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|FORTHE YEAR ENDED 31MARCH 2022||
|---|---|
||Page No.|
|Reference and Administrative
Information||
|Trustees'
Report|4 —9|
|Report ofthe Independent
Auditors|10-13|
|Statement of Financial Activities|14|
|Balance Sheet|15|
|Notes tothe Financial Statements|16-21|
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|Founded 1892:Registered|Charity Number 216438|Charity Number 216438|Charity Number 216438|Charity Number 216438|Charity Number 216438||
|---|---|---|---|---|---|---|
|Reference and Administrative|||information||||
|Patron|||||||
|The Rt Hon Lady (Theresa)|May||MP appointed||October 2020.||
|FInancial Trustees|||||||
|Mr Graham
Park CBE - Chairman|||of Financial Trustees|||until 26October 2021|
|Mr Donald Porter CBEChairman|||of Financial Trustees|||from 26October 2021|
|Mr Charles Barwell OBE|||||||
|SirAnthony
Garrett CBE|||||||
|Mr Brain Hamill appointment||confirmed||on 26October 2021|||
|The Baroness (Emma) Pidding||CBE|||||
|Mr John Watson OBE|||||||
|Officers|||||||
|President|||||||
|SirAnthony
Garrett CBE|||||||
|HonoraryTreasurer|||||||
|Mr James Cockram|||||||
|Honorary Secretary|||||||
|Mrs Sally Smith MBE BA|||||||
|Appointed
Registrar|||||||
|Mr Andrew
Varney|||||||
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|Cooper Parry Group Umited|Cooper Parry Group Umited|
|---|---|
|Statutory Auditor||
|Cubo Birmingham||
|Office401, 4~ Floor||
|Two Chamberlain|Square|
|Birmingham||
|B33AX||
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||||||2022|2021|
|---|---|---|---|---|---|---|
||||||Total|Total|
||||||Unrestricted|Unrestricted|
||||||funds|funds|
|||||Note|E|E|
|Income and endowments|||from:||||
|Donations
and|legacies||||4,612|11,820|
|Other trading|activities||||6,557||
|investments|||||22,026|39,626|
|Total|||||33,195|51,446|
|Expenditure
on:|||||||
|Raising funds|||||12,052|17,260|
|Charitable
activities|||||256,449|256,228|
|Total|||||268,501|273,488|
|Net expenditure|||||(235,306)|(222,042)|
|Other recognised gains|||and losses||||
|Gains on investment||assets|||153,685|403,238|
|Net movement|in funds||||(81,621)|181,196|
|Recondliation|offunds||||||
|Total funds brought||forward at 1April|||||
|2021|||||2,152,411|1,971,215|
|Total funds carried||forward at 31|||||
|March 2022|||||2,070,790|2,152,411|
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|Notes|tothe FInancial Statements forthe year ended S1March 2022 {continued)|tothe FInancial Statements forthe year ended S1March 2022 {continued)||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||f)|Investments||||||||||
|||Investments
are shown
in the balance sheet at mid-market
value.||||||||||
|||All income from investments
isaccrued.||||||||||
|||Realised investment
gains are the surplus ofproceeds of realisation||over market|||value||at the previous|||
|||year end orcost ofpurchase
during the year, after charging costs ofsale.||||||||||
|||Unrealised
investment
gains or losses are the difference between costofpurchase or carrying value at||||||||||
|||previous balance sheet date and year end balance sheet value after|adjusting|||for disposals.||||||
||g)|Cash||||||||||
|||Cash is represented
by cash in hand and deposits with financial
institutions|||repayable||||without|penalty||
|||on notice ofnot more than 24 hours.||||||||||
||h)|Debtors and Creditors||||||||||
|||Debtors
and creditors
with
no stated
interest
rate and
receivable||or payable|||within
one year||||are|
|||recorded attransaction
price.||||||||||
||i)|Foreign currendes||||||||||
|||Overseas
investments
are converted
into sterling at the exchange||rates ruling|||at the||year end.||Cost|
|||values are shown at the exchange rates ruling at the date ofpurchase.||||||||||
||j)|Taxation||||||||||
|||The Association, asa charity,
is not subject totax and is able to reclaim tax deducted||||||at source.||||
||k)|Finandal
instruments||||||||||
|||The trust
only has financial
assets and financial
liabilities
of a|kind that|||qualify||as basic financial||||
|||instruments.
