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|||Page|
|---|---|---|
|REPORT OF THE TRUSTEE||1-10|
|REFERENCE AND ADMINISTRATIVE|DETAILS||
|STATEMENT OF TRUSTEE'S RESPONSIBILITIES||12|
|INDEPENDENT AUDITOR'S REPORT||13 - 15|
|STATEMENT OF FINANCIAL ACTIVITIES||16|
|BALANCE SHEET||17|
|CASH FLOW STATEMENT||18|
|NOTES TO THE ACCOUNTS||19-30|
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|TRUSTEE:|The Grocers' Trust Company|The Grocers' Trust Company|The Grocers' Trust Company|The Grocers' Trust Company|Limited|Limited||
|---|---|---|---|---|---|---|---|
|SETTLOR:|The Grocers' Company|||||||
|SECRETARY TO THE|Brigadier Greville|Bibby CBE||||||
|TRUSTEE:||||||||
|CHARITY MANAGER:|Ms Michelle
Molyneux|||||||
|PRINCIPAL OFFICE:|Grocers'
Hall|||||||
||Princes Street|||||||
||London|||||||
||EC2R 8AD|||||||
|AUDITOR:|Buzzacott LLP|||||||
||130Wood Street|||||||
||London|||||||
||EC2V 6DL|||||||
|BANKER:|Bank ofScotland|pic||||||
||25Gresham
Street|||||||
||London|||||||
||EC2V 7HN|||||||
|INVESTMENT|The Grocers' Trust Company||||Limited||Peel Hunt LLP|
|CUSTODIANS|Grocers'
Hall||||||120 London Wall|
||Princes Street||||||London|
||London||||||EC2Y 5ET|
||EC2R BAD
(To 30'" June 2021)||||||(to 30'" June 2021)|
||Rathbone
Nominees||Limited|||||
||Port of Liverpool|Building||||||
||Pier Head|||||||
||Liverpool|||||||
||L3 1NW|||||||
||(From 1"July 2021)|||||||
|INDEPENDENT|Liontrust
Investment||Solutions||Limited|||
|INVESTMENT|2 Savoy Court London|||||||
|ADVISER:|WC2R OEZ|||||||
||(to 31stJuly 2021)|||||||
|INVESTNIENT|Rathbone
Investment||Management|||Limited||
|MANAGER:|8 Finsbury
Circus|||||||
||London|||||||
||EC2M 7AZ
(from 1"May 2021)|||||||
|SOLICITORS:|Charles Russell Speechlys|||LLP||||
||5 Fleet Place|||||||
||London|||||||
||EC4lvl 7RD|||||||
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||||||Permanent|Expendable|||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Endowment|Endowment|Restricted|Unrestricted|TotalFunds|Tots)Funds|
||||||Funds|Funds|Funds|Funds|2021|2020|
|||||Note||f|f|f|f|f|
|Income
and|endowments||||||||||
|from:|||||||||||
|Donations
and legacies||||||6,018,779|123,877|188,252|6,330,908|240,501|
|Investments|||||||28,246|442,343|470,589|571,869|
|Totalincome||||||6,018,779|152,123|630,595|6801,497|812,370|
|Expenditure
on:|||||||||||
|Raising funds|||||||||||
|Fundraising
expenses|||||||1,518||1,518|456|
|Investment
manager|||fees||3,659|4,046||95|7,800||
|Expenditure
on|||charitable||||||||
|activities|||||||||||
|Grant-making||||4,5,6|121||99563|857.761|957 445|900,866|
|Total expenditure|||||3,780|4,046|101,081|857,856|966 763|901322|
|Net (expenditure)/||income|||||||||
|before investment||gains and|||||||||
|losses|||||(3,780)|6,014,733|51,042|(227,261)|5,834,734|(88,952)|
|Net gains/ (losses)||on|||||||||
|investments|||||3,464,568|3,030,028||180,864|6,675,460|1,756,334|
|NET INCOME/(EXPENDITURE)|||||3,460,788|9,044,761|51,042|(46,397)|12,510,194|(1,845,286)|
|Transfers between||funds||12|||6,128|(6,128)|||
|NET MOVEMENT||IN|FUNDS||3,460,788|9,044,761|57,170|(52,525)|12,510,194|(1,845,286)|
