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|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|6|
|Report ofthe Independent
Auditors|7|to|8|
|Statement of Financial 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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|||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Endowment|Total|Total|
|||||||fund|fund|funds|funds|
||||||Notes|f|f|6|f|
|INCOME AND ENDOWMENTS||||FROM||||||
|Donations
and legacies|||||2|2,130||2,130|728,402|
|Investment
income|||||3|503,196||503,196|525,333|
|Other income||||||6,933||5,933|72,575|
|Total||||||511,259||611,259|1,326,310|
|EXPENDITURE ON||||||||||
|Raising funds||||||||||
|Investment
management||costs|||4|247,764||247,764|212,406|
|||||||247,764||247,764|212,406|
|Charitable
activities||||||||||
|Educational
grants||||||271,301||271,301|311,127|
|Community
grants||||||41,186||41,185|21,418|
|Relief in need grants||||||27,626||27,626|30,480|
|Total||||||587,876||587,876|575,431|
|Net gains on investments||||||195,004|283,854|478,858|436,449|
|NET INCOME||||||118,387|283,854|402,241|1,187,328|
|Other recognised
gains/(losses)||||||||||
|Gains/(losses)
on revaluation|||of|fixed assets|||(1,160)|(1,160)||
|Net movement
in funds||||||118,387|282,694|401,081|1,187,328|
|RECONCILIATION
OF FUNDS||||||||||
|Total funds
brought|forward|||||2,607,256|10,446,477|13,053,733|11,866,405|
|TOTAL FUNDS CARRIED||FORWARD||||2,726,643|10,729,171|13,454,814|13,053,733|
##
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|||||2021|2020|
|---|---|---|---|---|---|
|||Unrestricted|Endowment|Total|Total|
||Notes|fund
5|fund
f|funds
6|fundsf|
|FIXEDASSETS||||||
|Tangible assets|11|1,456|86,000|86,456|86,866|
|Investments|12|1,747,460|10,644,171|12,'391,631|11,734,679|
|||1,748,916|10,729,171|12,478,087|11,821,545|
|CURRENT ASSETS||||||
|Stocks|13|10,614||10,614|362|
|Debtors|14|99,096||99,096|866,452|
|Cash at bank|15|932,735||932,735|420,488|
|||1,042,345||1,042,345|1,287,302|
|CREDITORS||||||
|Amounts
falling due within one year|16|(65,618)||(65,618)|(55,114)|
|NET CURRENT ASSETS||976,727||976,727|1,232,188|
|TOTAL ASSETS LESS CURRENT LIABILITIES||2,725,643|10,7',171|13,454,814|13,053',733|
|NET ASSETS||2,725,643|10,729,171|13,454,814|13,053,733|
|FUNDS|17|||||
|Unrestricted
funds||||2,725,643|2,607,256|
|Endowment
funds||||10,729,171|10,446,477|
|TOTAL FUNDS||||13,454,814|13,053,733|
##
##
|||||2021|2020|
|---|---|---|---|---|---|
||||Notes|5||
|Cash flows from operating|activities|||||
|Cash generated
from operations||||214,353|(359,084)|
|Net cash provided
by/(used|in)|operating|activities|214,353|(359,084)|
|Cash flows from Investing|activities|||||
|Purchase
oftangible
fixed assets||||(899)||
|Purchase
offixed asset investments||||(3,095)||
|Net rents received||||252,413|228,547|
|Interest received||||278|302|
|Dividends
received||||49,197|48,240|
|Net cash provided
by investing||activities||297,894|277,089|
|Change
in cash and cash|equivalents||in|||
|the reporting
period||||612,247|(81,995)|
|Cash and cash equivalents|at|the||||
|beginning
ofthe reporting|period|||420,488|502,483|
||||||i|
|Cash and cash equivalents|at|the end|of|||
|the reporting
period||||932,736|420,488|
##
##
||RECONCILIATION|OF NET INCOME TO NET CASH FLOW|OF NET INCOME TO NET CASH FLOW|OF NET INCOME TO NET CASH FLOW|OF NET INCOME TO NET CASH FLOW|FROM OPERATING|ACTIVITIES||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||||||||6|E|
||Net income for the|reporting|||period (as per the Statement|of Financial|||
||Activities)||||||402,241|1,187,328|
||Adjustments
for:||||||||
||Depreciation
charges||||||129|1,572|
||Loss on disposal of|fixed assets|||||20||
||Unrealised
(gain)/losses||on|investments|||(478,858)|(435,449)|
||Net rents received||||||(206,336)|(255,742)|
||Interest received||||||(342)|(312)|
||Dividends
