2021-04-05-accounts - The Underwood Trust

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Contents	Pages
Trustees' annual report	2 —9
Auditor's report	10-13
Statement offinancial activities	14-15
Balance sheet	16
Statement ofcash flows	17
Notes to the financial statements	18-25

		Unrestricted	Expendable	2021	2020
		Income	Endowment	Total	Total
	Notes	Fund	Fund	Funds	Funds
		f	f		f
Income
Investment income	2	963,049		963,049	792,314
Totalincome		963,049		963,049	792,314
Expenditure
Raising funds:
Investment management		598		598	635
costs
Charitable activities:
Grant expenditure		638,586		638,586	965,000
Grant related support costs		25,169		25,169	24,001
Governance costs		13,519		13,519	13,495
Cost ofgrant making		677,274		677,274	1,002,496
Total expenditure		677,872		677,872	1,003,131
Net income / (expenditure)		285,177		285,177	(210,817)
Transfer between funds	6	(285,177)	285,177
			285,177	285,177	(210,817)
Netgains/(losses) on
investments
Unrealised	7		3,242,597	3,242,597	(3,715,336)
Realised	11		(36,297)	(36,297)	(1,128,035)
			3,206,300	3,206,300	(4,843,371)
Net movement in funds			3,491,477	3,491,477	(5,054,188)
Reconciliation offunds
Total funds brought forward			14,257,101	14,257,101	19,311,289
Total funds carried forward			17,748,578	17,748,578	14,257,101

Comparative year information		Unrestricted	Expendable	2020
Year ended 5April 2OZO		Income	Endowment	Total
	Notes	Fund	Fund	Funds
		E	E	6
Income
Investment income	2	792,314		792,314
Total income		792,314		792,314
Expenditure
Raising funds:
Investment management		635		635
costs
Charitable octi vi ties:
Grant expenditure		965,000		965,000
Grant related support costs		24,001		24,001
Governance costs	5	13,495		13,495
Cost ofgrant making		1,002,496		1,002,496
Total expenditure		1,003,131		1,003,131
Net income / (expenditure)		(210,817)		(210,817)
Transfer between funds	6	210,817	(210,817)
			(210,817)	(210,817)
Net gains / (losses) on
investments
Unrealised	7		(3,715,336)	(3,715,336)
Realised	11		(1,128,035)	(1,128,035)
			(4,843,371)	(4,843,371)
Net movement in funds			(5,054,188)	(5,054,188)
Reconciliation offunds
Total funds brought forward			19,311,289	19,311,289
Total funds carried forward			14,257,101	14,257,101

Balance sheet
As ofSApril 2021
		Unrestricted	Expendable	2021	2020
		Income	Endowment	Total	Total
	Notes	Fund	Fund	Funds	Funds
		E	E	6	E
Fixed assets
Investments			16,421,291	16821,291	12,445,879
Total fixed assets			16,421,291	16,421,291	12,445,879
Current assets
Debtors	8	584,942		584,942	119,550
Cash		(579,605)	1,327,287	747,682	1,817,190
Total current assets		5,337	1,327,287	1,332,624	1,936,740
l.iabilities
Creditors: amounts
falling due within one	9	(5,337)		(5,337)	(125,518)
year
Net current assets			1,327,287	1,327,287	1,811,222
Total assets less current liabilities			17,748,578	17,748,578	14,257,101
Creditors: amounts
falling due after one
year
Net assets			17,748,578	17,748,578	14,257,101
The funds ofthe
charity
Expendable endowment fund			17,748,578	17,748,578	14,257,101
Unrestricted income
fund
Total charity funds			17,748,578	17,748,578	14,257,101

Notes tothe financial statements	Notes tothe financial statements	Notes tothe financial statements
Forthe	year ended 5April 2021
3	Grant expenditure (continued)		2021	2020
			E	E
	The British Stammering	Association	20,000
	Animal Free Research UK		15,000
			281,036	130,000
	Education and The Arts
	Farms for City Children		40,000
	Stage One		20,000
	Music for Youth		20,000
	Separate Doors		12,550
	Pimlico Opera		10,000
			102,550	80,000
	Social Welfare
	Community First (Youth	Action Wiltshire)	40,000
	British Red Cross (Beirut	appeal)	25,000
	Ebony Horse Club		20,000
	NSPCC		20,000
	SnowCamp		20,000
	Windmill Hill City Farm		20,000
	The Maytree Respite Centre		20,000
	The Separated Child Foundation		10,000
			175,000	195,000
	The Environment and Wildlife
	Wilts ik Berks Canal Trust		20,000
	Campaign to Protect Rural England		20,000
	The Brooke		20,000
	Friends ofthe Earth		20,000
			80,000	560,000
	Total grants expenditure		638,586	965,000

			Basis of	Grant		2021	2020
			apportion-	making	Governance	Total	Total
			ment	6	6	6	6
Management		fee	Work done	24,300	8,100	32,400	31,591
Subscriptions			Actual	261	87	348	331
Auditors	remuneration		Actual		5,100	5,100	5,460
Web site	costs		Actual	591	197	788	79
Sundries			Actual	17	35	52	35
Total				25,169	13,519	3$,688	37,496

Fixed asset	investments		2021	2020
			f	6
Movement	in fixed asset investments:
Market value at 5 April		2020	12,445,879	19,206,838
Additions			999,382	4,467,125
Disposals			(266,567)	(7,512,748)
Unrealised	investment	gains / (losses)	3,242,597	(3,715,336)
Market value at 5 April		2021	16,421,291	12,445,879

Fixed asset	investments	(continuedj
Investments	at fair value	comprised:	2021	2020
				E
Equity funds			16321,291	12,445,879
Total			16,421,291	12,445,879

8	Debtors		2021 8	2020f
	Prepayments		238	233
	Accrued income		584,704	119,317
			584,942	119,550
9	Creditors: amounts	falling due within one year	2021 6	2020f
	Grants payable			120,000
	Accruals		5,337	5,518
			5,337	125,518

Reconciliation ofnet movement in funds to ne	t cash flow fr	om operating activ	ities
		2021	2020
		6	6
Net movement in funds		3,491,477	(5,054,188)
Deduct interest income		(1)	(100)
Deduct dividends and interest from investments		(459,039)	(792,214)
Deduct (gains) / add back losses on unrealised	investments	(3,242,597)	3,715,336
(Gains) / losses realised on sale ofinvestments		36,297	1,128,035
Decrease / (increase) in debtors		(465,392)	(119,200)
Increase / (decrease) in creditors		(120,181)	(37,959)
Net cash used in operating activities		(759,436)	(1,160,290)