THE MARY HOMFRAY CHARITABLE TRUST
THE MARY HOMFRAY CHARITABLE TRUST
TRUSTEES REPORT AND FINANCIAL
STATEMENTS
For the year ended 5 April 2021
THE MARY HOMFRAY CHARITABLE TRUST
| CONTENTS | Page |
|---|---|
| Officers and professional advisers' report | 1 |
| Trustees' report (including the Strategic report) | 2-3 |
| Trustees’ responsibilities statement | 4 |
| Independent examiner’s report | 5-6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10-18 |
THE MARY HOMFRAY CHARITABLE TRUST
OFFICERS AND PROFESSIONAL ADVISERS
REGISTERED CHARITY NUMBER
273564
TRUSTEES AND OFFICERS
Mrs Angela Mary Homfray Mrs Josephine Dykes Homfray Matthew Anthony Homfray Dr Tessa France Rose Pemberton
BANKERS
National Westminster Bank 4 Westgate Cowbridge Vale of Glamorgan CF71 7AR
INDEPENDENT EXAMINER
David Jones & Co 3 Pantbach Pentyrch Cardiff CF15 9TG
INVESTMENT MANAGERS
Smith & Williamson 25 Moorgate London EC2R 6AY
ACCOUNTANTS
Deloitte LLP 5 Callaghan Square Cardiff CF10 5BT
REGISTERED OFFICE
5 Callaghan Square Cardiff CF10 5BT
1
THE MARY HOMFRAY CHARITABLE TRUST
TRUSTEES’ ANNUAL REPORT
TRUSTEES’ REPORT
The Trustees of the charity present their annual report (including the Strategic Report) on the affairs of the charity, together with the report and the financial statements and independent examiner’s report for the year ended 5 April 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Mary Homfray Charitable Trust is a registered charity, number 273564 (charitable status obtained on 11 August 1977), the governing instrument being the trust deed dated 29 March 1977.
The trustees, who served throughout the year, are summarised on page 1. Appeals are considered as they are received and the trustees will make donations throughout the year. Appointment of new trustees is at the discretion of the existing trustees. New trustees are briefed about the charity’s objectives and how they have been achieved in the past.
RISK MANAGEMENT
As part of its business planning process, the trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
OBJECTIVES AND ACTIVITIES
The charity’s objectives are to make donations and grants for the benefit of such exclusively charitable objects and purposes or such registered charities for their work in any part of the world as the trustees may in their discretion think fit.
PUBLIC BENEFIT
The trustees have had regard to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.
In particular the trustees consider how planned activities will contribute to the charity’s aims and the objectives they have set.
They consider that they have complied with their duty under section 17(5) of the Charities Act 2011.
The charity’s main activities, achievements and benefits are described below.
ACHIEVEMENTS AND PERFORMANCE (INCORPORATING FINANCIAL REVIEW AND PLANS FOR THE FUTURE)
The trustees made donations totaling £110,000 during the year (2020 - £142,000). The donations are detailed on page 16 and 17 of the accounts.
There was a positive net movement in funds for the year of £1,153,050.83 (2020 - negative £831,818.39) which has been transferred to the unrestricted fund. Ignoring gains on revaluation and disposal of investment assets there was a net deficit amount of £20,924.14 (2020 - net deficit £15,294.34). The balance of the unrestricted fund for the year amounted to £4,703,937.03 (2020 - £3,550,886.20).
The Trust continued to derive its income from investing in quoted shares and securities. The future plans for the charity are to be able to maintain the trust fund to make increasing annual donations to charitable bodies.
INVESTMENT POLICY
The value of investments under management was £4,509,875 (2020 - £3,352,138). The portfolio is held under discretionary terms and the stockbrokers undertake a moderate risk investment policy and review investment performance regularly and investment decisions are subject to the trustees prior agreed approval.
The trustees intend to continue with their policy of distributing the appropriate amount of annual income each year, retaining flexibility over the timing and scale of donations made.
