| Trustees | Mr D Handford | |||||
|---|---|---|---|---|---|---|
| Mr D Mason | ||||||
| MrJ Parry | ||||||
| Mr M Rawson | ||||||
| Mr R Smith | ||||||
| Mr G M Wilkinson | ||||||
| Mr D Bullman | ||||||
| Mr D C Mender | ||||||
| Mr P Rosier | ||||||
| Mr R Bansal | (Appointed | 25 November | ||||
| 2022) | ||||||
| Mr J Wilkinson | (Appointed | 25 November | ||||
| 2022) | ||||||
| Mr SJ Rawson | (Appointed | 25 November | ||||
| 2022) | ||||||
| Charity number | 229237 | |||||
| Registered | office | 3Mc Middlemarch | Business Park | |||
| Siskin Drive | ||||||
| Coventry | ||||||
| CV34FJ | ||||||
| Auditor | Dafferns LLP | |||||
| Harry Weston Road | ||||||
| Binley Business | Park | |||||
| Coventry | ||||||
| United Kingdom |
||||||
| CV3 2UB | ||||||
| Bankers | HSBC | |||||
| 55 Corporation | Street | |||||
| Coventry | ||||||
| CV1 1QJ | ||||||
| Solicitors | Mender Hadley |
Limited | ||||
| Solicitors | ||||||
| 1 The Quadrant | ||||||
| Coventry | ||||||
| West Midlands | ||||||
| United Kingdom |
||||||
| CV1 2DW | ||||||
| Investment | advisors | Quilter Cheviot | Ltd | |||
| Provincial House |
||||||
| 37 New Walk | ||||||
| Leicester | ||||||
| LE1 STU | ||||||
| United Kingdom |
| Page | ||
|---|---|---|
| Trustees' report |
1-3 | |
| Statement oftrustees' | responsibilities | |
| Independent auditor's |
report | 5-7 |
| Statement offinancial |
activities | |
| Balance sheet | ||
| Statement ofcash flows |
10 | |
| Notes to the financial | statements | 11-20 |
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||
| Notes | 6 | 6 | 6 | ||||||
| Income from: | |||||||||
| Investments | 3 | 972,731 | 972,731 | 933,769 | 933,769 | ||||
| ~E* dit |
|||||||||
| Charitable | activities | 4 | 871,387 | 871,387 | 771,387 | 771,387 | |||
| Net gains/(losses) | on | ||||||||
| investments | 8 | (57,847) | (79,426) | (137,273) | 95,270 | 2,754,105 | 2,849,375 | ||
| Net movement | in | funds | 43,497 | (79,426) | (35,929) | 257,652 | 2,754,105 | 3,011,757 | |
| Fund balances at 1 January | |||||||||
| 2022 | 1,372,435 | 17,589,704 | 18,962,139 | 1,114,783 | 14,835,599 | 15,950,382 | |||
| Fund balances | at | 31 | |||||||
| December | 2022 | 1,415,932 | 17,510,278 | 18,926,210 | 1,372,435 | 17,589,704 | 18,962,139 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | F | E | ||||
| Fixed assets | ||||||
| Investment | properties | 9 | 16,063,242 | 15,890,000 | ||
| Investments | 10 | 2,728,147 | 2,937,635 | |||
| 18,791,389 | 18,827,635 | |||||
| Current assets | ||||||
| Debtors | 12 | 45,889 | 36,623 | |||
| Cash at bank and in | hand | 129,204 | 132,795 | |||
| 175,093 | 169,418 | |||||
| Creditors: | amounts | falling due within | ||||
| one year | 13 | (40,272) | (34,914) | |||
| Net current | assets | 134,821 | 134,504 | |||
| Total assets less current | liabilities | 18,926,210 | 18,962,139 | |||
| Capital funds | ||||||
| Endowment | funds - general | 14 | 17,510,278 | 17,589,704 | ||
| Income funds | ||||||
| Unrestricted | funds | 1,415,932 | 1,372,435 | |||
| 18,926,210 | 18,962,139 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | 8 | 8 | |||||
| Cash flows from operating | activities | ||||||
