**Charity Registration No. 274769**
## **THE ZOCHONIS CHARITABLE TRUST**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE ZOCHONIS CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr C Green Mr A G Calder Mr P Milner Mr P D Evans (Appointed 4 August 2021)
**Charity number** 274769 **Principal address** PZ Cussons Plc Manchester Business Park 3500 Aviator Way Manchester **Auditor** Barlow Andrews LLP Carlyle House 78 Chorley New Road Bolton **Bankers** Barclays Bank Plc 51 Mosley Street Manchester
## **THE ZOCHONIS CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of trustees' responsibilities|3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 16|
## **THE ZOCHONIS CHARITABLE TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 5 APRIL 2021**_
The trustees present their report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The objects of the charity are to support charitable causes by making grants.
Each year the trustees review the objectives and activities of the charity to ensure that they continue to reflect their aims and to provide public benefit. The trustees are more than satisfied that they do.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant requests are reviewed by the trustees on an individual basis. The trustees consider the merits of each request and invest largely in local charities, with a particular emphasis on education and the welfare of children.
## **Achievements and performance**
The results for the year ended 5th April 2021 are set out in the Statement of Financial Activities on page 7. During the year investment income has fallen by 27.79%. The charity has made 205 donations to charitable causes totalling £3,418,500 (2020 - 218 donations totalling £5,033,380). The trustees consider the performance of the investments to be satisfactory.
## **Financial review**
The principal funding source is income generated from investments, primarily in PZ Cussons Plc. Details of the assets of the charity are given on the balance sheet on page 8 to the accounts. The trustees confirm that the charity's assets are available and adequate to fulfil its obligations as they fall due. It is the policy of the charity to maximise unrestricted funds which are the free reserves of the charity, to ensure sufficient funds are available to cover donations payable, management and administration costs for the foreseeable future. The trust deed does not restrict the investment powers of the trustees. The trustees are responsible for setting the investment strategy, which is reviewed on an annual basis. The current strategy is to invest in low risk, blue chip shares, primarily PZ Cussons Plc.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the year end the charity held free reserves of £ 3,219,804 (20 20 : £ 3,013,217 ) .
The trustees have examined the operational and business risks, which the charity faces, and confirm that they have established systems to mitigate the significant risks.
## **Plans for future periods**
The Zochonis Charitable Trust is a lasting testimony to the generosity and philanthropic concerns of the late Sir John Zochonis. The need for aid seems never ending and the trustees plan to continue doing what they can to assist. However, the trustees realise that they must use the resources they have wisely. They therefore intend to continue their approach of funding a mix of local, national and international charitable institutions.
- 1 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **Structure, governance and management**
The charity was establishe d, under a trust deed dated 4 March 1977, on the settlement of property by the late Sir John Basil Zochonis.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr C Green
Mr A G Calder Mr P Milner Mr P D Evans (Appointed 4 August 2021)
The statutory power of appointing new and additional trustees under section 36 of the Trustee Act 1925 applies to the settlement. No trustee has any interest in the Charity. When new t rustees are appointed they are given an introduction to the work of the trust and are provided with the information they need to fulfil their roles, which includes information about the role of trustees and charity law. Trustees serve until they resign. There are currently four trustees and grants are approved by all trustees, although the vetting of applications is delegated to two trustees.
It should be highlighted that the Charity does not have key management personnel who receive employment benefits. It is the trustees who make the key decisions in the trust and no remuneration is paid to them.
## **Auditor**
A resolution for the reappointment of Barlow Andrews LLP as auditor is to be proposed at the forthcoming General Meeting. The trustees recommend that Barlow Andrews LLP remain in office until further notice.
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
By order of the trustees
## **Mr P Milner**
Trustee Dated: 23 November 2021
- 2 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2021**_
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 and 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 year.
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 accounting standards have been followed, 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 operation.
The trustees are responsible for keeping sufficient accounting records that 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.
- 3 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ZOCHONIS CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of The Zochonis Charitable Trust (the ‘charity’) for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 4 -
**THE ZOCHONIS CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ZOCHONIS CHARITABLE TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making e nquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
- 5 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ZOCHONIS CHARITABLE TRUST**
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims .
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Barlow Andrews LLP**
23 November 2021
## **Chartered Accountants Statutory Auditor**
Carlyle House 78 Chorley New Road Bolton
Barlow Andrews LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
- 6 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**Unrestricted**
**funds**
**2021**
**Notes**
**£**
**Income from:**
Donations and legacies
**2**
-
Investments
**3**
3,661,714
**Total income and**
**endowments**
3,661,714
**Expenditure on:**
Charitable activities
**4**
3,455,127
Net gains/(losses) on
investments
**9**
-
**Net movement in funds**
206,587
Fund balances at 6
April 2020
3,013,217
**Fund balances at 5**
**April 2021**
3,219,804|**Unrestricted**
**funds**
**2021**
**Notes**
**£**
**Income from:**
Donations and legacies
**2**
-
Investments
**3**
3,661,714
**Total income and**
**endowments**
3,661,714
**Expenditure on:**
Charitable activities
**4**
3,455,127
Net gains/(losses) on
investments
**9**
-
**Net movement in funds**
206,587
Fund balances at 6
April 2020
3,013,217
**Fund balances at 5**
**April 2021**
3,219,804|**Endowment**
**funds**
**2021**
**£**
5,095,170
-|**Total Unrestricted Endowment**
**Total**
**funds**
**funds**
**2021**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
5,095,170
-
-
-
3,661,714
5,070,860
-
5,070,860
8,756,884
5,070,860
-
5,070,860
3,455,127
5,075,825
-
5,075,825
54,193,991
-
(8,781,526) (8,781,526)
59,495,748
(4,965) (8,781,526) (8,786,491)
111,835,661
3,018,182 117,603,970 120,622,152
171,331,409
3,013,217 108,822,444 111,835,661|**Total Unrestricted Endowment**
**Total**
**funds**
**funds**
**2021**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
5,095,170
-
-
-
3,661,714
5,070,860
-
5,070,860
8,756,884
5,070,860
-
5,070,860
3,455,127
5,075,825
-
5,075,825
54,193,991
-
(8,781,526) (8,781,526)
59,495,748
(4,965) (8,781,526) (8,786,491)
111,835,661
3,018,182 117,603,970 120,622,152
171,331,409
3,013,217 108,822,444 111,835,661|**Endowment**
**funds**
**2020**
**£**
-
-|
|---|---|---|---|---|---|
||3,661,714|5,095,170|8,756,884|5,070,860|-|
||3,455,127|-|3,455,127|5,075,825|-|
||-|54,193,991|54,193,991|-||
||206,587
3,013,217|59,289,161
108,822,444|59,495,748
111,835,661|||
||3,219,804|168,111,605|171,331,409|3,013,217|108,822,444|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 7 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2021**_
|**Notes**
**Fixed assets**
Investments
**10**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds - general
**Income funds**
Unrestricted funds|**2021**
**£**
**£**
168,111,605
122,877
3,106,023
3,228,900
(9,096)
3,219,804
171,331,409
168,111,605
3,219,804
171,331,409|**2020**
**£**
**£**
108,822,444
1,626,047
1,399,501
3,025,548
(12,331)
3,013,217
111,835,661
108,822,444
3,013,217
111,835,661|
|---|---|---|
The financial statements were approved by the Trustees on 23 November 2021
Mr P Milner **Trustee**
- 8 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**2021**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**17**
3,139,978
**Investing activities**
Gift of shares
(5,095,170)
Investment income received
3,661,714
**Net cash (used in)/generated from**
**investing activities**
(1,433,456)
**Net cash used in financing activities**
-
**Net increase/(decrease) in cash and cash**
**equivalents**
1,706,522
Cash and cash equivalents at beginning of year
1,399,501
**Cash and cash equivalents at end of year**
3,106,023|**2020**
**£**
**£**
(5,071,990)
-
5,070,860
5,070,860
-
(1,130)
1,400,631
1,399,501|
|---|---|
- 9 -
**THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **Charity information**
The Zochonis Charitable Trust is a charity established under a trust deed. The registered office is PZ Cussons Plc, Manchester Business Park, 3500 Aviator Way, Manchester.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts are prepared under the historical cost convention as modified by the revaluation of fixed asset investments.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds represent accumulated income less direct charitable and other expenditure. They are expendable at the discretion of the trustees.
Endowment funds are expendable at the discretion of the trustees. They represent amounts settled, together with investment gains and losses less any capital expended by the trustees.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income from investments is recognised at the ex-dividend date.
Legacies and gifts of shares are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised on an accruals basis.
- 10 -
**THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
**(Continued)**
## **1 Accounting policies**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are accounted for when the trustees have accepted a legal or moral obligation and accounted for as resources expended in the statement of financial activities. Activities that are wholly funded from future income are disclosed in a note to the accounts.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand and deposits held at call with banks .
## **1.7 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include cash and bank balances, are measured at transaction price.
## _**Other financial assets**_
Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in the statement of financial activities.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## _**Basic financial liabilities**_
Basic financial liabilities, which include other creditors, are recognised at transaction price.
## **1.8 Investments**
Investments are stated at market value. Realised and unrealised gains and losses are shown in the appropriate section of the statement of financial activities.
- 11 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **2 Donations and legacies**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Donations and legacies|5,095,170|-|
During the year the Trustees received 2,118,574 PZ Cussons Plc shares appointed to them by the Trustees of The Catherine Mary Green Will Trust, which were valued at £5,095,170 at the date of appointment. This was included in the accounts as incoming resources and as a fixed asset investment addition within the balance sheet. The charity was very grateful for this kind gift.
