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||||Page|
|---|---|---|---|
|Reference and administrative||details ofthe Charity, its Trustees and advisers||
|Trustees' report|||2-9|
|Independent|auditors'
report|on the financial statements|10-14|
|Consolidated|statement offinancial activities||15|
|Consolidated|balance sheet||16|
|Charity balance sheet|||17|
|Consolidated|statement ofcash flows||18|
|Notes to the|financial statements||19-45|
##
|REFERENCE AND|REFERENCE AND|REFERENCE AND|ADMINISTRATIVE
DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS|ADMINISTRATIVE
DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|
||||FOR THE YEAR ENDED 31DECEMBER 2020|||
|Trustees|||Christopher
Mark Sanders, Chair|||
||||Prof Ann Barrett OBE, Chair||(resigned 24 June 2020)|
||||Christine Anne Berry|||
||||John Bryden|||
||||Richard Burge (resigned 24||June 2020)|
||||David Martin|||
||||Sandra Toni Moses|||
||||Allan Thomas Treacy (resigned 23June 2020)|||
|Company|registered|||||
|number|||00604757|||
|Charity registered||||||
|number|||279587|||
|Registered office|||Stapleford
Granary|||
||||Bury Road|||
||||Stapleford|||
||||CB225BP|||
|General Secretary|||Paul BBames, MSc, PhD|||
|Independent||auditors|Peters Elworthy 8 Moore|||
||||Chartered
Accountants|||
||||Statutory
Auditors|||
||||Salisbury
House|||
||||Station Road|||
||||Cambridge|||
||||CB1 2LA|||
|Bankers|||The Royal Bank of|Scotland|pic|
||||82-88 Hills Road|||
||||Cambridge|||
||||CB2 1LG|||
|Stockbrokers|||Cantab Asset Management||Limited|
||||50Station Road|||
||||Cambridge|||
||||CB1 2JH|||
|Honorary|President||Dr Roland Randall|MA MSc|PhD|
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||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020|2020|2019|
|||Note|6|6|E|
|INCOME FROM:||||||
|Donations and legacies|||28,741|28,741|7,695|
|Charitable
activities|||35,508|35,508|90,975|
|Other trading
activities|||848,045|848,045|6,071,390|
|Investments|||«0,594|110,594|148,354|
|Other income|||156,082|156,082||
|TOTAL INCOME|||1,178,970|1,178,$70|6,318,415|
|EXPENDITURE ON:||||||
|Raising funds:||8,9||||
|Trading activities|||1,570,716|1,570,716|5,868,125|
|Investment
management|||14,747|14,747|17,509|
|Charitable
activities||11|276,494|276,494|416,174|
|TOTAL EXPENDITURE|||1,861,957|1,861,957|6,301,808|
|NET (EXPENDITURE)/INCOME|BEFORENET GAINS|||||
|ON INVESTMENTS|||(682,$87)|(682,987)|16,607|
|Net gains on investments|||43,852|43,852|515,823|
|NET MOVEMENT
IN FUNDS BEFOREOTHER||||||
|RECOGNISED GAINS/(LOSSES)|||(639,135)|(639,135)|532,430|
|OTHER RECOGNISED GAINS/(LOSSES):||||||
|(Losses)/gains
on forward foreign|exchange contracts||||(17,834)|
|NET MOVEMENT
IN FUNDS|||(639,135)|(63$,135)|514,596|
|RECONCILIATION
OF FUNDS:||||||
|Total funds brought forward||23|8,327,060|8,327,060|7,812,464|
|Net movement
in funds||23|(63$,135)|(639,135)|514,596|
|TOTAL FUNDS CARRIED FORWARD||23|7,687,925|7,687,925|8,327,060|
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||||||2020|2019|
|---|---|---|---|---|---|---|
|||||Note|E|E|
|CASH FLOWS FROM OPERATING|ACTIVITIES||||||
|Net cash used in operating
activities||||24|(1,102,439)|(48,281)|
|CASH FLOWS FROM INVESTING|ACTIVITIES||||||
|Dividends,
interests
and rents from|investments||||117,720|148,354|
|Purchase oftangible fixed assets|||||(15,476)|(110,592)|
|Net proceeds from/(additions
to) investments|||||4$8,14$|(78,265)|
|NET CASH PROVIDED BY/(USED|IN) INVESTING||ACTIVITIES||600,393|(40,603)|
|CASH FLOWS FROM FINANCING|ACTIVITIES||||||
|Gain/(loss)
on forward foreign exchange contract||||||(17,834)|
|NET CASH PROVIDED BY/(USED|IN) FINANCING||ACTIVITIES|||(17,834)|
|CHANGE
IN CASH AND CASH EQUIVALENTS||IN|THE YEAR||(502,046)|(106,718)|
|Cash and cash equivalents
at the beginning
ofthe year|||||1,915,440|2,022,158|
|CASH AND CASH EQUIVALENTS|AT THE END|OF THE YEAR||25|1,413,394|1,915,440|
