THE CADOGAN CHARITY Registered Charity No. 247773 ANNUAL REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2021
THE CADOGAN CHARITY- A Registered Charity (Number 247773) TRUSTEES, ANNUAL REPORT The trustees present their report, the auditors. report and the accounts of The Cadogan Charity for the year ended 5 April 2021. REFERENCE AND ADMINISTRATIVE INFORMATION Trustees The Rt Hon The Eighth Earl Cadogan KBE DL Countess Cadogan Viscount Chelsea DL Lady Anna Thomson The Hon. William Cadogan Admlnistrative office 10 Duke of York Square London SW3 4LY Secretary to trustees P M Loutit Bankers Coutts & Co 440 Strand London WC2R OQS Investment Managers Schroder & Co. 12 Moorgate London EC2R 6DA Audltors Dlxon Wllson Audlt Sprvlces LLP 22 Chancery Lane London WC2A ILS Charlty registration number 247773 STRUCTURE, G¢)VERNANCE AND MANAGEMENT Govemlng document The General Permanent Endowment Fund of the charity was Cated by the Seventh Earl Cadogan under deed of trust dated 31 March 1966, Subsequently the Seventh Earl Cadogan made further Bifts to the charity by way of Investments. In 1985 the charity received a gift from Cadogan Holdings Company Inow Cadogan Holdings Limited). In accordan with the direction received from the Seventh Earl Cadogan thi5 gift was used to create the Rectors, Permanent Endowment Fund as described in note 5 to the accounts. In 1996 the trustee5 of Viscount Chelsea's Charlty resolved to transfer the whole trust fund to the trustees ofThe Cadogan Charity. In 2010 the trustee5 of the 1986 Cadogan Jersey Trust resolved to transfer the whole trust fund to the trustees of The Cadogan Charity. Trustees The current trustees are as listed above and, unless Otherwise stated, held office throughout the year under review. Only the present trustees of the charity have the power to appoint new trustees. The appointment and trainin8 of new trustees, which involves awareness of the history and approach of the charity and their responsibilities, Is performed by present trustees of the charity as they see fit on case by case bas15.
THE CADOGAN CHARITY- A Reg15tered Charlty {Number 247773) TRUSTEES. ANNUAL REPORT {CONTINUED) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Or83ni5ation The board of trustees meets formally once a year to conduct the business of the charity. The secretary to the trustees Is spOnSible for managing the day to day operation5 of the charity. Rlsk mana8ement The trustees have examlned the major strateglc buslness and operational risks which the charity faces and confirm that systems have been established to manage those risks. These inclu(Je the Inherent rlsks of investing on the stock market, valuations of investments held and the availability of dividends and dlstributions. These risks are managed through ongolng monltorlng and through dlscusslon at the trustees, meetlngs and the use of professional investment managers. The trustees, Investment powers and pollcles are outlined on page 3. OBIECTS AND ACTivmES FOR THE PUBLIC BENEFrr The general objects of the charity are to make such subscrlptions to charitable or8anlsations and bodles and such other applications for charitable purposes as the trustees, usin8 thelr absolute dlscretlon, may declde upon, The charity makes a large number of individual donations to reglstered charltles with particular fence to those based, or operatin& In London or Scotland. Publlc beneflt The trustees, havin8 re8ard to the Publlc 8eneflt guidance publlshed by the Charity Commission In accordance wlth sectlon 17 of the Charlties Act 2011, conslder that the purpose and activlties of the charity satisfy the requlrements of the publlc benefit test set out In section 4 of the same act. ACHIEVEMENTS & PERFORMANCE AND FINANaAL REVIEW During the year the charity received £2,591,69612020 - £2.683,2401 in total incomln8 resources. The prlnclpal source of Income Is the annual dlvldend recelved from Cadogan Group Holdlngs Llmlted. The trustees applied these resources to Its charitable activitie5 as follows.. General Fund The trustees authorised donations to distribute the majority of the current yearf5 income. A full list of beneficiarles of these charitable donations is shown in note 5 to the accounts. bl Rectors, Fund During the year donations of £12,(0 were paid to the rertors of three local churches. The trustees meet to consider what grants they wlll make during the year and to plan large future donations. Although the trustees make some grant5 Wlth no formal applications, they nomially require organi5ations to Submit a request sayin8 how the funds could be used, what would be achieved. and how this would add to public benefit. Grants are only given to recognised national charities. with partlcular referen to charities based in London and Scotland.
