Registered Charity No. 212498
THE CHARTERHOUSE RHEUMATISM CHARITY
Report and Financial Statements Year ended 31 July 2021
The Charterhouse Rheumatism Charity Financial Statements Year ended 31 July 2021
| CONTENTS | Page |
|---|---|
| Officers and professional advisors | 1 |
| Trustee's report | 2 |
| Trustee's responsibilities statement | 5 |
| Independent auditor's report | 6 |
| Statement of financial activities | 10 |
| Statement of financial position | 11 |
| Notes to the financial statements | 12 |
The Charterhouse Rheumatism Charity Financial Statements Year ended 31 July 2021
OFFICERS AND PROFESSIONAL ADVISORS
Trustee
The University of Leeds Room 11.23 E C Stoner Building University of Leeds Leeds LS2 9JT
Key management personnel
None
Bankers
Barclays Bank plc 77 Albion Street Leeds LS1 5LD
Solicitors
Pinsent Masons 1 Park Row Leeds LS1 5AB
Auditor
Deloitte LLP Statutory Auditor 1 City Square Leeds LS1 2AL
Investment managers
Sarasin & Partners Juxon House 100 St Paul’s Churchyard London EC4M 8BU
Name and registered office of the charity
The full name of the charity is The Charterhouse Rheumatism Charity and its registered office is Finance Office, Room 11.23 E.C. Stoner Building, University of Leeds, Leeds LS2 9JT.
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The Charterhouse Rheumatism Charity Financial Statements Year ended 31 July 2021
THE TRUSTEE’S REPORT
The Trustee presents the annual report and the audited financial statements for the year ended 31 July 2021.
Name and registered office of the charity
The full name of the charity is The Charterhouse Rheumatism Charity and is registered in England and Wales. Its principal and registered office is The Company Secretariat, 11.75 E C Stoner Building, University of Leeds, Leeds LS2 9JT.
Trustee
The University of Leeds is the Corporate Trustee of the charity. Members of the Council are, for the purposes of Charity Law, the trustees of the University of Leeds and are disclosed on page 35 of its Annual Report.
Objectives and activities for the public benefit
The aim and objectives of the Trust are to fund research into the causes of rheumatism and the treatment thereof and to provide relief to individuals by providing or paying for items, services or facilities for persons with rheumatic (or chronic) conditions.
The Trustee confirms that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit in its decision making.
The Trust carries out the objectives by providing grants to projects that seek to provide innovation in this field. In the year, donations of £100,000 (2020: £100,000) were made to the Charterhouse Endowment, held by the University of Leeds, which supports the Chair of Rehabilitation Medicine, and as head of the Rehabilitation Unit at the University and as a practicing clinician in the field, this supports rehabilitation for persons and further research into ways of helping patients suffering illness and incapacity. The charity is committed to continuing to fund research in line with its aims and objectives.
Achievements, performance and future policy
The nature of performance and operations in the year met with the objectives of the charity. The reserves of the Trust increased by £445,163 (2020: decrease of £143,519) during the year. This was as a result of market movements in the value of investments.
During the year, the on-going pandemic has continued to impact medical research due to pressures on medical staff. Despite these difficult times, the activities funded by the Trust have continued. The main achievements of the grants provided included:
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Output from the department has continued to support the development of new rehabilitation devices and prosthetic technologies;
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Research work has focused on addressing the needs and goals of people living with long-term conditions including interdisciplinary work with teams in low and middle income countries. In the last 18 months, this work has included optimising treatments and services for people living with long-Covid;
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It has also supported the European centre for the development and testing of psychometricallysound and clinically-relevant outcome measures which assess the impact of healthcare conditions on people and identifies changes brought about by medical intervention. This work has led to a patient completed app to record long-Covid symptoms and report progress on changes with treatment;
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It has included collaboration between clinicians on joint projects with rehabilitation providers; and
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Continued to provide excellent clinical teaching.
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The Charterhouse Rheumatism Charity Financial Statements Year ended 31 July 2021
THE TRUSTEE’S REPORT
These main streams of work will continue in the next financial year.
During the year, the Trust has moved its investments to the Sarasin Climate Active Endowment Fund. This Fund meets the Trust’s objectives to drive behaviourial change that will result in decarbonisation, whilst seeking long term returns. The change has resulted in a significant level of sales and purchases and a net realised gain of £967,171, as shown in note 8. However, the value of the investments have been impacted by the current economic situation and on-going Covid pandemic. The gain noted above is offset by unrealised losses of £550,998 giving a net overall gain in the financial year to 31 July 2021 of £449,684.
The charity continues to fund research activities through the University of Leeds.
