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Charity number: 252848
DEVONPORT CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
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DEVONPORT CHARITABLE TRUST
| CONTENTS | |
|---|---|
| Page | |
| Trustees | 1 |
| Reference and administrative details of the charity and advisers | 2 |
| Trustees' report | 3 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 16 |
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DEVONPORT CHARITABLE TRUST
TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
Trustees
The Rt Hon Terence Third Viscount Devonport Mr David Andrew Gray The Rt Hon Doctor Meiyi Pu Viscountess Devonport
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DEVONPORT CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
Charity registered number
252848
Principal office
Ray Estate Lynnheads Barn West Woodburn Hexham Northumberland NE48 2TU
Accountant
Ryecroft Glenton Chartered Accountants 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Investment managers
Smith & Williamson Investment Management 25 Moorgate London EC2R 6AY
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DEVONPORT CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial statements of the Devenport Charitable Trust for the year ended 5 April 2021.
Objectives and Activities
l POLICIES AND OBJECTIVES
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities.
The principal object of the charity is to make gifts for such charitable objects or purposes as the Trustees or a majority of them shall from time to time in their absolute discretion determine.
l GRANT MAKING POLICIES
Grants are awarded from time to time at the absolute discretion of the trustees.
l MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
The main activity is to make discretionary grant payments from time to time to instituitions which will benefit the general public in due course.
Achievements and performance
l KEY FINANCIAL PERFORMANCE INDICATORS
The key financial performance indicator is to increase the capital base of the investments and generate sufficient income to make discretionary grant payments from time to time.
l REVIEW OF ACTIVITIES
The Trustees have made donations totalling £7,920 (17 grants) during the year (2020: £1,980 (4 grants)).
The charity has made a surplus for the year of £27,343 before investment gains (2020: surplus of £91,793). After accounting for investment gains of £63,099 (2020: investment losses of £34,311) a surplus of £90,442 (2020: surplus of £57,482) was made in the year.
l INVESTMENT POLICY AND PERFORMANCE
The Trustees have agreed a policy for investing funds enabling them to maintain a strategic reserve of funds while providing funding for the expenditure of the charity and have given investment managers discretion to manage the portfolio within an agreed risk profile.
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DEVONPORT CHARITABLE TRUST
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2021
Financial review
l GOING CONCERN
After making appropriate enquiries and considering the possible consequences of the COVID-19 pandemic as it might affect the charitable company the Trustees have concluded that they have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
l RESERVES POLICY
The Trustees believe that sufficient reserves must be held to enable larger donations to be made available as and when they are requested and, because the charity receives income from donations which are not received evenly throughout and between years, look to make donations out of income previously received. The charity aim to hold sufficient reserves to enable them to pay grants for the forthcoming 12 months.
Structure, governance and management
l CONSTITUTION
The charity was created by a trust deed dated 16 March 1967.
l METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The trust deed provided that the Trustees were appointed by the founder during his lifetime. New Trustees are now appointed by the existing Trustees.
l POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
There are no formal procedures for the induction and training of Trustees. Senior Trustees ensure, on an informal basis, that new Trustees are given adequate information to ensure that they have knowledge of the charity and their role.
l ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Trustees have absolute discretion for dealing in and disposing of investments as they think fit to the extent that the Trustees shall have the same unrestricted powers of investing, varying and transposing investments as if they were the beneficial owners of the monies in the charity.
l RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate any exposure to the major risks.
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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2021
l PRINCIPAL ACTIVITIES
The charity is a grant making organisation with income derived from investment income and donations received.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial 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 of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees, on 20 December 2021 and signed on their behalf by:
The Rt Hon Terence Third Viscount Devonport Trustee
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DEVONPORT CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DEVONPORT CHARITABLE TRUST (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 20 December 2021
Simon Whiteside FCA
Ryecroft Glenton 32 Portland Terrace Newcastle Upon Tyne, NE2 1QP
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Endowment funds Note 2021 £ INCOME AND ENDOWMENTS FROM: Donations and legacies 2 - Investments 3 - Other income 4 - TOTAL INCOME AND ENDOWMENTS - EXPENDITURE ON: Charitable activities 6 3,027 TOTAL EXPENDITURE 5 3,027 NET INCOME / (EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) (3,027) Net gains/(losses) on investments 8 63,099 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 60,072 NET MOVEMENT IN FUNDS 60,072 RECONCILIATION OF FUNDS: Total funds brought forward 112,762 TOTAL FUNDS CARRIED FORWARD 172,834 |
Restricted funds Unrestricted funds 2021 £ 2021 £ 36,000 160 - 4,138 - - 36,000 4,298 - 9,928 - 9,928 36,000 (5,630) - - 36,000 (5,630) 36,000 (5,630) - 100,809 36,000 95,179 |
Total funds 2021 £ 36,160 4,138 - 40,298 12,955 12,955 27,343 63,099 90,442 90,442 213,571 304,013 |
Total funds 2020 £ 94,571 3,728 50 98,349 6,556 6,556 91,793 (34,311) 57,482 57,482 156,089 213,571 |
|---|---|---|---|
The notes on pages 9 to 16 form part of these financial statements.
