IM irwinmitchell FRIARSGATE TRUST REGISTERED CHARITY NUMBER 220762 FINANCIAL STATEMENTS For the ear ended 5th A rll 2021 (Ref.. TST1450369611
FRIARSGATE TRUST REGISTERED CHARITY NUMBER 220762 Cont&nts to the Financial Statèments for the ear e#d&d 5th A ril 2021 1- 5 Trustees report Indapend8nt AuditOTk' Report 10 Statement ol Financial Aclivilies Balance Sheet 32 ststement of Cash Flows 13- 19 Noles to Financ4al Sl8lements 20- 24 Schedule of Investments
Page 1 Frlarsgate Trust Trusteès Report For the Year ended 5" April 2021 General Information Full Name of Charity.. Friarsgale TTUSI Nature of Governing document.. Deed of Trust dated 26. hAarch 1955 Registration Number: 220762 Registered Address.. Thomas Eggar House, Friary Lane. Chichester, West Sussex. P019 1UF Principal Banker National Westminster Bank Plc, 5 East Street, Chichester, Wesl Sussex, P019 1HH Solicitors.. Irwin Mitchell LLP, Thomas Eggar House, Friary Lane. Chichester. West Sussex, POJ9 1 UF Auditors.. Jones Avens, Piper House, 4 Dukes Court. Bognor Road. Chichester, Wesl Sussex. P019 8FX Investment Managers.. Brewin Dolphin Limited, 12 Smilhfield Slreol, London EC1A 9LA Constltutlon and Otjjects The Trust was established under a Deed of Trust dated 25 March 1955 executed by the late C.P.B Shippam and is a registered Charity number 220762. The objects of the Trust are-. al To provide funds for the academic and general education of orphans and children (whether inftaiit or adult) w1105e par¢nls are in poor or reduG¢d ¢ircum3tances. b) To provide the mental, moral. physical, technical and social education of children, young persons and adulis. l To provide. equip and maintain for the purposes refeired to in (a) and {bl above camping grounds, holiday camps, playing fields. club rooms or other accommodation and facilities. d) To provide for the relief and care of impotent persons including in that expression Ibul without in any way reslricling the generality thereofj all persons suffering either temporarily or permanently from disease or disability of any kind affecting their body or mind. el To provide for the relief of persons over the age of sixly years by the piovision of maintenance. food, clothing and housing. To promole and support or aid any charitable inslilutions, purposes or projects in any way connected with the objects aforesaid or calculated to further such objects or any of them. GA.. 6671949 1
Page 2 Trustegs The cUrn1 Iruslees are.. Mrs S Bain Mrs G Livingstone Mr R M Newman Mrs D A Altman The appointment of the Trustees is governed by the Trust Deed. The TrLJslees are authorised to appoint new Trustees lo fill vacancies arising through resignation or death of an existing Trustee. Trustees are appointed both on the basis of their specialist knowledge of the area bul also on the skills they have lo bring lo the role. Prospective new Trustees are invited to allend al least one Iruslee meeting before making their decision on whether they wish lo be appointed. l-hey are provided wrth copies of the conslilution, minutes of trustee meelings and the last two sets of accounts. In the year lo 5 April 2021 no Iruslees retired and no new Iruslees were appointed. In the absence of express provisions under the Trust deed, the power of appointment and reli¥emenl of Iruslees is exercised in accordan¢e with the Trusiee Act 1925. Operational and Declslon Making The Trustees meet al least twi a year lo monitor the activities wilhin the Trust and the financial and investment priorities. In addition, they meet on a regular quarteily basis lo assess grant applications and lo approve or refuse grants against the grant making criteria. All decisions are made by the Trustees with tho help of their professional advisers. There are no employees of the Trust. Decisions are made by majority vole bul execulion and implementation may require only two signatures from Iruslees. Fundralslng and Grant Maklng Pollcy The Trustees do not carry out any independent fundraising bul rely solely on the income generated by the investment portfolio as managed by the investment managers on a discretionary basis. There is no geographical reslri¢lion in the Objecls, the Trustees give priorily lo local projects and those based in Wesl Sussex. Grants are made on the basis of crileria laid down and agreed by the Trustees. The Trustees evaluate grant applications made lo the Charity. Visits are arranged to applicants potentially gualilyiiig for support in some Ga8¢3 and then, if appropTiat¢, a writtcn commitment madé satling out the a9reed eondilions including any lime limits. In some cases follow up visits are arranged to assess the impact of the grant payment. Alms and Objectives The aim of the Trust is lo apply the income and, if appropriate, capital towards the Objects of the Gharity. The annual income generated by the investments is used lo support particular projects or, where appropriate. individuals. The anlicipaled income for the coming year is approximately £95,000, a second yeai al around 80010 of historical income levels, due to the anlicipaled effect of Covid-19 on dividend levels, the outlook for 2021-22 is currently even worse. Although not formally resolved, the Trustees apply between £15,000 and £25.000 per quarter if suitable appeals are received- whilst ensuring sufficient liquid funds remain for the day lo day running of the Trust. The Board of Trustees have paid due regards lo guidance issued by the Charity Commission on public benefit. GA.. 6671949 1
