THE CHRISTOPHER H R REEVES CHARITABLE TRUST
TRUSTEES’ REPORT AND ACCOUNTS
FOR THE PERIOD ENDED 31ST DECEMBER 2021
Charity No: 266877
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
REPORT AND ACCOUNTS
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 2 - 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 - 14 |
1
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
TRUSTEES’ REPORT
FOR THE PERIOD ENDED 31ST DECEMBER 2021
The trustees present their annual report and financial statements of the charity for the period ended 31st December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to �he acco�n�� and compl� �i�h �he chari���� �r��� deed, �he Chari�ie� Ac� 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OUR PURPOSE AND ACTIVITIES
The object of the charity, as s e� o�� b� �he Tr��� Deed, i� �o �pa�, appl� or appropria�e �he �hole or an� par� or par�� of the capital and income thereof, at any time or from time to time, for such purposes or objects which are from time to time recognised by law as charitable purposes �.
The charity carried out the objects noted above through the award of grants and donations to various organisations to support general charitable purposes or charitable institutions in the United Kingdom or elsewhere.
Achievements and Performance
During the period the charity made grant awards totalling £69,021 (2020 - £290,150).
The largest donation made this period was for £10,021 to BACS Wellingborough School, for a donation towards the Sixth Form Centre Appeal Fund. Smaller donations to various charities were also made ranging from £500 to £10,000.
Future Activities
The Tr����� Gran� Cri�eria fa�o�r� chari�ie� alread� a��ocia�ed �i�h �he Tr���, b�� �he Tr���ee� al�o con�ide r a broad range of applications, which are regularly made to the Trust. The Trustees meet regularly, and new requests received after the last meetings are discussed. All appeals must be made in writing with a copy of the ap plican��� latest report and accounts.
Public benefit statement
In shaping our objectives for the period and planning our activities, the trustees have considered the Charity Commi��ion�� g�idance on p�blic benefi�, incl�din g the guidanc e �p ublic benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit ar i�ing �hro�gh �he Chari���� ac�i�i�ie�.
FINANCIAL REVIEW
� The net surplus for the period amounted to £279,552 (2020 net deficit £138,313). The Trust incurred a deficit of � £33,012 (2020 deficit £250,243) prior to an investment gain arising on the chari���� in�e��men� por�folio �o�alling � £312,564 (2020 gain £111,930).
The principal funding came from the investment income arising on the charit �� s investment portfolio. Investment returns on the chari���� in�e��men� por�folio decreased in comparison to prior period and amounted to £52,441 compared to £55,408 for the year ended 20[th] December 2020.
There have been no significant changes in the way the charity has operated or is policy for carrying out its objects.
The charity is not reliant on the services on unpaid volunteers or donations in kind.
Principal funding sources
The principal funding source of the Charity is growth and dividend income from the investment portfolio.
2
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
TRUSTEES’ REPORT (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
INVESTMENT POWERS AND POLICY
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the Charity. The Trustees have the power to invest in any way that they see fit.
It is the policy of the Trustees that the investment holdings are maintained through a portfolio of equities, government stocks and unit trusts, managed by a recognised investment manager. The portfolio is moderately adventurous, as the Trustees concentrate on total returns, that is to say, capital growth with only ancillary income.
RESERVES POLICY
At the balance sheet date, the charity had retained unrestricted funds totalling £3,350,742 (2020 - £3,071,190).
It is the policy of the Trustees to maintain reserves at their current levels so that sufficient investment income may be derived in order to finance the award of grants. The maintenance of such significa n� re�er�e� repre�en� �he Tr���ee�� aims of long term operations through the continued receipt of reasonable levels of investment income to finance grant awards, whilst maintaining a hedge against possible future decreases in the market value of investments.
GRANT MAKING POLICY
Grants are awarded after submission of a claim by the applicant to the Trustees. The Trustees review the application to judge if the rant falls within �he chari���� o bjectives and whether the application meets its requirements in terms of the benefits it gives. Each application is discussed, reviewed and decided upon by the Trustees at their regular meetings.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Organisation is a charitable trust, established under a trust deed dated 21 December 1973 and registered as a charity with the Charity Commission on 11 February 1974 under registration number 266877. The organisation is governed by the Trust Deed which sets out the objects and powers of the charity and governs the actions of the Trustees.
Recruitment and Appointment of Trustees
The Trust Deed stipulates that there shall not be less than three nor more than seven Trustees at any one time. The power to appoint new Trustees is vested in the existing Trustees. No Trustees were appointed or resigned during the period under review.
