2021-04-05-accounts - Wilfrid And Constance Cave Foundation

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Report of the Trustees and Audited Financial Statements for the Year Ended 5 April 2021

for

The Wilfrid and Constance Cave Foundation

Contents of the Financial Statements for the Year Ended 5 April 2021

		Page
Report of the Trustees	1	to	3
Report of the Independent Auditors	4	to	6
Statement of Financial Activities		7
Statement of Financial Position		8
Notes to the Financial Statements	9	to	16
Detailed Statement of Financial Activities		17

The Wilfrid and Constance Cave Foundation

Report of the Trustees for the Year Ended 5 April 2021

The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Public benefit

The charity makes grants to a wide variety of charitable organisations and the Trustees declare that they have complied with the duty imposed under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

GRANT MAKING POLICY

The trustees and the donations committee decide at their half-yearly meetings what grants they will make and to review any feedback they have received. Nominations for grants are elicited by the individual trustees and committee members who are empowered to put forward proposals for donations to be made on an annual basis, both locally and nationally as well as additional donations on an ad hoc basis. As a rough principle, the amount of grants made is twice the income received from the Charities Property Fund holding of the charity.

Details of grants made to institutions can be found in note 4 to the accounts.

ACHIEVEMENT AND PERFORMANCE

During the year, the charity has made 25 grants totalling £103,000 (2020: 38 grants totalling £164,100) to organisations.

The trustees intend to limit spending to equate with the income earned on investments, rather than the capital, to preserve the longevity of the charity.

The country went in to lockdown on 23 March 2020 due to the Covid-19 pandemic. As a result all trustee meetings were undertaken on Zoom and the employee worked remotely. The level of grants given was lower than in previous years due to additional administration processes during this period. The charity did not need to utilise any government support. The restrictions are now lifting and the trustees are optimistic about the future and believe that the foundations are in place for the charity to continue in the long term.

FINANCIAL REVIEW

Principal funding sources

The charity's income is derived primarily from dividends and interest on its investments. Income for the year, excluding gains and losses on sale of investments, was £140,110 (2020: £158,621) and grants to the value of £103,000 (2020: £164,100) were disbursed.

Programme related investment

In February 2014 the charity purchased a property which is currently being let to a grant recipient for a peppercorn rent. The Trustees intend to keep the property as an investment for the long term future. More details can be found in note 11 of the accounts.

Reserves and Investment Policy

The trustees recognise the need to maintain reserves to ensure the charity can meet its financial obligations on a twelve month rolling basis. In particular, the charity needs to ensure that there are sufficient funds to meet administration costs and to take fresh initiatives or respond to future/emergency funding of grants. The level of reserves at the year end is £4,736,172 (2020: £4,340,032).

The charity's investment policy, as executed by its independent investment advisers, is one of investing in medium risk income producing investments sufficient to maintain and sustain its charitable giving objectives.

FUTURE PLANS

The charity will continue its support of existing and new projects in the immediate future.

Page 1

The Wilfrid and Constance Cave Foundation

Report of the Trustees for the Year Ended 5 April 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Wilfrid and Constance Cave Foundation also known as 'The Cave Foundation' is an unincorporated Trust, constituted under a Trust Deed of Settlement dated 17 March 1965 and is a registered charity number 241900.

The objects of the charity are to support, encourage and donate to such bodies, associations and organisations as the trustees shall from time to time select.

Trustees are appointed by the Board of Trustees and donation committee members. Voting occurs every two years.

At the half-yearly meetings, the trustees agree the broad strategy and areas of activity for the charity, including consideration of investments, reserves and risk management.

In addition grant making is then considered by the trustees and the donations committee.

Recruitment and appointment of new trustees/committee members

Trustees and committee members are appointed by invitation and are family members. Trustees have to be at least 21 years of age while committee members have to be at least 18.

Risk management

The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns on the investment funds to constitute the charity's major risk.

They have appointed professional investment advisers to assist in fund administration and to maintain and increase the resources available for grant making.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

241900

Principal address

Clewer Boatyard Ltd Clewer Court Road Windsor Berkshire SL4 5JD

Trustees

Mr M D A Pickin Mr W Howells Ms E J Pickin Ms L Howells

Mr M D A Pickin and Mrs M Waterworth jointly hold the title to the charity's investment property in their capacity as trustees/committee members of the charity.

