| Page | |||
|---|---|---|---|
| Reference and administrative | details | ||
| Trustees' report |
2-5 | ||
| Independent auditor's |
report | 6-8 | |
| Statement offinancial | activities | ||
| Balance sheet | 10 | ||
| Notes to the financial | statements | 11-17 |
| Charity number | Charity number | 214244 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Registered | and principal | office | 2nd Floor, 1 Park House | ||||||||
| Station Square, | |||||||||||
| COVENTRY | |||||||||||
| CV1 2FL | |||||||||||
| Trustees | P, Devine | {Chairman) | |||||||||
| D. Cawdery | {ViceChairman) | ||||||||||
| R.M.S.Allanson | |||||||||||
| D.W. Arundale | |||||||||||
| D.C. Brinkley | |||||||||||
| J.H. Colligan | |||||||||||
| J. Hogan | |||||||||||
| D. Murphy | |||||||||||
| K.M. Rafferty | |||||||||||
| Clerk to the | managing | trustees | P. Roberts | ||||||||
| Members ofthe investment | R,M.S, Allanson | Trustee, | retired | investment | manager | ||||||
| sub-committee | D.W. Arundale | Trustee | |||||||||
| D. Cawdery | Trustee | ||||||||||
| T. Ryan | Retired | stockbroker | |||||||||
| Independent | auditors | Cocke, Vellacott gi Hill |
|||||||||
| Unit 28 City Business Centre | |||||||||||
| Lower Road | |||||||||||
| LONDON SE162XU | |||||||||||
| Bankers | The Co-operative | Bank | p.l.c | ||||||||
| P.O. Box101 | |||||||||||
| 3rd Floor, 1Balloon Street | |||||||||||
| Manchester M604EP |
|||||||||||
| Investment | adviser | BRIWealth Management | PLC | ||||||||
| BRI House | |||||||||||
| Elm Court | |||||||||||
| Meriden Business |
Park | ||||||||||
| COVENTRY CVS 9RL | |||||||||||
| Solicitors | Shakespeare Martineau |
LLP | Stone King | LLP | |||||||
| Solicitors | Boundary | House | |||||||||
| Two Colton Square | 91Charterhouse | Street | |||||||||
| Leicester LE1 1QH | London | EC1M 6HR |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| Notes | f | E | |||
| Income from: | |||||
| Donations and |
legacies | 83,624 | 116,921 | ||
| Investment income |
289,035 | 259,373 | |||
| Total income | 372,659 | 376,294 | |||
| Expenditure on: |
|||||
| Raising funds | 13,286 | 11,548 | |||
| Charitable activities |
546,265 | 64,945 | |||
| Total expenditure | 559,551 | 76,493 | |||
| Net gains/(losses) | on disposal of investments | at book cost | 49,875 | 19,764 | |
| Net income/(expenditure) | (137,017) | 319,565 | |||
| Other recognised | gains and losses | ||||
| Unrealised gains/ |
(losses) on investments | 768,277 | 884,189 | ||
| Net movement in |
funds | 631,260 | 1,203,754 | ||
| Reconciliation of |
funds | ||||
| Total funds brought forward | 9.229.979 | 8,026,225 | |||
| Total funds carried forward | 9,861,239 | 9,229,979 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | f | |||||||
| Fixed assets | ||||||||
| Investments | ||||||||
| Investments | 8 (a) | 8,971,806 | 8,137,507 | |||||
| Programme | related | investments | 8 (b) | 844,649 | 811,473 | |||
| Total fixed assets | 9,816,455 | 8,948,980 | ||||||
| Current assets | ||||||||
| Debtors | 7,492 | 6,085 | ||||||
| Cash at bank | and in | hand | 88,776 | 322,246 | ||||
| Iotal current | assets | 96,268 | 328,331 | |||||
| Liabilities | ||||||||
| Creditors: amounts | falling | |||||||
| due within | one year | 10 | (51,484) | (47,332) | ||||
| Net current | assets | 44,784 | 280,999 | |||||
