| CONTENTS | PAGES | |
|---|---|---|
| Directors' Report |
||
| Independent Auditor's |
Report | 10-12 |
| Statement of Financial |
Activities | 13 |
| Balance Sheet | ||
| Cash Flow Statement | 15 | |
| Notes forming part of |
the Financial Statements | 16-26 |
| Unrestricted | Restricted | Total Funds | Total Funds | |||||
|---|---|---|---|---|---|---|---|---|
| l4otes | Funds | Funds | 2023 | 2022 | ||||
| 8 | 6 | f | ||||||
| Income | ||||||||
| Investments | 755,747 | 755,747 | 697,687 | |||||
| Other income | 281 | 281 | 133 | |||||
| Total | 756,028 | 756,028 | 697,820 | |||||
| Expenditure | ||||||||
| Raising funds | 228,678 | 228,678 | 196,027 | |||||
| Charitable activities |
649,253 | 649,253 | 691,037 | |||||
| Total | 877,931 | 877,931 | 887,064 | |||||
| Net income/(expenditure) | before | |||||||
| investment | gains/(losses) | (121,903) | (121,903) | (189,244) | ||||
| Unrealised | gains/(losses) | on | ||||||
| investment | assets | (78,890) | (78,890) | 2,064,464 | ||||
| Realised gains/losses | on | |||||||
| investment | assets | (158,868) | (158,868) | |||||
| Net income/(expenditure) | (359,661) | (359,661) | 1,875,220 | |||||
| Transfers | 18 | |||||||
| Net movement in funds |
(359,681) | (359,661) | 1,875,220 | |||||
| Reconciliation offunds |
||||||||
| Total funds | brought | forward | 18,009,604 | 66,798 | 18,076,402 | 16,201,182 | ||
| Total funds | carried | forward | 617,649,943 | 566,798 | 817,716,741 | 618,076,402 |
| Notes | 6 | 2023 | f | 2022 f |
|||
|---|---|---|---|---|---|---|---|
| FIXEDASSETS | |||||||
| Tangible fixed assets | 14 | 15,787 | 25,895 | ||||
| Investments | 15 | 17,376,413 | 17,694,144 | ||||
| 1 | 7,392,200 | 17,720,039 | |||||
| CURRENT ASSETS | |||||||
| Debtors | 16 | 103,098 | 36,166 | ||||
| Cash at bank and | in hand | 389,413 | 348,975 | ||||
| 492,511 | 385,141 | ||||||
| CREDITORS: Amounts | falling due | ||||||
| within one year | 17 | 167,970 | 28,778 | ||||
| NET CURRENTASSETS | 324,541 | 356,363 | |||||
| NET ASSETS | 19 | Et | 7,716,741 | 618,076,402 | |||
| FUNDS | |||||||
| Restricted funds |
18 | 66,798 | 66,798 | ||||
| Unrestricted funds |
|||||||
| General fund |
18 | 2,184,156 | 2,533,709 | ||||
| Designated funds |
18 | 15,465,787 | 15,475,895 | ||||
| 617,716,741 | Et8,076,402 |
| FOR THE Y | EAR | ENDED 31 MARCH | 2023 | |
|---|---|---|---|---|
| 2023f | 2022 f |
|||
| Cash flows from operating activities |
||||
| Net movement in funds per statement offinancial |
activities | (359,661) | 1,875,220 | |
| Adjustments for: |
||||
| Investment income - Rent and management |
fee receivable | (686,826) | (638,600) | |
| Investment income - Interest and dividends |
receivable | (68,921) | (59,087) | |
| Unrealised (gains)/losses on revaluation |
of | investment | ||
| assets Realised loss on sale of investments |
78,890 158,868 |
(2,064,464) | ||
| Depreciation charges (Increase) Idecrease in debtors by/(used |
13,427 (66,932) |
16,034 61,749 |
||
| Increase I(decrease) in creditors |
139,192 | (185,496) | ||