Page 3 Overview of the year There have been external Challenges dunng Ihe year., firsiiy the Trustees, were mlndful of any downward turn on the income and value ofthe portfolio in light of Brexit and the Covid-19 pandemic. During the year the trustees made 22 grants lolalling £77,650, 10 inslilulions. of the 22 grants made over 630A were for £2,000 or less. No further pledges were made, bringing the lolal grants and pledges in the year ended 5 April 2021 to £77.650 lin 2020 the grant payments were £97.575, there were no pledgesl- The overall reserves of the Charity increased during the year by £920,150 12Q20 decreased by £581,032). The professional fees paid lo Iwin Mitchell LLP were £12.480 in both 2021 and 2020. The Trustees continue lo use friars alelrus1.oro.uk oivinq the ITUSI a web presence, for a very modest outlay. The principle object is lo improve the quality of grant applicants by requesting applicants lo provide relevant information in a standard format.. as well as lo further publicise the Trusts aims and objeclives. Invèstments The investment portfolio as at 5 April 2021 was £4,182,035 12020 £3,267,588} with income generated of £98,133.00 12020 .. £117,244>. The lolal portfolio return was 32.22°/G compaied with 27.560kn in the agreed benchmark. There are no restrictions on the Charily's power lo invest. The investment strategy is set by the Trustees for a period of three years and takes account of likely demands for funds and the qualily of the fijnding applications. The Trustees consider the in¢ome requirements. the risk profile and the investment managerfs view of the market prospects in the medium term. This slralegy is sel within an overall policy which states Ihal the fund is lo be invested in a balanced portfolio with moderate risk based on a balance between income and capital growth. The investment portfolio may comprise equities, fixed income stocks and cash with a view lo ensuring that ¢apilal appreciation of the fund matches or excaeds the FTSE 100, the FTSE All Share Index, WM Charilies Unconslrained Model and FTA Governmenl All Stocks over edLlI Iliie¥ yedr peiiud. The fuiids, all of which are unrestriGt¢d, m8y be invested in any typ¢ of investment. The slratagy is reviewed with the investment manager al leasl annualty. The portfolio is managed on a discretionary basis by Brewin Dolphin for a fee based on the value of the portfolio. In addition to a valuation al the end of the financial year. the investment manager provides the I rustees witn a valuaiion and formal revlew every ihree months as al IhE eri(J vl Juli¥. Strpl¥iiiber, December and MaF¢h. The quarterly reports are considered al the Trustee meetings. GA.. 6671949 L
Page 4 Cash at bank Changes in cash levels are largely diclaled by the incidence of charitable grartl payments.. Ihis year the Trustees, beino mindful of the uncertainly over income, agreed lo hold as a minimum positive cash balance sufficieni io cover the cost of runnlng the Trust for a year. The Ggsh baldllLe al S Apiil 2021 was £56,659 Gompared with £50,214 a yeai earlier. an increase of £6,445. The cash funds are under the supervision of the Charity's adminislralors, the Trust Department of ils solicitors. Resetves It is the policy of the Charity lo maintain sufficient cash funds lo meet ils anlieipaled expenditure on charitable grants. Income from investments are geneTally sufficient lo covers ils normal ongoing expenditure. The reseNes at the balance sheet dale were £4,226,225 (2020.. £3,306,074). Risk Management Throughout the year the Trustees have examined the major strategic, business and operational risks which the Trust faces. A minimum of two trustees are needed to sign all cheques and other documentation relating to financial or other transactions. but Ihe de¢ision having been made by all trustees. The iwo assets of Ihe Friarsgale Trust are the portfolio of inveslmenls and a cash deposit. The portfolio is subject lo discretionary management bul the Trustees have in place a management agreement and Investment Policy. The market risk is moderate and high risk investments are specifically excluded. Regular reports are received from the investment managers. These reports are reviewed regularly and a meeting with the investment advisers is held al least annually. The Investment Policy provides for a maximum of three years beiween formal reviews of investment advisers. For subslanlial projects, the Trustees will liaise with the organisation in question, review (he b8ckground and ensure the do¢umentalion is in place. Whe¥e appropriala funds are pledged with conditions lo be satisfied befoTe the grant is made. Statement of Trustees. Responslbilltles The ITLtslees are responsible for preparing Ihe Trustees. Report and the accounts in accordance wilh applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Aceounling Practice). The law applicable to charilies in England and Wales requires the Iruslees lo prepare accounts for è8r.h linAnr.IAI yAAr whirh give 8 trué 8nd fair view of the trust's financial activities dufing the year and of ils financial position al the end of the year. GA.. 6671949 1