THE CADOGAN CHARITY- A Registered Charity (Number 247773) TRUSTEES, ANNUAL REPORT (CONTINUED) ACHIEVEMENTS & PERFORMANCE AND FINANaAL REVIEW {continuedl Inveslment powers and pollcy Under the trust deed the trustees have wide powers of investment and are not subjèct to the imposition of any restrictions. The trustees have the power to retain shares in Cado8an Group Holdings Limited and are not under any duty to diversify to the extent that the trust fund comprises those shares. However, the trustees have also noted the statutory duty of care reqUId by the Trustee5 Act 2xI, in relatlon to thelr holding 5Ultable investments and the need for diversification of investments so far as it is appropriate to the circumstances of the trust. The trustees receive the benefit of investment advice from Schroder & Co. Investment performance was 5at15factory for the current year, althou8h the current market value of Investments reflected an unrealised loss of £10.7m In the year primarily from the Charitls investment in Cadogan Group Holdings Limited. A detalled schedule of the Investment portfolio at 5 Aprll 2021 and details of the movement In ValUatIOn durlng the year are 8lven In note 6 to the accounts. Reserves pollcy It is the policy of the chaTlty to maintain unrestricted income funds sufficient to cover management and administration expenses and to respond to emergency requests for donations for the relief of dlstress and suffering. PLANS FOR FUTURE PERIODS It IS the intention of the trustees to continue makin8 subscrlptlons to charltable or8anlsatSons for the foreseeable futu. The trustees have already agreed to make donatlons out of future Income to certaln named charities on the basis that the charlty future funds belng available, althou8h these future payiiieiits reii)ain at tl)e absolute discretioi) of tlie trustees. Detalls of tl)e quai)Iuii) vf ii)es¥ Poteiitial donatlons have been set out In note 11 to the accounts. Impact of COVID-19 The trustees have consIded the contlnued Impact that COVID-19 has had on the operatlons of the charlty and Its abi1Sty to meet bts objectlves over the foreseeable future. The trustees have concluded that the Impact to the charlty Is minimal and they expect that the charity will continue to receive investment income to enable the continued making of grants to charltable organisations. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responslble for preparing the Trustees, annual report and the accounts In accordance with applicable law and United Kingdom Accounting Standards. The law appllcable to charities In England and Wales requires the trustees to prepare accounts for each financial year which 8ive a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to: select Sultable accounting policies and then apply them consistently,. obseNe the methods and principles of the Charities SORP,. make judgement5 and accounting estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, sublect to any departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless it 15 inappropriate to presume that the charity will continue in business.
THE CADOGAN CHARITY- A Registered Charlty (Number 247773) TRUSTEES, ANNUAL REPORT ICONTINVEDI STATEMENT OF TRUSTEES, RESPONSIBILITIES lcontlnuedl The trustees are resF)onsible for keeplng accountlng record5 which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the account5 comply with the Charltles Act 2011, the Charity (Accounts and Reports) Regulations 28 and the provisions of the trust deed. They are also responsible for 5afeguardlng the assets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. ACCOUNTS The accounts have been drawn up in compliance with relevant provisions of The Charities Act 2011, the trust deed and the 'Accounting and Reportin8 by Charities,: Statement of Recommended Practice appllcable to tharities preparin8 their accounts Sn accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS1021. STATEMENT AS TO DISCLOSURE TO OUR AUDITORS In so far as the trustee5 are aware at the tlme of approving our tru5tees' annual report.. there Is no relevant Information, belng Information needed by the auditor in connectlon wlth preparln8 thelr report, of which the audltor Is unaware; the trustees have each taken all steps that helshe Is obllged to take as a trustee In order to make themselves aware of any relevant audit information and to establish that the audltor is aware of that Information. On beh f the trustees: The Earl Cadogan KBE DL 20January 2022
THE CADOGAN CHARITY- A Re8lStered Charity (Number 247773) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CADOGAN CHARITY Oplnlon We have audited the financial statements of The Cadogan Charity Ithe 'chaTlty'l for the year ended 5 Aprll 2021 whlch comprlse tho statemont of financial activities, balance sheet. statemont of cashflow5 and note5 to the rinantial statements, inclLidin8 a summary of significant accoiintin8 policies. The financial reporting framework that ha5 bcen applied in their preparation is applicable law and United Kin8dom Accounting Standards. including FindncSdl Reporting Slaiiddid 102 Tlie FiiidiiLidl Repoiliii¥ Sldnddrd dppIiLdble iii ilie UK diid RepubliL vl SrelAiid Iunlled Kln¥doffl Geiieidlly ALLeyLed ALLuuiiliii¥ PrdLLILel. In our opinion, the financial statements.. 