| Page | ||||
|---|---|---|---|---|
| Report ofthe Trustees | I | to | 10 | |
| Report ofthe Independent Auditors |
11 | to | 14 | |
| Statement ofFinancial | Activities | 15 | ||
| Balance Sheet | 16 | to | 17 | |
| Cash Flow Statement | 18 | |||
| Notes to the Cash Flow Statement | 19 | |||
| Notes to the Financial | Statements | 20 | to | 31 |
| Detailed Statement of | Financial Activities | 32 | to | 33 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||||
| funds | funds | funds | funds | funds | ||||
| Notes | f | |||||||
| INCOME AND | ||||||||
| ENDOWMENTS | FROM | |||||||
| Donations and legacies |
2 | 1,500 | 1,500 | 152,158 | ||||
| Investment income |
3 | 347,848 | 112,710 | 460,558 | 488,249 | |||
| Other income | 55,686 | 55,686 | 56,605 | |||||
| Total | 405,034 | 112,710 | 517,744 | 697,012 | ||||
| EXPENDITURE | ON | |||||||
| Raising funds | 4 | 92,939 | 34,824 | 127,763 | 111,338 | |||
| Charitable activities |
5 | |||||||
| Attributable to grant making |
679,153 | 679,153 | 547,689 | |||||
| Total | 772,092 | 34,824 | 806,916 | 659,027 | ||||
| Net gains/(losses) | on | |||||||
| investments | 12 | 1.645,493 | 964,356 | 2,609,849 | (415,538) | |||
| NET | ||||||||
| INCOME/(EXPENDITURE) | 1,278,435 | 1,042,242 | 2,320,677 | (377,553) | ||||
| Transfers between |
funds | 20 | 750,320 | (750,320) | ||||
| Net movement in |
funds | 2,028,755 | 291,922 | 2,320,677 | (377,553) | |||
| RECONCILIATION | OF | |||||||
| FUNDS | ||||||||
| Total funds brought forward | 14,990,577 | 9,636 | 8,284,112 | 23,284,325 | 23,661,878 | |||
| TOTAL FUNDS CARRIED | ||||||||
| FORWARD | 17,019,332 | 9,636 | 8,576,034 | 25,605,002 | 23,284,325 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| FIXEDASSETS | Notes | f | f | |||
| Tangible assets Investments |
13 | 268,110 | 268,110 | 269,239 | ||
| Investments Investment property |
14 15 |
8,143,957 8 759,191 |
8,230,224 345,810 |
16,374,181 9,105,001 |
14,747,458 8,270,853 |
|
| 17,171,258 | 8,576,034 | 25,747,292 | 23,287,550 | |||
| CURRENT ASSETS | ||||||
| Debtors Cash at bank |
16 | 178,156 21,764 |
9,636 | 178,156 31,400 |
22,678 220,962 |
|
| 199,920 | 9,636 | 209,556 | 243,640 | |||
| CREDITORS | ||||||
| Amounts falling due within one |
||||||
| year | 17 | (63,345) | (63,345) | (52,468) | ||
| NET CURRENT ASSETS | 136,575 | 9,636 | 146,211 | 191,172 | ||
| TOTAL ASSETS LESS | ||||||
| CURRENT LIABILITIES | 17,307,833 | 9,636 | 8,576,034 | 25.893,503 | 23,478,722 | |
| CREDITORS | ||||||
| Amounts falling due aAer more |
||||||
| than one year | 18 | (288,501) | (288,501) | (194,397) | ||
| NET ASSETS | 17,019,332 | 9,636 | 8,576,034 | 25,605,002 | 23,284,325 | |
| FUNDS | 20 | |||||
| Unrestricted funds: |
||||||
| General fund Designated fund |
755,876 16,263,456 |
880,228 14,110,349 |
||||
| 17,019,332 | 14,990,577 | |||||
| Restricted funds Endowment funds |
9,636 8,576,034 |
9,636 8,284,112 |
||||
| TOTAL FUNDS | 25,605,002 | 23,284,325 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Notes | ||||
| Cash flows from operating activities |
||||
| Cash generated from operations |
(626,334) | (351,507) | ||
| Net cash used in operating activities |
(626,334) | (351,507) | ||
| Cash flows from investing activities |
||||
| Purchase ofquoted investments Purchase ofinvestment property Sale ofquoted investments |
(4,816,186) (15,841) 4,646,397 |
(4,733,699) (7,980) 5,408,538 |
