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2021-03-31-accounts

Charity Registration Number: 219783

THE CARLTON HAYES MENTAL HEALTH CHARITY

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE CARLTON HAYES MENTAL HEALTH CHARITY

CONTENTS

Page
Trustees’ report 1 – 4
Independent examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

THE CARLTON HAYES MENTAL HEALTH CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s governing document, the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Accounting and Reporting by Charities: Statement of Recommended Practice for charities applying FRS 102 (2019).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 (2019) rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

REFERENCE AND ADMINISTRATIVE DETAILS

Elected Trustees Mr M Newcombe Chairman
Ms M Bradley Vice-Chair to 1 July 2021
(resigned 7 October 2021)
Mrs R Stembridge Vice-Chair from 1 July 2021
Councillor W Liquorish (resigned 4 June 2021)
Councillor E Cassidy (resigned 1 October 2021)
Councillor A Lowe (resigned 11 March 2021)
Councillor R Joshi
 (appointed 1 October 2021)
Councillor G Waller (appointed 17 May 2021)
Councillor N Bannister (appointed 4 June 2021)
Co-opted Trustees Mr R Foster
Dr P Campling (resigned 8 October 2020)
Mr A Kataria
Dr S Smith (appointed 11 March 2021)
Mrs C Eastwood (appointed 1 July 2021)
Clerk to the Trustees Mr M K Dunkley
Charity number 219783
Principal office Two Colton Square
Leicester
LE1 1QH
Telephone: 0116 2545454
Bank CafCash Ltd
PO Box 289
West Malling
ME19 4TA
Investment advisors CCLA Investment Management Limited
80 Cheapside
London
EC2V 6DZ
Independent examiner C J Castleman
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Solicitor Shakespeare Martineau LLP
Two Colton Square
Leicester
LE1 1QH

THE CARLTON HAYES MENTAL HEALTH CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

OBJECTIVES AND ACTIVITIES

Objects

The objectives of the Charity as stated in the Governing Document are as follows:

The income and capital must be applied for the relief of poor persons who are experiencing or who have experienced mental health problems and who are resident in the City of Leicester and the Counties of Leicestershire and Rutland by the provision of grants, donations or in other ways that the Trustees shall from time to time determine.

Main activities

The Charity’s principal activity continues to be that of providing grants for the benefit of poor persons who are experiencing or who have experienced mental health problems and who are resident in the area of benefit. Grants are made for the benefit of qualifying recipients within the private and voluntary sector including the charitable arm of the Leicestershire Partnership NHS Trust. Grants are not made for costs that in the view of the Trustees should be met from public funds.

Grant making policy

The Charity receives applications for grants which are considered by the Trustees at their meetings. Feedback reports are regularly received and are monitored by the Trustees. The policy of the Charity is that grants must normally be drawn down within twelve months of the award notification unless otherwise agreed and successful grant applicants are advised of this when notified of the success of their bids. No funds of the Charity may be provided for the relief of rates, taxes or other public funds.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commissioner’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policies.

The Trustees fulfil their obligations by making such grants to other charitable bodies registered and otherwise, which in the opinion of the Trustees provide public benefit.

ACHIEVEMENTS AND PERFORMANCE

Main achievements for the year

The Board of Trustees have continued to meet regularly during the COVID-19 pandemic over Zoom so that the decision-making progress was not hindered. Despite the impact that the pandemic has had on the operational day to day running of the Charity, activity levels have been maintained and remain consistent with the charitable objectives. The Charity maintained its longstanding programme of supporting smaller grant application bids from voluntary organisations and larger grant application bids which are defined as being in excess of approximately £10,000. A detailed listing of all institutions supported is itemised on page 11 and the feedback we receive from the projects supported is most encouraging.

During the year the Trustees awarded a block grant to Raising Health in the sum of £55,000. Raising Health is the charitable arm of the Leicestershire Partnership NHS Trust and is an independently registered charity (No 1057361). The block grant is subject to terms and conditions of a service level agreement. The funds are ringfenced by Raising Health for the purposes of our charitable objectives and regular and detailed feedback as to how the funds are spent are given to the Trustees as provided for in the agreement. No administration costs are chargeable by Raising Health from the funds awarded to it.

