**Charity number: 326311** ## **The Sandy and Zorica Glen Charitable Settlement** ## **Unaudited** **Trustees' report and financial statements** **for the year ended 31 March 2021** **The Sandy and Zorica Glen Charitable Settlement** ## **Contents** ||Page| |---|---| |**Reference and administrative details of the charity, its trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent examiner's report**|6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Statement of cash flows**|9| |**Notes to the financial statements**|10 - 19| **The Sandy and Zorica Glen Charitable Settlement** ## **Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2021** |**Trustees**|C N M James OBE| |---|---| ||R G Holland-Martin| |**Charity registered**
**number**
326311
**Principal office**
94 Old Church Street
London
SW3 6EP
**Chief executive officer**
The Settlement is administered from 94 Old Church Street, London, SW3 6EP by
the lead Trustee R G Holland-Martin.
**Accountants**
Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
**Bankers**
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
**Solicitors**
Charles Russell Speechlys
Compass House
Lypiatt Road
Cheltenham
Gloucestershire
GL50 2QJ
**Investment managers**
Brewin Dolphin
48 St Vincent Street
Glasgow
G2 5TS|| Page 1 **The Sandy and Zorica Glen Charitable Settlement** ## **Trustees' report for the year ended 31 March 2021** The Trustees present their annual report together with the financial statements of the charity for the 1 April 2020 to 31 March 2021. Two trustees served in the year, Robert George Holland-Martin and Christopher Noel Mackworth James. ## **Objectives and activities** ## **a. Policies and objectives** The main object of the Settlement is to carry out the terms set out in the Trust Deed, which are: "For the benefit of such charitable institutions or charitable objects generally and in such shares and in such manner as the Trustees shall in their absolute discretion from time to time think fit." The current priorities of the Settlement are education and training, arts and culture, and heritage and conservation (including environment) through making donations to appropriate institutions in support of individuals. The Trustees confirm that they have had due regard for the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Settlement's aims and objectives and in planning future activities and setting the donation making policy for the year. The focus is on youthful participants (particularly leadership qualities, including via polar exploration), and grants are routed through charitable organisations. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Near the end of the financial year, and following a period of careful consideration, the Trustees decided to spend down the capital funds of the Settlement during the following 12 months. ## **Achievements and performance** ## **a. Review of activities** This year the Settlement has continued to nurture its investments and, by using the income received, has continued to fulfil its objectives. Two paintings were sold during the year, and the Trustees will strive to realise further sales of chattels during the next twelve months, with the objective of ensuring that the Settlement's assets will consist of investments and cash in due course. The Settlement continues to sponsor smaller charities in its chosen sectors, which are paid for mainly out of its net income. The objects of the Settlement are education and training; arts and culture; and heritage and conservation. The Settlement carried out these objects in the year by: - Donating £15,000 to the British Exploring Society for the training of young people to deal with leadership challenges in the polar and other challenging regions of the world. - Donating £13,136 to the Outward Bound Trust to help support young people on their classic courses. - Donating £4,000 to the International Trust for Croatian Monuments to help small conservation projects in Croatia and to support Croatian expertise involved in such projects. - Donating £28,000 to the London Musical Theatre Orchestra generally for its provision of opportunities for young musicians to play with seasoned professional musicians on a regular basis. Page 2 **The Sandy and Zorica Glen Charitable Settlement** **Trustees' report (continued) for the year ended 31 March 2021** ## **Achievements and