||
| Movement on cash held at Cazenove |
337,662 | (486,876) | ||
| Accrued income on quoted investments | (3,054) | 12,180 | ||
| Interest received | 520 | 274 | ||
| Dividends received |
209,388 | 260,268 | ||
| Net cash provided by investing activities |
358,886 | 452,705 | ||
| Cash flows from financing activities |
||||
| Income attributable to endowment |
112,710 | 136,417 | ||
| Expenditure attributable to endowment |
(34,824) | (32,740) | ||
| Net cash provided by financing activities |
77,886 | 103,677 | ||
| Change in cash and cash equivalents | in | |||
| tbe reporting period |
( I 89,562) | 204,875 | ||
| Cash and cash equivalents at the |
||||
| beginning ofthe reporting period |
220,962 | 16,087 | ||
| Cash and cash equivalents at the end |
of | |||
| the reporting period |
31,400 | 220,962 |
| RECONCILIATION OF NET INCOME/( OPERATING ACTIVITIES |
EXPENDITURE) TO NET |
CASH FLOW FROM | |
|---|---|---|---|
| 2021 | 2020 | ||
| Net income/(expenditure) for the reporting Statement ofFinancial Activities) Adjustments for: |
period (as per the | 2,320,677 | (377,553) |
| Depreciation charges (Gain)/losses on investments Interest received Dividends received Income attributable to endowment Expenditure attributable to endowment (Increase)/decrease in debtors Increase/(decrease) in creditors |
1,129 (2,609,849) (520) (209,388) (112,710) 34,824 (155,478) 104,981 |
1,134 415,538 (274) (260,268) (136,417) 32,740 28,520 (54,927) |
|
| Net cash used in operations | (626,334) | (351,507) |
| At 1.8.20 | Cash flow | At 31.7.21 | |
|---|---|---|---|
| Net cash | |||
| Cash at bank | 220.962 | (189,562) | 31,400 |
| 220,962 | (189,562) | 31,400 | |
| Total | 220,962 | (189,562) | 31,400 |
| 2021 | 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Donations | 1,500 | 152,158 | ||||||||
| The above | donations | have | been made for the following | purposes: | ||||||
| Kings Mound | 100,000 | |||||||||
| Gift Aid credit | 20,108 | |||||||||
| Other | 1,500 | 32,500 | ||||||||
| 1,500 | 152,158 | |||||||||
| 3. | INVESTMENT | INCOME | ||||||||
| 2021 | 2020 | |||||||||
| Rents received | 250,650 | 227,707 | ||||||||
| Dividends | and interest | 209,388 | 260,268 | |||||||
| Interest - cash deposits | 274 | |||||||||
| Interest - deferred | premium | 520 | ||||||||
| 460,558 | 488,249 | |||||||||
| 4. | RAISING | FUNDS | ||||||||
| Investment | management | costs | ||||||||
| 2021 | 2020 | |||||||||
| f | ||||||||||
| Investment management Cost ofrental properties |
costs | 64,694 63,069 |
62,463 48,875 |
|||||||
| 127,763 | 111,338 | |||||||||
| 5. | CHARITABLE | ACTIVITIES COSTS | ||||||||
| Grant | ||||||||||
| funding of | ||||||||||
| activities | Support | |||||||||
| (see note | costs (see | |||||||||
| 6)f | note 7) | Totals | ||||||||
| Attributable | to grant making | 601,786 | 77,367 | 679,153 |
| GRANTS PAYABLE | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Attributable to grant making |
601,786 | 359,520 | ||
| The total grants paid to institutions | during | the year was as follows: | ||
| 2021 | 2020 | |||
| Harris Manchester College - Grant |
B | 601,786 | 359,520 |
| SVPPORT | C | OSTS | |||||
|---|---|---|---|---|---|---|---|
| Governance | |||||||
| Management | Finance | costs | Totals | ||||
| Attributable | to | grant | makmg | 71,501 | 616 | 5,250 | 77,367 |
