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|||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||||
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|||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||||
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|||||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|
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||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|
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