| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 9 |
| Report ofthe Independent Auditors |
10 | to | 12 |
| Statement ofFinancial Activities | 13 | ||
| Balance Sheet | 14 | ||
| Cash Flow Statement | 15 | ||
| Notes to the Cash Flow Statement | 16 | ||
| Notes to the Financial Statements | 17 | to | 26 |
| Detailed Statement ofFinancial Activities | 27 | to | 28 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | f | ||||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies |
3 | 341,016 | 341,016 | 138,643 | |
| Other trading activities | 4 | 4,549 | 4,549 | 7,138 | |
| Investment income |
5 | 212,334 | 29,015 | 241,349 | 464,863 |
| Total | 557,899 | 29,015 | 586,914 | 610,644 | |
| EXPENDITURE ON | |||||
| Raising funds | 6 | 34,779 | 6,795 | 41,574 | 49,182 |
| Charitable activities |
7 | ||||
| Grants paid and associated costs | 546,880 | 72,382 | 619,262 | 694,211 | |
| Total | 581,659 | 79,177 | 660,836 | 743,393 | |
| Net gains/(losses) on investments |
1,984,649 | 218,072 | 2,202,721 | (2,525,212) | |
| NET INCOME/(EXPENDITURE) | 1,960,889 | 167,910 | 2,128,799 | (2,657,961) | |
| RECONCILIATION OFFUNDS |
|||||
| Total funds brought forward |
11,052,480 | 1,780,003 | 12,832,483 | 15,490,444 | |
| TOTAL FUNDS CARRIED FORWARD | 13,013,369 | 1,947,913 | 14,961,282 | 12,832,483 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Notes | fund I |
funds | funds | funds | |
| FIXEDASSETS | |||||
| Tangible assets | 13 | 1,731,338 | 1,731,338 | 1,703,150 | |
| Investments | 14 | 10,946,135 | 1,751,731 | 12,697,866 | 10,533,331 |
| 12,677,473 | 1,751,731 | 14,429,204 | 12,236,481 | ||
| CURRENT ASSETS | |||||
| Stocks | 15 | 676 | 676 | 1,561 | |
| Debtors | 16 | 247,969 | 13,535 | 261,504 | 99,112 |
| Cash at bank and in hand | 114,077 | 182,647 | 296,724 | 519,675 | |
| 362,722 | 196,182 | 558,904 | 620,348 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
17 | (26,826) | (26,826) | (24,346) | |
| NET CURRENT ASSETS | 335,896 | 196,182 | 532,078 | 596,002 | |
| TOTAL ASSETSLESSCURRENT | |||||
| LIABILITIES | 13,013,369 | 1,947,913 | 14,961,282 | 12,832,483 | |
| NET ASSETS | 13,013,369 | 1,947,913 | 14,961,282 | 12,832,483 | |
| FUNDS | 19 | ||||
| Unrestricted funds |
13,013,369 | 11,052,480 | |||
| Restricted funds | 1,947,913 | 1,780,003 | |||
| TOTAL FUNDS | 14,961,282 | 12,832,483 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| Cash flows trom operating | activities | ||||
| Cash generated from operations |
(193,793) | 222,599 | |||
| Tax paid | (197) | 1,540 | |||
| Net cash (used in)/provided | by operating | activities | (193,990) | 224,139 | |
| Cash flows Rom investing | activities | ||||
| Purchase oftangible fixed | assets | (29,328) | (1,700,000) | ||
| Sale offixed asset investments | 1,705,806 | ||||
| Interest received | 367 | 11,383 | |||
| Net cash (used in)/provided | by investing | activities | (28,961) | 17,189 | |
| Change in cash and cash equivalents | in | the | |||
| reporting period | (222,951) | 241,328 | |||
| Cash and oash equivalents | at the beginning | ||||
| ofthe reporting period | 519,675 | 278,347 | |||
| Cash and cash equivalents | at the end | ofthe | |||
| reporting period | 296,724 | 519,675 |
| RECONCILIATION OFNET INCOME/(EXPENDITURE) AC~S |
RECONCILIATION OFNET INCOME/(EXPENDITURE) AC~S |
RECONCILIATION OFNET INCOME/(EXPENDITURE) AC~S |
RECONCILIATION OFNET INCOME/(EXPENDITURE) AC~S |
RECONCILIATION OFNET INCOME/(EXPENDITURE) AC~S |
TONET CASH | FLOW FROM OPERATING | FLOW FROM OPERATING |
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| Net income/(expenditure) | forthe reporting | period (as per the | Statement | ||||
| ofFinancial Activities) | 2,128,799 | (2,657,961) | |||||
| Adjustments for: |
|||||||
| Depreciation charges |
1,140 | 1,091 | |||||
