THE CLEARY BLACKFRIARS TRUST ACCOUNTS FOR THE YEAR ENDED 31" AUGUST 2020 (Reg1Yted Charity Number 297249)
THE CLEARY BLACKFRIARS TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31" AUGUST2020 Trugtees, OETicers and Advisers Charity Trustees Advisers N¢>M1ted by The King'JSL.huul, CA Trterbiiry P l M Roberts f.sq LMA 11 Icadmaster) Ilohrri (" A Ilagley E4 1.l.B T Ward b.sq. Tht Very R¢vtirend Dr R A Willi$ DL.D(",L, DD Banker5 Barclays PIC UK Banksng I ChurLliill Place London E14 5HP Nomiftatèd by The Lleary A Ciuiild Es4 Mi KIC'.$ C".F.N(; FRIA IChaiT} Auditor Allivtty LLP Fridry C ourt 1.1.21 HIRh Street rrty tiul 31)1 Invtgtment Manager$ %arailn & Pii rtni'rb LLP IIK) St l)aul y ('.hurchyard Londun l.'C4M N811 o(ricer HiJfJi)rAry TrtMurer& C'.lerk itr the'frwts¢ M R'l'iylor l-.R4A IBiir&arl SoliLi¢¢)r 14oys & Milughan 57 Que.en SireL't { antL'rbury Kcnt C.'I'12ES Kenl (."1'119tr.1 PagE I
THE CLEARY BLACKFRIARS TRUST Annual Report of the Trustees for the year ended to 31° Auyst 2020 The TTUStccs present their anThu•l report for the year cndcd 3111 August 2020 under the l."haritlrX ALt 2011, togethcr with ihe audite.d account5 for the ycar. and confirm tki the ltter comply with thr. re.quirementg of the Ad, tht Trust Dccd and thc Lharitiex FR% 102 Reference and Administrative InforrnatlOD The Cleary BIAikfriar¥l'rust Isa registere.d charity Iregigtration number 2972491.'I'hc-I ru5tces, executive oifir.eri and princip41 addreis ufthe Charlty ari. Ited on page I togcthcr with prticulS of thc Charity'8 prolcssional adviser8. Structure Governance and Management Organiyation The Trusteey sct the O¥eTall policy for running tht'l'tust atcordancc with its 06ject$ and for tht publlc bt.nrfit. The. I leadmater of -l-he King's School, makes recommendotiong it> thL. I'ru¥tecs as regardi e.ducational matlerx arld L7ndidat¢'s fot the cle.ary Sthularships.-fhe c.lerk ig rL'spoThsible for the malntcnance of thr. Blacklriars Iluildihg. fur thL, day tv day mnagr.meni of thc I'rust, invL'Ytmcnt5 and for preparing the I'rust's a¢wunt$. Jnve$tmcnt werS 'I'hr invrylrnLnt pwers are. 8ovcrncd by the Trustee¥ Alt 21YX). Durlng thr. yCaT. thp Trust's inv#gLIn19 were manA8e.d by & Partncrs 1.1.1? The invextme.nt% arc htld part ClIe(tIve adminLStcred by The Klnu's SchDol, (."atttt.tbury. Objecty, Aims, Objectives and Activitiea With the objcctiyvx of thL' Charlly the TruMtL'L'¥ havc glvcn rarcFul con$id¢raiic>n icj thc Charity CortLmlMlon's gencrnl guidanix on public benefti, In plrtlcular LO Ill yupplL'mcntary public. bcnclir guidance •dvanLillg cdu(xllon. 'Ile objertlvtN uf thc Ckrliy are.. l) lThc promotli>n ul'eduIi0n ai The King'$ kthool, (:anterhury 2) The cgtsblighrn?nt Ind mAlnttnanct. ofonL' or morc'(."Itary.4r.holirship$" for pupllj of TIK. King'j School. Lanlerbury. 3) T. mainicnance. i)fihe Illacklriary Buildin¥. 4) ThL' WMOOn ofthe Arts. Srholanhipj and burnarie8 'I'hcre arc 9 King'y School puplli, In re¥e.ipt of Cleary Art 5chularships awarded in 2018/19, rcctiVin8 L4511 thr. aCLY)nd inytslmcnt of thelr awards. At thelr tneetlnK un 14th Nnvrmbrr 2019, thc Tru51ee¥ iwardcd ncw r.le.ary Art ScholarihLP8 ofL450 to 14 pupils for cach yelr, aj long as they rL'rnain schnlar5. 'I.Y a150 made two leaycrs awardi, onp. of ISOO and one olL2(K)-L31K). There wa$ nt) nomination For the Tru51ees Award l£ZOO}. Page 2