|Balances brought||forward|||||||||
|at beginning
ofyear|||||13,672,048|10,160,002|64,296|741,017|24,637,363|26,482,649|
|Balances carried|forward||||||||||
|at end ofyear||||10,11,
12|17,132,836|19,204 763|121,466|688,492|f37,147,557|f24,637,363|
##
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|||||Permanent|Expendable|||||
|---|---|---|---|---|---|---|---|---|---|
|||||Endowment|Endowment|Restricted|Unrestricted|Total Funds|Total Funds|
|||||Funds|Funds|Funds|Funds|2021|2020|
||||Note|E|||E|E|E|
|FIXEDASSETS||||||||||
|Investments|||7|17097,984|18,909,754||441,822|36,449,560|24,354,829|
|||||17,097984|18,909,754||441,822|36,449,560|24,354.829|
|CURRENT|ASSETS|||||||||
|Debtors||||||3,844|54,252|58,096|47,988|
|Cash at bank||||38,511|299057|121022|199,512|658 102|242,156|
|||||38,511|299,057|124,866|253,764|716,198|290,144|
|CURRENT|LIABILITIES|||||||||
|Creditors|||9|(3,659)|(4,048)|(3,400)|(7,094)|(18,201)|(7,610)|
|NET CURRENT ASSETS/||||||||||
|(LIABILITIES)||||34,852|295,009|121,466|246,670|697,997|282,534|
|TOTAL|ASSETS|LESS||||||||
|CURRENT|LIABILITIES|||17,132,836|19,204,763|121,466|688,492|E37,147,557|E24637363|
||||Note|10|11|12||||
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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||f|f|
|Cash flows from operating
activities:||||||||
|Net cash used in operating
activities||||||(695,229)|(679,693)|
|Cash flows from investing activities:||||||||
|Dividends
and interest||||||422,163|530,065|
|Proceeds from the sales offinancial|investments|||||30,530,251|200,357|
|Purchase offinancial
investments||||||(27,986,859)||
|Net cash provided
by investing
activities||||||2,965,555|730,422|
|Change
in cash equivalent
in the reporting|||period|||f2,270,326|f50,729|
|Change
in cash in the reporting
period||||||2,270,326|50,729|
|Cash at the beginning
ofthe reporting||period||||242,156|191,427|
|Cash and cash equivalents
at the end||ofthe reporting||period||E2,512,482|E242,156|
|Reconciliation ofnet income to operating|||cash flows|||||
|Net income/(deficit)
forthe year||||||12,510,194|(1,845,286)|
|Adjustments
for:||||||||
|Dividends
and interest||||||(422,163)|(530,065)|
|Donation of investments||||||(6,108,283)|(50,000)|
|Losses /(gains)
on investments||||||(6,675,460)|1,756,334|
|(Increase)/decrease
/
in debtors||||||(10,108)|135|
|Increase / (decrease)
in creditors||||||10,591|(10,811)|
|Net cash used in operating
activities||||||f(695,229)|f(679,693)|
|Analysis ofcash and cash equivalents||and|reconciliation||ofnet funds|||
||||||1August 2020|Cash flows|31July 2021|
|Cash at bank and in hand|||||242,156|415,946|658,102|
|Cash held by investment
managers||||||1,854,380|1,854,380|
|Total cash and cash equivalents|||||242,156|2,270,326|2,512,482|
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|||||Permanent|Expendable||||
|---|---|---|---|---|---|---|---|---|
|||||Endowment|Endowment|Restricted|Unrestricted|Total Funds|
|||||Funds|Funds|Funds|Funds|2020|
||||Note|||E|E|E|
|Income
and
endowments|||||||||
