| CONTENTS | |||||
|---|---|---|---|---|---|
| Pa | e Number | ||||
| 1-6 | Trustees' Re ort | ||||
| 7-9 | Auditors Re ort | ||||
| 10 | Statement ofFinancial Activities | ||||
| Balance Sheet | |||||
| Debtors, Cash Balances, |
Creditors | & | Deposit | ||
| 12-13 | Interest | ||||
| 14 | Schedule ofInvestments | ||||
| 15-16 | Investment Income |
||||
| 17 | Investment Transactions |
||||
| 18-20 | Accountin Policies |
||||
| 21-22 | Other Notes to the Accounts |
| FOR THE YEAR EN | FOR THE YEAR EN | D | ED 31STDECEMBER2020 | ||
|---|---|---|---|---|---|
| Legal A Administrative | Information | ||||
| Registered | Charity Number: | 277719 | |||
| Registered | Office | :c/o Ashfords LLP, | 1 New Fetter Lane | ||
| London EC4A IAN | |||||
| Trustee | : | Tongswood Estates |
Limited | ||
| Directors | ofTongswood | ||||
| Estates Limited | : | Rory MacLeay | |||
| : | Dan Bayley | ||||
| : | Guy Selmon | ||||
| : | Piers Inkin | ||||
| Stockbrokers | : | Investec Wealth | |||
| 2 Gresham Street |
|||||
| London EC2V 7QN | |||||
| Solicitors | : | Ashfords LLP 1 New Fetter Lane | |||
| London EC4A 1AN | |||||
| Bankers | :NatWest PLC | ||||
| 2" Floor County | Gate2 Staceys Street Maidstone ME14 1ST | ||||
| Kent TN1 IQJ | |||||
| Auditors | : | McCabe Ford Williams | |||
| Bank Chambers, | High Street, Cranbrook | ||||
| Kent TN17 3EG | |||||
| For and on | behalf ofthe | Trustees |
| 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Vnrestricted | Endowment | Total | Vnrestricted | Endowment | Total | ||||
| Funds | Funds | Funds | Funds | Funds | Funds | ||||
| Incoming Resources |
|||||||||
| Incoming resources from |
generated | funds | |||||||
| Vo/u&zta&v Income | |||||||||
| Donations from St Ronans |
Appeal | Fund | |||||||
| Investn&enl Income |
|||||||||
| Dividends &Interest (page | 14) | 10,571.61 | 10,571.61 | ||||||
| Rent paid by St Ronans School | 172,299.99 | 172,299.99 | 172,299.99 | 172,299.99 | |||||
| Other income - interest on | late rent | 3,262.21 | 3,262.21 | ||||||
| Deposit Interest (page 11) | |||||||||
| 175,562.20 | 175,562.20 | 10,571.61 | 172,299.99 | 182,871.60 | |||||
| Resources Expended | |||||||||
| Costs o enerati&z unds: |
|||||||||
| /nveslntenl manage&nen! costs |
|||||||||
| Investec Stockbrokers fees |
3,113.01 | 3,113.01 | 3,343.50 | 3,343.50 | |||||
| 3,113.01 | 3,113.01 | 3,343.50 | 3,343.50 | ||||||
| CI&arilable activities | |||||||||
| Distributions —St Ronan's School |
2,000.00 | 2,000.00 | |||||||
| Governance costs |
|||||||||
| Audit &accountancy fees |
2,250.00 | 2,250.00 | 4,500.00 | 2,245.00 | 2,245.00 | 4,490.00 | |||
| Companies House Charges |
|||||||||
| Trustees indemnity insurance |
522.00 | 522.00 | |||||||
| Legal & administrative fees |
4,836.50 | 14,509.50 | 19,346.00 | 5,043.25 | 15,129.75 | 20,173,00 | |||
| 7,086.50 | 16,759.50 | 23,846.00 | 7,288.25 | 17,896.75 | 25,185.00 | ||||