Page 5 In preparing accounts 9tving a true and fair view, the Iruslees should follow besl practi and.. select suitable accounting policies and then apply them consislenlly- observe the methods and principles of the ChaTiliès SORP., make judgments and estimate8 Ihal are reasonable and prudent: Stale whether applicable accounting standards and statements of recommended practice have been followed. subject lo any departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless il is inappropriate to presume that the chafily will conlinue in operation. The trustees are responsible for k¢eping 8dequ8te 8ccounting rcotsrd- thol diThpcIo4JC Wlth reaOnable accuracy al any lime the financial position of the trust and which enable them lo ensure that the accounts comply with the Charities Act 2011. the Charily {A¢counls and Reports) Regulalions 2008 and the provisions of the trust deed. They are also iesponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Approved by the Tru81ees and signed on their behalf.. -Truslee ( ..Tru8lee .Truslee .T¥uslee Dated....231.1.1J.2Q.21.............. GA.. 6671949 1
Page 5 In preparing aOUnts giving a true and fair view, the truslees should follow bèst practice and.. select suitable accounting policies and then apply them consistently., obsetve tho methods and principles of the Charities SORP.. make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards and statements of recommended pra¢tlco hav8 been followed, subject to any departures disclosed and explained in the accounts,. and prepare the acGounts on the going concem basis unless il is inappropriate to presume thal the charity wll ¢onlinue in operation. The trustees are responsible for keeping adequate accountlng records that disGlose with reasonable accuracy at any lime the financial position of the trust and which enable them to ensure that the accounts comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and dètection of fraud and other irregularities. Approved by the Trustees and signed on their behalf.. ..Trustee -Trustee ..TnJstee Dated. 2311112021 GA.. 6671949 1
P8ge 6 FRIARSGATE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF FRIARSGATE TRUST Opinion We have audited the financial slalemenls of FTiarsoale Trust Ilhe 'charity'l for the year ended 05 Ap¥il 2021 which comprise the slalemenl of financial activities, the balance sheet, the slalemenl of cash flows and the notes lo the financial slalemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applic•bl• law and United Kingdom AecoLinting Standards. inp.Iiidino Fin2nr.ial Reporting Standard 102 The Financial Reporting Standard applicable the UK and Republic of Ireland {Uniled Kingdom Generalty Accepted Accounting Praclicel. In our opinion, the financial slalemenls.. give a true and fair view of the state of the charity's affairs as at OS April 2021 and of ils inGominy iebvurLeb uT)d <ipyliiati(Jti ol IESOUIGes. for the year then ended.. have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with Inlernalional Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section ol our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the accounts in the UK, including thé FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit avidonce we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going concern batsis of accounting in the pr¢poration of thc financial stat¢monts is appropriat8. Based on the work we have performed, we have not idenlilied any material uncertainties relating lo events or conditions that, individually or colleclively. may cast significant doubl on the charily's ability lo ¢onlinue as a going concern for a period ol at least e1ve months from when the financial statements are aulhorised for issue. Our responsll)Illlles and the responslbillties of the Tiu&leEs willi re¥y¥tsl Io 901119 COIIGern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report other than the financial slalemenls and our auditor's report thereon. The Trustees are responsible for the other information contsined within the annual report. Our opinion on the financial slalements does nol cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other informalion and, in doin9 so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether this gives rise lo a material misstalemenl in the financial slalemenls themsalves. If, based on the work we have performed, we 8651927.1
Page 7 FRIARSGATE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF FRIARSGATE TRUST conclude that theye is a material misslalemenl of this other information. we are required to report that fact. We have nothing to report in Ihis regard. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities {Ac¢ounls and Reports) Regulations 2008 require us lo report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees. report", 01 sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responslbililles of trustegs As explained more fully in the slalemenl of trustees. responsibilities, the Irustees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal conlrol as the trustees determine is necessary lo enable the preparation of financial statements th8t are free from material misst8t8ment, whether diie lo fraud or error. In preparing the financial slalemenls. the Iruslees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable. mallers related to going concern and using the going cOnrn basis of accounting unless the Iruslees either intend lo cease operations. or have no realistic allernalive bLrt lo do so. Auditor's responslbllltles for the audit of the financlal statements We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with Ihe Act and relevant regulations made under section 154 of that Act.. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from malerial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. Identificatlon and assessment of Irregularllles Includlng fraud Irregularities, including fraud, are instanS of non-compliance with laws and regulalions. We designed procedures in line with OLJr responsibilities, outlined above, lo delecl material misslalemenls in respect of irregulaiilies, including fraud. The extent lo which our procedures were capable of delecling irregularities. including fraud is delaile(J below.. 8651927.1