received||||||(49,690)|(48,713)|
||Donated asset||||||(176,000)||
||Increase
in stocks||||||(10,162)|(78)|
||Decrease/(increase)|in debtors|||||722,217|(799,222)|
||Increase
in creditors||||||10,124|2,532|
||Net cash provided|by/(used|||in) operations||214,353|(359,084)|
|2.|ANALYSIS OF CHANGES|||IN|NET FUNDS||||
|||||||At 1.(.21|Cash flow|At 31.12.21|
|||||||5||6|
||Net cash||||||||
||Cash at bank|||||420,488|612,247|932,735|
|||||||420,488|612,247|932,735|
||Total|||||420,488|512,247|932,735|
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|DONATIONS
ANO LEGACIES||||
|---|---|---|---|
|||2021|2020|
|||E|E|
|Legacies||2,130|728,402|
|INVESTMENT INCOME||||
|||2021|2020|
|||E||
|Rents received||453,119|476,263|
|Wayleaves||46|45|
|COIF - dividends||49,690|48,713|
|Deposit account interest||342|312|
|||503,196|525,333|
|INVESTMENT MANAGEMENT|COSTS|||
|||2021|2020|
|||E|E|
|General
insurance||18,215|13,458|
|Property
repairs||167,240|151,508|
|General
and water rates||9,410|9,061|
|Light and heat||1,976|867|
|Surveyors
and valuers fees||22,868|9,923|
|Support costs||28,055|27,589|
|||247,764|212,406|
##
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##
|||Grant|||
|---|---|---|---|---|
|||funding
of|||
|||activities|Support||
|||(see note|costs (see||
|||Sjf|note 7)
f|Totals
6|
|Educational|grants|257,273|14,028|271,301|
|Community|grants|34,171|7,014|41,185|
|Relief in need grants||20,613|7,013|27,626|
|||312,057|28,055|340,112|
##
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|GRANTS PAYABLE|||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|||||||6|
|Educational
grants|||||257,273|297,335|
|Community
grants|||||34,171|14,522|
|Relief in need grants|||||20,613|23,584|
||||||312,067|335,441|
|The total grants
paid to institutions||during|the year was|as follows:|||
||||||2021|2020|
|||||||f|
|St Andrews
Church|||||5,000||
|Buda After School Club|||||171||
|Budehaven
School|||||640|7,967|
|Buda Canoe Club||||||1,000|
|Budehaven
Nursery||||||5,000|
|Bude Infant School||||||714|
|South Western
Ambulance|Services NHS||Foundation|Trust|16,000||
|Stratton
Playgroup|||||2,500||
|Sensory Trust|||||1,000||
|Bude Food Bank|||||10,500|5,000|
|Hollabuiy
Mission
Hall|||||(1,000)||
|Buda Primary
Academy|||||2,000|2,000|
|Buda Quarantine
Group||||||1,000|
|Cornwall
Beekeepers||||||750|
|Stratton
Primary
School||||||5,000|
|The Haven||||||8 310|
|Marhamchurch
Pre School|||||500||
||||||37,311|35,741|
##
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##
|The total g|rants
paid to individuals
during
the year wa|s as follows:|||
|---|---|---|---|---|
|||„|2021
6|2020f|
|Promotion|of Education||256,633|277,116|
|Relief in Need|||18,113|21,584|
||||274,746|298,700|
|SUPPORT|COSTS||||
|SUPPORT|COSTS|||||
|---|---|---|---|---|---|
|||||Governance||
||||Management
6|costs
f|Totals
f|
|Investment|management|costs|22,249|5,806|28,055|
|Educational|grants||11,124|2,904|14,028|
|Community|grants||5,562|1,462|7,014|
|Relief in need grants|||5,661|1,452|7,013|
||||44,496|11,614|56,110|
|Activity||Basis|of allocation|
|---|---|---|---|
|Management||TIME|SPENT|
|Finance||TIME|SPENT|
|Human
resources||TIME|SPENT|
|Governance|costs|TIME|SPENT|
##
|||||Investment|||||
|---|---|---|---|---|---|---|---|---|
|||||management|Educational||Community||
|||||costs|grants||grants||
|||||6|6||6||
|Wages||||17,945|8,973||4,486||
|Pensions||||516||258||129|
|Insurance||||387||194||97|
|Office utilities||||794||397||198|
|Telephone||||344||172||86|
|Pnnting|and|advertising||300||160||75|
|Postage||||391||196||98|
|Sundries||||730||364||182|
|Office repairs||||767||383||192|
|Depreciation||of tangible|fixed assets|65||32||16|
|Loss on|sale|of tangible|fixed assets|10||5||3|
|||||22,249|11,124||5,562||
##
##
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
||||||Relief in|||
||||||need|Total|Total|