| Support c | osts, in | cluded | in the above, | are as follows: | ||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Attributable | ||||||
| to grant | Total | |||||
| making | acttvtttes | |||||
| f | ||||||
| Wages | 55,686 | 56,605 | ||||
| Pensions | paid for past service | 6,385 | 6,917 | |||
| Other operating | leases | 100,001 | ||||
| Insurance | 1,788 | 1,407 | ||||
| Company | Secretary | 7,640 | ||||
| Accountancy | 2,750 | 2,730 | ||||
| Legal and | professional | costs | 3,763 | 5,907 | ||
| Depreciation of | tangible | and heritage | assets | 1,129 | 1,134 | |
| Bank charges | 616 | 608 | ||||
| Auditors' | remuneration | 5,250 | 5,220 | |||
| 77,367 | 188,169 |
| 2021 | 2020 | ||
|---|---|---|---|
| Auditors' remuneration |
5,250 | 5,220 | |
| Depreciation - |
owned assets | 1,129 | 1,134 |
| Other operating | leases | 100,001 |
| STAFF COSTS | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Wages and salaries | 55,686 | 56,605 | |||
| Other pension costs | 6,385 | 6,917 | |||
| 62,071 | 63,522 | ||||
| The average monthly | number ofemployees | during | the year was as follows: | ||
| 2021 | 2020 | ||||
| Working on charitable |
activities | 1 | 1 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Investment portfolio |
1,791,543 | (415,538) | |||||
| Invesnnent properties |
818,307 | ||||||
| 2,609,849 | (415,538) | ||||||
| 13. | TANGIBLE FIXEDASSETS | ||||||
| Improvements | |||||||
| Leasehold | to | ||||||
| property | property | Library | Totals f |
||||
| COST | |||||||
| At I August 2020 | and 31 July 2021 | 295,000 | 4,095 | 15,391 | 314,486 | ||
| DEPRECIATION | |||||||
| At I August 2020 | 28,000 | 2,328 | 14,919 | 45,247 | |||
| Charge for year | 1,000 | 82 | 47 | 1,129 | |||
| At 31 July 2021 | 29,000 | 2,410 | 14,966 | 46,376 | |||
| NET BOOK VALUE | |||||||
| At 31 July 2021 | 266,000 | 1,685 | 425 | 268,110 | |||
| At 31 July 2020 | 267,000 | 1,767 | 472 | 269,239 | |||
| 14. | FIXEDASSETINVESTMENTS | ||||||
| 2021 | 2020 | ||||||
| f | |||||||
| Listed investment | portfolio | 16,374,181 | 14,747,458 |
| Movement | in lixed asset investments | 2021 | 2020 | |
| Market value I August (excluding | cash held) | 14,141,853 | 15,244,410 | |
| Additions | at cost | 4,816,186 | 4,733,699 |
| Disposal proceeds | Disposal proceeds | (4,646,397) | (5,408,538) | |
|---|---|---|---|---|
| Gains/(Losses) | on investment | assets | 1,791,543 | (415,538) |
| Accrued interest | (movement) | 3,054 | (12,180) | |
| Market value at | 31 July (excluding cash held) | 16,106,238 | 14,141,853 | |
| Cash held at 31 | July | 267,943 | 605,605 | |
| Market value ofinvestments | 31July | 16,374,181 | 14,747,458 | |
| INVESTMENT PROPERTY | ||||
| FAIR VALUE | ||||
| At 1 August 2020 |
8,270,853 | |||
| Additions | 15,841 | |||
| Revaluation | 818,307 | |||
| At 31 July 2021 | 9,105,001 | |||
| NET BOOK VALUE | ||||
| At 31 July 2021 | 9,105,001 | |||
| At 31 July 2020 | 8,270,853 |
| Fair value | at | 31 July 2021 i | s represented by: |
||
|---|---|---|---|---|---|
| Valuation | in | 2020 | 8,270,853 | ||
| Valuation | in | 2021 | 834,148 | ||
| 9,105,001 | |||||
| DEBTORS | |||||
| 2021 | 2020 | ||||
| Amounts | falling due within | one year: | |||
| Other debtors | 13,435 | 16,048 | |||
| Prepayments | and accrued income | 7,201 | 6,630 | ||
| 20,636 | 22,678 |
| DEBTO | RS - continued | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Amounts | falling due after more than one year: | ||
