| Page | ||||
|---|---|---|---|---|
| Reference | and administrative | details ofthe Charity, its Trustees and advisers | ||
| Chairman's | statement | 2-3 | ||
| Trustees' | report | 4-7 | ||
| Independent auditors' |
report | on the financial statements | 8-11 | |
| Statement | offinancial | activities | 12 | |
| Balance sheet | 13 | |||
| Statement | ofcash flows | 14 | ||
| Notes to the financial | statements | 15-35 |
| Patron | Her Most Gracious Majesty |
Her Most Gracious Majesty |
Her Most Gracious Majesty |
The | Queen | ||||
|---|---|---|---|---|---|---|---|---|---|
| President | The Rt Hon | Lord Benyon | (resigned 13April 2021) | ||||||
| Honorary | Trustees | H.R.H. The 2021) |
Prince Philip, | Duke of Edinburgh, | KG, KT, OM, GBE(deceased 9 April | ||||
| H.R.H. The | Prince ofWales, | KG, KT, GCB, | OM, AK, QSO, CC, PC, AOC | ||||||
| H.R.H. The | Duke of Gloucester, | KG, GCVO, | GCStJ, FRIBA | ||||||
| H.R.H. The | Countess of | Wessex, GCVO, DStJ, CD | |||||||
| R.F.H. Cowen, CBE | |||||||||
| The Lord Plumb of Coleshill, | DL, | FRAgS (deceased 15April 2022) | |||||||
| Trustees | Philip Gready, Chair | ||||||||
| Alastair Morrison |
|||||||||
| Joanna Price | |||||||||
| Nick Tapp FRAgS | |||||||||
| Michael Fiddes | |||||||||
| Julie Butler | |||||||||
| Company | and Charity | ||||||||
| registered | numbers | RC000442 8 209961 | |||||||
| Principal | office | Stoneleigh Park |
|||||||
| Kenilworth | |||||||||
| Warwickshire | |||||||||
| CV8 2LZ | |||||||||
| Chief operating | officer | Roly Taplin | |||||||
| Independent | auditors | Dains LLP | |||||||
| 15Colmore | Row | ||||||||
| Birmingham | |||||||||
| B32BH | |||||||||
| Bankers | Coutts 8 Co | ||||||||
| 440 Strand | |||||||||
| London | |||||||||
| WC2R OQS | |||||||||
| Solicitors | (charity, | Wright Hassall LLP |
|||||||
| governance, | Olympus Avenue |
||||||||
| commercial) | Leamington | Spa | |||||||
| Warwickshire | |||||||||
| CV34 6BF |
| Unrestricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||
| 2021 | 2021 | 2021 | 2021 | 2020 | |||
| Note | FOOO | FOOO | FOOO | FOOO | FOOO | ||
| Income and | |||||||
| endowments | from: | ||||||
| Donations and |
|||||||
| legacies | 4 | 96 | 96 | 48 | |||
| Charitable activities |
5 | 20 | 20 | 19 | |||
| Other trading | activities | 6 | 231 | 231 | 222 | ||
| Investments | 7 | 3 | 3 | ||||
| Other income | 8 | 331 | |||||
| Total income | and | ||||||
| endowments | 347 | 350 | 623 | ||||
| Expenditure on: |
|||||||
| Raising funds | 280 | 280 | 293 | ||||
| Charitable activities |
9 | 41 | 41 | 79 | |||
| Total expenditure | 321 | 321 | 372 | ||||
| Net income I | |||||||
| (expenditure) | |||||||
| before net gains on | |||||||
| investments | 26 | 29 | 251 | ||||
| Net gains on | |||||||
| investments | 14 | 14 | |||||
| Net movement | in | ||||||
| funds | 26 | 14 | 257 | ||||
| Reconciliation | of | ||||||
| funds: | |||||||
| Total funds brought |
|||||||
| forward | 20 | 6,098 | 41 | 110 | 6,249 | 5,992 | |
| Net movement | in | ||||||
| funds | 26 | 14 | 43 | 257 | |||
| Total funds carried | |||||||
| forward | 20 | 6,124 | 124 | 6,292 | 6,249 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Note | f000 | FOOO | ||||
| Fixed assets | ||||||
| Tangible assets | 14 | 1 | ||||
| Investments | 16 | 154 | 137 | |||
| Investment property |
15 | 4,500 | 4,500 | |||
| 4,654 | 4,638 | |||||
| Current assets | ||||||
| Debtors: amounts | falling due after more than | |||||
| one year | 17 | 609 | 625 | |||
| Debtors: amounts | falling due within one year | 17 | 248 | 384 | ||
| Cash at bank and | in hand | 1,014 | 1,193 | |||
| 1,871 | 2,202 | |||||
