|||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|
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|||||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|
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|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|
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||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|
##
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|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|
##
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|||||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|
##
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##
||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|
##
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##
|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)|
##
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##
|||||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)|