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|Legal and administrative||information||
|Directors' report||||
|Independent
examiner's||repott||
|Statement offinancial|activities|||
|Balance sheet||||
|Statement ofcash flows||||
|Notes to the accounts||||
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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|
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|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|
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|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|
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|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||||||
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|9|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|
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