Page 8 FRIARSGATE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF FRIARSGATE TRUST we focused on specific laws and regulations which we considered may have a dire¢t material effect on the financial slalements or the operations of the association. including The Companies Act 2006. we obtained an understanding of the legal and regulatory framework applicable lo the enlily and how the enlily is complying with that framework by making appropriate enquiries of management well a8 ¢onÈidering tha internal controls in plac• to mitl92t• risks of fraud and non-¢ompligneé with laws and regulations., we made enquiries of those charged with govemance and management concerning: the risks of fraud., instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented during the period. we allocated an engagement team Ihal we considered collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. Audlt response to the risk of Irregularltles Including fraud Based on the results of our risk assessment, our Procedures included. but were not limited to-. performing analytical procedures lo identify any unusual or unexpected relationships. evaluating whether the selection and application of accounting policies by the enlily that may be indicative of fraudulenl financial reporting resulting from management's effort lo manage earnin9S. assessing whether judgements and assumptions made in determining the accounting estimates sel out in note 2 were indicative of potential bias. agreeing financial slalement disclosures to underlying supporting documenlalion. reading Ihe minutes of meetings of those charged with governance. reviewing the COTrespondence with relevant regulatory bodies. teslino of journal entries lo address the risk of fraud through management overfide. incorporating an element of ut)pr¢di¢tability in the selectiort of the nalura, timing. and ext8nt of our audit procedures. corroborating the business rationale for transactions outside the normal course of business. Concluslons regarding the risks of Irregularllles Including fraud There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Material misslalemenls that arise due lo fraud can be harder lo detect than those th81 arise from error as they may involve deliberate concealment or collusion. 8851927.1
Page g FRIARSGATE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF FRIARSGATE TRUST We considered our audit was capable of delecling irregularities due to: the effectiveness of the enlily's internal controls-, the nature. liming and extent of audit procedures performed., and the abseiiGe of Gontradi¢tory evidence. A fL¢rther description of our responsibilities for the audit of the financial slalemenls is located on the Financi81 Reporting Council's website al.. htlp..I.fr¢.Org.klaudI10rsresponSlbllilies. This description forms part of our audilorfs report. Use of our report This report is made solely to the charity's trustees. as a body, in acwrdance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those mallers we are required lo slate lo them in an auditors. report and for no other purpose. To the fullest extent permilled by law, we do not ac¢ept or assume responsibility to anyone other than the Charity and the charity's Iruslees as a body, for our audit work. for this report, or for the opinions we have formed. Claire Nomood Bsc FCA ATII (Senior Statutory Audltorl for and on behalf of Jones Avens Limited 0410112022 Chartered Accountants Statutory Audltor Piper House 4 Dukes Court Bognor Road Chichester Wesl Sussex P019 8FX Jones Avens Limited is eligible for appointment as avdilor of the charity by virtue of its eligibility for appointment as auditor of a company under of seclion 1212 of the Companies Act 2006 8651927.1
Page 10 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 Statement of Financlal Actlvlties for the ear ended 5th A Includin Income and Ex andlture Account ril 2021 Total le 2021 Totsl le 2020 Note Incoming resourcès Invgslment income and bank interest 98,133.00 98.133.00 117.244.49 117.244.49 Resources expended Governance costs 14,460.00 14,546.20 Investment management costs 24,927.20 24,561.62 Charitable activities Totsl Resources Expended 77,650.00 111.UJl.20 97 575.00 136,682.82 Net Gainslllossesl on Investments Re81ised gains on disposal of fixed asset investmenls G8in51lltsssesl on revaluation of fixed asset inveslments Net movament in funds 196.922.61 742.132.16 920,150.57 12.152.69 573.746.43 (581.032.071 Fund balance brought fotward 6.4.20 3,306,074.38 3,887,106.45 Fund balancè carrled fOard 5.4.21 4.226,224.95 3.306,074.38 None of the Charily's aetivities were acquired or discontinued during the above two f15eal years. The Charity has no recognised gain5 or losses other Ihan those deall wlh In the Slalemenl of Financl81 Aetivilies. The notes on pages 13 to 19 form part ofthese accounts.
