Charity number: 211253
THE COLLEGE OF ARMS TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE COLLEGE OF ARMS TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 20 |
THE COLLEGE OF ARMS TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | The Duke of Norfolk, GCVO, DL, Chairman |
|---|---|
| Sir Michael Bunbury, Bt., KCVO, DL (resigned 6 June 2023) | |
| Richard A. Fitzalan Howard Esq. | |
| Earl of Arundel | |
| Mrs Susan Wood | |
| Sir Thomas Woodcock, KCVO, DL, FSA | |
| David White Esq, Garter Principal King of Arms | |
| Charity registered number 211253 Principal office College of Arms 130 Queen Victoria Street London EC4V 4BT Secretary T.H.S.Duke Esq, FSA, Clarenceux King of Arms Accountants Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers Cater Allen Private Bank 9 Nelson Street Bradford West Yorkshire Investment managers Cazenove Capital 1 London Wall Place London EC2Y 5AU Assistant Secretary E. G. Jones Esq |
Page 1
THE COLLEGE OF ARMS TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2022 to 31 March 2023.
Objectives and activities
a. Objectives
The principal objectives of the Charity are to provide funds for:
- I. The preservation and repair of the College of Arms building.
II. The establishment and maintenance of a Museum of Heraldry for the benefit of the public. III. Such other legally charitable purposes in connection with the College of Arms as the Trustees and the College may determine from time to time.
b. Activities for achieving objectives
In order to achieve its objectives, the Charity looks to raise funds through various means such as direct approaches to City institutions.
c. Investment Policy
The Trustees' aim is to maintain and grow the capital of the Trust, both in real terms and in the long term.
d. Grant making policy
The Trustees make grants to the College of Arms in order to fulfil the objectives of the Charity.
e. Statement of public benefit
The Trustees have had due regard to guidance published by the Charities Commission on public benefit. The Trust exists to support the College of Arms and a Museum of Heraldry. The College is a 17th century Grade 1 listed building in the City of London, which houses the official registers of the English Heralds. The main public room, the Earl Marshal’s Court, is open to visitors free of charge between 10 am and 4 pm Monday to Friday, except on special occasions. The Officer in Waiting is available to answer heraldic and genealogical enquiries between those hours. Evening tours of the building can be arranged by groups who wish to learn about the work of the Heralds and see their manuscript records and collections. Exhibitions are held in the Earl Marshal’s Court, without an entry charge. Members of the public who wish to know more about the College of Arms can access the website at www.college-of-arms.gov.uk, where they can subscribe to a quarterly newsletter.
Achievements and performance
a. Principal achievements
The Trustees report that the work on books and manuscripts listed for conservation has continued with the costs being met by donations received. Contributions have continued towards the restoration of the Record Room, the College's principal library.
b. Review of activities
During the year the Trust continued to seek donations for book and manuscript conservation.
Page 2
THE COLLEGE OF ARMS TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance (continued)
c. Investment policy and performance
The performance of the UK and other stock markets has been reflected in the value of the Trust's investment funds.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees aim to maintain the current level of investments and to spend donated money in furthering the objectives of the Charity. This means that free reserves will be built up in order to ensure that there are sufficient funds to undertake specific projects. The aim and use of each designated and restricted fund are set out in the notes below. Investment income, gains and losses are allocated to the appropriate fund.
c. Aim and use of funds
• Kirby-Brooke-Little Fund
The Kirby Endowment Fund was set up by the late Mr. J. Lewis Kirby between 1985 and 1990. The fund consists principally of investments. In November 2003 it was renamed the Kirby-Brooke-Little Fund and is described as an endowment fund in the financial statements. The income arising from this fund is available to the Trustees for the maintenance and enhancement of the Earl Marshal’s Court, the Record Room and the Waiting Room at the College of Arms.
During the year under review, there were no capital receipts and investment income of £3,011 (2022: £3,019) was received. £2,000 (2022: £2,000) was expended in support of the external restoration of the Record Room.
