| Contents | Pace | |
|---|---|---|
| 1. | Report of the Trustees | 1 - 5 |
| 2. | Report of the Independent Examiner | 6 |
| 3. | Statement of Financial Activities | |
| (including Income and Expenditure Account) | 7 | |
| 4. | Balance Sheet | 8 |
| 5. | Notes to the Financial Statements | 9 - 16 |
| Capital and | |||||
|---|---|---|---|---|---|
| Permanent | Income | Year | Year | ||
| Endowment | Fund | 2020 | 2019 | ||
| Note | £ | £ | £ | £ | |
| INCOME | |||||
| Investment Income | 2 | 56,283 | 56,283 | 69,893 | |
| Bank Interest | 256 | 256 | 357 | ||
| Donations | 625 | 625 | |||
| TOTAL INCOME | 57,164 | 57,164 | 70,250 | ||
| EXPENDITURE | |||||
| Costs of Raising Funds | |||||
| Administration Charges | 3 | 9,685 | 1,863 | 11,548 | 11,281 |
| Expenditure on Charitable Activities | |||||
| Pensions | 29,750 | 29,750 | 28,600 | ||
| Christmas Bonuses and Heating | |||||
| Grants to Pensioners | 6,550 | 6,550 | 5,800 | ||
| Other Grants | 6,365 | 6,365 | 3,255 | ||
| Visitors' Salaries, pensions and Expenses | 4 | 5,430 | 5,430 | 5,072 | |
| Legal Fees | _ | - | |||
| Clerks Fees (including bookkeeping and | |||||
| quarterly accounts) | 14,250 | 14,250 | 12,025 | ||
| Accountancy and Independent Examiner's | |||||
| Fee | 2,640 | 2,640 | 3,132 | ||
| TOTAL EXPENDITURE | 9,685 | 66,848 | 76,533 | 69,165 | |
| (9,685) | (9,684) | (19,369) | 1,085 | ||
| Net Gains/(Losses) in Investment Assets | 8 | 13,991 | 13,991 | 205,540 | |
| NET INCOME/EXPENDITURE | |||||
| AND NET MOVEMENT IN FUNDS | 4,306 | (9,684) | (5,378) | 206,625 | |
| RECONCILIATION OF FUNDS: | |||||
| Fund Balances brought forward | |||||
| at 1 January 2020 | 1,958,506 | 85,111 | 2,043,617 | 1,836,992 | |
| FUND BALANCES CARRIED | |||||
| FORWARD AT 31 DECEMBER 2020 | 11 | 1,962,812 | 75,427 | 2,038,239 | 2,043,617 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | |||||
| FIXED ASSETS | |||||
| Investments at Valuation | 2 | 1,905,037 | 1,931,070 | ||
| Cash held by broker for re-investment | 34,092 | 45,904 | |||
| Total Fixed Assets | 1,939,129 | 1,976,974 | |||
| CURRENT ASSETS | |||||
| Debtors and Prepayments | 3,174 | 4,672 | |||
| Cash at Bank | 105,743 | 71,378 | |||
| Total Current Assets | 108,917 | 76,050 | |||
| CREDITORS DUE WITHIN ONE YEAR: | |||||
| Other Creditors | 9,807 | 9,407 | |||
| NET CURRENT ASSETS | 99,110 | 66,643 | |||
| NET ASSETS | 2,038,239 | 2,043,617 | |||
| THE FUNDS OF THE CHARITY: | |||||
| PERMANENT ENDOWMENT FUNDS | 12 | 1,962,812 | 1,958,506 | ||
| INCOME FUNDS | |||||
| General Fund | 12 | 75,427 | 85,111 | ||
| 75,427 | 85,111 | ||||
| TOTAL CHARITY FUNDS | 2,038,239 | 2,043,617 |
| Book | Value | Market | Value | Net | Income | |||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |
