**Charity number: 241736**
## **THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 18|
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021**
The Gilbert and Eileen Edgar Foundation was created by the late Mr G H S Edgar and his wife the late Mrs E V Edgar (the Settlors) by a deed dated 20 January 1965.
|**Trustees**|A E Gentilli|
|---|---|
||S C E Gentilli|
|**Charity registered**
**number**
241736
**Principal office**
2 Communications Road
Greenham Business Park
Greenham
Newbury
RG19 6AB
**Accountants**
James Cowper Kreston
2 Communications Road
Greenham Business Park
Greenham
Newbury
RG19 6AB
**Bankers**
HSBC
26 Broad Street
Reading
RG1 2BU
**Solicitors**
Forsters LLP
31 Hill Street
London
W1J 5LS
**Investment managers**
Investec Wealth & Investment Limited
Colmore Plaza
Colmore Circus
Birmingham
B4 6AT||
Page 1
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees present their annual report together with the financial statements of the The Gilbert and Eileen Edgar Foundation for the year 6 April 2020 to 5 April 2021.
## **Objectives and activities**
## **a. Policies and objectives**
The Foundation has widely drawn objects and may apply up to half of the Trust Fund and the whole of its income to such charitable purposes as the Trustees think fit.
The Settlors desired that the Trustees in exercising their discretion give preference, but without obligation, to all or any of the following purposes:-
- the promotion of medical and surgical science in all forms
- the helping of the young, the old and the needy
- the raising of the artistic taste of the public whether in relation to music, drama, opera, painting, sculpture or otherwise in connection with the fine arts
- the promotion of education in the fine arts
- the promotion of academic education
- the promotion of religion
- the provision of facilities for recreation or other leisure-time occupation
For a large number of years the Trustees have concentrated on making annual grants to a range of charities. The Trustees review the beneficiaries and from time to time amendments are made to the list. When funds allow the trustees occasionally make one-off grants.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **a. Main achievements of the Charity**
During the year the Foundation has made 76 donations to charities benefiting a wide sector of the public.
The Foundation has continued to make substantial grants for scholarships in the arts and donations to charities which raise the artistic taste of the public.
The work of other charities supported has included the provision of help, support and other services for people suffering from abuse and crime, people with disabilities and people suffering from various medical conditions.
The Foundation has also made donations to charities providing support overseas by the provisions of tools and skills to enable people in Africa to earn a sustainable livelihood, and by providing educational books.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **b. Reserves policy**
The Trustees generally aim to maintain their level of grant making and intend to continue to spend all available income each year and reduce the balance of unspent income. The Trustees have resolved to view the capital of the Trust as an expendable endowment so as to provide future income generation for charitable purposes.
## **c. Investment policy**
The investment policy is to balance income return with capital growth with a moderate exposure to risk. The Trustees receive regular reports from Investec so that they may review the performance of the investments.
## **d. Risk management**
The Trustees have reviewed the risks faced by the Foundation and have implemented systems to mitigate these risks. In particular, the Trustees consider that the major risk is the value of the Foundation's investments and the level of investment income. To mitigate this the Trustees use the services of a leading investment adviser, Investec.
## **e. Overview**
The attached financial statements show the financial results of the Foundation for the year.
Cash investment income received amounted to £69,987 (2020: £90,740).
Income from securities has decreased compared to 2020 due to many companies cutting dividends as a result of the Covid-19 pandemic.
Grants totalling £74,000 (2020: £114,500) were made during the year. Support costs included in charitable activities totalled £10,292 (2020: £11,789).
The movements in investments are shown in note 9. The value of the investments at the year-end have recovered from the significant drop which was as a result of the Covid-19 pandemic. The Trustees continue to monitor the value of its investments closely.
## **Structure, governance and management**
## **a. Constitution**
The Gilbert and Eileen Edgar Foundation is a registered charity, number 241736, and is constituted under a Trust deed.
## **b. Organisational structure and decision-making policies**
The constitution of the charity is set out on page 1.
The Trustees who have served during the year and since the year end are set out on page 1.
Statutory powers of appointing trustees apply.
Decisions are made by the Trustees in consultation with each other.
