2022-04-05-accounts - The Heathcoat Trust

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				Page
Trustees'	Annual Report
Independent Auditor's		Report to	the Members
Statement	of Financial	Activities		10
Statement	of Financial	Activities	(prior year)
Statement	of Financial	Position		12
Statement	ofCash Flows			13
Notes to the Financial		Statements		14

Reference a	nd adm	inistrative	details
Registered	charity	name	The Heathcoat	Trust
Charity registration		number	203367
Principal oAice			The Factory
			West Exe
			TIvcrton
			Devon
			EX16SLL
The trustees			Sir lan Heathcoat Amory,		Bt.DL.
			Mr John Smith
			Mr Mark Drysdale
			Mrs Susan Westlake
			Mr Julian Morgan
			Miss Bryony Pullen (leil		30/07/2021)
			Mr Lee Sel lens (appointed		30/07/2021)
Secretary to	the Trustees		Mrs Helen Isaac
Auditor			Westcotts (SW)	LLP
			Chartered accountants &		statutory	auditor
			26-28 Southernhay East
			Exeter
			Devon
			FXI INS
Bankers			National Westminster
			I I Fore Street
			Tivcrton
			Devon
			EX166LW
Solicitors			Ashfords LLP
			Ashford House
			Grenadier Road
			Exeter
			EX13LH

		Year en	ded 5 April	2022
				2022
			Unrestricted	Endowment
			funds	funds	Total funds
		Note
income and endowments
Donations and legacies Investment income		4	1,856 876,844		1,856 876,844
Totalincome			878,700		878,700
Expenditure
Expenditure on raising funds:
Investment management	costs	5	29,132	125,891	155,023
Expenditure on charitable	activities	6	651,234		651,234
Total expenditure			680,366	125,891	806,257
Net gains/(losses) on investments		9	254,390	1,357,792	1,612,182
Net income/(expenditure)	and net
movement in funds			452,724	1,231,901	1,684,625
Reconciliation offunds
Total funds brought forward			5099700	22 486 569	27)586)269
Total funds carried forward		17	5,552,424	23,718,470	29370,894

			2021
		Unrestricted	Endowment
		funds f	funds	Totalfunds
Income and endowments
Investment income		683,481		683,481
Total income		683,481		683,481
Expenditure
Expenditure on raising funds:
Investment management Expenditure on charitable	costs activities	20,391 658,169	96,775	117,166 658,169
Total expenditure		678,560	96,775	775,335
Net gains/(losses) on investments		785,844	3,715,155	4,500,999
Net income/(expenditare)	and net
movement ia funds		790,765	3,618,380	4,409,145
Reconciliation offuads
Total funds brought forward		4,308,935	18,868,189	23&177,124
Total funds carried forward		5,099,700	22,486,569	27,586,269

						2022		2021
					Note
Fixed assets
investments					14		23,718,470	22,486,569
Current assets
Debtors Investments Cash at bank and in		hand			13 14	56,787 4,856422 650,540		57,213 4,625,894 424,093
						5,563,649		5,107,200
Creditors:	amounts	falling due within		one year	15	11,225		7,500
Net current	assets						5,552,424	5,099,700
Total assets	less current		liabilities				29,270,894	27,586,269
Net assets							29,270,894	27,586,269
Funds ofthe charity
Endowment Unrestricted	funds funds						23,718,470 5452,424	22,486,569 5,099,700
Total charity funds					18		29,270,894	27,586,269

Year ended 5 April	2022
	2022	2021
	f	f
Cash flows from operating activities
Net income/(expenditure)	1,684,625	4,409,145
Adjustments for:
Net gains/(losses) on investments	(1,2559177)	(3,802,555)
Dividends, interest and rents from investments	(876,805)	(683,402)
Other interest receivable and similar income	(39)	(79)
Accrued expenses		1,326
Changes tn:
Trade and other debtors	426	(2,540)
Trade and other creditors	3,725	(18,698)
Cash generated from operations	(443,245)	(96,803)
Interest received	39	79
Net cash used in operating activities	(443i206)	(96,724)
Cash flows from investing activities
Dividends, interest and rents from investments	876,805	683,402
Purchases ofother investments Proceeds from sale ofother investments	(7,584,761) 7,289,816	(8,130,838) 6,852,887
Portfolio cash movements	87,793	698,374
Net cash from investing activities	669,653	103,825
Net increase in cash and cash equivalents	226,447	7,101
Cash and cash equivalents at beginning ofyear	424,093	416,992
Cash and cash equivalents at end ofyear	650,540	424,093

