2021-04-05-accounts

			Page
Trustees'	annual report
Independent auditor's		report to the members
Statement	offinancial	activities
Statement	offinancial	position
Statement	ofcash flows		12
Notes to the financial		statements	13

Reference	and adm	inistrative	details
Registered	charity	name	The Heathcoat	Trust
Charity registration		number	203367
Principal	office		The Factory
			West Exe
			Tiverton
			EX16SLL
			Devon
The trustees
			Sir fan Heathcoat		Amory, Bt.DL.
			Mr John Smith
			Mr Mark Drysdale
			Mrs Susan Westlake
			Mr Julian Morgan
			Miss Bryony Pullen
Secretary	to the Trustees		Mrs Helen isaac
Auditor			Thomas Westcott
			Chartered accountants			&statutory	auditor
			26-28 Southernhay		East
			Exeter
			Devon
			EX11NS
Bankers			National Westminster
			11 Fore Street
			Tiverton
			Devon
			EX166LW
Solicitors			Ashfords
			Gotham House
			Tiverton
			Devon
			EX166LT

				2021		2020
			Unrestricted	Endowment
			funds	funds	Total funds	Total funds
		Note	f	f	f	f
Income and endowments
Investment income		4	683,481		683,481	859,273
Total income			683,481		683,481	859,273
Expenditure
Expenditure on raising funds:
Investment management	costs	5	20,391	96,775	117,166	126,001
Expenditure on charitable	activities	5	658,169	—	658,169	760,093
Total expenditure			678,560	96,775	775,335	886,094
Net gains/(losses) on investments		9	785,844	3,715,155	4,500,999	(3,906,882)
Net income/(expenditure)	and net
movement in funds			790,765	3,618,380	4,409,145	(3,933,703)
Reconciliation offunds
Total funds brought forward			4,308,935	18,868,189	23,177,124	27,110,827
Total funds carried forward			5,099,700	22,486,569	27,586,269	23,177,124

						5 April	2021
								2021		2020
							Note	f		f
Fixed assets
investments							14		22,486,569	18,868,189
Current assets
Debtors							13	57,213		54,673
Investments							14	4,625,894		3,862,142
Cash at hank		and	in hand					424,093		416,992
								5,107,200		4,333,807
Creditors: amounts				falling due within		one year	15	7,500		24,872
Net current		assets							5,099,700	4,308,935
Total assets		less current			liabilities				27,586,269	23,177,124
Creditors: amounts				falling due after		more than one
year							15
Net assets									27,586,269	23,177,124
Funds ofthe		charity
Endowment	funds								22,486,569	18,868,189
Unrestricted		funds							5,099,700	4,308,935
Total charity		funds					18		27,586469	23,177,124

Ye	ar ended 5April 2	021
		2021 f	2020
Cash flows from operating activities
Net income/(expenditure)		4,409,145	(3,933,703)
Adjustments for:
Net gains/(losses) on investments		(3,802,555)	3,868,556
Dividends, interest and rents from investments		(683,402)	(855.111)
Other interest receivable and similar income		(79)	(4,162)
Accrued expenses		1,326	174
Changes in:
Trade and other debtors		(2,540)	(2,421)
Trade and other creditors		(18,698)	(81,002)
Cash generated from operations		(96,803)	(1,007,669)
Interest received		79	4,162
Net cash used in operating activities		(96,724)	(1,003,507)
Cash flows from investing activities
Dividends, interest and rents from investments		683,402	855,111
Purchases ofother investments Proceeds from sale ofother investments		(8,130,838) 6,852,887	(5,632,397) 5,794,238
Portfolio cash movements		698,374	3,534
Net cash from investing activities		103,825	1,020,486
Net increase in cash and cash equivalents		7,101	16,979
Cash and cash equivalents at beginning	ofyear	416,992	400,013
Cash and cash equivalents at end ofyear		424,093	416,992

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021 f	Funds f	2020 f
Income from listed investments	679,762	679,762	782,937	782,937
Income from other investments	3,640	3,640	72,174	72,174
Bank interest receivable	79	79	4,162	4,162
	683,481	683,481	859.273	859,273

		Unrestricted	Endowment	Total Funds
		Funds	Funds	2021
Portfolio	management	20,391	96,775	117,166
		Unrestricted	Endowment	Total Funds
		Funds f	Funds	2020
Portfolio	management	22,144	103,857	126,001