Page 3
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts 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 detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **A E Gentilli**
Date: 22 October 2021
Page 4
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021**
## **Independent Examiner's Report to the Trustees of The Gilbert and Eileen Edgar Foundation ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 17 November 2021
Ian Miles FCA
ICAEW
James Cowper Kreston 2 Communications Road Greenham Business Park Greenham, Newbury RG19 6AB
Page 5
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
|**Note**
**Income and endowments from:**
Investments
3
**Total income and endowments**
**Expenditure on:**
Investment management costs
Charitable activities
4
**Total expenditure**
**Net expenditure before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**69,987**
**69,987**
**-**
**82,426**
**82,426**
**(12,439)**
**-**
**(12,439)**
**44,514**
**(12,439)**
**32,075**|**Endowment**
**funds**
**2021**
**£**
**-**
**-**
**15,628**
**1,866**
**17,494**
**(17,494)**
**294,753**
**277,259**
**1,381,059**
**277,259**
**1,658,318**|**Total**
**funds**
**2021**
**£**
**69,987**
**69,987**
**15,628**
**84,292**
**99,920**
**(29,933)**
**294,753**
**264,820**
**1,425,573**
**264,820**
**1,690,393**|_Total_
_funds_
_2020_
_£_
_90,740_
_90,740_
_17,675_
_126,289_
_143,964_
_(53,224)_
_(395,220)_
_(448,444)_
_1,874,017_
_(448,444)_
_1,425,573_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 18 form part of these financial statements.
Page 6
## **THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **BALANCE SHEET AS AT 5 APRIL 2021**
|**Note**
**Fixed assets**
Investments
9
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Endowment funds
11
Unrestricted funds
11
**Total funds**|**11,530**
**11,530**
**(8,388)**|**2021**
**£**
**1,687,251**
**1,687,251**
**3,142**
**1,690,393**
**1,690,393**
**1,690,393**
**1,658,318**
**32,075**
**1,690,393**|_79,374_
_79,374_
_(61,658)_|_2020_
_£_
_1,407,857_|
|---|---|---|---|---|
|||||_1,407,857_
_17,716_|
|||||_1,425,573_|
|||||_1,425,573_|
||||||
|||||_1,425,573_|
|||||_1,381,059_
_44,514_|
||||||
|||||_1,425,573_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **A E Gentilli**
## Date: 22 October 2021
The notes on pages 8 to 18 form part of these financial statements.
Page 7
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **1. General information**
The Gilbert and Eileen Edgar Foundation is a registered charity in England and Wales. The address of its registered office is 2 Communications Road, Greenham Business Park, Greenham, Newbury, RG19 6AB.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Gilbert and Eileen Edgar Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 8
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **2. Accounting policies (continued)**
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **2.6 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.7 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
## **2.8 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **3. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Income from listed investments
69,468
Interest income
-
Other investment income
519
69,987
_Total 2020_
_90,740_|**Total**
**funds**
**2021**
**£**
**69,468**
**-**
**519**
**69,987**
_90,740_|_Total_
_funds_
_2020_
_£_
_89,107_
_342_
_1,291_|
|---|---|---|
|||_90,740_|
||||
## **4. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2021**
**£**
Direct costs
82,426
_Total 2020_
_124,654_|**Endowment**
**funds**
**2021**
**£**
1,866
_1,635_|**Total**
**funds**
**2021**
**£**
**84,292**
_126,289_|_Total_
_funds_
_2020_
_£_
_126,289_|
|---|---|---|---|
|||||
## **5. Analysis of expenditure by activities**
|Direct costs
_Total 2020_|**Grant**
**funding of**
**activities**
**2021**
**£**
74,000
_114,500_|**Support**
**costs**
**2021**
**£**
10,292
_11,789_|**Total**
**funds**
**2021**
**£**
**84,292**
_126,289_|_Total_
_funds_
_2020_
_£_
_126,289_|
|---|---|---|---|---|
||||||
Page 10
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **5. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Accountancy fees
Independent examination
Legal fees
Bank charges
_Total 2020_|**Activities**
**2021**
**£**
7,452
936
3,732
(1,828)
10,292
_11,789_|**Total**
**funds**
**2021**
**£**
**7,452**
**936**
**3,732**
**(1,828)**
**10,292**
_11,789_|_Total_
