CHARITY NUMBER 267175
THE WENDOVER FOUNDATION
ACCOUNTS FOR THE YEAR ENDED
5 APRIL 2021
Leonard Jones & Co Chartered Accountants 1 Printing House Yard London E2 7PR
THE WENDOVER FOUNDATION (Charity Number: 267175)
TRUSTEES’ REPORT for the year ended 5 April 2021
CONSTITUTION
The charity is governed by a deed of settlement dated 6 March 1974, as amended by a supplemental Deed of Trust executed on 20 October 2017, and is a registered charity, number 267175. On 20 October 2017 the name of the charity was changed to The Wendover Foundation, from The Edgar Astaire & Sons Charitable Trust.
The trust deed provides that there shall be at least two trustees. In selecting individuals for appointment trustees have regard to the skills, knowledge and experience needed for the effective administration of the charity. Upon appointment new trustees are provided with a pack of information including a copy of the trust deed and any amendments made to it and a copy of the charity’s latest report and statement of accounts.
ADDRESS
c/o Leonard Jones & Co 1 Printing House Yard London E2 7PR
TRUSTEES
The Trustees who served during the year were:
Mr Mark David Astaire Mr Anthony David Kerman Mr Peter Kravitz
BANKERS
Barclays Bank plc Floor 12, 1 Churchill Place Canary Wharf London E14 5HP
ACCOUNTANTS
Leonard Jones & Co Chartered Accountants 1 Printing House Yard London E2 7PR
OBJECTS
The Trustees may apply the income or capital of the trust fund to such charitable institutions or for such charitable purposes as they, in their absolute discretion, shall determine. The Trustees confirm that they has given due regard to the Charity Commission’s guidance, including guidance on public benefit, when reviewing the Trust’s aims and objectives and in setting the grant making policy for the year.
INVESTMENT
The Trust Deed provides the Trustees with wide powers of investment. Details of investments held are provided in the notes to these accounts.
The primary investment objective is wealth preservation to protect the investments from the effects of inflation and maintain their purchasing power. Investments are intended to be held for the long term horizon of at least 5 years but are to be held in assets that can be easily liquidated. The Trust accepts a moderate degree of risk.
The Trustees have appointed Barclays Investment Bank as their investment adviser and the funds are managed by them on a discretionary basis. Trustees review investment performance periodically.
1
THE WENDOVER FOUNDATION (Charity Number: 267175)
TRUSTEES’ REPORT
for the year ended 5 April 2021 (continued)
REVIEW OF THE YEAR, ACHIEVEMENTS AND FUTURE DEVELOPMENTS
The trustees once again supported a number of charities with grants. Details of grants made to and the nature of donee charities’ work is disclosed in note 3 to the accounts.
During the year the charity received investment income of £29,140 (2020: £37,316). Expenditure of £73,124 was incurred in relation to charitable activities (2020: £53,140) of which £69,179 (2020: £50,540) was in respect of grants made. Investment management fees of £3,146 were incurred (2020: £3,217). Investment gains were a feature, with gains of £227,608 (2020: losses of £180,889 resulting in a net increase in funds over the year of £180,478 (2020: net decrease in funds of £199,930).
At the year-end the trust held no unrestricted funds (2020: none) and expendable endowment funds of £1,208,986 (2020: £1,028,508).
The trustees intend to continue to identify charitable causes to support by way of making grants.
RESERVES POLICY
The charity fulfils its objects by making grants out of the income or capital of the trust at the Trustees’ discretion. The Trustees endeavour to make grants at least equivalent to the income arising each year although in any particular year resources expended may not match income received and so a deficit or surplus may arise. The trustees shall continue to review regularly this policy and shall take into account all relevant factors.
TRUSTEES’ RESPONSIBILITIES
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To ensure that the purposes for which the trust is established are carried out.
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To ensure that the funds of the trust are only used for the purposes permitted by the trust deed.
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To exercise proper overall control of the management of the trust.
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To comply with the law relating to charities.
TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS
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For preparing accounts for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing the accounts the Trustees should follow best practice and select suitable accounting policies and apply them consistently and make judgements and estimates that are reasonable and prudent.
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For maintaining sufficient accounting records which disclose with reasonable accuracy the financial position of the charity and which enable the financial position of the charity to be ascertained and to ensure that the accounts comply with applicable law and the trust deed.
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For safeguarding the assets of the trust and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
RISK REVIEW
The trustees have reviewed the major risks to which they consider the charity to be exposed and believe that adequate systems have been established to mitigate these risks.