Financial review and reserves
The Trust’s work is entirely reliant on income and investment returns from its endowments. During the year the net loss before investment gains amounted to £(4,521) (2020: net gain of £6,289), with investment gains of £449,684 (2020: losses of £149,808) contributing to net increase of funds by £445,163 (2020: decrease of £(143,519)). The Trust has substantial net assets and the Trustee believes that the reserves of £3,845,342 (2020: £3,400,179) are sufficient to fund the day to day working capital requirements and to continue the objectives of the Trust.
The Trustee aims to maintain free reserves in unrestricted funds to support donations made throughout the year to fulfil the objectives of the charity. There is no further policy around reserves. The balance held as unrestricted reserves at 31 July 2021 was £3,845,342 (2020: £3,400,179).
Going concern
The principal risks facing the charity are discussed in this Trustee’s report. The Trustee has reviewed the cash position of the charity, discretionary grants and cash forecasts at the date of signing the financial statements is satisfied that the charity will be able to meet all of its financial commitments.
As a consequence, the Trustee believes that the charity is well placed to manage its financial risks successfully. After making enquiries, the Trustee has a reasonable expectation that the charity has adequate reserves to continue in operational existence for a minimum of 12 months after signing date. Accordingly, the Trustee continues to adopt the going concern basis in preparing the financial statements.
Statement of investment policy
The Trust Deed permits wide powers of investment. Investments are monitored closely by the Finance Office of the University of Leeds on behalf of the Trustee. The funds are managed and invested on behalf of the Trust by Sarasin & Partners, fund manager.
Risk Management
The principal risks faced by the Trust lie in the performance of investments. The Trustee considers variability of investment returns to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
The Trustee has examined the major business, strategic and operational risks that the Trust faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Related parties
The Trustee is the University of Leeds, which provides administrative services to the Trust for an annual fee of £4,374 (2020: £4,331).
Structure, governance and management
The Trust is a registered charity, number 212498. The charity is governed by the Trust deed dated 1 November 1936, as varied or affected by Schemes of the Charity Commissioners of the 9[th] January 1975 and 3[rd] December 1980.
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The Charterhouse Rheumatism Charity Financial Statements Year ended 31 July 2021
THE TRUSTEE’S REPORT
The University of Leeds was appointed as Corporate Trustee under a Charity Commission scheme effective 25 October 1996. The Finance Office of the University of Leeds ensures that the Trust complies with all legal and statutory requirements and conducts its affairs in conformity with the Trust Deed and the practices and requirements as prescribed by the Council for the corporate governance of the University. The University has established an administrative team to undertake the day-to-day responsibilities of the Trust, including maintenance of appropriate records, preparation of accounts and reporting to Council on an annual basis. The University ensures that the administrative team are inducted, trained and have adequate resources to complete this role. A review of the grant making policy and process is underway and any necessary changes will be implemented in 2022.
The auditor of the financial statements, Deloitte LLP, have expressed their willingness to continue as auditor to the Trust.
Approved and signed on behalf of the Trustee
Corporate Trustee 27th June 2022
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The Charterhouse Rheumatism Charity Financial Statements Year ended 31 July 2021
TRUSTEE’S RESPONSIBILITIES STATEMENT
The Trustee is responsible for preparing the Trustee’s annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Charterhouse Rheumatism Charity
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE RHEUMATISM CHARITY
Year ended 31 July 2021
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of The Charterhouse Rheumatism Charity (the ‘charity’):
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give a true and fair view of the state of the charity’s affairs as at 31 July 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
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have been prepared in accordance with the Charities Act 2011.
We have audited the financial statements which comprise:
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the statement of financial activities;
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the statement of financial position; and
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the related notes 1 to 14.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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The Charterhouse Rheumatism Charity
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE RHEUMATISM CHARITY
Year ended 31 July 2021
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of trustees
As explained more fully in the trustee’s responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the charity’s industry and its control environment, and reviewed the charity’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations.
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The Charterhouse Rheumatism Charity
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE RHEUMATISM CHARITY
Year ended 31 July 2021
We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory frameworks that the charity operates in, and identified the key laws and regulations that:
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had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Charities Act and Charities (Accounts and Reports) Regulations 2008; and
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do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:
- We presume a risk of material misstatement due to fraud in revenue recognition which is related to the possible recognition of income in the incorrect accounting period. To address this risk, we tested the revenue recognised in the year and up to one months post year end to test whether income had been appropriately included in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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enquiring of management concerning actual and potential litigation and claims, and instances of noncompliance with laws and regulations; and
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reading minutes of meetings of those charged with governance
Report on other legal and regulatory requirements
Matters on which we are required to report by exception
Under the Charities (Accounts and Reports) Regulations 2008 we are required to report in respect of the following matters if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustee’s report; or
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sufficient accounting records have not been kept by the charity; or
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the charity financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
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The Charterhouse Rheumatism Charity
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE RHEUMATISM CHARITY
Year ended 31 July 2021
Use of our report
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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Deloitte LLP
Statutory Auditor Leeds, United Kingdom
June 202228 June 2022
Deloitte LLP is eligible for appointment as auditor for the charity by virtue of its eligibility for appointment as audit of a company under section 1212 of the Companies Act 2006.