|from:|||||||||
|Donations and legacies||||||87,135|153,366|240,501|
|Investments||||||36,619|535,250|571,869|
|Totalincome||||||123,754|688,616|812,370|
|Expenditure
on:|||||||||
|Raising funds|||||||||
|Fundraising
expenses||||||456||456|
|Expenditure
on||charitable|||||||
|activities|||||||||
|Grant-making|||4,5,6|91||104,260|796,515|900866|
|Total expenditure||||91||104,716|796515|901,322|
|Net (expenditure|J/income||||||||
|before investment||gains||(91)||19,038|(107,899)|(88,952)|
|Net (losses)/gains||on|||||||
|investments||||959,836|688,412||108,086|1,756,334|
|NETINCOME||||(959,927J|(688,412J|19,038|(215,985J|(1,845,286J|
|Transfers between||funds||||649|(649)||
|NET MOVEMENT||IN FUNDS||(959i927)|(688p412J|19687|(216i634)|(li845286)|
|Bolances brought||forwanl|||||||
|at beginning ofyear||||14,631,975|10,848,414|44,609|957,651|26,482,649|
|Balances carried|forward||||||||
|at end ofyear|||10,11,12|13,67 048|10,160002|64,296|741017|E24,637,363|
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|||||Permanent|Errpendable||||
|---|---|---|---|---|---|---|---|---|
|||||Endowment|Endowment|Restricted|Unrestricted|Total Funds|
|||||Funds|Funds|Funds|Funds|ZOZO|
||||Note|E|E|E|E|E|
|FIXEDASSETS|||||||||
|Investments|||7|13,650,639|9,790,491||913,699|24 354,S29|
|||||13,650,639|9790491||913699|24 354829|
|CURRENT|ASSETS||||||||
|Debtors||||||679|47,309|47,988|
|Cash at bank||||21,409|369511|63,617|212,381|242,156|
|||||21,409|369,511|64,296|(165,072)|290,144|
|CURRENT|DAB ll I TIES||||||||
|Credi tors|||||||(7,610)|(7,610)|
|NET CIIRRENT ASSETS/|||||||||
|(UABIUTIES)||||21,409|369,511|64296|172,682|282.534|
|TDTAL|ASSETS|lESS|||||||
|CURRENT|UABIUTIES|||13,67204S|10,160,002|64,296|741017|E24637363|
||||Note|10||12|||
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|||||Grants|Staff and||
|---|---|---|---|---|---|---|
|||||Payable|Governance|Total|
||||||Costs||
||||||E||
|Grant-making|2021|||875,895|81,550|E957,445|
|Grant-making|2020|||829,960|70,906|E900,866|
|Grants payable|were made||in the following categories:||||
||||||2021|2020|
||||||E|E|
|Education|||||288,010|286,785|
|Relief ofPoverty/||Youth|||99,612|92,151|
|The Elderly|||||58,840|51,300|
|Health|||||86,788|75,726|
|Youth|||||80,479|80,658|
|Disability|||||78,144|70,500|
|Arts|||||68,770|45,565|
|Churches|||||39,800|52,550|
|Military|||||31,452|41,080|
|Environment|||||24,000|15,000|
|Heritage|||||20,000|18,645|
|Total|||||E875,895|E829,960|
##
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|Staff costs|relate to one member ofstaff (2020 —1);|2021|2020|
|---|---|---|---|
|||E|E|
|Salaries||47,088|44,846|
|Social security costs||5,283|4,990|
|Pension costs||6,930|6,600|
|Temporary|staff|9,282|4,125|
|Other staff|costs|4,562|2,697|
|Total||E73,145|E63,258|
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|GOVERNANCE|COSTS|||||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||E|E|
|Audit fees||||||7,300|6,600|
|Subscriptions,|printing
and bank||costs|||1,105|1,048|
|Total||||||E8,405|E7,648|
|INVESTMENTS||||||||
|||||||2021|2020|
