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Page |
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| ReportoftheTrustees |
1 |
to |
4 |
| ReportoftheIndependentAuditor |
5 |
to |
7 |
| StatementofFinancialActivities |
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8 |
|
| StatementofFinancialPosition |
|
9 |
|
| StatementofCash Flows |
|
10 |
|
| Notes tothe StatementofCash Flows |
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11 |
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| Notes totheFinancial Statements |
12 |
to |
19 |
| Detailed StatementofFinancialActivities |
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20 |
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Report o(tke Independent AditOr to ¢h¢ TThslee8 of
The G C Gibsom Cbaritable Tntst
Use of my repfyrt
This r¢ is ma(k solely to tk ¢lwity's as a b(dy. in acc(th with Pan 4 of th¢ Charities (A¢¢ounts and
RetM)rts) Regulations 2(KJ8. My awjit work has F*en that I mIt stat¢ to th¢ charity's trustees those
matters I required to State to tlwn in an alitoeS retth a1 for no other purrmw To th¢ full& ¢xLetrt pemiitted by
law, I (k> not accept or assume restlbility to any(¢ othes tlw th¢ charity arrfl the charity's tnLStees as a Erfyjy. for tny
audit w(Kk. for this rerrt or for the opinions I have fOrDd.
Grahame J Hartfftt Limit
I Windtush Road
Keynskn
Bristol
Avon
BS31 IQL
|
|
31.3.21 |
31.3.20 |
|
|
Unrestricted |
Total |
|
|
fund |
funds |
|
Notes |
£ |
£ |
| INCOME AND ENDOWMENTS FROM |
|
|
|
| Investment income |
2 |
481,096 |
796,681 |
| EXPENDITURE ON |
|
|
|
| Raising funds |
3 |
45,916 |
53,856 |
| Charitable activities |
4 |
|
|
| Charitable Donations |
|
691,608 |
625,680 |
|
|
-- |
|
| Total |
|
737,524 |
679,536 |
| Net gains/(losses) on investments |
|
2,084,821 |
(2,395,107) |
| NET INCOME/(EXPENDITURE) |
|
1,828,393 |
(2,277,962) |
| RECONCILIATION OF FUNDS |
|
|
|
| Total funds brought forward |
|
14,535,676 |
16,813,638 |
| TOTAL FUNDS CARRIED FORWARD |
|
16,364,069 |
14,535,676 |
|
|
31.3.21 |
31.3.20 |
|
|
Unrestricted |
Total |
|
|
fund |
funds |
|
Notes |
£ |
£ |
| FIXED ASSETS |
|
|
|
| Investments |
|
|
|
| Investments |
9 |
14,078,218 |
12,697,201 |
| Investment property |
10 |
455,881 |
362,500 |
|
|
14,534,099 |
13,059,701 |
| CURRENT ASSETS |
|
|
|
| Debtors |
II |
18,750 |
129,916 |
| Cash atbank |
|
1,856,970 |
1,396,043 |
|
|
1,875,720 |
1,525,959 |
| CREDITORS |
|
|
|
| Amounts falling duewithin oneyear |
12 |
(45,750) |
(49,984) |
|
|
-- |
-- |
| NET CURRENT ASSETS |
|
1,829,970 |
1,475,975 |
| TOTAL ASSETS LESS CURRENT |
|
|
|
| LIABILITIES |
|
16,364,069 |
14,535,676 |
| NET ASSETS |
|
16,364,069 |
14,535,676 |
| FUNDS |
13 |
|
|
| Unrestricted funds |
|
16,364,069 |
14,535,676 |
| TOTAL FUNDS |
|
16,364,069 |
14,535,676 |
|
31.3.21 |
31.3.20 |
| Notes |
£ |
£ |
| Cash flows from operating activities |
|
|
| Cashgeneratedfromoperations |
(608,043) |
(656,222) |
| Interestpaid |
(49) |
(144) |
| Netcash usedinoperatingactivities |
(608,092) |
(656,366) |
| Cash flows from investing activities |
|
|
| Purchaseoffixedassetinvestments |
(2,340,516) |
(1,413,910) |
| Sale offixedassetinvestments |
2,457,189 |
1,390,590 |
| Interestreceived |
45,500 |
133,992 |
| Dividendsreceived |
413,096 |
637,189 |
| Netcashprovided byinvestingactivities |
575,269 |
747,861 |
| Cash flows from financing activities |
|
|
| Newloans inyear |
(56,250) |
(200,000) |
| Loanrepayments inyear |
100,000 |
100,000 |
| Loanconvertedto equity |
450,000 |
|
| Netcashprovided by/(usedin) financingactivities |
493,750 |
(100,000) |
| Change in cash and cash equivalents in |