| Net cash provided in) operating |
activities | (791,963) | (994,644) | |
| Cash flows from investing activities |
||||
| Investment income - Rent and management |
fee | received | 686,826 | 638,600 |
| Investment income —Interest and dividends |
received | 68,921 | 59,087 | |
| Purchase ofinvestment assets |
(735,621) | |||
| Sale of investment assets |
815,594 | |||
| Purchase oftangible axed assets |
(3,319) | (2,006) | ||
| Net cash provided byl (used inj investing |
activities | 832,401 | 695,681 | |
| Change In cash and cash equivalents in the year |
40,438 | (298,963) | ||
| Cash and cash equivalents brought forward |
348,975 | 647,938 | ||
| Cash and cash equivalents canted forward |
f389,413 | f348,975 | ||
| Analysis ofcash and cash equivalents |
2023 | 2022 | ||
| Cash at bank and in hand |
f389,413 | f348,975 |
| 2. | INVESTMEI4T INCOME | Unrestricted | Restricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | ||||||
| 6 | 6 | ||||||||
| Rent receivable | 686,826 | 686,826 | 622,251 | ||||||
| Service charge management | fee | 16,349 | |||||||
| Bank interest and dividends | 68,921 | 68,921 | 59,087 | ||||||
| 6755,747 | ENil | 6755,747 | F697,687 | ||||||
| All ofthe 6697,687 recognised | in 2022 related to unrestricted | funds. | |||||||
| 3. | OTHER INCOME | Unrestricted | Restricted | Total | Total | ||||
| Funds | Funds | 2023 | 2022 | ||||||
| Sundry income |
f281 | B4il | 8281 | f133 | |||||
| All ofthe F133recognised | in | 2022 related | to unrestricted | funds. | |||||
| 4. | COST OF RAISING FUNDS | Direct | Support | Total | Total | ||||
| costs | costs | 2023 | 2022 | ||||||
| investment management |
costs | F192,762 | F35,916 | 6228,678 | 6196,027 | ||||
| All ofthe 8196,027 expenditure | recognised | in 2022 was | charged to unrestricted funds. |
||||||
| 5. | EXPENDITURE ON CHARITABLE ACTIVITIES |
| Grant | Direct | Support | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funding | costs | costs | 2023 | 2022 | |||
| Research | and | dissemination | 6539,364 | f64,178 | f45,711 | 8649,253 | f691,037 |
| 6. | ANALYSIS | OF GRANTS PAYABLE | 2023 | 2022 | ||
|---|---|---|---|---|---|---|
| 5 | ||||||
| Grants to institutions | ||||||
| Institute ofAlcohol Studies |
F539,364 | 5441,259 | ||||
| 7. | ANALYSIS | OF DIRECT COSTS | Raising | Charitable | Total | Total |
| funds | activities | 2023 | 2022 | |||
| 2 | 6 | |||||
| Staff costs | 49,298 | 62,742 | 112,040 | 124,874 | ||
| Building and |
service charge | 142,694 | 142,694 | 237,671 | ||
| Legal and professional fees | 770 | 980 | 1,750 | 25,325 | ||
| Other direct | costs | 456 | 456 | 290 | ||
| f192,762 | 664,178 | 6256,940 | 6388,160 | |||
| 8. | ANALYSIS | OF SUPPORT COSTS | Raising | Charitable | Total | Total |
| funds E |
activities F |
2023 | 2022f | |||
| Office expenses | 22,401 | 28,512 | 50,913 | 25,447 | ||
| Premises expenses | 4,826 | 6,141 | 10,967 | 10,530 | ||
| Governance | costs (note 9) | 2,781 | 3,539 | 6,320 | 5,634 | |
| Depreciation | 5,908 | 7,519 | 13,427 | 16,034 | ||
| F35,916 | 645,711 | 981,627 | 657,645 | |||
