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||||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|
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|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|||||
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|||||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|
##
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|||||||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|
##
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|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|
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||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|
##
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##
|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|
##
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||||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|
##
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||||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|
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|||||||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|
##
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|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|
##
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|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|
##
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##
||||||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||
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|||||||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|
##
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||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|