| Creditors: amounts | falling due within one | |||||
| year | 18 | (199) | (550) | |||
| Net current assets | 1,672 | 1,652 | ||||
| Total assets less | current liabilities | 6,326 | 6,290 | |||
| Creditors: amounts | falling due after more | |||||
| than one year | 19 | (34) | (41) | |||
| Total net assets | 6,292 | 6,249 | ||||
| Charity funds | ||||||
| Endowment funds |
20 | 124 | 110 | |||
| Restricted funds | 20 | 44 | 41 | |||
| Unrestricted funds |
20 | 6,124 | 6,098 | |||
| Total funds | 6,292 | 6,249 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | f000 | f000 | |||
| Cash flows from operating | activities | ||||
| Net cash used in operating |
activities | 23 | (180) | (41) | |
| Cash flows from investing | activities | ||||
| Dividends, interests and rents from investments |
3 | ||||
| Proceeds from sale of investment property |
and land | 1,106 | |||
| Net cash provided by investing activities |
1,109 | ||||
| Cash flows from financing | activities | ||||
| Cash inflows from new borrowing | 27 | ||||
| Repayments of borrowing |
(2) | ||||
| Net cash (used in)/provided | by financing | activities | (2) | 27 | |
| Change in cash and cash |
equivalents in |
the year | (179) | 1,095 | |
| Cash and cash equivalents | at the beginning | ofthe year | 1,193 | 98 | |
| Cash and cash equivalents | at the end of | the year | 24 | 1,014 | 1,193 |
| The notes on pages 15to 35form part ofthese financial statements |
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| f000 | FOOO | |
| Donations | 96 | 96 |
| Unrestricted | Total | |
| funds | funds | |
| 2020 | 2020 | |
| OOOO | f000 | |
| Donations | 48 | 48 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2021 | ||
| OOOO | f000 | ||
| Membership | subscriptions | 20 | 20 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2020 | 2020 | ||
| f000 | f000 | ||
| Membership | subscriptions | 19 | 19 |
| Unrestricted | Total | ||||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2021 | 2021 | ||||
| FOOO | FOOO | ||||
| Property | 36 | 36 | |||
| Other | 195 | 195 | |||
| 231 | 231 | ||||
| Unrestricted | Total | ||||
| funds | funds | ||||
| 2020 | 2020 | ||||
| OOOO | OOOO | ||||
| Property | 40 | 40 | |||
| Other | 182 | 182 | |||
| 222 | |||||
| T. | Investment | income | |||
| Restricted | Total | ||||
| funds | funds | ||||
| 2021 | 2021 | ||||
| FOOO | FOOO | ||||
| Dividend | income | ||||
| Restricted | Total | ||||
| funds | funds | ||||
| 2020 | 2020 | ||||
| f000 | FOOO | ||||
| Dividend | income |
| Unrestricted | Total |
|---|---|
| funds | funds |
| 2020 | 2020 |
| OOOO | f000 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2021 | ||
| OOOO | FOOO | ||
| Membership | services | 41 | 41 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2020 | 2020 | ||
| f000 | f000 | ||
| Membership | services | 79 | 79 |
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | ||
| directly | costs | funds | ||
| 2021 | 2021 | 2021 | ||
| OOOO | OOOO | FOOO | ||
| Membership | services | 39 | 40 | |
| Activities | ||||
| undertaken | Support | Total | ||
| directly | costs | funds | ||
| 2020 | 2020 | 2020 | ||
| FOOO | FOOO | FOOO | ||
| Membership | services | 78 | 79 | |
| Analysis of | direct costs | |||
| Membership | Total | |||
| services | funds | |||
| 2021 | 2021 | |||
| OOOO | f000 | |||
| Direct costs | ||||
| Membership | Total | |||
| services | funds | |||
| 2020 | 2020 | |||
| FOOO | OOOO | |||
| Direct costs |
| Membership | Total | ||
|---|---|---|---|
| servIces | funds | ||
| 2021 | 2021 | ||
| OOOO | OOOO | ||
| Staff costs | 34 | 34 | |
| Auditor's | remuneration | 5 | 5 |
| 39 | |||
| Membership | Total | ||
