**Charity registration no: C206313** ## **THE NORTHCOTT FOUNDATION** ## **ACCOUNTS** ## **FOR THE YEAR ENDED** **5 APRIL 2021** **Page 1** ## **THE NORTHCOTT FOUNDATION** ## **TRUSTEES’ REPORT** ## **(Principal Office: 43 Trinity Square, London, EC3N 4DJ)** The Trustees present their report for the year ended 5 April 2021. The Fund is a registered charity (Number C206313). ## **Objects of the Charity** The principal object of the foundation is as laid out in the Deed of Wishes dated 24 April 1962 and is repeated below: - The completion and subsequent maintenance of the Mariners’ Chapel in the Church of All Hallows Barking by the Tower. - The maintenance of the fabric and other such lawful charitable purposes connected with - All Hallows Church and premises as the Trustees may from time- to- time think fit. - Any other charitable purposes designated or organised by the said Philip Thomas Byard Clayton while Vicar of the said Church arising out of or incidental to any organisation of the said Church. ## **Trustees** The Trustees in office at the beginning and end of the year, who are appointed by way of a majority vote of the continuing Trustees, are as follows: John F.S. Northcott MBE R.W.M. Northcott. The Reverend Katherine Hedderley ## **Review of transactions and financial position of the Charity** Total receipts for the year were £56,615 (2020: £77,512). Total expenditure of the charity was £87,277 and that for the previous year was £57,190. In the general unrestricted fund, there was a deficit of receipts over payments for the year of £30,662. ## **Grant making policy** Grants are made in accordance with the deed of wishes dated 24 April 1962. ## **Reserves policy** It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at a minimum level, which equates to approximately 12 months of unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs to respond to emergency applications for grants, which arise from time to time. Unrestricted funds were maintained at this level throughout the year. ## **Public benefit** The continuing support of All Hallows Barking, by the Tower and its ministry, as appropriate, and in accordance with the Objects of the Charity ## **Page 2** ## **THE NORTHCOTT FOUNDATION** **TRUSTEES’ REPORT (CONT.)** **(Principal Office: 43 Trinity Square, London, EC3N 4DJ)** ## **Statement of trustees’ responsibilities** Charity law requires the Trustees to prepare Financial Statements for each financial year. In preparing those financial statements, the Trustees are required to select suitable accounting policies and then apply them consistently: The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Independent Examiner** The foundation has approved Tim Alexander Clunie of S G Banister & Co., Chartered Accountants to be independent examiner. ## **Approval of financial statements** The financial statements and Report of the Trustees were approved by the Trustees on the date shown below. On behalf of the Trustees: J F S Northcott Date: ….. 2021 **Page 3** ## **THE NORTHCOTT FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **Independent Examiner's Report to the Trustees of The Northcott Foundation Charity number C206313** I report to the trustees on my examination of the accounts of The Northcott Foundation for the year ended 5 April 2021. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(“The act”) I report in respect of my examination of the Trust accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act ## **INDEPENDENT EXAMINER'S STATEMENT** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with Section 130 of the Act or - the accounts do not accord with the accounting records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. T A Clunie S.G.BANISTER & CO Chartered Accountants 4/5 Baltic Street East London EC1Y OUJ Date: 2021 ## **Page 4** ## **THE NORTHCOTT FOUNDATION** **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021 (GENERAL PURPOSES FUND)** ||||**2021**|||**2020**| |---|---|---|---|---|---|---| ||**Note**|**£**|**£**||**£**|**£**| |**RECEIPTS**||||||| |Net investment income||||||| |Charles Stanley||||||| ||64,562|||||| |Redmayne Bentley|||||55,996|| |11,393||||||| |Swiss Taxes|||408|||| |0 UK Taxes|||119|||0| ||||56,615|||| ||||75,955|||| |**Investment disposal proceeds**||**4**||||0| |0||||||| |Other repayments|||5|||0| |1,557||||||| |Total Receipts|||£56,615|||£77,512| |**PAYMENTS**||||||| |Charitable Expenditure:||||||| |Grants|2||50,300|||50,450| |Investment purchases|6||30,380|||0| |Other Expenditure:||||||| |Secretarial services||||2,800||2,250| |Independent examiner and accountancy fees2,740||||||2,740| |Charles Stanley – Service charge and fees||||||| |0|646|||||| Charles Stanley -overseas custody fees 0 284 Charles Stanley Swiss Tax refund 2019 charge 0 20 Charles Stanley retirement fee /Redmayne refund 0 680 Redmayne Bentley fees 480 120 Redmayne Bentley Swiss tax fee 2019 50 0 Swiss and UK taxes 527 0 ______ 6,597 ______ 6,740 Total Payments £87,277 £57,190 Excess of Income/ (Expenses) over Payments/Receipts (30,662) 20,322 Bank accounts balance at 6 April 2020 64,415 44,093 Bank accounts balance at 5 April 2021. £33,753 £64,415 ______ ______ ## **Page 5** ## **THE NORTHCOTT FOUNDATION** ## **STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2021** |**Note**
**Monetary Assets**
Bank Balances:
Lloyds Bank Plc
- Current Account
1,054
- Deposit Account
Redmayne Bentley Deposit account
61,463
Redmayne Bentley Income Account
1,887
**Non-Monetary Assets**
Investments (at market value)
3

