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|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|
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||||||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|
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|||||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|
##
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||||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|
##
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##
|||||||||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|
##
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##
|||||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|
##
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##
|||||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|
##
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|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|
##
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||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|
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||||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|
##
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|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|