Trustees Induction and Training
As noted above, no new Trustees were appointed in the period. The existing Trustees are made aware of changes in charity regulations and any other factors impacting on their appointment and duties.
Organisation
The Board of Trustees, which comprises of three members, administers the charity. The Board meets regularly to review the affairs of the charity and to consider grant applications which are only paid to a beneficiary upon the approval of the Board. All decisions relating to the strategy and policy and made by the Board of Trustees.
Risk Management
The Trustees have a risk management strategy which comprises:
-
an annual review of the risks the charity may face;
-
the establishment of systems and procedures to mitigate those risks identified in the plan;
-
implementation of procedures designed to minimise any potential impact of the charity should those risks materialise.
3
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
TRUSTEES’ REPO RT (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
The review has identified some risks primarily relating to investment exposure. Investment risk is minimised by the maintenance of a diversified portfolio in moderately adventurous holdings. A key element in the management of financial risk is the use of a discretionary investment manager, the setting of a reserves policy and its regular review by the Trustees.
Related parties
One of the T r���ee�, Mr Andre� Ree�e�, i� al�o a direc�or of �he Tr����� i nvestment advisors. Transactions with related parties are disclosed in notes to accounts.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Number: 266877 Trustees: A Reeves E Royall L Rand Secretary: Jill Nellis Registered Office: Estate, Glebe Farm, Podington, Wellingborough, Northamptonshire NN29 7HP Independent Examiner: David Terry, Ramon Lee Ltd, 93 Tabernacle Street, London EC2A 4BA Bankers: Lloyds TSB Plc., Long Causeway Branch, 30-31 Long Causeway, Peterborough PE1 1XP Investment Managers: Wealthtime, The Oak House, Barford Lane, Downton, Salisbury SP5 3QA
4
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
TRUS TEES’ REPO RT (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
STATEMENT OF TRUSTEES’ RESPONSIB ILITIES
The Trustees are responsible for preparing the Trus �ee�� Annual 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, including the income and expenditure for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that 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.
APPROVAL
This report was approved by the Trustees on 3[rd] March 2022 and signed on its behalf.
A REEVES - TRUSTEE
5
INDEPENDENT EXAMINER ’S REPORT TO THE TRUSTEES OF
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
I report to the trustees on my exam ina�ion of �he acco�n�� of �he abo�e chari�� (��he Tr����) f or the period ended 31[st] December 2021.
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independen� e�aminer�� repor� and fo r no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of �he Chari�ie� Ac� 2011 (��he Ac��).
I report in respect of my examination of �he Tr����� acc ounts 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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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 acco�n�� gi�e a �� rue and fa ir� �ie� �h ich 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.
DAVID TERRY RAMON LEE LTD 93 TABERNACLE STREET LONDON EC2A 4BA
3[rd] March 2022
6
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD ENDED 31ST DECEMBER 2021
SUMMARY INCOME AND EXPENDITURE ACCOUNT
| Notes Income Investment income 2 Total income Expenditure Cost of raising funds 3 Expenditure on charitable activities 3 Total Expenditure Net income / (expenditure) & net movements in funds before gains & losses on investments Net gains/losses on investments 8 Reconciliation of funds Total funds brought forward Total funds carried forward Net movement in funds |
Unrestricted Funds £ 52,441 52,441 14,236 71,217 85,453 (33,012) 312,564 279,552 3,071,190 3,350,742 |
21/12/2020 to 31/12/2021 21/12/2019 to 20/12/2020 Total Total £ £ 52,441 55,408 52,441 55,408 14,236 13,365 71,217 292,285 85,453 305,651 (33,012) (250,243) 312,564 111,930 279,552 (138,313) 3,071,190 3,209,503 3,350,742 3,071,190 |
|---|---|---|
CONTINUING OPERATIONS
None of �he Tr����� activities was acquired or discontinued during the above two financial periods.
TOTAL RECOGNISED GAINS AND LOSSES
The Trust has no recognised gains or losses other than the above movement in funds for the above two financial periods.