| No. | No. | £ | £ | £ | £ | £ | £ | |
| 31 Infrastructure | 10,370 | 10,370 | 19,670 | 19,670 | 31,940 | 30,540 | 954 | 897 |
| Aberdeen Standard Life - | ||||||||
| European (formerly Standard | ||||||||
| Life) | 19,500 | 19,500 | 16,212 | 16,212 | 19,486 | 18,654 | 605 | 602 |
| A2D Funding | 15,000 | 15,000 | 16,531 | 16,531 | 16,087 | 16,257 | 712 | 712 |
| Apax Global Alpha Ord NPV | 8,021 | 8,021 | 9,581 | 9,581 | 15,480 | 13,836 | 766 | 720 |
| Artemis FD Mngrs Global | ||||||||
| Inc Units | 43,250 | 38,084 | 42,563 | 1,362 | ||||
| AstraZeneca 0.25 USD | 375 | 375 | 5,473 | 5,473 | 27,465 | 28,526 | 810 | 820 |
| Aviva 25p Ord | 1,600 | 7,237 | 6,699 | 96 | 484 |
|||
| BHP Billiton 0.5 USD | 875 | |||||||
| Blackrock Fund Managers | ||||||||
| Ltd Income D Units Inc | 26,310 | 26,310 | 35,093 | 35,093 | 46,319 | 42,240 | 1,164 | 1,829 |
| BP 25 cents US Ord | 6,150 | 6,150 | 35,769 | 35,769 | 15,670 | 29,003 | 1,504 | 942 |
| BT Group Ords 5p | 693 | |||||||
| BNY Mell | 18,000 | 30,031 | 29,140 | 602 | ||||
| CF Miton UK Multi Cap Inc | ||||||||
| Instl B Dis Nav | 20,410 | 20,410 | 37,784 | 37,784 | 40,928 | 39,326 | 488 | 1,836 |
| Coupland & Cardiff Fund | 3,150 | 2,825 | 20,704 | 20,704 | 50,170 | 52,895 | 1,726 | 1,046 |
| CRODA | 490 | 490 | 22,873 | 22,873 | 32,320 | 25,088 | 441 | 194 |
| Edinburgh Worldwide | ||||||||
| Investment Ord GBP 0.05 | 1.070 | |||||||
| EI Group 6.875% A/BK D | 10,000 | 9,983 | 10,272 | 220 | 688 |
|||
| Fidelity UCIT | 10,750 | 56,425 | 59,233 | 762 | ||||
| First State Investment | 19,700 | 19,700 | 37,482 | 37,482 | 40,155 | 44,232 | 1,180 | 1,343 |
| GlaxoSmithKline Ords 25p | 1,590 | 1,590 | 4,057 | 4,057 | 21,338 | 28,286 | 1,272 | 1,272 |
| Hammerson Ord | 842 | |||||||
| HSBC 50 cents US Ord | 2,497 | 16,750 | 14,780 | 1,438 | 2,426 |
|||
| HSBC Holding Bond | 25,000 | 25,000 | 30,087 | 30,087 | 31,663 | 30,786 | ||
| Int Public Partner Ord 1p | 12,500 | 12,500 | 14,990 | 14,990 | 21,275 | 20,850 | 909 | 886 |
| Inditex | 900 | 23,521 | 21,038 | 229 | ||||
| Intermediate Capital Group | ||||||||
| 6.25% GTD NTS | 15,000 | 15,465 | 15,685 | 938 | 938 |
|||
| Investec | 45,000 | 45,000 | 44,880 | 44,880 | 45,626 | 45,370 | 1,719 | 395 |
| Carried forward | 461,163 | 437,705 | 565,333 | 555,888 | 18,535 | 22,872 |
| Book | Value | Market | Value | Net | Income | |||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |
| No. | No. | £ | £ | £ | £ | £ | £ | |
| Brought Forward | 461,163 | 437,705 | 565,333 | 555,888 | 18,535 | 22,872 |
||
| !Shares PLC | 5,275 | 5,275 | 36,516 | 36,516 | 33,559 | 39,257 | 1,044 | 1,754 |
| ITV Ord | 532 | |||||||