Basic financial
instruments
are initially
recognised at|transaction|||value||and subsequently||||
|||measured
at their settlement
value.||||||||||
||I)|Funds||||||||||
|||All funds are unrestricted.||||||||||
|S|jUDGEMENTS IN APPLYING ACCOUNTING
POUCIES AND KEYSOURCES OF ESTIMATION UNCERTAINTY|||||||||||
||Estimates and judgements
are continually
evaluated
and are based on historical experience and other|||||||||factors,||
||including
expectations
offuture events that are believed to be reasonable||under the|||circumstances.||||||
||Critical accounting estimates and assumptions:|||||||||||
||The charity makes estimates
and assumptions
concerning the future. The||resulting||accounting||||estimates||will,|
||by definition,
seldom equal the related
actual results. The trustees do not believe||||there are any assumptions|||||||
||that have a significant
risk of causing a material
adjustment
to the carrying|||amounts|||of assets and liabilities|||||
||within the next financial year are addressed
below.|||||||||||
|4|INCOME FROM DONATIONS
AND LEGACIES|||||||||||
|||||||2022|||||2021|
||||||||E||||E|
|||Members'
subscription
&other donations||||4,612|||||11,820|
|5|INCOME FROM OTHER TRADING ACTIVITIES|INCOME FROM OTHER TRADING ACTIVITIES|INCOME FROM OTHER TRADING ACTIVITIES|INCOME FROM OTHER TRADING ACTIVITIES|||
|---|---|---|---|---|---|---|
||||||2022f|2021
f|
||Contributions||towards
AGM||6,557||
|6|INVESTMENT|INCOME|||||
||||||2022f|2021
f|
||Listed investments||||22,026|39,626|
|7|EXPENDITURE||ON RAISING FUNDS||||
||||||2022
f|2021f|
||Investment|management||fees|12,007|16,979|
||Interest||||45|281|
||||||12,052|17,260|
|8|EXPENDITURE||ON CHARITABLE ACTIVITIES||||
||||||2022|2021|
||||||f|f|
||Grants made||(note 9)||216,327|225,534|
||Governance||cost (note 10)||40,122|30,694|
||||||256,449|256,228|
|Note
|s tothe Finandal Statements forthe year ended 31March 2022 (continued)|||
|---|---|---|---|
|9|GRANTS AWARDED|||
||All grants awarded
in the year have been made to individuals.|||
||The grants awarded
during the year can be categorised as follows:|||
||Type ofGrant|2022|2021|
|||E|E|
||Special grants|158,656|147,250|
||Monthly grants
TVlicence grants|42,588|58,141
575|
||First seasonal grants
Second seasonal grants|4,157
5,099|3,849
4,751|
||Newspapers
grants
Discretionary
grants|1,345
4,482|2,162
8,806|
|||216,327|225,534|
|10|GOVERNANCE COSTS|||
|||2022|2021|
|||E|E|
||Secretarial and office
Audit fees|30,222
9,900|21,694
9,000|
|||40,122|30,694|
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|Fund, holding 60,778.430units|at a|m|arket value ofE2,|039,724.|||
|---|---|---|---|---|---|---|
||||||2022|2021|
||||||E|E|
|Market value at 1April 2021|||||2,121,563|1,934,304|
|Additions|||||2,327,881|902,896|
|Disposals|||||(2,547,904)|(1,076,250)|
|Movement
in capital account|||||(15,501)|(42,625)|
|Net realised investment
gains|/ (losses)||||253,528|105,518|
|Net unrealised
investment
gains|||||(99,843)|297,720|
|Market value at 31March 2022|||||2,039,724|2,121,563|
|Historical cost at 31March 2022|||||2,139,566|1,605,957|
|Income and accumulation
managed|||funds||2,039,724||
|United
Kingdom
listed investments||||||708,479|
|Overseas listed investments||||||1,319,545|
|United
Kingdom cash deposits||||||15,501|
|Interest
in freehold property||||||78,038|
|Market value at31March 2022|||||2,039,724|2,121,563|
|Individual
holdings at 31March|2022||in excess of5%of|the portfolio value was|as follows:||
|Holding
Investment|||||2022|2021|
||||||E|E|
|60,778.430|||||||
|(2021:Nil)
Rothschild|&Co||New Court Fund||2,039,724||
|Nil (2021:840)
Findlay Park Fds||||||100,337|
|The fund manager's
latest factsheet||can be found here||which includes a review|ofhistoric performance|and an|
|analysis ofthe underlying
holdings||and allocations ofthe New Court Fund 6BP.|||||
|DEBTORS|||||||
||||||2022|2021|
||||||E|E|
|Accrued income||||||9,299|
|LIABIUTIES —amounts
falling due within one year|||||||
||||||2022|2021|
||||||E|E|
|Accruals|||||9,928|9,600|
##
|14|FINANCIAL|INSTRUMENTS||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||E|E|
||Financial|assets||||
||Financial|assets measured at fair value through|profit and loss|2,080,371|2,152,712|
##
|ECONCIUATION
OF MOVEMENT IN TOTAL FUNDS|||
|---|---|---|
||2022|2021|
||E|E|
|At 1April 2021|2,152,411|1,971,215|
|Net deficit for the year|(235,306)|(222,042)|
|Gains on investments|153,685|403,238|
|At 31March 2022|2,070,790|2,152,411|
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