| Deferred | premium | 157,520 | |
| Aggregate | amounts | 178,156 | 22,678 |
| CREDITORS: AMOUNTS FALLING DUE WIT | HIN ONE YEAR | |
|---|---|---|
| 2021 | 2020 | |
| Lease premiums | 55,344 | 44,669 |
| Accrued expenses | 8,001 | 7,799 |
| 63,345 | 52,468 |
| CREDITORS: AMOUNTS | FALLING DUE AFTER MORE THAN ONE YEAR | |
| 2021 | 2020 | |
| Lease premiums | 281,501 | 187,397 |
| Security premiums | 7,000 | 7,000 |
| 288,501 | 194,397 |
| hIOVEMK | N | T IN FUNDS |
||||
|---|---|---|---|---|---|---|
| Net | Transfers | |||||
| movement | between | At | ||||
| At 1.8.20 | in funds | funds | 31.7.21 | |||
| f | f | |||||
| Unrestricted | funds | |||||
| General fund |
880,228 | (337,188) | 212,836 | 755,876 | ||
| Designated | fund | 14,110,349 | 1,615,623 | 537,484 | 16,263,456 | |
| 14,990,577 | 1,278,435 | 750,320 | 17,019,332 | |||
| Restricted | funds | |||||
| Restricted | 9,636 | 9,636 | ||||
| Endowment | funds | |||||
| Endowment | fund | 8,284,112 | 1,042,242 | (750,320) | 8,576,034 | |
| TOTAL FUNDS | 23,284,325 | 2,320,677 | 25,605,002 | |||
| Net movement | in funds, included | in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended f |
losses | in funds | |||
| Unrestricted | funds | |||||
| General fund |
405,034 | (742,222) | (337,188) | |||
| Designated | fund | (29.870) | 1,645,493 | 1,615,623 | ||
| 405,034 | (772,092) | 1,645,493 | 1,278,435 | |||
| Endowment | funds | |||||
| Endowment | fund | 112,710 | (34,824) | 964,356 | 1,042,242 | |
| TOTAL FUNDS | 517,744 | (806,916) | 2,609,849 | 2,320,677 |
| Net | Transfers | |||||
|---|---|---|---|---|---|---|
| movement | between | At | ||||
| At 1.8.19 | in funds | funds | 31.7.20 | |||
| Unrestricted | funds | |||||
| General fund |
597,884 | (35,968) | 318,312 | 880,228 | ||
| Designated | fund | 14,656,123 | (227,462) | (318,312) | 14,110,349 | |
| 15,254,007 | (263,430) | 14,990,577 | ||||
| Restricted | funds | |||||
| Restricted | 9,636 | 9,636 | ||||
| Endowment | funds | |||||
| Endowment | fund | 8,398,235 | (114,123) | 8,284,112 | ||
| TOTAL FUNDS | 23,661,878 | (377,553) | 23,284,325 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| f. | |||||
| Unrestricted | funds | ||||
| General fund |
560,595 | (596,563) | (35,968) | ||
| Designated | fund | (29,724) | (197,738) | (227,462) | |
| 560,595 | (626,287) | (197,738) | (263,430) | ||
| Endowment | funds | ||||
| Endowment | fund | 136,417 | (32,740) | (217,800) | (114,123) |
| TOTAL FUNDS | 697,012 | (659,027) | (415,538) | (377,553) |
| Net | Transfers | |||||
|---|---|---|---|---|---|---|
| movement | between | At | ||||
| At 1.8.19 | in funds | funds | 31.7.21 | |||
| Unrestricted | funds | |||||
| General fund |
597,884 | (373,156) | 531,148 | 755,876 | ||
| Designated | fund | 14,656,123 | 1,388,161 | 219,172 | 16,263,456 | |
| 15,254,007 | 1,015,005 | 750,320 | 17,019,332 | |||
| Restricted | funds | |||||
| Restricted | 9,636 | 9,636 | ||||
| Endowment | funds | |||||
| Endowment | fund | 8,398,235 | 928,119 | (750,320) | 8,576,034 | |
| TOTAL FUNDS | 23,661,878 | 1,943,124 | 25,605,002 |
| Inconting | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| f | |||||
| Unrestricted | funds | ||||
| General fund |
965,629 | (1,338,785) | (373,156) | ||
| Designated | fund | (59,594) | 1,447,755 | 1,388,161 | |