_funds_
_2020_
_£_
_7,452_
_936_
_3,270_
_131_|
|---|---|---|---|
||||_11,789_|
|||||
Page 11
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **6. Analysis of grants**
|**Academia**
Books Abroad
Royal College of Surgeons of England
**Armed Forces**
Gurkha Welfare Trust
Not Forgotten Association
Royal Star and Garter Homes
War Memorials Trust
**Arts and Music**
Bishopsland Educational Trust
Elizabeth Harwood Memorial Trust - Scholarship
English National Ballet
Fields in Trust
Royal Academy of Arts - Scholarship
Royal Academy of Dramatic Art - Scholarship
Royal College of Music - Junior Scholarship
Royal National Theatre
Worshipful Company of Clockmakers
**Children**
Become
Bliss
Brainwave
Child Brain Injury Trust
Children's Adventure Farm Trust
Children in Crisis
MERU
TLG
**Foreign**
IT Schools Africa
Livingstone Tanzania Trust|**2021**
**£**
**500**
**500**
**1,000**
**1,000**
**-**
**500**
**500**
**2,000**
**1,000**
**1,000**
**2,000**
**500**
**6,000**
**5,000**
**9,000**
**1,000**
**1,000**
**26,500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**1,000**
**4,500**
**500**
**500**|_2020_
_£_
_500_
_500_|
|---|---|---|
|||_1,000_
_1,000_
_50,000_
_500_
_500_|
|||_52,000_
_1,000_
_1,000_
_2,000_
_500_
_6,000_
_5,000_
_9,000_
_1,000_
_1,000_|
|||_26,500_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_1,000_|
|||_4,500_
_500_
_500_|
Page 12
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
|New Start Africa
Practical Action
Survival International
The John Fawcett Foundation
Tools for Self Reliance
Wells for India
**Medical & Surgical Science**
Alzheimers Research UK
Arthritis Research UK
Bath Institute of Medical Engineering
Blond McIndoe Research Laboratories
Breast Cancer Now
CORDA
DebRA
Fight for Sight
Meningitis Research Foundation
National Eye Research Centre
Royal Hospital for Neuro Disability
**Recreation and Conservation**
Arundel Castle Cricket Foundation
Atlantic Salmon Trust
Jubilee Sailing Trust
Marine Conservation Society
The Wheelyboat Trust
The Willesden Cemetery
**Welfare**
Action on Elder Abuse
Aidis Trust
Arthritis Care
British Home and Hospital for Incurables
Caris Camden
Changing Faces
Compaid
Coram Life Education
Crimestoppers Trust
Deafblind UK|**500**
**500**
**500**
**500**
**500**
**500**
**4,000**
**1,000**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**500**
**6,000**
**500**
**1,000**
**500**
**500**
**500**
**10,000**
**13,000**
**500**
**500**
**500**
**500**
**1,000**
**500**
**500**
**1,000**
**500**
**500**|_500_
_500_
_500_
_500_
_500_
_500_|
|---|---|---|
|||_4,000_
_1,000_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_500_|
|||_6,000_
_500_
_1,000_
_500_
_500_
_500_
_-_|
|||_3,000_
_500_
_500_
_500_
_500_
_1,000_
_500_
_500_
_1,000_
_500_
_500_|
Page 13
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
|DEMAND
Disabilities Trust
Down's Syndrome Association
Dystonia Society
Elizabeth Foundation
Howard League for Penal Reform
Independent Age
Living Paintings Trust
Macintyre Care
Marie Curie Cancer Care
Marylebone Project
Missing People
Motor Neurone Disease Association
National Coastwatch
Nightingale
Phab
Samaritans (Reading)
Seeing Ear
Shine
Sustrans
Victim Support
Less: prior year grants withdrawn/not taken up|**500**
**500**
**500**
**500**
**500**
**500**
**1,000**
**500**
**500**
**500**
**1,000**
**1,000**
**500**
**500**
**500**
**500**
**500**
**-**
**500**
**500**
**500**
**17,500**
**(500)**
**74,000**|_500_
_500_
_500_
_500_
_500_
_500_
_1,000_
_500_
_500_
_500_
_1,000_
_1,000_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_500_
_18,000_
_(500)_
_114,500_|
|---|---|---|
## **7. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £936 ( _2020_ - _£936_ ).
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ .
During the year ended 5 April 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ .
Page 14
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **9. Fixed asset investments**
|**Cost or valuation**
At 6 April 2020
Additions
Disposals
Revaluations
At 5 April 2021
**Net book value**
At 5 April 2021
_At 5 April 2020_|**Listed**
**investments**
**£**
**1,407,857**
**92,876**
**(108,235)**
**294,753**|
|---|---|
||**1,687,251**|
||**1,687,251**|
||_1,407,857_|
Investment assets included a loan to Gilbert Edgar Fund Limited with a balance at 6 April 2020 of £27,578, this loan was fully repaid during the year and reinvested in the Investec portfolio.