8lve a true and falr vlew of the state of the charlty's affalrs as at 5 Aprll 2021 and of Its Incomlng resource5 and application of resources for the year then ended., have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted AccountSng Practice,. and have been prepared In accordance wlth the requirements of the Charltles Act 2011. Basls lor opSnlon We conducted our audit in accordance with International Standards on Audltlng IUKI IISAS IUKII and applicable law. Our responsiblllties under those standards are further described in the Auditor'5 resptrnsibilitie5 lor the audit of the flnanclal statements 5e¢tion of our report. We are Independent gf the charlty In accordance wlth the ethlcal requlrements (hat are relevant to our audlt of the flnanclal stateinents Sn the UK, Includlii8 the FRC'S Ethlcal Standard, and we have fulfllleil our other ethical responsibilltles In accordance wlth these requlrements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis lor our oplnlon, Concluslons relatln8 to golnK nCern In audStlng the financial statements, we have concluded that the trustee's use of the going concern ba515 of accountin8 in the preparatlon of the flnancial statements Is approprlate. Based on the work we have performed, we have not Identlfled any materbal uncertalntle5 relatin8 to eveiils or condltlons that. Sndivldually or collectlvely, may cast Sl8nilicant doubt on the charitvs ablllty to continue as a goln8 concern for a period of al least twelve months from when the flnanclal statements are authorised for Issue. Uur respgn51blllties and the responsibllltles of the tru5tee5 Wlth respect to 8oln8 concern are descrlbed In the relevant sections of thls report. Other Snformatlon The other Informatlon comprlses the Information Included In the annual report, oiher than ihe flnanclal statements and our auditorfs report thereon. The tru5tee5 are re5pon5ible for the other information. Our opinion on the flnanclal statemen15 does not cover the other information and we do not expre55 any form of assurance conclusion thereon. In connection with our audit of the financlal statements, our responslbility 15 to read the other informatlon and, In doirb8 $0, ron5ider 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 identlfy such material Inconslstencle5 or apparent material rnisstatements, we are required to determine whether there is a material niisslaLerner)I In Ihe flnancial statements or a material misstatement of the other iiiforn)alioii. If, based on the work we have performed, wè conclude that there Is a material misstatement of this other information. we are required to report that fact. We have nothlng to report in this regard.
THE CADOGAN CHARITY- A Reglstered Charity (Number 247773) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CADOGAN CHARITY (continued) Matters on whl¢h we are requlred to report by exceptlon We have nothing to report In resped of the followin8 matters In relatlon to whSch the Charlties (Accounts and Reportsl Regulatlons 2008 requlre us to repoft io you if, in our opinion.. the information given in the financlal statements Is Inconsistent in any materlal respect wlth the trustees report,. or Sufficient accounting records have not been kept; or the financial statements afe not In aBreement wlth the accounting records,. or • we have not received all the informatlon and explanatlons we require for our avdit. Responslbllltle5 of trustees As explalned more fully in the trustees, responslbllitles statement set out on page 3, the trustees are responslble for the preparation of the financial statements and for being sat15fied that they glve a true and fair view, and for such Internal control as the trustees determlne Is necessary to enable the preparatlon of flnancial statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnancSal statements, the trustees are responslble for as5es5ing the charItS ability to contlnue a5 a golng concern, disclosln& as appllcable, rnatter5 related to goin6 concern and using the golng concern ba51s of ac¢ounlin8 unless the trustees either Intend to liquldate the charlty or to cease operatlons, or have no reallstlc alternatlve but to do so. Audltor's responslbllltles for the audh olthe Ilnanclal stalement$ We have been appolnted as aud5tor under secilon 144 of the Charltles Act 2011 and report In accordan wlth the Act and relevant regulatlons made or havln8 effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the flnanclal statements as a whole are free from material mlsstatement, whether due to fraud or error, and to Issue an auditor's report that Includes our oplnlon. Reasonable assurance Is a hlgh level Cf assurance, but Is not a guarantee that on audlt Conducted In accordance wlth ISA5 IUKI wlll always detect a materlal mlsstatement when St exSsts. Mlsstatements can arise from fraud or error and are consldered materlal If, indlvidually or In a88regate, they could reasonably be expected to influence the econornlc decisions of user5 taken on the basis of these flnancial statements. Irregularlties. Includlng fraud, are Instances of non-compliance wlth laws and regulatlons. We deslgn procedure5 In Ilne with our responslbilities, outlined above, to detect materlal misstatements In respect of irre8ularltles, includin8 fraud. The extent to which our procedures are capable of detecting irregularities, includin8 fraud 15 detailed below.. We galned an understandlng of the legal and re8ulatory framework applleable to the charlty by conslderln8, amongst other thlngs, the sector In which It operates, and considered the risk of acts by the charity that were contrary to applbcable law5 and re8ulation5, including fraud. We desSgned audit procedures to iespond to the assessed level of rlsk, but recognised that the rlsk of not detectin8 a rnaterial mi55tatement due to fraud 15 hlgher than the rlsk of not detecting one resulting from error, as fraud May Involve dellberate concealment by, for example, forgery or intentional misrepresentation5. or through colluslon. We focused on laws and regulatlons which could 8ive rise to a material misstatement in the financial statements, in¢ludin& but not limited to Charlties Act 2011. Our tests included a8reeing the finandal statement dlsclosures to underlying supporting documentaiion, enquiries with management and enqulries of third partles. As In all our audlts, we also addressed the risk of management override of internal controls, including testing Journals and evaluatln8 whether there was evidence of blas by man3gemenl that represented a rlsk of materlal misstatement due to fraud. There are inherent limitation5 in the audit procedvres described above and, thè further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of It. We did not identify any key audit matters relatin8 to Irregularltles, includin8 fraud.