||||||grants|activities|activities|
||||||6|6|6|
|Wages
Pensions|||||4,486
129|35,890
1,032|34,443
978|
|Insurance|||||97|775|468|
|Office utilities|||||198|1,587|1,606|
|Telephone|||||86|688|1,040|
|Printing
Postage
Sundries|and advertising||||75
98
182|600
783
1,458|721
614
104|
|Office repairs
Depreciation|||oftangible|fixed assets|192
16|1,534
129|2,662
1,572|
|Loss on|sale||of tangible|fixed assets|2|20||
||||||5,561|44,496|44,128|
|Finance||||||||
|||||||2021|2020|
|||||||Total|Total|
|||||||activities|activities|
|||||||6|6|
|Bank charges|||||||10|
|Governance|||costs|||||
||||||Investment|||
||||||management|Educational|Community|
||||||costs
6|grants
f|grants
6|
|Auditors'||remuneration|||3,300|1,650|825|
|Legal and||professional||fees|2,506|1,254|627|
||||||5,806|2,904|1,452|
|||||||2021|2020|
||||||Relief in|||
||||||need|Total|Total|
||||||grants
f|activities
6|activities
f|
|Auditors'||remuneration|||825|6,600|6,450|
|Legal and||professional||fees|627|5,014|4,585|
||||||1,452|11,614|11,035|
##
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##
|STAFF COST|S||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|||||||5|
|Wages and salaries|||||35,890|34,f43|
|Other pension|costs||||1,032|978|
||||||36,922|35,421|
|The average
monthly||number ofemployees|during|the year was as fofiows:|||
||||||2021|2020|
|Staff (excluding|trustees)||||3|3|
##
##
##
##
||||||Fixtures||
|---|---|---|---|---|---|---|
|||||Freehold|and||
|||||property|Fittings|Totals|
|||||E|E|E|
|COST OR VALUATION|||||||
|At 1 January|2021|||92,000|9,697|101,697|
|Additions|||||899|899|
|Disposals|||||(429)|(429)|
|Revaluations||||(7,000)||(7,000)|
|At 31 December||2021||85,000|10,167|96,167|
|DEPRECIATION|||||||
|At 1 January|2021|||6,840|8,991|14,831|
|Charge for year|||||129|129|
|Eliminated
on disposal|||||(409)|(409)|
|Revaluation|adjustments|||(5,840)||(5,840)|
|At 31 December||2021|||8,711|8,711|
|NET BOOK|VALUE||||||
|At 31 December||2021||85,000|1,456|86,466|
|At 31 December 2020||||86,160|706|86,866|
|Cost or valuation||at 31 December 2021 is represented|by:||||
||||||Fixtures||
|||||Freehold|and||
|||||property|Fittings|Totals|
|||||E|E|E|
|Valuation
in|2021|||85,000||85,000|
|Cost|||||10,167|10,167|
|||||85,000|10,167|95,167|
##
##
|FIXED ASSET INVESTMENTS||||
|---|---|---|---|
|||COIF/||
||Investment|listed||
||property
E|shares
5|Totals
f|
|MARKET VALUE||||
|At 1 January 2021|10,058,999|1,675,680|11,734,679|
|Additions|178,095||178,095|
|Revaluations|241,166|237,702|478,857|
|At 31 December 2021|10,478,249|1,913,382|12,391,631|
|NET BOOK VALUE||||
|At 31 December 2021|10,478,249|1,913,382|12,391,631|
|At 31 December 2020|10,058,999|1,675,680|11,734,679|
|Cost or v|alu|ation
at 31 December 2021 is|represented
by:|||
|---|---|---|---|---|---|
|||||0OIFI||
||||Inve8tment|listed||
||||property
6|shares
f|Totals|
|Valuation|in|2021|10,478,249|1,913,382|12,391,631|
|COIF sh|ares|are allocated as follows:|||
|---|---|---|---|---|
||||2021|2020|
|||||f|
|General|fund||1,747,460|1,374,678|
|Endowment||fund|165,922|301,003|
||||1,913,382|1,675,680|
##
|13.|STOCKS|||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||||6|f|
||Stock|||||||10,514|362|
|14.|DEBTORS: AMOUNTS||||FALLING DUE WITHIN ONE YEAR|||2021|2020|
|||||||||6|6|
||Rent debtors
Other debtors
Accrued investment
Prepayments|||income||receivable||4,359
76,933
12,854
5,950|50,053
798,402
12,297
5,700|
|||||||||99,096|866,452|
|15,|CASH AT BANK|||||||2021|2020|
|||||||||Total|Total|
|||||||||funds|funds|
|||||||||6|E|
||Current account
Deposit account|||||||147,735
785,000|75,486
345,000|
||Total|||||||932,735|420,488|
|16.|CRED(TORS:|AMOUNTS||||FALLING DUE WITHIN ONE YEAR||2021|2020|
|||||||||6|f|
||Grants payable
Other creditors
Rents received
Accruals||in advance|||||9,939
6,885
33,596
15,198|6,792
5,457
33,214
9,651|
|||||||||65,618|55,114|
