||||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)|