THE CADOGAN CHARITY- A Reglstered Charlty (Number 247773) INDEPENDENT AUDITOR5, REPORT TO THE TRUMES OF THE CADOGAN CHARITY (contlnued) A further deserlptlon of our responslbilltles for the audit of the flnoncl81 statements Is located on the Flnanclal Reportln8 Council's webslte at.. www.frc.or8.uk/audltorsrÈsponsibilltiÈs. This description forms part of our audltorfs reporL Use of our report ThSs report Is made solely to the charltV'S trustees, as a body* In accordance wSth re8ulatlons made under sectlon 154 of the Charltles Act 2011. Our audlt work has been undertaken so ihat we might state to the charity's trustees those matters we are requlred to state to them In an audltor's 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 charlty and the charitvs Irustees as a body, for our audlt work, for thls report, or for the oplnlons we have formed. Ijiit knJ,L_ A..JM Dlxon Wllson Audlt Servlces LLP, Statutory AudStor 22 Chancery Lane London WC2A ILS 24 January 2022 Dlxon W1150n Audlt Servlces LLP15 ellBlble to act as an audltof In term5 of sectlon 1212 of the Cornpanles Act 2006.
THE CADOGAN CHARITY- A Registered Charity (Number 247773) STATEMENT OF FINANCIAL AcfiviTIES for the year ended 5 April 2021 Unrestricted Income Fund Rector's Restricted Income Fund General Permanent Endowment Fund Rectors, Permanent Endowment Fund Total 2021 Total 2020 Note Inwme and Endowments from: Donatlons and legacies 810,616 810.616 937,658 Investment Income 1,780,738 342 1,781.080 1,745,582 Total Incomlng r•sour¢•s 2,591,354 342 2.591,696 2,683.240 EKpenthtur• on: Ralsln8 funds Charltable actlvltles 26,822 26,822 26,796 2,480,881 12.000 ZA92.881 2,496,901 Total •xp•ndttur• 2,480.881 12,000 26,822 Z,519,703 2,523,697 Galns/ll0sses1 on Investment$'. Reallsed Unreallsed 301,162 110,740,776) 4,693 305,855 110,740,776) 135,7901 16,021,578> In¢om•ll•xp•ndltur•l 110,473 111.6581 110,466,4361 4,693 110.362,9281 15.897,8251 Transfer between lunds Iii.(M))I 11,000 Net movement In funds 99,473 16581 110,466,436) 4,693 110,362,928) 15,897,8251 Fund balances brought forw•rd 619,062 1,767 64,562.511 fj0,202 65,243,542 71,141,367 Fund balan5 CBrrled frffward £718,535 £1.109 £54.096.075 £64,895 £540.614 £6S,243.542 The noteson pa8e$ 11 to 22 form part of these accounts.
THE CADOGAN CHARITY- A Re8iStered Charfty (Number 247773) BALANCE SHEET at 5 Aprll 2021 1021 2020 Note Flxed assets Investments 53,906,900 64,456,204 Current aSSttt1 Cash at bank 979,714 793,338 Current Ilabllltles- amounts falllnl due wlthln on• year Accrued expenses 6,000 Net current asset5 973.714 787,338 Total assets lesj ¢ufr•nt Ilabllltbes £S4,880,614 E65,243,542 Funds UNRESTRICTED FUND General Fund- Income 718,535 619,062 RESTRICTED FUND Rectors, Fund- income 1,109 1767 ENDOWMENT FUNDS General Permanent Fund Rettors, Permanent Fund 54,096,075 64,895 £54,880.614 64,562,510 60,202 £65,243,542 The notes on page5 11 to 22 form part of thesÈ accounts. Approved v the trustee5 on 2 nuary 2022 and slgned on thelr behalf bv: The Earl Ca(logan KBE DL-Trustee
THE CADOGAN CHARITY- A Registered Charfty (Number 247773) io CASH FLOW STATEMENT for the year ended 5 April 2021 2021 2020 Note Nel Income Add net losses gain5 on investments Deduct interest Income shown In Investlng actlvities 110,362.9281 10.434.921 12A421 15,897,825 6,057,368 122,4741 Deduct divldend Income shown in investin8 activitie5 11,778,738) 11,723,108) Decrease in creditors Net cash used In operatlni actSvltles 11,709,087) 11,S86,Q391 C•sh flows from Investlng actl¥ltl•s Dlvldends recelved 1,778,738 1,723,108 Interest received 2,342 22,474 Proceeds from sale5 of Investments 1,980,510 1,226,849 Purchase of Investments 11,866.1271 11,271,642) Net cash provSded by Inve5tln¥ artlvltlas 1,895,463 1,7CQ,789 Chan8e In cash and cash equlvalents in the year 186,376 114,750 Cash at bank and cash equlvalents brought forward 793.338 678,588 C•$h at bank and cash egulvalents ¢arrled forward £979,714 £793,338 The notes on pages 11 to 22 form part of these accounts.