| Ot/&er resources ex ended | |||||||||
| Interest payable | 20,615.05 | 20,615.05 | 26,857.60 | 26,857.60 | |||||
| Bank charges | 50.45 | 50.45 | 93.00 | 93.00 | |||||
| 20,665.50 | 20,665.50 | 26,950.60 | 26,950.60 | ||||||
| Total resources expended | 7,086.50 | 40,538.01 | 47,624.51 | 9,288.25 | 48,190.85 | 57,479.10 | |||
| i&Iet gains/(losses) on investments |
|||||||||
| Losses /Gains on investments: |
|||||||||
| Realised (page 15) | (3,693.54) | (3,693.54) | (1,150.00) | (1,150.00) | |||||
| Unrealised (page 13) |
(7,840.39) | (7,840.39) | 39,098.90 | 39,098.90 | |||||
| &tet gains/(losses) on investments |
(11,533.93) | (11,533.93) | 37,948.90 | 37,948.90 | |||||
| 1&tet Income/(Expenditure) | (7,086.50) | 123,490.26 | 116,403.76 | 1,283.36 | 162,058.04 | 163,341.40 | |||
| Other recognised gains/(losses) |
|||||||||
| Gains/ losses on investment |
ro ertv | assets: | |||||||
| Unrealised (note 5) |
|||||||||
| Net movement in funds |
(7,086.50) | 123,490.26 | 116,403.76 | 1,283.36 | 162,058.04 | 163,341.40 | |||
| Reconciliation ofFunds |
|||||||||
| Total Funds brought fonvard | 16,475.79 | 7,659,917.79 | 7,676,393.58 | 15,192.43 | 7,497,859.75 | 7,513,052.18 | |||
| Total funds carried forward | 9„389.29 | 7,783,408.05 | 7,792,797.34 | 16,475.79 | 7,659,917.79 | 7,676,393.58 |
| Balance Sheet as at 3 | 1s | tDec | emb | er 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | ||||
| f | |||||||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | ||||
| Fund | Fund | Funds | Funds | Funds | Funds | ||||
| FIXEDASSETS | |||||||||
| Fired Assets- Investment | Pro | er | ~ | ||||||
| Tongswood Estate (note |
5) | 7,750,000.00 | 7,750,000.00 | 7,750,000.00 | 7,750,000.00 | ||||
| Assets in the Course of | |||||||||
| Construction (note 5) |
|||||||||
| Total Tangible Fixed Assets | 7,750,000.00 | 7,750,000.00 | 7,750,000.00 | 7,750,000.00 | |||||
| Investments at |
|||||||||
| Market Value (page 13) | 307,306.00 | 307,306.00 | 321,113.00 | 321,113.00 | |||||
| 8,057,306.00 | 8,057,306.00 | 8,071,113.00 | 8,071,113.00 | ||||||
| CURRENT ASSETS | |||||||||
| Debtors | |||||||||
| Debtors (page 11) | 26,052.97 | 102,816.66 | 128,869.63 | 1,557.34 | 1,557.34 | ||||
| Cash at Bank | |||||||||
| and in hand (page 11) | 1,484.74 | 4,559.60 | 6,044.34 | 20,576.70 | 5,729.42 | 26,306.12 | |||
| 27,537.71 | 107,376.26 | 134,913.97 | 22,134.04 | 5,729.42 | 27,863.46 | ||||
| CREDITORS | |||||||||
| Amounts falling due |
|||||||||
| within one year (page |
I I | ) | 8,947.80 | 184,524.44 | 193472.24 | 5,658.25 | 220,500.76 | 226,159.01 | |
| NET CURRENT ASSETS | 18,589.91 | (77,148.18) | (58,558.27) | 16,475.79 | (214,771.34) | (198,295.55) | |||
| TOTAL ASSETS less | |||||||||
| CURRENT LIABILITIES | 18,58991 | 7,980,157.82 | 7,998,747.73 | 16,475.79 | 7,856,341.66 | 7,872,817.45 | |||
| CREDITORS | |||||||||
| Amounts falling due in |
|||||||||