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
Income from listed investments	804,631	804,631	679,762	679,762
Income from other investments Bank interest receivable	72,174 39	72,174 39	3,640 79	3,640 79
	876,844	876,844	683,481	683,481

Investme	nt management costs
		Unrestricted	Endowment	Total Funds
		Funds f	Funds	2022
Portfolio	management	29,132	125,891	155,023
		Unrestricted	Endowment	Total Funds
		Funds	Funds	2021
				f,
Portfolio	management	20,391	96,775	117,166

6. Expenditure on	charitable activit	ies by activity type	ies by activity type
		Grant funding			Totalfunds
		ofactivities		Support costs f	2022 f
Employees in sickness			450	15	465
Chiropody Consolidated grant Charitable organisations Educational bodies In case ofhardship Hospital visits Death grants Communication Grants	and general	18,448 274,541 80,637 155,774 2,563 20,051 28,000 670		595 8,855 2,481 5,024 83 647 903 22	19,043 283,396 83,118 160,798 2,646 20,698 28,903 692
Telephone
Opticians charges			22,689	732	23,421
Dentists charge			11,887	383	12,270
Governance costs				15,784	15,784
		615,710		35,524	651,234
		Grant	funding		Total funds
		ofactivities		Support costs	2021
					f.
Employees in sickness			570	18	588
Chiropody			14,184	476	14,660
Consolidated grant		283,158		9,488	292,646
Charitable organisations	and general		65,840	2,834	68,674
Educational bodies In case ofhardship			178,130 2,985	5,970 99	184,100 3,084
Hospital visits			12,526	419	12,945
Death grants Communication Grants			39,000 900	1,307 30	40,307 930
Telephone			60	2	62
Opticians charges			19,795	663	20,458
Dentists charge			7,407	248	7,655
Governance costs				12,060	12,060
			624,555	33,614	658,169

6. Expenditure on charitable activities by activity	6. Expenditure on charitable activities by activity	type /continued/
Grants payable b/f at 6April 2021 Grants paid during the year Grants payable c/f at 5 April 2022			(300) 611,985 4,025	(18,998) 643,253 300
Grants payable for the year			615,710	624,555
Grants at 5 April are payable as follows:
Within one year (note 15)			4,025	300
			4,025	300
Analysis ofsupport costs
		2022	2021
Salary		15,694	16,414
Pension		863	903
Employer's NIC		1,047	1,087
Rent and telephone		370	370
Rcpalls, ulalntcnancc	and cquipnlcnt		1,025
Insurance		174	170
Stationery		355	432
Gratuities		75	75
Bank charges Governance costs		1,162 15,784	1,078 12,060
		35,524	33,614
Governance costs
		2022	2021
			L
Salaries and wages Employer's NIC		5,231 349	5,472 362
Premises costs		58	57
Audit fees		9,858	5,868
Other pension costs		288	301
		15784	12060

			2022		2021
					f
Bounce	Brighter Future		1,000
Churches	Housing Action Team		1,000		1,000
Devon Community Foundation					15,000
Hospiscare Pine Lodge			1,000		1,000
Mid Devon Mobility Moors Youth Football Club			1,000		1,000
Sustainable Tiverton			1,823
Tiverton	Girl Guide HQ Management				1,000
Tivetton	Junior Operatic Club		1,500		1,000
Tiverton	Museum				5,000
Tiverton	Rugby FC		2,000
Tiverton	Swimming Club				1,000
Tiverton	Town FC		2,000
Tiverton Tiverton	Youth Orchestra & District Scout Council		1,000 1,000		1,000
Twy ford	Spartans FC		1,500
Unite Carers in Mid Devon			1,000
Westexe	Sports &Social Club		2,000		2,000
		13	17,823	11	29,000

