##
||||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||||
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|||||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|
##
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|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|