| Page | ||
|---|---|---|
| Legal and Administrative | Information | |
| Trustees' Report |
2 —21 | |
| Independent Auditor's |
Report | 22- 24 |
| Statement of Financial | Activities | 25 |
| Balance Sheet | 26 | |
| Cashflow | ||
| Notes to the Financial | Statements | 28-40 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Funds | |||
| Note | Funds | Funds f |
2020 | 2019 | ||
| INCOME FROM | ||||||
| Donations and legacies: |
||||||
| General grants | ||||||
| Charitable activities: |
||||||
| Grant income | 1,404 | 1,404 | 5,213 | |||
| investments | 1,145,770 | 1,145,770 | 1,373,590 | |||
| Other trading activities: |
903 | |||||
| TOTAL | 1,147,178 | 1,147,178 | 1,379,706 | |||
| EXPENDITURE ON: | ||||||
| Raising funds | 65,165 | 65,165 | 51,715 | |||
| Charitable activities |
945,041 | 945,041 | 964,820 | |||
| TOTAL | 1,010,206 | 1,010,206 | 1,016,535 | |||
| NET INCOME | 136,972 | 136,972 | 363,171 | |||
| Transfers between funds |
||||||
| Other recognised gains/(losses): |
||||||
| Gains and losses oninvestment | ||||||
| assets: | ||||||
| Realised Loss on Fixed Asset | (210) | |||||
| Income on Land —Overage | 186,268 | |||||
| Profit on sale offixed assets | 30 | 30 | ||||
| Taxation charge on overage income | (1,880) | (1,880) | (33,574) | |||
| Unrealised gains/(losses) |
on | |||||
| investment assets |
10 | (2,162,222) | (2,162,222) | 3,715,412 | ||
| Net movement in funds |
||||||
| for the year | (2,027,100) | (2,027,100) | 4,231,067 | |||
| Reconciliation offunds | ||||||
| Total funds brought forward |
35,650,132 | 35,650,132 | 31,419,065 | |||
| Total funds carried forward | 33,623,032 | 33,623,032 | 35,650,132 |
| Notes | 2020 | 2019 | |||||
|---|---|---|---|---|---|---|---|
| Cash flows from operating | activities: | ||||||
| Net cash provided by (used |
in) operating | ||||||
| activities | (a) | (1,025,236) | (991,638) | ||||
| Cash flows from investing | activities: | ||||||
| Returns on investments | |||||||
| Dividends, interest and rents |
from investments | 1,145,770 | 1,373,590 | ||||
| Purchase of property, plant |
and equipment | (4,376) | (17,860) | ||||
| Proceeds from sale of investments | 186,268 | ||||||
| Cash held on investment (Increase) Decrease |
422,095 | ||||||
| Purchase ofinvestments | (984,108) | ||||||
| Taxation paid | (1,880) | (100,502) | |||||
| Net cash provided by (used |
in) investing | ||||||
| activities | 1,139,514 | 879,483 | |||||
| Change in cash and cash |
equivalents | in the | |||||
| reporting period |
114,278 | (112,155) | |||||
| Cash and cash equivalents | at the beginning | ||||||
| ofthe reporting period |
908,391 | 1,020,546 | |||||
| Cash and cash equivalents | at | the end of | the | ||||
| reporting period |
1,022,669 | 908,391 | |||||
| FOOTNOTES TO THE CASK | FLOW | ||||||
| STATEMENT | |||||||
| (a) Reconciliation of net |
outgoing | ||||||
| resources for the year to net inflow/(outflow) | |||||||
| from operating activities |
|||||||
| Net incoming resources |
136,972 | 363,171 | |||||
| Less: dividends 8 interest |
(1,145,770) | (1,373,590) | |||||
| Add: depreciation | 10,426 | 10,254 | |||||
| Profit on fixed asset disposal | 30 | ||||||
| (Increase) Decrease in debtors |
(1,790) | 201 | |||||
| Increase (Decrease) in creditors |
(25,104) | 8,325 | |||||
| Net cash inflow from operating | activities | 1,025,236 | 991,638 | ||||
| (b) Increase/(Decrease) |
in Cash | ||||||
| Opening balance |
908,391 | 1,020,546 | |||||
| Balance at 31 December 2020 | 1,022,669 | 908,391 | |||||
| Increase/(Decrease) in year |
114,278 | 112,155 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Grant Income: | |||||
| Rural Payments | Agency | 1,404 | 1,752 | ||
| The National | Forest | 3,461 | |||
| 1,404 | 5,213 | ||||