| Cash absorbed by operations |
18 | (875,295) | (767,573) | ||||
| Investing | activities | ||||||
| Investment | income | 880,728 | 829,026 | ||||
| Income from listed investments | 91,643 | 104,293 | |||||
| Interest receivable | 360 | 450 | |||||
| Purchase | ofinvestment property |
(173,242) | (725,491) | ||||
| Purchase | ofother investments | (460,010) | (299,393) | ||||
| Proceeds | on disposal ofother investments | 532,225 | 849,219 | ||||
| Net cash | generated from investing |
||||||
| activities | 871,704 | 758,104 | |||||
| Net cash | used in financing | activities | |||||
| Net decrease in cash and |
cash equivalents | (3,591) | (9,469) | ||||
| Cash and | cash equivalents | at beginning | ofyear | 132,795 | 142,264 | ||
| Cash and | cash equivalents | at end of | year | 129,204 | 132,795 |
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| Rental income | 880,544 | 828,842 |
| Income from listed investments | 91,643 | 104,293 |
| Building leases | 60 | 60 |
| Acknowledgements | 124 | 124 |
| Interest receivable | 360 | 450 |
| 972,731 | 933,769 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| 6 | 6 | |||
| Investment | brokers | 5,511 | 5,944 | |
| Commissions paid |
73,845 | 73,944 | ||
| Property repairs | 117,812 | 72,353 | ||
| Rates and | water | 12,050 | 12,023 | |
| Light and | heat | 2,571 | 1,511 | |
| Surveyors | fees | 34,834 | 12,490 | |
| Legalfees | 21,311 | (6,854) | ||
| Seniority payments | 511,364 | 524,090 | ||
| Insurance | 37,962 | 35,633 | ||
| Bad debt | 9,821 | |||
| 827,081 | 731,134 | |||
| Share ofsupport costs (see note 5) | 23,654 | 19,697 | ||
| Share ofgovernance | costs (see note 5) | 20,652 | 20,556 | |
| 871,387 | 771,387 |
| 5 | Support costs | Governance | |||||
|---|---|---|---|---|---|---|---|
| Support | Governance | 2022 | Support costs | 2021 | |||
| costs | costs | costs | |||||
| 6 | 6 | ||||||
| Seniority software | 380 | 360 | 360 | 360 | |||
| Sundry expenses | 697 | 697 | |||||
| Clerk's salary | 14,280 | 14,280 | 13,680 | 13,680 | |||
| Legal expenses | 6,872 | 6,872 | 4,248 | 4,248 | |||
| Bank charges | 1,445 | 1,445 | 1,409 | 1,409 | |||
| Audit fees | 6,372 | 6,372 | 6,876 | 6,876 | |||
| Clerk's salary | 14,280 | 14,280 | 13,680 | 13,680 | |||
| 23,654 | 20,852 | 44,306 | 19,697 | 20,556 | 40,253 | ||
| Analysed between |
|||||||
| Charitable activities |
23,654 | 20,852 | 44,306 | 19,697 | 20,556 | 40,253 |
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||
| general | general | ||||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||
| 8 | 6 | ||||||||
| Revaluation | of | ||||||||
| investments | (57,847) | (79,426) | (137,273) | 95,270 | 218,407 | 313,677 | |||
| Revaluation | of | ||||||||
| investment | properties | 2,535,698 | 2,535,698 | ||||||
| (57,847) | (79,426) | (137,273) | 95,270 | 2,754,105 | 2,849,375 | ||||
| Investment | property | ||||||||
| 2022 | |||||||||
| 8 | |||||||||
| Fair value | |||||||||
| At 1 January | 2022 | 15,890,000 | |||||||
| Additions | through | external | acquisition | 173,242 | |||||
| At 31 December 2022 | 16,063,242 |
| Fixed asset investments | |
|---|---|
| Listed | |
| investments | |