THE CLEARY BLACKFRIARS TRUST Annual Report of the Trustees far the year ended to 31° August 2020 Fducation and tht Art8 The Tru$tet$ continycd io maintain rh¢ BlickfTiérs Building as a centre for Art and Dcyign for the pupils of Thc King's Sch(xkl, LiTht¢rburyi and during the School holidiys as an exhibition centre for loc41 artists. Connected charity 'I'he'l'ryyt 18 r.onsidered to be a subsidiary o(thc charity l-hc GoYcrnors.-l-hc I Icad Mastrr and the. l.ower Masier o(tht. Kin8 # Srh(¥trl orth¢ Cathcdral C,hur(.h of l.anterhury in the (".ily ofcantcrbury. Iregistcrcd charity numbcr 3079421 m()rr. mmmonly known a The King'% Sr.hool. Canterbury, by virtuc ol voting control. sirnilar objcct5 and roJnmotL tnanaKr.mtnt. Financial Review and Results for the Year The nrt incomc foT thr. year wai £l1,.59i121119". nr.t Incomtr £14.9(111. Th. Trust'$ poliLy 1$ to cn$ure that those rowurc¢g AfL' usL.d rir%tly. to create and improve thc facilitics available. t() wpi13 and se.condly. lo r.nable thesc (acilitics to bL. thatcd wilh thL. CanicTbuty ornmunity whcn nol in hy thr pupilry. Inve¥tment$ 'I'hc8e arc govcrncd hy Ihe Ttuqitre.J Ai'.1 2), t)urlrtR Ihe yt.ar, Ih. Truii investments wtrt mAni8L.d by Sorasin & PArtntrx LLP. The portfolio is Invcstcd In a mixturt (>f gilt.¥ equilie lo preYrYe rapital In real ¢trm¥ ittd to provido a yield i)f IL4aSt on Lapital value. Thii wa% achieved {J.25V/Trl during ihc yc'ar undL'r rL'vICW, I)UTinx the rour fifihe ytir. Iht invtstmtDl¥ IhrrLa¥L.d in Lapiial valui, by 4.94Vtt. I'ho TruAteeg remain confidcni that thcir invrxtmrnl tK>lig li prudenl and that adr4uale Incomc yicld5 will cvntlDuc Iv bL' aLhii'vi.d in futurl. yvarg. Reserv I'he re.rvei of the. r.harity are uJ)rc8irldtd. I lowcvl'r tht lunds mu¥t . appli¢.d in •C.(.'i)rdan¢e with the objeris ofthe chprity. The I riisttcs arc lolluwing poli('.i¢J inttndcd i() maintain thv. rrxr.rve ayailahlf. lo fiind xholarthips and grant¥ ittd al) t¢> I'nwrr thai arnounls rt4lllTcd io lund luturc lure%ecible repairy arv availahlr. -h¢.'I'ru>t¢L'> LDn¥idi4r thaL ih ('.harily'x lurtd¥ ade4uaie rÈsourceA io meet its obligation¥. Accounting and Reporting Responsibilities c.harity law T('quifex ihe Trusieex its Prere ftnantial JtAtemcni4 lor tAch financial ytir. whith xivc a true ind fair virw of the. affair ¢)fthe. thariiy and OF ils linancial actlYlti¢s for th*t ptriod. In prtparing th(Isr finan('.ial slate.nirnti the Trusteey arc rc4uiTcd to... I) SL.IcLt Nuitablc aLi()untin¥ poli('.li'% and Ihen apply tht.m ¢onAIsit.ntly 2) Makr. judKemen13 and e$tlmaies thai are r¢i8oniblc ahd prudent.. 