| JP Morgan Global Emerg Markets | ||||||||
| GBP0.01 | 12,200 | 12,200 | 15,056 | 15,056 | 17,842 | 16,623 | 622 | 622 |
| JP Morgan AM UK Ltd US | ||||||||
| Equity Income C Inv Nay | 57,726 | 57,726 | 46,656 | 46,656 | 68,752 | 70,830 | 1,628 | 1,553 |
| Jupiter Unit Trust | 71,250 | 71,250 | 45,657 | 45,657 | 48,265 | 46,897 | 1,488 | 1,363 |
| Legal & General | 10,500 | 18,902 | 27,951 | |||||
| Link Fund Solutions Trojan | 35,790 | 35,790 | 37,098 | 37,098 | 34,161 | 39,022 | 1,202 | 1,536 |
| Lloyds Banking Group Ords 10p | 20,000 | 12,500 | 19,551 | 19,551 | 7,288 | 12,500 | 652 | |
| London Stock Exchange | 15,000 | 15,000 | 16,667 | 16,667 | 15,657 | 16,042 | 992 | 713 |
| M & G Charibond | 14,932 | 14,932 | 13,590 | 18,590 | 18,737 | 18,523 | 774 | 418 |
| MDO Management | 180 | 180 | 15,261 | 15,261 | 12,509 | 14,691 | 648 | 676 |
| Majedi Asset Management UK | ||||||||
| Income X Inc Nay | 12,750 | 19,801 | 20,155 | 621 | 971 |
|||
| Maitland MI Select | 42,500 | 42,500 | 52,184 | 52,184 | 74,912 | 52,850 | 554 | |
| National Grid 11.40p Ords | 1,375 | 1,375 | 7,325 | 7,325 | 11,893 | 12,984 | 668 | 651 |
| Merian GBL UK (Old Mutual) | 4,475 | 59,102 | 62,971 | 733 | 1,090 |
|||
| Newton Global | 1,014 | |||||||
| Pacific Assets Trust 12.5p ord | 7,400 | 7,400 | 9,484 | 9,484 | 23,717 | 20,535 | 222 | 222 |
| Perpetual Inc and Growth | 1,140 | |||||||
| Polar Capital Fund North | ||||||||
| America | 2,045 | 2,045 | 20,000 | 20,000 | 46,953 | 42,434 | ||
| Primary Health Properties 5.375% | ||||||||
| BDS | 526 | |||||||
| Prudential 5p ord (M&G Plc) | 3,000 | 1,500 | 10,529 | 10,529 | 23,174 | 25,293 | 375 | 752 |
| Reckitt Benckiser 10p Ord | 290 | 290 | 5,889 | 5,889 | 18,972 | 17,774 | 506 | 502 |
| Rio Tinto 10p Ord | 400 | 400 | 15,263 | 15,263 | 21,880 | 18,012 | 1,189 | 1,971 |
| Rit Cap Partners Ord GBP1 | 1,850 | 1,850 | 26,946 | 26,946 | 38,203 | 39,128 | 648 | 629 |
| Royal Dutch Shell B 0.07 Euro | 1,434 | 1,434 | 24,832 | 24,832 | 18,060 | 32,114 | 1,056 | 2,103 |
| Relx | 400 | 400 | 7,388 | 7,388 | 7,170 | 7,622 | 183 | 213 |
| Schroder Oriental Income | ||||||||
| Fund 1p ord | 13,500 | 13,500 | 27,042 | 27,042 | 35,303 | 34,830 | 1,549 | 1,363 |
| Schroder Units - Global | 24,750 | 24,750 | 15,258 | 15,258 | 14,496 | 15,494 | 151 | |
| Scottish Mortgage Inv | ||||||||
| Trust 25p Ord | 7,835 | 7,835 | 9,999 | 9,999 | 95,117 | 45,365 | 259 | 245 |
| Carried Forward | 963,256 | 1,000,799 | 1,279,904 | 1,277,834 | 35,496 | 46,234 |
| Book | Value | Market | Value | Net | Income | |||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |
| No. | No. | £ | £ | £ | £ | £ | £ | |
| Brought Forward | 963,256 | 1,000,799 | 1,279,904 | 1,277,834 | 35,496 | 46,234 |