| In 2019, all | ofthe income was to unrestricted | funds. |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Listed: | |||||
| Dividends | on unit trusts and Common | Investment | Funds | 1,114,622 | 1,340,058 |
| Cash on | Deposit: | ||||
| Interest received | 255 | 839 | |||
| Other: | |||||
| Rental income | 30,893 | 32,693 | |||
| 1,145,770 | 1,373,590 |
| Unrestricted | Restricted | |||||
|---|---|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | |||
| Raising funds: Professional & investment |
fees | 50,788 | 50,788 | 36,489 | ||
| Support costs (see note | 6) | 14,377 65,165 |
14,377 65,165 |
15,226 51,715 |
||
| Charitable activities: |
||||||
| Awards | 40,556 | 40,556 | 31,709 | |||
| Salaries and pensions Research travel (overseas) Research travel (UK) Research dissemination materials |
572,270 12,449 4,285 |
572,270 12,449 4,285 |
497,761 19047 19,399 17,264 |
|||
| Recruitment and training Subscriptions External research meetings External research meetings WH research meetings Publication ofresearch |
-WH —Others |
8,719 6,863 119,410 70 1,914 35,914 |
8,719 6,863 119,410 70 1,914 35,914 |
16,292 6,188 163,046 695 6,495 35,656 |
||
| Auditor's remuneration |
and | related costs | 13,208 | 13,208 | 14,235 | |
| Support costs (see note | 6) | 129,383 | 129,383 | 137,033 | ||
| 945,041 | 945,041 | 964,820 | ||||
| 1,010,206 | 1,010,206 | 1,016,535 |
| Support costs are allocated on a basis con |
sistent with the use |
ofresources. | ||
|---|---|---|---|---|
| Raising | Charitable | 2020 | 2019 | |
| funds | activities | Total | Total | |
| f. | ||||
| Overheads: | ||||
| Administrative salaries |
6,187 | 55,680 | 61,867 | 65,270 |
| Stationery, postage and telephone Motor and travelling expenses Miscellaneous expenses Carbon Offsetting |
149 93 28 1,803 |
1,339 838 259 16,223 |
1,488 931 287 18,026 |
1,529 1,635 1,029 11,750 |
| Lease charges Bank charges Foreign exchange rate differences |
94 129 |
847 1,162 |
941 1,291 |
1,566 1,954 237 |
| Premises Expenses: Rates, heat and light Repairs Insurance |
1,036 2,944 871 |
9,319 26,494 7,839 |
10,355 29,438 8,710 |
11,875 36,350 8,809 |
| Depreciation | 1,043 | 9,383 | 10,426 | 10,255 |
| 14,377 | 129,383 | 143,760 | 152,259 |
| STAFF COSTS | |||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| Wages and salaries | 546,227 | 481,885 | |||||
| Social security costs | 50,473 | 46,395 | |||||
| Pension costs | 37,437 | 34,751 | |||||
| 634,137 | 563,031 | ||||||
| 2020 | 2019 | ||||||
| Staff restructuring costs comprise: |
|||||||
| Redundancy payments |
22,382 | ||||||
| Severance payments | 2,360 | ||||||
| Settlement payments |
8,267 | ||||||
| 33,009 | |||||||
| The average number of persons | directly employed | during | the year was: | No. | No. | ||
| Research and development | 10 | 11 | |||||
| Administration and support |
2 | 2 | |||||
| 12 | 13 | ||||||
| The number of higher paid employees | was: | No. | No. | ||||
| Earning between f60,000 and |
f70,000 | 0 | 0 | ||||
| Earning between 680,000 and |
F90,000 | 0 | 1 | ||||
| Earning between 690,000 and |
6100,000 | 1 | 0 | ||||
| 2020 | 2019 | ||||||
| Total cost for the management | team | 291,198 | 299,148 |
| NET INCOME/(EXPENDITURE) FOR THE YEAR |
||
|---|---|---|
| 2020 | 2019 | |
| This is stated after charging: | ||
| Operating lease rentals |
25,927 | 28,556 |
| Depreciation | 10,426 | 10,254 |
| Auditor's remuneration: |
||
| Audit services | 7,500 | 7,476 |
| Non-audit services |
0 | 1,590 |
| 2020 | 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Tax | on | profit | on | ordinary | activities | at | 19% | 1,880 | 33,574 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Surplus/(deficit) on ordinary |
activities | before tax | 2,027,100 | 4,231,067 | |
| Standard rate ofcorporation |
tax in the | UK | 19.00% | 19.00% | |