| more than one year (page | 12) | (196,749.77) | (196,749.77) | (196,423.87) | (196,423.87) | ||||
| NET ASSETS | 18,589.91 | 7,783,408.05 | 7,801,997.96 | 16,475.79 | 7,659,917.79 | 7,676,393.58 | |||
| FUNDS | |||||||||
| Unrestricted | 9,389.29 | 9,389.29 | 16,475.79 | 16,475.79 | |||||
| Endowment (page 6) |
7,783,408.05 | 7,783,408.05 | 7,659,917.79 | 7,659,917.79 | |||||
| Total | 9,389.29 | 7,783,408.05 | 7.792,797.34 | 16,475.79 | 7,659,917.79 | 7,676,393.58 |
| 2020 | 2020 | 2020 | 2019 | ||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | |||
| Fund | Fund | Fund | |||
| DEBTORS | |||||
| VAT recoverable | 2,965.20 | 2,965.20 | |||
| St Ronans School rent due | 102,816.66 | 102,816.66 | |||
| Transfers between unrestricted |
|||||
| and endowment funds |
23,087.77 | 23,087.77 | 1,557.34 | ||
| 26,052.97 | 102,816.66 | 128,869.63 | 1,557.34 | ||
| CASH BALANCES | |||||
| Investec Stockbrokers | 4,559.60 | 4,559.60 | 5,729.42 | ||
| Ashfords Client Account |
|||||
| NatWest Bank Business Account | 1,484.74 | 1,484.74 | 20,576.70 | ||
| 1,484.74 | 4,559.60 | 6,044.34 | 26,306.12 | ||
| DEPOSIT INTEREST | |||||
| Investec | |||||
| Ashfords | |||||
| Natwest Bank (gross) | |||||
| 0.00 | |||||
| CREDITORS: AMOUNTS FALLING DUE | |||||
| WITHIN ONE YEAR | |||||
| Natwest Bank Loans due within | one year | 135,259.94 | 135,259.94 | 1&4,335.34 | |
| Transfers between unrestricted |
|||||
| and endowment funds |
23,087.77 | 23,087.77 | 1,557.34 | ||
| VAT payable | 1,425.00 | ||||
| McCabe Ford Williams | 4,500.00 | 4,500.00 | 9,000.00 | 4,500.00 | |
| Ashfords fees |
4,447.80 | 13,343.40 | 17,791.20 | 7,933.00 | |
| Rent in advance from St Ronans |
School | 8,333.33 | 8,333.33 | 26,408.33 | |
| 8,947.80 | 184,524.44 | 193,472.24 | 226,159.01 |
| 2020 | 2020 | 2020 | 2019 | |
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| Fund | Fund | Fund | ||
| CREDITORS: AMOUNTS FALLING | DUE | |||
| IN MORE THAN ONE YEAR | ||||
| Natwest Bank Loan —Pre-Prep School Developmer |
37,884.57 | 37,884.57 | 82,665.89 | |
| Natwest Bank Loan - New Sports Hall | 294,125.14 | 294,125.14 | 298,093.32 | |
| Less: Due within one year |
(135,259.94) | (135,259.94) | (184,335.34) | |
| 196,749.77 | 196,749;77 | 196,423.87 | ||
| The amounts falling due in more than five |
years: | |||
| Bank loan more than five years | ||||
| Repayable by instalments |
||||
| The following secured debts are included |
within creditors | |||
| Natwest Bank Loan - Pre-Prep School Developmer | 37,884.57 | 37,884.57 | 82,665.89 | |
| NatWest Bank Loan —New Sports Hall |
294,125.14 | 294,125.14 | 298,093.32 | |
| 332,009.71 | 332,009.71 | 380,759.21 |
| Investments | held | at | Investments | Investments | held | at | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.1.20 | 31.12.20 | ||||||||||
| f | |||||||||||
| Holding | Book Value | Holding | Book Value | Market Value | |||||||
| Fixed Interest | |||||||||||