COVID-19 AND GOING CONCERN
The current Covid-19 (Coronavirus) crisis is impacting heavily on the charity sector as a whole. As a grant-making charity with no significant ongoing financial commitments, grants being made at the discretion of the trustees, the Foundation has not been unduly affected by the crisis to date. The market value of the charity’s investments significantly exceeds current donation levels. Accordingly, trustees do not consider there to be any significant factors impacting on the Foundation’s
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THE WENDOVER FOUNDATION (Charity Number: 267175)
TRUSTEES’ REPORT
for the year ended 5 April 2021 (continued)
COVID-19 AND GOING CONCERN (continued)
ability to continue to operate as a going concern for the foreseeable future, being considered as at least 12 months from the date of this report.
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, 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 (FRS102) (effective January 2019) (Charities SORP) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Approved by the Board of Trustees and signed on their behalf by:
M D Astaire Trustee
Date: 10 February 2022
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THE WENDOVER FOUNDATION (Charity Number: 267175)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WENDOVER FOUNDATION
I report to the trustees on my examination of the accounts of The Wendover Foundation for the year ended 5 April 2021, which are set out on pages 5 to 12.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustee’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
I have completed my examination. I confirm that no material 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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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) 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.
David A Lyons, FCA
Partner in Leonard Jones & Co 1 Printing House Yard, London E2 7PR
19 February 2022
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THE WENDOVER FOUNDATION (Charity Number: 267175)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) for the year ended 5 April 2021
| for the year ended 5 April 2021 | |||||
|---|---|---|---|---|---|
| Expendable | Total | Total Funds | |||
| Notes | Unrestricted | Endowment | Funds | (note 11) | |
| Funds | Funds | 2021 | 2020 | ||
| (as restated) | |||||
| £ | £ | £ | £ | ||
| Income from: | |||||
| Investments | 2 | 29,090 | - | 29,090 | 37,273 |
| Bank interest received gross | 2 | 50 | - | 50 | 43 |
| _____ | __ | __ | __ | ||
| Total income | 29,140 | - | 29,140 | 37,316 | |
| _____ | ___ | __ | __ | ||
| Expenditure | |||||
| Raising Funds: | |||||
| Investment management fees | - | (3,146) | (3,146) | (3,217) | |
| Charitable expenditure: | |||||
| Grants | 3 | (69,179) | - | (69,179) | (50,540) |
| Support costs | 4 | (3,945) | - | (3,945) | (2,600) |
| ______ | __ | __ | __ | ||
| Total expenditure | (73,124) | (3,146) | (76,270) | (56,357) | |
| ______ | __ | __ | __ | ||
| Net (expenditure) before gains and | |||||
| (losses) on investment | (43,984) | (3,146) | (47,130) | (19,041) | |
| Gains / (losses) on investments | 6 | - | 227,608 | 227,608 | (180,889) |
| ______ | __ | __ | __ | ||
| Net (expenditure) / income | (43,984) | 224,462 | 180,478 | (199,930) | |
| Transfers between funds | 7 | 43,984 | (43,984) | - | - |
| ______ | __ | __ | __ | ||
| Net movement in funds | - | 180,478 | 180,478 | (199,930) | |
| Reconciliation of funds: | |||||
| Fund balances brought forward at | |||||
| 6 April 2020 | - | 1,028,508 | 1,028,508 | 1,228,438 | |
| _ | ___ | ___ | ___ | ||
| Fund balances carried forward at | |||||
| 5 April 2021 | £- | £1,208,986 | £1,208,986 | £1,028,508 | |
| ====== | ======== | ======== | ======== |
The above statement of financial activities down to the line ‘net (expenditure) / income’ includes information constituting an income and expenditure account as required by the trust deed.
The notes on pages 7 to 12 form part of these accounts.
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THE WENDOVER FOUNDATION (Charity Number: 267175)
BALANCE SHEET as at 5 April 2021
| BALANCE SHEET as at 5 April 2021 |
|||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments: | |||||
| Listed investments | 6(a) | 1,072,240 | 868,555 | ||
| Other investments – unlisted equities | 6(b) | 1 | 1 | ||
| Other investments - painting | 6(c) | 3,167 | 3,167 | ||
| ______ | ______ | ||||
| 1,075,408 | 871,723 | ||||
| Current assets | |||||
| Debtors | 8 | - | 49 | ||
| Cash at bank | 137,620 | 160,285 | |||
| ______ | ______ | ||||
| 137,620 | 160,334 | ||||
| ______ | ______ | ||||
| Creditors: amounts due within one year | |||||
| Accruals and other creditors | (4,042) | (3,549) | |||
| ______ | ______ | ||||
| Net current assets | 133,578 | 156,785 | |||
| ___ | ___ | ||||
| Net assets | £1,208,986 | £1,028,508 | |||
| ======== | ======== | ||||
| Funds | |||||
| Unrestricted funds | 9 | - | - | ||
| Expendable endowment funds | 9 | 1,208,986 | 1,028,508 | ||
| ___ | ___ | ||||
| £1,208,986 | £1,028,508 | ||||
| ======== | ======== |
Approved by the Trustees and signed on their behalf by:
M D Astaire Trustee
Date: 10 February 2022
The notes on pages 7 to 12 form part of these accounts.