|The notes on pages 19to45form part ofthese financial statements|||||||
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||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020f|2020f|2019f|
|Donations|28,741|28,741|7,695|
|TOTAL 2019|7,695|7,695||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020f|2020f|2019f|
|Performances|and events|35,508|35,508|90,976|
|TOTAL 2019||90,976|90,976||
##
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||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020f|2020f|2019f|
|Study tours|848,045|848,045|6,071,390|
|TOTAL 2019|6,071,390|6,071,390||
##
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||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020
5|2020
6|2019f|
|Rental income|52,431|52,431|52,128|
|Investment
income|57,335|57,335|93,949|
|Bank interest|828|828|2,277|
||110,594|110,594|148,354|
|TOTAL 2019|148,354|148,354||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020|2020|2019|
|||||E|
|Government|grants|158,082|156,082||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020|2020|2019|
|||6||6|
|Tour expenses||830,422|830,422|4,726,967|
|Othertrading|expenses|53,039|53,039|320,394|
|Wages and salaries||565,010|565,010|672,555|
|National insurance||47,589|47,589|66,613|
|Pension costs||36,834|36,834|45,837|
|Depreciation||37,822|37,822|35,759|
|||1,570,716|1,570,716|5,868,125|
|TOTAL 2019||5,868,125|5,868,125||
##
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||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020|2020|2019|
||||6||6|
|Investment|management|fees|13,236|13,236|15,684|
|Staff time|spent managing|investments|1,511|1,511|1,825|
||||14,747|14,747|17,509|
|TOTAL 2019|||17,509|17,509||
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||||Grants to|Grants to|Total|Total|
|---|---|---|---|---|---|---|
||||Institutions|Individuals|funds|funds|
||||2020
8|2020
f|2020
8|2019
F|
|Grants,|Educational|grants|2,810|10,780|13,590|12,276|
|TOTAL|2019||12,276||12,276||
##
|||Activities|Grant||||
|---|---|---|---|---|---|---|
|||undertaken|funding of|Support|Total|Total|
|||directly|activities|costs|funds|funds|
|||2020|2020|2020|2020|2019|
|||8|8|6|8|8|
|Performances|and events|116,123||146,781|262,904|399,262|
|Education|||13,590||13,590|16,912|
|TOTAL 2020||116,123|13,590|146,781|276,494|416,174|
|TOTAL 2019||197,526|12,276|206,372|416,174||
##
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||||Performances|Total|Total|
|---|---|---|---|---|---|
||||and events|funds|funds|
||||2020f|2020f|2019f|
|Staff costs|||65,890|ss,sso|76,670|
|Event expenses|||34,032|34,032|75,241|
|Staff expenses|||||1,375|
|Printing,
stationery,|newsletters|and course promotion|2,686|2,686|32,274|
|Computer expenses|||10,966|1O,966|9,283|
|Bank charges|||2,534|2,534|2,683|
|Currency
(gain)/loss|||15|15||
|TOTAL 2020|||116,123|116,123|197,526|
|TOTAL 2019|||197,526|197,526||
##
|||||Performances||Total|Total|
|---|---|---|---|---|---|---|---|
|||||and events|Education|funds|funds|
|||||2020f|2020f|2020|2019|
|Staff costs||||23,213||23,213|29,781|
|Printing,
stationery,||newsletters|and promotion|(125)||(125)|2,001|
|Audit and accountancy fees||||12,102||12,102|10,607|
|Administration,|finance and IT|||20,074||20,074|78,145|
|Depreciation||||77,805||77,805|70,735|
|Professional fees||and costs||13,712||13712|15,103|
|||||146,781||146,781|206,372|
|TOTAL 2019||||201,736|4,636|206,372||
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||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2020|2019|2020|2019|
||||E|E|||
|Wages and|salaries||643,113|766,206|78,103|93,651|
|Social security costs|||54,983|75,737|7,394|9,124|
|Contribution|to defined contribution|pension|||||
|schemes|||41,951|51,338|5,117|5,501|
||||740,047|893,281|90,614|108,276|
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2020|2019|2020|2019|
|||No.|No.|No.|No.|