The loan was for a period of up to a maximum of 10 years from 10 October 2011 and interest was to be calculated on a quarterly basis. The initial interest rate was 2%, being a little over 1% more than the best rate obtainable on deposit at the stockbroker.
The historical cost of the stockbroker portfolio at 5 April 2021 was £1,386,032 (2020: £1,373,819).
## **10. Creditors: Amounts falling due within one year**
|Commitments
Accruals and deferred income|**2021**
**£**
**-**
**8,388**
**8,388**|_2020_
_£_
_50,000_
_11,658_
_61,658_|
|---|---|---|
Page 15
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **11. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
Unrestricted Income Fund
**Endowment funds**
Capital Endowment Fund
**Total of funds**|**Balance at 6**
**April 2020**
**£**
**44,514**
**1,381,059**
**1,425,573**|**Income**
**£**
**69,987**
**-**
**69,987**|**Expenditure**
**£**
**(82,426)**
**(17,494)**
**(99,920)**|**Gains/**
**(Losses)**
**£**
**-**
**294,753**
**294,753**|**Balance at 5**
**April 2021**
**£**
**32,075**|
|---|---|---|---|---|---|
||||||**1,658,318**|
||||||**1,690,393**|
Investment management costs are allocated 100% to the capital endowment fund.
Legal costs are allocated 50% to the capital endowment fund and 50% to the unrestricted income fund.
The capital endowment fund may be expended to an amount, not exceeding in whole, one moiety of the capital of the Trust Fund. The trust deed permits the Trustees at their discretion to apply in total up to half of the capital of the charity
It is to be invested and the income used for any charitable purpose at the discretion of the Trustees. The income arising from the capital endowment is unrestricted.
The unrestricted income fund of the charity may be applied for any charitable purpose at the discretion of the Trustees.
## **Statement of funds - prior year**
|**Unrestricted funds**
Unrestricted Income Fund
**Endowment funds**
Capital Endowment Fund
**Total of funds**|_Balance at_
_1 April 2019_
_£_
_79,178_
_1,794,839_
_1,874,017_|_Income_
_£_
_89,990_
_750_
_90,740_|_Expenditure_
_£_
_(124,654)_
_(19,310)_
_(143,964)_|_Gains/_
_(Losses)_
_£_
_-_
_(395,220)_
_(395,220)_|_Balance at_
_5 April 2020_
_£_
_44,514_|
|---|---|---|---|---|---|
||||||_1,381,059_|
||||||_1,425,573_|
Page 16
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **12. Summary of funds**
## **Summary of funds - current year**
|General funds
Endowment funds|**Balance at 6**
**April 2020**
**£**
**44,514**
**1,381,059**
**1,425,573**|**Income**
**£**
**69,987**
**-**
**69,987**|**Expenditure**
**£**
**(82,426)**
**(17,494)**
**(99,920)**|**Gains/**
**(Losses)**
**£**
**-**
**294,753**
**294,753**|**Balance at 5**
**April 2021**
**£**
**32,075**
**1,658,318**|
|---|---|---|---|---|---|
||||||**1,690,393**|
## **Summary of funds - prior year**
|General funds
Endowment funds|_Balance at_
_1 April 2019_
_£_
_79,178_
_1,794,839_
_1,874,017_|_Income_
_£_
_89,990_
_750_
_90,740_|_Expenditure_
_£_
_(124,654)_
_(19,310)_
_(143,964)_|_Gains/_
_(Losses)_
_£_
_-_
_(395,220)_
_(395,220)_|_Balance at_
_5 April 2020_
_£_
_44,514_
_1,381,059_|
|---|---|---|---|---|---|
||||||_1,425,573_|
## **13. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Fixed asset investments
28,933
Current assets
11,530
Creditors due within one year
(8,388)
**Total**
32,075|**Endowment**
**funds**
**2021**
**£**
1,658,318
-
-
1,658,318|**Total**
**funds**
**2021**
**£**
**1,687,251**
**11,530**
**(8,388)**|
|---|---|---|
|||**1,690,393**|
Page 17
**THE GILBERT AND EILEEN EDGAR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **13. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_1,381,059_
_-_
_-_
_1,381,059_|_Endowment_
_funds_
_2020_
_£_
_26,798_
_79,374_
_(61,658)_
_44,514_|_Total_
_funds_
_2020_
_£_
_1,407,857_
_79,374_
_(61,658)_
_1,425,573_|
|---|---|---|---|
Page 18