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2022-03-31-accounts

Page No
Report ofthe Trustees 1-8
Auditor's
Report		 9-11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Accounts 14-24

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Balance Sheet
31March 2022
Notes 2022 2021
f B
Fixed assets
Tangible assets 421 495
Investments 4,971,738 4,967,203
4,972,159 4,967,698
Current assets
Cash at bank and in hand 43,776 41,779
43,776 41,779
Creditors: amounts falling due within
one year 6 (191,375) (195,875)
Net current liabilities (147,599) (154,096)
Total assets less current liabilities 4,824,560 4,813,602
Creditors: amounts falling due after more
than one year 7 (509,148) (670,681)
Net assets 4 315412 4 142921
Funds
Endowment
Fund		 10 1,500,000 1,500,000
Designated
Funds		 10 850
Income Fund 16 2614562 2642921
4 315412 4 142921

e nded 31March 2022 nded 31March 2022
2 Investment
Income		 2022 2021
E E
Dividend
Income		 138,658 135,407
Bank Interest 6 90
Rental Income 10,542 10,542
149,206 146,039
Income from investments was E149,206 (2021:E146,039)of which E47,989 (2021:E48,345) was attributable to endowment funds
and E101,217(2021:E97,694) was attributable to Unrestricted funds
3 Total expenditure
*Charitable activities *
Raising Grant Support Governance
funds funding costs costs 2022 2021
E E E E E E
Investment
management		 costs 38,069 38,069 34,994
Grants 21,958 21,958 34,660
Keswick Park 5,900 5,900
Low Road Expenses 16,486 16,486 1,485
Insurance 715 715 745
Sundry expenses 35
Depreciation 74 74 165
Bank Charges 93 93 54
Finance costs 18,468 18,468 34,231
Copy/Post/Computer Services 1,337 1,337 1,568
Executive Officer's expenses 343 343 0
Executive Officer's Charge 9,525 9,525 13,475
Managing
Trustees'		 travel 345 345 0
Managing
Trustees'		 meetings 961 961 150
Audit 5,216 5,216 4,660
Accountancy 5,200 5,200 5,200
Subscriptions 411 411 569
38,069 21,958 41,736 23,338 125,101 131,991

4 Tangible fixed asset s
Computer
equipment
2022f
Cost
At 1 April 2021 and 31 March 2022 3,742
Depreciation
At 1 April 2021 (3,247)
Charge for the year (74)
At 31 March 2022 (3,321)
Net book value at 31 March 2022 421
Net book value at 31 March 2021 495
All fixed assets are for the Charity's own use.
5 Investments
2022
f.		 2021f
Investment
properties		 295,000 295,000
Securities 4,676,738 4,672,203
4,971,738 4,967,203
Investment
properties
2022
f.		 2021f
59 Low Road Keswick (original cost 630,800)
Valuation 95,000 95,000
Pasture
land adjoining		 Keswick Hall (original cost 628,750)
Valuation 200,000 200,000
295,000 295,000
ea r ended 31March 2022 r ended 31March 2022
5 Investments
[continued]
2022 2021
Securities
Market value at 1 April 2021 4,672,203 3,959,185
Additions 7,046 869,314
Disposal proceeds (150,896) (937,561)
4,528,353 3,890,938
Unrealised
gains/losses		 148,385 781,265
Market value at 31March 2022 4,676,738 4,672,203
6 Creditors: amounts
due		 within one year 2022 2021
Accruals 8,000 12,500
Deferred
income (note 8)		 3,375 3,375
Grants committed
- Diocesan		 RE advisers (note 9) 180,000 180,000
191,375 195,875
7 Creditors:
amounts
due		 after more than one year 2022 2021
Long Term Grant Commitment for Diocesan RE advisers (note 9) 509,148 670,681
509,148 670,681
8 Deferred income 2022 2021
Deferred
income brought		 forward 3,375 3,375
Released
during the year		 (3,375) (3,375)
Deferred
during the year		 3,375 3,375
Deferred
income carried forward		 3,375 3,375