2
THE MARY HOMFRAY ClIARITABLE TRUST
TRlrST[ES' ANNtjAL REPORT
COVID-]9
Theimpact ofCOVID- 19reducedthe incomeofThe Mary Homfray CharitableTrust asmanycompaniescut or suspendedtheir dividendsin responseto the pandemic.Whilst companieshavebegunto reinstatetheir dividends, the income generatedby the portfolio remained below pre-pandemic ]eve]s in 2020/2] . Many of the smaller charities,who the trusteesparticularly like to support, will be [lnding it hard to survive and the trustees hope that theeconomy springs into action asthe COVID- 19 restrictions are eased.The trusteestherefore made the decisionto maintaina high level of distributionsto supportstruggling charities.
RESERVES
Thetrusteesoperateasingle unrestrictedfund that is representedby the marketvalue of investmentsandnet cashdeposits. The income generatedflom theseresourcesare utilised to make charitable donations agreedby the trustees.The trustees'centraloUectiveis to preservethe existing wealth of the charity over a long tem and therefore thecapital baseof investment is usedto generate income for distribution on an annual basis.The overall trustportfolio is expectedto generateincomeof c.4% per annum.
GOING CONCERN
In accordancewith their responsibilities, the trusteeshave considered the appropriatenessof the going concern basisfor the preparationof the financial statements. After making enquiries, the trusteeshave reasonable expectation that theCharity hasadequateresourcesto continue in operational existence 6oraminimum of twelve monthsflom thedate of approval of theseaccounts and that adequate resourcesare available to meet all obligations. For this reason,the trusteescontinue to adopt the going concem basisin preparing the financial statements.
TRUSTEES
The current trusteesof the charity who served throughout the financial year unless otherwise stated,arc as shownonpage1.
INDEPENDENTEXAMINER
The trusteesintend to appoint David Jones& Co LOundertakethe independent examination of thetrust for the year
TheTrustee'sReport includingthe StrategicReport were approvedby fhe Board andsignedon its behalf by
Chairof Trustees
JosephineDykesHomfray Date . . . i(llL'E '-. . .bl#u.c,,L- h 2,z-l
THE MARY HOMFRAY CHARITABLE TRUST
TRUSTEES’ RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Trustees' 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 of the charity 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; and subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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.
In accordance with their responsibilities, the trustees have considered the appropriateness of the going concern basis for the preparation of the financial statements. After making enquiries, the trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for a minimum of twelve months from the date of approval of these accounts and that all funds have the ability to meet their obligations. For this reason, the trustees continue to adopt the going concern basis in preparing the financial statements.
4
David Jones & Co Independent Examiners Report to the Trustees of The Mary Homfray Charitable Trust- charity number 273564 I report to the trustccs on my cxaminatton of the accounts of the The Mary Homfrdy Charitable Trust for the year end¢d 5 April 2021. Responsibilities and basis of report As the charity trustccs of th¢ Trust you are responsible for the preparation of the ounts in aOrdanCe with the requirements of the Charities Act 2011 {'the Act,) I repvrt in respect of my extninall0n of the Trust's accounts carried out under section 145 of the 201 l Act and in carying oui my examination I have followed all the applicable Direclions given by the Charity Commission under section 145 (5Kb) of the Act. Independent exarniner's statement I have completed my examination. l confirni that no material matters have come to my attention in connection with thc examination giving mc cause lo believe that in any malerial respect: l ) accounting records were not kept in respect of the Trust as required by section 130 of the Act: or 2) the accounts do not accord with those records. or 3) the account$ do nol Comply with the applicable requirements concerning the fomi and content of accounts 5¢1 out in th¢ Charilies (Accounts and Reports) Regulations 2008 other than any requirement that the aOunt$ 8ive a 'true and fair view which is not a matter considered as part of an ind¢pendent examination.