## **3 Investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|
**funds**|
||**2021**|
**2020**|
||**£**|
**£**|
|Income from listed investments|3,661,210|
5,060,798|
|Interest receivable|504|
10,062|
||3,661,714|
5,070,860|
## **4 Charitable activities**
|Legal and professional fees
Grant funding of activities (see note 5)
Share of governance costs (see note 6)|**2021**
**£**
9,018
3,418,500
27,609
3,455,127|**2020**
**£**
12,973
5,033,380
29,472
5,075,825|
|---|---|---|
- 12 -
**THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **5 Grants payable**
|Grants to institutions:
Education
Health
Children & youth
Overseas
Homeless
Community
Emergency
Social provision
Family
Armed Forces / Ex-Service
Elderly
Rescue services
Religious|**2021**
**£**
1,059,500
769,750
343,000
333,000
235,000
57,500
310,000
157,000
42,500
52,500
13,750
35,000
10,000
3,418,500|**2020**
**£**
1,491,000
923,280
491,000
460,000
479,500
155,500
630,000
186,500
74,000
62,500
45,100
35,000
-
5,033,380|
|---|---|---|
Education grants in the year included £75,000 to Stockport Grammar School, of which a trustee, Mr P Milner, is a trustee (2020: £175,000).
## **6 Support and other costs**
|Staff costs
Audit fees
Analysed between
Charitable activities|**2021**
**£**
23,956
3,653
27,609
27,609|**2020 Basis of allocation**
**£**
25,637 Staff time
3,835 Full cost
29,472
29,472|
|---|---|---|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration , benefits or expenses from the charity during the year.
- 13 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **8 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|Administration
**Employment costs**
Wages and salaries
**9**
**Net gains/(losses) on investments**
Gain/(loss) on revaluation of investments
**10**
**Fixed asset investments**
**Cost or valuation**
At 6 April 2020
Additions
Valuation changes
At 5 April 2021
**Carrying amount**
At 05 April 2021
At 05 April 2020||**2021**
**2020**
**Number**
**Number**
1
1
**2021**
**2020**
**£**
**£**
23,956
25,637
**2021**
**2020**
**£**
**£**
54,193,991
(8,781,526)
**Listed**
**investments**
**£**
108,822,444
5,095,170
54,193,991
168,111,605
168,111,605
108,822,444|
|---|---|---|
||||
||||
- 14 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**11**
**Financial instruments**
**Carrying amount of financial assets**
Equity instruments measured at cost less impairment
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**14**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 5
April 2021 are
represented by:
Investments
- 168,111,605
Current assets/
(liabilities)
3,219,804
-
3,219,804 168,111,605|**11**
**Financial instruments**
**Carrying amount of financial assets**
Equity instruments measured at cost less impairment
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**14**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 5
April 2021 are
represented by:
Investments
- 168,111,605
Current assets/
(liabilities)
3,219,804
-
3,219,804 168,111,605|**11**
**Financial instruments**
**Carrying amount of financial assets**
Equity instruments measured at cost less impairment
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**14**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 5
April 2021 are
represented by:
Investments
- 168,111,605
Current assets/
(liabilities)
3,219,804
-
3,219,804 168,111,605|**2021**
**£**
168,111,605
9,096
**2021**
**£**
122,877
**2021**
**£**
5,496
3,600
9,096
**Total Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
168,111,605
- 108,822,444
3,219,804
-
-
171,331,409
- 108,822,444|**2021**
**£**
168,111,605
9,096
**2021**
**£**
122,877
**2021**
**£**
5,496
3,600
9,096
**Total Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
168,111,605
- 108,822,444
3,219,804
-
-
171,331,409
- 108,822,444|**2021**
**£**
168,111,605
9,096
**2021**
**£**
122,877
**2021**
**£**
5,496
3,600
9,096
**Total Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
168,111,605
- 108,822,444
3,219,804
-
-
171,331,409
- 108,822,444|**2020**
**£**
108,822,444
12,331
**2020**
**£**
1,626,047
**2020**
**£**
5,496
6,835
12,331
**Total**
**2020**
**£**
108,822,444
3,013,217
111,835,661|
|---|---|---|---|---|---|---|
||3,219,804|168,111,605|171,331,409|-|108,822,444||
## **15 Events after the reporting date**
Post year end there has been a reduction in the value of the shares held in PZ Cussons Plc of over £40 million.
## **16 Related party transactions**
There were no related party transactions in the financial year to 5 April 2021 or 5 April 2020 other than those disclosed in note 5.
- 15 -
## **THE ZOCHONIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**17**
**Cash generated from operations**
**2021**
**£**
Surplus/(deficit) for the year
59,495,748
Adjustments for:
Investment income recognised in statement of financial activities
(3,661,714)
Fair value gains and losses on investments
(54,193,991)
Movements in working capital:
Decrease in debtors
1,503,170
(Decrease)/increase in creditors
(3,235)
**Cash generated from/(absorbed by) operations**
3,139,978
**18**
**Analysis of changes in net funds**|**2020**
**£**
(8,786,491)
(5,070,860)
8,781,526
-
3,835
(5,071,990)|
|---|---|
The charity had no debt during the year.
- 16 -