|Quoted Securities||||||E|E|
|Market value||||||||
|At beginning|ofyear|||||24,354,829|26,261,520|
|Additions||||||34,095,142|50,000|
|Disposals||||||(30,530,251)|(200,357)|
|Realised gains/(losses)||||||5,594,901|(42,279)|
|Gains/(losses)|on revaluation|||||1,080,559|(1,714,055)|
|At end ofyear||||||34,595,730|E24,354,829|
|Cash held by|investment|managers||||1,854,380||
|Total market|value at 31"July 2021|||||E36,449,560||
|Historical cost||||||||
|At end ofyear||||||E33,017,392|E14,917,317|
|Investments
include the||following|significant|holdings|as at 31stJuly 2021:|||
##
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|DEBTORS||||
|---|---|---|---|
|||2021|2020|
|||E|E|
|Income tax|recoverable|4,889|6,183|
|Prepayments|and accrued interest|53,207|41,805|
|||E58,096|E47,988|
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||||||2021|2020|
|---|---|---|---|---|---|---|
||||||E|E|
|Accruals and deferred|income||||14,800|6,600|
|Other creditors|||||3&401|1,010|
||||||F18,201|E7,610|
|ERMANENT ENDOWMENT||FUNDS|||||
||||Balance as at|Expenditure,||Balance as at|
||||1stAugust 2020|Gains and Losses||31stJuly 2021|
||||f|E||E|
|Grocers' Company|||13,486,289|3,419,240||16,905,529|
|Dame Margaret Slaney|||164,350|41,668||206,018|
|Mercers' and Waterford|||21,409|(120)||21,289|
|Total|||E13,672,048|E3,460,788||E17,132,836|
||||Balance asat|Expenditure,||Balance asat|
||||1stAugust 2019
E|Gains and Losses||31stJuly 2020f|
|Grocers' Company|||14,434,569|(948,280)||13,486,289|
|Dame Margaret Slaney|||175,906|(11,556)||164,350|
|Mercers' and Waterford|||21,500|(91)||21,409|
|Total|||E14,631,975|E(959,927j||E13,672,048|
##
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|||Balance as at|Income|Expenditure,|Balance as at|
|---|---|---|---|---|---|
|||1stAugust 2020
f||Gains and Losses
f|31stJuly 2021
f|
|Grocers'|Company|8,839,572|6,018,779|2,695,776|17,554,127|
|Queen's|Golden|||||
|Jubilee Scholarship
Total||1,320,430
E10,160,002|E6,018,779|330,206
f3,025,982|1,650,636
E19,204,763|
|||Balance asat||Gains and lasses|Balance asat|
|||1stAugust 2019f||f|31stJuly 2020f|
|Grocers'|Company|9,436,406||(596,834j|8,B39,572|
|Queen's|Golden|||||
|Jubilee Scholarship
Total||1,412,008
f10,B48,414||(91,57B)
f(688,412|1,320,430
f10,160,002|
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|||Balance as at|Income|Expenditure|Transfers|Balance as|
|---|---|---|---|---|---|---|
|||1stAugust|||between|at 31stJuly|
|||2020|||funds|2021|
|||E|E|E|E|f|
|Dame Margaret|Slaney|2,285|4,139|(5,000)||1,424|
|Mercers' and Waterford||||(800)|800||
|Queen's
Golden|||||||
|Jubilee Scholarship||60,292|24,107|(13,500)||70,899|
|Fundra ising Campaigns|||||||
|and Events||1,719|8,877|(16,781)|5,328|(857)|
|Restricted donations|||115,000|(65,000)||50,000|
|Total||F64,296|E152,123|E(101,081)|E6,128|E121,466|
|||Balance asat|Income|Expenditure|Transfers|Balance as|
|||1stAugust|||between|at31stJuly|
|||2019|||funds|2020|
|||E||E|||
|Dame Morgoret|Slaney|1,101|6,184|(5,000)||2,285|
|Mercers' ond Waterford|||151|(800)|649||
|Queen's
Golden|||||||