3) I'ullow api>lii'ahl<' a(xY)unlsn% ilandards artd thr ('.harlllcs S()RP, di$iloiing and Lixpliinittg any that11a1 di.rIreS In the finarbcial slalf.mrnls', 4) Preprc die finAncial stitcmcnts on thc going concern basls unles5 il i5 inappropriitr to aisume that the charity will contsnuc in busincss. Thc Trustcc¥ aTC re$51b1c for kecpin8 accDuntlll8 rceord5, which are ¥uch t¢ diKlos¢ with r¢¥sonablc accurary at any time the rinancial p05ltion of thc charity and to cnablc thctn to cnsurc thit the finantlal $tstÈnJents Comply with chariiy law. I.'1'YSt¢cy are also rc¥onsible foT safeguarding thc a6¥et3 ofthe tharity and hence For taking r¢•sonabli $t¢p¥ for the prLVL'ntion and dLiL'Ltiun ulfrdud or other irrcgularitics. Approvcd by thc'l'rustees ofthe Cleary Blackfri&r5 Trust on the 191k N'ovember 2020. and $18n¢d on its bchaifby= Thc Vcry Rcvcrcnd Dr R willis Page 3
THE CLEARY BLACKFRIARS TRUST Independent Auditvrs Rcpo)rt to the I"rustees of the Cleary Blackfriar5 Trust for the year ended to 31 st Augu.st 2020 Opinion We have audited the fiyjaneial siatement8 vfThe Cleary Blacklnars Tru¥t for th¢ ycar endcd 31 Augu4t 2020 which comprisc the Income and Expcnditure Accouni. the BalanLt Shect and related n()te5. '11]c financial r¢por¢ing framework that has been applied in their PrePallOn is appliLable law and Unld Kirigdom ALLouniing Standards, inclu&"ng Firn£la[ Reporting Standard 102.. Thc Financial Reporting Standard applicable in the UK and Republic of Ireland {United Klngdotn Gcnerally Acccptcd AoUntsg PraLticL>. In our opinion ihe fJnaT)cial s(alcments.. give a true Ind fair vicw ol. t xtate of the Lharily's affairy a5 at 31 Augusi 2020 and nf its income and expenditure f(Trr the year then ended; have been properly prepared in accordance wilh UniiL.d Kingdom Gtfterally Acctptcd Accountsng Practice; and have bccn prLparcd in accordanLr with ihe requirementa of (."haritieJ Aci 2011. Ba#1¥ for opinii)n WL LonduLLLd our audit In aecordancc wilh Intcrnativnal ,standards on Auditing (UK) (15A8 (UKII and appliLable law. Our resprtrn8ibililies under ikn)yr Standards arc lurthcr de%cribcd in ihL Auditor'y re¥p()n¥ibilitse% fur the audil ol. the financial siatemenrs 4eLiic)n t)I' our rep¢)rt. Wv ar¢ independent ul. the (:harily in accordance with ihL' et.La1 requircmentg that are rL.ILvant tv vur audit nf thc linoncial xtalcrYiLnlJ in th¢ UK, inLluding the FR(. J Eihical Siandard, and we have (uifilled uur other elhical respun¥ibilitie% in accordan wilh ihcsc rcquircmLZlt. We believe that the audit evidence wc have obuined i8 U1clent and approprjaic iv prvvid¢ a ba¥14 for i)ur opinion. ConLluyiuns rclaling tn g(Jing Loncern WL havL nothing tfl rerl in r¢$pcLI uf ihc fullowing Tnat¢cr¥ In rclatlon lo which thc 15As IUKI rcquire ui to rert ti) you wherc.. the 'l'ruilec'y ijsc. of t. #UlTig Ll)llLern of aLLY)uniing In ihe prep4r•tion ol. lh¢ finanLial ¥tstcmenL4 i¥ nut apprupriaLe', (>r the'l ru8tet ha$ noi disclv¥ed in the PJnanLial.gtatementi any idcnlificd matcrial UnrtaltieS that may La8t qignifiLant duubi ahout thL Lharily'¥ ability to Ltsntiriue t(> ad¢>pt the xning concern basis ol. accounLirig r()r a period ()r dt ILaSI tw¢lv¢ mvnth4 friTrffl thc dalc whcn ihc rjnancial s14lLnients are authorised for iRSUe. Othcr inf<)rmation Thc TruslcL is retsponsiblL lor the