• Arthur and Elisabeth Adams Fund
The Arthur and Elisabeth Adams Fund was set up through the will of Mr. Arthur Adams and a sum of £46,304 was received in 2005. The fund is treated as an endowment fund in the financial statements. The income arising from this fund is available to the Trustees for the benefit of the Corporation of Kings, Heralds and Pursuivants of Arms, otherwise known as the ‘College of Arms’.
During the year under review, there were no capital receipts and investment income of £2,878 (2022: £2,871) was received. £2,000 (2022: £2,000) was expended in support of the external restoration of the Record Room.
• Book Conservation Fund
The fund is described as a restricted fund in the financial statements.
During the year under review, donations totalling £46,020 (2022: £10,980) were received towards the ongoing appeal for the conservation of manuscript volumes and printed books in the College’s working library, with £22,150 (2022: £38,775) being spent. A total of £62,565 (2022: £38,695) remains unexpended.
• Catalogue of Manuscripts Fund
The fund was originally established to receive the proceeds of sale from copies of Volume 1 of the Catalogue of Manuscripts in the College of Arm s, such proceeds then being available to fund the cost of producing further volumes in the series. The fund is described as a designated fund in the financial statements.
Page 3
THE COLLEGE OF ARMS TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
• Sir Peter Gwynn-Jones Fund
The Sir Peter Gwynn-Jones Fund was set up through the Will of Sir Peter Gwynn-Jones KCVO FSA, who died on 21 August 2010, ‘for the promotion of heraldic design and/or for the training of artists and/or for the training of prospective Officers of Arms and/or any other purpose that the Trustees may deem appropriate for the benefit of the College of Arms and/or its Officers of Arms’. An investment portfolio, with an initial value of £785,013, was received on the 10 February 2012. In the first instance, the Trustees decided to assist in the editing of Volume 2 of the Catalogue of Manuscripts in the College of Arms and this year have supported the Probationary Officer training programme. In view of the wishes of Sir Peter and as the fund was not intended as an endowment fund, the Trustees agreed that it should be treated as a designated fund to separate it from the day to day general activities of the Charity and to ensure that the funds are used as envisaged by Sir Peter. The capital and income arising therefrom are both available to the Trustees. The Trust owns the full reversionary interest in Quarry Bungalow at Long Burton near Sherborne in Dorset, a property in Sir Peter’s estate with a sitting tenant. The property is included in these accounts at the agreed value of its reversionary interest.
During the year under review investment income of £41,078 (2022: £39,829) was received and £35,000 (2022: £39,044) expended.
• General Fund
During the year under review, investment income of £10,212 (2022: £10,252) and donation income of £200 (2022: £nil) was received. Expenditure totalled £15,847 (2022: £11,738). All monies in the General Fund are unrestricted in nature and purpose.
Page 4
THE COLLEGE OF ARMS TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Structure, governance and management
a. Constitution
The College of Arms Trust is a registered charity, number 211253, and is constituted under a Trust deed dated 24 May 1956 as amended by deed of variation executed 22 May 2003.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Risk management policy
The Charity’s Trustees have given consideration to the major risks to which the Charity is exposed and have identified the following risks:
-
The variability of return on its investments and the unpredictability of its income from appeals and bequests,
-
Loss of, or damage to, its tangible fixed assets. The inventory is checked periodically.
-
The risks have been reviewed and actions have been taken to mitigate these risks:
-
All investments are held within a Multi-Asset Fund,
-
Tangible fixed assets are inventoried and securely stored. The inventory is checked periodically,
-
Quarry Bungalow at Long Burton near Sherborne in Dorset is regularly inspected and the life tenant is obliged to maintain and insure the property,
-
An Appeal Director has been reappointed and results of his work are regularly monitored.
The Trustees retain the option, before accepting grants and donations from individuals, corporate bodies and charitable foundations, to seek end to end scrutiny of the source of funds. Where there is any doubt the Trustees will reject the grant or donation.
