2021-03-31-accounts - Kelsick's Educational Foundation

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Trustees' annual report
Reference and administrative	details
Structure, governance g management
Objectives and activities
Achievements and performance		and plans for future periods
Public benefit
Financial review
Trustees' responsibilities
independent Auditors' report
Statement offinancial activities
Balance sheet			12
Statement ofcash flows			13
Notes tothe financial statements			14

Academic	1eYear	2""Year	3"Year	4ohg 5th Year	Total Nos	Grant Awarded for H.E.
20D4-05	26	12	13	10	61	f61,771
2005-06	22	27	9	8	66	E55,623
2006-07	15	13	15	7	50	f43,364
2007-08	24	15	15	16	70	f77i999
2008-09	15	17	7	13	52	f70,545
20D9-10	13	18	9	13	53	E67,616
2010-11	23	8	13	13	57	f65,733
2011-12	18	20	12	7	57	E53,122
2012-13	13	15	17	7	52	f54,540
2013-14	15	10	8	6	39	f37,393
2014-15	15	6	6	9	36	E31,116
2015-16	14	12	7	6	39	f33,147
2016-17	8	13	8	8	37	E35,230
2017-1$	10	9	15	13	47	f42,937
2018-19	13	4	8	7	32	E49,682
2019-20	9	9	6	7	31	E29,353
2020-21	11	11	8	8	39	f33,459

Table 8	Table 8
Cate	ries of		ant awards and com	arisen with	2019-20
				2020-21		2019-20
Category				Grant for	As %age of	Grant for	As %age of
				Category	total grant	Category	total grant
Primary	-	Individuals		E2,631	1.01%	E9,105	3.21%o
Secondary		and Further		f13,019	5.02%	f34,500	12.19%o
Education		—Individuals
Higher	Education			f33,459	12.92%	f44,247	15.63%o
Schools			f205,047		79.21%	E177,351	62.68%
Special	go	other		E4,696	1.81%	E17,713	6.27%
TOTAL			E25$,852		100.00%i	E282,916	100.00%

				Unrestricted	Restricted	Total	Total
				Funds	Funds	Funds	Funds
			Note	2021	2021	2021	2020
				6	E	E	E
INCOME
Investment income				387,390		387,390	416,991
Total income				387,390		387,390	416,991
EXPENDITURE
Costs of raising funds
Investment management	costs			9,421		9,421	9,798
Investment property costs				103,624		103,624	98,521
Expenditure on charitable		activities
Education				258,852		258,852	285,645
Governance costs				9,744		9,744	14,926
Total expenditure				381,641		381,641	408,390
Net income (expenditure)		and net
movement in funds before		gains and	losses
on investments				5,749		5,749	8,101
Gains (losses) on revaluation		and
disposal ofinvestments				467,447		467,447	(277,493)
Net movement in funds				473,196		473,196	(269,392)
Fund balance at 1April 2020				8,825,415	500	8,825,915	9,095,307
Fund balance at 31March	2021			9,298,611	500	9,299,111	8,825,915

			Note	2021	2020
				f	f
Fixed assets
Investment	properties			6,518,750	6,518,750
Investments				2,552,020	2,101,404
				9,070,770	8,620,154
Current assets
Debtors			10	25,254	8,963
Cash at bank	and in	hand		238,618	234,220
				263,872	243,183
Creditors: amounts		falling
due within one year				(35,531)	(37,422)
Net current	assets			228,341	205,761
Net assets			12	9,299,111	8,825,915
FUNOS
Restricted funds			13	500	500
Unrestricted	funds		14
General funds				9,298,611	8,825,415
Totalfunds				9,299,111	8,825,915

			2021	2020
				6
Net cash generated from	operating	activities	(12,433)	8,280
Cash flow from investing	activities
Purchase of investments			(323,752)	(35,633)
Disposals of irivestments			340,583	36,565
Net cash flow from investing activities			16,831	932
Change in cash and cash	equivalents	in the year	4,398	10,212
Cash and cash equivalents	brought	forward	234,220	224,008
Cash and cash equivalents	carried forward		238,618	234,220
Cash and cash equivalents	consists	of:
Cash at bank and in hand			238,618	234,220
Net cash generated from	operating	activities
Net movement in funds before gains		and
losses on investments			5,749	8,101
Depreciation
increase in debtors			(16,291)	(1,658)
(Decrease)increase in creditors			(1,891)	2,837
			(12,433)	9,280

3	Investment	income		2021	2020
				E	f
	Income from UK property
	Rents receivable			335,095	341,795
	Income from UK investments
	Interest and	dividends		51,371	74,561
	Bank interest	receivable		924	635
				52,295	75,196
	Total investment income			387,390	416,991
4	Staff costs			2021	2020
				E	f
	Salaries and	wages		31,609	32,787
	Social security costs
				31,609	32,787
	The average	number of part time employees	during the year was	Number	Number
	Administration	support staff
	Cleaner

Grants payable		2021	2020
		E	f
Grants awarded	to voluntary schools and organisations
Ambleside	Primary School	96,616	77,013
Grasmere	Primary School	53,760	M,BOO
Iangdale	Primary School	54,671	41,457
South Lakes Orchard Group			81
		205,047	177,351
Grants awarded	to individuals	53,805	105,565
		258,852	282,916