THE CADOGAN CHARITY- A Re8i6tered Charlty (Number 247773) NOTES TO THE ACCOUNTS for the year ended 5 April 2021 ACCOUNTING POLICIES The prlnclplc accounting policies odopted, ludgemcnts and koy sources of estimation uncortabnty in tho preparatlon of the account5 are as follows: Key Judgements ond sources of estimotion nrtaIntY The valuation of unlisted Shares is consldered to be the key area of estlmaiion uncertalnty. The unlisted shares are valued at the trustees, estimate of thelr market value, using the net asset value method wlth a 65% adjustmèn¢ to rellect dpferrèd tax, lack of marketability and lack of control, The value of these investrnent5 at the year-end was £49,380,00012020- E60,760,0001. 80s1s of preporotlon The accounts are prepared under the hlstorlcal c05t conventlon modlfled to Include the revaluatlon of Inv¥51m¥nls. Th¥ dccounls ar¥ in iic¢urd(Ince willi thv Accounting and Reportlng by Charities Statement of Recommended Practice appllcable io charities preparing their accounts in accordance with the Fbnancial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 Charltles SORP IFRS 102 effectlve l January 20191, the Flnanclal Reportlng Standard applicable In the UK and Republlc of Ireland IFRS 1021 and the Charitles Act 2011. The tharity constitutes a public beneflt entity as deflned by FAS 102. Income Dlvldends and Interest are recorded In the statement of financ101 artlvltles when they are due to the charStv. Voluntary Income Is recognlsed In the etatement of flnanclal activltlcJ when there Ir evidence of entitlement to the receipt and the receipt 15 probable and the amount Can be measured relSably. Th15 includes taxatlon recoverable deducted from dlstrlbutlons. Expendlture All expense5 are Included Sn the statement of flnanclal actlvlties on the accruals basls. Grants Grants are included in the Statement of flnanclal a¢tlvlties at the tirne they are approved by the trustees. Where grants are subject to conditlons, they are recognlsed when those condltlon5 are met. No provlslon Is made for Intended grants whlch are subject to funds belng avallable. Fund occounting Unrestrlcted Income funds are avallable to spend on acllvltles that further any purposes of the charlty. Restrl¢ted Income funds are solely used for the particular purposes of the charitls work, specifled by the donor. Permanent endowment funds require that the trustees invèst the capital in perpetuitv. Investments Investments are a form ol basic financial instrument and are measured at their fair value through the SOFA. Listed investments have been valued at mid-market value on 5 April 2021. Unlisted investments have been valued at the trustees, estimate of their market value, using the net asset value method with a 65% adjustment to reflect deferred tax. lack of marketablllty and lack of control.
THE CADOGAN CHARITY- A Reglstered Charlty (Number 247773 12 NOTESTO THE ACCOUNTS for the year ended 5 Aprll 2021 ACCOUNTING POLICIES {CONTINUEDI Cash ot bank ond brokers deposits Cash In the balance sheet comprlses cash at bank and is stated net of any book ovèrdrafts. Brokers deposlts ale also Sncluded in cash at bank. Credltors Creditors are recognlsed wherè the charlty ha5 a present obllgatlon resultlng In the transfer of funds to a third party. VOLUNTARY INCOME 2021 2020 055trlbutlon from Lady Cadogan 1983 settlement Distribution from the Cado8an Pension Trust 797,174 13,442 £810,616 927,273 10,385 £937,658 The dlstrlbutlons were made wlthout any reservatlon of beneflt. The Rt Hon The Elahth Earl C8do8an KBE DL a trustee of The Cado8an Charlty, Is also a trusiee of the Ladv Cadogan 1983 Settlement and the Cado8an Penslon Trust. The Vlscount Chelsea D¥ a trustee of The Cadogan Charlty,15 also a trustee of the CadoBan Penslon Trust. INVESTMENT INCOME 2021 2020 Divldends from quoted Investments Gr055 Interest frorn quoted investments Dividends from unquoted investments Gros5 interest from unquoted investments Bank deposSt Interest 59,546 1.135 1,719,192 85,788 20.872 1,637,320 390 338 1.207 £1.781,080 £1,745,582 RAISING FUNDS In 2021 and 2020 the full c05t of raisinB funds related to investment manager fees.
