| 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 | (Vice Chairman) | ||||||||||||
| R.M.S.Allanson | |||||||||||||
| D.C. Brinkley | |||||||||||||
| J.H. Col liga n | |||||||||||||
| 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.Cawdery | Trustee | |||||||||||
| T. Ryan | Retired | stockbroker | |||||||||||
| Independent | auditors | Cocke, Vellacott &. Hill |
|||||||||||
| Unit 28 City | Business Centre | ||||||||||||
| Lower Road | |||||||||||||
| LONDON SE162XU | |||||||||||||
| Bankers | The Co-operative | Bank | p.l.c | ||||||||||
| P.O. Box101 | |||||||||||||
| 3rd Floor, 1 | Balloon Street | ||||||||||||
| Manchester | M60 4EP | ||||||||||||
| 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 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| Notes | E | E | |||
| Income from: | |||||
| Donations and |
legacies | 72,301 | 83,624 | ||
| Investment income |
355,462 | 289,035 | |||
| Total income | 427,763 | 372,659 | |||
| Expenditure on: |
|||||
| Raising funds | (12,986) | (13,286) | |||
| Charitable activities |
(257,145) | (546,265) | |||
| Tota I expenditure |
(270,131) | (559,551) | |||
| Net gains/(losses) | on disposal of investments | at book cost | (16,343) | 49,875 | |
| Net income/(expenditure) | 141,289 | (137,017) | |||
| Other recognised | gains and losses | ||||
| Unrealised gains/ |
(losses) on investments | (481,760) | 768,277 | ||
| Net movement in |
funds | (340,471) | 631,260 | ||
| Reconciliation of |
funds | ||||
| Total funds brought forward | 9,861,239 | 9,229,979 | |||
| Total funds carried forward | 9,520,768 | 9,861,239 |
| 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | f | |||||||
| Fixed assets | ||||||||
| Investments | ||||||||
| Investments | 8 (a) | 8,166,178 | 8,971,806 | |||||
| Programme | related investments | 8 (b) | 1,211,647 | 844,649 | ||||
| Tota I fixed assets | 9,377,825 | 9,816,455 | ||||||
| Current assets | ||||||||
| Debtors | 1,494 | 7,492 | ||||||
| Cash at bank | and in |
hand | 162,484 | 88,776 | ||||
| Total current | assets | 163,978 | 96,268 | |||||
| Liabilities | ||||||||
| Creditors: amounts | falling | |||||||
| due within | one year | 10 | (21,035) | (51,484) | ||||
| Net current assets | 142,943 | 44,784 | ||||||
| Total assets | less current | liabilities | 9,520,768 | 9,861,239 | ||||
| Funds | ||||||||
| Unrestricted | income | funds: | ||||||
| General reserves | 11 | 4,981,159 | 5,206,868 | |||||
| Revaluation | reserve | 11 | 3,327,962 | 3,809,722 | ||||
| Long term loans reserve | 11 | 1,211,647 | 844,649 | |||||
| Total charity | funds | 9,520,768 | 9,861,239 |
| Net income/(expenditure) | Net income/(expenditure) | ||||||
|---|---|---|---|---|---|---|---|
| Net income/(expenditure) | is stated after charging: | 2023 f |
2022f | ||||
| Auditors' | remuneration | from audit work | 4,070 | 4,050 | |||
| Auditors' | remuneration | from non-audit | work | 800 | 800 | ||
| and after | crediting: | ||||||
| Profit on | foreign currencies | ||||||
| Donations | and legacies | 2023 f |
2022 E |
||||
| Donations | from circles and | provinces | 2,610 | 4,210 | |||
| Donations | from members | 56,925 | 60,048 | ||||
| Tax recoverable under members' |
gift aid | 11,766 | 12,361 | ||||
| Legacies | 1,000 | 7,005 | |||||
| 72,301 | 83,624 | ||||||
| Investment income |
2023 | 2022 | |||||
| f | E | ||||||
| Income from UK listed investments |
355,462 | 289,035 | |||||