| (Gain)/losses on investments |
(2,202,721) | 2,525,212 | |||||
| Interest received | (367) | (11,383) | |||||
| Dividends received |
(319) | (9,119) | |||||
| Charges paid from | investments | 38,505 | 46,305 | ||||
| Decrease in stocks | 885 | ||||||
| flncrease)/decrease | in debtors | (162,195) | 332,677 | ||||
| Increase/(decrease) | in creditors | 2,480 | (4,223) | ||||
| Net cash (used in)/provided | by operations | (193,793) | 222,599 | ||||
| ANALYSIS OF CHANGES | INNET FUNDS | ||||||
| At 6.4.20 | Cash flow | At 5.4.21 | |||||
| 8 | |||||||
| Net cash | |||||||
| Cash at bank and in | hand | 519,675 | (222,951) | 296,724 | |||
| 519,675 | (222,951) | 296,724 | |||||
| Total | 519,675 | (222,951) | 296,724 |
| DONAT | I | ONS AND |
LEGACIE | S | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||||
| Unrestricted | Restricted | Total | Total | ||||||
| funds | funds | funds | funds | ||||||
| Annual | subscriptions, | donations | and | ||||||
| amounts | collected by | stewards | 63,987 | 63,987 | 72,912 | ||||
| Legacies | received | 277,029 | 277,029 | 65,731 | |||||
| 341,016 | 341,016 | 138,643 | |||||||
| 4. | OTHER | TRADING | AC~S | ||||||
| 2021 | 2020 | ||||||||
| Unrestricted | Restricted | Total | Total | ||||||
| funds | funds | funds | funds | ||||||
| Christmas | card sales | 4,549 | 4,549 | 7,138 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Income from investments | 198,441 | 29,015 | 227,456 | 437,331 | |||
| Royalty and legacy income | 13,526 | 13,526 | 16,149 | ||||
| Deposit account interest | 367 | 367 | 11,383 | ||||
| 212,334 | 29,015 | 241,349 | 464,863 | ||||
| RAISING FUNDS | |||||||
| RAISING DONATIONS | AND LEGACIES | ||||||
| 2021 | 2020 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Stewards' | expenses | 171 | 171 | 399 | |||
| OTHER TRADING ACTIVITIES | |||||||
| 2021 | 2020 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Purchases | 4,185 | ||||||
| INVESTMENT MANAG~ | COSTS | ||||||
| 2021 | 2020 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Supportcosts | 34,608 | 6,795 | 41,403 | 44,598 | |||
| Aggregate | amounts | 34,779 | 6,795 | 41,574 | 49,182 |
| 7. | CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 8) | note 9) | Totals | ||
| Grants paid and associated costs | 345,906 | 273,356 | 619,262 | |
| 8. | GRANTS PAYABLE | |||
| 2021 | 2020 | |||
| Grants paid and associated costs | 345,906 | 386,366 |
| SUPPORT | COSTS | |||||
|---|---|---|---|---|---|---|
| Information | Human | Governance | ||||
| technology | resources | Other | costs | Totals | ||
| Investment | management | |||||
| costs | 41,403 | 41,403 | ||||
| Grants paid | and associated | |||||
| costs | 162,211 | 87,807 | 22,453 | 273,356 | ||
| 42,288 | 162,211 | 87,807 | 22,453 | 314,759 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Gross Wages | 150,825 | 150,680 | |||
| Social Security | 13,177 | 14,222 | |||
| Pensions | 6,957 | 6,755 | |||
| Total | 170,959 | 171,657 | |||
| The average monthly | number | ofemployees | during the year was as follows: | ||
| 2021 | 2020 | ||||
| Average number of | employees | in the year | 3 | 3 |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| fund | funds | funds | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies |
138,643 | 138,643 | |
| Other trading activities |
7,138 | 7,138 | |
| Investment income |
412,821 | 52,042 | 464,863 |
| Total | 558,602 | 52,042 | 610,644 |
| EXPENDITURE ON | |||
| Raising funds | 42,073 | 7,109 | 49,182 |
| Charitable activities |
|||
| Grants paid and associated costs | 632,094 | 62,117 | 694,211 |
| Total | 674,167 | 69,226 | 743,393 |
| Net gains/(losses) on investments |
(2,249,806) | (275,406) | (2,525,212) |
| NET INCOME/(EXPENDITURE) | (2,365,371) | (292,590) | (2,657,961) |