The Trustees also awarded Leicester Charity Link with two block grants during the year, being a grant in the sum of £30,000 and a further grant in the sum of £40,000. This latter grant was an additional award made by the Trustees to help the Charity respond to the pandemic during such an exceptional period. Leicester Charity Link is a local organisation that is recognised for its excellent work with people suffering from mental health problems and poverty. Although administration costs are taken from the funds awarded, Leicestershire Charity Link carry out all the necessary due diligence that would otherwise be charged for by Shakespeare Martineau.

Another significant beneficiary during the year was Leicestershire Action for Mental Health Project (LAMP), who secured a grant in the sum of £20,000 towards the cost of upgrading their telephone and digital advocacy platform. Further, The Bridge Homelessness to Hope which is a local registered charity that uses arts and recreational activities to help homeless and vulnerable adults improve their mental wellbeing secured a grant in the sum of £23,305 being the balance of a two-year bid.

THE CARLTON HAYES MENTAL HEALTH CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

FINANCIAL REVIEW

The Charity has invested the majority of its funds with CCLA Investment Management Limited and has established a routine of receiving quarterly reports from, and an annual review meeting with, its investment manager. Investment income for the year fell from £196,147 to £191,593 which was largely due to the COVID-19 pandemic and was in line with our investment advisors’ predictions.

We awarded grants to 13 organisations during the year in the sum of £226,870 and it is hoped that with more publicity we can attract a wider recognition. The total grant expenditure this year was however in excess of the sum we would ordinarily award (when compared to investment income) because the Trustees took the view to help wherever possible in exceptional circumstances.

A summary of the financial results for the year are detailed in the Statement of Financial Activities on page 6. Overall, net income for the year amounted to £783,553, which includes a significant unrealised gain in the sum of £836,600 on the revaluation of investments, resulting in total reserves increasing from £5,214,814 to £5,998,367 as at 31 March 2021.

Reserves policy

All of the Charity’s funds are classified as unrestricted.

The Charity’s free reserves are defined as total funds excluding fixed asset investments. Free reserves at 31 March 2021 amounted to £107,805 (2020 - £160,852). It is the policy of the Trustees to manage the reserves in such a way as to retain and maintain a sufficient sum within free reserves to meet anticipated grant bids at the designated mid-year Trustee meeting and this target has been met.

Fixed assets investment policy

The assets of the Charity are held for charitable purposes within the terms of the governing document. Details of investments are shown in note 8 to the financial statements.

The Statement of Investment Principles is set by the Trustees and reviewed regularly to take account of funding requirements. Investments held by the Charity are held in accordance with the powers conferred by the Trustee Act 2000. The Trustees have appointed CCLA to manage their investments on a discretionary basis and responsibility for investments is delegated to an investment manager.

Investment Principles to be observed by the investment manager

The basic principles governing investment is that capital must be kept intact in real terms and only income may normally be distributed. It is, therefore, inappropriate to invest in very low yielding investments. At 31 March 2021 approximately £5,104,000 was invested in the COIF Ethical Investment Fund and approximately £787,000 in the COIF Property Fund.

The investments in the COIF Ethical Investment Fund are made in accordance with ethical constraints. The Fund has a wide range of ethical restrictions and is advised by an ethical advisory group that assists in the development of the Fund’s ethical investment policy. Investments in companies with unacceptable environmental, social and governance behaviour are avoided. The ethical restrictions are those prioritised by investors and include companies which derive more than 10% of their revenue from alcohol, gambling and tobacco.

The investment manager monitors performance against suitable benchmarks as agreed and reviewed periodically by all the Trustees. The Clerk and Rachael Stembridge closely monitor the performance on a quarterly basis and monthly investment reports are circulated to all Trustees. A representative of the investment manager attends one of the regular meetings of the Trustees each year, normally in the autumn.