			Number	2022		2021
						f
	BASICS Devon Beacon Church New Buildings Bolham Primary School Children's Hospice SW			1,000 1,500 1,000 1460		1,000
	Cullompton Family Centre Cornwall Hospice Care Dulverton Heritage Centre Exeter Leukaemia Fund Force Cancer Charity Holcombe Rogus Parish Council Listening Books Little Hero Macmillan Cancer Support North Devon Hospice PCC Butterleigh Church			1,500 1,750 1,500 5,000 1,000 5,000 1,165 5,000		1,000 2,500 1,750 1,500 1,000 1,000
	Stoodleigh Parish Hall Uplowman Primary School			1,700		' I,000 2,000
			13	28,475	9	12,750
	Olher grants			34,339		24,090
				80,637		65,840
9.	Net gains/(losses) on investments
			Unrestricted	Endowment	Total Funds
			Funds	Funds		2022
			f.	f.
	Other gains/(losses)		254,390	1,357,792		1,612,182
			Unrestricted	Endowment	Total Funds
			Funds	Funds		2021
			f.			f
	Other gains/(losses)		785,844	3,715,155		4,500,999
10.	Auditors remuneration
				2022		2021
	Fees payable for the audit ofthe financial	statements		9,858		5,868

Staffcosts	Y	ear en	ded 5 April 2	022
The total staff costs and	employee	benefits	for the reporting	period are analysed	as follows:
					2022	2021
					f	f
Wages and salaries Social security costs Employer contributions	to pension	plans			20,925 1,395 1,151	21,886 1,449 1304
					23&471	24,539

	The trustees	received remuneration	received remuneration	in total in	the form offees during	the form offees during	the year.
	No trustees	were reimbursed	or waived expenses during	the year	or the previous	year.
13.	Debtors
						2022	2021
	Other debtors					56,787	57,213
14.	Investments
						2022 f	2021
	Investments				28,574,792		27,112,463

		Unrestricted		Permanent
		fundf		endowment	2022
Market value at 6 April 2021 Additions at cost Disposals at market value Net unrealised gains/(losses)		4,529,490 1,556,588 (1,478,610) 168,197		22)131,920 6,028,173 (5,811,206) 1,086,9S0	26,661,410 7,584,761 (7,289,816) 1,255,177
Market value at 5 April 2022		4,775,665		23,435,867	28,211,532
Cash held as part ofinvestment portfolio Transfer between funds 2021/22		75,636 5,021		287,624 (5,021)	363,260
		4,856422		23,718,470	28,574,792
		Unrestricted		Permanent
		funds		endowment	2022
Fixed assets				23,718,470	23,718,470
Current assets		4,856,322			4,856422
		4,856,322		23,718,470	28,574,792
(B)Analysis ofinvestments
		Unrestricted		Permanent
		fund	endowment		2022
		5		8	5
Special range permanent fund				2,027420	2,027,220
Permanent fund				21,408,647	21,408,647
Expendable fund		4,775,665			4,775,665
Cash held as part ofinvestment fund Transfer between funds —2021/22		4,775,665 75,636 5,021		23,435,867 287,624 (5,021)	28,211,532 363)260
		4,856,322		23,718,470	28,574,792
		Unrestricted		Permanent
		fund		fund	2022
lnvs listed on recognised stock	exchange	4,775,665		21,408,647	26,184312
Unlisted investments - associated
undertakings Cash held as part ofinvestment portfolio Transfer between funds —2021/22		75,636 5,021		2,027,220 287,624 (5,021)	2,027,220 363,260
		4,856,322		23,718,470	28,574,79Z
Historical cost at 5April 2022		4,371,4S6		18,717,049	23,088,535