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The Charterhouse Rheumatism Charity
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 July 2021
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net (expenditure)/income before investment gains Net gain/(loss) on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward 12 Net movement in funds for the year 12 Total funds carried forward |
Unrestricted funds 2021 £ 115,430 115,430 (12,937) (107,014) (119,951) (4,521) 449,684 445,163 3,400,179 445,163 3,845,342 |
Unrestricted funds 2020 £ 125,687 |
|---|---|---|
| 125,687 | ||
| (12,469) (106,929) |
||
| (119,398) | ||
| 6,289 (149,808) |
||
| (143,519) | ||
| 3,543,698 (143,519) |
||
| 3,400,179 |
All income and expenditure derives from continuing activities.
The following notes are an integral part of these financial statements.
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The Charterhouse Rheumatism Charity
STATEMENT OF FINANCIAL POSITION At 31 July 2021
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Current liabilities Creditors:amounts falling due within one year 10 Net current assets Total Assets less Current Liabilities Net assets Funds Unrestricted fund 12 Total funds |
2021 £ 3,763,614 9,634 82,838 92,472 (10,744) 81,728 3,845,342 3,845,342 3,845,342 3,845,342 |
2020 £ 3,313,930 |
|---|---|---|
| 5,980 94,187 |
||
| 100,167 (13,918) |
||
| 86,249 | ||
| 3,400,179 | ||
| 3,400,179 | ||
| 3,400,179 | ||
| 3,400,179 |
All amounts relate to continuing operations and unrestricted funds.
The following notes are an integral part of these financial statements.
These financial statements of The Charterhouse Rheumatism Charity, registered number 212498, were approved on behalf of the Corporate Trustee and authorised for issue on 27th June 2022.
They were signed on its behalf by:
Alan Thomson Corporate Trustee
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
Basis of accounting
The financial statements are prepared under the historical cost convention with the exception of investments which have been included at market value, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” 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 and applicable UK accounting standards.
The Trust is a charity and is registered in England and Wales.
The Trust constitutes a public benefit entity as defined by FRS 102. As a small charity, the charity has taken an exemption from the presentation of a cash flow statement.
The functional currency is pounds sterling as this is the currency of the principal economic environment in which it operates.
Going Concern
The principal risks facing the charity are discussed in the Trustee’s report. The Trustee has reviewed the cash position of the charity and cash forecasts at the date of signing the financial statements and is satisfied that the charity will be able to meet all of its financial commitments. As a consequence, the Trustee believes that the charity is well placed to manage its financial risks successfully. After making enquiries, the Trustee has a reasonable expectation that the charity has adequate reserves to continue in operational existence for a minimum of 12 months after signing date. Accordingly, the Trustee continues to adopt the going concern basis in preparing the financial statements.
Income
All income is recognised once the charity has entitlement to the income, any performance conditions attached to the item(s) of income has been met, it is probable that the income will be received and the amount of income can be measured reliably. 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 bank.
Investments
Investments are included in the financial statements at market value. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within particular sectors or subsectors.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on raising funds includes the costs incurred in regards to investment management costs.
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
Expenditure on charitable activities includes:
Grants payable: Grants are given in support of projects which further the objectives of the charity.
Support costs: those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts activities. These costs are allocated to charitable activities as there are no identifiable support costs incurred in investment management activities.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
Financial instruments
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
The charity only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost less impairment.
Cash at bank and cash 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.
2. Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, which are described in note 1, the Trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Trustee does not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
3. Income from investments
| Sarasin investment portfolio Bank and building society income 4. Expenditure on raising funds Sarasin management fees Other investment management costs |
2021 £ 115,394 36 115,430 2021 £ (12,542) (395) (12,937) |
2020 £ 125,052 635 125,687 |
||
|---|---|---|---|---|
| 2020 £ (11,921) (548) (12,469) |
||||
| 5. Expenditure on charitable activities Activity Grant funding of activities Grants payable – Rheumatism research (100,000) (100,000) Activity Grant funding of activities Grants payable – Rheumatism research (100,000) (100,000) |
Support costs (7,014) (7,014) Support costs (6,929) (6,929) |
Total 2021 £ (107,014) (107,014) Total 2020 £ (106,929) |
||
|---|---|---|---|---|
| (106,929) |
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
6. Grant expenditure
| Grant expenditure | ||
|---|---|---|
| Grants to institutions | ||
| 2021 | 2020 | |
| £ | £ | |
| University of Leeds | (100,000) | (100,000) |
| (100,000) | (100,000) |
All grants in the year were made to the University of Leeds although grants can be made to other individuals and institutions.
