|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|6|
|Report ofthe Independent
Auditors|7|lo|6|
|Statement ofFinancial Activities||||
|Balance Sheet||10||
|Cash Flow Statement||||
|Notes to the Cash Flow Statement||12||
|Notes to the Financial Statements|13|to|26|
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||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Endowment|Total|Total|
|||||Notes|fund
6|fundf|funds
6|funds
6|
|INCOIIIIE AND ENDOWMENTS|||FROM||||||
|Donations
and legacies||||2|728,402||728,402||
|Investment
income||||3|525,333||526,333|515,804|
|Other income|||||72,675||72,575||
|Total|||||1,326,310||1,326,310|515,804|
|EXPENDITURE ON|||||||||
|Raising funds|||||||||
|Investment
management||costs||4|211,676|730|212,406|126,628|
||||||211,676|730|212,406|126,628|
|Charitable
activities|||||||||
|Educational
grants|||||310,762|366|311,127|273,906|
|Community
grants|||||21,236|183|21,418|51,113|
|Relief in need grants|||||30,297|183|30,480|39,587|
|Total|||||673,970|1,461|575,431|491,234|
|Net gains on investments|||||82,635|353,814|436,449|238,903|
|NET INCOME|||||834,975|362,353|1,187,328|263,473|
|RECONCILIATION|OF|FUNDS|||||||
|Total funds brought|forward||||1,772,282|10,094,123|11,866,406|11,602,932|
|TOTAL FUNDS CARRIED FORWARD|||||2,607,267|10,446,476|13,053,733|11,866,405|
##
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|||||2020|2019|
|---|---|---|---|---|---|
|||Unrestricted|Endowment|Total|Total|
|||fund|fund|funds|funds|
||Notes|6|8||f|
|FIXED ASSETS||||||
|Tangible assets|11|706|86,160|86,866|88,438|
|Investments|12|1,374,677|10,360,002|11,734,678|11,298,231|
|||1,375,383|10,446,162|11,821,546|11,388,559|
|CURRENT ASSETS||||||
|Stocks|13|362||362|284|
|Debtors|14|866,462||866,452|28,794|
|Cash at bank|15|420,173|315|420,488|502,483|
|||1,286,987|315|1,287,302|531,581|
|CREDITORS||||||
|Amounts
fall ng due within one year|18|(55,114)||(66,114)|(51,825)|
|NET CURRENT ASSETS||1,231,873|315|1,232,188|479,736|
|TOTAL ASSETSLESSCURRENT LIABILITIES||2,607,256|10,446,477|13,053,733|11,866,405|
|NET ASSETS||2,607,266|10,446,477|13,053,733|11,868,405|
|FUNDS|17|||||
|Unrestricted
funds||||2,607,256|1,772,282|
|Endowment
funds||||10,446,477|10,094,123|
|TOTAL FUNDS||||13,053,733|11,866,405|
##
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|||||2020|2019|
|---|---|---|---|---|---|
||||Notes||f|
|Cash flows from operating|activities|||||
|Cash generated
from operations||||(359,084)|(355,756)|
|Net cash used
in operating|activities|||(369,084)|(355,756)|
|Cash flows from investing|activities|||||
|Net rents received||||228,647|349,502|
|Interest received||||302|269|
|Dividends
received||||48,240|47,260|
|Net cash provided
by investing
activities||||277,089|397,051|
|Change
in cash and cash|equivalents|In||||
|the reporting
period||||(81,995)|41,295|
|Cash and cash equivalents|at the|||||
|beginning
ofthe reporting|period|||602,483|461,188|
|Cash and cash equivalents|at the end|of||||
|the reporting
period||||420,488|502,483|
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|RECONCILIATION|OF|NET INCOME TO NET CASH FLOW FROM OPERATING|NET INCOME TO NET CASH FLOW FROM OPERATING|ACTIVITIES||
|---|---|---|---|---|---|
|||||2020|2019|
|||||6|f|
|Net income for the|reporting||period (as per the Statement of Financial|||
|Activities)||||1,187,328|263,473|
|Adjustments
for:||||||
|Depreaation
charges||||1,572|1,551|
|Unrealised
(gain)/losses||on investments||(436,449)|(238,903)|
|Net rents received||||(265,742)|(349,502)|
|Interest received||||(312)|(286)|
|Dividends
received||||(48,713)|(47,755)|
|Increase
in stocks||||(78)|(84)|
|(Increase)/decrease|in|debtors||(799,222)|2,933|