Auditors

Butt Miller Chartered Accountants and Statutory Auditor 92 Park Street Camberley Surrey GU15 3NY

Bankers

HSBC Bank plc 25 High Street Windsor SL4 1LN

Page 2

The Wilfrid and Constance Cave Foundation

Report of the Trustees for the Year Ended 5 April 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Investment Managers

HSBC Global Asset Management 78 St. James's Street London SW1A 1HL

Cordea Savills LLP 33 Margaret Street London W1G 0JD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 board of trustees on 28 October 2021 and signed on its behalf by:

Mr M D A Pickin - Trustee

Page 3

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Opinion

We have audited the financial statements of The Wilfrid and Constance Cave Foundation (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Page 4

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the charity and the environment in which it operates, its control environment and operations, including
the design of the charities safeguarding policies;
Results of our enquiries of trustees about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures
relating to:
identifying, evaluating and complying with those laws and regulations that have a direct impact on the preparation of
the financial statements such as the Charities Act 2011, Charities SORA (2019) and payroll taxes. and whether they were aware of any instances of noncompliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged
fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:

Enquiries of management and staff including concerning actual and potential litigation and claims and any instances of
non-compliance with laws. - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud;
Obtained an understanding of provisions and commitments, and held discussions with management to understand the
basis of recognition or non-recognition of provisions; and
Addressing the risk of fraud through management override of controls, particularly in relation to grant payments, to
ensure these were in place throughout the year including during the Covid-19 remote working period.
Reviewing and testing journal entries made in the year, particularly those made as part of the year end financial reporting process. - - Assessing the judgements made in making accounting estimates; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charity's activities.

Page 5

Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation

Use of our report

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Butt Miller Chartered Accountants and Statutory Auditor 92 Park Street Camberley Surrey GU15 3NY

1 November 2021

Page 6

The Wilfrid and Constance Cave Foundation

Statement of Financial Activities for the Year Ended 5 April 2021

		2021	2020
		Unrestricted	Total
		fund	funds
	Notes	£	£
INCOME AND ENDOWMENTS FROM
Investments	2	140,110	158,621
EXPENDITURE ON
Raising funds	3	17,053	17,167
Charitable activities
Donations		103,000	164,100
Other		21,931	26,446
Total		141,984	207,713
NET INCOME/(EXPENDITURE)		(1,874)	(49,092)
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets		398,014	(350,367)
Net movement in funds		396,140	(399,459)
RECONCILIATION OF FUNDS
Total funds brought forward		4,340,032	4,739,491
TOTAL FUNDS CARRIED FORWARD		4,736,172	4,340,032

The notes form part of these financial statements

Page 7

The Wilfrid and Constance Cave Foundation

Statement of Financial Position 5 April 2021

		2021	2020
		Unrestricted	Total
		fund	funds
	Notes	£	£
FIXED ASSETS
Tangible assets	9	539	804
Investments
Investments	10	4,381,035	4,040,188
Investment property	11	265,000	265,000
		4,646,574	4,305,992
CURRENT ASSETS
Debtors	12	23,942	23,947
Cash at bank		79,560	20,535
		103,502	44,482
CREDITORS
Amounts falling due within one year	13	(13,904)	(10,442)
NET CURRENT ASSETS		89,598	34,040
TOTAL ASSETS LESS CURRENT LIABILITIES		4,736,172	4,340,032
NET ASSETS		4,736,172	4,340,032
FUNDS	14
Unrestricted funds		4,736,172	4,340,032
TOTAL FUNDS		4,736,172	4,340,032

The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2021 and were signed on its behalf by:

Mr M D A Pickin - Trustee

The notes form part of these financial statements

Page 8

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements for the Year Ended 5 April 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

At the time of signing these accounts, the trustees do not believe that there are any material uncertainties related to events or conditions that cast significant doubt upon the charity's ability to continue as a going concern.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to this category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Creditors at the year end are measured at settlement amounts less any discounts allowed.

Grants are made at the trustees' discretion and are generally payable without performance conditions. They are included in the Statement of Financial Activities when they are paid.