					Unrestricted	Permanent
					fund	endowment	2021
							f
Market value at	6 April		2020		3,560,108	18,020,796	21,580,904
Additions at cost					1,557,433	6,573,405	8,130,838
Disposals at market value					(1,227,977)	(5,624,910)	(6,852,887)
Net unreal ised gains/(losses)					639,926	3,162,629	3,802,555
Market value at	5 April		2021		4,529,490	22,131.920	26,661,410
Cash held as part		ofinvestment		portfolio	98,226	352,827	451,053
Transfer between		funds	2020/21		(1,822)	1,822
					4,625,894	22,486,569	27,112,463
					Unrestricted	Permanent
					funds	endowment	2021
Fixed assets						22,486,569	22,486,569
Current assets					4,625,894		4,625,894
					4,625,894	22,486,569	27,112,463
(B)Analysis ofinvestments
					Unrestrtcted	Permanent
					fund	endowment	2021
							f.
Special range permanent			fund			2,027320	2,027,220
Permanent fund						20,104,700	20,104,700
Expendable fund					4,529,490	—	4,529,490
					4,529,490	22,131,920	26,661,410
Cash held as part	ofinvestment			fund	98,226	352,827	451,053
Transfer between		funds - 2020/21			(1,822)	1,822
					4,625,894	22,486,569	27,112,463
					Unrestricte8	Permanent
					fund	fund	2021
Invs listed on recognised			stock	exchange	4,529,490	20,104,700	24,634,190
Unlisted investments -associated
undertakings						2,027,220	2,027,220
Cash held as part	ofinvestment			portfolio	98,226	352,827	451,053
Transfer between	funds - 2020/21				(1,822)	1,822
					4,625,894	22,486,569	27,112,463
Historical cost at	5 April		2021		4,138,216	17,556,196	21,694,412

					Country of
					Proportion
					registration/	Shares held	Proportion of
					incorporation	Class		shares held
Lowman Manufacturing	Company		Ltd		UK	2,477,190ord	25p	22 97%
John Heathcoat &Company 3.5%Cumulative Preference		(Holdings) shares		Ltd	UK	103,987		37.80%
15. Creditors: amounts	falling due			within	one year
							2022	2021
Accruals and deferred Other creditors		income					7,200 4,025	7,200 300
							11,225	7,500

						At			Gains and	At
					6 April 2021 f		Income	Expenditure	losses	5April 2022 f
General		funds				5,099,700	878,700	(680,366)	254,390	5,552,424
						At			Gains and	At
					6 April 2020 f		Income f.	Expendtture	losses f	5 April 2021 f
General	funds					4,308,935	683,481	(678,560)	785,884	5,099,700
Permanent			Endowment		funds
						At			Gains and	At
					6 April 2021 f.		Income	Expenditure	losses f	5 April 2022
Permanent		Endowment
Fund					22,486,569			(125,891)	1,357,792	23,718,470
						At			Gains and	At
					6 April 2020 f		Income	Expenditure f	losses	5 April 2021 f
Permanent		Endowment
Fund					18,868,189			(96,775)	3,715,155	22,486,569
Analysis		ofnet assets		between		funds
								Unrestricted	Restricted	Total Funds
								Funds	Funds	2022
Investments									23,718,470	23,718,470
Current assets Creditors less than I year Creditors greater than I year								5,563,649 (11,225)		5,563,649 (11,225)
Net assets								5,552,424	23,718,470	29,270,894
								Unrestricted	Restricted	Total Funds
								Funds	Funds	2021
								f,	f	f
Investments Current assets Creditors less than I year Creditors greater than I year								5,107,200 (7,500)	22,486,569	22,486,569 5,107,200 (7,500)
Net assets								5,099,700	22,486,569	27,586469

Analysis	ofchanges in net debt
		At 6Apr 2021	Cash flows	At 5Apr 2022
		8		8
Cash at	bank and in hand	424,093	226,447	650,540
Current	asset investments	4,625,894	230,428	4,856
		5,049,987	456,875	5,506,862
		At 6Apr 2020	Cash flows	At 5 Apr 2021 f
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

			2022	2021
			f	f.
I"Hemyock Scout Group			1,000
Bampton	Over 60*a	Club	700
Honilon	729 Club		250
Tiverton	Community	Arts	200,000	200,000
Tiverton	Swimming	Club	1,000
			202,950	200,000