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

**for** 

**The Wilfrid and Constance Cave Foundation** 




**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<br>Bank and sundry interest receivable|2021<br>£<br>120,351<br>19,759<br>140,110|2020<br>£<br>138,057<br>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<br>Other pension costs<br>The average monthly number of employees during the year was as follows:|2021<br>£<br>11,053<br>482<br>11,535|2020<br>£<br>11,053<br>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** 

|Auditors' remuneration<br>Accountancy and other services<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>Office<br>equipment<br>£<br>**COST**<br>At 6 April 2020 and 5 April 2021<br>1,354<br>**DEPRECIATION**<br>At 6 April 2020<br>1,353<br>Charge for year<br>-<br>At 5 April 2021<br>1,353<br>**NET BOOK VALUE**<br>At 5 April 2021<br>1<br>At 5 April 2020<br>1<br>**10.**<br>**FIXED ASSET INVESTMENTS**<br>**MARKET VALUE**<br>At 6 April 2020<br>Additions<br>Disposals<br>Revaluations<br>At 5 April 2021<br>**NET BOOK VALUE**<br>At 5 April 2021<br>At 5 April 2020<br>There were no investment assets held outside the UK.|2021||2020|
|---|---|---|---|
||£||£|
||3,930||3,930|
||2,262||2,262|
|||||
||6,192||6,192|
|||||
||Computer<br>equipment<br>£<br>875<br>72<br>265<br>337<br>538<br>803|Totals<br>£<br>2,229<br>1,425<br>265<br>1,690<br>539<br>804<br>Listed<br>investments<br>£<br>4,040,188<br>1,523,390<br>(1,580,557)<br>398,014<br>4,381,035<br>4,381,035<br>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**<br>At 6 April 2020<br>and 5 April 2021<br>**NET BOOK VALUE**<br>At 5 April 2021<br>At 5 April 2020|£<br>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**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>158,621<br>158,621|Resources<br>expended<br>£<br>(207,713)<br>(207,713)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>(350,367)<br>(399,459)<br>(350,367)<br>(399,459)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>(350,367)<br>(399,459)<br>(350,367)<br>(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**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>298,731<br>298,731|Resources<br>expended<br>£<br>(349,697)<br>(349,697)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>47,647<br>(3,319)<br>47,647<br>(3,319)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>47,647<br>(3,319)<br>47,647<br>(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. 

Page 16 



**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 

Page 17