other lrtforrnatiiTrn. The infDrrnatinn compri8c8 thc informalion inLluded in thL' annual report. other Lhan the finatLtial 3t•lcmcnt3 and our auditor ¥ report th¢reon. Qur opinion nn Ihc linanaal statLmcnls d(xs ni)t Lnver ihe oLIILr infi)rmatic)n and. extepi io ihe extent otherwi¥¢ explicitly Jtated in our report, we do nol expre55 any form of assurance contlusion thercan. IrL LxTriJneLtion with our audil of th¢ financial ¥tat¢ments, our rcsponsibility is lo read ihe other information and, in doing so, consider whether thc nthcr inFormation Is materially inconsi.ltenl wilh thc finanaal staltmtntb or (Jur kni)wledge nbtained itl the audiL ur u(rWise appcar5 lo b¢ malLrially mi¥ytated. Ir we ideniily such maieridl inconsisicnLie¥ or appareni malerial misststements, we are reciuircd io detLrminL whcthcr thcrc 18 a material misstatemcnt in the finanual Staments or a mattrial isstatemcnl ol the other infnrmalion. Ir, baSLd on Lhc work wc knvc perftsrmed, we conclude thai ihere 13 a material mis5tatemenl ol. thi¥ L)ther information we are required to reporL dllt faLI. We hve noilung to report in thi.s regard. Page 4
'I'HE CLEAKY kJLALKFKIAKS'1'RUS'r tndependent Auditors, Report to the Trut>tees OF the Cleary BlaLkfriars Trust for the year ended to 3 1st August 2020 Matter5 on which we are qUIred to report by exLfPtion In the light of the knnwledge and understanding of the company 2nd its environmcnt obtained in thc courgc of thc audit, we. have not idLntified material mi8iLatemt.nl% in Ihe Trusttt'¥ Annual Rep()rt. We have nothing to report in respect of the following matters where the Charitie3 Act 2011 requirei ILI to report to you IF, in t)ur opinion.. suificient aLcuunting reLords knvc been kcpt. or the flnancial ststement4 are. not in 1cemeni willi ihL aLLuunting rLcords and rc¢urn8', or wc have nol received all the infnrmatinn and CXDlanation8 we reouire for our audit. Re8pon5ibilitie4 nf the Tru¥tee A3 explained mnre lully in ¢hc AL¢Dunting and Reportin¥ Stalemenl, the Truskes is responsible for the prLparauon ()I' Ihe Qin4DLial sldt¢rn¢n¢¥ and fur I.)ng 3atisficd thai thcy givL a truL and Fair view, and for sueh iiitcrnal wntrul ihL TrUtee dc¢¢rmincs 1$ Acccs¥ary to cnable the preparatinn of financial JtaiemLnt¥ thai are free fr(>m m•t¢rial missLatLmeni, wheihtr due ti) fraud or error. In prcparing Ihc linanLial y¢at¢tn¢nt¥, the 'l'ru¥tec i¥ reyponiihlc lor a8yLsyin¥ the Charity'i abillly lo cnnlinue as a gning LMifLLrrn, disLl<)ging, a.9 applic4blc. mal¢crs rclalcd io xv)nx LDncertL and using the going LY)nLrn l)a4is of aLluntin% unless the'l'ruytees ejthcr intcndj lo liquidatL thL' Charily or lo Leue aperal.ions. or hdve nu realltIL aliernativc hut ti) dc) ic). Auditor'J responsibilities for the audit nf ihc finantial statr.mcnty ()ur obicrtiycs art Iv ubtajn rea4vnable assuranLe abi)ul whcihcr i, finanLrial gtatemenL8 a$ • whol¢ ari Ir¢¢ from MIrial m13Statement, whc.thcr duc to fraud vr crrur and io isyue an audit()r'i report thdl ItILludey uur upini()n. Reaionahle axxurance iy a high IcYL.l (>l' assurancL, bui nL)t d yUdrantL