| Total assets | less current | liabilities | 9,861,239 | 9,229,979 | ||||
| Funds | ||||||||
| Unrestricted | income | funds: | ||||||
| General reserves | 11 | 5,206,868 | 5,329,540 | |||||
| Revaluation | reserve | 11 | 3,809,722 | 3,088,966 | ||||
| Long term loans reserve | 1'1 | 844,649 | 811,473 | |||||
| Total charity | funds | 9,861,239 | 9,229,979 | |||||
| The financial | statements | were approved | by the board oftrustees | on 19July | 2022 and signed on its behalf by; | |||
| P. Devine | D.Cawdery | |||||||
| Tt | Trustee |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Auditors' | remuneration | from audit work | 4,050 | 4,000 | ||
| Auditors' | remuneration | from non-audit | work | 800 | 800 | |
| and after | crediting: | |||||
| Profit on foreign currencies | 37 | |||||
| Donations | and legacies | 2022 f |
2021f | |||
| Donations | from circles | and provinces | 4,210 | 4,111 | ||
| Donations | from members | 60,048 | 66,021 | |||
| Tax recoverable under |
members' | gift aid | 12,361 | 13,707 | ||
| Legacies | 7,005 | 33,082 | ||||
| 83,624 | 116,921 | |||||
| Investment | income | 2022f | 2021f | |||
| Income from UK listed |
investments | 289,035 | 258,351 | |||
| Bank interest receivable | 1,022 | |||||
| 289,035 | 259,373 |
| Expenditure on raising |
fund | s | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Total E |
Totalf | |||
| Irrvesunent advisers' r.osLs |
13,286 | 11,548 | ||
| Analysis ofcharitable activities |
||||
| (a) Grants and loans | 2022 | 2021 | ||
| Grants and non-secured | loans payable to individuals: | Total E |
Totalf | |
| Grants made | 165,028 | 209,289 | ||
| Non-secured loans made |
663,884 | 455,021 | ||
| 828,912 | 664,310 | |||
| Less: recovered during |
the year | (327,755) | (649,516) | |
| Total net grants and loans |
501,157 | 14,794 | ||
| Number | Number | |||
| Recipients ofgrants only {allto individuals) |
20 | 18 | ||
| (b) Analysis of support | costs | f | ||
| Staff costs (see note 7) | 22,624 | 22,280 | ||
| Telephone | 230 | 253 | ||
| Office expenses | 10,000 | 10,000 | ||
| Exchange {gains)/losses | (37) | |||
| Computer costs |
1,351 | 3,220 | ||
| Bank charges and general expenses | 1,430 | 1,134 | ||
| 35,598 | 36,887 | |||
| (c) Analysis ofgovernance | costs | 2022 | 2021 | |
| E | ||||
| Auditors' remuneration |
—audit work | 4,050 | 4,000 | |
| Auditors' remuneration |
—non audit work | 800 | 800 | |
| Committee expenses |
1,122 | |||
| Profess i o na I fees —legal |
fees | 3,538 | 8,464 | |
| 9,510 | 13,264 | |||
| Total charitable activities expenses |
546,265 | 64,945 |
| Trustees and employees Staff costs were as follows: |
Trustees and employees Staff costs were as follows: |
2022 f |
2021 |
|---|---|---|---|
| Wages and sa | Iaries | 20,953 | 20,643 |
| Socia I security | costs | 1,671 | 1,637 |
| 22,624 | 22,280 |
| (a) Fixed | asset investments | asset investments | Investments | ||
|---|---|---|---|---|---|
| portfolio | |||||
| Valuation | |||||
| At 1April | 2021 | 8,137,507 | |||
| Disposals | (362,565) | ||||
| Net movements in cash held by brokers |
for investment | 428,587 | |||
| Unrealised | gains/(losses) | on revaluation | of investments | 768,277 | |
| At 31March 2022 | 8,971,806 | ||||
| Historical | cost as at 31March 2022. | 5,162,084 | |||
| Historical | cost as at 31March 2021 | 5,048,541 | |||