| sefv Ices | funds | ||
| 2020 | 2020 | ||
| f000 | OOOO | ||
| Staff costs | 72 | 72 | |
| Auditor's | remuneration | 5 | 5 |
| General | expenses | 1 | 1 |
| 78 | 78 |
| 2021 | 2020 | |
|---|---|---|
| f000 | f000 | |
| Wages and salaries | 34 | 72 |
| Social security costs | 4 | 5 |
| Pension costs | 2 | 3 |
| 40 | 80 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| f000 | FOOO | ||||
| Depreciation oftangible |
fixed assets | ||||
| Auditor's | remuneration | - audit | |||
| Auditor's | remuneration | - non-audit | services |
| Computer | |
|---|---|
| equipment | |
| f000 | |
| Cost | |
| At 1 January 2021 | 1 |
| Disposals | (1) |
| At 31 December 2021 | |
| Net book value | |
| At 31 December 2021 | |
| At 31 December 2020 |
| Freehold | |
|---|---|
| investment | |
| property | |
| f000 | |
| Valuation | |
| At 1 January 2021 | 4,500 |
| At 31 December 2021 | 4,500 |
| Listed | |
|---|---|
| investments | |
| f000 | |
| Market valuation | |
| At 1 January 2021 | 137 |
| Additions | 3 |
| Revaluations | 14 |
| At 31 December 2021 | |
| 154 |
| 2021 | 2020 | ||
|---|---|---|---|
| f000 | f000 | ||
| Due after more than one year | |||
| Prepayments | and accrued income | 609 | 625 |
| 2021 | 2020 | ||
| FOOO | FOOO | ||
| Due within one year | |||
| Trade debtors | 52 | 317 | |
| Other debtors | 20 | 16 | |
| Prepayments | and accrued income | 176 | 51 |
| 248 | 384 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| f000 | f000 | |||||
| Bank loans | 5 | 1 | ||||
| Trade creditors | 65 | 109 | ||||
| Other taxation | and social security | 1 | 130 | |||
| Other creditors | 76 | 116 | ||||
| Accruals | and deferred income |
52 | 194 | |||
| 199 | 550 | |||||
| 2021 | 2020 | |||||
| E.OOO | OOOO | |||||
| Deferred | income at 1 January | 149 | 17 | |||
| Resources deferred during the year |
15 | 149 | ||||
| Amounts | released | from previous | periods | (149) | (17) | |
| Deferred | income | at 31 December | 15 | 149 |
| 2021 | 2020 | ||
|---|---|---|---|
| f000 | OOOO | ||
| Bank loans | 20 | 26 | |
| Accruals and deferred | income | 14 | 15 |
| 34 | 41 |
| Balance at | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at 1 | 31 | |||||||
| January | Gains/ | December | ||||||
| 2021 | Income | Expenditure | (Losses) | 2021 | ||||
| OOOO | f000 | f000 | f000 | OOOO | ||||
| Unrestricted | funds | |||||||
| General Funds | 6,098 | 347 | (321) | 6,124 | ||||
| Endowment | funds | |||||||
| RASE Landowner | gold | medal | 34 | 4 | 38 | |||
| Farm 8 Rural | building | centre | 76 | 10 | 86 | |||
| 110 | 14 | 124 | ||||||
| Restricted funds | ||||||||
| RASE Landowner | gold | medal | 14 | 15 | ||||
| Farm 5 Rural | building | centre | 27 | 29 | ||||
| 41 | ||||||||
| Total offunds | 6,249 | 350 | (321) | 14 | 6,292 |
| Balance at | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at | 31 | |||||||
| 1 January | Gains/ | December | ||||||
| 2020 f000 |
Income f000 |
Expenditure OOOO |
(Losses) f000 |
2020 EOOO |
||||
| Unrestricted | funds | |||||||
| General Funds | 5,850 | 620 | (372) | 6,098 | ||||
| Endowment | funds | |||||||
| RASE Landowner | gold | medal | 32 | 34 | ||||
| Farm 8 Rural | building | centre | 72 | 76 | ||||
| 104 | 110 | |||||||
| Restricted funds | ||||||||
| RASE landmower | gold | medal | 13 | 14 | ||||
| Farm & Rural | building | centre | 25 | 27 | ||||
| 38 | 41 | |||||||
| Total offunds | 5,992 | 623 | (372) | 6,249 |
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | 31 | |||||
| January | Gains/ | December | ||||
| 2021 | Income | Expenditure | (Losses) | 2021 | ||
| OOOO | OOOO | OOOO | FOOO | f000 | ||
| General funds | 6,098 | 347 | (321) | 6,124 | ||
