Year ended |
| 31August | 31 May |
| 2023 | 2022 |
| No. | No. |
| 2 | 2 |
| 15Month | |||
|---|---|---|---|
| Period | |||
| ended | Year ended | ||
| 31August | 31 May | ||
| 2023 | 2022 | ||
| No. | No. | ||
| Administrative | staff | 1 | 1 |
| Office | |
|---|---|
| equipment | |
| E | |
| At 1 June 2022 | 9,513 |
| Disposals | (9,513) |
| At 31 August 2023 | |
| At 1 June 2022 | 8,460 |
| Charge for the period | 275 |
| On disposals | (8,735) |
| At 31 August 2023 | |
| NET BOOK VALUE | |
| At 31 August 2023 | |
| At 31 May 2022 | 1,053 |
| Listed | Cash held | ||
|---|---|---|---|
| quoted | as part of | ||
| share, | the | ||
| stocks and | investment | ||
| fundsf | portfolio | Total f, |
|
| At 1 June 2022 | 6,160,981 | 181,396 | 6,342,377 |
| Additions | 923,916 | 923,916 | |
| Disposals | (6,803,864) | (181,396) | (6,985,260) |
| Revaluations | (281,033) | (281,033) | |
| AT 31 AUGUST 2023 |
| 31August | 31 May | ||
|---|---|---|---|
| 2023 | 2022 | ||
| DUE WITHIN | ONE YEAR | ||
| Prepayments | and accrued income | 337 | |
| 337 |
| 31August | 31 May | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Accruals and deferred | income | 3,076 | |
| Grants accrued - individual | 5,790 | ||
| Grants accrued - institutional | 4,850 | ||
| 13,716 |
| 31August | 31 May | |||
|---|---|---|---|---|
| 2023f | 2022 | |||
| FINANCIAL ASSETS | ||||
| Financial assets measured | at fair value through | income and expenditure | 60,266 |
| STATEMENT O | F FUNDS - CURR | ENT PERIO | D | |||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at 1 | Transfers | Gains/ | 31August | |||
| June 2022 | Income f. |
Expenditure F |
in/out | (Losses) E |
2023 f |
|
| UNRESTRIC'D | ||||||
| FUNDS | ||||||
| General Funds |
169 | 249,953 | (255,122) | 5,000 | ||
| ENDOWNIENT | ||||||
| FUNDS | ||||||
| Endowment | ||||||
| Funds | 6,390,148 | (6,089,343) | (5,000) | (295,805) | ||
| TOTAL OF | ||||||
| FUNDS | 6,390,317 | 249,953 | (6,344,465) | (295,805) |
| STATEMENT OF FUNDS -P | RIOR PERIOD | ||||
|---|---|---|---|---|---|
| Balance at | Gains/ | Balance at | |||
| 1 June 2021 | Income | Expenditure | (Losses) | 31 May 2022 | |
| F | E | E | F | ||
| UNRESTRICTED FUNDS | |||||
| General Funds | 2,255 | 185,483 | (187,569) | 169 | |
| ENDOWMENT FUNDS |
|||||
| Endowment Funds |
6,349,985 | (30,942) | 71,105 | 6,390,148 | |
| TOTAL OF FUNDS | 6,352,240 | 185,483 | (218,511) | 71,105 | 6,390,317 |
| ANALYS | IS OF NET ASSETS BETWEEN FUN | DS -PRIOR PERIOD | ||
|---|---|---|---|---|
| Endowment | Unrestricted | Total | ||
| funds | funds | funds | ||
| 31 May | 31 May | 31 May | ||
| 2022 | 2022 | 2022 | ||
| E | ||||
| Tangible | fixed assets | 1,053 | 1,053 | |
| Fixed asset investments | 6,342,377 | 6,342,377 | ||
| Current | assets | 47,771 | 12,832 | 60,603 |
| Creditors | due within one year | (13,716) | (13,716) | |
| TOTAL | 6,390,148 | 169 | 6,390,317 |
| 31August | ||
|---|---|---|
| 2023 | ||
| E | ||
| Tangible | fixed assets | 778 |
| Fixed asset investments | 6,005,367 | |
| Debtors | 227 | |
| Cash at | bank | 67,483 |
| Creditors | (20,373) | |
| 6,053,482 |