|17.|MOVEMENT
IN||FUNDS|||||Net||
|||||||||movement|At|
||||||||At 1.1 21|m funds|31.12.21|
|||||||||6||
||Unrestricted
General
fund|funds|||||2,607,256|118,387|2,725,643|
||Endowment
funds|||||||||
||Endowment
fund|||||||||
||||||||10,446,477|282,694|10,729,171|
||TOTAL FUNDS||||||13,053,733|401,081|13,454,814|
##
##
|Net movement|Net movement|in funds,|included|included|included|in|the above|are as follows:||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Incoming|Resources|Gains and|Movement|
|||||||||resources
f|expended
f|, losses
f|in funds
5|
|Unrestricted||funds||||||||||
|General
fund||||||||611,269|(587,876)|195,004|118,387|
|Endowment||funds||||||||||
|Endowment|fund|||||||||||
|||||||||||282,694|282,694|
|TOTAL FUNDS||||||||511,259|(587,876)|477,698|401,081|
|Comparatives||for movement|||in|funds||||||
|||||||||||Net||
|||||||||||movement|At,|
||||||||||At 1.1.20|In funds|31.12,20|
||||||||||5|5|f|
|Unrestricted||funds||||||||||
|General
fund|||||||||1,772,282|834,974|2,607,256|
|Endowment|funds|||||||||||
|Endowment|fund|||||||||||
||||||||||10,094,123|352,354|10,446,477|
|TOTAL FUNDS|||||||||11,866,405|1,187,328|13,053,733|
|Comparative|net movement|||in|funds,||included|ln the above are as follows:||||
|||||||||Incoming|Resources|Gains and|Movement|
|||||||||resources
f|expended
5|losses
5|in funds|
|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|(575,431)|436,449|1,187,328|
##
##
|A current year 12|months|and pri|or year 12 months|combined|position
is as fo|llows:||||
|---|---|---|---|---|---|---|---|---|---|
||||||||Net|||
|||||||movement||At||
||||||At 1.1.20||in funds|31.12.21||
||||||||6|f||
|Unrestricted
funds||||||||||
|General
fund|||||1,772,282|953,361||2,725,643||
|Endowment
funds||||||||||
|Endowment
fund||||||||||
||||||10,094,123|635,048||10,729,171||
|TOTAL FUNDS|||||11,866,405|1,588,409||13,454,814||
|A current year 12|months|and prior year 12 months||combined|net movement|in funds,|included|in the above|are|
|as follows;||||||||||
|||||Incoming|Resources|Gains and||Movement||
|||||resources
E|expended
f||losses
8|in funds
f||
|Unrestricted
funds||||||||||
|General
fund|||1,837,569||(1,161,847)|277,639||953,361||
|Endowment
funds||||||||||
|Endowment
fund||||||||||
||||||(1,460)|636,508||635,048||
|TOTAL FUNDS|||1,837,569||(1,163,307)|914 147||1,588,409||
|Endowment
fund|assets|||||||||
||||||2021||2020|||
||||||6||6|||
|Freehold
property|(Blanchminster||office)||85,000||86,160|||
|Investment
properties|||||10,478,249||10,058,999|||
|COIF shares|||||165,922||301,004|||
|Cash at Bank (transferred||to unrestricted)||||||314||
|Total|||||10,729,171||10,446,477|||
##
##
##
##
##
##
##
##
|The carrying
amount ofthe c|ha|nty's
fin|anc|ial
instruments
are as follo|ws:||
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||5|f|
|Financial assets|||||||
|Measured
at fair value through||net income||/ expenditure:|||
|COIF / listed shares (note 12)|||||1,913,382|1,675,680|
|Debt instruments
measured|at|amortised||cost.|||
|Rent debtors (note 14)|||||4.359|50,053|
|Accrued
investment
income|receivable||(note 14)||12,854|12,297|
|Prepayments
(note 14)|||||5,950|5,700|
|Other debtors
(note 14)|||||75,933|798,402|
||||||99,096|866,452|
|Financial
liabilities|||||||
|Measured
at amortised
cost:|||||||
|Grants payable
(note 16)|||||9,939|6,792|
|Other creditors (note 16)|||||6,885|5,457|
|Rents received
in advance
(note 16)|||||33,596|33,214|
|Accruals
(note 16)|||||15,198|9,651|
||||||65,618|55,114|
|The
income,
expenses,
net
ga
summansed
as follows:|ins
and|net
losses
attributable
to|the
charity's
5nancial
|instruments|
|---|---|---|---|---|
||||2021|2020|
||||5|5|
|Income and expense|||||
|COIF / listed shares (note 3)|||49,690|48,713|
|Net gains and losses (including|changes|In fair valuel|||
|COIF / listed shares (note 12)|||237,702|100,728|
##
##