Registered charity number: |
229501 |
Principal office: |
51 Hanover Gardens, London, SE11 5TN |
Bankers: |
Coutts & Co. |
|
440 Strand |
|
London, WC2R 0QS |
Solicitors: |
Stephenson Harwood LLP |
|
One Finsbury Circus |
|
London, EC2M 7SH |
Independent auditor: |
Crowe U.K. LLP |
|
4* Floor |
|
St James House |
|
St James Square |
|
Cheltenham, GL50 3PR |
Trustee: |
The Manifold Trustee Company Limited (company number 00985695) |
|
|
% |
For |
repairs to churches and their contents |
3 |
For |
education, research and the arts |
85 |
For |
other causes |
12 |
The Manifold Charitable Trust Year ended 31 December 2020
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and recognition of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures for income, reviewing accounting estimates for biases, reviewing regulatory correspondence including that with the Charity Commission, reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
Use of our report
This report is made solely to the Charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed
Crowe U.K. LLP
Statutory Auditor 4[th] Floor, St James House St James’ Square, Cheltenham Gloucestershire, GL50 3PR
Date: 22 October 2021
Crowe U.K. LLP is eligible for appointment as an auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
7
|
|
Unrestricted funds |
Unrestricted funds |
|
Notes |
2020 |
2019 |
INCOME FROM |
|
£ |
£ |
Investments |
2 |
653,791 |
616,734 |
TOTAL INCOME |
|
653,791 |
616,734 |
EXPENDITURE ON |
|
|
|
Raising funds |
3 |
225,035 |
6,819 |
Charitable activities |
3 |
516,003 |
720,435 |
TOTAL EXPENDITURE |
|
(741,038) |
(727,254) |
Net gains on investments |
|
289,476 |
1,391,023 |
Net income and net movementin funds |
|
202,229 |
1,280,503 |
Fund balance broughtforward at 1 January |
4 |
12,435,808 |
11,155,305 |
Fund balance carried forward at 31 December |
4 |
12,638,037 |
12,435,808 |
Balance sheet as at 31 December 2020 |
Balance sheet as at 31 December 2020 |
Balance sheet as at 31 December 2020 |
|
|
Notes |
2020 |
2019 |
|
|
£ |
|
Fixed assets |
|
|
|
investment properties |
|
|
|
Freehold property |
|
7,100,000 |
7,100,000 |
Other investments |
|
|
|
Listed investments |
10 |
5,346,907 |
4,545,731 |
|
|
12,446,907 |
11,645,731 |
Current assets |
|
|
|
Cash at bank |
|
370,694 |
847,056 |
Other debtors - rent |
|
20,000 |
|
VATdebtor |
|
13,504 |
|
Total current assets |
|
404.198 |
|
Creditors: amountsfalling due within one year |
11 |
(213,068) |
(56,979) |
Net current assets |
|
191,130 |
790,077 |
Net assets |
|
12,638,037 |
12,435,808 |
Funds |
|
|
|
Unrestricted funds |
|
|
|
Thefinancial statements on pages 8 to 17 were approved by the directors of The
Limited, Trustee of The Manifold Charitable Trust on:
/
Lifefu |
|
|
Manifold Trustee Company |
|
2020 |
|
|
£ |
|
Net cash usedin operating activities |
(1,130,153) |
|
Cashflows from investing activities: |
|
|
Dividends,interest and rents from investments |
653,791 |
|
Net cash provided by investing activities |
653,791 |
|
Changein cash and cash equivalents in the reporting period |
(476,362) |
|
Cash and cash equivalents at the beginning of the reporting period |