|Charitable|activities|2|2|||
|Tmd lag||22|23|||
|||24|25|||
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|Group|Group|
|---|---|
|2020|2019|
|No.|No.|
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##
||||Fixtures,||
|---|---|---|---|---|
||Freehold|Plant and|fittings and||
||property
f|machinery
f|instruments
f|Totalf|
|NET BOOK VALUE|||||
|At 31 December 2020|3,372,519|212,747|198,752|3,784,018|
|At 31 December 2019|3,404,044|230,688|249,437|3,884,169|
|CHARITY|||||
||||Fixtures,||
||Freehold|Plant and|fittings and||
||propertyf|machinery
f|instruments
f|Totalf|
|COST OR VALUATION|||||
|At 1 January 2020|3,552,582|257,600|256,189|4,066,371|
|Additions|||15,476|15,476|
|At 31 December 2020|3,552,582|257,600|271,665|4,081,847|
|DEPRECIATION|||||
|At 1 January 2020|148,538|26,912|79,947|255,397|
|Charge for the year|31,525|17,941|28,339|77,805|
|At 31 December 2020|180,063|44,853|108,286|333,202|
|NET BOOK VALUE|||||
|At 31 December 2020|3,372,519|212,747|163,379|3,748,645|
|At 31 December 2019|3,404,044|230,688|176,242|3,810,974|
##
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||Freehold|
|---|---|
||investment|
||property|
||6|
|VALUATION||
|At 1 January 2020|161,000|
|At 31 December 2020|161,000|
||Freehold|
|---|---|
||investment|
||property|
||6|
|VALUATION||
|At 1 January 2020|161,000|
|At 31 December 2020|161,000|
##
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##
|Listed|Uninvested||
|---|---|---|
|investments|cash|Total|
|E|E|6|
|3,421,177|41,734|3,462,911|
|1,469,OO6||1,469,006|
|(2,173,921)||(2,173,921)|
|206,001||206,001|
||44,617|44,617|
|2,922,263|86,351|3,008,614|
|2,922,263|86,351|3,008,614|
|3,421,177|41,734|3,462,911|
##
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##
||Investments||||
|---|---|---|---|---|
||In||||
||subsidiary|Listed|Uninvested||
||companies|Investmenls|cash|Total|
|Charity|E|E|6|E|
|COST OR VALUATION|||||
|At 1 January 2020|710,000|3,421,177|41,734|4,172,911|
|Additions||1,469,006||1,469,006|
|Disposals||(2,173,921)||(2,173,921)|
|Revaluations||206,001||206,001|
|Transfers
intra group|||44,617|44,617|
|AT 31 DECEMBER 2020|710,000|2,922,263|86,351|3,718,614|
|IMPAIRMENT|||||
|Charge for the year|710,000|||710,000|
|AT31DECEMBER 2020|710,000|||710,000|
|NET BOOK VALUE|||||
|AT 31 DECEMBER 2020||2,922,263|86,351|3,008,614|
|AT 31 DECEMBER2019|710,000|3,421,177|41,734|4,172,911|
##
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##
|||||||||As restated|
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
||||||||5|F|
|Turnover|||||||848,045|6,071,214|
|Cost ofsales|||||||(877,319)|(4,969,256)|
||||||||(29,274)|1,101,958|
|Administrative|expenses||||||(770,320)|(1,282,067)|
|Other operating||income|||||258,2$7|257,176|
|Net interest (payable)/receivable|||||||(6,701)|1,767|
|(Loss)/gain
on|financial|||instruments||||(17,834)|
||||||||(520,724)|(1,040,958)|
|Tax on ordinary||activities|||||||
|ProSt forthe year|||||||(549,998)|61,000|
|Net assets brought|||forward||||641,463|866,936|
|(Loss)/Profit for||the|year||||(54a,aa8)|61,ooo|
|Gifted charitable||donation to The Association|||For Cultural|Exchange Limited||(286,473)|
|Net assets carried|||forward||||$1,465|641,463|
##
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|Charity
2020|Chadity
2019|
|---|---|
|8|F|
||Charity
2020
8|
|---|---|
|DUE AFTER MORE THAN ONE YEAR||
|Amounts
owed by group undertakings|500,000|
##
|||||||Charity|
|---|---|---|---|---|---|---|
||||Group|Group|Charity|As restated|
||||2020
2|2019
2|2020f|2019
2|
|DUE WITHIN|ONE YEAR||||||
|Trade debtors|||51372|1,894|5,372|1,894|
|Amounts
owed by group undertakings|||||18,299|17,017|
|Other debtors|||78,392|34,512|52,682|1,495|
|Prepayments|and accrued income||32,092|492,084|2,821|2,599|
|Tax recoverable|||35,058||||
||||150,914|528,490|79,174|23,005|
|CREDITORS: AIIIIOUNTS FALLING DUE WITHIN ONE YEAR|||||||