| 355,462 | 289,035 |
| Expenditure on raising |
f | unds | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Total f |
Totalf | |||
| Investment advisers' costs |
12,986 | 13,286 | ||
| Analysis ofcharitable activities |
||||
| (a) Grants and loans | 2023 | 2022 | ||
| Grants and non-secured | loans payable to individuals: | Total f |
Totalf | |
| Grants made | 174,289 | 165,028 | ||
| Non-secured loans made |
488,426 | 663,884 | ||
| 662,715 | 828,912 | |||
| Less: recovered during the year |
(466,774) | (327,755) | ||
| Total net grants and loans | 195,941 | 501,157 | ||
| Number | Number | |||
| Recipients ofgrants only |
(all to individuals) | 19 | 20 | |
| (b) Analysis of support | costs | f | f | |
| Staff costs (see note 7) | 22,555 | 22,624 | ||
| Telephone | 300 | 230 | ||
| Office expenses | 10,000 | 10,000 | ||
| Exchange (gains)/losses | (37) | |||
| Computer costs |
1,736 | 1,351 | ||
| Bank charges and general expenses | 2,749 | 1,430 | ||
| 37,340 | 35,598 | |||
| (c) Analysis of governance costs |
2023 f |
2022f | ||
| Auditors' remuneration |
—audit work | 4,070 | 4,050 | |
| Auditors' remuneration |
—non audit work | 800 | 80Q | |
| Committee expenses |
3,347 | 1,122 | ||
| Professional fees —legal | fees | 15,647 | 3,538 | |
| 23,864 | 9,51Q | |||
| Total charitable activities expenses |
257,145 | 546,265 |
| Trustees and employees Staff costs were as follows: |
Trustees and employees Staff costs were as follows: |
2023 f |
2022f |
|---|---|---|---|
| Wages and sa | laries | 21,372 | 20,953 |
| Socialsecurity | costs | 1,183 | 1,671 |
| 22,555 | 22,624 |
| (a) Fixed | asset investments | asset investments | Investments | ||
|---|---|---|---|---|---|
| portfolio | |||||
| Valuation | f | ||||
| At1April | 2022 | 8,971,806 | |||
| Additions | 54,986 | ||||
| Disposals | (54,986) | ||||
| Net movements in cash held by brokers |
for investment | (323,868) | |||
| Unrealised | gains/(losses) | on revaluation | of investments | (481,760) | |
| At 31March 2023 | 8,166,178 | ||||
| Historical | cost as at 31March 2023. | 4,838,217 | |||
| Historical | cost as at31March 2022 | 5,162,084 | |||
| All fixed asset investments | are held within the United | Kingdom. |
| The investm Holdings |
ents ofthe charity at Description |
ents ofthe charity at Description |
31March | 31March | 31March | 2023 were | 2023 were | 2023 were | as follows: | Cost f Market value f |
Cost f Market value f |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 28880 | Aviva pic | Ord. 0.328947368 | 220,721 | 116,733 | ||||||||
| 12,000 | BHP Billiton pic | Ord. NPV (Dl) | 66,237 | 307,140 | ||||||||
| 30,000 | BP pic | Ord. USD 0.25 | 120,740 | 153,240 | ||||||||
| 52,000 | BTGroup pic | Ord. Sp | 98,895 | 75,816 | ||||||||
| 3,690 | CRH | Ord Eur 0.32 | 101,911 | 150,607 | ||||||||
| 15,000 | Diageo pic | Ord. 28935185 | 38,082 | 542,100 | ||||||||
| 20,000 | Experian pic |
Ord. USD 0.10 | 101,664 | 532,000 | ||||||||
| 17,200 | GSK pic | Ord. 0.3125 | 38,291 | 245,788 | ||||||||
| 152,650 | GCP Infrastructure | Investments | Ltd | Ord. 1p | 198,715 | 130,058 | ||||||
| 21,500 | Haleon pic |
Ord. 1.25p | 9,096 | 69,230 | ||||||||
| 28,333 | HSBC Holdings pic |
Ord. USD 0.50 | 168,138 | 155,746 | ||||||||
| 144,142 | Lloyds Banking Group | pic | Ord. 10p | 148,371 | 68,727 | |||||||
| 632,654 | M R.G Charibond | Inc | 811,070 | 693,073 | ||||||||