| RECONCILIATION OFFUNDS | |||
| Total funds brought forward |
13,417,852 | 2,072,592 | 15,490,444 |
| TOTAL FUNDS CARRIED FORWARD | 11,052,481 | 1,780,002 | 12,832,483 |
| TANGIBLE FIXEDASSETS | ||||||
|---|---|---|---|---|---|---|
| Fixtures | ||||||
| Freehold | and | Computer | ||||
| property | fittings | equipment | Totals | |||
| COST | ||||||
| At 6 April 2020 | 1,700,000 | 14,360 | 3,607 | 1,717,967 | ||
| Additions | 28,582 | 746 | 29,328 | |||
| At 5 April 2021 | 1,728,582 | 14,360 | 4,353 | 1,747,295 | ||
| DEPRECIATION | ||||||
| At 6 April 2020 | 11,614 | 3,203 | 14,817 | |||
| Charge for year | 549 | 591 | 1,140 | |||
| At 5 April 2021 | 12,163 | 3,794 | 15,957 | |||
| NET BOOKVALUE | ||||||
| At 5 April 2021 | 1,728,582 | 2,197 | 559 | 1,731,338 | ||
| At 5 April 2020 | 1,700,000 | 2,746 | 404 | 1,703,150 | ||
| FIXEDASSETINVESTMENTS | ||||||
| Cash and | ||||||
| Listed | settlements | Donated | ||||
| investments | pending | paintings | Total | |||
| ~TVALUE | 6 | 6 | ||||
| At 6 April 2020 | 9,740, | 129 | 769,712 | 23,490 | 10,533,331 | |
| Additions | 5,166,738 | 7,246,445 | 12,413,183 | |||
| Disposals | (7,246,445) | (5,166,738) | (12,413,183) | |||
| Revaluations | 2,202,721 | 2,202,721 | ||||
| Adjustment | (6,330) | 6,481 | 151 | |||
| Management Fees |
(38,656) | (38,656) | ||||
| Dividends | 319 | 319 | ||||
| At 5 April 2021 | 9,856,813 | 2,817,563 | 23,490 | 12,697,866 |
| Charities Property Fund | 900,808 | 915,971 | |
|---|---|---|---|
| Vanguard FTSEAll Share Index | 402,566 | ||
| Vanguard S&P |
989,488 | 695,250 | |
| Majedie UK Equity Fund | 522,923 | ||
| Trojan Income Fund | 579,471 | ||
| Blackrock Sterling Liquidity | Fund | 229,740 | |
| Findlay Park FDS American | 642,892 | ||
| HSBFTSEAll World Index | Fund | 595,970 |
| HSBFTSEAll World In | dex Fund | 595,970 | |||||
|---|---|---|---|---|---|---|---|
| The valuation ofdonated | paintings | is based on | guidance | ofthe estimated | sales values from Bonhams' | Auction | |
| House. | |||||||
| 15. | STOCKS | ||||||
| 2021 | 2020 | ||||||
| f | |||||||
| Stocks | 676 | 1,561 | |||||
| 16. | DEBTORS:AMOUNTS | FALLING | DUE WITHIN ONE | YEAR | |||
| 2021 | 2020 | ||||||
| Other debtors | 1,032 | ||||||
| Income tax recoverable | 2,697 | 2,500 | |||||
| Prepayments and accrued |
income | 258,807 | 95,580 | ||||
| 261,504 | 99,112 | ||||||
| 17. | CREDITORS: AMOUNTS FALLING DUE W1THW ONE YEAR | ||||||
| 2021 | 2020 | ||||||
| Other creditors | 26,826 | 24,346 | |||||
| 18. | LEASING AGREEMENTS | ||||||
| Minimum lease payments |
under non-cancellable | operating | leases fall due | as follows: | |||
| 2021 | 2020 | ||||||
| Within one year | 26,151 |
| MOVEMEN | T IN FUN | DS | |||||
|---|---|---|---|---|---|---|---|
| Net | |||||||
| movement | At | ||||||
| At 6.4.20 | in funds | 5.4.21 | |||||
| Unrestricted | funds | ||||||
| General fund |
11,052,480 | 1,960,889 | 13,013,369 | ||||
| Restricted funds | |||||||
| AGBI - The | Children's | Fund | 1,780,003 | 167,910 | 1,947,913 | ||
| TOTAL FUNDS | 12,832,483 | 2,128,799 | 14,961,282 | ||||
| Net movement in funds, |
included | in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||||
| resources | expended | losses | in funds | ||||
| Unrestricted | funds | ||||||
| General fund |
557,899 | (581,659) | 1,984,649 | 1,960,889 | |||
| Restricted funds | |||||||
| AGBI - The | Children's | Fund | 29,015 | (79,177) | 218,072 | 167,910 | |
| TOTAL FUNDS | 586,914 | (660,836) | 2,202,721 | 2,128,799 | |||
| Comparatives | for movement | in funds | |||||
| Net | |||||||
| movement | At | ||||||
| At 6.4.19 | in funds | 5.4.20 | |||||
| Unrestricted | funds | ||||||
| General fund | 13,417,852 | (2,365,372) | 11,052,480 | ||||
| Restricted funds | |||||||