7. Support costs
| Statutory audit Legal and professional Bank charges |
2021 £ (2,610) (4,374) (30) (7,014) |
2020 £ (2,589) (4,331) (9) |
|---|---|---|
| (6,929) |
There were no staff costs incurred in the year (2020: £Nil). No staff were employed by the charity in the year (2020: £Nil). Those costs above labelled as audit and legal and professional are classified as governance costs for the charity.
No Trustees were remunerated in the year nor received any reimbursement of expenses (2020: £Nil).
8. Fixed asset investments
| Investments listed or traded on a recognised stock exchange Investments listed or traded on a recognised stock exchange Market value at 1 August Additions Disposal proceeds Net investment/(disinvestment) Net realised investment gains/(losses) Net unrealised investment (losses)/gains Market value at 31 July |
2021 £ 3,763,614 3,313,930 3,706,762 (3,673,251) 33,511 967,171 (550,998) 3,763,614 |
2020 £ 3,313,930 3,463,738 162,480 (96,415) 66,065 (657) (215,216) |
||
|---|---|---|---|---|
| 3,313,930 |
During the year the Trust has moved its investments to the Climate Active Endowment Fund. This Fund aims to drive behaviourial change that will result in decarbonisation, whilst seeking long term returns. As a result of this change, there have been significant additions and disposals in the year and a realised gain of £967,171.
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
8. Fixed asset investments (continued)
| Investments listed or traded on a recognised stock exchange Market value analysed between: Investments Cash held by investment managers Market value at 31 July |
2021 £ 2020 £ 3,571,815 3,280,023 191,799 33,907 |
|---|---|
| 3,763,614 3,313,930 |
Sarasin Portfolio
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| · | Fixed Interest | 365,437 | 941,046 | ||
| · | UK Equities | 711,898 | 639,782 | ||
| · | Global Equities | 2,014,532 | 1,488,909 | ||
| · | Property | 129,946 | 105,385 | ||
| · | Alternative Investments | 350,002 | 104,901 | ||
| 3,571,815 | 3,280,023 | ||||
| · | Cash | 191,799 | 33,907 | ||
| 3,763,614 | 3,313,930 | ||||
| All investments are listed. The historic cost of the investments is £3,604,293 (2020: £2,627,397). | |||||
| Sarasin’s Management charges were £12,542 (2020: £11,921) and are included in | analysis | of | |||
| expenditure on raising funds in note 4. | |||||
| 9. | Debtors | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Amounts falling due within one year: | |||||
| Prepayments and accrued income | 9,634 | 5,980 | |||
| 9,634 | 5,980 |
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
10. Creditors
| 2021 £ Amounts falling due within one year: Trade creditors 4,374 Accrued expenditure 6,370 10,744 Financial instruments 2021 £ Financial assets Financial assets at fair value through Statement of Financial Activities Investments 3,763,614 Financial assets at amortised cost Cash and cash equivalents 82,838 Prepayments and accrued income 9,634 Total financial assets 3,856,086 Financial liabilities Financial liabilities at amortised cost Creditors 10,744 Total financial liabilities 10,744 |
2020 £ 7,415 6,503 |
|
|---|---|---|
| 13,918 | ||
| 2020 £ 3,313,930 94,187 5,980 3,414,097 13,918 13,918 |
11. Financial instruments
12. Reconciliation of movement in funds
| Opening funds Result for the year Closing funds |
2021 £ 3,400,179 445,163 3,845,342 |
2020 £ 3,543,698 (143,519) 3,400,179 |
|---|---|---|
13. Related party transactions
During the year grants totalling £100,000 (2020: £100,000) were payable to the Charterhouse Trust endowment at the University of Leeds, which supports the Chair of Rehabilitation Medicine who is head of the Rehabilitation Unit at the University, the Corporate Trustee; in respect of research into rheumatism and the treatment thereof and to provide relief to individuals.
£4,374 was paid to the University of Leeds for Legal & Professional Services provided. This covers Finance, Secretariat, Legal and Treasury activity.
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The Charterhouse Rheumatism Charity Year ended 31 July 2021
14. Ultimate parent undertaking
In the opinion of the Trustees, the ultimate parent and controlling party is the University of Leeds, an Exempt charity registered in England and Wales. The University of Leeds is the controlling party by virtue of being a Corporate Trustee.
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