| Page | ||||
|---|---|---|---|---|
| Reference and administrative | details ofthe charity, | its Trustees and advisers | 1-2 | |
| Trustees' report |
3-9 | |||
| Independent auditors' |
report | on the financial statements | 10-13 | |
| Statement offinancial | activities | 14 | ||
| Balance sheet | 15 | |||
| Statement ofcash flows | 16 | |||
| Notes to the financial | statements | 17-34 |
| Endowment | Restricted | Unrestricted | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2022 | 2021 | |||
| Note | F | F | F | E | |||
| Income and | |||||||
| endowments | from: | ||||||
| Donations and |
legacies | 115 | 115 | 2,064 | |||
| Charitable activities |
220,082 | 220,082 | 206,462 | ||||
| Investments | 24,664 | 24,664 | 56,191 | ||||
| Other income | 4,159 | 4,159 | |||||
| Total income | and | ||||||
| endowments | 249,020 | 249,020 | 264,717 | ||||
| Expenditure on: |
|||||||
| Charitable activities |
374,900 | 374,900 | 262,916 | ||||
| Total expenditure | 374,900 | 374,900 | 262,916 | ||||
| Net | |||||||
| (expenditure)lincom | |||||||
| e before net | gains | ||||||
| on investments | {125„880) | {125,880) | 1,801 | ||||
| Net gains on | |||||||
| investments | 58,302 | 133,877 | 192,179 | 2,259,265 | |||
| Net income | 58,302 | 7,997 | 66,299 | 2,261,066 | |||
| Transfers between |
|||||||
| funds | {589,989) | 589,989 | |||||
| Net movement | in | ||||||
| funds | (531,687) | 597„986 | 66,299 | 2,261,066 | |||
| Reconciliation | of | ||||||
| funds: | |||||||
| Total funds brought | |||||||
| forward | 73,915 | 531,687 | 11,296,890 | 11,902,492 | 9,641,426 | ||
| Net movement | in funds | (531,687) | 597,986 | 66,299 | 2,261,066 | ||
| Total funds carried | |||||||
| forward | 73,915 | 11,894,876 | 11,968,791 | 11,902,492 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | ||||||||
| Fixed assets | ||||||||
| Tangible assets | 12 | 6,446,811 | 6,411,361 | |||||
| Investments | 13 | 3,047,736 | 2,455,557 | |||||
| 9,494,547 | 8,866,918 | |||||||
| Current assets | ||||||||
| Debtors | 14 | 8,469 | 8,949 | |||||
| Funds on deposit | 15 | 2,369,339 | 2,681,351 | |||||
| Cash at bank and | in hand | 132,974 | 370,941 | |||||
| 2,510,782 | 3,061,241 | |||||||
| Creditors: amounts | falling | due within one | ||||||
| year | (36,538) | (25,667) | ||||||
| Net current assets | 2,474,244 | 3,035,574 | ||||||
| Total assets less | current | liabilities | 11,968,791 | 11,902,492 | ||||
| Net assets excluding | pension asset | 11,968,791 | 11,902,492 | |||||
| Total net assets | 11,968,791 | 11,902,492 | ||||||
| Charity funds | ||||||||
| Endowment funds |
17 | 73,915 | 73,915 | |||||
| Restricted funds |
17 | 531,687 | ||||||
| Unrestricted funds |
17 | 11,894,876 | 11,296,890 | |||||
| Total funds | 11,968,'791 | 11,902,492 |
| for the y | ear ended 31 March 2022 | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| K | ||||
| Cash flows from operating activities |
||||
| Net cash | used in operating activities |
(110,784) | 12,226 | |
| Cash flows from investing activities |
||||
| Purchase | oftangible fixed assets |
(39,195) | (71,119) | |
| Proceeds | from sale of investments | 250,000 | ||
| Purchase | ofinvestments | (400,000) | (650,000) | |