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BALANCE SHEET AS AT 5 APRIL 2021
| Note FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS:amounts falling due within one year 10 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Endowment funds 11 Restricted funds 11 Unrestricted funds 11 TOTAL FUNDS |
£ 2,646 46,914 49,560 (5,379) |
2021 £ 259,832 44,181 304,013 172,834 36,000 95,179 304,013 |
£ 2,646 14,370 17,016 (2,538) |
2020 £ 199,093 14,478 |
|---|---|---|---|---|
| 213,571 | ||||
| 112,762 - 100,809 |
||||
| 213,571 |
The financial statements were approved by the Trustees on 20 December 2021 and signed on their behalf, by:
The Rt Hon Terence Third Viscount Devonport
The notes on pages 9 to 16 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Devonport Charitable Trust constitutes a public benefit entity as defined by FRS 102.
1.2 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.6 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.8 Debtors
Other debtors are recognised at the settlement amount.
1.9 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. INCOME FROM DONATIONS AND LEGACIES
| Donation - restricted Donation - unrestricted Distribution from Devonport Pensions Trust Tax repayable Total donations and legacies Total 2020 INVESTMENT INCOME Other interest Property income distributions UK dividends Fixed interest Unit trust interest Overseas income Total 2020 |
Restricted funds Unrestricted funds 2021 £ 2021 £ 36,000 - - 160 - - - - 36,000 160 - 94,571 Restricted funds Unrestricted funds 2021 £ 2021 £ - 2 - 357 - 2,062 - 9 - 561 - 1,147 - 4,138 - 3,728 |
Total funds 2021 £ 36,000 160 - - 36,160 94,571 Total funds 2021 £ 2 357 2,062 9 561 1,147 4,138 3,728 |
Total funds 2020 £ - - 91,925 2,646 |
|
|---|---|---|---|---|
| 94,571 | ||||
| Total funds 2020 £ 24 338 1,779 8 453 1,126 3,728 |
||||
3. INVESTMENT INCOME
4. OTHER INCOMING RESOURCES
| Miscellaneous income Total 2020 |
Restricted funds Unrestricted funds 2021 £ 2021 £ - - - - - 50 |
Total funds 2021 £ - - 50 |
Total funds 2020 £ 50 50 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Other costs 2021 £ Grants payable 7,920 Support costs - governance 5,035 12,955 Total 2020 6,556 Grants paid 3H Fund British Forces Foundation Countryside Alliance Foundation County Durham Community Fund Crisis Design for Disabled People Guide Dogs Association Gurka Welfare Trust Lennox Children's Cancer Fund Martin House Myaware Song Birds Survival Speak Suicide Prevention St Catherine's Hospice Limited The Suicide Prevention Charity World Cancer Research Fund ZANE Interact Stroke Support Northumberland Wildlife Trust Royal Forestry Society Worldwide Cancer Research Total |
Other costs 2021 £ Grants payable 7,920 Support costs - governance 5,035 12,955 Total 2020 6,556 Grants paid 3H Fund British Forces Foundation Countryside Alliance Foundation County Durham Community Fund Crisis Design for Disabled People Guide Dogs Association Gurka Welfare Trust Lennox Children's Cancer Fund Martin House Myaware Song Birds Survival Speak Suicide Prevention St Catherine's Hospice Limited The Suicide Prevention Charity World Cancer Research Fund ZANE Interact Stroke Support Northumberland Wildlife Trust Royal Forestry Society Worldwide Cancer Research Total |
Other costs 2021 £ Grants payable 7,920 Support costs - governance 5,035 12,955 Total 2020 6,556 Grants paid 3H Fund British Forces Foundation Countryside Alliance Foundation County Durham Community Fund Crisis Design for Disabled People Guide Dogs Association Gurka Welfare Trust Lennox Children's Cancer Fund Martin House Myaware Song Birds Survival Speak Suicide Prevention St Catherine's Hospice Limited The Suicide Prevention Charity World Cancer Research Fund ZANE Interact Stroke Support Northumberland Wildlife Trust Royal Forestry Society Worldwide Cancer Research Total |
Total 2021 £ 7,920 5,035 12,955 6,556 2021 £ 500 500 320 500 500 500 200 300 500 500 500 500 500 100 500 500 1,000 - - - - 7,920 |
Total 2020 £ 1,980 4,576 |
|
|---|---|---|---|---|---|
| 6,556 | |||||
| 2020 £ - - - - - - - - - - - - - - - - - 480 500 500 500 |
|||||
| 1,980 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
6. SUPPORT COSTS - GOVERNANCE
| Endowment funds 2021 £ Accountancy 1,310 Investment management fees 1,535 LEI fees 72 Bank charges - Accountancy under- provision 20 RG - Additional accountancy work 90 3,027 |
Restricted funds Unrestricted funds 2021 £ 2021 £ - 1,310 - 511 - - - 76 - 21 - 90 - 2,008 |
Total funds 2021 £ 2,620 2,046 72 76 41 180 5,035 |
Total funds 2020 £ 2,730 1,769 72 5 - - 4,576 |
|---|---|---|---|
7. NET INCOME/(EXPENDITURE)
During the year, no Trustees received any remuneration (2020 - £NIL). During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, no Trustees received reimbursement of expenses (2020 - £Nil).