The ongoing fundamental principle is to have a medium/low risk strategy of investing prudently and cautiously in a broad range of investments. Surplus cash will be invested in banks or other financial institutions offering competitive market interest rates for Charity investment. The actual returns achieved this year are above the target annual investment return of £180,000.

THE CARLTON HAYES MENTAL HEALTH CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

PLANS FOR FUTURE PERIODS

As a mental health Charity, the Trustees are conscious of the profound impact of the COVID-19 pandemic on mental health. Fortunately, there is now greater awareness of the increasingly complex mental health issues in society through the media. We continue to endeavour to strengthen our links with and understanding of the challenges facing the provision of mental health services in Leicester, Leicestershire and Rutland. In this way the Trustees will be as prepared as possible to respond positively to bids received which fall within the purpose of the Charity such that people get the best possible support from a range of services.

We have plans to refresh and upgrade our website which should hopefully encourage an increase in the number of bids from as wide a spectrum as possible and will enable us to support emerging needs. Furthermore, as part of good governance, the Trustees plan to undertake a detailed review of the key policies and procedures that are in place to ensure they are robust, relevant and up to date and we aim to develop the strategic plan that has been established in more recent years.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a registered Charity and is governed by Schemes of the Charity Commission dated 1907, 1951, 1973 and 2014 as amended by resolutions dated 12 October 2012 and 20 March 2013. Following the resolution dated 20 March 2013 the Charity is now known as The Carlton Hayes Mental Health Charity.

Appointment of Trustees

The Trustees who served during the year and up to the date of this report are set out on page 1.

As amended by a resolution dated 12 October 2012, the body of the Trustees will consist of six competent persons nominated and appointed in consultation with the NHS and the local authorities of the City of Leicester and the Counties of Leicestershire and Rutland. Elected Trustee members will be appointed for an initial period of four years in each case.

In addition, up to four additional Trustees can be co-opted by the body of Trustees to expand upon and capitalise on a wider knowledge of the body of Trustees. Co-opted Trustees will be appointed for an initial period of three years in each case. We are actively seeking to recruit Trustees currently working within the mental health sphere, whether in the NHS or voluntary sector.

Trustee recruitment, induction and training

New Trustees are generally chosen from appropriate backgrounds such that they possess relevant knowledge on the publicly funded and voluntary mental health sectors whilst contributing to the diversity of the Board members. On appointment, new Trustees are briefed about the Charity, their role within the Charity and knowledge of the governing document. The Trustees also periodically review the need for any training requirements throughout the organisation.

Organisation structure

The administration of the Charity is undertaken by the Clerk to the Trustees. The work of Mark Dunkley (formerly a Member of Shakespeare Martineau LLP and now a consultant) and assisted by Helen Pole (also of Shakespeare Martineau LLP) is recognised by the Trustees as a key element in enabling them to perform effectively on behalf of the Charity and these accounts provide the opportunity to thank them both for their commitment and support.

The Trustees ordinarily meet three times a year to consider and award grant applications and to review the management of the Charity and its funds. Additional meetings are held if the Trustees consider it necessary. During the financial year these meetings successfully moved online to protect people from the pandemic but post year end meetings have now reverted to “in person”. Similarly, the Trustees held online meetings during the year with those organisations bidding for funds so as to enable us to carry out our work but the Trustees hope to revert back to site visits “in person” in the future.

Risk management

The Trustees have reviewed all the major risks faced by the Charity, including the impact of the COVID-19 pandemic, and procedures have been established to manage those risks.

This report was approved by the Board of Trustees on 19 October 2021 and signed on its behalf by:

Mr M Newcombe - Chairman of Trustees

THE CARLTON HAYES MENTAL HEALTH CHARITY

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CARLTON HAYES MENTAL HEALTH CHARITY

I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021 which are set out on pages 6 to 14.