that an audit cnnducted in aLiMirdanLe with I%Ax (UK) will alway4 detect a material mi¥¥tateTnent when it cxislj. Miislaiemonls can arise from fraud or c.rror and arL Lon%ider¢d material If, IDdividually nr In ihc aggrcgalc, thcy L()uld rea%DnaTr)ly l)e ex[Cted ti> inllijenct lh L'LtynomiL deLj8L(?n8 ol'uscr$ iakcn on ihc balis ol. Ihcjc f)nani2al ¥tatrmenls. A furihcr dcscriplion L)f vur re¥pon¥ibilities for the audit ol. the finanLiI statements ts If)Vdtcd on thc Finartci41 Rtpr)rting CouTJal'8 wehsilc al.. hLip..//www.frL.org.uklaudiltrrpresponsibilitit%. This deyLfiption fnrms prl rjf nur audit()r 8 rcpnrt. 'I'hJ"s rtporl is niadL 501ely to the Charity'y'l rUSte, ax a Trx)dyi in aLKordanLe with Jeclion 145 ofihe Charilies Act 2011 and the regulations made undtr $LtLiun 154 ofthat a¢t. Our audit work has bccn uridLrlaken so that we might state to Ihe Charity's Tru5lcc thiJ8e rnatterg wc arc rc4uircd ¢o.glatc 111 thc Tru¥lce in an auditor'4 report and fur nu i)thcr purptisc. 'I'o thc fulle¥t exlenl periniLied by law, we du not aLLfPt ur a5¥UTne rc4ponsibilily tu aDyone (Jther than ihe ClidriLy'8 Trustee a8 a bodyi for our audii wtsrk, lor reporl, or for the opinlon& we have forrncd. tatutory Auditor I'riary Cuurt 13-21 High Strcet Guildford Surrey, (;U1 31)1. noi$.. 18 January 2021 Allictt5 LLP 13 eligiblc to act as an auditor in terms of section 1212 olthe Lompanits Art 2(X)6. ge 5
THE CLEARY BLACKFRIARS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31"AUGUST 2020 Unrestricted funds 202 2019 COMKFROM In*$tménts Jnve5tm¢tLt Income O¢h¢r R¢nlai income Total Intome 12.152 14.870 18,034 30.186 18,034 32, FlyDURE0N Chiritable A¢¢l%ltlt• FAlucation and Arts 18J91 19.003 TotAI Expndltur• 18,591 19,(M)3 Nrf INCOME BEFORE INVFSTMThT GAINS I 1.593 11.9UI 5tment 8a1 14W4 9.941 Nrf MOVEMENT IN FUNDS 26A49 23.2 Fund balEnC lli 1st S¢plcmber 2019 673fy77 649.835 FUIYD BALANCTrS AT 311¢ Augu8t 2020 71M).126 673.677 P%e 6
THE CLEARY BLACKFRIARS TRUST BALANCE SHEET AS AT 31SI AUGUST 202a 2020 2019 FMT) ASSETS 225,tM)o 315,433 540.433 225.(KM) 300,579 525.579 InvulTncn15 &%Sd5 CURRENT ASS s Debtors 172,763 172.763 167,959 167,959 CRFDrroiis: thie Trlthlm oThp year 113.0701 {19,8611 CiiRRThT ASss IYJ,693 148,Q98 TOTAL Asstrs 7126 673,677 UNRI3TRICTFD FUNDS 71KI,I26 673.677 Approved by the Trustees of the Cleary Blackfriars Trust on the and signed on their behalf by: Alistair Gould Esq Chaimian of the Trust¢¢$ Page
THE CLEARY BLACKFRIARS TRUST Notes to the Accounts for the year ended to 31" August 2020 STATEMENT OF ACCOUNTIIYG POLICIES a) Basis of accountin% The Cleary Ellackfriar5 Trust is con51ituted under a Trust tked dated 22nd June 1987 and is registered under chartty number 297249. The financial statements of thc Trust have been prepared in accordance with The Charities Act 2011, The Charities (Accounts and R¢port51 Rcgulations 2008 and thc Statement of Recommended Practiee 'A¢¢ounting and R¢porting by Chariti¢s" I"FRS102 SORP") and with applicable accounting siandards. They are drawn up on th¢ histori¢al cost accounting basiq except ihat investmenis held a% fixed asset5 are carried at tnarket value. 