David Jones & Co 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 afjiounts to bc reached, Signed Name: David Jones Relevant profLwional qualifiiydtion or body: Chartered Institute of Taxation & Society of Trust 4nd F.state Practitioners Address 3 Pantb4eh Pentyrch Cardiff CF15 9TG Date:
THE MARY HOMFRAY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 5 April 2021
| Note INCOME FROM: Investments: Interest receivable Quoted securities 2 2 Accrued income 2 TOTAL INCOME EXPENDITURE ON: Charitable activities 12 Costs of generating funds 4/5 TOTAL EXPENDITURE 3 Net income before other recognised gains and losses Profit on realised gains 10 Profit/loss on unrealised gains NET MOVEMENT IN FUNDS 10 Total funds brought forward Total funds carried forward 11 |
Funds 2021 £ 8.17 126,124.87 - 126,133.04 110,000.00 37,057.18 147,057.18 (20,924.14) 41,945.99 1,132,028.98 1,153,050.83 3,550,886.20 4,703,937.03 |
Funds 2020 £ 103.82 163,590.25 18.11 163,712.18 142,000.00 37,006.52 179,006.52 (15,294.34) 97,792.34 (914,316.39) (831,818.39) 4,382,704.59 |
Funds 2020 £ 103.82 163,590.25 18.11 |
|---|---|---|---|
| 163,712.18 | |||
142,000.00 37,006.52 |
|||
179,006.52 |
|||
3,550,886.20 |
The above activities relate entirely to unrestricted funds.
The following notes form an integral part of these financial statements.
There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure derive from continuing activities.
7
THE MARY HOMFRAY CHARITABLE TRUST
BALANCE SHEET
5 April 2021
| Note FIXED ASSETS Investments 10 CURRENT ASSETS Business current account Business reserve account Instant saver account Smith and Williamson income account Smith and Williamson capital account Dividend due HMRC – tax payable 6 6 CREDITORS:amounts falling due within one year Accountants fees Auditors remuneration Independent examiner Smith & Williamson management fee 7 7 7 7 NET ASSETS FUNDS Unrestricted funds 11 |
2021 £ 4,509,875.00 5,000.00 14,582.35 5,000.00 182,012.67 6,805.78 - 2,447.29 4,725,723.09 13,860.00 - 1,500.00 6,426.06 4,703,937.03 4,703,937.03 |
2020 £ 3,352,138.00 5,000.00 18,797.31 5,000.00 165,468.32 13,868.13 430.76 2,447.29 3,563,149.81 6,660.00 - 750.00 4,853.61 3,550,886.20 |
|---|---|---|
| 3,550,886.20 |
The financial statements were approved by the Trustees on ………………. 4 March 2022
..................................................
Josephine Dykes Homfray
Chair of Trustees
STATEMENT OF CASH FLOWS
8
THE MARY HOMFRAY CHARITABLE TRUST
STATEMENT OF CASH FLOWS
For the year ended 5 April 2021
| Note Cash used in operating activities: 13 Cash flows from investing activities Interest income Purchase of investments Proceeds from sale of investments Cash provided by/(used in) investing activities Increase/(decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total funds carried forward 14 |
2021 £ (10,979.10) 8.17 (575,892.01) 592,129.98 16,246.14 ___ 5,267.04 208,133.76 213,400.80 |
2020 £ (16,351.31) 103.82 (727,475.18) 760,797.13 33,425.77 ____ 17,074.46 191,059.30 208,133.76 |
|
|---|---|---|---|
_ |
9
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 5 April 2021
1. ACCOUNTING POLICIES
The Mary Homfray Charitable Trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable trust.
Establishment
The Mary Homfray Charitable Trust is a registered charity, number 273564 (charitable status obtained on 11 August 1977), the governing instrument being the trust deed dated 29 March 1977. The registered office of the charity is 5 Callaghan Square, Cardiff, CF10 5BT.
Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
Preparation of financial statements - going concern basis
The charity’s activities, results and future plans are disclosed in the trustees’ annual report.
The trustees have assessed the balance sheet and likely future cash flows of the charity at the date of approving the financial statements. The trustees believe that the charity is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore, consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.
Fund accounting
All funds are unrestricted and may be spent at the discretion of the trustees in furtherance of the objectives of the charity.