6. Expenditure	on	charit	able activities	by activity type
				Grant funding		Total funds	Total fund
				ofactivities f	Support costs	2021 f	2020
Employees in sickness				570	18	588
Chiropody				14,184	476	14,660	21,130
Consolidated grant				283,158	9,488	292,646	303,047
Charitable organisations		and	general	65,840	2,834	68,674	112,117
Educational bodies				178,130	5,970	184,100	195,027
In case ofhardship				2,985	99	3,084	5,423
Hospital visits				12,526	419	12,945	33,217
Death grants				39,000	1,307	40,307	40,851
Communication Grants				900	30	930	551
Telephone				60	2	62
Opticians charges				19,795	663	20,458	23,703
Dentists charge				7,407	248	7,655	13,885
Governance costs					12,060	12,060	11,142
				624,555	33,614	658,169	760,093
						2021	2020
						f
Reconciliation ofgrants payable
Grants payable b/f	at 6	April	2020			(18,998)	(100,000)
Grants paid during	the	year				643,253	812,660
Grants payable c/f	at 5	April	2021			300	18,998
Grants payable for	the year					624,555	731,658
Grants at 5 April are payable			as follows:
Within one year (note 15)						300	18,998
ARer more than one year (note 16)
						300	18,998

			2021	2020
Salary			16,414	13,463
Pension			903	741
Employer's	NIC		1,087	908
Rent and telephone			370	370
Repairs, maintenance		and equipment	1,025
Insurance			170	170
Stationery			432	130
Gratuities			75	75
Bank charges			1,078	1,437
Governance	costs		12,060	11,142
			33,614	28,436
Governance	costs
			2021	2020
			f
Salaries and	wages		5,472	4.488
Employer's	NIC		362	303
Premises costs			57	56
Audit fees			5,868	6,048
Other pension costs			301	247
			12,060	11,142

			Restated
	Number	202j f	2020
Allies Mid Devon Churches Housing Action Team Devon Community Foundation		j,000 j5,000	1,000 2,000 15,000
Hospiscare Pine Lodge Mid Devon Mobility		ji000 j,000	1,000 1,000
Tiverton &District Scout Council			1,000
Tiverton Amateur Operatic Society			1,000
Tiverton Citizens Advice			1,000
Tiverton Girl Guide HQ Management Tiverton Junior Operatic Club		j,000 j,000	1,000 2,500
Tiverton M.S.Support Group			1,100
Tiverton Museum		5,000
Tiverton Senior Citizens Association			1,000
Tiverton Swimming Club Tiverton Youth Orchestra		j,000 j,000	1,000 1,250
Two Moors Primary School			1,300
Unite Carers in Mid Devon			1,000
Westexe Sports & Social Club		2,000	2,500
		29&000	35,650

						Restated
			Number		2021	2020
					f	f
Beacon Church New Buildings					1,000
Cullompton Family Centre					1,000	1,000
Cullompton Wa(ronds Preservation		Trust				1,000
Cornwall Air Ambulance						5,000
Dulverton Heritage Centre				1	2,500
Exeter Deaf Academy						3,675
Exeter Leukaemia Fund				1	1,750	1,750
Exmoor Search &Rescue						I,000
Force Cancer Charity				1	1,500	1,500
Halberton //r Uplowman Primary	School					1,030
Heathcoat Cricket Club						2,000
Listening Books					1,000	1,000
Macmillan Cancer Support					1,000	1,000
Riverside Hall, Bampton						2,750
StMargaret's Church, Stoodleigh						2,000
StMary's Church, Calverleigh						4,500
Stoodleigh Cricket Club						1,000
Stoodleigh Parish Hall				1	1,000
Uplowman Primary School				1	2,000
				9	12,750	30,205
Other grants					24,090	42.239
					65,840	108.094

9.	Net gains	/(losses) on investments
				Unrestricted	Endowment	Total Funds
				Funds	Funds	2021
						f
	Other gains/(losses)			785,844	3,715,155	4,500,999
				Unrestricted	Endowment	Total Funds
				Funds	Funds	2020
					f
	Other gains/(losses)			(593.048)	(3.313.384)	(3.906.882)
10.	Auditors	remuneration
					2021	2020
	Fees payable for the audit ofthe tinancial		statements		5,868	6.048

Staffcosts	Y	ear ended 5 April 2	021
The total staff costs and	employee	benefits for the reporting	period are analysed	as follows:
				2021	2020
Wages and salaries				21,886	17,951
Social security costs				1,449	1,211
Employer contributions	to pension	plans		1,204	987
				24,539	20,149

13.	Trustees were not reimbursed for any ofthei Debtors	r expenses in the year (2020:anil).
		2021	2020
	Other debtors	57,213	54,673
14.	Investments
		2021	2020
		f
	Investments	27,112,463	22,730,331

