2022-03-31-accounts - Equity Charitable Trust

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Contents
				Page
Legal and Administrative			Information
Report ofthe	Trustees			2-9
Independent	Auditors'	Report		10-12
Statement of	Financial Activities
Balance Sheet
Cashflow Statement
Notes forming	part ofthe		Financial Statements	16-27

		Notes	Unrestricted Funds	Restricted Funds	Total 2022	Total 2022	Total 2021
Income:			E	f			E
Donations and legacies Charitable activities			2,547	325,000	327,547		21,461
Investments							1,025,000
Rental income			342,587	591	343,178		224,331
			59,315	1,859	61,174		62,087
Total income
			404,449	327,450	731,899		1,332,879
Expenditure:
Raising Funds
Investment management Property expenditure			36,487 42,174		36,487 42,174		28,875 32,119
Charitable activities
Grants payable Grant related support costs Welf'are and bad debt advice			497,140 66,2S7 15,099	99,299	596,439 66,287 15,099		1,503,003 74,555 14,637
Total expenditure			657,187	99,299	756,486		1,653,189
Operating surplus/(deficit)	before other
recognised gains and losses			(252,738)	22S,151	(24,587)		(320,310)
Transfers between funds
Other recognised gains and	losses:
Gains/(losses) on listed investments
Realised gains/(losses} Unrealised gains/(losses) Gains/(losses) on freehoid property		11 11	12,017 (165,164}		12,017 (165~164)		157,234 2.964IS51
Unrealised gains/(losses}			100,000		100,000
Net movement in funds for the year			(305,885)	228,151	(77,734)		2,801,775
Reconciliation offunds
Total funds brought forvvard Total funds carried forward		15	13,062,735 13,368,620	271,394 43,243	13,334,129 13,411,863	13,411,863 10,610,088

Balance Shee	t as at3IMarch 2022
			Total	Totai
		Notes	2022	2021
Fixed assets
Freehold property Tangible assets Investments:		10 10	1,800,000 1	1,700,000 1
Listed investments
			10,966,737	10,956,352
			12,766,738	12,656,353
Current assets
Debtors: amount Debtors: amount Cash at bank	falling due within one year falling due after more than one year	13 13	166,306 6,180	161,593 6,711
			630,272	651,795
Current liabilities			802,758	820,099
Creditors: amounts	failing due in one year		{235,367)	{64,589)
Net current assets
			567,391	755,510
Total assets less current liabilities
			13+34&129	13,411,863
Net assets
			13,334,129	13,411,863
Funds
Unrestricted funds
General fund Designated funds Restrkted funds		14 14 14	13,054,909 7,826 271,394	13,361,185 7,435 43,243
Total funds
			13,334,129	13'411,863

Cashflovv Statement
								Total	Total
								2022	2021
Cash used in operating activities:								f	f
Net cash provided by operating	activities
								(201,169)	(565,975)
Interest income
Dividend income								30
Purchase ofInvestments								343,148	224,260
Proceeds from sate ofinvestments								(1,095,296)	(517,287)
								931,764	1054374
Cash provided by (used in) investing			activities
								179,646	761,417
Change in cash and cash equivaients			in the reporting			period		(21,523)	195,442
Cash and cash equivalents at the	beginning ofthe year							651,795	456,353
Total cash and cash equivalents	at	the end ofthe year						630,272	651,'795
Reconciliation ofcash equivalents Cash at bank		at	the		end ofthe	year:
Cash awaiting investment								615,667	615,648
								14,605	14,624
								630,272	630,272
Reconciliation ofnet income to net cash flow from operating Net (expenditure)/Income forthe reporting period Deduct interest income shown in investing activities							activities	(77,734)	2,801,775
Deduct dividend income shown in Add back losses on investments	investing				activities			(31) (343,148)	(7o.oo} (224,260)
Decrease in debtors								53,147 (3,122,085)
Increase in creditors								(4,181)	(4,488)
Net cash provided by/(used in) operating				activities				170,778 (201,169)	(16,847) (565,975)

Charitable activities		2022	2021
Restricted Grants:			E
The Arts Councii The Combined Theabical Appeals Acting for Others Audibles	Council		850,000 80,000 80,000
			15,000
		0	2.0254)00
Investments		2022	2021
		E	E
Dividends and interest receiveable Bank interest receivable	from investments	343,148 30	224,260 71
		045,175	224831

Grantsaable
py	ZOZ2	ZOZ1
Education 8 training grants to 52 individuals (2021:66) Welfare &benevolence grants to 284 individuals (2021:4Q7} Education grants to1institution {2021;1) Theatrical grants to3institutions (2021:3) iohn Femauld Award grants to Nil institutions {2021.Nfl)	E 87,808 299,332 90,000 20,000	E 107,661 389,759 45,000 75,000
Arts Council grants to Nil individuals {2021:694) Audible grants to Nil individuals (2021:30) CAF Donor grants to65individuals (2021:Nii)	99,299	870„583 15,000
Grants made to institutions comprise:		1,503,003
Dancers' Career Development Interact Traverse Theatre Kings Head Theatre Theatre 502 - R Murrell Alnwick Theatre	90,000 10,000 5,000 5,000	45,000 25,000 35,000 15,000
	110,000	120,000

Reconciliation ofgrants payable	2022	2021
Commitments at 1April 2019	44,071	58,889
Commitments made in the year Grants cancelled and returned	596,439	1,503,003
Grants payable forthe year	596,440	0 1,503,003
Grants paid during the year Commitments at31Nlarch 2020	(436,892) 203,618	(1,517,822) 44,071
Commitments payable:
Within one year	203,618	44,0?1