Responsibilities and basis of report

As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. The accounts do not accord with those records; or

  3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

Your attention is to drawn to the fact that the Charity has prepared the accounts in accordance with the “Accounting and Reporting by Charities”: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 (2019) in preference to “Accounting and Reporting by Charities”: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2016.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

CJ Castleman FCA (Independent Examiner) Newby Castleman LLP Chartered Accountants West Walk Building 110 Regent Road Leicester, LE1 7LT

20 October 2021

THE CARLTON HAYES MENTAL HEALTH CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
Income from: Note £ £
Investments 3 191,593 196,147
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Total 191,593 196,147
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Expenditure on:
Charitable activities 4 244,640 194,235
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Total 244,640 194,235
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Net gains (losses) on investments 8 836,600 (178,983)
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Net income (expenditure)/Net movements in funds 783,553 (177,071)
Reconciliation of funds:
Total funds brought forward 5,214,814 5,391,885
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Total funds carried forward 5,998,367 5,214,814
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All income and expenditure derive from continuing activities.

All funds are unrestricted.

THE CARLTON HAYES MENTAL HEALTH CHARITY

BALANCE SHEET AS AT 31 MARCH 2021

2021
2020
Notes £ £ £ £
Fixed assets:
Investments 8 5,890,562 5,053,962
Current assets:
Debtors 9 125,697 48,708
Cash at bank and in hand 43,493 147,058
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169,190 195,766
Liabilities:
Creditors: amounts falling due within 10 61,385 34,914
one year ÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄ
Net current assets 107,805 160,852
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Total net assets 5,998,367 5,214,814
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The funds of the charity
Unrestricted funds 5,998,367 5,214,814
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The notes on pages 8 to 14 form part of these financial statements.

The financial statements were approved and authorised for issue by the Board of Trustees on 19 October 2021 and signed on its behalf by:

Mr M Newcombe

Chairman of Trustees

THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

Charity information

The Carlton Hayes Mental Health Charity is governed by a Scheme of the Charity Commission.

1.1

Basis of preparation

The Charity constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice for Charities applying FRS 102 (2019), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 (2019) rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for any other purposes.

1.4

Income recognition

Investment income is recognised when the Charity is legally entitled to it, its receipt is probable and the amount receivable can be measured reliably.

1.5 Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates:

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities for its beneficiaries.

THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

1. Accounting policies (continued)

1.5 Expenditure recognition (continued)

Unconditional grants awarded are recognised as liabilities in the financial statements when the award of the grant has been communicated to the recipient. The communication gives the recipient reasonable expectation that they will receive the grant. The full amount is recognised for multi-year grants unless conditions of substance apply to payments falling due after the reporting date.

Grant payments are made to recipients retrospectively which is ordinarily when invoiced by the recipient and when supporting evidence of costs incurred have been provided. Grants which have not been invoiced after a period of twelve months are normally cancelled and derecognised in the financial statements unless otherwise agreed.

1.6 Support costs

Support costs are those overhead costs not directly incurred in the delivery of the Charity’s objectives and include governance costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.

1.7 Investments

Fixed asset investments are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date. Holdings in the COIF Charities Ethical Investment Fund and the COIF Charity Property Fund are valued either using mid-market prices or alternatively based on the net asset value of a unit.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Investment management costs are deducted from capital because it is not practicable to ascertain the actual costs charged.

1.8 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

1.10 Taxation

The Charity is a Registered Charity and thus exempt from taxation on its income and capital gains to the extent that these are applied to its charitable objects.

THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

2. Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees do not consider there to be any key sources of estimates or uncertainty that have a significant effect on the amounts recognised in the financial statements.

3. Income from investments
2021 2020
£ £
Dividends from COIF Charity Funds 191,593 196,113
Bank and other interest - 34
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191,593 196,147
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4. Expenditure on Charitable activities
2021 2020
£ £
Grant giving (note 5) 226,870 176,427
Support costs (note 6) 17,770 17,808
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244,640 194,235
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THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5. Grant giving

