2020-12-31-accounts - The Houghton Trust Limited

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					2020	2019
			Notes	Unrestricted	Total funds	Total funds
Income				8
Investment income			3	6,110	6,110	6,138
Other income			4	92,171	92,171	88,773
Total income				98,281	98,281	94,911
Expenditure
Cost ofraising funds:
Editorial expenditure			5	9,967	9,967	9,381
Investment management	fees		6	3,595	3,595	3,610
				13,562	13,562	12,991
Expenditure on charitable		activities:
Research				43,121	43,121	33,566
Education				4,592	4,592	17,517
Administrative expenses				4,761	4,761	14,467
				52,474	52,474	65,550
Total expenditure				66,036	66,036	78,541
Net income/(expenditure)		and net movement
in funds before gains and		losses on investments		32,245	32,245	16,370
Net gains/(losses) on investments				35,611	35,611	52,080
Net movement in funds				67,856	67,856	68,450
Reconciliation ofFunds
Total funds as at I January		2020		549,739	549,739	481,289
Total funds as at 31 December 2020				617,595	617,595	549,739

asat 31Dec	ember 2020
				2020	2019
		Notes	Unrestricted	Total Funds	Total Funds
				8	8
Fixed assets
Tangible assets			6	6	6
Investments			409,009	409,009	378,178
Total fixed	assets		409,015	409,015	378,184
Current assets
Debtors		10	52,131	52,131	48,880
Cash at batdr	and in band	11	164,731	164,731	126,138
Total current assets			216,862	216,862	175,018
Liabilities
Creditors falling due within one
year		12	8,282	8,282	3,463
Net current	assets		208,580	208,580	171,555
Net assets			617,595	617,595	549,739
Funds
Umestricted	funds		617,595	617,595	549,739
Restricted funds
Sinu ehold era' funds			617,595	617,595	549,739

The Houghton Trust Limited	The Houghton Trust Limited
Statement ofCash Flows
for the year ended 31December 2020
			2020	2019
		Notes	Total Funds	Total Funds
Net cash used in operating	activities	13	27,703	13,879
Cash flows from investing	activities:
Interest and dividends			6,110	6,138
Proceeds from sale ofinvestments			4,780	(8,523)
Net cash provided by investing			10,890	(2,385)
activities
Change in cash and cash
equivalents in the year			38,593	11,494
Cash and cash equivalent	as at
1January 2020			126,138	114,644
Cash and cash equivalent	as at
31December 2020			164,731	126,138

3	Investment income		2020	2019
	Dividends - equities		5,909	5,859
	Interest - fixed interest securities		110	110
	Interest on cash deposits		91	169
			6,110	6,138
4	Other income		2020	2019
	Royalties receivable		82,131	78,880
	Royalties agents receivable	-Editorial contribution	8,040	8,040
	Royalties agents receivable	- Travel expenses subsidy	2,000	1,853
			92,171	88,773
5	Editorial expenditure		2020	2019
	Editorial assistants remuneration		9,967	9,381
			9,967	9,381

6	Investment management	Investment management	fees		2020	2019
	Investment management	fees			3,595	3,610
					3,595	3,610
7	Expenditure on charitable		activities		2020	2019
	Research grants				43,121	33,566
	Individual educational	grants			4,592	17,517
	Administrative expenses
	Postage, stationery and	telephone			10	81
	Travel expenses				968	10,065
	Treasurer honoraria				842	823
	Accountancy				1,860	1,800
	Computer mnning costs				1,043	992
	Bank charges				25	655
	Sundry expenses				13	51
					4,761	14,467
	Total expenditure on charitable			activities	52,474	65,550
8	Tangible fixed assets
	Office equipment
	Cost
	At 1 January 2020
	and 31December 2020				5,661
	Depreciation
	At I January 2020
	and 31December 2020				5,655
	Net book value
	At 31 December 2020
	At 31 December 2019

Fixed asset investments		20?0	2019
		8
Movement in fixed assets listed investments:
Market value at 1 January 2020		378,178	317,575
Add: additions to investment	at cost	5&,079	29,649
Disposals at carrying value		(62,859)	(21,126)
Add: net gain/(loss) on revaluation		35,611	52,080
Market value at 31 December	2020	409,009	378,178
Net cash released from investments		in the year was 84780 (2019:(K8,523))
Investments at fair value		2020	2019
Comprised:
Equities		357,186	326,698
Fixed interest securities		51,823	51,480
Total		409,009	378,178

10	Debtors		2020	2019
	Royalties	receivable	52,13]	48,880
			52,131	48,880
11	Cash at banlr		2020	2019
			8
	Bank current account		154,857	123,468
	Investment	advisors deposit account	9,874	2,670
			164,731	126,138

The Houghton Trust Limited	The Houghton Trust Limited
Notes to the Accounts
for the year ended 31December		2020
12 Creditors due within	1year				2020	2019
					8
Individual educational	grants				6,422	1,650
Accmals					1,860	1,813
					8,282	3,463
13 Reconciliation ofnet	movement		in funds		2020	2019
to net cash flow from	operating		activities
Net movement in funds					67,856	68,450
Deduct interest income	shown	in	investing	activities	(6,110)	(6,138)
Deduct gains/add back	losses on		investments		(35,611)	(52,080)
Decrease (increase) in	debtors				(3,251)	3,224
Increase (decrease) in	creditors				4,819	423
Net cash used in operating activities					27,703	13,879