| 9. | GOVERNANCE COSTS | 2023 | 2022 | |||
| 6 | 8 | |||||
| Audit fees | 4,320 | 4,320 | ||||
| Directors' meetings |
1,170 | 332 | ||||
| insurance | 830 | 982 | ||||
| 86,320 | f5,634 |
| NET INCOME | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| This is stated atter | charging: | ||||
| Auditors' remuneration |
—audit | services | 64,320 | 64,320 | |
| Depreciation | 613,427 | 616,034 | |||
| Foreign exchange | loss/(gain) | 5196 | (654) | ||
| Operating lease rentats |
FNil | ENil | |||
| STAFF COSTS AND NUMBERS | 2023 | 2022 | |||
| E | |||||
| Salaries | 69,135 | 73,606 | |||
| Social security costs | 3,697 | 7,594 | |||
| Pensions to former |
employees | (see note 22) | 16,433 | 16,032 | |
| Pension costs | 12,907 | 16,865 | |||
| Other staff costs | 9,868 | 10,777 | |||
| 6112,040 | 6124,874 |
| 14. | TANGIBLE FIXEDASSETS | |||
|---|---|---|---|---|
| Fixtures | ||||
| and | Computer | |||
| tlttings 6 |
equipment f |
Total 5 |
||
| Cost/valuation: | ||||
| At 1 April 2022 | 101,054 | 20,347 | 121,401 | |
| Additions | 732 | 2,587 | 3,319 | |
| Disposals | ||||
| At 31 March 2023 | 101,786 | 22,934 | 124,720 | |
| Depreciation: | ||||
| At 1 April 2022 | 76,833 | 18,673 | 95,506 | |
| Charge for year | 11,509 | 1,918 | 13,427 | |
| Eliminated on disposal |
||||
| At 31 March 2023 | 88,342 | 20,591 | 108,933 | |
| Net Book Value: | ||||
| At 31 March 2023 | 513,444 | 82,343 | 815,787 | |
| At 31 March 2022 | F24,221 | f1,674 | 625,895 | |
| 15. | FIXEDASSET INVESTMENTS | Investment | Listed | |
| Property | investments | Total | ||
| 6 | 6 | 6 | ||
| Market value at 1 April 2022 | 15,000,000 | 2,694,144 | 17,694,144 | |
| Disposals in year |
(815,594) | (815,594) | ||
| Acquisitions in year |
735,621 | 735,621 | ||
| Net unrealised loss on disposal |
(158,868) | (158,868) | ||
| Net unrealised loss on revaluation |
(78,890) | (78,890) | ||
| Market value at 31 March 2023 | 615,000,000 | 62,376413 | f17,376,413 | |
| Historic cost at 31 March 2023 | 52,063,216 | E2,092,491 | 64,155,707 |
| 16. | DEBTORS | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|---|
| 9 | ||||||||
| Prepayments | 14,706 | 7,636 | ||||||
| Other debtors | 88,392 | 28,530 | ||||||
| 9103,098 | f36,166 | |||||||
| 17. | CREDITORS: | Amounts | falling due | within one year | 2023f | 2022 E |
||
| Deferred income |
147,386 | |||||||
| Other creditors | 20,584 | 28,778 | ||||||
| F167,970 | 528,778 | |||||||
| Analysis ofdeferred |
income | Balance | Additions | Released | Balance | |||
| brought | in | to | canied | |||||
| forward | year | Income | forward | |||||
| Rents received | in advance | fNil | f147,386 | ENil | 5147,386 |
| MOVEINENT | IN FUNDS | Balance | Balance | ||||
|---|---|---|---|---|---|---|---|
| 1 April | Income | 31 March | |||||
| 2022 8 |
(Ind gains) F |
Expenditure f |
Transfers | 2023 8 |
|||
| 2023 | |||||||
| Unrestricted | funds | ||||||
| General funds |
2,533,709 | 756,028 | 1,102,262 | (3,319) | 2,184,156 | ||
| Designated | funds | ||||||