Grants awarded during the year to institutions providing care and support to people with mental illness are analysed below:

mental illness are analysed below:
2021 2020
£ £
Active Wesley Hall - 16,000
Advance Housing and Support Limited (Melton and Hinckley)
4,470		 2,089
Ananda9 Limited 9,900 -
Centre for Fun & Families Limited (CFF) 10,000 4,900
Home-Start Horizons - 5,000
Leicester Charity Link – (helping vulnerable people) 70,000 30,000
Leicester Rape Crisis - 3,900
Leicestershire Action for Mental Health Project (LAMP) 20,000 -
Leicestershire Partnership NHS Trust (LPT) - (10,266)
Little Bird SOS 16,000 -
Mosaic - 1,500
Norton Housing & Support - 4,500
OCD Action - 3,955
Peter Le Marchant Trust 3,000 -
Raising Health – Leicestershire & Rutland’s Community
and Mental Health Charity 55,000 55,000
Schizophrenic Support Group - 2,000
Shama Women’s Centre - 31,000
The Spark Arts for Children 3,000 -
The Bridge Homelessness to Hope 23,305 22,625
The Quetzal Project 4,880 -
Twenty-Twenty - 5,000
Children’s Hospital School Leicester 2,400 -
You in Mind 4,915 -
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226,870 177,203
Headway Leicestershire, Leicester and Rutland - (776)
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226,870 176,427
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Grants reconciliation
Grant creditor at 1 April 2020 25,200 39,825
Grants approved during the year 226,870 187,469
Grants cancelled during the year - (11,042)
Grants paid during the year
 (198,785) (191,052)
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Grant creditor at 31 March 2021 (note 10) 53,285 25,200
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THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

6.

Support costs 2021 2020
£ £
Clerk’s administration fees 14,400 14,400
Website fees - 48
Bank charges 70 60
Governance costs:
Independent Examiner’s fees 3,300 3,300
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17,770 17,808
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All support costs have been allocated to grant making activities.

7. Trustees and employees

No remuneration or expenses were paid to Trustees in the year (2020 - £nil).

There were no staff costs during the year.

8. Fixed asset investments

Fixed asset investments
2021 2020
£ £
Listed investments in unit trusts:
Fair value at 1 April 2020 5,053,962 5,225,878
Additions - 4,446,340
Disposals - (4,439,273)
Gains on revaluation 836,600 (178,983)
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Fair value at 31 March 2021 5,890,562 5,053,962
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Historic cost at 31 March 2021 5,182,740 5,182,740
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At 31 March 2021 investments in unit trusts were made up as follows:

% %
COIF Charities Ethical Investment Fund 87
84
COIF Charities Property Fund 13 16

At 31 March 2021, 67% of the investments in the COIF Charities Ethical Investment Fund were held in overseas equities.

THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

9. Debtors
2021 2020
£ £
Accrued income 49,827 48,708
Other debtors 75,870 -
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125,697 48,708
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10. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 4,800 6,414
Accruals for grants payable (note 5) 53,285 25,200
Other accruals 3,300 3,300
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61,385 34,914
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11. Financial instruments
2021 2020
£ £
Carrying amount of financial assets
Measured at fair value through net income/expenditure 5,890,562 5,053,962
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Income and expenditure
Financial assets measured at fair value through
net income/expenditure 191,593 196,113
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Net gains and losses (including changes in fair value)
Financial assets measured at fair value through
net income/expenditure 836,600 (178,983)
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Financial assets measured at fair value comprise listed investments. The basis of fair value for listed investments is equivalent to the market value.

The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. Furthermore, regular communication is maintained between the advisors and the Trustees.

THE CARLTON HAYES MENTAL HEALTH CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

12. Related party transactions

Current year transactions

Ms M Bradley is the Chair of Governors at the Children’s Hospital School Leicester which was awarded a grant in the sum of £2,400. This sum is included in the total of grant giving in the sum of £226,870 detailed in note 5 to the accounts. Mr M Newcombe is also a past Chair of Governors of the School but he has no further connection with that School beyond this.

Both Ms M Bradley and Mr M Newcombe declared their interests prior to the consideration of the application for funding and neither of them took part in any voting by the Trustees on those bids.

Prior year transactions

There were no related party transactions during the prior year that required disclosure.

13. Controlling party

Control of the Charity rests ultimately with the Board of Trustees.