7	Total expenditure Raising funds	Direct costs f	Staff costs	Staff costs	Office support costs f	Total costs 2022
	Investment management investment property	36,487 26,748		7,059	8,367	36,487 42,174
	Charitable activities
	Grants payable Grant related support costs Welfare and bad debt advice	596,439		40,896 4,220	25,391 10,879	596,439 66,287 15,100
		659,674		52,175	44,637	756,486
	Comparative analysis	Direct costs	Staff	costs	Office support costs	Total costs 2021
	Raising funds				f	f
	Investment management investment property	28,875 13,472		10,138	8,509	28,875 32,119
	Charitable activities
	Grants payable Grant related support costs Welfare and bad debt advice	1,503,003		54,123 4,524	20,432 10,113	1,503,003 74,556 14,637
		1,545,350		68,785	39p054	1,653,189
	Analysis ofsupport costs	Total costs 2022	Total costs 2021
		f	f
Professional fees Audit fees Copier, telephone and printing Other administration costs Advertising		31,803 5,400 3,899 2,535 1,000	24,801 5,400 4,274 1,829 2,750
		44,637	39,054

tes formin	g pa	rt ofthe Financial Statements
Governance	costs
Governance Staffcosts	costs	include:		2021 f
Other			10,588	15,207
Auditors remuneration:			3,527	2,411
Audit fee
			5,400	5,400
			19,515	23,018

Tangible Axed assets
Freehold property Market value at 1April 2021 Revaluation Market value at31March 2022	2022 1,700,000 100,000 1,800,000	2021 f 1,700,000 0 1,700,000
Historical cost representing
acquisition and refurbishment	1,845,534
expenditure

				2022	2021
Net book value				f	f
At 31March 2021
At 31March 2020
Fixed asset investments
Listed investments				2022 f	2021
Market value at 1April 2021 Additions at cost Disposal proceeds Realised investment gains/{losses) in Unrealised investment gains/{Iosses) Niarket value at31March 2022			the year in the year	10,9S6,352 1,095,296 {931,764) 12,01? (165,164) 10,966,737	8,371,354 517,287 (1,054,3?4) 157,234 2,964,851 10,956,352
Cash awaiting investment				14,605	14,624
				10,981,342	10,970,976
Historical cost				6,082,641	6,082,641
Investments at market	value comprise:
Equity shares UK Equity shares overseas Fixed interest securities Property and aiternative	UK investments			7,871,250 2,056,077 786,410 253,000	7,805,072 2,111,487 822,793 217,000
				10,966,737	10,956,352
Current asset: loan payable on demand					2021
Included within debtors	(Note 12) is	the following amount:-
The Actors Professional	Centre Umited			150,000	150,000

No	tes formi
13	Debtors
		2022	2021
	The Actors Professional Centre Limited {Note11j Loans due from beneficiaries investment income due from Charles Stanley Prepaid expenditure and accrued income	150,000 6,180 14,292 2,014	f 150,000 7,230 9,804 1,270
		172,486	168,304

14	Creditors: amounts	falling due within one year	falling due within one year	2022	2021
	Grant commitments {note5j Accrued expenditure &income received Other tax &social security Rent deposit		in advance	f 203„618 20,450 1,201 10,098	f 44,071 8,402 2,024 10,092
				235,367	64,589

									Transfers
									and Other
									recognised
	Funds					2021	Incoming Resources	Resources Expended	gains/ (losses)		2022
	Restricted funds						E	E	E		F.
	John Fernald Award 5inking Fund - Tenants CAF anonymous Donor The Combined Theatrical Council			Appeals		23,115 20,128	591 1,859 250,QOO 75,000	(99,299)			23,706 21,987 150,7Q1 75,000
	Unrestricted	Funds				43,243	327,450	{99,299}		0	271,394
	Accumulated Designated Charity	General Fund Funds - Sinking			Fund	13,361,185 7,435	404,058 391	(657,187)	{53,147)		13,054,909 7,826
						13,368,620	404,449	{657,187}	(53,147)		13,062,735
	Total funds					13,411+63	731,899	(756,486)	(53,147)		13@34,129
	Comparative	analysis:
									Other
							Incoming	Resources	recogmsed
						2020	Resources	Expended	gains
						E	E		E
	Restricted funds
	John Fernaid Sinking Fund Way to Work	Award -Tenants				23,115 18,269	0 1,859 0				23,115 20,128
Unrestricted Accumulated		Funds General	Fund			41,384	1,025,000 1,Q26,859	(885,583) (885,583}	(139,417} {139,417)		43,243
	Designated Funds - Sinking				Fund
Charity						10,561,660	305,629	(767,606)	3,261,502		13,361,185
						7,044	391				7,435
Total funds						10,568,704	306,020	(767,606)	3,261,502		13,368„620
						10,610+88	1+32,879	(1,653,189)	3,122,085		13,411,863

Analysis ofnet assets between	total funds		Unrestricted	Restricted	Total
			funds	funds	2022
Fund balances at31March 2022 are represented		by:	f		f
Fixed assets including freehold property Listed investments Loans: amounts falling in due in more than one		year	1,800,001 10,966,737 150,000	0 0 0	1,800,001 10,966,737 150,000
Cash at bank and in hand Other net current liabilities			358,878 (212,8S1)	271,394 0	630,272 (212,881}
			13,062,735	271,394	13,334,129
Comparative analysis:
			Unrestricted	Restricted	Total
			funds	funds	2021
Fund balances at31March 2021are represented		by:	f.	f	f.
Fixed assets including freehold property Listed investments			1,700,001 10,913,109	43,243	1,700,001 10,956,352
Loans: amounts falling in due in	more than one year		150,000		150,000
Cash at bank and in hand Other net current liabilities			651,795 (46,285)		651,795 (46,2S5)
			13,368,620	43,243	13,411,863