THE CADOGAN CHARITY- A Registered Charlty (Number 2477731 NOTES TO THE ACCOUNTS for the year ended 5 Aprll 2021 CHARITABLE AcfiviTIES GRANTS 2021 2020 Yo Charltles supportlng so¢lal and welfare aspects wlth5n the ommunlty., Ardln8ton Church Braemar Communlty Limited & the Raisin8 the Standard Prolect Brompton Oratory Cardlnal Hume Centre 10,000 5,000 2.000 10,000 200,000 4,lJOO 237,980 IJ0 2,000 10,000 Chelsea Physlc Gafden Chrlst the Kln8 Parlsh In Brora East Sutherlanii Rescue Assoclatlon Er5klne ICarinB for Scottish veteransl Farms for Clty Chlldren Glass Door London PlaySn8 Fleld5 Foundatlon Natural Hlstory Museum Aoyal Trlnlty Hosplce prlncds Trust Samarltans Scottish Mountain Rescue 100,000 7S,000 250,000 10,000 25,000 15,000 loo,000 140,000 250,000 20,000 10,000 See Saw 5,000 15,000 250,000 10,000 5,000 St Mary's Church Blrnam St Paul's Cathedral- Equal Access Prolect St Patrlck's Cathollc Church io.(rf)o Stable Famlly Home Trust Ulysses Trust Wellbelng of Wornen Toi•l charltles supportlng sodal and wellare aspects wlthSn ihe communlty 5,000 10,ooD 25,000 £1.000,980 E824,000
THE CADOGAN CHARITY- A Registered Charity (Number 247773) NOTES TO THE AcCourS for the year ended 5 April 2021 CHARITABLE ACTIVITIES (CONTINUED) GRANTS IcoNTINUEoI 2021 2020 To ¢harlties supportln8 medlcal research: Alzheimer's Research UK 10,000 50,000 10,000 Bart5 Charity Blue Cr055 25,0 Breast Cancer Haven 5,OJO 30,000 Chlldren'5 Trust 50,000 Cystlc Flbrosls Downs Syndrome Assoclatlon Instltute of Cancer Research s,ocKJ 5,000 20,OL 50,000 JDRF 50,000 London Alr Arnbulance 50,1)00 25,000 50,000 25,000 5,000 Mo8hlssi Laser Trust Fund Parklnson's UK Royal Brompton & Harefield H05pltals Royal Colle8e of Sur8eons Royal Hospltal lor Neuro-disablllty Scotland's Charlty Alr Ambulance ISCAAI St john of Jerusalem Eye Hospltal Group St Luke's Healthtare for the Clergy The Champlon Cancer Trust Tommy's Versus Arthritis 10,000 loo,000 10.000 IcKJ,000 10,000 5,ts)o S,WO 2,00 World Slght Foundation Total Charltles supportlng medlcal research E380,01)0 £308,OCx)
THE CADOGAN CHARITY- A Registered Charlty (Number 247773) NOTES TO THE ACCOUNTS for the year ended 5 April 2021 CHARITABLE AcfiviTIES (CONTINUED) GRANTS ICONMNUEDI 2021 2020 To mllltary charltle5'. ABF the Soldiers Charlty Battle of Brltain Memorial Trust Black Stork Charlty Coldstream Guards 25,000 5,000 soo,000 10,000 10.000 15.000 10,500 150,000 10,000 10,000 2S0.000 10.000 D-Day 75 Garden F.A.N.Y 15.000 10.500 Iso.000 Gulld Alr Pllots Trust Royal Hospital Chelsea- In-House Mobility Fund Talgh Mtsr FoundatSon Walkin8 Wlth the Wounded Total mllltary ¢haiStS•s £460,500 £720.500 2021 2020 To charllles supportln8 ¢onservatlon and the en¥lfonment', Blue Hlghlands Raptor Rescue & Avian Conservatlon Centre Bumblebee Conservatlon Trust 15,000 5,000 loo,000 50.000 150,000 £305,000 Innovatlon for Aqriculture Mlsslng Saln)ofi Alllantè The Game and Wlldlife Trust 50,000 Total <harItI supportln8 ¢onservatlon and the envlronment £65.000
THE CADOGAN CHARITY- A Reglstered Charlty INumber 247773) NOTES TO THE ACCOUNTS for the year ended 5 Aprll 2021 CHARITABLE AcfiviTIES {CONllNUED) GRANTS (CONTINUED) 2021 2020 To educatlonal charltlès: Coram Countryslde Learning Scotland Heathfield School Royal Masonlc School for Glrls- Cado8an Hardshlp Fund Royal Ma50nlc School for Girls- Cado8an Rose Bursary SRUC Oalrld8e Campus Tall Shlps Youth Trust Total educatlonal charltles 45,000 10,000 100.000 44,000 62,000 io,ooo So,0 io,oxJ 43,000 71,OCK) io,ocK) 2,000 £273,000 £186,orJJ 2021 2020 To anlmal welfar• charltles: Battersea Cats & Dogs Home 8rooke Action for workln8 horses & donkeys Canlne Partners In Scotland 10,000 zo,000 10,000 1,0 10,000 1,000 10,000 100,000 5,000 Oogs Trust Red Squlrrel Survlval Trust Royal Veterlnary Colle8e WWF-UK 100,000 5,0 Total anlmal welfar• tharltlas £296,O¢YJ £136,000 TOTAL DONATIONS £I475,480 £2,479,500 REcfoRS' FUND Under the designation dated 3 December 198S the Seventh Earl Cadogan directed that the income aTising on the 81ft from Cadogan Holdlngs Company Inow Cadogan Holdlngs Limitedl should be paid to one or more of the rectois of Holy Trinity Church, Sloane Street. St Luke's Church, Christchurch Church and Chelsea Old Church, as the trustee5 rnay from time to time declde in reimbursement of the rector's or the rectors, parochial working expenses. Any surplus Income arising shall be applied in Such manner a5 the trustees may decide. Durin8 the year £12,IXX)12020- £12,000) was paid to the rectors.