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THE WENDOVER FOUNDATION (Charity Number: 267175)
NOTES TO THE ACCOUNTS for the year ended 5 April 2021
1. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts.
The accounts 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 (FRS102) (effective January 2019) (‘Charities’ SORP’), Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS102.
(b) Principal office
The charity’s principal office is c/o Leonard Jones & Co, 1 Printing House Yard, London E2 7PR.
(c) Going Concern
The trustees consider that there are no material uncertainties about the charities ability to continue as a going concern. Review of the financial position and future plans gives the trustees confidence that the charity remains a going concern for the foreseeable future.
(d) Fund accounting
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the trustees in furtherance of the charity’s objectives.
The endowment funds are held by the charity in order to generate returns to be used by the charity to meet the charitable objectives of the trust. Trustees are not required to keep these funds permanently and can at their discretion resolve to distribute capital, as well as any income arising from these funds, in order to fulfil the charity’s objectives.
(e) Investments
Investments are stated at their fair value. Listed investments are revalued annually using market value as fair value, whilst other investments will be revalued on a periodic basis.
Gains and losses on disposal are calculated as the difference between sales proceeds and their market value at the start of the year, or subsequent cost on purchase; revaluation gains and losses represent the movement in market values during the year. Realised and unrealised gains and losses are combined in the appropriate section of the Statement of Financial Activities.
(f) Income recognition
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 the income receivable can be reliably measured.
Dividends and other income from listed investments is recognised once the income has been declared by the payer and the trust has received notification of its entitlement.
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 has been received of the interest paid or payable by the bank or other institution.
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THE WENDOVER FOUNDATION (Charity Number: 267175)
NOTES TO THE ACCOUNTS for the year ended 5 April 2021 (continued)
1. ACCOUNTING POLICIES (continued)
(g) Expenditure recognition
All expenditure is accounted for on an accruals basis. Liabilities are recognised as expenditure when the trust 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 reliably.
All expenses, including support costs and governance costs, are allocated or apportioned to the charitable activity of grant making.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.
Support costs include general costs such as bank charges and governance costs. Governance costs comprise all costs relating to the public accountability of the charity and its compliance with regulation and good practice.
As the trust is not VAT registered, expenditure includes irrecoverable VAT where applicable.
(h) Cash at bank and in hand
Cash at bank and cash 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.
(i) 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.
(j) Material uncertainties and judgements
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgements made that have a significant effect on the amounts recognised in these financial statements.
2. INVESTMENT INCOME
Investment income comprises:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Income from investments: | |||
| - | UK Interest (Unit Trusts and OEICs) | 6,335 | 5,666 |
| - | UK Dividends (Unit Trusts and OIECs) | 22,755 | 31,607 |
| _ | _ | ||
| 29,090 | 37,273 | ||
| Bank interest | 50 | ||
| _ | _ | ||
| £29,140 | £37,316 | ||
| ====== | ===== |
Income from investments arises from the charity’s investment in the Barclays Charity Fund. The 2020 comparative figures have been restated as they previously only included bank interest received. Investment income, which is accumulated within the Barclays Charity Fund, was previously included within gains or losses arising of investments in the Statement of Financial Activities
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THE WENDOVER FOUNDATION (Charity Number: 267175)