'fh¢ Charity is a public bencfil cniity as defined by FRS102. The accounts are prepared in sterling, which 15 th¢ functional ¢UTrcncy of thc Charily. Monerary amounts in Ihcse financial statements are rounded to the nearest £. b) Exp¢ndlture Expenditure is accounted for on an occruals basis.'lTh¢ irr¢¢ov¢rable element of VA T 15 lrtcluded with the item of expcnse to which it relates. Govemance costs cumprise the costs of running the'l rust, a150 intcmal and external audit, any le¥al advice for the Tru5te¢s and all ¢0515 complying with constitutional and statutory requirements, such as the of 'l'Nstce meetinbjs and prarIng statulory acwunts satisfying public accountability. c) T8nglble llxed gsyets Freehold property- Thi5 comprises the Arts Cen(r¢ and De La Pi¢rr¢ Hou5¢ (coll¢c¢iv¢ly known as thc Blackfriar5 M()nastery} and was valued by Carter Jonas ai £225,000 in Au¥uyt 2016. Thc valuation refl¢ct5 thc lease of the building to The King's School. Canterbury ond the londlord's r¢5ponsibility for oxtcrnal and Structural repairs. Thc original cost is unknown as the land w&8 gifted to th¥ 1 TU5t. The TTU$tees hav¢ made the decision to undertake external voluations of the l¢aK ¢v¢ry fiv¢ y¢ars.'lTh¢ n¢xl valuation will bo due in 2021. The Trustees have undertaken a fair valu¢ r¢vi¢w of ihc fixed a53et5 and have concluded that their market value 1$ fairly represented by ihcir ¢grrying valuc within thc5c finanLial statements. d) Depreclallon Depreciation is provided on fixed assets 50 as to write-off their cost or voluarion Icss any residual value by equal insiolments over their expected usel'ul lives. Deprecioiion is charged from th¢ t¢m1 following th¢ perivd in which (he expenditur¥ wa5 incurred. No dcprecidiion is provided in any p¢riod prior to that in which thc asset wa5 first brought IntLTr use by the Trust. No d¢prc¢iation ha$ been provided on the Trust's freehold property as th¢ gmounls ofd¢pr¢¢iation and a¢¢umulat¢d depreciatiort eal¢ulat¢d Ihereon are neithcr rnaterial nor significant. e) Investments and Inv¢stm¢nt In¢orne Invesimenis are included at closing Tnid-market value al the Balance Sheet date. Any gain or Ios5 on revaluation is taken lo the SOFA. Investment income is accounted for in the period in which the charity 13 cntitled io receipt. GrHnls and awards Grants and awards are included as expenditure in the p¢riod for which the award is giycn. g) Ultlmate porent eh*rity By virtue of common conirol and adrninistration. th¢ TNst is considered to be a subsidiary charity to thc charity known Ls The King's S¢hool, Canterbury. Wiihin ihe consolidated accounts prepared by th¢ parent charity. the unrestricted funds of the Cleary Blackfriars Trust are shown as restricted, as they must be applied in accordance with the charitablc objects of Cleary Blackfriars'lrust. h) Goin% concern At the time of #ppn)ving the accounts, the tNstee had a reasonable expectation th&1 the Trnsi has adequate resour¢¢s to continue in opErational existcncc for the foreseeable future. Thus the trustee continues to adopt the going concern basis of aoUnting in ¢ParIng the accounts. Page 8