					Year e	nded 5 April	2021
14.	Investments (conrinuedj
	(A)Reconciliation	ofinvestments
						Unrestricted	Permanent
						fund	endowment	2021	20nQ
						f		f
	Market value at 6 April		2020			3,560,108	18,020,796	21,580,904	25,611,301
	Additions at cost					1,557,433	6,573,405	8,130,838	5.632.397
	Disposals at market value					(1,227,977)	(5,624,910)	(6,852,887)	(5.794,238)
	Net unrealised gains/(losses)					639,926	3,162,629	3,802,555	(3,868.556)
	Market value at 5 April		2021			4,529,490	22,131,920	26,661,410	21,580,904
	Cash held as part	ofinvestment			portfolio	98,226	352,827	451,053	1,149,427
	Transfer between	funds	2020/21			(1,822)	1,822
						4,625,894	22,486,569	27,112,463	22.730,33 I
						Unrestricted	Permanent
						funds	endowmentf	2021 f	2020
	Fixed assets						22,486,569	22,486,569	18,868,189
	Current assets					4,625,894		4,625,894	3,862,142
						4,625,894	22,486,569	27,112,463	22,730,331
	(B)Analysis of investments
						Unrestricted	Permanent
						fundf	endowmentf	2021 f	2020
	Special range permanent			fund			2,027,220	2,027,220	1,798,773
	Permanent fund						20,104,700	20,104,700	16,222,023
	Expendable fund					4,529,490		4,529,490	3,560,108
						4,529,490	22,131,920	26,661,410	21,580,904
	Cash held as part	ofinvestment			fund	98,226	352,827	451,053	I, I49,427
	Transfer between	funds	-	2020/21		(1,822)	1,822
						4,625,894	22,486,569	27,112,463	22,730,331
						Unrestricted	Permanent
						fund f	fund f	2021	2020
	lnvs listed on recognised		stock		exchange	4,529,490	20,104,700	24,634,190	19.782,13 I
	Unlisted investments -associated
	undertakings						2,027,220	2,027,220	1,798,773
	Cash held as part	ofinvestment			portfolio	98,226	352,827	451,053	1,149,427
	Transfer between	funds - 2020/21				(1,822)	1,822
						4,625,894	22,486,569	27,112,463	22,730,33 I
	Historical cost at 5 April		2021			4,138,216	17,556,196	21,694,412	20,921,659

					Country of
					Proportion
					registration/	Shares held	Proportion of
					incorporation	Class	shares held
London	and	Devonshire	Trust Ltd		UK 1,142,236 ord 25p		21.3%
Lowman	Manufacturing		Company	Ltd	UK	2,477,190ord 25p	22.97%
3%Cumulative		Preference	shares		103,987

Creditor	s: amounts	falling due within one year
			2021	2020
			f
Accruals	and deferred	income	7,200	5,874
Other creditors			300	18,998
			7,500	24,872
Creditors: amounts		falling due after more than one year
			2021	2020
			6

						At			Gains and	At
					6 April 2020		Income	Expenditure	losses	5April 2021
								f.
General	funds					4,308,935	683,481	(678,560)	785,844	5,099,700
						At			Gains and	At
					6 April 2019		Income	Expenditure	losses f	5 April 2020 f
General	funds					4,824,947	859,273	(782.237)	(590.048)	4,308.935
Endowment			funds
						At			Gains and	At
					6 April 2020		Income	Expenditure	losses	5 April 2021
									f
Permanent		Endowment
Fund					18,868,189			(96,775)	3,715,155	22,486,569
						At			Gains and	At
					6 April 2019 f		Income	Expenditure	losses	5 April 2020
Permanent		Endowment
Fund					22,285,880			(103,857)	(3,313,834)	18,868,189
Analysis		ofnet assets			between	funds
								Unrestricted	Restricted	Total Funds
								Funds	Funds	2021
									f	f
Investments									22,486,569	22,486,569
Current	assets							5,107.200		5,107,200
Creditors		less	than	I year				(7.500)		(7,500)
Creditors		greater than			I year
Net assets								5 099700	22,486569	27 586i269
								Unrestricted	Restricted	Total Funds
								Funds	Funds	2020
									f
Investments									18,868,189	18,868,189
Current assets								4,333,807		4,333,807
Creditors		less	than	I year				(24,872)		(24,872)
Creditors	greater than				I year
Net assets								4,308,935	18,868,189	23,177,124

	At 6 Apr 2020 f	Cash flows	At 5Apr 2021
Cash at bank and in hand	416,992	7,101	424,093
Current asset investments	3,862,142	763,752	4,625,894
	4,279,134	770,853	5,049,987

			2021	2020
			f
Devon Community		Foundation		15,000
Tiverton	Community	Arts	200,000	200,000
			200,000	215,000