847,056 |
|
Cash and cash equivalents at the end of the reporting periods |
370,694 |
|
Reconciliation of net income to net cash flow from operating activities |
2020 |
2019 |
|
£ |
£ |
Net incomefor the reporting period (as per the Statement of Financial |
|
|
Activities) |
202,229 |
1,280,503 |
Adjustmentsfor: |
|
|
Disposal proceeds onsale of investments |
3,493,606 |
769,766 |
(Purchase)of investments |
(4,005,306) |
(500,000) |
(Gains) on investments |
(289,476) |
(1,391,023) |
Dividends, interest and rents from investments |
(653,791) |
(616,734) |
(Increase)/decrease in debtors |
(33,504) |
39,875 |
Increasein creditors |
156,089 |
9,613 |
Net cash usedin operating activities |
(1,130,153) |
(408,000) |
Analysis of cash and cash equivalents |
2020 |
2019 |
Cashin hand |
370,694 |
335,615 |
Notice deposits (less than 3 months) |
|
511,441 |
Total cash and cash equivalents |
370,694 |
|
The notes on pages 11 to 17 form part of these financial statements. |
|
|
|
|
|
|
|
|
|
2020 |
2019 |
|
|
|
|
|
|
|
£ |
£ |
Income from investments |
|
|
|
|
|
|
|
|
- Rental income |
|
|
|
|
|
550,000 |
|
478,500 |
- Dividends |
|
|
|
|
|
103,533 |
|
135,702 |
- Bankinterest |
|
|
|
|
|
|
258 |
2,532 |
|
|
|
|
|
|
653,791 |
|
616,734 |
Analysis of resources |
|
expended |
|
|
|
|
|
|
|
Grants |
Staff |
Repairs |
Legal & |
Audit & |
Bank |
Total |
Total |
|
and |
costs |
torental |
professional |
accountancy |
charges |
2020 |
2019 |
|
donations |
|
property |
fees |
|
& |
|
|
|
|
|
|
|
|
interest |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
Expenditure |
|
|
|
|
|
|
|
|
on generating income |
|
|
|
|
|
|
|
|
- Generating |
|
|
|
|
|
|
|
|
rental income |
- |
2,731 |
221,124 |
- |
- |
- |
223,855 |
4,259 |
- Investment |
|
|
|
|
|
|
|
|
management |
- |
910 |
- |
65 |
- |
205 |
1,180 |
2,560 |
Sub-total |
- |
3,641 |
221,124 |
65 |
- |
205 |
225,035 |
6,819 |
Expenditure on |
|
|
|
|
|
|
|
|
charitable activities |
|
|
|
|
|
|
|
|
- Grants |
|
|
|
|
|
|
|
|
awarded |
464,166 |
5,463 |
- |
- |
- |
- |
469,629 |
702,037 |
- Governance |
- |
- |
- |
40,534 |
5,840 |
- |
46,374 |
18,398 |
Sub-total |
464,166 |
5,463 |
- |
40,534 |
5,840 |
- |
516,003 |
720,435 |
TOTAL
|
464,166
|
9,104
|
221,124
|
40,599
|
5,840
|
205
|
741,038
|
727,254
|
|
|
|
|
Net |
|
|
|
|
|
At 1 January |
|
(expenditure)/ |
|
|
|
Investment |
At 31 |
|
|
2020 |
|
income |
Transfers |
|
gain |
December |
|
|
£ |
|
£ |
|
£ |
£ |
2020 |
|
|
|
|
|
|
|
|
£ |
Designated funds |
|
|
|
|
|
|
|
|
Grants committed |
1,673,347 |
|
|
(396,166) |
253,287 |
|
- |
1,530,468 |
Unrestricted funds |
|
|
|
|
|
|
|
|
General fund |
10,762,461 |
|
|
308,919 |
(253,287) |
|
289,476 |
11,107,569 |
|
12,435,808 |
|
|
—(87,247) |
—_: |
|
289,476 |
12,638,037 |
|
|
|
|
Net |
|
|
|
|
|
At1 January |
|
(expenditure)/ |
|
|
|
Investment |
At 31 December |
|
|
2019 |
|
income |
Transfers |
|
gain |
2019 |
|
|
£ |
|
£ |
|
£ |
£ |
£ |
Designated funds |
|
|
|
|
|
|
|
|
Grants committed |
2,425,000 |
|
(608,519) |
|
(143,134) |
|
- |
1,673,347 |
Unrestricted funds |
|
|
|
|
|
|
|
|
General fund |
8,730,305 |
|
|