NOTES TO THE ACCOUNTS
for the year ended 5 April 2021 (continued)
| 3. | GRANTS | 2021 | 2020 | |
|---|---|---|---|---|
| £ | £ | |||
| Grants to institutions: | ||||
| Grantee | Field of activity | |||
| Aspire | Spinal cord injury support | 3,000 | - | |
| B’nail B’rith UK | Cultural | - | 3,000 | |
| Breast Cancer Now | Cancer research / care | - | 10,000 | |
| British Limbless Ex-Servicemen’s | ||||
| Association | Disability support | 500 | - | |
| Candle Lighters Trust | Children’s / medical | 376 | - | |
| CASA – London Festival of Latin | ||||
| American Arts | Arts | 2,500 | 6,000 | |
| Chai Cancer Care | Cancer care / support | - | 3,000 | |
| De Paul UK | Youth homelessness | 1,000 | 1,000 | |
| Great Ormond Street Hospital Children’s Charity |
Children’s / medical | 3,000 | - | |
| Harrisons Fund | Duchenne Muscular Dystrophy | 500 | ||
| research | 550 | |||
| Harrow School | Educational support | 2,500 | - | |
| Howletts Wildlife Park & | ||||
| Conservation Charity | Conservation | 5,000 | - | |
| Jewish Bereavement Counselling | Bereavement support | - | 100 | |
| Jewish Care | Care home provision | 1,000 | 1,000 | |
| John Aspinall Foundation | Conservation | - | 2,500 | |
| Jnetics | Medical | 1,000 | 500 | |
| JNF Charitable Trust | Relief of poverty | 500 | - | |
| Kiln Theatre | Arts | 550 | 1,000 | |
| MacMillan Cancer Support | Cancer care / support | - | 250 | |
| Malaria No More UK | Medical | 2,500 | - | |
| Meals for the NHS | Covid-19 support | 1,028 | - | |
| Mission Employable | Learning disabilities’ support | 5,225 | - | |
| Motor Neurone Disease | Motor Neurone Disease support | |||
| Association | / research | - | 165 | |
| Movement for Reform Judaism | Cultural | 5,000 | 5,000 | |
| Ort UK | Education | - | 300 | |
| Royal Marsden Hospital | Cancer care / research | - | 165 | |
| St. John’s Ambulance | First Aid care | - | 5,000 | |
| Smile Train | Children’s medical | - | 650 | |
| Supporting Children with Diabetes | Supporting families of children | |||
| with diabetes | - | 1,000 | ||
| The Abraham Initiatives | Human rights | - | 1,000 | |
| The Community Security Trust | Protection against anti-Semitism | 14,000 | - | |
| University of Edinburgh | Educational support | 16,000 | ||
| University Jewish Chaplaincy | Youth education support | 1,000 | 1,000 | |
| Wiener Library | Holocaust research / teaching | 1,000 | 1,000 | |
| West London Synagogue | Religion | - | 3,000 | |
| Women for Women International | Supporting women survivors or | |||
| war / conflict | - | 110 | ||
| World Jewish Relief | Relief of poverty | 2,000 | 3,250 | |
| _ | _ | |||
| £69,179 | £50,540 | |||
| ====== | ====== |
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THE WENDOVER FOUNDATION (Charity Number: 267175)
NOTES TO THE ACCOUNTS
for the year ended 5 April 2021 (continued)
4. SUPPORT COSTS
Support costs comprise Governance costs of £3,945 (2020: £2,600) and other support costs of £nil (2020: £nil).
| 5. | GOVERNANCE COSTS | GOVERNANCE COSTS | 2021 | 2020 |
|---|---|---|---|---|
| £ | £ | |||
| Governance costs comprise: | ||||
| Legal fees | 2,145 | 1,160 | ||
| Accountancy fees (2021: includes £900 in respect of | ||||
| independent examination) | 1,800 | 1,440 | ||
| _ | _ | |||
| £3,945 | £2,600 | |||
| ====== | ===== | |||
| 6. | INVESTMENTS | 2021 | 2020 | |
| (as restated) | ||||
| (a) | UK Listed Investments | £ | £ | |
| At book value (being market value): | ||||
| At 6 April 2020 | 868,555 | 1,114,673 | ||
| Additions - investment income reinvested (2020: as restated) | 29,090 | 37,273 | ||
| Disposal proceeds | (53,561) | (102,726) | ||
| Profit on disposal | 11,668 | 3,124 | ||
| (Losses) / gains on revaluation (2020: as restated) | 215,940 | (184,013) | ||
| Movement on cash held as part of investment portfolio | 548 | 224 | ||
| ___ | ___ | |||
| At 5 April 2021 | £1,072,240 | £868,555 | ||
| ======== | ======== | |||
| Listed Investment (Barclay’s Charity Fund) | 1,069,044 | 865,907 | ||
| Cash held as part of the investment portfolio | 3,196 | 2,648 | ||
| ___ | ___ | |||
| £1,072,240 | £868,555 | |||
| ======== | ======== |
The Barclays Charity Fund is invested on a total return basis with income being reinvested. Disposals during the year generated proceeds of £53,561 (2020: £102,726) to provide funds to cover donations and investment management fees.