Investment	properties								Fixtures,
						Freehold	land		fittings and
						and buildings			equipment	Total
								6	6	6
Cost / Valuation
At 1April 2020						6,518,750			70,319	6,589,069
Additions
Revaluation
At 31March	2021					6,518,750			70,319	6,589,069
At cost									70,319	70,319
At valuation						6,518,750				6,518,750
						6,518,750			70,319	6,589,069
Depreciation
At 1April 2020									70,319	70,319
Disposals
Charge forthe year
At 31March	2021								70,319	70,319
Net book value r
At 31March	2021					6,518,750				6,518,750
At 31March	2020					6,518,750				6,518,750
The freehold	land and buildings	belonging		to the Foundation		were revalued		at an open market		value for existing
use basis on	1June 2017by Carter Jonas,			Chartered	Surveyors.	The trustees		consider the fair value of properties at
31March 2020 remains a reasonable			value	as at 31March 2021.
Fixed Asset	Investments								2021	2020
Fairvalue:									6	E
At 1April 2020									2,101,404	2,379,829
Additions at	cost								323,752	35,633
Disposa I proceeds									(340,583)	(36,565)
Increase (decrease) in fair value									467,447	(277,493)
At 31March	2021								2,552,020	2,101,404

Fixed Asset Investments (continued)	Fixed Asset Investments (continued)		Market		Market
		Cost	Value	Cost	Value
		2021	2021	2020	2D20
		f	6	f	f
Direct Property &Property Funds
Mayfair Capital ln Prop Inc Trust		76,016	77,991	95,020	103,369
Fixed Interest &fixed Interest funds
Rathbone UT MGT Ethical Bond		44,283	44,127	21,028	19,641
UK Govc 2.5%2020				18,514	18,383
UK Govt. 8%Treasury 2021		24,635	17,826	24,635	19,166
Retail &Charity Bon4.375%SNR 29/07/23		21,356	20,789	21,356	19,782
Places for People 4.25%		24,425	25,678	24,425	22,202
Retail Chanty BON 5% NTS 12/04/26		8,125	9,273	8,125	8,168
Retail Charity Bon 4.25%5NR 06/07/2028		14,625	25,581	14,625	14,143
Retail Charity BON 4.4% BDS30/04/25		24,307	28,240	24,307	22,941
Retail Charity BUN 4%5NR SEC 31/10/2027		26,725	23,066	26,725	24,075
Retail Charity BON 4.25%SNR 2028		22,725	25,424	22,725	19,644
Retail Charity Bon4.25%5NR 20/06/2028		24,625	15,543	24,625	22,325
		235,831	235,547	231,090	210,470
Global Equities &Equity Funds (ex UK)
Castlefield FS PTN B.E.S.TSUST EURP		63,396	77,485	51,356	46,405
Powershares Global FTSE RAFI US 1000				66,405	84,026
Ishares MSCI Japan USD DIS NAV				31,791	34,464
Ishares MSCI AC FEX-JP UCITS ETF U				3,776	3,391
DBX-Trackers MSCI AC Asia ExJapan				25,923	37,173
DBX —Trackers MSCI EMG MKT TRN				6,076	7,523
Merian Invest MGMT Merian NA EQTY R				37,668	36,545
		63,396	77/85	222,995	249,527
Global Equities 8 Equity Funds Iin UK)
FUNDROCK PTNRS LTD FP WHEB SUST8 GBP ACC		72,975	81,107
FIRST5ENTIER IN VR STEWART INV WWI	DE 5USTA	85,782	95,025
LIONTRUST FUND PAR SUST FUTURE GBLGTH 2 A		39,120	42,502
SARASIN FUND MANAG SARSIN RESPONSIBLE GBI		30,095	33,507
		227,972	252,141
Multi-Asset Funds
Castlefield FD PTN MNGD Mutli Asset		88,763	105,451	142,918	140,707
COIF income shares		23,785	496,871	23,785	415,260
		112,548	602,322	166,703	555,967
Other assets
Capital for Colleagues Ord 0.40		43,605	42,241	43,605	42,716
UK Equities &Equity Funds
Castlefield FD PTN BESTIncome		518,164	533,232	457,714	402,094
Castlefield FD PTN UK Smaller Cos Fund		379,378	603,316	45,913	82,084
Castlefield FD PTN UK Opportunities		45,913	127,745	379,378	455,177
		943,455	1,264,293	883,005	939,355
TOTAL		1,702,823	2,552,020	1,642,418	2,101,404

10	Debtors			2021	2020
				f	f
	Other debtors			25,254	8,963
	Prepayments	and accrued income
				25,254	8,963
11	Creditors: amounts		falling due within one year	2021	2020
				f	f
	Trade creditors and		accruals	14,133	16,774
	Other creditors			21,398	20,648
				35,531	37,422

12	Analysis	of net assets between funds	General
			Unrestricted	Restricted	Total
			funds	funds	funds
			f	f	f
	Fixed assets		9,070,270	500	9,070.770
	Current	assets	263,872		263,872
	Current	liabilities	(35,531)		(35,531)
	Net assets at 31March 2021		9,298,611	500	9,299.111
13	Restricted funds			2021	2020
				f	f
	At 31March 2021and 31March 2020			500	500

Unrestricted funds	2021	2020
	f	f
Balance at 1April 2020	8,825F25	9,094,807
Incoming resources	387,390	416,991
Resources expended	(381,641)	(408,890)
Investment (losses) gains	467,447	(277,493)
Balance at 31March 2021	9,298,611	8,825,415