9 Grant com mitm ent s
Commitments Increase in Commitments
brought forward
at 1.4.21		 commitments
less variations		 Payments
in year		 carried forward
at31.3.22
Grants 8,000 13,958 (18,958) 3,000
Diocesan RE advisers 850,681 18,467 (180,000) 689,148
858,681 32,425 (198,958) 692,148
10 Funds Balance at Transfers Gains/ Balance at
1.4.21 Income Expenditure between funds (losses) 31.3.22
2022 6 6 6
Endowment Fund 1,500,000 47,989 (12,368) (117,479) 81,858 1,500,000
Designated Funds-
Keswick Park 6,750 (5,900) 850
Low Road 3,792 (16,486) 12,694
Unrestricted Income Fund 2,642,921 90,675 (90,347) 104,785 66,527 2,814,562
Totalfunds 4,142,921 149,206 125,101 148,385 4,315,412
Funds Balance at Transfers Gains/ Balance at
1.4.20 Income Expenditure between funds (losses) 31.3.21
f. 6 6 6 6
Endowment Fund 1~506~810 48~345 (22~080) (278~221) 245~146 1~500~000
Unrestricted Income Fund 1,840,798 97,694 (109,911) 278,221 536,119 2,642,921
Totalfunds 3,347,608 146,039 (131,991) 781,265 4,142,921
The Endowment Fund is invested to protect the value ofthe Income Fund, and to provide supplementary income. During the year
2018/2019 the Trustees adopted a total return investment policy and released funds from endowed funds,
retaining		 a permanent
endowment of6733,000 and an unapplied total return of6767,000.
Under the terms of the Trust (Capital and Income) Act 2013 the Restricted
Investment		 Fund has to be retained at the level of
61,500,000.
Designated funds: The Trustees decided in the year to allocated the budgeted income and expenditure for Keswick Park and 59 Low
Road to designated funds, to ensure that the cost ofthese properties
was openly and		 accurately shown seperately from the normal
income and expenditure of running the charity in the accounts.
11 Analysis ofnet assets between funds
Unrestricted Designated Endowment Total
2 22 6 6
Fixed assets 421 421
Investments 3,471,738 1,500,000 4,971,738
Net current liabilities (148,449) 850 (147,599)
Long term liabilities (509,148) (509,148)
2,814,562 850 1,500,000 4,315,412
Unrestricted Designated Endowment Total
2021 6 6 6 6
Fixed assets 495 495
Investments 3,467,203 1,500,000 4,967,203
Net current liabilities (154,096) (154,096)
Long term liabilities 670,681 670,681
2 642 921 1 500 000 4 142921

During the year seven Managing
Trust
training
costs of6150).
13 Financial
instruments		 During the year seven Managing
Trust
training
costs of6150).
13 Financial
instruments		 ees wer e reimbursed for travel expenses of634 5 (2021:one reimb ursed
for
The carrying
amounts
ofthe charity's		 financial instruments are as follows: 2022 2021
E E
Financial assets
Measured
at fair value through		 net income; 4,676,738 4,672,203
Fixed asset listed investments (note 5)
14Total return investment Unapplied
Endowment Total Return Total
At start ofaccounting
period:
Trust for permanent
endowment		 733,000 733,000
Unapplied
total return		 767,000 767,000
Movements
in the accounting
period:
Investment
return
(dividends,		 interest) 47,989 47,989
Investment
return
(gains/losses)		 81,858 81,858
Less investment
management		 costs (12,368) (12,368)
Unapplied
total return allocated to		 income (117,479) (117,479)
Net movements
in the accounting		 period
At end ofaccounting
period:
Trust for investment/permanent endowment 733,000 733,000
Unapplied
total return		 767,000 767,000
733,000 767,000 1,500,000
Held as follows:
Deposit account 1,493,409
Stock account 6,591
1,500,000