Paga11 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 Balance Sheet as at thA ril 2021 A8 at 5.4.21 As at 5.4.20 Fixad Assèts Inve81menl$ 81 value 4.182.035.17 3 267 587.69 Current Assèts Cash Total current Assets 50 213.83 U.21J.8J 5b.tsS9.UJ Liabilities falling due wilhin 12 monlhs Creditors Net current Assets Total Assets less current liabilities 12.469.25 44,189.78 4,226,224.95 11 727.14 38,486.69 3,306,074.38 Funds of the Charity Unrestricted 4 226 224.g5 3,306,074.38 2311112021 Th8 financial stalemenls We approved by the board of trustees on........................... .and signed on its behalf by TIusle¢ The notes on pages 13 10 19 form part of the8e accour518
Page12 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 Statement of Cash Flows for th• ear ended 5th A rll 2021 Tu(al le 2021 Tvl¢il Note le 2020 Net cash used In optrratlng •etlvlll•s io 116,295.091 136,743.84 Cash flows from invo¥ting a¢llvltlè¥= Interest and dividends Purchase of investments PrOedS from sale of investments HMRC- Tax Repayment Net cash provided by investing activities 98,133.00 (683.929.981 682,202.75 f17.244.49 1428,222.16} 489.585.42 464.60 179,072.35 96,405.77 Chang& In ¢3$h and e48h ¢quivalents In the yèar 119.889.32) 42.328.51 Cash brought fonMard {8t bank and on portfolKbl Cash carried fOard 171.695.52 151,806.20 129.367.01 171,695.52
Page 13 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 Notes to the Accounts for the ear ended 5th A ril 2021 1 ACCOUNTING POLICIES The Friarsgale Trust is an unincorporated charity, registered with the Charily Commission number 220762. The registered sddress 13 Thomas Eggar House, Friary Lane, Chichester. Wesl Sussex. P019 1UF 1.1 ACCOUNTING CONVENTION These accounts have been prepared in accordance with 'Accounling and Reporting by Charities the blatement of Recommended Praciice for charities applying the Flnanclal Reponing siandard applicable in the UK and Republic of Ireland (FRS 1021 and UK Generally Accepted Accounting Piaclice as it applies from 1 January 2019. The charity is a Public Benefit Enlily as defined by FRS 102. The accounts are prepared in sleiling, which is the functional currency of the charily. The accounts have been prepared on the historical cost convention modified for the revaluation of inveslmenls. The principal acwunling policies adopted are sel out below. 1.2 GOING CONCERN Al the lime of approving the accounts, the Iruslees have reasonable expectation that the charity has adequate resources lo continue in opèr8tional existence for the foreseeable future. Thus the Iruslees. continue lo adopt the going con¢ern basis of accounting in preparation ol the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available fol use al the discretion of the Iruslees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Incomlng Resources Incoming resources includes investment income, which is recognised when the charity has a legal iighl lo the income. The gain or loss arising on the disposal of an asset is determined as the difference belween the sale proceeds and Ihe carrying value ol the asset, and is recognised In nei Incomel{expendiivre} for ihe year.