| Proceeds | from sale of investment property |
3,425,214 | ||
| Net cash | (used in)/provided by investing |
activities | (439,195) | 2,954,095 |
| Cash flows from financing activities |
||||
| Net cash | provided by financing activities |
|||
| Change | in cash and cash equivalents in |
the year | (549,979) | 2,966,321 |
| Cash and | cash equivalents at the beginning |
ofthe year | 3,052„292 | 85,971 |
| Cash and cash equivalents at the end of |
the year | 2,502,313 | 3,052,292 | |
| The notes on pages 17to 34 form part ofthese financial statements |
| Unrestricted | Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||||
| 2022 | 2022 | 2021 | |||||||
| Collegians | maintenance | payments | 219,802 | 219,802 | 206,462 | ||||
| Contributions | to | College | outings and events | 280 | 280 | ||||
| 220,082 | 220,082 | 206,462 | |||||||
| Total 2021 | 206,462 | 206,462 | |||||||
| 6. | Other incoming | resources | |||||||
| Unrestricted | Total | Total | |||||||
| funds | funds | funds | |||||||
| 2022 | 2022 | 2021 | |||||||
| F | |||||||||
| Other income | 4,159 | 4,159 | |||||||
| Total 2021 | |||||||||
| 7. | Analysis ofexpenditure | on charitable | activities | ||||||
| Summary | by fund type | ||||||||
| Unrestricted | Total | Total | |||||||
| funds | funds | funds | |||||||
| 2022 F |
2022f | 2021 F |
|||||||
| Almshouse | accommodation | 329,847 | 329,847 | 211,751 | |||||
| Outings and |
events | 1,667 | 1,667 | 1,906 | |||||
| Governance | 43,386 | 43,386 | 49,259 | ||||||
| 374,900 | 374,900 | 262,916 | |||||||
| Total2021 | 262,916 | 262,916 |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Staff costs | Depreciation | Other costs | funds | funds | |||
| 2022 | 2022 | 2022 | 2022 | 2021 | |||
| F | E | F | |||||
| Almshouse | accommodation | 57,532 | 3,746 | 268,569 | 329,847 | 211,751 | |
| Outings | and | events | 1,667 | 1,667 | 1,906 | ||
| Governance | 18,898 | 24,488 | 43,386 | 49,259 | |||
| 76,430 | 3,746 | 294,724 | 374,900 | 262,916 | |||
| Total 2021 | 92,160 | 3,271 | 167,485 | 262,916 |
| Activities | ||||||
|---|---|---|---|---|---|---|
| undertaken | Support | Total | Total | |||
| directly | costs | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| E | ||||||
| Almshouse | accommodation | 274,934 | 54,913 | 329,847 | 211,751 | |
| Outings | and | events | 1,667 | 1,667 | 1,906 | |
| Governance | 43,386 | 43,386 | 49,259 | |||
| 276,601 | 98,299 | 374,900 | 262,916 | |||
| Total 2021 | 180,558 | 82,358 | 262,916 |
| Almshouse | ||||||
|---|---|---|---|---|---|---|
| accommodaOutings | and | Total | Total | |||
| tion | events | funds | funds | |||
| 2022 f |
2022 | 2022 F |
2021f | |||
| Wages and | salaries | 57,532 | 57,532 | 60,695 | ||
| Depreciation | 3,746 | 3,746 | 3,271 | |||
| Repairs | 129,034 | 129,034 | 46,195 | |||
| Water Rates | 10,729 | 10,729 | 10,441 | |||
| Council tax | 4,226 | 4,226 | 4,780 | |||
| Electricity | 6,998 | 6,998 | 5,205 | |||
| Gas consumption | -The College | 2,204 | 2„204 | 1,424 | ||
| Maintenance | and repairs to equipment | 2,341 | 2,341 | 4,105 | ||
| Cleaning expenses |
3,850 | 3,850 | 4,333 | |||
| Insurance | 3,725 | 3,725 | 3,936 | |||