| Items not subject to corporation tax |
(2,027,100) | 4,043,362 | |||
| Under provision from previous periods |
1,880 | ||||
| Tax on profit | 1,880 | 33,574 | |||
| GAINS ON INVESTMENTS | |||||
| 2020 | 2019 | ||||
| Unreallsed gain". |
|||||
| Market Value of Investments Original cost of Investments |
at year end | 32,507,584 24,022,737 |
34,669,806 24,022 737 |
||
| 8,484,847 | 10,647,069 | ||||
| Plus: Gains realised from previous years | |||||
| Less: Unrealised gains on investments |
brought | forward | 10,647,069 | 6,931,657 | |
| Unrealised (loss)/gain in the |
year | 2,162,222 | 3,715,412 |
| TANGIBLE FIXEDASSETS | |||
|---|---|---|---|
| Office and | |||
| Freehold | Other | ||
| Property f |
Equipment | Total | |
| Cost orvaluation: | |||
| At 1 January 2020 | 128,333 | 93,941 | 222,274 |
| Additions | 4,376 | 4,376 | |
| Disposals | 2,853 | 2,853 | |
| At 31 December 2020 | 128,333 | 95,464 | 223,797 |
| Depreciation: | |||
| At 1 January 2020 | 5,133 | 76,737 | 81,870 |
| Charge for the year | 2,567 | 7,859 | 10,426 |
| Depreciation written back on disposals |
2,853 | 2,853 | |
| At 31 December 2020 | 7,700 | 81,743 | 89,443 |
| Net Book Value: | |||
| At 31 December 2020 | 120,633 | 13,721 | 134,354 |
| At 31 December 2019 | 123,200 | 17,204 | 140,404 |
| 2020 | 2019 | |
|---|---|---|
| At valuation: | ||
| Freehold property |
848,667 | 848,667 |
| Listed investments | 31,658,917 | 33,821,139 |
| 32,507,584 | 34,669,806 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| At beginning | ofyear | 848,667 | 848,667 | ||
| Additions | |||||
| Revaluations | |||||
| Disposals at | opening | book value | |||
| 848,667 | 848,667 | ||||
| Historical cost at 31 | December | 76,592 | 76,592 | ||
| Listed investments | |||||
| At beginning Acquisitions |
ofyear at cost |
33,821,139 | 29,121,619 984,108 |
||
| Disposals at opening book value Net (loss) gains on revaluation in the year |
2,162,222 | 3,715,412 | |||
| Market value | at 31 December | 31,658,917 | 33,821,139 | ||
| Historircal rnct ac at | 31 Derember | 23.,946.,145 | 23,946,145 |
| Historircal rnct | Historircal rnct | ac at 3 | ac at 3 | 1 | Derembe | r | r | 23.,946.,145 | 23,946,145 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| These assets | include | indirect | investments | in | listed | securities, | through | a combination | of Common | |||||
| Investment | Funds | and | Unit Trusts. | Included | in | listed | investments | are the | following investments, which |
|||||
| individually | represent | over 5%ofthe | total year-end | value ofthe investment portfolio: |
||||||||||
| Market | Market | |||||||||||||
| Quantity of | Value | Value | ||||||||||||
| Stock Held | 2020 | 2019 | ||||||||||||
| No | ||||||||||||||
| Holding: | ||||||||||||||
| Charity Multi Asset |
Fund | 10,601,425 | 6,108,541 | 5,941,039 | ||||||||||
| Equity Fund | 3,706,056 | 1,916,772 | 2,277,372 | |||||||||||
| Responsible | Multi | Asset | Fund | 2,010,765 | 1,083,601 | 1,036,504 | ||||||||
| M&G "Charifund" | 646,559 | 8,874,471 | 10,737,335 | |||||||||||
| Global Growth | &Income | 8,239,940 | 11,974,281 | 12,038,553 | ||||||||||
| COIF Charities | Property | Fund | 1,515,049 | 1,676,251 | 1,765,336 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Cash on deposit | 11,805 | 11,805 | |||
| 14 | DEBTORS | ||||
| 2020f | 2019 | ||||
| Prepay ments | 9,461 | 6,375 | |||
| Accrued income | 4,063 | 5,359 | |||
| 13,524 | 11,734 | ||||
| 15 | CREDITORS (Amounts | falling due within | one year) | ||
| 2020 | 2019 | ||||
| Other taxes and social security | 11,513 | 12,116 | |||
| Corporation Tax payable |
35,349 | ||||
| Other creditors | 55,391 | 44,543 | |||
| 66,904 | 92,008 | ||||
| 16 | FINANCIAL INSTRUMENTS |
||||
| 2020 | 2019 | ||||
| Financial assets | |||||