Plans for future periods
Museum of Heraldry
-
No suitable premises for a Museum of Heraldry have been identified. It is the intention of the Trustees to reestablish the museum when a suitable opportunity arises,
-
Preservation and repair of the College of Arms building and its contents,
-
The Charity’s Trustees will continue to consider requests for funding for necessary preservation and repair to the building and contents of the College of Arms,
-
Other legally charitable purposes in connection with the College of Arms,
-
The Charity’s Trustees will continue to consider requests for assistance received from the College, on a case by case basis.
Page 5
THE COLLEGE OF ARMS TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent examiner's report to the Trustees of The College of Arms Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's 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 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 29 November 2023
Lucy Hammond BSc FCA
Kreston Reeves LLP Chartered Accountants 2nd Floor, 168 Shoreditch High Street, London, E1 6RA
Page 7
THE COLLEGE OF ARMS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income/ (expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2023 £ - 5,889 5,889 - 4,000 4,000 1,889 (10,109) (8,220) 173,802 (8,220) 165,582 |
Restricted funds 2023 £ 46,020 - 46,020 - 22,150 22,150 23,870 - 23,870 38,695 23,870 62,565 |
Unrestricted funds 2023 £ 200 51,290 51,490 9,886 40,961 50,847 643 (87,816) (87,173) 1,491,680 (87,173) 1,404,507 |
Total funds 2023 £ 46,220 57,179 103,399 9,886 67,111 76,997 26,402 (97,925) (71,523) 1,704,177 (71,523) 1,632,654 |
Total funds 2022 £ 10,980 55,971 |
|---|---|---|---|---|---|
| 66,951 9,672 83,885 |
|||||
| 93,557 (26,606) 67,198 |
|||||
| 40,592 1,663,585 40,592 |
|||||
| 1,704,177 |
The notes on pages 10 to 20 form part of these financial statements.
Page 8
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | ||||
| Fixedassets | ||||
| Tangibleassets | 8 | 10,310 | 10,310 | |
| Investments | 9 | 1,534,957 | 1,632,882 | |
| 1,545,267 | 1,643,192 | |||
| Currentassets | ||||
| Cashatbankandinhand | 88,971 | 62,425 | ||
| 88,971 | 62,425 | |||
| Creditors:amountsfallingdue year |
withinone 10 |
(1,584) | (1,440) | |
| Netcurrentassets | 87,387 | 60,985 | ||
| Totalnetassets | 1,632,654 | 1,704,177 | ||
| Charityfunds | ||||
| Endowmentfunds | 11 | 165,582 | 173,802 | |
| Restrictedfunds | 11 | 62,565 | 38,695 | |
| Unrestrictedfunds | 11 | 1,404,507 | 1,491,680 | |
| Totalfunds | 1,632,654 | 1,704,177 | ||
| The M,werg |
approvedandauthorisedforissuebytheTrusteesandsignedontheir | behalfby: | ||
| SVANS | ||||
| TheDukeofNorfolkGCVO, | DL | David | WhiteEsq | |
| Chairman | Garter | PrincipalKingofArms |
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The College of Arms Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Page 10
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.3 Expenditure (continued)
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.5 Cashflow
The Charity has taken advantage of the disclosure exemption of the SORP (FRS102) in preparing these financial statements and has not produced a cashflow statement.