497,999 |
143,134 |
|
1,391,023 |
10,762,461 |
|
11,155,305 |
|
(110,520) |
|
_ |
- |
1,391,023 |
12,435,808 |
Net assets by fund |
|
|
|
|
|
|
|
|
|
Fixed asset |
|
Net |
|
Total |
|
|
|
|
investments |
current |
|
|
2020 |
|
|
|
|
£ |
|
assets |
|
£ |
|
|
|
|
|
|
£ |
|
|
|
|
|
Designated |
1,530,468 |
|
- |
1,530,468 |
|
|
|
|
funds |
|
|
|
|
|
|
|
|
Unrestricted |
10,916,439 |
191,130 |
|
11,107,569 |
|
|
|
|
funds |
|
|
|
|
|
|
|
|
|
12,446,907 |
_191,130 |
|
12,638,037 |
|
|
|
|
|
Fixed asset |
Net current |
Total |
|
investments |
assets |
2019 |
|
£ |
£ |
£ |
Designated |
|
|
|
funds |
1,673,347 |
- |
1,673,347 |
Unrestricted |
|
|
|
funds |
9,972,384 |
790,077 |
10,762,461 |
|
11,645,731 |
790,077 |
12,435,808 |
7. |
Auditor’s remuneration |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Feespaid to the auditor — in respect of audit services |
4,840 |
4,400 |
8. |
Employee’s remuneration and expenses |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Salaries |
8,000 |
8,000 |
|
Social security costs |
1,104 |
1,121 |
|
|
9,104 |
9,121 |
|
The directors of the Trustee company received no remuneration, expenses or benefits in kind (2019: nil). No |
|
|
|
employee received more than £60,000in either financial year. |
|
|
|
During the year, pension benefits were accruing to no employees (2019: none), and no former employees (20 |
|
|
|
none). |
|
|
|
The average number of employees during the year was 1 (2019: 1) and they are key personnel. |
|
|
9. |
Freehold investment property |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Market value at 1 January |
7,100,000 |
6,350,000 |
|
Unrealised gain on adjustment to market value |
- |
750,000 |
|
Market value at 31 December |
7,100,000 |
7.100,000 |
10. |
Listed investments |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Market value at 1 January |
4,545,731 |
4,174,474 |
|
Disposal proceeds on sale |
(3,493,606) |
(769,766) |
|
Purchase of new investment |
4,005,306 |
500,000 |
|
Gains on investments |
289,476 |
641,023 |
|
Market value at 31 December |
5,346,907 |
4,545,731 |
|
Historical cost at 31 December |
4,918,080 |
3,343,924 |
All these investments are listed and held in the United Kingdom. |
|
|
|
11. |
Creditors: amountsfalling due within one year |
|
|
|
|
2020 |
2019 |
|
|
£ |
£ |
|
VAT |
- |
31,679 |
|
Other creditors — grants (see below) |
137,464 |
- |
|
Creditors — repairs to property |
37,911 |
- |
|
Accruals and deferred income |
37,693 |
25,300 |
|
|
213,068 |
96,979 |
|
Other creditors movement |
2020 |
2019 |
|
|
£ |
£ |
|
Balance as at 1 January |
- |
- |
|
Grants awarded during the year but not paid out |
137,464 |
- |
|
Grants awarded during the year and paid in the year |
326,702 |
693,519 |
|
Total grants paid during the year |
(326,702) |
(693,519) |
|
Balance as at 31 December |
137,464 |
- |
|
|
2020 |
2019 |
|
|
£ |
£ |
Financial |
assets |
|
|
Financial |
assets measured atfair value |
5,346,907 |
4,545,731 |
|
|
5,731,105 |
§,392,787 |
|
2020 |
2019 |
|
£ |
£ |
Not later than one year |
550,000 |
530,000 |
Later than one year and notlater than five years |
137,500 |
- |