| Page | |||
|---|---|---|---|
| Report ofthe Trustees | |||
| Independent | auditor's | report to the Trustees | |
| Statetnent | offinancial | activities | |
| Statement | offinancial | position | 10 |
| Statement | ofcash fiows | ||
| Statement | ofaccounting policies |
12 | |
| Notes to the financial | statements | 15 | |
| Appendix | 1 Grants | 19 |
| Trustees | A A Reeves | ||
|---|---|---|---|
| M W Thowless-Reeves | |||
| REPoole | |||
| Jon Moulton | |||
| Auditors | RSM UK Audit | LLP | |
| 10eFloor 103Colznore Row | |||
| Birmingham | |||
| Bankers | Handelsbanken | pic | |
| 1 Lakeside | |||
| Festival Park | |||
| Stoke on Trent | |||
| Investment | managers | Sorbus Partners | LLP |
| 41aEastgate Street | |||
| Staiford | |||
| Registered | oftice | The Bradshaws | |
| Codsall | |||
| Staffordshire | |||
| Legal advisers | Freeths LLP | ||
| Charity | 271526 | ||
| HMRC | EW40151 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | Endowment | Unrestricted | Total | Total | ||
| Fund | funds | |||||
| Income | ||||||
| Investment income |
1(a) | 348 | 78,975 | 79,323 | 100,699 | |
| Total income | 348 | 78,975 | 79,323 | 100,699 | ||
| Expenditure | ||||||
| Cost ofraising funds: | ||||||
| Investment management |
costs | 1(b) | 20,543 | 20,543 | 21,375 | |
| Facilities and accountancy | costs | 1(b) | 8,104 | 15,148 | 23,252 | 19,019 |
| Expenditure on charitable |
activities | |||||
| Grants committed | 1(b) | 107,000 | 107,000 | 32,000 | ||
| Total Expenditure | (28,647) | (122,148) | (150,795) | (72,394) | ||
| Net income/expenditure | ||||||
| before losses | ||||||
| and gains on investments | (28,299) | (43,173) | (71,472) | 28,305 | ||
| Net losses/gains/on investments |
526,064 | 526,064 | 173,537 | |||
| Net income and net movement | in funds | 497,765 | (43,173) | 454,592 | 201,842 | |
| Reconciliation offunds: |
||||||
| Brought forward | 4,875,425 | 177,309 | 5,052,734 | 4,850,892 | ||
| Total funds ofthe Endowment | ||||||
| carried forward | 5 | 5,373,190 | 134,136 | 5,507,326 | 5,052,734 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | Capital | Unrestricted | Total | Total | ||
| Endowment | ||||||
| 8 | ||||||
| Fixed assets | ||||||
| Investments | 3 | 5,398,874 | 5,398,874 | 4,887,659 | ||
| Current assets |
||||||
| Cash at Bank | (16,084) | 166,511 | 150,427 | 228,950 | ||
| Current liabilities | ||||||
| Creditors amounts | falling | 4 | ||||
| due within one year | (9,600) | (32,375) | (41,975) | (63,875) | ||
| Net current assets | (25,684) | 134,136 | 108,452 | 165,075 | ||
| Net assets | 6 | 5,373,190 | 134,136 | 5,507,326 | 5,052,734 | |
| The funds ofthe charity: | ||||||
| Capital Endowment | 5,373,190 | 5,373,190 | 4,875,425 | |||
| Unrestricted | 134,136 | 134,136 | 177,309 | |||
| Total charity funds | 5,373,190 | 134,136 | 5,507,326 | 5,052,734 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | Capital | Unrestricted | Total | Total | ||
| Endowment | ||||||
| Fixed assets | ||||||
| investments | 3 | 5,398,874 | 5,398,874 | 4,887,659 | ||
| Current assets | ||||||
| Cash at Bank | (16,084) | 166,511 | 150,427 | 228,950 | ||
| Current liabgities | ||||||
| Creditors amounts |
falling | 4 | ||||
| due within one year | (9,600) | {32,375) | {41,975) | (63,875) | ||
| Net current assets | (25,684) | 134,136 | 108,452 | 165,075 | ||
| Net assets | 6 | 5,373,190 | 134,136 | 5,507,326 | 5,052,734 | |
| The funds ofthe charity: | ||||||
| Capital Endowment | 5,373,190 | 5,373,190 | 4,875,425 | |||
| Unrestricted | 134,136 | 134,136 | 177,309 | |||
| Total charity funds | 5,373,190 | 134,136 | 5,507,326 | 5,052,734 |
| Note | 2022 | 2021 | |||