| FIL Fidelity Moneybuilder | 11,164 | 11,037.19 | 11,164 | 11,037.19 | 11,833.00 | ||||||
| SQN Asset Finance Income Fund Ltd | 11,000 | 11,770.80 | ' | ||||||||
| Invesco Corporate Bond | 8,446 | 16,535.55 | 8,446 | 16,535.55 | 17,534.00 | ||||||
| CG Portfolio Fund | 70 | 15,135.10 | 70 | 15,135.10 | 14,419.00 | ||||||
| Sequoia Economic | 9,000 | 10,150.00 | 9,900.00 | ||||||||
| 54,478.64 | 52,857.84 | 53,686.00 | |||||||||
| UK Equities, Investment | Ik Unit | Trusts | |||||||||
| Murray Income Trust Ord |
25p | 2,300 | 10,948.31 | 2,300 | 10,948.31 | 19,067.00 | |||||
| Diverse Income Trust Ord | Ip | 14,500 | 7,505.88 | 14,500 | 7,505.88 | 14,500.00 | |||||
| Mercantile Inv Tt Ord 25p |
9,000 | 3,725.86 | .9,000 | 3,725.86 | 22,253.00 | ||||||
| 22,180.05 | 22,180.05 | 55,820.00 | |||||||||
| Overeas Equities | |||||||||||
| J P Morgan Fleming Euro |
Fledgling Inc | 5,500 | 3,296.09 | 5,500 | 3,296.09 | 26,345.00 | |||||
| JP Morgan US Equtty Inc | 6,400 | 9,442.78 | 18,467 | 9,442.78 | 21,994.00 | ||||||
| Schroder Oriental Ord |
lp | 8,500 | 10,469.55 | 8,500 | 10,469.55 | 22,185.00 | |||||
| Utilico Emerging Markets |
6,000 | 11,678.00 | |||||||||
| 34,886.42 | 23,208.42 | 70,524.00 | |||||||||
| International Equities |
|||||||||||
| BNY Mellon Newton Higher Inc |
18,000 | 14,718.43 | 12,000 | 9,812.29 | 19,427.00 | ||||||
| Fk C Inv Trust | 3,200 | 17,456.48 | 3.200 | 17,456.48 | 25,168.00 | ||||||
| Murray International Trust |
1,550 | 10,681.63 | 1,550 | 10,681.63 | 17,453.00 | ||||||
| Caledonia Investments |
Ord Sp | 500 | 7,358.12 | 500 | 7,358.12 | 14,313.00 | |||||
| Polar Capital Fund Global |
Ins | 2,250 | I0,876.86 | 2,250 | 10,876.86 | 12,431.00 | |||||
| 61,091.52 | 56,185.38 | 88,792.00 | |||||||||
| Property | |||||||||||
| Schroder Real Estate | 20,000 | 16,292.64 | 30,000 | 20,031.02 | 11,625.00 | ||||||
| Alternate Assets |
|||||||||||
| Nextenergy Solar FRed |
6,500 | 7,148.60 | 6,500 | ' 7,148.60 | 6,936.00 | ||||||
| Personal Assets Trust | 25 | 9,987.13 | 25 | 9,987.13 | 11,325.00 | ||||||
| 17,135.73 | 17,135.73 | 18,261.00 | |||||||||
| Hedge Funds | ' | ||||||||||
| CG Portfolio M | 65 | '8,49995 | 8,598.00 | ||||||||
| Summary | |||||||||||
| Fixed Interest | 54,478.64 | 52,857.84 | 53,686.00 | ||||||||
| UK Equities, Investment | k. Unit Trusts | 22,180.05 | 22,180.05 | 55,820.00 | |||||||
| Overcas Equities | 34,886.42 | 23,208.42 | 70,524.00 | ||||||||
| International Equities |
61,091.52 | 56,185.38 | 88,792.00 | ||||||||
| Property | 16,292.64 | 20,031.02 | 11,625.00 | ||||||||
| Alternate Assets |
17,135.73 | 17,135.73 | 18,261.00 | ||||||||
| Hedge Funds | 8,499.95 | 8.598.00 | |||||||||
| 206,065.00 | 200,098.39 | 307.306.00 | |||||||||
| Unrealised gain |
107,207,61 | ||||||||||
| Unrealised gain arising |
in earlier years | ( I 1 5.048.00) | |||||||||
| Movemcnt in unrealised |
gain/(loss) | in 2020 | (7.840.39) |
| Interest | ||||||||