|Jubilee Scholarship||43,508|30,284|(13,500)||60,292|
|Fundrolslng
Campaigns|||||||
|and Events|||29,635|(27,916)||1,719|
|Restricted donations|||57,500|(57,500)|||
|Total||E44,609|E123,754|E(104,716)|E649|E64,296|
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|Arts||||||E|Churches||||E|
|---|---|---|---|---|---|---|---|---|---|---|---|
|LUNG Pniductions
CIO
Arkbound
Foundation||||||E5,750
f5,000|Oundle
Parish Church (StPeter's)
St Mary-le-Bow,
Cheapside||||«6,500
f5,000|
|Awards for Young Musicians||||||f5,000|PCC All Souls Church Eastbourne||||f3,500|
|Bankside Gallery||||||«5,000|St Michael and All Angels,|Waterford|||«2,800|
|Drunken
Chorus||||||«5,000|All Hallows,
Bromley-by-Bow|||PCC|«2,000|
|Flute Theatre||||||«5,000|All Saints Church PCC, Caldecote||||«2,000|
|Intosrt Projects||||||E5,000|StJohn the Baptist, Parish|of||Stone|«2,000|
|MK Islamic Arts Heritage||and||Culture||«5,000|St Mary Bow & Holy Trinity|Bow|||«2,000|
|The Creative
Dimension||Trust||||E5,000|St Mary Virgin,
Northill PCC||||E2,000|
|Two Moors Festival, The||||||«5,000|St Mary's Church,
Bucknell||||E2,000|
|Phosphoros
Theatre||||||E4,320|St Matthew,
Highfield||||«2,000|
|Music In Detention
Taking Flight Theatre Company||||||E3,000
f3,000|St Paula, StBarnabas,
Homerton
St Peter's Church,
Ugborough||||E2,000
E2,000|
|The Piano Teachem' Course||||UK Trust||«3,000|StStephen,
Walbrook||||E2,000|
|Purbeck International
Chamber|||||Music|E2,700|St. Ladoca, Ladock||||E2,000|
|Int'I Musicians
Seminar|Prussia||||Cove|«2,000||||||
|||||||«68,770|||||«39,800|
|Disability||||||E|Education|||||
|Aspire||||||«5,000|Oundle School||||«150,000|
|Calvert Trust the Lake District||||||E5,000|Mossbourne
Community
Academy||||«30,000|
|ClearVision
Project||||||E5,000|The Elms (Colwall)||||«13,310|
|Cued Speech UK||||||E5,000|City 8 Guilds of London Art School||||E12,500|
|Frozen Light||||||f5,000|Imperial
College Landon||||E11,250|
|Head2Head
Sensory Theatre||||||«5,000|St Paul's Cathedral
School||||«10,352|
|Kids Care London (Camp||Horizon)||||E5,000|Guildhall
School ofMusic and|||Drama|«10,000|
|People First (SelfAdvocacy)
The Chronicle Sunshine
Fund||||||E5,000
f5,000|City of London Freemen's
School
City of London School for Boys||||E8,000
E8,000|
|The Southmead
Project||||||f5,000|City of London School for Girls||||E8,000|
|Walsall Society for the Blind||||||«5,000|Reed's School||||F7,500|
|Sight Support West af England||||||«4,562|Royal College ofArt||||E6,000|
|Animal
Antiks||||||«4,500|Mansion
House Scholarship||Scheme||E5,000|
|Open Country||||||«4,421|City & Guilds of London Institute||||E3,000|
|Berkshire
Multiple Sclerosis|||Therapy|||E4,410|University
College London||||«2,250|
|Awards
under E2,000 (4)||||||E5,251|Awards
under «2,000(3)||||«2,848|
|||||||E78,144|||||«288,010|
|Youth||||||E|Elderly||||f|
|Amy and Friends||||||E5,000|Arts 4 Dementia||||f5,000|
|Articulate
Cultural
Trust||||||f5,000|Beverley Community
LiR||||«5,000|
|Envision
(Environmental|Vision)|||||E5,000|Kissing
it Better||||«5,000|
|Friends ofthe Rose Bowl||||||E5,000|Neighbours
