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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||||
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|||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|
##
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||||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|
##
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|||||||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|
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||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|
##
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##
|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|
##
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|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||
##
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|||Number||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|
##
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##
||||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|
##
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##
##
|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|offnil (2021:fnil)|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|
##
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##
||||||||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|322|
|||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|
##