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 the amount can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Interest receivable
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 of the interest paid.
10
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 5 April 2021
Expenditure
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:
Expenditure on generating funds includes the costs incurred in generating investment income.
Expenditure on charitable activities are the donations payable to registered charities.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the Trusts activities. The support costs are detailed in note 5.
All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditures.
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at market value at the balance sheet date, unless market value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial instituitions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change and value.
Debtors
Debtors are recognised at the settlement amounts.
Liabilities and provisions
Liabilities 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 discounts due.
Taxation
The Mary Homfray Charitable Trust is a registered charity, subject to taxation reliefs applicable to charities. As all income is applied to the furtherance of the objectives of the charity, it is exempt from corporation tax.
Financial Instruments
The trust only has financial assets and fianancial 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.
11
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 5 April 2021
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below;
Valuation of investments
The trustees exercise judgement in the valuation of the quoted investments and securities held by the charity. The valuation applied are derived from the investment fund manager reports which indicate the market value of the investments and securities at a given date.
12
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
For the year ended 5 April 2021
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Accrued income Bank interest Quoted securities ANALYSIS OF EXPENDITURE Charitable activities Cost of generating funds |
Total Funds 2021 £ - 8.17 126,124.87 126,133.04 Total 2021 £ 110,000.00 37,057.18 147,057.18 |
Total Funds 2020 £ 18.11 103.82 163,590.25 163,712.18 Total 2020 £ 142,000.00 37,006.52 179,006.52 |
3. ANALYSIS OF EXPENDITURE
No trustee or person connected to them has received any remuneration or expenses from the trust during the period. (2020 – Nil).
4. ANALYSIS OF SUPPORT COSTS
The support costs are included in costs of generating funds and are detailed as follows:
| Accountants’ fees Independent examiner fee |
2021 £ 11,400.00 750.00 12,150.00 |
2020 £ 12,360.00 750.00 13,110.00 |
|---|---|---|
13
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
For the year ended 5 April 2021
| 5. ANALYSIS OF THE COST OF GENERATING FUNDS ADR fees Bank charges Investment management fees LEI charge Website design fee 6. DEBTORS Amounts falling due within one year: Dividend due Taxation repayable 7. CREDITORS Amounts falling due within one year: Accountants’ fees Audit fees Independent examiner’s fees Investment manager’s fees |
2021 £ 14.66 19.75 23,800.77 72.00 1,000.00 24,907.18 2021 £ ~~-~~ 2,447.29 2,447.29 2021 £ 13,860.00 - 750.00 6,426.06 21,036.06 |
2020 £ - 60.00 23,764.52 72.00 - 23,896.52 2020 £ 430.76 2,447.29 2,878.05 2020 £ 6,660.00 - 750.00 4,853.61 12,263.61 |
|---|---|---|
8. ULTIMATE CONTROLLING PARTY
The charity is controlled by the trustees of The Mary Homfray Charitable Trust.
9. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
10. QUOTED INVESTMENTS AND SECURITIES
| Market value at 6 April 2020 Additions Disposals Net unrealised gains/loss Net realised gains Market value at 5 April 2021 Historic cost at 5 April 2021 |
2021 £ 3,352,138.00 575,892.01 (592,129.98) 1,132,028.98 41,945.99 4,509,875.00 3,717,448.96 |
2020 £ 4,201,984.00 727,475.18 (760,797.13) (914,316.39) 97,792.34 3,352,138.00 3,691,740.94 |
|---|---|---|
14
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
For the year ended 5 April 2021
11. STATEMENT OF FUNDS
| Balance brought forward at 6 April 2020 Income for year Expenditure for year Profit on realised gains Profit/loss on unrealised gains Balance carried forward at 5 April 2021 |
2021 £ 3,550,886.20 126,133.04 (147,057.18) 41,945.99 1,132,028.98 4,703,937.03 |
2020 £ 4,382,704.59 163,712.18 (179,006.52) 97,792.34 (914,316.39) 3,550,886.20 |
|---|---|---|
15
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
For the year ended 5 April 2021
12. ANALYSIS OF GRANTS
| NALYSIS OF GRANTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| 3H Fund – Helping Hands for Holidays | 2,000 | - |
| Alzeimer’s Society | 5,000 | 5,000 |
| Alexander Janson Foundation | - | 5,000 |
| Amelia Trust | 3,000 | 4,000 |
| Antenatal Results & Choices | 5,000 | 5,000 |
| Back Up | - | 2,000 |
| Barnado’s (over 16’s) | 5,000 | 10,000 |
| Battersea Summer Scheme | 2,000 | - |
| Care Workers Charity | 5,000 | 5,000 |
| Cinnammon | - | 2,000 |
| Coleg Elidyr | 3,000 | 3,000 |
| Cowbridge Benefice Syrian Refuge Project | 2,000 | - |
| Cowbridge Music Festival | 2,000 | 2,000 |
| Cowbridge Physic Garden | 1,000 | 1,000 |
| Cowbridge Rotary Club | 3,000 | 5,000 |
| Criminon UK | - | 3,000 |
| Crohn’s and Colitis UK | 2,000 | 3,000 |
| Danger Point | - | 1,000 |
| Dogs for Good | 5,000 | 5,000 |
| Duke of Edinburgh Award in Wales | - | 2,000 |
| Hands Up Foundation | 2,000 | - |
| Horatio’s Garden | 3,000 | - |
| Julian House | 2,000 | 2,000 |
| Llamau | 4,000 | 3,000 |
| Leonard Cheshire Disability | - | 3,000 |
| Music in Hospitals | - | 2,000 |
| MS Society Cymru | 2,000 | - |
| National Botannic Garden of Wales | 2,000 | 2,000 |
| National Museum of Wales | 1,000 | - |
| NYAS | - | 2,000 |
| National Ankylosing Spondylitis Society | 5,000 | 5,000 |
| National Search and Rescue Dog Association | 2,000 | - |
| NSARDA | - | 4,000 |
| Oasis | 1,000 | - |
| Penarth Hospice – Marie Curie | 3,000 | 5,000 |
| Pontypridd Children's Contact Centre | - | 3,000 |
| Purple Shoots | - | 2,000 |
| Refuge UK | 5,000 | - |
| Ronald McDonald House to UHW | - | 4,000 |
16
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
For the year ended 5 April 2021
| Royal Veterinary College RSPB Scope Shelter Cymru St Martins In the Field Talking Books For The Blind Teenage Cancer Trust The Silverline UK Fund For Charities (Sole Men) Unique Wales Millennium Centre Wheel Power Wheels (The Project) Wildfowl & Wetland Trust Whizz Kids Young Adult Carers Ysgol Y Deri |
5,000 2,000 - 2,000 4,000 2,000 - - 5,000 5,000 - 2,000 - 2,000 2,000 2,000 - 110,000 |
5,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 5,000 5,000 3,000 2,000 2,000 2,000 2,000 - 2.000 142,000 |
|---|---|---|
17
THE MARY HOMFRAY CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
For the year ended 5 April 2021
13. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| FROM OPERATING ACTIVITIES | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Net movement in funds | 1,153,050.83 | (831,818.39) |
| Less: Interest income shown in investing | (8.17) | (103.81) |
| activities | ||
| Gains/loss on investments | (1,173,974.97) | 816,524.04 |
| Decrease in debtors | 430.76 | 1.00 |
| Increase/decrease in creditors | 9,522.45 | (954.15) |
| Net cash used in operating activities | (10,979.10) | (16,351.31) |
14. ANALYSIS OF CASH AND CASH EQUIVALENTS
| Current accounts Reserve accounts Smith & Williamson income account Smith & Williamson capital account |
2021 £ 10,000.00 14,582.35 182,012.67 6,805.78 213,400.80 |
2020 £ 10,000.00 18,797.31 165,468.32 13,868.13 208,133.76 |
|---|---|---|
18