| Financial assets measured | at fair value through | income and expenditure | 32,507,584 | 34,669,806 | |
| 32,507,584 | 34,669,806 |
| Restricted | General | Designated | Total |
|---|---|---|---|
| funds | funds | funds | 2020 |
| Fixed assets | 13,721 | 120,633 | 134,354 |
| Investments | 561,814 | 31,945,770 | 32,507,584 |
| Current assets | 1,047,998 | 1,047,998 | |
| Creditors | (66,904) | (66,904) | |
| Provisions | |||
| 1,556,629 | 32,066,403 | 33,623,032 | |
| SIS OF NET ASSETS BETWEEN FUNDS PRIOR YEAR | |||
| Restricted | General | Designated | Total |
| funds | funds | funds | 2019 |
| f. | f. | ||
| Fixed assets | 17,204 | 123,200 | 140,404 |
| Investments | 700,339 | 33,969,467 | 34,669,806 |
| Current assets | 931,930 | 931,930 | |
| Creditors | (92,008) | (92,008) | |
| Provisions | |||
| 1,557,465 | 34,092,667 | 35,650,132 |
| At | 1 Jan 2020 | Cash flows | Other non- | At 31 Dec | |
|---|---|---|---|---|---|
| cash | 2020 | ||||
| changes | |||||
| Cash and cash equivalents | |||||
| Cash | 908,391 | 114,278 | 1,022,669 | ||
| Overdrafts | |||||
| Cash equivalents | 11,805 | 11,805 | |||
| 920,196 | 114,278 | 1,034,474 |
| 2020f | 2019 | |||
|---|---|---|---|---|
| Operating | leases which expire: | |||
| Within | 1 | year | 14,280 | 16,178 |
| Within | 1 | and 5years | 1,632 | 2,448 |
| 15,912 | 18,626 |
| Note | 2020 | 2019 | |||||
|---|---|---|---|---|---|---|---|
| Rent receivable | 30,893 | 32,693 | |||||
| Investment income |
A | 1,114,87 | 1,340,898 | ||||
| 7 | |||||||
| Grant | 1,404 | 5,213 | |||||
| Misc | 839 | ||||||
| Sales | 4 | 64 | |||||
| 1,147,17 | 1,379,707 | ||||||
| 8 | |||||||
| Overheads: | |||||||
| Salaries | 61,867 | 65,270 | |||||
| Professional and investment |
|||||||
| management fees |
50,788 | 36,489 | |||||
| Other professional | fees | ||||||
| Property expenses | 11,786 | 13,458 | |||||
| Stationery, postage |
and telephone | 1,488 | 1,529 | ||||
| Motor and travelling | expenses | 931 | 1,635 | ||||
| Auditor's remuneration |
and other | 13,207 | 14,235 | ||||
| related costs | |||||||
| Miscellaneous expenses |
18,313 | 12,779 | |||||
| Lease charges | 941 | 1,566 | |||||
| Bank charges | 1,291 | 1,954 | |||||
| Foreign Exchange | rate | difference | 237 | ||||
| 160,612 | 149,152 | ||||||
| Research costs | 849,594 | 867,384 | |||||
| 1,010,20 | 1,016,536 | ||||||
| 6 | |||||||
| Surplus/(deficit) for |
the year | 136,972 | 363,171 |
| A. | INVESTMENT INCOME | ||||||
|---|---|---|---|---|---|---|---|
| 2019 | 2019 | ||||||
| f. | |||||||
| Interest on deposits: Schroder |
20 | 716 | |||||
| Barelays | 235 255 |
123 839 |
|||||
| Dividends from common |
investments | funds | 1,114,622 | 1,340,059 | |||
| 1,114,877 | 1,340,898 | ||||||
| B. | PROPERTY EXPENSES | ||||||
| Occupied | Own | ||||||
| By the Charity |
Property Let |
Total | |||||
| Rent, rates, heat and light Repairs Insurance |
4,609 24,950 8,560 |
5,746 4,488 150 |
10,355 29,438 8,710 |
||||
| Depreciation of plant, fixtures and fittings, and buildings |
10,426 48,545 |
10,384 | 10,426 58,929 |
||||
| Apportioned to research |
facilities | 38,836 | 8,307 | 47,143 | |||
| Apportioned to overheads |
9,709 | 2,077 | 11,786 | ||||
| C. | RESEARCH COSTS | ||||||
| 2020 | 2019 | ||||||
| F | f. | ||||||
| Awards | 40,556 | 31,709 | |||||
| Salaries and pensions Research travel (overseas) Research travel (UK) Research dissemination materials |
572,270 12,450 4,285 |
497,761 19,047 19,399 17,264 |
|||||
| Recruitment and training Subscriptions External research meetings —WH External research meetings —Others WH Internal research meetings Research facilities |
8,719 6,863 119,410 70 1,914 47,143 |
16,292 6,188 163,047 695 6,495 53,831 |
|||||
| Publication ofresearch |
35,914 | 35,656 | |||||
| 849,594 | 867,384 |