1.6 Tangible fixed assets and depreciation
The tangible fixed assets comprise items of heraldic interest and no provision for depreciation is considered necessary. Museum furniture, fittings and equipment have been written down to a nominal value of £1.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures and fittings | - 10% of cost |
|---|---|
| Other fixed assets | - 0% of cost |
1.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 11
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. Income from donations and legacies
| Donations Book conservation fund Sundry donations Total 2022 |
Restricted funds 2023 £ 46,020 - 46,020 10,980 |
Unrestricted funds 2023 £ - 200 200 - |
Total funds 2023 £ 46,020 200 46,220 10,980 |
Total funds 2022 £ - 10,980 |
|---|---|---|---|---|
| 10,980 | ||||
Page 12
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. Investment income
| Income from listed investments Total 2022 |
Endowment funds 2023 £ 5,889 5,890 |
Unrestricted funds 2023 £ 51,290 50,081 |
Total funds 2023 £ 57,179 55,971 |
Total funds 2022 £ 55,971 |
|---|---|---|---|---|
4. Expenditure on raising funds
Costs of raising voluntary income
| Printing, Postage and Stationery Travel Functions Staff costs Total 2022 |
Unrestricted funds 2023 £ 53 109 337 9,387 9,886 9,672 |
Total funds 2023 £ 53 109 337 9,387 9,886 9,672 |
Total funds 2022 £ 241 - 251 9,180 |
|---|---|---|---|
| 9,672 | |||
5. Analysis of expenditure by activities
| Charitable activities Total 2022 |
Activities undertaken directly 2023 £ 65,172 81,819 |
Support costs 2023 £ 1,939 2,066 |
Total funds 2023 £ 67,111 83,885 |
Total funds 2022 £ 83,885 |
|---|---|---|---|---|
Page 13
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Book Conservation Research Assistant/Probationer Record Room, College of Arms Uniforms Total 2022 |
Activities 2023 £ 22,150 35,000 4,000 4,022 65,172 81,819 |
Total funds 2023 £ 22,150 35,000 4,000 4,022 65,172 81,819 |
Total funds 2022 £ 38,775 39,044 4,000 - |
|---|---|---|---|
| 81,819 | |||
Analysis of support costs
| Accommodation Insurance Sundries Governance costs (Independent Examiner's fee) Total 2022 |
Activities 2023 £ 330 20 5 1,584 1,939 2,066 |
Total funds 2023 £ 330 20 5 1,584 1,939 2,066 |
Total funds 2022 £ 330 20 176 1,540 |
|---|---|---|---|
| 2,066 | |||
| 6. Staff costs 2023 £ Wages and salaries 9,387 9,387 The average number of persons employed by the Charity during the year was as follows: 2023 No. Average number of employees 2 |
2022 £ 9,180 |
|---|---|
| 9,180 | |
| 2022 No. 2 |
Page 14
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Staff costs (continued)
No employee received remuneration amounting to more than £60,000 in either year.
7. Trustees' remuneration and expenses
During the year ended 31 March 2023, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
8. Tangible fixed assets
| Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Fixed asset investments Market valuation At 1 April 2022 Revaluations At 31 March 2023 |
Fixtures and fittings £ 64,684 64,684 64,683 64,683 1 1 Endowment funds £ 165,257 (10,109) 155,148 |
Other fixed assets £ 10,309 10,309 - - 10,309 10,309 Unrestricted funds £ 1,467,625 (87,816) 1,379,809 |
Total £ 74,993 |
|---|---|---|---|
| 74,993 | |||
| 64,683 | |||
| 64,683 | |||
| 10,310 10,310 Total £ 1,632,882 (97,925) |
|||
| 1,534,957 |
9. Fixed asset investments
Valuation
The market valuation is the market price of the quoted securities at the year end.
Page 15
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| S TO THE FINANCIAL STATEMENTS HE YEAR ENDED 31 MARCH 2023 |
||
|---|---|---|
| Kirby-Brooke-Little Fund Arthur & Elisabeth Adams Fund Sir Peter Gwynn-Jones Fund General Interest in Quarry Bungalow |
2023 £ 79,266 75,882 1,079,602 268,707 31,500 1,534,957 |
2022 £ 84,431 80,826 1,149,910 286,215 31,500 |
| 1,632,882 |
Material restrictions
Each of the funds above except for Quarry Bungalow is invested in the Schroder Responsible Multi-Asset Fund.
10. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income (Independent Examiner's fee) | 1,584 | 1,440 |
Page 16
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Sir Peter Gwynn-Jones Fund Catalogue of Manuscripts Fund General funds General Funds Total Unrestricted funds Endowment funds Kirby-Brooke-Little Fund Arthur & Elisabeth Adams Fund Restricted funds Book Conservation Appeal Total of funds |
Balance at 1 April 2022 £ 1,191,355 3,696 1,195,051 296,629 1,491,680 88,838 84,964 173,802 38,695 1,704,177 |
Income £ 41,078 - 41,078 10,412 51,490 3,011 2,878 5,889 46,020 103,399 |
Expenditure £ (35,000) - (35,000) (15,847) (50,847) (2,000) (2,000) (4,000) (22,150) (76,997) |
Gains/ (Losses) £ (70,308) - (70,308) (17,508) (87,816) (5,165) (4,944) (10,109) - (97,925) |
Balance at 31 March 2023 £ 1,127,125 3,696 |
|---|---|---|---|---|---|
| 1,130,821 | |||||
| 273,686 | |||||
| 1,404,507 | |||||
| 84,684 80,898 |
|||||
| 165,582 | |||||
| 62,565 | |||||
| 1,632,654 |
Page 17
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
11. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Sir Peter Gwynn-Jones Fund Catalogue of Manuscripts Fund General funds General Funds Total Unrestricted funds Endowment funds Kirby-Brooke-Little Fund Arthur & Elisabeth Adams Fund Restricted funds Book Conservation Appeal Total of funds |
Balance at 1 April 2021 £ 1,143,055 3,696 1,146,751 285,705 1,432,456 84,111 80,528 164,639 66,490 1,663,585 |
Income £ 39,829 - 39,829 10,252 50,081 3,019 2,871 5,890 10,980 66,951 |
Expenditure £ (39,044) - (39,044) (11,738) (50,782) (2,000) (2,000) (4,000) (38,775) (93,557) |
Gains/ (Losses) £ 47,515 - 47,515 12,410 59,925 3,708 3,565 7,273 - 67,198 |
Balance at 31 March 2022 £ 1,191,355 3,696 |
|---|---|---|---|---|---|
| 1,195,051 | |||||
| 296,629 | |||||
| 1,491,680 | |||||
| 88,838 84,964 |
|||||
| 173,802 | |||||
| 38,695 | |||||
| 1,704,177 |
For further information on the purpose of the above funds see the trustees' report.
Page 18
THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Summary of funds
Summary of funds - current year
| Designated funds General funds Endowment funds Restricted funds |
Balance at 1 April 2022 £ 1,195,051 296,629 173,802 38,695 1,704,177 Balance at 1 April 2021 £ 1,146,751 285,705 164,639 66,490 1,663,585 |
Income £ 41,078 10,412 5,889 46,020 103,399 Income £ 39,829 10,252 5,890 10,980 66,951 |
Expenditure £ (35,000) (15,847) (4,000) (22,150) (76,997) Expenditure £ (39,044) (11,738) (4,000) (38,775) (93,557) |
Gains/ (Losses) £ (70,308) (17,508) (10,109) - (97,925) Gains/ (Losses) £ 47,515 12,410 7,273 - 67,198 |
Balance at 31 March 2023 £ 1,130,821 273,686 165,582 62,565 |
|---|---|---|---|---|---|
| 1,632,654 | |||||
| Balance at 31 March 2022 £ 1,195,051 296,629 173,802 38,695 |
|||||
| Summary of funds - prior year | |||||
| Designated funds General funds Endowment funds Restricted funds |
|||||
| 1,704,177 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2023 £ - 155,148 10,434 - 165,582 |
Restricted funds 2023 £ - - 62,565 - 62,565 |
Unrestricted funds 2023 £ 10,310 1,379,809 15,972 (1,584) 1,404,507 |
Total funds 2023 £ 10,310 1,534,957 88,971 (1,584) |
|---|---|---|---|---|
| 1,632,654 |
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THE COLLEGE OF ARMS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ - 165,257 8,545 - 173,802 |
Restricted funds 2022 £ - - 38,695 - 38,695 |
Unrestricted funds 2022 £ 10,310 1,467,625 15,185 (1,440) 1,491,680 |
Total funds 2022 £ 10,310 1,632,882 62,425 (1,440) |
|---|---|---|---|---|
| 1,704,177 |
14. Related party transactions
The Charity's primary objectives is to raise funds to assist in the maintenance of the building fabric of the College of Arms and also its manuscripts and documents and therefore all charitable expenditure is in favour of a related party.
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