| Cost or valuation | |
| At 1 January 2022 | 2,937,635 |
| Additions | 460,010 |
| Valuation changes |
(137,273) |
| Disposals | (532,225) |
| At 31 December 2022 | 2,728,147 |
| Carrying amount |
|
| At 31 December 2022 | 2,728,147 |
| At 31 December 2021 | 2,937,635 |
| 11 | Financial instruments |
2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| 6 | ||||||||
| Carrying amount of |
financial | assets | ||||||
| Debt instruments measured |
at amortised | cost | 45,889 | 36,623 | ||||
| Equity instruments measured |
at fair value | 2,728,147 | 2,937,635 | |||||
| Carrying amount of |
financial | liabilities | ||||||
| Measured at fair value | through | profit or loss | ||||||
| Measured at amortised | cost | 38,702 | 33,560 | |||||
| 12 | Debtors | |||||||
| 2022 | 2021 | |||||||
| Amounbs falling due |
within | one year: | f | 6 | ||||
| Other debtors | 45,889 | 36,623 | ||||||
| 13 | Creditors: amounts | falling | due within one year | |||||
| 2022 8 |
2021f | |||||||
| Other taxation end social security | 1,570 | 1,354 | ||||||
| Other creditors | 27,609 | 18,706 | ||||||
| Accruals and deferred | income | 11,093 | 14,854 | |||||
| 40,272 | 34,914 |
| is | included as un | restricted in |
come. Any ca | pital gains or | losses arising | on the assets f | orm part oft | he ful |
|---|---|---|---|---|---|---|---|---|
| Movement | in funds | Mc | ||||||
| Balance at | Incoming | Resources | Transfers | Revaluations | Balance at | Incoming | Re | |
| 1 | January 2021 |
resources | expended | gains and1 | January 2022 | resoumes | e: | |
| losses | ||||||||
| f | 8 | 8 | ||||||
| 14,835,599 | 2,754,105 | 17,589,704 | ||||||
| 14,835,599 | 2,754,105 | 17,589,704 |
| Analysis of net assets | Analysis of net assets | between funds | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| E | E | E | E | E | |||
| Fund balances at 31 | |||||||
| December | 2022 are | ||||||
| represented | by: | ||||||
| Investment | properties | 16,063,242 | 16,063,242 | 15,890,000 | 15,890,000 | ||
| Investments | 1,281,295 | 1,446,852 | 2,728,147 | 1,237,931 | 1,699,704 | 2,937,635 | |
| Current assets/(liabilities) | 134,821 | 134,821 | 134,504 | 134,504 | |||
| 1,416,116 | 17,510,094 | 18,926,210 | 1,372,435 | 17,589,704 | 18,962,139 |
| 2022 | 2021 | |
|---|---|---|
| E | ||
| Within one year | 373,901 | 392,772 |
| Between two and five years | 992,842 | 847,952 |
| In over five years | 2,472,782 | 2,099,154 |
| 3,839,525 | 3,339,878 |
| 18 | Cash generated | from | operations | operations | 2022 | 2021 | |
|---|---|---|---|---|---|---|---|
| 8 | 8 | ||||||
| (Deficit)/surplus | for the | year | (35,929) | 3,011,757 | |||
| Adjustments for: |
|||||||
| Investment income recognised |
in statement | offinancial activities | (972,731) | (933,769) | |||
| Fair value gains | and losses on | investment | properties | (2,535,698) | |||
| Fair value gains | and losses on | investments | 137,273 | (313,677) | |||
| Movements in working |
capital: | ||||||
| (Increase)/decrease in |
debtors | (9,266) | 5,491 | ||||
| Increase/(decrease) in |
creditors | 5,358 | (1,677) | ||||
| Cash absorbed | by operations | (875,295) | (767,573) |