performance (continued)** ## **b. Investment policy and performance** The Settlement's Trust Deed gives the Trustees the power to invest in such stock, funds, shares and securities or other investments or property of whatsoever nature and wheresoever situated as they in their absolute discretion think fit. The Trustees have no power to borrow, mortgage or charge any part of the Settlement's trust funds. The Trustees have the power to invest trust funds in such assets of whatever nature they think fit, as described above. The investment policy is to secure a return on capital and a rising flow of income by investing in quoted equities and bonds, both directly and via pooled funds, on the world stock markets as permitted by the terms of the Charities Act 2011. The main portfolio is currently being managed by Brewin Dolphin on a discretionary basis, but with a view to liquidating the portfolio completely by March 2022. Following relevant professional advice, the Trustees will continue to sell the remaining chattels, which are of low value, to produce further cash. ## **Financial review** ## **a. Basis other than going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the current year and could, if necessary, continue to operate during the whole of 2022. However, as the decision has been made to spend down the capital and to wind up the charity the financial statements have been prepared on a basis other than going concern. Further details regarding the adoption of a basis other than going concern can be found in the accounting policies. ## **Covid-19** In spite of the continuance of Covid-19, the world stockmarkets recovered during 2020/21 to the point where the portfolio had more than recouped the losses of the prior year. ## **b. Reserves policy** Generally, it has been the Trustees' policy to maintain the capital value of the assets in real terms, by reinvesting capital profits, whilst normally applying all income towards direct charitable expenditure. This policy has ensured that the Trustees have sufficient funds to continue their work over the years. All of the Settlement's reserves are held within unrestricted funds, which at 31 March 2021 were £890,525 (2020: £799,371). The reserves are held in order to meet the Settlement's charitable objectives, being to donate grants to other charitable organisations, mainly those prioritising education and training, arts and culture, and heritage and conservation. Page 3 **The Sandy and Zorica Glen Charitable Settlement** ## **Trustees' report (continued) for the year ended 31 March 2021** ## **c. Income generation and resources expended** The Settlement is reliant in the main on income from its investments, which has decreased to £27,518 (2020: £33,418), but it can spend capital as and when required. Due to a slight reduction in income and the maintenance of a high level of charitable grants made, during the year the Settlement incurred a net loss of £36,866, before taking into account the portfolio's net profits of £128,020 resulting from the general recovery in stock markets worldwide from the Covid-19 pandemic. Charitable expenditure is set out in notes 9 and 10 in the financial statements. The level of grants has increased during the year to £60,136 (2020: £46,600). Money has been spent on two of the three categories described in the objectives and activities in this Trustees' Report. ## **Structure, governance and management** ## **a. Constitution** The Settlement is constituted by a Charitable Settlement dated 25 January 1983 by Sir Alexander R Glen KBE DSC. There have been no changes in the objectives since the last annual report except for the major change in policy to spend down the capital. The Settlement's trust funds are held to apply the whole or any part as the Trustees in their absolute discretion think fit in order to fulfil the objects of the Settlement. ## **b. Methods of appointment or election of Trustees** The management of the charity is the responsibility of the Trustees who are appointed under the terms of the Trust deed. ## **c. Organisational structure and decision-making policies** The Settlement is run by the Trustees who, based upon relevant professional advice, set the parameters concerning the investment of the Settlement's funds, and who select and make the grants to charitable causes. The day to day running is undertaken by Robert George