|
|
| the reporting period |
460,927 |
(8,505) |
| Cash and cash equivalents at the |
|
|
| beginning of the reporting period |
1,396,043 |
1,404,548 |
| Cash and cash equivalents at the end of |
|
|
| the reporting period |
1,856,970 |
1,396,043 |
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET
OPERATING ACTIVITIES |
CASH FLOW FROM |
|
|
31.3.21 |
31.3.20 |
|
£ |
£ |
| Net income/(expenditure) for the reporting period (as per the |
|
|
| Statement of Financial Activities) |
1,828,393 |
(2,277,962) |
| Adjustments for: |
|
|
| (Gain)/losses oninvestments |
(2,084,821) |
2,395,106 |
| Interestreceived |
(45,500) |
(133,992) |
| Interestpaid |
49 |
144 |
| Dividendsreceived |
(413,096) |
(637,189) |
| Decrease/(increase) indebtors |
111,166 |
(31,885) |
| (Decrease)/increaseincreditors |
(4,234) |
29,556 |
| Net cash used in operations |
(608,043) |
(656,222) |
|
At 1.4.20 |
Cashflow |
At31.3.21 |
|
£ |
£ |
£ |
| Net cash |
|
|
|
| Cashatbank |
1,396,043 |
460,927 |
1,856,970 |
|
1,396,043 |
460,927 |
1,856,970 |
| Total |
1,396,043 |
460,927 |
1,856,970 |
| 2. |
INVESTMENT INCOME |
|
|
|
|
31.3.21 |
31.3.20 |
|
|
£ |
£ |
|
Rents receivable |
22,500 |
25,500 |
|
Investment income receivable |
413,096 |
637,189 |
|
Deposit account interest |
657 |
1,723 |
|
Other interestreceived |
44,843 |
132,269 |
|
|
481,096 |
796,681 |
|
|
|
-- |
| 3. |
RAISING FUNDS |
|
|
|
Raising donations and legacies |
|
|
|
|
31.3.21 |
31.3.20 |
|
|
£ |
£ |
|
Support costs |
8,027 |
8,820 |
|
Investment management costs |
|
|
|
|
31.3.21 |
31.3.20 |
|
|
£ |
£ |
|
Portfolio management |
37,840 |
44,892 |
|
Interestpayable and similarcharges |
49 |
144 |
|
|
--- |
--- |
|
|
37,889 |
45,036 |
|
|
-- |
--- |
|
Aggregate amounts |
45,916 |
53,856 |
| 4. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Grant |
|
|
|
funding of |
|
|
|
activities |
|
|
|
(see note |
|
|
|
5) |
|
|
|
£ |
|
Charitable Donations |
|
691,608 |
|
|
|
-- |
| 5. |
GRANTS PAYABLE |
|
|
|
|
31.3.21 |
31.3.20 |
|
|
£ |
£ |
|
Charitable Donations |
691,608 |
625,680 |
|
31.3.21 |
31.3.20 |
|
£ |
£ |
| Art, Music andEntertainment |
52,634 |
26,000 |
| HealthandMedicalResearch |
98,397 |
99,706 |
| Religion |
43,500 |
42,500 |
| NatureConservation |
78,000 |
87,600 |
| Civil Society |
261,567 |
216,874 |
| Education |
100,010 |
97,500 |
| Care |
42,500 |
40,500 |
| Hospice |
15,000 |
15,000 |
|
691,608 |
625,680 |
|
|
Governance |
|
|
costs |
|
|
£ |
| Raisingdonations |
andlegacies |
8,027 |
|
Unrestricted |
|
fund |
|
£ |
| INCOME AND ENDOWMENTS FROM |
|
| Investmentincome |
796,681 |
| EXPENDITURE ON |
|
| Raisingfunds |
53,856 |
| Charitable activities |
|
| CharitableDonations |
625,680 |
| Total |
679,536 |
| Netgains/(losses) oninvestments |
(2,395,107) |
| NET INCOME/(EXPENDITURE) |
(2,277,962) |
|
|
|
|
Unrestricted |
|
|
|
|
fund |
|
|
|
|
£ |
|
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
|
|
16,813,638 |
|
TOTAL FUNDS CARRIED FORWARD |
|
|
14,535,676 |
| 9. |
FIXED ASSET INVESTMENTS |
|
|
|
|
|
|
31.3.21 |
31.3.20 |
|
|
|
£ |
£ |
|
Shares |
|
13,671,968 |
11,797,201 |
|
Loans |
|
406,250 |
900,000 |
|
|
|
14,078,218 |
12,697,201 |
|
Additional informationas follows: |
|
|
|
|
|
Listed |
Unlisted |
|
|
|
investments |
investments |
Totals |
|
|
£ |
£ |
£ |
|
MARKET VALUE |
|
|
|
|
At 1 April 2020 |
13,870,260 |
328,267 |
14,198,527 |
|
Additions |
1,793,201 |
547,315 |
2,340,516 |
|
Disposals |
(2,270,072) |
|
(2,270,072) |
|
At31 March2021 |
13,393,389 |
875,582 |
14,268,971 |
|
PROVISIONS |
|
|
|
|
At 1 April 2020 |
2,384,799 |
16,527 |
2,401,326 |
|
Revaluationadjustments |