£1,234,878||**2021**
**2020**
**£**
**£**
3,206
11
11
30,153
383
_______

-
33,753
64,415
1,563,452
1,170,463
£1,597,205|**2021**
**2020**
**£**
**£**
3,206
11
11
30,153
383
_______

-
33,753
64,415
1,563,452
1,170,463
£1,597,205|**2021**
**2020**
**£**
**£**
3,206
11
11
30,153
383
_______

-
33,753
64,415
1,563,452
1,170,463
£1,597,205|**2021**
**2020**
**£**
**£**
3,206
11
11
30,153
383
_______

-
33,753
64,415
1,563,452
1,170,463
£1,597,205| |---|---|---|---|---|---| ||||||64,415
1,170,463| ||||||| **----- Start of picture text -----**
NOTE on Indices: 2021 2020
FT All Shares index 3,849.24 2,958.40
FT 100 index 6,737.30 5,415.50
UK£1 - US $ 1.3821 1.2259
UK£1 - Euro 1.11752 1.1353
UK£1 - Aus. $ 1.8178 2.04770
UK£1 - CHF 1.3037 1.19865
UK£1 - South Africa 20.2374 23.3673
**----- End of picture text -----**
## **Page 6** ## **THE NORTHCOTT FOUNDATION** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021** ## 1) **Accounting Policies** The Accounts have been prepared on a receipts and payments basis and on a consistent basis to prior years. |2)
3)|**Grant and Scholarship payments**
All Hallows
All Hallows Bapistry re-decoration
St. Dunstan’s College Scholarships (6)
**Investments**
Market Value
As at 6 April 2020
Additions – note 6
Disposals at book cost- note 4
Gains/(Loss) on Revaluations
(375,802)|**2021**
**2020**
**£**
**£**
38,000
36,000
0
1,150
12,300
13,300
£50,300
£50,450
**2021**
**2020**
**£**
**£**
1,170,463
1,546,265
30,380
0
0
0
362,609||**2020**
**£**
36,000
1,150
13,300| |---|---|---|---|---| |||||£50,450| As at 5 April 2021 £1,563,452 £1,170,463 ____ __ ____ ___ Original book value at 5 April 2021 £430,775 £401,979 Investments are as follows: Listed investments - United Kingdom 959,743 770,784 - International 603,709 399,679 _________£1 ,563,452 £1 ,170,463________ Details of material (greater that 5%) investments are as follows: Percentage Value of Portfolio 2021 Rio Tinto Corp Plc 10p Ordinary shares 10.73 Witan Investments Co Plc. 5p Ordinary shares 9.75 BHP Billiton no par value 8.72 British American Tobacco Plc 25p Ordinary shares 7.58 National Westminster Bank PLC 11.5% Sub Conv BDs Perp GBP 6.86 Reckitt Benckiser Group PLC 10p Ordinary 6.37 Diageo PLC 28.101/108p Ordinary shares 5.44 ## **Page 7** ||**THE NORTHCOTT FOUNDATION**||| |---|---|---|---| |**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021**|||| |4)|**Investment disposal proceeds**||| ||**2021**|**2020**|| ||**£**||**£**| ||**NONE**||| ||----------||| |---------|_____0|_____0|| |5)|**Other Repayments**||| Represents income received from investment restructuring and is made up as follows: |||**2021**||**2020**| |---|---|---|---|---| |||**£**||**£**| ||Zurich Insurance Group Swiss tax refund|2020|0|| ||202|||| ||Marks & Spencer Ord rights issue declined||0|| ||312|||| ||Brambles Ltd ---return of capital|0||360| ||Redmayne refund of CS&CO exit fee||0|| ||680|||| ||||______|| ||______|||| |||£0
||£1,557| |6)|**Investment Purchases**|||| |||**2021**||**2020**| |||**£**||**£**| ||Digital 9 Infrastructure PLC Ord NPV||15,190|| ||0|||| ||Greencoat UK Wind PLC GBP0.10|15,190||0| |||_______||| |_______||||| |||30,380||0| |||======||| ||======||||