Page 14 1.4 GRANTS PAYABLE GTants payablp. grè dg.bitg.d tn g_Ypp.nrlitiirp within thft St2tp.mp.nt of Finanrial Activities in the pÈriod to which they relate. 1.5 INVESTMENTS AND INVESTMENT INCOME All investments are slated al fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments {logelher with provisions for diminution in value). are credited or debited lo the Statement of Financial Aclivilies. and subsequently transferred to Unrestricted Funds. 1.6 CHARITABLE ACTIVITIES I he cost of charitable a1vill8S consisES of grants made. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of inveslmenl management fees. 1.8 GOVERNANCE COSTS Governan costs comprise all costs involving the public accounlabilily of the charity and ils compliance with regulation and good practice. These costs include costs relaled to stalulory audit and legal fees together with other overhead and support costs. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held al call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elecled lo apply the provisions of Section 11 "Basic Financial Irkslrumenls" and section 12 '01her Financial Inslrumenls Issues" of FRS 102 to all of ils financial inslrumenls. Financial assets and liabilities are offset, with the nel amounts presented in the financial slalemenls. when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and sellle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipls discounted al a market rale of interest. Fin8neial assets classified as receivable wilhin one year are not amortised. Impaimi8nt of financlal assets Financial assets, other Ih8n those held al fair value through income and expenditure. are assessed for indicators of impairment al each reporting dale. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial assel, the estimated future cash flows have been affected.
Page 15 If an asset is impaired. the impairment loss is the difference between the cayryinq amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in nel incomellexpendilurel for the year. If there is a decrease in the impairment loss arising from an event o¢¢urring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment reversal is recognisod in net incomel{expenditure) for the year. Baslc financlal Ilablllties Basic financial liabilities, including trade and other payables, are initially recognised at transaclion price unless the arrangement conslilules a financing Iransaclion, where the debt instrument is measured al the present value of the future receipts discounted al a market rale of interest. Debt instruments are &ub8*qu¢ntly ¢arri¢d at amortised cost. using the effeGtive intere8t rate method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary Course of operations from suppliers. Accounts payable are classed as Current liabililies if payment is due within one year or less. If not, they are presented as non.cuirent liabilities. Tmde payables are recognised initially at transaction price and subsequently measured at amortised cost using the efleclive interesl method. Derecognltlon of financial liabilities Financial liabilities are derecognised when the charity's conlraclual obligations expire or arg dischaTged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies. the Iruslees are required lo make judgements, eslimales and assumptions about the cairying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other faclois that are considered lo be relevant. Actual resulis may diffeT from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to aecounling eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the peiiod of the revision affects only that period, or in the peiiod of the revision and future periods where the revision affects both curienl and future periods.
Page16 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 N tes to thè accounts Total le 2021 Total 18 2020 3. Investment income and bank Int•r&st Ineome from listed UK investments Income from listed Non-UK investments Bank and other interest received Interesl received on cash held on portfolio 78.088.35 20.027.65 97.664.01 19.390.80 5.41 184.27 117,244.49 17.00 98,133.00 4. Governance costs Ilncl VATI ITwin Mil¢htsll LLP charges Jones Aven8, Avdilors fe8S Trustees Expenses Aztec Computers- Website Design 12,480.00 1,878.00 12,48Q.00 1,812.00 152.20 102.00 14,546.20 102.00 14,460.00 All of Ihe govemanc8 cxJsIs 8r8 allocale<l to the Charitable actitY of grant maklng, lolalling £14,460 in 20211£14,546 20201 5. Invastment management costs Investment Management fees 24.927.20 24.661.62 6. Charltable actlvitles Grants lo institutions Intste 111 Grants lo individuals 77,650.00 97.575.00 77 650.00 o.ao 97 575.00 0.00 Pledges made to institutions Pledges made to individuals 0.00 77 650.00 0.00 97,575.00 Total grants and pledges