Any grants which are offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 25% on reducing balance Computer equipment - 33% on reducing balance

Investments

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Listed investments are included at closing market value at the statement of financial position date. Any gain or loss during the year is taken to the Statement of Financial Activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 9

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

1. ACCOUNTING POLICIES - continued

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Realised and unrealised gains and losses

All realised gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).

2. INVESTMENTS

INVESTMENTS
Investment income Bank and sundry interest receivable	2021 £ 120,351 19,759 140,110	2020 £ 138,057 20,564
		158,621

There is no rental income as the property is currently being let for a peppercorn rent.

3. RAISING FUNDS

Investment management costs

Investment management costs
	2021	2020
	£	£
Portfolio management costs	15,758	16,492
Building insurance	515	543
Property management costs	780	132
	17,053	17,167
GRANTS PAYABLE
	2021	2020
	£	£
Donations	103,000	164,100

4. GRANTS PAYABLE

continued...

Page 10

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

4. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

	2021	2020
	£	£
The Farmer's Club Pinnacle Award	-	7,000
The Children's Hospice South West	3,000	3,000
Two Moors Festival	3,000	3,000
The Story Museum	-	36,000
Exmoor Search and Rescue	3,000	3,000
North Devon Hospice	2,000	3,100
TVAP	3,000	3,000
Exmoor Society	10,000	3,000
Help for Heroes	-	5,000
Exton Village Hall	1,000	-
Exmoor Youth Project	-	2,000
Force Cancer Charity	-	2,000
Clowns Playbus	4,000	4,000
Shakespeare Hospice	-	2,000
Westcountry Rivers Trust	-	2,000
Dulverton Youth Club	-	2,000
Himalayan Children	-	2,000
Thames Hospice	25,000	12,000
Berkshire Community Foundation	10,000	5,000
Brushford Parish Hall Car Park	-	10,000
The Atlantic Salmon Trust	15,000	-
Minehead School Pastors	-	1,000
Braunton Academy	2,000	-
Swan Support	1,000	1,000
Falcon Rowing & Canoeing Club	-	5,000
Blackheath Old Elthamians Hockey Club	-	1,000
St Nicholas' Church, Brushford	2,000	-
Live Music Now South West	-	2,000
Hope For Children	-	2,000
Friends of Eton Wick School	2,000	2,000
Exmoor Young Voices	-	20,000
King's Hall Adventure Playground	-	5,000
Henry Bissell Spinal Memorial Fund	-	1,000
Dulverton 1st School	-	4,000
Hanham Woods Academy	-	2,000
St Mary's Church, Bishops Nympton	-	5,000
Pilton Academy	3,000	3,000
Exmoor PCC	-	1,000
Exmoor Studios	5,000	-
Hugh Sexey's Hospital	1,000	-
Morebath Cricket Club	5,000	-
The Brain Tumour Trust	3,000	-
	103,000	164,100

continued...

Page 11

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

5. SUPPORT COSTS

6.

SUPPORT COSTS
		Governance
	Management	costs	Totals
	£	£	£
Other resources expended	13,695	8,236	21,931
Support costs, included in the above, are as follows:
		2021	2020
		Other
		resources	Total
		expended	activities
		£	£
Trustees' remuneration etc		-	556
Wages		11,053	11,053
Pensions		482	580
Cost of trustees' meetings		-	575
Office costs		1,895	2,269
Travel		-	152
Depreciation of equipment		265	72
Auditors' remuneration		3,930	3,930
Accountancy		2,262	2,262
Legal and professional fees		2,044	4,997
		21,931	26,446
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' expenses
		2021	2020
		£	£
Trustees' expenses		-	556

During the year, no trustees (2020: 4) were paid for reimbursement for travel expenses in relation to trustee meetings.

The trustees have not been paid any remuneration or received any other benefits in relation to their work for the charity.

Mrs J Pickin received rent of £875 (2020: £1,500) for office and storage space, telephone, light and heat.

7. STAFF COSTS

STAFF COSTS
Wages and salaries Other pension costs The average monthly number of employees during the year was as follows:	2021 £ 11,053 482 11,535	2020 £ 11,053 580
		11,633

	2021	2020
Administration	1	1

No employees received emoluments in excess of £60,000.

continued...