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(b) Other investments – unlisted equities
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Other investments comprise 5,000 D shares in Dyson Group Plc which carried out a share restructuring and delisting in 2010. These shares are included in the accounts at a value of £1 (historical cost £11,200). The company also holds 9,559 shares in Finance Ireland plc, which delisted in 2008. These value of these shares was written down to nil several years ago.
(c) Other investments - painting
- Other investments include artwork purchased by a former trustee and held for investment gain. The artwork is included at historic cost and the current trustees are investigating whether a reliable market value can be ascribed to the work.
7. TRANSFERS BETWEEN FUNDS
A transfer of £43,984 (2020: £15,824, as restated) was made from expendable endowment funds to unrestricted to cover the deficit arising during the year on unrestricted funds.
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THE WENDOVER FOUNDATION (Charity Number: 267175)
NOTES TO THE ACCOUNTS for the year ended 5 April 2021 (continued)
8. RELATED PARTY TRANSACTIONS
No trustee received remuneration for their services as trustee during the year (2020: £ nil), although Kerman & Co solicitors, a firm in which Mr A D Kerman, a trustee, has an interest charged £2,145 (2020: £1,160) in respect of legal services to the charity. Of this amount £nil was outstanding at the year-end (2020: £nil outstanding).
During the year M D Astaire, a trustee repaid £49 he had owed to the charity at the previous year end.
Mr M D Astaire is a trustee of Breast Cancer Now, which merged with Breast Cancer Care during 2019. The Foundation made donations of £ nil during the year (2020: £10,000 to Breast Cancer Now (including those to Breast Cancer Care)).
The Foundation’s investment management is carried out by Barclays Bank. Mr M D Astaire is employed by Barclays, although in a different section of the business. Barclays manage the Foundation’s investments on an arms’ length basis with Mr Astaire having no involvement.
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Expendable | |||
|---|---|---|---|
| Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Investments | - | 1,075,408 | 1,075,408 |
| Current assets | 4,042 | 133,578 | 137,620 |
| Current liabilities | (4,042) | - | (4,042) |
| _ | ___ | ___ | |
| £- | £1,208,986 | £1,208,986 | |
| ====== | ========== | ========= | |
| Expendable | |||
| Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | |
| At 5 April 2020: | 2020 | 2020 | 2020 |
| £ | £ | £ | |
| Investments | - | 871,723 | 871,723 |
| Current assets | 2,880 | 157,454 | 160,334 |
| Current liabilities | (2,880) | (669) | (3,549) |
| _ | ___ | ___ | |
| £ - | £1,028,508 | £1,028,508 | |
| ====== | ========== | ========= |
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THE WENDOVER FOUNDATION (Charity Number: 267175)
NOTES TO THE ACCOUNTS
for the year ended 5 April 2021 (continued)
10. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2020
| for the year ended 5 April 2020 | |||
|---|---|---|---|
| Expendable | Total | ||
| Unrestricted | Endowment | Funds | |
| Funds | Funds | 2020 | |
| (as restated) | (as restated) | (as restated) | |
| £ | £ | £ | |
| Income from: | |||
| Income from investments | 37,273 | - | 37,273 |
| Dividends (UK listed investments) | 43 | - | 43 |
| _____ | __ | __ | |
| Total income | 37,316 | - | 37,316 |
| _____ | ___ | __ | |
| Expenditure | |||
| Raising Funds | |||
| Investment managers fees | - | (3,217) | (3,217) |
| Charitable expenditure: | |||
| Grants to charitable institutions | (50,540) | - | (50,540) |
| Support costs | (2,600) | - | (2,600) |
| ______ | __ | __ | |
| Total expenditure | (53,140) | (3,217) | (56,357) |
| ______ | __ | __ | |
| Net (expenditure) before gains on investments | (15,824) | (3,217) | (19,041) |
| Losses on investments | - | (180,889) | (180,889) |
| ______ | __ | __ | |
| Net expenditure | (15,824) | (184,106) | (199,930) |
| Transfer between funds | 15,824 | (15,824) | - |
| _____ | ______ | ______ | |
| Net movement in funds | - | (199,930) | (199,930) |
| Reconciliation of funds: | |||
| Fund balances brought forward at 6 April 2019 | - | 1,228,438 | 1,228,438 |
| _ | ___ | ___ | |
| Fund balances carried forward at 5 April 2020 | £ - | £1,208,508 | £1,028,508 |
| ====== | ======== | ======== |
The above statement of financial activities down to the line ‘net expenditure’ includes information constituting an income and expenditure account as required by the trust deed. The above has been restated to reflect investment income earned but retained within the Barclays Charity Fund (see note 2).
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