## ## ## |||~PN|.| |---|---|---|---| |Trustees'
Report||1-3|| |Report ofthe Auditors||4-6|| |Statement
of Financial|Activities||| |Balance Sheet|||| |Cash Flow Statement|||| |Notes to the Financial|Statements|10-16|| ## ## |Reference and Administrative|Reference and Administrative|Reference and Administrative|Reference and Administrative|Reference and Administrative|Reference and Administrative|Information|||||| |---|---|---|---|---|---|---|---|---|---|---|---| |~Chith|b||||||285415||||| |Pro'ect Mana||er and||Princi|al Address;||MrS M Lowe DL||||| ||||||||24 Low Crompton|||Road|| ||||||||Royton||||| ||||||||Oldham||||| ||||||||OL2 6YR||||| |Trustees:|||||||||||| |The trustees||serving||during|the|year were:|Sir Norman|Stoller, CBEKStJ DL -Chairman|||| ||||||||J R BGould||||| ||||||||Lady Stoller||||| ||||||||KSLTrustees||Limited||| ||||||||A P Dixon||||| |Accountants:|||||||Wrigley
Partington||||| ||||||||Sterling House||||| ||||||||501 Middleton||Road||| ||||||||Chadderton||||| ||||||||Oldham||||| ||||||||OL9 9LY||||| |Auditors:|||||||Barlow Andrews|||LLP|| ||||||||Carlyle House||||| ||||||||78 Chorley|New||Road|| ||||||||Bolton||||| ||||||||BL14BY||||| |Investment|mana||ers:||||UBP||||| ||||||||26-37 Seymour|||Mews|| ||||||||London||||| ||||||||W1H 6BN||||| |Bankers:|||||||National Westminster||||Bank PLC| ||||||||1 Waterhouse||Street||| ||||||||Halifax||||| ||||||||HX1 1JE||||| |Solicitors:|||||||Kuit Steinart Levy||||| ||||||||3St Mary's|Parsonage|||| ||||||||Manchester||||| ||||||||M3 2RD||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Unrestricted|funds|Unrestricted|funds| |---|---|---|---|---|---|---|---| ||||||2021||2020| ||||Vote|f|||| |INCOME|||||||| |Donations
and legacies|||2|2,430,248|||| |Investment
income|||3|230,283||694,312|| |Total income|||||2,660,531||694,312| |EXPENDITURE|||||||| |Charitable
activities
Total expenditure|||4|1,323,449|~1,32~,449|5,210,239
5,210,239|| |Net income (expenditure)
before
other recognised
gains and losses|||||1,337,082||(4,515,927)| |OTHER RECOGNISED GAINS||AND LOSSES:|||||| |Gains and losses on investment||assets|5||4,857,723||(1,970,719)| |Net income (expenditure)
in funds for the year|and|net movement|||6,194,805||(6,486,646)| |Reconciliation
offunds
Total funds brought
forward
Total funds carried forward|||||9,724,334
15,919,139||16,210,980
9,724,334| ## ## ## ## |CASH FLOW STA'TEMENT FOR THE YEAR EN|DED|5APRIL 20|21||| |---|---|---|---|---|---| |||||2021|2020| ||||Note|F|E| |NET CASH USED IN OPERATING ACTIVITIES|||14|~363,275|~5,568,374| |CASH FLOW FROM INVESTING ACTIVITIES
Interest received
Rents received
Income from Managed
Funds
Purchase
of investments
in subsidiary
undertaking
Investment
portfolio net transactions||||238
3,755
226,290
(4,500,000)
4,082,473|1,388
692,924
4,882,905| |Cash provided
by investing
activities||||7187,2447|5,577,217| |Increase (Decrease) in cash and cash equivalents||in the year||(550,519)|7,843| |Cash and cash equivalents
at the beginning|ofthe|year||663,899|656,056| |Cash and cash equivalents
at the end of the|year||15|113,386|663,899| ## ## ## ## ## ## ## ## ## ## ## |2)|Income from donations
and le acies|2021
5|2020
5| |---|---|---|---| ||Donations
Grants payable
written back|729,422
1,700,826
2,430,248|| |3)|Investment
income||2021
5|2020
5| |---|---|---|---|---| ||Interest received
Rents received
Income from Managed|Funds|238
3,755
226,290
230,283|1,388
692,924
694,312| ## ## |4)|Cost ofcharitable
activities|2021
Totalf|2020
Total| |---|---|---|---| ||Costs directly allocated to activities:||| ||Grants to institutions:||| ||Mahdlo (Oldham
Youth Zone)
Royal Northern
College of Music
Kingfisher
Learning
Trust
Alzheimers
Research
UK
The Duke of Edinburgh's
Awards
Manchester
Foundation
Trust Charity|442,454
28,000
300,000
60,000
100,000
200,000|1,789,490
105,000
489,561| ||YMCA
Maggies Oldham
Broughton
House
Oldham
Enterprise
Trust
Manchester
University
Scholarship
Action Oldham
Seashell Trust
Kerc hing Awards