| Upkeep ofgrounds | 41,149 | 41,149 | 23,659 | |||
| Telephone | 1,623 | 1,623 | 1,494 | |||
| Papers and | magazines | 374 | 374 | 371 | ||
| College outings | and events | 1,667 | 1,667 | 1,906 | ||
| Maintenance | of | organ | 334 | 334 | 183 | |
| Age concern | Aid | Call | 1,610 | 1,610 | 1,475 | |
| Sundry expenses | 3,659 | 3„659 | 6,325 | |||
| Weekend duty rota |
1,800 | 1,800 | 760 | |||
| 274,934 | 1,667 | 276,601 | 180,558 | |||
| Total 2021 | 178,652 | 1,906 | 180,558 |
| Almshouse | |||||
|---|---|---|---|---|---|
| accommoda | Total | Total | |||
| tion | Governance | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| F | |||||
| Clerk's salary | 18,898 | 18,898 | 31,465 | ||
| Chiropodists fees |
894 | 894 | 428 | ||
| Subscriptions and sundries |
2,159 | 2,159 | 2,205 | ||
| Organist fees | 960 | 960 | 740 | ||
| Printing, posting and stationery |
1,400 | 1,400 | 1,874 | ||
| Advertising | 180 | ||||
| Website expenses | 1,887 | 1,887 | 331 | ||
| Architects and surveyors |
25,229 | 25,229 | 11,247 | ||
| Legal and professional | fees (investment | ||||
| propet1ies) | 21,738 | 21,738 | 14,106 | ||
| Bank charges | 588 | 588 | 832 | ||
| Chaplain expenses |
58 | 58 | 32 | ||
| Clerk's expenses | 992 | 992 | 810 | ||
| Trustees' expenses | 1,913 | 1,913 | 259 | ||
| Legal and professional | fees | 9,841 | |||
| Outsourced payroll costs |
14,432 | 14,432 | 644 | ||
| Auditors' remuneration |
3,837 | 3,837 | 3,660 | ||
| Auditors' non audit costs |
3,314 | 3,314 | 2,580 | ||
| Provision of LPAs to Collegians |
1,124 | ||||
| 54,913 | 43,386 | 98,299 | 82,358 | ||
| Total 2021 | 33,099 | 49,259 | 82,358 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Depreciation | oftangible | fixed assets | |||
| -owned | by | the charity | 3,746 | 3,280 | |
| Auditors' | remuneration | 3,837 | 3,660 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| F | ||||
| Wages and | salaries | 92„624 | 106,609 | |
| Employers | Nl | 2,910 | 4,341 | |
| Employers | pension | contributions | 1,782 | 2,136 |
| 97,316 | 113,086 |
| Assets | ||||
|---|---|---|---|---|
| College | Plant & | under | ||
| Property | machinery F |
construction f |
Total F |
|
| Cost or valuation | ||||
| At 1 April 2021 | 6,403,861 | 25,924 | 6,429,785 | |
| Additions | 23,717 | 2,373 | 13,105 | 39,195 |
| At 31 March 2022 | 6,427,578 | 28,297 | 13,105 | 6,468,980 |
| Depreciation | ||||
| At 1 April 2021 | 18,424 | 18,424 | ||
| Charge for the year | 3,745 | 3,745 | ||
| At 31 March 2022 | 22,169 | 22,169 | ||
| Net book value | ||||
| At 31 March 2022 | 6,427,578 | 6,128 | 13,105 | 6,446,811 |
| At 31 March 2021 | 6,403,861 | 7,500 | 6,411,361 |
| Unlisted | Other | ||
|---|---|---|---|
| investments | investments | Total | |
| F | F | E | |
| Cost or valuation | |||
| At 1 April 2021 | 531,687 | 1,923,870 | 2,455,557 |
| Additions | 400,000 | 400,000 | |
| Revaluations | 58,302 | 133,877 | 192,179 |
| At 31 March 2022 | 589,989 | 2,457,747 | 3,047,736 |
| Net book value | |||
| At 31 March 2022 | 589,989 | 2,457,747 | 3,047,736 |
| At 31 March 2021 | 531,687 | 1,923,870 | 2,455,557 |
| Investments at market value |
comprise: | comprise: | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| E | ||||