in Poplar||||f5,000|
|I Can and
I Am||||||«5,000|Shropshire
Rural Communities|||Charity|f5,000|
|Prout Bridge Project||||||«5,000|Silver Links/One
King Ministries||||«5,000|
|Schoolreaders||||||«5,000|The Spitz Charitable
Trust||||«5,000|
|Strength
& Learning
Through||||Horses||E5,000|Wessex Heritage Trust||||«5,000|
|TalentEd||||||f5,000|Opening
Doors London||||«4,000|
|Team Up||||||«5,000|Rotherfield St Martin||||E4,000|
|Children's
Bereavement|Centre|||||«4,817|Art Beyond Belief||||f3,840|
|CAP UK||||||E4,680|Age UK Oxfordshire||||f3,500|
|Nene Valley Care Trust (NVCT)||||||f4,665|The Deans Senior Tea Club||||E2,500|
|Quest for Learning||||||E4,331|Awards under E2,000(1)||||E1,000|
|ACET (Aids Care Education|||& Training)|||E4,236||||||
|Give ItYour Max||||||«3,000||||||
|The Bach Choir||||||«3,000||||||
|Awards
under f2,000 (2)||||||«1,750||||||
|||||||«80,479|||||«58,840|
|Health|||||Regef of Poverty||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Action Medical Research||||f5,000|VSO (Voluntary
Services Overseas)|||||E10,000|
|Ellenor Hospice||||E5,000|Glass Door Homeless|||Charity||E8,032|
|Fegans||||f5,000|Ben's Centre for Vulnerable||||People|E5,000|
|Horatio's
Garden||||E5,00D|Bow Foodbank|||||E5,000|
|Hospice AID LIK||||E5,000|Hands On London|||||E5,000|
|Jo's Cervical Cancer Trust||||E5,000|Holy Trinity, Lyonsdown|||||E5,000|
|Open Door Charity||||E5,000|North Bristol Advice||Centre|||E5,000|
|RT Community
Projects||||F5,000|Oswin Projects|||||F5,000|
|St Clare Hospice||||E5,000|Read Easy UK|||||E5,000|
|The Eve Appeal||||f5,000|Street Connect|||||E5,000|
|Women and Health||||f5,00D|StreetVet|||||E5,000|
|Barnsley Hospice||||E4,995|The Lord Mayor's|Appeal||||f5,000|
|Fallen Angels Dance Theatre||||E4,870|Up 'N Away|||||E5,000|
|MQ Mental
Health||||E4,563|West London Centre for Counselling|||||f5,000|
|Epilepsy Action||||E4,500|Boxes of Basics|||||E4,800|
|Merlin MS Centre||||f4,500|Oxford Churches|Debt||Centre||f4,000|
|Oakhaven
Hospice Trust||||E2,500|St Philemon
Church|||||f3,500|
|Kidscan
Limited
St Wilfrid's Hospice||||E2,000
E2,000|City & Metropolitan
New Forest Basics||Welfare
Bank||Charity|E3,000
f2,500|
|Awards
under E2,000|(2)|||E1,860|Awards
under f2,000|||(3)||E3,780|
|||||E86,788||||||E99,612|
|Environment||||E|Heritage|||||E|
|CleanupUK||||E5,000|Grinling
Gibbons|Society||||F5,000|
|Harper Asprey Wildlife
South Downs National||Rescue
Park Trust||f5,000
f5,000|Oriel College Development
Trust
St Paul's Cathedral
Foundation|||||E5,000
E5,000|
|Take A Pnde in Perth|& Kinross|||f5,000|The Skinners'
Malmesbury||||Foundation|E5,000|
|Curlew Action||||f4,000
f24,000||||||E20,000|
|Military||||E|||||||
|Horseback
UK||||F5,000|||||||
|INSIGHT Counselling
Royal British Legion Industries||||f5,000
f5,000|||||||
|Supporting
Wounded|Veterans||Ltd.|f5,000|||||||
|Waterloo Uncovered||||E5,000|||||||
|ABFThe Soldiers'
Charity||||E2,000|||||||
|Taxi Charity for Military||Veterans||E2,000|||||||
|Awards
under E2,000|(2)|||E2,452|||||||
|||||f31,452|||||||
|Total Grants||||E875,895|||||||