| All fixed asset investments | are held within the United | Kingdom. |
| The investm | ents ofthe charity at 31 | ents ofthe charity at 31 | ents ofthe charity at 31 | ents ofthe charity at 31 | March | March | 2022 were | 2022 were | 2022 were | as follows: | Cost Market value |
Cost Market value |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Holdings | Description | f | |||||||||||
| 38,000 | Aviva pic | Ord. 25p | 220,721 | 171,798 | |||||||||
| 12,000 | BHP Billiton pic | Ord, NPV (Dl) | 74,390 | 354,240 | |||||||||
| 30,000 | BP pic | Ord. USD 0.25 | 120,740 | 112,605 | |||||||||
| 52,000 | BTGroup pic | Ord. Sp | 98,895 | 94,744 | |||||||||
| 3,690 | CRH | Qrd Eur 0,32 | 101,911 | 113,357 | |||||||||
| 15,000 | Diageo pic | Ord. 28935185 | 38,082 | 579,525 | |||||||||
| 20,000 | Experian pic |
Ord. USD 0.10 | 101,664 | 590,200 | |||||||||
| 21,500 | GlaxoSmithKline | pic | Ord. 25p | 47,387 | 354,148 | ||||||||
| 152,650 | GCP Infrastructure | Investments | Ltd | Ord. 1p | 198,715 | 168,526 | |||||||
| 28,333 | HSBC Holdings pic |
Ord. USD 0.50 | 168,138 | 148,861 | |||||||||
| 144,142 | Lloyds Banking Group | pic | Ord, 10p | 148,371 | 67,833 | ||||||||
| 632,654 | M 5 G Charibond | Inc | 811,070 | 746,722 | |||||||||
| 19,500 | MR G pic | Ord. Sp | 10,933 | 43,134 | |||||||||
| 26,459 | Natwest Grp PLC |
(previously | RBS) | Ord. El | 142,922 | 57,125 | |||||||
| 18,000 | Pearson pic |
Qrd. 25p | 136,108 | 135,108 | |||||||||
| 11,000 | Persimmon pic |
Ord. 10p | 156,126 | 236,610 | |||||||||
| 30,000 | Polar Capital Technology | Trust | pic | Ord. 25p | 30,020 | 683,400 | |||||||
| 19,500 | Prudential pic |
Ord. Sp | 65,770 | 221,130 | |||||||||
| 27,000 | RELX pic | Ord. 14 51/116p | 160,829 | 643,410 | |||||||||
| 6,100 | Rio Tinto pic | Ord. (Reg) 10p | 56,480 | 370,941 | |||||||||
| 5,333 | Severn Trent pic | Ord. 97 17/19p | 43,698 | 164,150 | |||||||||
| 11,000 | Shell Pic | Ord. Euro 0.07 | 251,210 | 231,935 | |||||||||
| 1,000,000 | The Charities Property |
Fund | 1,029,602 | 1,444,400 | |||||||||
| 10,000 | Unilever pic |
Ord. 3 1/9p | 14,300 | 345,500 | |||||||||
| 54,545 | Vodafone Group |
pic | Ord. USD 0.20 20/21 | 109,692 | 68,094 | ||||||||
| Invesunenus | listed on the UK Stock Exchange | 4,337,774 | 8,147,496 | ||||||||||
| Cash held as | part ofthe investment portfolio |
824,310 | 824,310 | ||||||||||
| Total investments as at31March |
2022 | 5,162,084 | 8,971,806 | ||||||||||
| *These items | represent material |
investments | that | are | over 5% by value ofthe | portfolio. | |||||||
| 8. | (b) Programme | related investments | 2022 f |
2021 6 |
|||||||||
| Secured recoverable loans supporting |
the charitable | objectives (see below) | 844,649 | 811,473 | |||||||||
| Analysis ofmovements in secured |
recoverable | loans | is | as below: | |||||||||
| Loans recoverable brought forward |
811,473 | 765,138 | |||||||||||
| Transfers (to)/from non-secured |
loans | 71,150 | 91,535 | ||||||||||
| Repayments | received during the |
year | (37,974) | (45,200) | |||||||||
| Loans recoverable carried forward |
844,649 | 811,473 |
| During the year to 31 March 2022 administration Association Limited as follows: |
expenses were recharged to the charity by Th |
e Catenian |
|---|---|---|
| 2022 f |
2021f | |
| Office Expenses | 10,000 | 10,000 |
| Salaries | 22,624 | 22,280 |
| 32,624 | 32,280 |