||
| Smith & Nephew | 1,480 | 21,855 | 22,348 | |||||
| Standard Life Euro Ord | ||||||||
| GBP 0,002 | 4,700 | 4,700 | 10,054 | 10,054 | 18,706 | 16,380 | 616 | 53 |
| Standard Life Invs | ||||||||
| European Equity (now | ||||||||
| Aberdeen Standard Life) | 597 | |||||||
| T Bailey | 9,000 | 19,905 | 20,141 | 239 | ||||
| UK 2.25% GILT | 16,000 | 16,000 | 17,162 | 17,162 | 17,123 | 17,097 | 360 | 180 |
| UK 2.75% GILT | 16,000 | 16,000 | 17,777 | 17,777 | 17,810 | 17,731 | 440 | 220 |
| UK 4.125% GILT | 713 | 539 |
||||||
| Temple Bar Inv Tr Ord | ||||||||
| GBP 0,25 | 3,410 | 43,019 | 50,332 | 627 | 1,823 |
|||
| Tesco 5p Ord | 5,900 | 5,900 | 18,723 | 18,723 | 13,653 | 15,057 | 572 | 398 |
| TR Property INV | 10,600 | 10,600 | 41,585 | 41,585 | 43,778 | 51,622 | 1,484 | 1,431 |
| Twenty Four AM | 340 | 200 | 34,645 | 20,022 | 36,445 | 20,554 | 741 | 730 |
| Unilever 31.11p Ord | 825 | 825 | 15,072 | 15,072 | 36,234 | 35,892 | 1,199 | 1,628 |
| Unite Group 6.125% BDS | 477 | |||||||
| Vodafone Group Ord USD | ||||||||
| 0.20 | 1,276 | |||||||
| TOTAL | ||||||||
| BREWIN DOLPHIN | 1 160 034 | 1,184,213 | 1,506,142 | 1,502,499 | 42,487 | 55,586 |
||
| Alpha CIF for | ||||||||
| Endowments | 299,000 | 299,000 | 398,895 | 376,185 | 11,873 | 11,740 |
||
| M & G Investments | 23,483 | 27,386 | 1,105 | 1,369 |
||||
| Schroder Unit Trusts | 25,000 | 25,000 | 818 | 1,198 |
||||
| TOTAL INVESTMENTS |
1,459,034 | 1,497,856 | 1,905,037 | 1,931,070 | 56,283 | 69,893 |
| 2020 | 2019 | |
|---|---|---|
| Stockbroker fees | 9,685 | 10,136 |
| Sundry Costs | 1,863 | 1,145 |
| 11,548 | 11,281 |
| . STAFF COSTS AND NUMBERS |
||
|---|---|---|
| 2020 | 2019 | |
| Visitors' Salaries | 5,250 | 4,670 |
| Visitors' Pensions | 125 | 114 |
| Visitors' Expenses | 55 | 288 |
| 5,430 | 5,072 | |
| No. | No. | |
| Number of part time employees | 2 | 2 |
| 2020 | 2019 | |
|---|---|---|
| Net income is stated after charging: | ||
| Independent Examiner's Fee | 2,640 | 2,640 |
| Independent Examiners Firm's Fees for Accountancy and Payroll |
504 | 492 |
| 3,144 | 3,132 |
| Note | Brewin Dolphin |
Sarasin & Partners |
M & G | Schroder | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Market Value brought forward 1 January 2020 | 1,502,499 | 376,185 | 27,386 | 25,000 | |
| Additions at Cost | 10 | 185,262 | - | - | - |
| Disposal at Carrying Transfer Value | 9 | (223,456) | .. | (22,461) | (19,692) |
| Net Gains/(Losses) on Revaluation | 41,837 | 22,710 | (4,925) | (5,308) | |
| Market Value carried forward 31 December 2020 | 1,506,142 | 398,895 | |||
| Historical Cost at 31 December 2020 | 1,160,034 | 299,000 | |||