Holland-Martin, a Trustee of the Settlement. ## **d. Financial risk management** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. At the operational level, the systems are reviewed annually by the accountants. Any identified risks or weaknesses are then eliminated where possible or mitigated. Compliance advice is also received from the accountants. The main financial risks relate to the performance of the investment portfolio and to the successful sale of the remaining chattels still held. It is realised that the risks cannot be eliminated entirely, but procedures are in place to mitigate the risks so far as possible. The investment portfolio is managed by an established investment manager and its performance, the suitability of its investment holdings and its investment policy are reviewed on a regular basis by the manager and the Trustees. In addition, professional advice has been received regarding the remaining chattels. The risk policy will continue to be reviewed on an annual basis. Page 4 ## ## ## ## ## ## ## **The Sandy and Zorica Glen Charitable Settlement** ## **Independent examiner's report** ## **for the year ended 31 March 2021** ## **Independent examiner's report to the Trustees of The Sandy and Zorica Glen Charitable Settlement ('the charity')** I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021. ## **Responsibilities and basis of report** As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Signed: Dated: 17 December 2021 Stephen Tanner BSc (Econ) FCA **Kreston Reeves LLP** Chartered Accountants London Page 6 **The Sandy and Zorica Glen Charitable Settlement** ## **Statement of financial activities for the year ended 31 March 2021** |**Note**
**Income from:**
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Raising funds
8
Charitable activities
9
**Total expenditure**
**Net expenditure before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**4,598**
**27,531**
**32,129**
**5,309**
**63,686**
**68,995**
**(36,866)**
**128,020**
**91,154**
**799,371**
**91,154**
**890,525**|**Total**
**funds**
**2021**
**£**
**4,598**
**27,531**
**32,129**
**5,309**
**63,686**
**68,995**
**(36,866)**
**128,020**
**91,154**
**799,371**
**91,154**
**890,525**|Total
funds
2020
£
5,568
33,490
39,058
6,034
50,080
56,114
(17,056)
(111,852)
(128,908)
928,279
(128,908)
799,371| |---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 19 form part of these financial statements. Page 7 ## ## |Balancesheet
as at3{March2021|||||| |---|---|---|---|---|---| ||Note||2A21I||2020
E| |Fixedassets|||||| |lnvestments|13||821,346||800,385| |Current assets|||||| |Debtors|14|1,350|||| |Cash at bank and in hand||72,093||3,083|| |||73,&3||3,083|| |Creditors: amountsfallingdue within one|||||| |year|15|(4,2641||(4,0s8)|| |Netcurrent assetsIliabilites|||69,179||(1,015)| |Netassets|||890,525||799,371| |Charity funds|||||| |Restricted funds|16||||| |Unrestricted funds|16||890,525||799,371| |Totalfunds|||890,525||799,371| ## **The Sandy and Zorica Glen Charitable Settlement** ## **Statement of cash flows for the year ended 31 March 2021** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
18
**Cash flows from investing activities**
Dividends receivable
Interest receivable
Proceeds from sale of chattels
Proceeds from sale of investments
Purchase of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
19|**2021**
**£**
**(76,735)**
**27,518**
**13**
**4,598**
**251,104**
**(142,680)**
**140,553**
**63,818**
**13,045**
**76,863**|2020
£
(56,222)
33,418
72
5,568
101,422
(79,493)
**60,987**
**4,765**
8,280
13,045| |---|---|---| The notes on pages 10 to 19 form part of these financial statements Page 9 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **1. General information** The Sandy and Zorica Glen Charitable Settlement ('the charity') is an unincorporated charity. The address of the charity's principal office is detailed on page 1. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with and are compliant with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Sandy and Zorica Glen Charitable Settlement meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Basis other than going concern** During the year the Trustees have taken the decision to spend down the capital and to wind up the charity with a target date of March 2022. The annual accounts are therefore drawn on a basis other than going concern, although no revaluation of assets was required. ## **2.3 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 10 **The Sandy and Zorica Glen Charitable Settlement** **Notes to the financial statements for the year ended 31 March 2021** ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.6 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. ## **2.7 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.8 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.9 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 11 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **2. Accounting policies (continued)** ## **2.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **2.11 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **3. Key judgments and sources of estimation uncertainty** The Trustees have considered that there are no key judgments nor sources of estimation uncertainty. ## **4. Legacies** The Settlement was set up in 1983 under a Deed executed by Sir Alexander Glen KBE DSC, who died in March 2004. Under the terms of Sir Alexander's Will, the Settlement is the residuary beneficiary. To date the Settlement has received cash, investments, paintings and other chattels from the residuary estate to the value of £1,060,947 (2020: £1,056,349). It is anticipated that further sums of cash will be raised from assets received as part of the residuary estate, but the value has not been included in these accounts because the sums are as yet uncertain. ## **5. Income from other activities** ||**Unrestricted**|**Total**|Total| |---|---|---|---| ||**funds**|**funds**|funds| ||**2021**|**2021**|2020| ||**£**|**£**|£| |Sales of chattels|4,598|**4,598**|5,568| Page 12 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **6. Investment income** |**Unrestricted**
**funds**
**2021**
**£**
Dividends
27,518
Interest
13
**Total**
27,531|**Total**
**funds**
**2021**
**£**
**27,518**
**13**
**27,531**|Total
funds
2020
£
33,418
72| |---|---|---| |||33,490| ## **7. Analysis of grants** ||**Education**
**and training**|**Heritage &**
**conservation**|**Total**
**funds**|Total
funds| |---|---|---|---|---| ||**2021**|**2021**|**2021**|2020| ||**£**|**£**|**£**|£| |British Exploring Society|15,000|-|**15,000**|15,000| |International Trust for Croation Monuments|-|4,000|**4,000**|4,000| |London Musical Theatre Orchestra|28,000|-|**28,000**|15,000| |Outward Bound Trust|13,136|-|**13,136**|12,600| |||||| ## **8. Expenditure on raising funds** ## **Costs of raising funds** |**Unrestricted**
**funds**
**2021**
**£**
Bank charges
86
Insurance
-
Investment management fees
5,223
Transport costs of chattels
-
**Total**
5,309|**Total**
**funds**
**2021**
**£**
**86**
**-**
**5,223**
**-**
**5,309**|Total
funds
2020
£
59
33
5,546
396| |---|---|---| |||6,034| Page 13 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **9. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Education and training
Heritage and conservation
**Total**
**Analysis of expenditure by activities**
Education and training
Heritage and conservation
**Total**|**Unrestricted**
**funds**
**2021**
**£**
57,911
5,775
63,686
**Activities**
**undertaken**
**directly**
**2021**
**Support**
**costs**
**2021**
**£**
**£**
56,136
1,775
4,000
1,775
60,136
3,550|**Total**
**funds**
**2021**
**£**
**57,911**
**5,775**
**63,686**
**Total**
**funds**
**2021**
**£**
**57,911**
**5,775**
**63,686**|Total
funds
2020
£
44,340
5,740| |---|---|---|---| ||||50,080| ||||Total
funds
2020
£
44,340
5,740| ||||50,080| ## **10. Analysis of expenditure by activities** ## **Analysis of direct costs** |British Exploring Society
International Trust for Croation Monuments
London Musical Theatre Orchestra
Outward Bound Trust
**Total**|**Education**
**and training**
**2021**
**£**
15,000
-
28,000
13,136
56,136|**Heritage and**
**conservation**
**2021**
**£**
-
4,000
-
-
4,000|**Total**
**funds**
**2021**
**£**
**15,000**
**4,000**
**28,000**
**13,136**
**60,136**|Total
funds
2020
£
15,000
4,000
15,000
12,600| |---|---|---|---|---| |||||46,600| Page 14 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **10. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** ||**Education**|**Heritage and**|**Total**|Total| |---|---|---|---|---| ||**and training**|**conservation**|**funds**|funds| ||**2021**|**2021**|**2021**|2020| ||**£**|**£**|**£**|£| |Governance costs|1,775|1,775|**3,550**|3,480| ## **11. Governance costs** |**Unrestricted**