|Increase
in creditors||||2,532|12,817|
|Net cash used In operations||||(369,084)|(355,755)|
|ANALYSIS OF CHANGES
IN|||NET FUNDS|||
||||At 1.1 20|Cash flow|At 31.12.20|
||||F|5|5|
|Net cash||||||
|Cash at bank|||502,483|(81,996)|420,488|
||||602,483|(81,995)|420,488|
|Total|||502,483|(81,996)|420,488|
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|DONATIONS
AND LEG|ACIES||||
|---|---|---|---|---|
||||2020|2019|
||||5|f|
|Legacies|||728,402||
|INVESTMENT INCOME|||||
||||2020|2019|
||||5|5|
|Rents received|||476,263|467,713|
|Wayleaves|||45|50|
|COIF - dividends|||48,713|47,755|
|Deposit account interest|||312|286|
||||525,333|515,804|
|INVESTMENT MANAGEMENT||COSTS|||
||||2020|2019|
|||||f|
|General
insurance|||13,458|14,712|
|Property
repairs|||151,508|76,146|
|General
and water rates|||9,061|1,582|
|Light and heat|||887|205|
|Surveyors
and valuers fees|||9,923|5,036|
|Legal and professional|fees|||4,125|
|Support costs|||27,589|24,822|
||||212,408|126,628|
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|||Grant|||
|---|---|---|---|---|
|||funding
of|||
|||activifies|Support||
|||(see note|costs (see||
|||6)f|note 7)
f|Totals|
|Educational|grants|297,336|13,792|311,127|
|Community|grants|14,622|6,896|21,418|
|Relief in need grants||23,584|6,896|30,480|
|||336,441|27,584|363,026|
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|GRANTS P|AYABLE|||
|---|---|---|---|
|||2020|2019|
||||f|
|Educational|grants|297,335|261,496|
|Community|grants|14,522|44,907|
|Relief in need grants||23,584|33,381|
|||335,441|339,783|
##
##
|The total grants paid to ins|titutions|during|the year was as follows:||||
|---|---|---|---|---|---|---|
||||||2020f|2019
f|
|Buds After School Club||||||500|
|Budehaven
School|||||7,967|21,110|
|Bude Canoe Club|||||1,000||
|StOlafs Church||||||1,000|
|Budehaven
Nursery|||||6,000||
|Bude Infant School|||||714||
|Bude Junior School||||||9,627|
|Sensory Trust||||||1,000|
|HI5 Talk Time Cafe||||||400|
|Bude 8 Stratton Festival||||||100|
|Bude Food Bank|||||5,000||
|Friends ofBude Sea Pool||||||5,000|
|All
@C||||||600|
|Hollabury
Mission
Hall||||||1,000|
|Bude Primary Academy||||||3,320|
|Buda Day Centre||||||1,250|
|Bude Quarantine
Group|||||1,000||
|Comwall Beekeepers|||||750||
|Stratton
Primary
School|||||5,000||
|The Haven|||||8,310||
||||||36,741|44,907|
|The total grants paid to individuals||during|the year was as follows:||||
||||||2020f|2019
f|
|Promotion
of Education|||||277,116|261,495|
|Relief in Need|||||21,584|33,361|
||||||298,700|294,876|
|SUPPORT COSTS|||||||
||||||Governance||
||||Management
f|Finance|costs
f|Totals
f|
|Investment
management|costs||22,066|5|5,518|27,589|
|Educational
grants|||11,030|3|2,759|13,792|
|Community
grants|||5,516|1|1,379|6,896|
|Rekef in need grants|||6,516|1|1,379|6,896|
||||44,128|10|11,035|55,173|
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|||||Investment|||
|---|---|---|---|---|---|---|
|||||management|Educational|Community|
|||||costs
f|grants
f|grants|
|Wages||||17,222|8,611|4,305|
|Pensions||||490|244|122|
|Insurance||||233|117|59|
|Oflice ubbties||||754|376|188|
|Telephone||||620|260|130|
|Printing|and adverlising|||361|180|90|
|Postage||||307|153|77|
|Sundries||||52|26|13|
|Oflice repaim||||1,342|670|336|
|Depreciation||oftangible|fixed assets|785|393|197|
|||||22,066|11,030|6,616|
||||||2020|2019|
|||||Relief in|||
|||||need|Total|Total|
|||||grants
f|activities
f|activibes|
|Wages||||4,305|34,443|32,803|
|Pensions||||122|978|849|
|Insurance||||59|468|784|
|Office utilities||||188|1,506|1,661|
|Telephone||||130|1,040|927|
|Pnnbng|and adverbsing|||90|721|675|
|Postage||||77|614|605|
|Sundries||||13|104|214|