Other immaterial
grants
paid to institutions|32,833|176,321
1,782,648
242,880
101,500
44,000
52,450
44,000
206,547| |||1,163,287|5,034,397| ||Support costs:||| ||Investment
Management
Costs
Administration
Fees
Legal Fees
Bank Interest and Charges
Investment
property costs|70,334
44,250
20,869
857
1,960
772|73,829
46,000
30,462
961
3,050| ||Other|139,042|154,302| ||Governance costs:||| ||Accountancy
Fees
Auditors
Remuneration|16,860
4,260
21,120|17,400
4,140
21,540| |||1,323,449|5,210,239| ## ## ## |5)|Gains and|losses on investment
assets||2021
F|2020| |---|---|---|---|---|---| ||Gain/(loss)
Gain/(loss)|on sale of investments
resulting
from revaluation
to market value||3,471,725
1,385,090
4857, 723,|10,624
~1,901,343
~7,970,719| |6)|Fixed asset investments||||| ||Listed investments||||| |||Valuation as at 6 April 2020
Additions
at cost
Disposal proceeds
Realised gains
Unrealised
gains||11,517,354
23,579,109
(29,129,775)
3,471,725
1,385,998
10,824,411|| |||Cash held within the investment
Valuation as at 5 April 2021|portfolio|1,773,596
12,590,DD7|| ||Unlisted|investments|||| |||Cost as at 6 April 2020||715,155|| |||Additions
Disposals
Cost as at 5 April 2021||~305,402
4D9,703|| ## ||||2021|2020| |---|---|---|---|---| |Listed investments
Cash held as part ofthe
Unlisted
investments
investment
in subsidiary|investment
undertaking|portfolio|10,824,411
1,773,596
409,753
4,500,100
17,0D7,06D|11,129,947
387,407
715,155
100
12232 6D9| ## ## |NOT|ES TO THE FINANCIAL STA|T|EMENTS|FOR|THE YEA|R END|ED 5APRIL 202|continued| |---|---|---|---|---|---|---|---|---| |7)|Financial Instruments||||||2021|2020
F| ||Carrying
Amount offinancial assets
Equity instruments
measured
at cost less|||impairment|||18,088,430|13,524,973| ||Carrying
Amount offinancial
liabilities
Measured
at amortised
cost||||||2,169,291|4,538,893| |8)|Tan
ibis fixed assets||||||2021|2020
6| ||Land and buildings
At 6 April 2020
Additions||||||628,465
200,000|628,465| ||Disposals||||||(365,000)|| ||At 5 April 2021||||||463,465|628,465| |9)|Debtors||||||2021
E|2020
E| ||Prepayments
and accrued income||||||3,725|738,254| |10)|Cash at bank and in hand||||||2021
E|2020
5| ||Cash at bank||||||113,380|663,899| |11)|Creditors: Amounts
fallin|due within||one|ear||2021|2020| ||Contractual
commitments
Accruals and deferred
income
Amounts
owed to subsidiary
undertaking||||||1,979,551
20,790
134,450|1,811,298
36,252| ||||||||2,134,791|1,847,550| |12) Creditors: Amounts
fallin|||due after more||than one|ear|2021
8|2020
8| ||Contractual
commitments||||||34,500|2,691 343| ||||||||34,500|2,691,343| |13) Contractual
commitments||||||||| ||As at 6 April 2020||||||4,502,641|| ||New commitments
Payments
made
Grants payable
written
back
As at 5 April 2021||||||(787,764)
~1„700„826
2,014,051|| ||Falling due within one year
Falling due after more than one year|||(note 11)
(note 12)|||1,979,551
34,500
2,014,051|| ## ## |14)|Reconciliation
ofnet movement
in funds
to net cash flow from o eratin
activities|2021f|2020
8| |---|---|---|---| ||Net movement
in funds
Investment
income
Loss (Gain) on revaluation
of investments
Movement
on sale of investments|6,194,805
(230,283)
(4,857,723)|(6,486,646)
(694,312)
1,981,343
(10,624)| ||Revaluation
of Fixed Assets
(Increase) Decrease
in debtors
Increase (Decrease)
in creditors|165,000
734,529
(2,369,603)|(467,042)
107,907| ||Net cash used in operating
activities|~363,275|~5,569,374| |15)|Anal sis ofcash and cash e uivalents|2021f|2020
E| ||Cash at bank and
in hand|113,380|663,899| ||Total cash and cash equivalents|113,380|663,899| ## |The following
transactions
took place with the subsidiary|The following
transactions
took place with the subsidiary|company SCT Climbing|Limited:|| |---|---|---|---|---| |Transfer of land to the subsidiary
company
Transfer of clip and climb costs to the subsidiary
Issue ofshare capital
in the subsidiary
company|company|||365,000
4,000,550
(4,500,000)| |Balance owed by (to) the subsidiary
company
at|5 April|2021||134,450|