|---|---|---|---|---|---|---|---|---|
| Description | Holding | Date | Gross | Dividend | ||||
| Overseas | Fixed Interest | |||||||
| CB;GPortfolio Fund | 70 | 04/12/2020 | 233.31 | |||||
| 233.31 | ||||||||
| Unit Trust Investment | ||||||||
| FIL Moneybuildcr | 11,164 | 24/01/2020 | 31.33 | |||||
| 26/02/2020 | 32.06 | |||||||
| 30/03/2020 | 30.22 | |||||||
| 24/04/2020 | 31.70 | |||||||
| 26/05/2020 | 31.15 | |||||||
| 26/06/2020 | 31.27 | |||||||
| 24/07/2020 | 30.24 | |||||||
| 26/08/2020 | 28.87 | |||||||
| 25/09/2020 | 29.93 | |||||||
| 26/10/2020 | 30.74 | |||||||
| 26/11/2020 | 29.84 | |||||||
| 24/12/2020 | 29.83 | |||||||
| Invesco | Corporate Bond | 8,446 | 30/06/2020 | 243.84 | ||||
| 3I/12/2020 | 247.39 | |||||||
| 858.41 | ||||||||
| Unit Trusts | ||||||||
| BNY Mellon Newton | Income | 12,000 | 28/02/2020 | 212.99 | ||||
| 17/06/2020 | 128.39 | |||||||
| 28/08/2020 | 163.51 | |||||||
| 30/11/2020 | 109.22 | |||||||
| J P Morgan | Am UK Equity | Income | 18,467 | 31/01/2020 | 125.44 | |||
| 30/04/2020 | 137.60 | |||||||
| 3I/07/2020 | 129.27 | |||||||
| 30/10/2020 | 129.27 | |||||||
| 1,135.69 | ||||||||
| Investment | Trusts & | Equities | ||||||
| Caledonia | Investment | Trust | 500 | 09/01/2020 | 83.00 | |||
| 06/08/2020 | 222.50 | |||||||
| Foreign | &Colonial Inv | Tst | 3,200 | 3I/01/2020 | 92.80 | |||
| 13/05/2020 | 92.80 | |||||||
| 03/08/2020 | 92.80 | |||||||
| 02/ I I/2020 | 92.80 | |||||||
| Mercantile | Investment | Trust | 9,000 | 03/02/2020 | 121.50 | |||
| 15/05/2020 | 229.50 | |||||||
| 03/08/2020 | 121.50 | |||||||
| 02/11/2020 | 121.50 | |||||||
| Murray | Income Trust | 2,300 | 20/03/2020 | 189.75 | ||||
| 19/06/2020 | 189.75 | |||||||
| 18/09/2020 | 218.50 | |||||||
| 17/12/2020 | 288.65 | |||||||
| Personal | Assets Trust | 10/01/2020 | 35.00 | |||||
| 16/04/2020 | 35.00 | |||||||
| 17/07/2020 | 35.00 | |||||||
| 09/10/2020 | 35.00 | |||||||
| J P Morgan | Euro Fledgling | lnc | 5.500 | 17/01/2020 | 66.00 | |||
| 31/07/2020 | 302.50 | |||||||
| Schroder | Real Estate Trust | 20.000 | 13/03/2020 | 84.30 |
| Interest | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | Holding | Date | Gross | Dividend | |||||||
| f | |||||||||||
| Murray | International | Trust | 1,550 | 19/02/2020 | 186.00 | ||||||
| 15/05/2020 | 271,25 | ||||||||||
| 14/08/2020 | 186.00 | ||||||||||
| 19/I I/2020 | 186.00 | ||||||||||
| Diverse | Income | 14,500 | 28/02/2020 | 123.25 | |||||||
| 29/05/2020 | 130.50 | ||||||||||
| 28/08/2020 | 130.50 | ||||||||||
| 30/I I/2020 | 152.25 | ||||||||||
| Utilico | Emerging | Markets | 6,000 | 27/03/2020 | 115.50 | ||||||
| 19/06/2020 | 115.50 | ||||||||||
| 1,596.75 | |||||||||||
| Overeas | Equities | ||||||||||
| Polar Capital Fund |
Global | 2,250 | 31/01/2020 | 33.08 | |||||||
| 30/04/2020 | 60.30 | ||||||||||
| 31/07/2020 | 49.50 | ||||||||||
| 05/I I/2020 | 60.53 | ||||||||||
| Schroder | Oriental | 8,500 | 14/02/2020 | 161.50 | |||||||