8. FIXED ASSET INVESTMENTS
| Market value At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 Historical cost Investments at market value comprise: Listed investments All the fixed asset investments are held in the UK |
2021 £ 259,832 |
Listed securities £ 199,093 21,382 (23,742) 63,099 259,832 201,229 2020 £ 199,093 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
8. FIXED ASSET INVESTMENTS (continued)
Material investments - representing more than 5% of the portfolio valuation
| Vanguard S & P 500 Fundsmith Equity income Franklin Templeton Sanlam Artificial Intelligence JPM UK Equity Core Blackrock Corporate Bonds Artemis Corporate Bond Polar Capital Technology Trust 9. DEBTORS Tax repayable 10. CREDITORS: Amounts falling due within one year Accountancy |
5 April 2021 £ 17,842 17,794 16,382 15,124 14,595 - - - 81,737 2021 £ 2,646 2021 £ 5,379 |
5 April 2020 £ 12,539 19,189 - - 11,143 11,869 11,468 11,055 |
|---|---|---|
| 77,263 | ||
| 2020 £ 2,646 |
||
| 2020 £ 2,538 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
11. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at | Gains/ | Balance at | |||
|---|---|---|---|---|---|
| 6 April 2020 | **Income ** | Expenditure | (Losses) | 5 April 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 100,809 | 4,298 | (9,928) | - | 95,179 |
| Endowment funds | |||||
| Endowment Funds | 112,762 | - | (3,027) | 63,099 | 172,834 |
| Restricted funds | |||||
| Restricted Funds | - | 36,000 | - | - | 36,000 |
| Total of funds | 213,571 | 40,298 | (12,955) | 63,099 | 304,013 |
| The restricted funds relate to a donation received from Millhouse Pension Scheme with the funds strictl | |||||
| to be used for the purpose of the Elizabeth Landmark Project. | |||||
| STATEMENT OF FUNDS - PRIOR YEAR | |||||
| Balance at | Gains/ | Balance at 5 | |||
| 6 April 2019 | Income | Expenditure | (Losses) | April 2020 | |
| £ | £ | £ | £ | £ | |
| General Funds | 6,252 | 98,349 | (3,792) | - | 100,809 |
| Endowment Funds | 149,837 | - | (2,764) | (34,311) | 112,762 |
| Restricted funds | |||||
| Total of funds | 156,089 | 98,349 | (6,556) | (34,311) | 213,571 |
The restricted funds relate to a donation received from Millhouse Pension Scheme with the funds strictly to be used for the purpose of the Elizabeth Landmark Project.
SUMMARY OF FUNDS - CURRENT YEAR
| Balance at 6 April 2020 £ General funds 100,809 Endowment funds 112,762 Restricted funds - 213,571 |
Income £ 4,298 - 36,000 40,298 |
Expenditur e £ (9,928) (3,027) - (12,955) |
Gains/ (Losses) Balance at 5 April 2021 £ £ - 95,179 63,099 172,834 - 36,000 63,099 304,013 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
11. STATEMENT OF FUNDS (continued)
SUMMARY OF FUNDS - PRIOR YEAR
| Balance at 6 April 2019 £ General funds 6,252 Endowment funds 149,837 156,089 |
Income Expenditure £ £ 98,349 (3,792) - (2,764) 98,349 (6,556) |
Gains/ (Losses) Balance at 5 April 2020 £ £ - 100,809 (34,311) 112,762 (34,311) 213,571 |
Gains/ (Losses) Balance at 5 April 2020 £ £ - 100,809 (34,311) 112,762 (34,311) 213,571 |
|---|---|---|---|
| 213,571 |
12. RELATED PARTY TRANSACTIONS
There are no related party transactions to disclose.
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