||||Group|Group|Charity|Charity|
||||2020
8|2019
2|2020f|2019
F|
|Bank loans|||4,167||||
|Trade creditors|||21,620|67,257|12,836|13,289|
|Other taxation|and social security||17,459|40,518|2,414|14,713|
|Other creditors|||21+83|41,058|3,000|3,000|
|Accruals and|deferred|income|719,453|1,472,867|29,529|62,824|
|Grants accrued - individual||||3,250||3,250|
||||784y182|1 624950|47779|97076|
##
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##
|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2020f|2019f|2020f|2019|
|||||Group
2020f|Group
2019f|Charity
2020f|Charity
2019|
|Deferred|income at|1 January 2020||1,371,553|1,263,229|12,490|10,166|
|Resources deferred||during the year||655,567|1,371,553|2,406|12,490|
|Amounts|released from previous||periods|(1,371,553)|(1,263,229)|(12,490)|(10,166)|
|||||655,567|1,371,553|2/06|12,490|
##
##
|||Group|Group|
|---|---|---|---|
|||2020f|2019f|
|Bank loans||45,833||
|Included
within the above are amounts|falling due as follows:|||
|||Group|Group|
|||2020f|2019
F|
|BETWEEN ONE AND TWO YEARS||||
|Bankloans||10,000||
|BETWEEN TWO AND FIVE YEARS||||
|Bank loans||30,000||
|OVER FIVEYEARS||||
|Bank loans||5,833||
##
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##
||||2020|2019|
|---|---|---|---|---|
||||8|E|
|Grants|accrued|b/fwd|3,250|10,000|
|Grants|committed||13,590|3,250|
|Grants|paid||(16,840)|(10,000)|
|Grants|accrued|c/fwd||3,250|
##
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##
||||||||Balance at|
|---|---|---|---|---|---|---|---|
||||||||31|
|||Balance at 1|||Transfers|Gainsl|December|
|||January 2020|Income|Expenditure|in/out|(Losses)|2020|
|||F|8|6|8|E|8|
|UNRESTRICTED||||||||
|FUNDS||||||||
|DESIGNATED||||||||
|FUNDS||||||||
|Capital Fund||3,462,911|||(498,149)|43,852|3,008,614|
|Property
Fund||3,971,974||(77,805)|15,476||3,909,645|
|||7,434,885||(77,805)|(482,673)|43,852|6,918,259|
|GENERAL|FUNDS|||||||
|General
Fund||190,040|200,203|(213836)|506,632||683,439|
|Subsidiary|Fund|702,135|978,787|(1,570,718)|(23,959)||86,227|
|||892,175|1,178,$70|(1,784,152)|482,673||76$,666|
|TOTAL||||||||
|UNRESTRICTED||||||||
|FUNDS||8,327,060|1,178,970|(1,861,857)||43,852|7,887,825|
##
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##
||||||||Balance at|
|---|---|---|---|---|---|---|---|
|||Balance at|||||31|
|||1 January|||Transfers|Gains/|December|
|||2019|Income|Expenditure|in/out|(Losses)|2019|
|||5|E|6|F|F|E|
|UNRESTRICTED||||||||
|FUNDS||||||||
|DESIGNATED||||||||
|FUNDS||||||||
|Capital Fund||2,868,823|||78,265|515,823|3,462,911|
|Property
Fund||3,813,538||(49,247)|31,441||3,795,732|
|||6,682,361||(49,247)|109,706|515,823|7,258,643|
|GENERAL|FUNDS|||||||
|General
Fund||210,148|245,258|(384,436)|295,312||366,282|
|Subsidiary|Fund|919,955|6,073,157|(5,868,125)|(405,018)|(17,834)|702,135|
|||1,130,103|6,318,415|(6,252,561)|(109,706)|(17,834)|1,068,417|
|TOTAL||||||||
|UNRESTRICTED||||||||
|FUNDS||7,812,464|6,318,415|(6,301,808)||497,989|8,327,060|
##
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|||||||Group|Group|
|---|---|---|---|---|---|---|---|
|||||||2020|2019|
||||||||5|
|Net
income/expenditure
for the||period|(as per|Statement|of Financial|||
|Activities)||||||(639,135)|532,430|
|ADJUSTMENTS FOR:||||||||
|Depreciation
charges||||||115,627|106,494|
|Losses/(gains)
on investments||||||(43,852)|(515,823)|
|Dividends,
interests|and rents from|investments||||(117,720)|(148,354)|
|Decrease/(Increase)|In debtors|||||377,576|(61,022)|
|Increase/(decrease)|in creditors|||||(794,935)|37,994|
|NET CASH USED|IN OPERATING|ACTIVITIES||||(1,102,439)|(48,281)|
##
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##
||||||Group|Group|
|---|---|---|---|---|---|---|
||||||2020
f|2019
5|
|Cashin|hand||||1,413,3$4|1,915,440|
|TOTAL|CASH|AND|CASH|EQUIVALENTS|1,413,394|1,915,440|
##
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