THE CADOGAN CHARITY_ A Reglstered Charlty (Number 247773) 17 NOTES TO THE ACCOUNTS for the year ended 5 April 2021 CHARITABLE ACTIVITIES ICONTINUEDI GOVERNANCE Costs 2021 2020 General fund Income.. Audlt fee 5,401 £5,401 5,401 £5,401 The trustees recelved no remuneration or expenses durln8 the year12020- nil). INVESTMENTS GENERAL PERMANENT ENOOWMENT FUND Morket Vt71iie ot 5 April 2021 LISTED Cost 121,324 1.25% UK Treasury Stock YU Alllanz Lhlna 132,571 60,288 99,360 119,977 150,123 87,948 fi9,2.52 194,304 86,040 171,476 173,381 109,939 65,628 148,101 36,959 82,639 229,075 79,549 108.849 68,146 204,194 90,196 75.987 271.748 169,245 147,290 752 Ashmore EmerglnB Market5 .5RA Atlas filrfyhal Infrastriir.Iiirp Fiind 79,994 Blackrock Euro Dynaml 80,000 CStI £10.28% FTSEIOO 1,413 Flndlay Park Amerl¢an Fund 18,826 GAM UK Cquity Income S6,263 P15BC FTSE All World 16,957 Ishares Chlna CNY Bond UCITS ETF 6,066 Ishares Physical Metals PLC 7,577 iSh4res USD Treasury Bond 20+yr 114,111 JPM Emerging Markeis Income Fund 61,332 JPMor8an US Equity Income Fund 768 Lumyna Sandbar Global Equity 73.866 Majedie UK Equity Fund 2,7SI Morgan Stanley Global Asset Backed 1.840 MU Lyxor Core US 58,090 Ninety One 111 Global 13,089 Polar Global Insurance Fund 2,146 Robeco BP Global Premium Equities 1,392 RWC Global Emerging Market5 Fund 110,OCQ Schroder Asian Alpha Plus Fund 117,611 80,0 77,607 180,OCKI 88,095 68.656 122,399 43,659 82,514 156,958 77,123 111.527 68,878 184,663 95,668 69,566 238,485 174,860 99,369 Balance carried forward 2,497,090 2,940,046
THE CADOGAN CHARITY- A Registered Charity (Number 2477731 18 NOTES TO THE ACCOUNTS for the year ended 5 April 2020 INVESTMENTS ICONTINUEDI Morket Volue ot S Apri12021 Cosr Balance brought forward 2,497,090 2,940,046 1.638 Schroder Dlversified Alternative Assets 6,361 Spyglass US Growth Fund IUCITSI 12.692 T Rowe Aslan Opportunltles Equltv 7,347 T Rowe Global Technolo8y Equity Fund 150,000 Trojan Income Fund Class S Investments 2,500 Van6uard FTSE JAPAN ETF 816 Verltas Global Equity Income Fund 1,275 Vonlobel 24 18,522 Wellln8ton Global Healthcare Equlty Fund 792 Wllliam 81air U.S Small Mid-cap Growth Fund 17,119 Wbsdom Tree Hedged Metal Sec Ltd 170,636 80,000 132,928 66,782 276.3S3 57,084 123,874 129,668 147,144 90,392 177,862 169,976 102,640 130,735 89,359 264,045 65,834 165,842 131,733 171,824 133,542 161,325 £3,949,812 £4,526,901 Morket Value ot 5 Apr112021 Cost UNLISTED Cadogan Group Holdings Llmited: 4,982,083 Ordinary £1 shares Cadogan Hotels GTOUP Llmited.. 3,923.390 Ordlnary £1 shares 60,000 48,170,Th)0 1,210,000 £60,000 £49,380,000 The holdln8 of ordinary share5 in Cado8an Group Holdings Limited and Cadogan Hotels Group Limited comprises 4.15% of the allotted share5 of each cornpany. Viscount Chelsea DL, a trustee of the charity, is a director of both companies. During the year the charity received income of £1.719,19212020 £1,637.3201 from Cadogan Group Holdings Lirnited.