| 07/05/7020 | 161.50 | ||||||||||
| 28/08/2020 | 161.50 | ||||||||||
| 30/11/2020 | 391.00 | ||||||||||
| SQN Asset Finance | 11,000 | 24/01/2020 | 66.46 | ||||||||
| 28/02/2020 | 66.46 | ||||||||||
| 27/03/2020 | 66.46 | ||||||||||
| Sequoia | Economic | 10,150 | 22/05/2020 | 140.63 | |||||||
| 28/08/2020 | 140.63 | ||||||||||
| 27/ I I/2020 | 140.63 | ||||||||||
| Utilico Emerging | Markets | 6,000 | 18/09/2020 | 115.50 | |||||||
| Nextenergy | Solar | F | 6,500 | 31/03/2020 | 111.64 | ||||||
| 30/06/2020 | 111.64 | ||||||||||
| 30/09/2019 | 114.56 | ||||||||||
| 31/12/2020 | 114.56 | ||||||||||
| 2,268.08 | |||||||||||
| Property | |||||||||||
| Schroder | Real Estate RE11 | 20,000 | 13/03/2020 | 70.00 | |||||||
| 30,000 | 14/08/2020 | 115.73 | |||||||||
| 11/12/2020 | 172.50 | ||||||||||
| 358.23 | |||||||||||
| Income | |||||||||||
| Summary | |||||||||||
| Overseas | Fixed Interest | 233.31 | |||||||||
| Unit Trust | Interest | 858.41 | |||||||||
| Unit Trust | Dividends | 1,135.69 | |||||||||
| Investment | Trusts &Equities | Dividends | 1,596.75 | ||||||||
| Overeas Equities Dividends | 2,268.08 | ||||||||||
| Property | Income Dividends | 3&8. 3 | |||||||||
| 9,200.62 |
| Schedule of | Investment Transactions |
Investment Transactions |
||||||
|---|---|---|---|---|---|---|---|---|
| Disposals | ||||||||
| Date | Nominal | Description | BookValue | Proceeds | Gain/(Loss) | |||
| 12/02/2020 | 6,000 | BNY Mellon Newton | Income | 4,906.14 | 10,084.60 | 5.,178.46 | ||
| 29/05/2020 | 11,000 | SQN Asset Finance | 11,770.80 | 3,572.80 | (8,198.00) | |||
| 17/11/2020 | 6,000 | Util ico Emerging | Markets Ord 10p | 11,678.00 | 11,004.00 | (674.00) | ||
| 28.354.94 | 14,576.80 | (3.693.54) | ||||||
| Acquisitions | ||||||||
| Date | Nominal | Description | Book Value | Mode | ||||
| 28/02/2020 | 2,670 | Sequoia Economic | 3,025.40 | |||||
| 06/03/2020 | 6,330 | Sequoia Economic | 7,124.60 | |||||
| 01/06/2020 | 10,000 | Schroder Real Estate REIT | 3,738.38 | |||||
| 18/11/2020 | 60 | CG Portfolio Fund | Absolute | Return | 8,499.95 | |||
| 22,388.33 | ||||||||
| Summary | ||||||||
| 01/01/2020 | Book Value | 206,064.99 | ||||||
| Less Disposals at cost (as above) | 28,354.94 | |||||||
| 177,710.05 | ||||||||
| Add Acquisitions at cost (as |
above) | 22,388.33 | ||||||
| 31/12/2020 | Book Value | 200.098.38 |
| Freehold | Assets | in the course | ||
|---|---|---|---|---|
| Property | ofconstruction | Total | ||
| Cost or valuation: | ||||
| At 1 January 2020 | 7,750,000.00 | 7,750,000.00 | ||
| Additions | ||||
| Disposals | ||||
| At 31 December 2020 | 7,750,000.00 | 7,750,000.00 | ||
| Depreciation: | ||||
| At 1 January 2020 | ||||
| Charge for year | ||||
| Disposals | ||||
| At 31 December 2020 | ||||
| Net book value | ||||
| At 31 December 2020 | 7,750,000.00 | 7,750,000.00 | ||
| At 31 December 2018 | 7,750,000.00 | 7,750,000.00 |