The notes on pages 9 to 14 form part of these accounts
7
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
BALANCE SHEET AS AT 31ST DECEMBER 2021
| Notes | 31/12/2021 | 31/12/2021 | 20/12/2020 | 20/12/2020 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 8 | 3,321,336 | 3,047,274 | ||
| 3,321,336 | 3,047,274 | ||||
| Current assets | |||||
| Cash at bank and in hand | 31,506 | 25,955 | |||
| 31,506 | 25,955 | ||||
| Liabilities | |||||
| Creditors falling due within one year | 9 | (2,100) | (2,039) | ||
| Net current assets | 29,406 | 23,916 | |||
| Net assets | 3,350,742 | 3,071,190 | |||
| The funds of the charity | |||||
| Unrestricted funds | 10 | 3,350,742 | 3,071,190 | ||
| Total charity funds | 3,350,742 | 3,071,190 |
Approved and authorised for issue by the Trustees on 3[rd] March 2022 and signed on their behalf:
…………………………………………………………. A Reeves – Trustee
…………………………………………………………. L Rand – Trustee
The notes on pages 9 to 14 form part of these accounts
8
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE PERIOD ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES
1.1 Basis of preparation of accounts
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Christopher H R Reeves Charitable Trust meet the definition of a public benefit entity under FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
1.2 Preparation of accounts on a going concern basis
� The Chari���� Financial S�a�emen�� �ho� ne� surplus of £279,552 (2020 net deficit £138,313) for the period and free reserves of £3,350,742 (2020 - £3,071,190). The trust continues to have sufficient investments to be able to fulfil its obligations and continue operating as a going concern.
1.3 Income
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and amount can be measured reliably.
- (a) Investment income is included when receivable.
1.4 Expenditure recognition and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
-
(a) Cost of raising funds consists of investment management fees.
-
(b) Expenditure on charitable activities comprises the making of donations to other organisations and associated support costs. Donations are recognised as a cost when the Board of Trustees approve the donation.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
1.5 Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs and governance costs which support the Trus ��� ac�i�i� ies. These costs have been allocated to Charit ��� �ole ac�i�i�� of chari�able gi�ing.
1.6 Funds structure
The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Board of Trustees.
9
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
1.7 Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.
1.8 Realised/ unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash deposits 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.
1.11 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.12 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.13 Judgement and key sources of estimation uncertainty
In the application of the Charity �� acco�n� ing policies, the charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
10
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
1.14 Taxation
The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
1.15 Cash flow statement
The Charity qualifies as a small charity and advantage has been taken of the exemption provided by SORP (FRS 102) as amended by Bulletin 1, not to prepare a cash flow statement.
2. INVESTMENT INCOME
| NVESTMENT INCOME | ||
|---|---|---|
| Dividends and interest from investment portfolio Other interest |
21/12/2020 to 31/12/2021 £ 52,441 - 52,441 |
21/12/2019 to 20/12/2020 £ 55,343 65 |
| 55,408 |
The investment income in 2021 totalling £52,441 (2020 - £55,408), was attributed to unrestricted funds.
3. EXPENDITURE ON CHARITABLE ACTIVITIES
| Grants payable (Note 5) Investment management fees Support costs (Note 4) Governance costs (Note 4) |
Raising Funds £ - 14,236 - - 14,236 |
Charitable Giving £ 69,021 - 96 2,100 |
21/12/2020 to 31/12/2021 21/12/2019 to 20/12/2020 £ £ 69,021 290,150 14,236 13,365 96 97 2,100 2,039 85,453 305,651 |
|---|---|---|---|
| 71,217 |
The total £85,453 expenditure in 2021 (2020 - £305,651), was charged to unrestricted funds.
4. ANALYSIS OF SUPPORT AND GOVENANCE COSTS
The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned key activities undertaken (see note 3) in the period. All the general support and governance costs have been apportioned to the various charitable activities on the basis of usage.