|Office repairs||||335|2,682|337|
|Depreciation||oftangible|fixed assets|197|1,572|1,551|
|||||5,516|44,128|40,406|
|Finance|||||||
|||||Investment|||
|||||management|Educational|Community|
|||||costs
f|grants
f|grants
f|
|Bank charges||||6|3|1|
##
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##
|Finance
-co|ntinued||||||||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
||||||Relief in||||
||||||need||Total|Total|
||||||grants
E||activities
E|activities
f|
|Bank charges||||||1|10||
|Governance|costs||||||||
||||||Investment||||
||||||management||Educational|Community|
||||||costs||grants|grants|
|||||||||E|
|Auditors'
remuneration|||||3,226||1,613|806|
|Meeting expenses|||||||||
|Legal and professional||fees|||2,293||1,146|573|
||||||5,518||2,769|1,379|
||||||||2020|2019|
||||||Relief|in|||
||||||need||Total|Total|
||||||grants
E||activities|activities
f|
|Auditors'
remuneration|||||806||6,460|6,300|
|Meeting expenses||||||||299|
|Legal and professional||fees|||573||4,586|2,640|
||||||1,379||11,035|9,239|
|AUDITORS'|REMUNERATION||||||||
||||||||2020
E|2019f|
|Fees payable|to the charity's||auditors|for the audit ofthe chadty's|financial||||
|statements|||||||6,450|6,300|
##
##
##
##
|STAFF COST|S|||||
|---|---|---|---|---|---|
|||||2020|2019|
|||||6|f|
|Wages and salaries||||34,443|32,803|
|Other pension|costs|||978|849|
|||||36,421|33,652|
|The average
monthly||number ofemployees|during the year was as follows:|||
|||||2020|2019|
|Staff (exduding|trustees)|||3|3|
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##
|TANGIBLE FIXEDASSETS||||
|---|---|---|---|
|||Fixtures||
||Freehold|and||
||properly|Fitbngs|Totals|
||5|5||
|COST||||
|At 1 January 2020|92,000|10,161|102,161|
|Disposals||(464)|(464)|
|At 31 December 2020|92,000|9,697|101,697|
|DEPRECIATION||||
|At 1 January 2020|4,380|9,343|13,723|
|Charge for year|1,460|82|1,542|
|Eliminated
on disposal||(434)|(434)|
|At 31 December 2020|5,840|8,991|14,831|
|NET BOOK VALUE||||
|At 31 December 2020|86,160|706|86,866|
|At 31 December 2019|87,620|818|68,438|
##
##
|FIXEDASSET INVESTMENTS||||
|---|---|---|---|
|||COIF/||
||Investment|listed||
||property
f|shares
6|Totals
5|
|MARKET VALUE||||
|At 1 January 2020|9,723,280|1,574,961|11,298,231|
|Revaluations|335,719|100,729|436,448|
|At 31 December 2020|10,068,999|1,675,680|11,734,679|
|NET BOOK VALUE||||
|At 31 December 2020|10,058,999|1,675,680|11,734,679|
|At 31 December 2019|9,723,280|1,574,951|11,298,231|
|Property|COIF|
|---|---|
|832,500|354,870|
||COIF shares|are all|ocate|d as follows;|||
|---|---|---|---|---|---|---|
||||||2020|2019|
||||||6|f|
||General
fund||||1,374,678|1,292,043|
||Endowment|fund|||301,003|282,909|
||||||1,675,680|1,574,952|
|13.|STOCKS||||||
||||||2020|2019|
||Stock ofpostage stamps||||362|284|
|14.|DEBTORS:|AMOUNTS||FALLING DUE WITHIN ONE YEAR|||
||||||2020|2019|
||||||6|5|
||Rent debtors||||50,053|12,101|
||Other debtors||||798,402||
||Accrued mvestment||income receivable||12,297|11,813|
||Prepayments||||6,700|4,880|
||||||866,462|28,794|
##
##
##
|||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|
|||||||General|Endowment|Total|Total|
|||||||fund|fund|funds|funds|
|||||||6|f||f|
|Current|account|||||75,173|315|76,488|167,483|
|Deposit|account|||||345,000||345,000|335,000|
|Total||||||420,173|315|420,488|502,483|
|CREDITORS:|||AMOUNTS||FALLING DUE WITHIN ONE YEAR|||||
|||||||||2020|2019|
|||||||||8||
|Grants payable||||||||6,792|8,112|
|Other creditors||||||||6,467|1,795|
|Rents received||||in advance||||33,214|32,457|
|Acouals||||||||9,651|9,461|
|||||||||66,114|51,825|
|MOVEMENT|||IN|FUNDS||||||
|||||||||Net||
|||||||||movement|At|