| Gain on Brewin Dolphin Investments | 41,837 | ||||
| Gain on Sarasin & Partners Investments | 22,710 | ||||
| Losses on M & G/ Schroder | (10,233) | ||||
| Net Losses on Investments Sold (note 9) | (40,323) | ||||
| Gain on Investments in the year | 13,991 |
| Valuation | Market | ||||
|---|---|---|---|---|---|
| 10/05/2007 | Value at | Profit/(Loss) | |||
| or Later | 1/1/2020 or | on | |||
| Cost | later cost | Proceeds | Disposal | ||
| No, | £ | £ | £ | £ | |
| Artemis Global Inc | 43,250 | 38,084 | 42,563 | 43,034 | 471 |
| Aviva | 1,600 | 7,237 | 6,699 | 4,474 | (2,225) |
| HSBC | 2,497 | 16,750 | 14,780 | 7,400 | (7,380) |
| Majedi Asset Management UK | |||||
| Income X incl NAV | 12,750 | 19,801 | 20,155 | 14,825 | (5,330) |
| Merion Global | 4,475 | 59,102 | 62,971 | 64,040 | 1,069 |
| Temple Bar Investments | 3,410 | 43,019 | 50,332 | 24,361 | (25,971) |
| EI Group 6,875% | |||||
| (Early Redemption) | 10,000 | 10,000 | 10,272 | 10,000 | (272) |
| Intermediate Capital Group | |||||
| (Final Redemption) | 15,000 | 15,000 | 15,685 | 15,000 | (685) |
| 208,993 | 223,457 | 183,134 | (40,323) |
| NVESTMENT ACQUISITIONS | ||
|---|---|---|
| 2020 | ||
| Cost | ||
| No. | ||
| BNY Mell | 18,000 | 30,031 |
| Fidelity UC1T | 10,750 | 56,425 |
| Inditex | 900 | 23,521 |
| Legal & General | 10,500 | 18,902 |
| Smith & Nephew | 1,480 | 21,855 |
| T Bailey | 9,000 | 19,905 |
| Twenty Four | 140 | 14,623 |
| 185,262 |
| Tangible | Current | Current | Total | |
|---|---|---|---|---|
| Assets | Assets | Liabilities | 2020 | |
| Funds - 2020 | £ | £ | £ | £ |
| Capital Fund | 1,939,129 | 33,490 | (9,807) | 1,962,812 |
| Income Fund | 75,427 | 75,427 | ||
| 1,939,129 | 108,917 | (9,807) | 2,038,239 | |
| Tangible | Current | Current | Total | |
| Assets | Assets | Liabilities | 2019 | |
| Funds - 2019 | £ | £ | £ | £ |
| Capital Fund | 1,976,974 | (9,061) | (9,407) | 1,958,506 |
| Income Fund | 85,111 | 85,111 | ||
| 1,976,974 | 76,050 | (9,407) | 2,043,617 |
| At | Net Profit/ | At 31 | |||
|---|---|---|---|---|---|
| 1 January | Income | Expenditure | (Loss) on | December | |
| 2020 | Investments | 2020 | |||
| Funds - 2020 | £ | £ | £ | £ | £ |
| Income Funds | 85,111 | 57,164 | 66,848 | 75,427 | |
| Endowment Funds | 1,958,506 | 9,685 | 13,991 | 1,962,812 | |
| Total Funds | 2,043,617 | 57,164 | 76,533 | 13,991 | 2,038,239 |
| At | Net Profit/ | At 31 | |||
| 1 January | Income | Expenditure | (Loss) on | December | |
| 2019 | Investments | 2019 | |||
| £ | £ | £ | £ | ||
| Funds- 2019 | |||||
| Income Funds | 73,890 | 70,250 | 59,029 | 85,111 | |
| Endowment Funds | 1,763,102 | 10,136 | 205,540 | 1,958,506 | |
| Total Funds | 1,836,992 | 70,250 | 69,165 | 205,540 | 2,043,617 |