| Future refurbishment | 450,000 | 450,000 | |||||
| Property and |
other fixed | ||||||
| assets | 2,089,111 | 13,427 | 3,319 | 2,079,003 | |||
| Revaluation | reserve | 12,936,784 | 12,936,784 | ||||
| 15,475,895 | 756,028 | 1,115,689 | 15,465,787 | ||||
| Restricted funds | |||||||
| Mrs Janet (Jessie) Ross | |||||||
| Phillips' Trust | 66,798 | 66,798 | |||||
| Total funds | 818,076,402 | F756,028 | F1,115,689 | ENil | fI7,716,741 |
| Comparative | information | forthe previous fi |
nancial year is | as follows: | ||
|---|---|---|---|---|---|---|
| Balance | Balance | |||||
| 1 April | Income | 31 March | ||||
| 2021 5 |
(Ind gains) f |
Expenditure 6 |
Transfers 5 |
2022 f |
||
| 2022 | ||||||
| Unrestricted | funds | |||||
| General funds | 2,644,461 | 762,284 | 871,030 | (2,006) | 2,533,709 | |
| Designated | funds | |||||
| Future refurbishment | 450,000 | 450,000 | ||||
| Property and other fixed |
||||||
| assets | 2,103,139 | 16,034 | 2,006 | 2,089,111 | ||
| Revaluation | reserve | 10,936,784 | 2,000,000 | 12,936,784 | ||
| 13,489,923 | 2,762,284 | 877,064 | 15,475,895 | |||
| Restricted funds | ||||||
| Mrs Janet (Jessie) Ross | ||||||
| Phillips' Trust | 66,798 | 66,798 | ||||
| Totalfunds | F16,201,182 | 62,762,284 | F887,064 | ENII | F18,076,402 | |
| ANALYSIS | OF NET ASSETS BETWEEN | FUNDS | ||||
| Tangible | Fixed | Other net | ||||
| fixed | asset | assets/ | Total | |||
| 2023 | assets | investments | (liabilities) | 2023 | ||
| 6 | 6 | 6 | 6 | |||
| Unrestricted | general funds | 2,376,413 | (192,257) | 2,184,156 | ||
| Unrestricted | designated | funds | 15,787 | 15,000,000 | 450,000 | 15,465,787 |
| Restricted funds | 66,798 | 66,798 | ||||
| As of31 March 2023 | 515,787 | ft7,376,413 | F324,541 | F17,716,741 |
| Tangible | Fixed | Other net | ||||
|---|---|---|---|---|---|---|
| fixed | asset | assets/ | Total | |||
| 2022 | assets f |
investments 6 |
(liabilities) 6 |
2022 6 |
||
| Unrestricted | general funds | 2,694,144 | (160,435) | 2,533,709 | ||
| Unrestricted | designated | funds | 25,895 | 15,000,000 | 450,000 | 15,475,895 |
| Restricted | funds | 66,798 | 66,798 | |||
| As at 31 March 2022 | 625,895 | f17,694,144 | f356,363 | 618,076,402 |
| Details ofrelated party tr | ansactions during the |
year are as follows: | ||
|---|---|---|---|---|
| Name of related | Nature of | Transaction | ||
| Party | relationship | details | Amount | Balance |
| 2023 | 6 | 6 | ||
| The Institute of |
Trustees | Grant | ||
| Alcohol Studies | in common | funding | 539,364 | 28,290 |
| The Institute of |
Trustees | Rent | ||
| Alcohol Studies | in common | receivable | 63,500 | |
| 2022 | ||||
| The Institute of |
Trustees | Grant | ||
| Alcohol Studies | in common | funding | 441,259 | (8,589) |
| The Institute of |
Trustees | Rent | ||
| Alcohol Studies | in common | receivable |
| agreements are as follows: |
||
|---|---|---|
| 2023 | 2022 | |
| f | ||
| VVithin one year | 22,579 | 22,579 |
| Between one and five years | 90,317 | 90,317 |
| More than five years | 30,105 | 52,684 |
| 6143,001 | 6165,560 |