Page 12

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

8. AUDITORS REMUNERATION

2021		2020
£		£
3,930		3,930
2,262		2,262

6,192		6,192

Computer equipment £ 875 72 265 337 538 803	Totals £ 2,229 1,425 265 1,690 539 804 Listed investments £ 4,040,188 1,523,390 (1,580,557) 398,014 4,381,035 4,381,035 4,040,188

continued...

Page 13

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

11. INVESTMENT PROPERTY

FAIR VALUE At 6 April 2020 and 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020	£ 265,000
	265,000
	265,000

The investment property was purchased on February 2014 for £274,162. The property was revalued in 2019 by R Hambly MSc MRICS ARLA at £265,000.

The trustees consider that the valuation of the property in 2019 was not materially different from its fair value as at 5 April 2021.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2021	2020
	£	£
Accrued income receivable	23,424	23,231
Other debtors	518	716
	23,942	23,947
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2021	2020
	£	£
Other creditors	750	799
Accruals	13,154	9,643
	13,904	10,442

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
			Net
			movement	At
		At 6.4.20	in funds	5.4.21
		£	£	£
Unrestricted funds
General fund		4,340,032	396,140	4,736,172
TOTAL FUNDS		4,340,032	396,140	4,736,172
Net movement in funds, included in the above are as follows:
	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
	£	£	£	£
Unrestricted funds
General fund	140,110	(141,984)	398,014	396,140
TOTAL FUNDS	140,110	(141,984)	398,014	396,140

continued...

Page 14

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

		Net
		movement	At
	At 6.4.19	in funds	5.4.20
	£	£	£
Unrestricted funds
General fund	4,739,491	(399,459)	4,340,032
TOTAL FUNDS	4,739,491	(399,459)	4,340,032

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 158,621 158,621	Resources expended £ (207,713) (207,713)	Gains and Movement losses in funds £ £ (350,367) (399,459) (350,367) (399,459)	Gains and Movement losses in funds £ £ (350,367) (399,459) (350,367) (399,459)
				(399,459)

A current year 12 months and prior year 12 months combined position is as follows:

		Net
		movement	At
	At 6.4.19	in funds	5.4.21
	£	£	£
Unrestricted funds
General fund	4,739,491	(3,319)	4,736,172
TOTAL FUNDS	4,739,491	(3,319)	4,736,172

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 298,731 298,731	Resources expended £ (349,697) (349,697)	Gains and Movement losses in funds £ £ 47,647 (3,319) 47,647 (3,319)	Gains and Movement losses in funds £ £ 47,647 (3,319) 47,647 (3,319)
				(3,319)

continued...

Page 15

The Wilfrid and Constance Cave Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

15. RELATED PARTY DISCLOSURES

The charity made grants to The Story Museum, Oxford of £nil (2020: £36,000). Ms K Pickin, who is a member of the donations committee, is involved with the charity.

£10,000 was donated to The Exmoor Society of which Mrs T Jones was previously a trustee (2020: £3,000). The property purchased in February 2014 is being let to The Exmoor Society over a seven year lease for a peppercorn rent. If the property was let on a commercial basis the annual rentable value is expected to be £18,500.

Mrs T Jones was also previously a trustee of Brushford Parish Hall to which £10,000 was donated in 2020. No donations were made during 2021.

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The Wilfrid and Constance Cave Foundation

Detailed Statement of Financial Activities for the Year Ended 5 April 2021

	2021	2020
	£	£
INCOME AND ENDOWMENTS
Investments
Investment income	120,351	138,057
Bank and sundry interest receivable	19,759	20,564
	140,110	158,621
Total incoming resources	140,110	158,621
EXPENDITURE
Investment management costs
Portfolio management costs	15,758	16,492
Building insurance	515	543
Property management costs	780	132
	17,053	17,167
Charitable activities
Grants to institutions	103,000	164,100
Support costs
Management
Trustees' expenses	-	556
Wages	11,053	11,053
Pensions	482	580
Cost of trustees' meetings	-	575
Office costs	1,895	2,269
Travel	-	152
Depreciation of equipment	265	72
	13,695	15,257
Governance costs
Auditors' remuneration	3,930	3,930
Accountancy	2,262	2,262
Legal and professional fees	2,044	4,997
	8,236	11,189
Total resources expended	141,984	207,713
Net expenditure	(1,874)	(49,092)

This page does not form part of the statutory financial statements

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