| Unlisted investments in the Capital Projects Fund |
589,989 | 531,687 | ||
| Other fixed asset investments | 2,457,747 | 1,923,870 | ||
| Total market value | 3,047,736 | 2,455,55? | ||
| All the fixed asset investments | are held | in the UK. |
| Material investments | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 5,541 M8 G Charity Multi |
Asset Fund (2021:5,541 shares) | 589,989 | 531,687 | |
| 25,122 COIF income shares (2021:25,122 | shares) | 489,209 | 450,343 | |
| 277,972 Newton Growth |
8, Income Fund shares (2021:149,414) | 558,612 | 266,525 | |
| 577,739 Ruffer Charity Assets Trust (2021: | 577,739) | 1,026,816 | 950,612 | |
| 79,872 Sarasin Climate | Active Endowment | (2021:79,872) | 270,847 | 256,390 |
| 10,512 Baillie Gifford Long Term Global Growth (2021:0) | 112„263 | |||
| 3,047,736 | 2,455,557 | |||
| Accumulation units held |
for each investment | unless stated otherwise. |
| 2022f | 2021 | |||
|---|---|---|---|---|
| Other debtors | 6,985 | 6,702 | ||
| Prepayments | and accrued income | 1,484 | 2,247 | |
| 8,469 | 8,949 | |||
| 15. | Funds on deposit |
| 2022 | 2021 | ||
|---|---|---|---|
| E | |||
| Other | creditors | 36,538 | 25,667 |
| Statement offu | nds - current yea | r | ||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at 1 | Transfers | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | in/out | (Losses) | 2022 | |
| F. | F | E | F | F | ||
| Unrestricted | ||||||
| funds | ||||||
| Designated | ||||||
| funds | ||||||
| Designated | ||||||
| property fund |
6,329,946 | 6,329,946 | ||||
| Designated | ||||||
| maintenance | ||||||
| fund | 111,000 | 5„670 | 116,6'70 | |||
| Capital projects | ||||||
| fun cl | 4,075,000 | 589,989 | 4,664,989 | |||
| Hardship fund |
10,000 | 10,000 | ||||
| WER Advanced | ||||||
| Rent Reserve | ||||||
| Fund | 215,848 | (90,000) | 125,848 | |||
| 10,741,794 | 505,659 | 11,247,453 | ||||
| General funds | ||||||
| General Funds |
555,096 | 249,020 | (374,900) | 84,330 | 133,877 | 647,423 |
| Endowment | ||||||
| funds | ||||||
| Endowment | ||||||
| Fund | 73,915 | 73,915 | ||||
| Restricted | ||||||
| funds | ||||||
| Extraordinary | ||||||
| repair fund | 531,687 | (589,989) | 58,302 | |||
| Total offunds | 11„902,492 | 249,020 | (374,900) | 192,179 | 11,968,791 |
| Statement offun | ds - prior year | |||||
|---|---|---|---|---|---|---|
| Balance at | ||||||
| Balance at | Transfers | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | in/out | (Losses) | 2021 | |
| F | F | F | ||||
| Designated | ||||||
| funds | ||||||
| Designated | ||||||
| property fund |
7,862,106 | (1,532,160) | 6,329,946 | |||
| Designated | ||||||
| maintenance | ||||||
| fund | 109,330 | 1,670 | 111,000 | |||
| Capital projects | ||||||
| fund | 411,000 | 3,664,000 | 4,075,000 | |||
| Hardship fund |
10,000 | 10,000 | ||||
| WER Advanced | ||||||
| Rent Reserve | ||||||
| Fund | 215,848 | 215,848 | ||||
| 8,392,436 | 2,349,358 | 10,741,794 | ||||
| General funds | ||||||
| General Funds |
545,113 | 264,717 | (262,916) | (2,099,358) | 2,107,540 | 555,096 |
| Endowment | ||||||
| funds | ||||||
| Endowment | ||||||
| Fund | 73,915 | 73,915 | ||||
| Restricted | ||||||
| funds | ||||||