| 965,629 | (1,398,379) | 1,447,755 | 1,015,005 | ||
| Endowment | funds | ||||
| Endowment | fund | 249,127 | (67,564) | 746,556 | 928,119 |
| TOTAL FUNDS | 1,214,756 | (1,465,943) | 2,194,311 | 1,943,124 |
| Unapplied | Total | ||||||
|---|---|---|---|---|---|---|---|
| Endowment | Total Return | Endowment | |||||
| At the beginning ofthe reporting |
period: | ||||||
| Gift component ofthe permanent | endowment | 5,538,795 | 5,538,795 | ||||
| Unapplied | total return | 2,399,506 | 2,399,506 | ||||
| 5,538,795 | 2,399,506 | 7,938,301 | |||||
| Movement | in the reporting | period: | |||||
| Investment | return: dividends | and interest | 112,710 | 112,710 | |||
| Investment | return: realised and unrealised | gains | 964,356 | 964,356 | |||
| Less: investment management |
costs | (34,823) | (34,823) | ||||
| 1,042,243 | 1,042,243 | ||||||
| Unapplied | total return allocated to | income | in the | ||||
| reporting period |
(750,320) | (750,320) | |||||
| Net movements in the reporting |
period | 291,923 | 291.923 | ||||
| At the end | ofthe reporting | period | |||||
| Gift component ofthe permanent endowment |
5,538,795 | 5,538,795 | |||||
| Unapplied | total return | 2,691,428 | 2,691,428 | ||||
| Total | 5,538,795 | 2,691428 | 8,230,223 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| 6 | ||||||
| INCOME AND ENDOWMENTS | ||||||
| Donations and legacies |
||||||
| Donations | 1,500 | 1,500 | 152,158 | |||
| Investment income |
||||||
| Rents received | 250,650 | 250,650 | 227,707 | |||
| Dividends and interest |
96,678 | 112,710 | 209,388 | 260,268 | ||
| Interest - cash deposits | 274 | |||||
| Interest - deferred premium |
520 | 520 | ||||
| 347,848 | 112,710 | 460,558 | 488,249 | |||
| Other income | ||||||
| Payroll contribution received |
55,686 | 55,686 | 56,605 | |||
| Total incoming resources |
405,034 | 112,710 | 517,744 | 697,012 | ||
| EXPENDITURE | ||||||
| Investment management |
costs | |||||
| Investment management Cost ofrental properties |
costs | 29,870 63,069 |
34,824 | 64,694 63,069 |
62,463 48,875 |
|
| 92,939 | 34,824 | 127,763 | 111,338 | |||
| Charitable activities |
||||||
| Grants to institutions | 601,786 | 601,786 | 359,520 | |||
| Support costs | ||||||
| Management | ||||||
| Wages | 55,686 | 55,686 | 56,605 | |||
| Pensions paid for past service | 6,385 | 6,385 | 6,917 | |||
| Other operating leases |
100,001 | |||||
| Insurance | 1,788 | 1,788 | 1,407 | |||
| Company Secretary |
7,640 | |||||
| Accountancy | 2,750 | 2,750 | 2,730 | |||
| Legal and professional Depreciation oftangible |
costs and |
3,763 | 3,763 | 5,907 | ||
| heritage assets | 1,129 | 1,129 | 1,134 | |||
| 71,501 | 71,501 | 182,341 | ||||
| Finance | ||||||
| Bank charges | 616 | 616 | 608 |
| Unrestricted | Restricted | Endowment | 2021 Total |
2020 Total |
||
|---|---|---|---|---|---|---|
| Finance | funds | funds | funds f |
fundsf | fundsf | |
| Governance costs |
||||||
| Auditors' remuneration |
5,250 | 5,250 | 5,220 | |||
| Total resources expended | 772,092 | 34,824 | 806,916 | 659,027 | ||
| Net (expenditure)/income | ||||||
| before gains and losses | (367,058) | 77,886 | (289,172) | 37,985 | ||
| Realised and unrealised Fixed asset investments Investment property |
recognised | gains and losses 827,186 818,307 |
964,356 | 1,791,542 818,307 |
(415,538) | |
| Net income/(expenditure) | 1,278,435 | 1,042,242 | 2,320,677 | (377,553) |