| Endowment | funds | 110 | 14 | 124 | ||
| Restricted | funds | 41 | 44 | |||
| 6,249 | 350 | (321) | 14 | 6,292 |
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at | 31 | |||||
| 1 January | Gains/ | December | ||||
| 2020 | Income | Expenditure | (Losses) | 2020 | ||
| OOOO | EOOO | EOOO | f000 | f000 | ||
| General funds | 5,850 | 620 | (372) | 6,098 | ||
| Endowment | funds | 104 | 110 | |||
| Restricted | funds | 38 | 41 | |||
| 5,992 | 623 | (372) | 6,249 |
| Analysis of net assets between funds - | current year | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021 | 2021 | |
| f000 | OOOO | OOOO | OOOO | |
| Fixed asset investments | 30 | 124 | 154 | |
| Investment property |
4,500 | 4,500 | ||
| Debtors due after more than one year | 609 | 609 | ||
| Current assets | 1,248 | 14 | 1,262 | |
| Creditors due within one year | (199) | (199) | ||
| Creditors due in more than one year | (34) | (34) | ||
| Total | 6,124 | 124 | 6,292 |
| Analysis of net assets between funds - | prior year | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | |
| f000 | OOOO | f000 | FOOO | |
| Tangible fixed assets | 1 | |||
| Fixed asset investments | 27 | 110 | 137 | |
| Investment property |
4,500 | 4,500 | ||
| Debtors due after more than one year | 625 | 625 | ||
| Current assets | 1,563 | 14 | 1,577 | |
| Creditors due within one year | (550) | (550) | ||
| Creditors due in more than one year | (41) | (41) | ||
| Total | 6,098 | 41 | 110 | 6,249 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| EOOO | f000 | |||||
| Net income for the year (as per Statement | of Financial Activities) | 257 | ||||
| Adjustments for: |
||||||
| Gains on investments | (14) | (6) | ||||
| Dividends, interests |
and rents from | investments | (3) | (3) | ||
| Surplus on disposal |
of investment | property | and land | (331) | ||
| Decrease/(increase) | in debtors | 152 | (278) | |||
| (Decrease)/increase | in creditors | (358) | 320 | |||
| Net cash used in operating activities |
(180) | (41) | ||||
| 24. | Analysis ofcash and cash equivalents |
|||||
| 2021 | 2020 | |||||
| OOOO | OOOO | |||||
| Cash in hand |
1,014 | 1,193 | ||||
| Total cash and cash equivalents | 1,014 | 1,193 |
| Principal actuaria |
l assumptions at the balance sheet da |
te (expressed as weighted averages): |
|
|---|---|---|---|
| At 31 | At 3'l | ||
| December | December | ||
| 2021 | 2020 | ||
| 0/ | |||
| Discount rate at | 31 December | 1.95 | 1.40 |
| Rate of increase | in price (RPI) | 3.30 | 2.90 |
| Rate of increase | in price (CPI) | 2.45 | 2.05 |
| Rate of statutory | revaluation | 2.45 | 2.05 |
| At 31 | At 31 | |||
|---|---|---|---|---|
| December | December | |||
| 2021 | 2020 | |||
| FOOO | OOOO | |||
| Present | value offunded | obligations | (14,304) | (15,185) |
| Fair value ofscheme assets | 16,505 | 15,255 | ||
| Surplus | not recognised | (2,201) | (70) | |
| Net value ofpension scheme |
| Movem | e | nts in the |
present value oft | he defin | ed benefit obligation were as follows: |
|
|---|---|---|---|---|---|---|
| 2021 | ||||||
| OOOO | ||||||
| Opening | defined | benefit obligation | 15,185 | |||
| Interest | cost | 209 | ||||
| Actuarial | gains | (591) | ||||
| Benefits | paid | (499) | ||||
| Closing | defined | benefit obligation | 14,304 | |||
| Movements in the |
fair value ofthe Charity's | share ofscheme assets were as follows: | ||||
| 2021 | ||||||
| f000 | ||||||
| Opening | fair value | ofscheme assets | 15,255 | |||
| Return | on Scheme assets excluding | interest | income | 1,540 | ||
| Interest | income | 209 | ||||
| Benefits | paid | (499) | ||||
| Closing | fair value ofscheme assets | 16,505 |