||||||||At 1.1.20|in funds
f|31.12.20
f|
|Unrestricted|||funds|||||||
|General|fund||||||1,772,282|834,974|2,607,256|
|Endowmentfunds||||||||||
|Endowmentfund||||||||||
||||||||10,094,123|352,354|10,446,477|
|TOTAL|FUNDS||||||11,866,406|1,187,328|13,053,733|
|Net movement||||in funds, induded||in the above are as follows.||||
|||||||Incoming|Resources|Gains and|Movement|
|||||||resoul ces
f|expended
f|losses
8|in funds
f|
|Unrestricted|||funds|||||||
|General|fund|||||1,326,310|(573,971)|82,635|834,974|
|Endowment|||funds|||||||
|Endowment||fund||||||||
||||||||(1,460)|353,814|352,354|
|TOTAL|FUNDS|||||1,326,310|(676,431 )|436,449|1,187,328|
##
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##
##
|Compar|atives|for movement
In funds||||
|---|---|---|---|---|---|
|||||Net||
|||||movement|At|
||||At 1.1.19
6|in funds
F|31.12.19
f|
|Unreshtcted||funds||||
|General|fund||1,550,263|222,019|1,772,282|
|Endowmentfunds||||||
|Endowmentfund||||||
||||10,052,669|41,454|10,094,123|
|TOTAL|FUNDS||11,602,932|263,473|11,866,405|
|Compara|tive|net movement
in funds,|induded
in the above are as|follows|||
|---|---|---|---|---|---|---|
||||Incoming|Resources|Gains and|Movement|
||||resources|expended|losses|in funds|
||||||5|5|
|Unrestricted||funds|||||
|General|fund||515,804|(489,774)|195,989|222,019|
|Endowment||funds|||||
|Endowment||fund|||||
|||||(1,460)|42,914|41,454|
|TOTAL|FUNDS||515,804|(491,234)|238,903|263,473|
|A current|yea|r 12 months
and prior year 12|months
combined
position is as follows.|||
|---|---|---|---|---|---|
|||||Net||
|||||movement|At|
||||At 1.1.19
f|in funds
5|31.12.20
f|
|Unrestricted||funds||||
|General|fund||1,550,263|1,056,993|2,607,256|
|Endowment||funds||||
|Endowment||fund||||
||||10,052,669|393,808|10,446,477|
|TOTAL|FUNDS||11,602,932|1,450,801|13,053,733|
##
##
|A current year 12
as follows.|months
and pr|ior year 12|months
combined
|net movement
in fund|s,
inc|luded|in the above|
|---|---|---|---|---|---|---|---|
||||Incoming|Resources|Gains|and|Movement|
||||Iesoul'ces
5|expended
E|losses
f||in funds
5|
|Unresbicted
funds||||||||
|General
fund|||1,842,114|(1,063,745)|278,624||1,056,993|
|Endowmentfunds||||||||
|Endowment
fund||||||||
|||||(2,920)|396,728||393,808|
|TOTAL FUNDS|||1,842,114|(1,066,665)|675,352||1,450,801|
|Endowment
fund|assets|||||||
|||||2020||2019||
|||||5||5||
|Freehold property|(Blanchminster|office)||86,160|||87,620|
|Investment
properties||||10,058,999||9,723,280||
|COIF shares||||301,003||282,909||
|Cash at Bank||||315|||314|
|Total||||10,448,477||10,094,123||
##
##
##
##
##
##
|The canying
amount ofthe|cha|rity's
fina|nc|ial
instruments
are as follows|:||
|---|---|---|---|---|---|---|
||||||2020f|2019
f|
|Financial assets|||||||
|Measured at fair value through
COIF / listed shares (note 12)||net income||/ expenditure:|1,675,680|1,574,951|
|Debt instruments
measured|at|amortised||cost:|||
|Rent debtors (note 14)
Accrued
investment
income receivable|||(note 14)||50,053
12,297|12,101
11,813|
|Prepayments
(note 14)
Other debtors (note 14)|||||6,700
788,402|4,880|
||||||866,452|28,794|
|Financial
liabilities|||||||
|Measured
at amorbsed
cost:|||||||
|Grants payable (note 18)
Other creditors (note 18)
Rents received
in advance
Accruals (note 16)|(note 18)||||6,792
6,467
33,214
9,661|8,112
1,795
32,457
9,481|
||||||66,114|51,825|
|The
income,
expenses,
net
ga
summarised
as follows|ins
and|net
losses
attnbutable
t|o
the
charity's
financial
i|nstruments|
|---|---|---|---|---|
||||2020f|2019
f|
|Income and expense
COIF / listed shares (note 3)|||48,713|47,755|
|Net gains and losses (including
COIF / listed shares (note 12)|changes|In fair value)|100,728|238,903|
##