THE CLEARY BLACKFRIARS TRUST Notes to the AccouDtg for the year ended to 31" August 2020 i) Fin*n¢ial InitTument$ The Tnjst only holds basic financial instrnments as defmed in FRS102. The financial assets and liabilities of the Trnst and their me&8urement basis are as follows: Financial as8ets- Amounts due from the Trust's trustee are debt instruments measured at amoffis¢d ¢o$t &s detailed in note 5. Financial liabilities Trade creditors, accruals and other creditors are financial instruments and are Meured at aTnOrfls cost a9 detailed in note 6. Page 9
THE CLEARY BLACKFRIARS TRUST Notes to tht accounts for the year ended to 31" August 2020 l) Inyutment Income Year Enikd 31 Augwt2020 Year Fnded 31 August 2019 Interest on cash deposits held by The Kin8'1 School On li51¢d investn%nt5 2J86 9,766 12,152 1798 12,072 14.870 2) EKptnditure Year Fkn(kd 31 Auguyt 2020 Year Fnded 31 August 2019 Trust ACtIty FA¢Ure Incluth$: Cleary Art Scholarships Cleary Travel Award PAJildin8 survey Artists in Residen Building Insurnnce ia42 5,866 650 5,010 5,879 32 17,797 11.752 3,954 419 17.467 GMrrtaTrce FthIre In¢lude$: Auditors. ren¢tIon TW5t¢ Meettiigs 840 366 1,124 Totsl ExndIre 18J91 19,003 No Trustee received Hny remuneration or reimbursed ¢xp¢n5es from the Charity. Grants Awards The grthts and awards &re described on the I'rnstee9' report on page 2. 3) Tgnglble fixed ajgetj 21120 2019 eehold Proprty Value brough¢ forward at 1st S¢ptember2019 2250lJO Vakne at 31st August 2020 225,000 225,(MM) All of the fixed assets (including th¢ fr¢¢hold property) are used for the dire¢t charitabl¢ purposes of the Trust. Pa£e 10
THE CLEARY BLACKFRIARS TRUST Notes to the accounts for the year ended to 31" August 2020 4) Investmettls Mark¢t Value at 1st Sept¢tT6er 2019 Unrealised gaDI on revaluatK)n 300579 14154 rket Value at 31st Aueuyt 2020 315J33 HtstorK Cost All InvestnntS are in Sarasin Alpha CIF for FndownKnts {InconK Units) (fveT5¢as inv¢stTrrnt5: Unil¢d Kingdom 1VestnnIs'. 195,884 315,433 5) Debtors 2020 2019 tkposit hekj wth The King's SchooL CantQury 167,959 167,959 172.763 O) Credlto 2112n 201Y Travel and L¥av¢rs' Award5 Audit 12,2( 870 19,021 840 19,861 13,070 7> FinAncial Commitments There werc no other financial commitments as at 31. August 2020 8) Unrestrlcted Fun Balanee l$t Stptember 2019 Tinglble Asset RtTrxlu4tion Balane¢ 31st August 2020 lffjvtitmeTht galns vme LIndItre &n¢ral Fund 673,677 311,186 (18.5911 14,854 71M),126 673.677 30.156 118J91) 14054 7LKI.126 9) Covld 19 Imp*ct The worldwide 0break of the coronavirus pandernic (Covid-19) ha5 caused extcnsive disruplions to organi5ations globally with major implicalions for operalions as well as finance5. The TTU5tees acknowledge and rOgnISe the impact of the Covid-19 pandemic on the operations of the charity, its beneficiaries, partners, slakeholders and o the wider 50CLety, and have ensurcd that both resources and processes are in place to rnitigate any disruption to the operations of th¢ oharity Pa£e I