THE CADOGAN CHARITY- A Reglstered Charlty (Number 247773) 19 NOTES TO THE ACCOUNTS for the year ended S April 2021 INVESTMENTS {CONTINUÉD) Investment movements in the year were as follows.. UK investments Ilsted on a reco8nSsed ex¢hanBe Unllsted Investments Total Market value at 5 Aprll 2020 3,696,204 60,760.000 64,456,204 Addltlons D15P05a15 Net galnlllossl on revaluatlon 1,866,127 11,674,655) 639,224 1,866,127 11,674,655) 110,740,776) 111,380.0001 Market value at 5 Aprll 2021 £4.526.900 £49,380,000 £53,906,900 Hlstorlcal cost at 5 Aprll 2021 £3,950,135 £60,000 £4,010,135 CASH AND CASH EQUIVALENTS RECONCIUATION 2021 2020 Cash In bank ljrokers dep051t Total cash and Cash equlvalents 708,85B 270,115b £979.714 610,043 1113,2Y5 £793,338
THE CADOGAN CHARITY- A Registered Charity (Number 247773) 20 NOTES TO THE ACCOUNTS for the year ended 5 April 2021 ANALYSIS OF PRINCIPAL STATEMENT OF FINANCIAL AcnviTIES COMPONENTS For the year ended 5 Aprll 2020 Rector's Restricted Income Fund General Permanent Endowment Fund Rertors, Permanent Endowment Fund Vnre5tricted Income Fund Tal Note Income hnd Endowments from: DDnatlon5 and legacles Investment Income 937,658 1,741,668 937,658 1,745,582 3,914 Tot•1 InrnIfi8 resourui 2,679,326 3,914 2,683,2410 Exp•ndltur• on,, Ra151n8 fund5 26,327 469 26,796 2.484,901 12,000 2A96,901 Total expendlture 2,484,901 12,000 26,327 469 2.523,697 Galns/l1055e51 on Investments,, Reallsed 126,2701 6,016,137 19,5201 5,441 135,7901 16,OZI,5781 Unreallsed Not In¢ornélltxptndltur•l 194.425 18,0861 16,068,734) 115,4301 15097,8251 Transfer between fvnds 19,000 9,000 mov•m•nt In funds 185,425 914 6,068,734) 15,430 15.897,825 Fund balances brought lon¥ard 433,637 853 70,631,245 75,632 71,141,367 Fund b•l)nw earrled fOard £619,062 £1,767 £64,562,511 £60.202 £65,243,542
THE CADOGAN CHARITY- A Registered Charfty {Number 2477731 21 NOTES TO THE Accoumrs for the year ended 5 Aprll 2021 ANALYSIS OF NET ASSETS BETWEEN FUNDS At5Apri12021 Investments Bank balances Credltors Total Unrestricted General Fund Restrlcted Rectors, Fund 724,535 1.109 16,0001 718.535 1,109 Endnwmpnt Fiind5', General Permanent Fund Rectors, Permanent Fund 53,842.005 64.895 254.070 54,096,075 £53,906,900 £979.714 £16,000) £S4,BBO,614 At5 Aprll 2020 Investments Bank balance5 Credltors Total Uiireslrlcl*d G¥iigral Fuii Restrlcted RectOT5' Fund 625,062 1,767 16,0001 619,062 1,767 Endowment Funds.. General Permanent Fund ReGtOFS' Permanent Fund 64,396,002 GO,202 166,509 63,562,511 60,202 £64.456,204 £793,338 É16,0001 £65,243,542 10 TAXATION The charity 15 exempt from tax on income and galns falling within section 505 of the Taxes Act 1988 or sectlon 252 of the Taxation of Chargeable Gain5 Act 1992 to the extent that these are applled to Its charltable objects.
THE CADOGAN CHARITY- A Registered Charily INumber 247773) 22 NOTES TO THE ACCOUNTS for the year ended 5 April 2021 11 FUTURE DONATIONS The trustees have resolved that significant donations to certaln charltles wlll be pald out of future Income. The position relatin8 to these intentions is as follow5.. Payable in the year to S April 2022 Payable In the year to S Aprll 2023 Payable In the perlods post 5 April 2023 1,300,000 1,000.000 900,CX)O £3,200,000 No provision has been made In the accounts for Sntended donatlons, as these are subject to future fund5 belng available and payments are at the dlscretlon of the trustees. 12 FINANCIAL ASSET5 AND LIABILITIES The followlng are flnanclal Ilabllltles that quallfy as ba51c flnanclal Instrument5 and are Inltlally recognlsed at transaction value and subsequently measured at their amorlised cost.. 2021 2020 Creditors £6,000 £6,000 The followin8 are flnancial assets that quallfy as baslc flnanclal Snstruments and are Inltlally reco8n15ed at transaction value and 5ub5equently measured at Ihelr falr values at the balance sheet date uslng the closln quoted market pdce.. 2021 2020 Fixed asset investments £53,906,900 £64,456,204