|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
| Net (expenditure)/income for the reporting |
period | 454,592 | 201,842 | ||
| Investment (gains)/losses |
(526,412) | (173,538) | |||
| (Decrease)/increase in creditors |
(21,900) | (23,440) | |||
| Investment income received |
(78,975) | (100,699) | |||
| NET INCOME USED IN OPERATING ACTIVITIES | (172,695) | (95,835) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Investment income: |
|||||
| Interest received | 348 | ||||
| Dividends received |
44,733 | 67,023 | |||
| Rent received | 34,242 | 33,676 | |||
| Proceeds from sale ofinvestments | 783,457 | 1,658,815 | |||
| Purchase ofinvestments | (768,608) | (1,643,513) | |||
| NET CASH GENERATED FROM INVESTING ACTIVITIES | 94,172 | 116,001 | |||
| DECREASE/(INCREASE) IN CASH AND CASH EQUIVALENTS |
|||||
| IN THE REPORTING PERIOD | (78,523) | 20,166 | |||
| Cash and cash equivalents at the beginning |
ofthe reporting | period | 228,950 | 208,784 | |
| CASH AND CASH EQUIVALENTS AT | THE END | ||||
| OF THE REPORTING PERIOD | 150,427 | 228,950 |
| 1. | Statement offinancial | activities | ||
|---|---|---|---|---|
| a) | Investment income |
2022 | 2021 | |
| Unrestricted funds: |
||||
| Bonds | 5,857 | 4,426 | ||
| Equities | 31,927 | 56,311 | ||
| Property (funds) | 6950 | 6,286 | ||
| Property (direct) | 34,242 | 33,676 | ||
| 78,795 | 100,699 | |||
| b) | Total resources expended | 2022 | 2021 | |
| Support | ||||
| Costs | Total | |||
| 8 | ||||
| Unrestricted: | ||||
| Charitable activities: |
||||
| Grants | 107,000 | 3&,000 | ||
| Facilities/accountancy | costs | 15 148 | 11638 | |
| 122,148 | 43,638 | |||
| Endowment: | ||||
| Investment management |
and | |||
| custodial costs | 20,543 | 21,375 | ||
| Facilities/accountancy | costs | 8,104 | 7,381 | |
| 28,647 | 28,756 | |||
| Total Resources expended | 150,795 | 72,394 |
| 2022 | 2021 | |
|---|---|---|
| Net movement in funds for the financial year is stated |
||
| after charging: | ||
| Auditor's remuneration |
7,800 | 7,200 |
| Indemnity insurance ofTrustees |
961 | 942 |
| Property | Property | Total | ||||
|---|---|---|---|---|---|---|
| Cash | Bonds | Equities | (funds) | (direct) | ||
| At beginning ofyear | 268,991 | 250,151 | 2,040,511 | 222,132 | 2,105,874 | 4,887,659 |
| Disposals/gains | (34,987) | (150,125) | (27,606) | 738,782 | 526,064 | |
| Additions | 428,021 | 335,243 | - | 5,344 | 768,608 | |
| Disposals | ||||||
| at carrying value |
(106,322) | (40,757) | (586,743) | (49,635) | (783,457) | |
| at end ofyear | 162,669 | 602,428 | 1,638,886 | 144,891 | 2,850,000 | 5,398,874 |
| Amounts | falling due within | one year | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Total | Total | |||
| Accruals | and deferred income | 17,975 | 15,875 | |
| Accruals | for grants payable | in 2023 | 24,000 | 48,000 |
| Total | 41,975 | 63,875 |
| Brought | Carried | |||||
|---|---|---|---|---|---|---|
| forward 8 |
Income | Expenditure | Gainsf | forward | ||
| Endowment | 4,875,425 | (28,647) | 526,412 | 5,373,190 | ||
| Unrestricted | funds | 177,309 | 78,975 | (122,148) | 134,136 | |
| 5,052,734 | 78,975 | (150,795) | 526,412 | 5,507,326 |
| Investments | Cash at | Creditors | Net assets | |
|---|---|---|---|---|
| bank | ||||
| Endowment | 5,398,874 | (16,084) | (9,600) | 5,373,190 |
| Unrestricted | 166,511 | (32,375) | 134,136 | |
| 5,398,874 | 150,427 | (41,975) | 5,507,326 |
| Grants | |
|---|---|
| 1971 —1979 | 235,713 |
| 1980-1989 | 796,763 |
| 1990 —1999 | 1,345,000 |
| 2000 —2009 | 1,646,000 |
| 2010—2019 | 1,764,761 |
| 2020 | 56,000 |
| 2021 | 56,000 |
| 2022 | 131,000 |
| Total Grants | 6,031,237 |