| 19,500 | MRG pic | Ord. Sp | 10,933 | 38,610 | ||||||||
| 24,569 | Natwest Grp PLC (previously |
RBS) | Ord.107.69p | 142,922 | 64,764 | |||||||
| 18,000 | Pearson pic |
Ord. 25p | 136,108 | 151,992 | ||||||||
| 11,000 | Persimmon pic |
Ord. 10p | 156,126 | 138,160 | ||||||||
| 30,000 | Polar Capital Technology | Trust | pic | Ord. 25p | 30,020 | 600,000 | ||||||
| 19,500 | Prudential pic |
Ord. Sp | 65,770 | 214,890 | ||||||||
| 27,000 | RELX pic | Ord. 14 51/116p | 160,829 | 706,860 | ||||||||
| 6,100 | Rio Tinto pic | Ord. (Reg) 10p | 56,480 | 334,158 | ||||||||
| 5,333 | Severn Trent pic | Ord. 655/19 | 43,698 | 153,537 | ||||||||
| 11,000 | Shell Pic | Ord. Euro 0.07 | 251,210 | 253,935 | ||||||||
| 1,000,000 | The Charities Property |
Fund | 1,029,602 | 1,261,600 | ||||||||
| 10,000 | Unilever pic |
Ord. 3 1/9p | 14,300 | 419,000 | ||||||||
| 54,545 | Vodafone Group pic | Ord. USD 0.20 20/21 | 109,692 | 48,709 | ||||||||
| 2,168 | Woodside Energy |
Group | Ltd | Ord NPV (Dl) | 8,153 | 39,262 | ||||||
| Investments | listed on the UK Stock Exchange | 4,337,774 | 7,665,735 | |||||||||
| Cash held as part ofthe investment portfolio |
500,443 | 500,443 | ||||||||||
| Total investments as at 31March |
2023 | 4,838,217 | 8,166,178 | |||||||||
| *These items | represent material |
investments | that | are | over 5% by value ofthe | portfolio. | ||||||
| 8. | (b) Programme | related investments |
2023 f |
2022f | ||||||||
| Secured recoverable loans supporting |
the charitable | objectives (see below) | 1,211,647 | 844,649 | ||||||||
| Analysis ofmovements in secured |
recoverable | loans | is | as below: | f | f | ||||||
| Loans recoverable brought forward |
844,649 | 811,473 | ||||||||||
| Transfers (to)/from non-secured |
loans | 418,139 | 71,150 | |||||||||
| Repayments | received during the | year | (51,141) | (37,974) | ||||||||
| Loans recoverable carried forward |
1,211,647 | 844,649 |
| Debtors | 2023 | 2022 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| f | f | ||||||||||||||
| Income tax recoverable | 1,494 | 2,492 | |||||||||||||
| Other debtors | 5,000 | ||||||||||||||
| 1,494 | 7,492 | ||||||||||||||
| Creditors: amounts | falling due | ||||||||||||||
| within one year | 2023 | 2022 | |||||||||||||
| f | |||||||||||||||
| Amounts due |
to | related | companies * | 32,490 | |||||||||||
| Accruals and | deferred | income | 21,035 | 18,994 | |||||||||||
| 21,035 | 51,484 | ||||||||||||||
| * The related | company | referred to above | isThe | Catenian | Association | Limited (see note 12 | for more | details). | |||||||
| Unrestricted | funds | At | At | ||||||||||||
| 1April | Incoming | Outgoing | Gains & | 31March | |||||||||||
| 2022 | resources | resources | losses | Transfers | 2023 | ||||||||||
| f | f | f | f | f | f | ||||||||||
| General purpose | income | fund | 5,206,868 | 427,763 | (270,131) | (16,343) | (366,998) | 4,981,159 | |||||||
| Investment revaluation |
reserve | 3,809,722 | (481,760) | 3,327,962 | |||||||||||
| Long term loans | reserve | 844,649 | 366,998 | 1,211,647 | |||||||||||
| 9,861,239 | (53,997) | (270,131) | (16,343) | 9,520,768 |
| During the year to 31 March 2023 administration Association Limited as follows: |
expenses were recharged to the charity by Th |
e Catenian |
|---|---|---|
| 2023 | 2022 | |
| f | f | |
| Office Expenses | 10,000 | 10,000 |
| Salaries | 22,555 | 22,624 |
| 32,555 | 32,624 |