(1,876,940) |
72,617 |
(1,804,323) |
|
At31 March2021 |
507,859 |
89,144 |
597,003 |
|
NET BOOK VALUE |
|
|
|
|
At31 March2021 |
12,885,530 |
786,438 |
13,671,968 |
|
At31 March2020 |
11,485,461 |
311,740 |
11,797,201 |
|
|
|
|
Other |
|
|
|
|
loans |
|
|
|
|
£ |
|
At 1 April 2020 |
|
|
900,000 |
|
Newinyear |
|
|
56,250 |
|
Repayments in year |
|
|
(100,000) |
|
Convertedto equity |
|
|
(450,000) |
|
At31 March2021 |
|
|
406,250 |
| INVESTMENT PROPERTY |
|
|
£ |
| FAIR VALUE |
|
| At 1 April 2020 |
362,500 |
| Revaluation |
93,381 |
| At31 March2021 |
455,881 |
|
-- |
| NET BOOK VALUE |
|
| At31 March2021 |
455,881 |
| At31 March2020 |
362,500 |
|
31.3.21 |
31.3.20 |
|
£ |
£ |
| Otherdebtors |
18,750 |
129,916 |
| **CREDITORS: AMOUNTS FALLING DUE ** |
WITHIN ONE YEAR |
|
|
|
|
31.3.21 |
31.3.20 |
|
|
£ |
£ |
| Tradecreditors |
|
|
182 |
| Othercreditors |
|
45,750 |
49,802 |
|
|
45,750 |
49,984 |
| MOVEMENT IN FUNDS |
|
|
|
|
|
Net |
|
|
|
movement |
At |
|
At 1.4.20 |
infunds |
31.3.21 |
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
| General fund |
14,535,676 |
1,828,393 |
16,364,069 |
| TOTAL FUNDS |
14,535,676 |
1,828,393 |
16,364,069 |
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
infunds |
|
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| General fund |
481,096 |
(737,524) |
2,084,821 |
1,828,393 |
| TOTAL FUNDS |
481,096 |
(737,524) |
2,084,821 |
1,828,393 |
| Comparatives for movement in funds |
|
|
|
|
|
|
|
Net |
|
|
|
|
movement |
At |
|
|
At 1.4.19 |
infunds |
31.3.20 |
|
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| General fund |
|
16,813,638 |
(2,277,962) |
14,535,676 |
| TOTAL FUNDS |
|
16,813,638 |
(2,277,962) |
14,535,676 |
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
infunds |
|
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| General fund |
796,681 |
(679,536) |
(2,395,107) |
(2,277,962) |
| TOTAL FUNDS |
796,681 |
(679,536) |
(2,395,107) |
(2,277,962) |
|
|
Net |
|
|
|
movement |
At |
|
At 1.4.19 |
in funds |
31.3.21 |
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
| General fund |
16,813,638 |
(449,569) |
16,364,069 |
| TOTAL FUNDS |
16,813,638 |
(449,569) |
16,364,069 |
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
infunds |
|
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| General fund |
1,277,777 |
(1,417,060) |
(310,286) |
(449,569) |
| TOTAL FUNDS |
1,277,777 |
(1,417,060) |
(310,286) |
(449,569) |
Detailed Statement of Financial Activities
for the Year Ended 31 March 2021 |
|
|
|
31.3.21 |
31.3.20 |
|
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
| Investment income |
|
|
| Rents receivable |
22,500 |
25,500 |
| Investment income receivable |
413,096 |
637,189 |
| Deposit account interest |
657 |
1,723 |
| Other interestreceived |
44,843 |
132,269 |
|
481,096 |
796,681 |
| Total incoming resources |
481,096 |
796,681 |
| EXPENDITURE |
|
|
| Investment management costs |
|
|
| Portfolio management |
37,840 |
44,892 |
| Bank interest |
49 |
144 |
|
-- |
|
|
37,889 |
45,036 |
| Charitable activities |
|
|
| Grants to institutions |
691,608 |
625,680 |
| Support costs |
|
|
| Management |
|
|
| Travel costs |
|
489 |
| Governance costs |
|
|
| Auditors' remuneration |
4,775 |
4,628 |
| Sundries |
372 |
346 |
| Accountancy and professional |
2,880 |
3,357 |
|
8,027 |
8,331 |
| Totalresources expended |
737,524 |
679,536 |
| Net (expenditure)/income before gains and |
|
|
| losses |
(256,428) |
117,145 |
| Realised recognised gains and losses |
|
|
| Realised gains/(losses) on fixed asset investments |
187,117 |
96,073 |
| Net (expenditure)/income |
(69,311) |
213,218 |