| Independent examination fees Bank charges |
General Support £ - 96 |
Governance Function £ 2,100 - |
21/12/2020 to 31/12/2021 21/12/2019 to 20/12/2020 £ £ 2,100 2,039 96 97 |
|---|---|---|---|
| 96 | 2,100 | 2,196 2,136 |
11
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
5. ANALYSIS OF GRANTS
| Recipients of Institutional grant(s) BACS Wellingborough School SERVE Podington Cricket Club Autism Beds Enterprising Youth Education Cardiac Risk Beds Womens Group Cransley Hospice Motor Neurone disease See Ability Country Days Horatios Garden Prevent Breast Cancer Willan Hospice Spinal Muscular Atrophy UK Willow Uppingham School British Dyslexis Chrysalis National Eye Research Centre British Heart Foundation Prostate Cancer UK Target Ovarian Cancer School Readers |
Education £ 10,021 - - - 5,000 - - - - - - - - - - - - - - - - - - - |
Residential Care and Development £ - - 5,000 5,000 - - 5,000 5,000 - - - - - 1,000 - - - - - - - - - - |
Medical research £ - - - - - 5,000 - - 5,000 - - - 2,000 - 1,000 - - - - - - - - - |
Support £ - 10,000 - - - - - - - 4,000 3,000 2,500 - - - 500 - - - - - - - - |
Grants to 31/12/2021 Grants to 20/12/2020 £ £ 10,021 - 10,000 - 5,000 - 5,000 - 5,000 - 5,000 - 5,000 - 5,000 - 5,000 5,000 4,000 4,000 3,000 - 2,500 - 2,000 - 1,000 - 1,000 - 500 - - 250,000 - 2,900 - 10,000 - 2,750 - 5,500 - 2,500 - 2,500 - 5,000 69,021 290,150 |
|---|---|---|---|---|---|
| 15,021 | 21,000 | 13,000 | 20,000 |
6. NET INCOME/(EXPENDITURE) FOR THE PERIOD
This is stated after charging:
| Independent examination fees | 21/12/2020 to 31/12/2021 21/12/2019 to 20/12/2020 £ £ 2,100 2,039 2,100 2,039 |
|---|---|
7. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL
Charity did not have any employees during the period.
The key management personnel of the charity comprise of the trustees. None of the trustees were employed � or paid fees by the Charity (2020 £Nil). No Trustee received any remuneration in respect of their services � (2020 - £Nil). No Trustee was reimbursed expenses during the period (2020 £Nil).
12
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
8. INVESTMENTS
| Market value, brought forward Additions during the period Disposals during the period Accumulation fund Realised gains / (losses) Unrealised gains / (losses) Market value, carried forward Historical cost Market value analysed by type of investment UK equities UK bonds Overseas equities Overseas bonds Property 9. CREDITORS: Amounts falling due within one year Accruals 10. NET MOVEMENT IN FUNDS Balance as on 21/12/2020 Income £ £ Unrestricted funds General funds 3,071,190 52,441 Total funds 3,071,190 52,441 |
Expenses £ 85,453 85,453 |
31/12/2021 20/12/2020 £ £ 3,047,274 2,856,694 839,394 1,085,133 (904,615) (1,031,321) 26,719 24,839 39,590 2,754 272,974 109,176 3,321,336 3,047,274 2,847,631 2,778,041 964,504 834,847 412,249 589,379 1,794,896 1,390,373 84,715 164,143 64,972 68,532 3,321,336 3,047,274 31/12/2021 20/12/2020 £ £ 2,100 2,039 2,100 2,039 Investment Gains/ (Losses) Balance as on 31/12/2021 £ £ 312,564 3,350,742 312,564 3,350,742 |
20/12/2020 £ 2,856,694 1,085,133 (1,031,321) 24,839 2,754 109,176 3,047,274 2,778,041 834,847 589,379 1,390,373 164,143 68,532 3,047,274 20/12/2020 £ 2,039 |
||
|---|---|---|---|---|---|
| 2,039 |
13
THE CHRISTOPHER H R REEVES CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE PERIOD ENDED 31ST DECEMBER 2021
10. MOVEMENT IN FUNDS (continued)
MOVEMENT IN FUNDS – previous period
| Unrestricted funds General funds Total funds |
Balance as on 21/12/2019 £ 3,209,503 3,209,503 |
Income £ 55,408 55,408 |
Expenses £ 305,651 305,651 |
Investment Gains/ (Losses) £ 111,930 111,930 |
Balance as on 20/12/2020 £ 3,071,190 3,071,190 |
|---|---|---|---|---|---|
Description, nature and purpose of unrestricted funds:
General funds: General fund represents funds available to spend at the discretion of the Trustees.
11. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
| Unrestricted Funds £ Investments 3,321,336 Net current assets 29,406 3,350,742 Analysis of fund balances between net assets– previous period Unrestricted Funds £ Investments 3,047,274 Net current assets 23,916 3,071,190 |
Total 31/12/2021 £ 3,321,336 29,406 3,350,742 Total 20/12/2020 £ 3,047,274 23,916 3,071,190 |
Total 20/12/2020 £ 3,047,274 23,916 |
|---|---|---|
| 3,071,190 | ||
| Total 20/12/2019 £ 2,856,694 352,809 |
||
| 3,209,503 |
12. RELATED PARTY TRANSACTIONS
One of the Trustees, Mr Andrew Reeves, is also a director of the Trus ��� in� estment advisors, The Investment Coach Limited. Investment management fees totalling £14,236 (2020 - £13,365) were paid in the period to The Investment Coach Limited.
14