| AGBI —The | Children's | Fund | 2,072,592 | (292,589) | 1,780,003 | ||
| TOTAL FUNDS | 15,490,444 | (2,657,961) | 12,832,483 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General fund | 558,602 | (674,168) | (2,249,806) | (2,365,372) | ||
| Restricted funds | ||||||
| AGBI - The | Children's | Fund | 52,042 | (69,225) | (275,406) | (292,589) |
| TOTAL FUNDS | 610,644 | (743,393) | (2,525,212) | (2,657,961) |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 6.4.19 | in funds | 5.4.21 | |||
| Unrestricted | funds | ||||
| General fund | 13,417,852 | (404,483) | 13,013,369 | ||
| Restricted funds | |||||
| AGBI - The | Children's | Fund | 2,072,592 | (124,679) | 1,947,913 |
| TOTAL FUNDS | 15,490,444 | (529,162) | 14,961,282 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General fund | 1,116,501 | (1,255,827) | (265,157) | (404,483) | ||
| Restricted funds | ||||||
| AGBI - The | Children's | Fund | 81,057 | (148,402) | (57,334) | (124,679) |
| TOTAL FUNDS | 1,197,558 | (1,404,229) | (322,491) | (529,162) |
| Detailed Statement ofFinancial Activities | ||||||
|---|---|---|---|---|---|---|
| for the year ended 5th April 2021 | ||||||
| 2021 | 2020 | |||||
| INCOME ANDENDO~ | ||||||
| Donations and legacies |
||||||
| Annual subscriptions, |
donations | and | amounts | |||
| collected by stewards | 63,987 | 72,912 | ||||
| Legacies received | 277,029 | 65,731 | ||||
| 341,016 | 138,643 | |||||
| Other trading activities | ||||||
| Christmas card sales |
4,549 | 7,138 | ||||
| Investment income |
||||||
| Income from investments | 227,456 | 437,331 | ||||
| Royalty and legacy income | 13,526 | 16,149 | ||||
| Deposit account interest | 367 | 11,383 | ||||
| 241,349 | 464,863 | |||||
| Total incoming resources | 586,914 | 610,644 | ||||
| Raising donations and |
legaoies | |||||
| Stewards' expenses |
171 | 399 | ||||
| Other trading activities | ||||||
| Cost ofChristmas cards |
4,185 | |||||
| Charitable activities |
||||||
| Grants to individuals | 345,906 | 386,366 | ||||
| Supportcosts | ||||||
| Information technology |
||||||
| Investment management |
fees | 41,403 | 44,598 | |||
| Bi-centenary print costs |
885 | |||||
| 42,288 | 44,598 | |||||
| Human resources | ||||||
| Wages | 143,284 | 143,146 | ||||
| Social security | 12,318 | 13,361 | ||||
| Pensions | 6,609 | 6,418 | ||||
| Visiting expenses | 2,099 | |||||
| 162,211 | 165,024 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Human resources | ||||
| Other | ||||
| Archer Street rent | 27,936 | 42,473 | ||
| Churton Street Expenses |
6,868 | 28,579 | ||
| Travelling | 763 | |||
| Catering expenses | 2,444 | |||
| Postage | 628 | 615 | ||
| Telephone | 2,416 | 2,843 | ||
| Office stationery | 862 | 1,773 | ||
| Computer expenses |
1,999 | 1,296 | ||
| Legal fees | 10,620 | 16,142 | ||
| Professional fees |
23,400 | |||
| Repairs and renewals | 126 | |||
| Cleaning | 2,678 | 3,058 | ||
| Bank charges | 1,816 | 2,397 | ||
| Sundry expenses | 1,424 | 1,541 | ||
| Other gifts | 35 | 315 | ||
| Insurance and service |
charges | 5,032 | 5,840 | |
| Subscriptions | 953 | 768 | ||
| Fixtures and fittings | 549 | 687 | ||
| Computer equipment |
591 | 404 | ||
| 87,807 | 112,064 | |||
| Governance costs |
||||
| Wages | 7,541 | 7,534 | ||
| Social security | 859 | 861 | ||
| Pensions | 348 | 338 | ||
| Auditors' remuneration |
7,100 | 8,700 | ||
| Annual report and AGM |
6,182 | 11,409 | ||
| Trustee meeting expenses |
423 | 1,915 | ||
| 22,453 | 30,757 | |||
| Total resources expended | 660,836 | 743,393 | ||
| Net expenditure before |
gains and losses | (73,922) | (132,749) | |
| Realised recognised | gains and losses | |||
| Realised gains/(losses) | on fixed asset | |||
| investments | 923,757 | (55,476) | ||
| Net income/(expenditure) | 849,835 | (188,225) |