| Extraordinary | ||||||
| repair fund | 629,962 | (250,000) | 151,725 | 531,687 | ||
| Total offunds | 9,641,426 | 264,717 | (262,916) | 2,259,265 | 11,902,492 |
| Summary | offun | ds -current year | |||||
|---|---|---|---|---|---|---|---|
| Balance at | |||||||
| Balance at 1 | Transfers | Gains/ | 31 March | ||||
| April 2021 | Income | Expendituref | in/out E |
(Losses) F |
2022 | ||
| Designated | |||||||
| funds | 10,741,794 | 505,659 | 11,247,453 | ||||
| General funds | 555„096 | 249,020 | (374,900) | 84,330 | 133,877 | 647,423 | |
| Endowment | |||||||
| funds | 73,915 | 73,915 | |||||
| Restricted | funds | 531,687 | (589,989) | 58,302 | |||
| 11,902,492 | 249,020 | (374,900) | 192,179 | 11,968,791 |
| Summary | offund | s - prior year | |||||
|---|---|---|---|---|---|---|---|
| Balance at | |||||||
| Balance at | Transfers | Gains/ | 31 March | ||||
| 1 April 2020 | Income | Expenditure | in/out | (Losses) | 2021 | ||
| E | F | E | |||||
| Designated | |||||||
| funds | 8,392,436 | 2,349,358 | 10,741,794 | ||||
| General funds | 545,113 | 264,717 | (262,916) | (2,099,358) | 2,107,540 | 555,096 | |
| Endowment | |||||||
| funds | 73,915 | 73,915 | |||||
| Restricted | funds | 629,962 | (250,000) | 151,725 | 531,687 | ||
| 9,641,426 | 264,717 | (262,916) | 2,259,265 | 11,902,492 |
| Analysis ofnet assets between funds - curr | ent year | ||
|---|---|---|---|
| Endowment | Unrestricted | Total | |
| funds | funds | funds | |
| 2022 | 2022 | 2022 | |
| E | |||
| Tangible fixed assets | 6,446,811 | 6,446,811 | |
| Fixed asset investments | 3,047,736 | 3,047,736 | |
| Current assets | 73,915 | 2,436,867 | 2,510,782 |
| Creditors due within one year | (36,538) | (36,538) | |
| Total | 73,915 | 11,894,876 | 11,968,791 |
| Analysis of net assets between funds | - prior year | |||
|---|---|---|---|---|
| Endowment | Restricted | Unrestricted | Total | |
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021 | 2021 | |
| Tangible fixed assets | 73,915 | 6,337,446 | 6,411,361 | |
| Fixed asset investments | 531,687 | 1,923,870 | 2,455,557 | |
| Current assets | 3,061,241 | 3,061,241 | ||
| Creditors due within one year | (25,667) | (25,667) | ||
| Total | 73,915 | 531,687 | 11,296,890 | 11,902,492 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Net income | for the year (as per Statement | of Financial Activities) | 66,299 | 2,261,066 | ||
| Adjustments | for: | |||||
| Depreciation | charges | 3,745 | 3,280 | |||
| Losses on investments | (192,179) | (2,259,265) | ||||
| Loss/(profit) | on the | sale offixed assets | (8) | |||
| Decrease in |
debtors | 480 | 8,096 | |||
| Increase/(decrease) | in creditors | 10,8?1 | (943) | |||
| Net cash provided | by/(used | in) operating | activities | (110,784) | 12,226 |
| 2022 | 2021 | ||
|---|---|---|---|
| Cash | in hand | 132,974 | 370,941 |
| Funds | on deposit | 2,369,339 | 2,681,351 |
| Total | cash and cash equivalents | 2,502,313 | 3,052,292 |
| At 1 April | At 31 March | ||||
|---|---|---|---|---|---|
| 2021 | Cash flows f |
2022 | |||
| Cash | at bank and | in hand | 370,941 | (237,967) | 132,974 |
| Liquid | investments | 2,681,351 | (312,012) | 2,369,339 | |
| 3052 292 | (549,979) | 2 502313 |