Page 17 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 Notes to the accounts 7. Fixed Aatset lrtvestments Total le 2021 Total le 2020 Quoted inveslrnents and portfolio cash Market value 6 April 2020 Additions Disposals (Decreaselllncrease in portfolio cash Nei unrealisefj gainlllossl Market value 5th April 2021 3.267,587.69 683,929.98 {485,280.141 {26,334.521 742,132.16 4 182.035.17 3,839,703.93 428,222.16 (477,432.731 50,840.76 [573,746.431 3,267.587.69 Historical cost of quoled investments 3,141,448.00 2 829.363.00 Quoted UK Investments Quoted Non UK Investments Cash held on portfolio 3,400.007.00 686.881.00 95 147.17 4,182,035.17 2,418.888.00 727.218.00 121,481.69 3 267,587.69 The followlng Inveslment represenls greater than 50h of th6 Portfolio by market value 46,500 Fidelily Uats ICA US 7.020 Vanguard Funds Plc, S&P 500 Ucils ETF 1.825 Findlay P8ik Funds, American USD Dis 270.281.00 270,832.00 149,708.00 8. Analysls of current assets Cash at bank 56,659.03 56,659.03 50,213.83 50,213.83 9. Analysls of current liabililles Creditors Irwin Mitchell LLP Jones Avens Brewin Dolphin Lld Pledged grants Youth Counselling PIoj8Ct- eh6que not cashed- April 2018 ChichesteT Hygiene Bank 1.290.00 3.624.00 6.555.25 1,991.40 1,746.00 5,179.74 1,OOJ.Ofl 1.000.00 1,810.00 11,727.14 12 469.25
Page 18 FRIARSGATE TRUST REGISTERED CHARITY NO. 220762 Notès to the accounts qo. ReGonGiliatioA of ntst movement In funda to net ¢aeh flow from oporuting oulivitlcts Total 10 2021 920,150.57 Total le 2020 {581.032.on Nel rnovemerhl in funds Deduet dividend and inlerest income shown in investing activities Losse51lGaln51 on dispo¥41 of iiiv¥sliiivrilb Add back lossesldeducl Igainsl on inveslmenl$ Increase {dec¥ease) in creditors 198.133.001 (198.922.011 {742.132.161 742.11 116,295.09 {117.244.49) 112.1d2.091 573,746.43 61.02 136,743.84 11. Charltable actlvltles Total yle 2021 Grants to Instltutlons Toial ylè 2020 Grants to institutions Education 35,400.00 39.050.00 Carè and Wellare Total 42.250.00 77 650.00 58.525.00 97.575.00 There were no g¥anls lo individuals durlng the year12020= none}
Page 19 FRIARSGATE TRUST REGISTERED CHARITY NO. 220 Notes to the accounts 11. Charitablè aetlvltles Icontlnuedl Grant= to Instltutlons 2,000.00 2.000.00 1,500.00 750.00 2,000.00 ,000.00 2,000.00 3,000.00 12,500.00 2,000.00 1,800.00 2,000.00 2, JfOQ.00 10,000.00 10,000.OLI 5,000.OD 2,000.OLI 1,500.OQI 2,000.00 5,000.00 2.100.00 1.000.00 Grante to Individuals Tota 2,000.00 2,000.00 1,500.00 750.00 2.000.00 ,000.00 2,000.00 3,000.00 12,500.00 2,000.00 1,800.00 2.000.00 2.JOO.00 10.000.00 10.000.00 5.000.00 2.000.00 1,500.00 2,000.00 5,000.00 2,100.00 1,000.00 29.06.20 UK Harvest Chichester 29.06.20 MS Centre Sussex 12.11.20 Vwnstons Wsh 12.11.20 Carousel 12.11.20 Youth Dream Sels8y 12. 11.20 Cily G<iltt CuIiiiiiuiiily P¥uleils 12.11.20 YHA 12.11.20 Cily Centre- Bell Tower Drop In 12.11.20 Chiehester Community Development 12.11.20 Chichesler Counselling 12.11.19 Friends of Bourne Community Centre 05.03.21 Dame Vera Lynn Childrens Charity 05.03.21 AslFirriil Relie( 05.03.21 Disabled Sailoors Association 05.03.21 Slonepillow 05.03.21 Goodwood Education Tiusl 05.03.21 Assisting Berkshire Childien 05.03.21 Turning Tides 05.03.21 Taylor Made Dreams 05.03.21 Dementia Suppotl 05.03.21 Tupenny Barn 05.03.21 The Wheelyboat Tru81 77 650.00 77 650.00 Pledged charitable grants 0.00 77,650.00 77,650. 12. Tran8a¢tions with Trustees No Trustees received remuneralion or other benefils from th& Trusl durinu Ihe year, and none12020 .' two) of Ihem were reimbursed £nil12020'. £152.20) for travel expenstss. There were no transactions between the charity and any other related parties during Ihe year {2020- Nil) 13. Employees Therè were no employees durina Ihe year12020.'nill 14. Transactions wlth ralatad partles There were no transactions with related p8rties
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