**funds**
**2021**
**£**
Administrative costs
450
Independent examination
3,100
**Total**
3,550|**Total**
**funds**
**2021**
**£**
**450**
**3,100**
**3,550**|Total
funds
2020
£
500
2,980| |---|---|---| |||3,480| ## **12. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2020 - £NIL). During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL). Page 15 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **13. Fixed asset investments** |**Cost or valuation**
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020
**14.**
**Debtors**
**Due within one year**
Other debtors
**15.**
**Creditors: Amounts falling due within one year**
Accruals|**Listed**
**investments**
**£**
**790,424**
**142,680**
**(244,548)**
**128,020**
**816,576**
**816,576**
790,424||**Cash**
**awaiting**
**investment**
**£**
**9,962**
**(5,192)**
**-**
**-**
**4,770**
**4,770**
9,962
**2021**
**£**
**1,350**
**2021**
**£**
**4,264**|**Total**
**£**
**800,386**
**137,488**
**(244,548)**
**128,020**
**821,346**
**821,346**
800,386
2020
£
-
2020
£
4,098| |---|---|---|---|---| |||||| |||||| |||||| |||||| Page 16 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **16. Statement of funds** ## **Statement of funds - current year** ||||||**Balance at**| |---|---|---|---|---|---| ||**Balance at 1**|||**Gains/**|**31 March**| ||**April 2020**|**Income**|**Expenditure**|**(Losses)**|**2021**| ||**£**|**£**|**£**|**£**|**£**| |**Unrestricted funds**|||||| |Reserves|**799,371**|**32,129**|**(68,995)**|**128,020**|**890,525**| |**Statement of funds - prior year**|||||| ||||||Balance at| ||Balance at|||Gains/|31 March| ||1 April 2019|Income|Expenditure|(Losses)|2020| ||£|£|£|£|£| |**Unrestricted funds**|||||| |Reserves|928,279|39,058|(56,114)|(111,852)|799,371| ## **17. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2021**
**£**
Fixed asset investments
821,346
Current assets
73,443
Creditors due within one year
(4,264)
**Total**
890,525|**Total**
**funds**
**2021**
**£**
**821,346**
**73,443**
**(4,264)**| |---|---| ||**890,525**| Page 17 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **17. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2020
£
800,386
3,083
(4,098)
799,371|Total
funds
2020
£
800,386
3,083
(4,098)| |---|---|---| |||799,371| |**18.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2021**
**£**
Net income/expenditure for the year (as per Statement of Financial
Activities)
**91,154**
**Adjustments for:**
Losses / (Gains) on investments
**(134,576)**
Dividends receivable
**(27,518)**
Profit on sale of chattels
**(4,598)**
Decrease/(increase) in debtors
**(1,350)**
Increase/(decrease) in creditors
**166**
Interest receivable
**(13)**
**Net cash used in operating activities**
**(76,735)**|2020
£
(128,908)| |---|---| ||111,852
(33,418)
(5,568)
33
(141)
(72)| ||| ||(56,222)| ## **19. Analysis of cash and cash equivalents** |Cash in hand
Cash in investment capital account
**Total cash and cash equivalents**|**2021**
**£**
**72,093**
**4,770**
**76,863**|2020
£
3,083
9,962| |---|---|---| |||| |||13,045| Page 18 **The Sandy and Zorica Glen Charitable Settlement** ## **Notes to the financial statements for the year ended 31 March 2021** ## **20. Analysis of changes in net debt** |**At 1 April**
**2020**
**£**
Cash at bank and in hand
**3,083**
**Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure
**Financial liabilities**
Financial liabilities measured at amortised cost|**Cash flows**
**£**
**69,010**
**2021**
**£**
**816,576**
**2021**
**£**
**4,264**|**At 31 March**
**2021**
**£**
**72,093**| |---|---|---| |||2020
£
790,424| |||2020
£
4,098| **21. Financial instruments** Financial assets measured at fair value through income and expenditure comprise fixed asset investments which are included within 'Fixed asset investments' in Note 13 to these financial statements. Financial assets measured at amortised cost comprise prepayments and accrued income which are included within 'Debtors' in Note 14 to these financial statements. Financial liabilities measured at amortised cost comprised accruals which are included within 'Creditors' in Note 15 to these financial statements. ## **22. Related party transactions** The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 March 2021. ## **23. Controlling party** The Settlement is controlled by its Trustees, and no one party controls the Settlement. Page 19