2022-03-31-accounts - Kelsick's Educational Foundation

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

Academic					4thft 5tll	Total	Grant Awarded
	1"Year	2"	Year	3"Year	Year	Nos	for H.E.
2012-13	13		15	17	7	52	E54,540
2013-14	15		10	8	6	39	E37,393
2014-15	15		6	6	9	36	E31,116
2015-16	14		12	7	6	39	E33,147
2016-17	8		13	8	8	37	635,230
2017-18	10		9	15	13	47	E42,937
2018-19	13		4	8	7	32	E49,682
2019-20	9		9	6	7	31	E29,353
2020-21	11		11	8	9	39	E33,459
2021-22	9		10	6	8	33	E44,247

		2021-22		2020-21
Category		Grant for	As %age of	Grant for	As Stage of
		Category	total grant	Category	total grant
Primary —Individuals		E4,595	1.72SS	E2,631	1.01%
Secondary	and Further	f23,323	8.71St	E13,019	5.02SS
Education	—Individuals
Higher Education		E31,710	11.85N	E33,459	12.92SS
Schools		E205,942	76.93%	E205,047	79.21St
Special needs		E2,121	0.79%i	E4,696	1.81N
TOTAL		E267,691	100.00S4	E258,852	100.00SS

					Unrestricted	Restricted	Total	Tots I
					Funds	Funds	Funds	Funds
				Note	2022	2022	2022	2021
					6	6	6	E
INCOME
Investment income					406,286		406,286	387,390
Otherincome					1,250		1,250
Totalincome					407436		407,536	387,390
EXPENDITURE
Costs of raising funds
Investment management		costs		8	10,256		10356	9,421
Investment property	costs			8	95,530		95,530	103,624
Expenditure on charitable			activities
Education					267,691		267,691	258,852
Governance costs					8,874		8,874	9,744
Total expenditure					382351		382,351	381,641
Net income (expenditure)			and net
movement in funds	before		gains and	losses
on investments					25,185		25,185	5,749
Gains (losses) on revaluation			and
disposal ofinvestments				10	80,617		80,617	467,447
Gain on revaluation	ofinvestment
property				9	1,101,250		1,101,250
Net movement in funds					1,207,052		1,207,052	473,196
Fund balance at 1April 2021					9,298,611	500	9,299,111	8,825,915
Fund balance at31March		2022			10,505,663	500	10,506,163	9,299,111

			Note	2022f	2021 f
Fixed assets
Investment	properties		9	7,620,000	6,518,750
Investments			10	2,639/76	2,552,020
				10,259&476	9,070,770
Current assets
Debtors				8,957	25,254
Cash at bank and in		hand		276/94	238,618
				285/51	263,872
Creditors: amounts		falling
due within one year			12	(38,764)	I35,531I
Net current	assets			246'687	228,341
Net assets			13	10,506,163	9,299,111
FUNDS
Restricted funds			14		500
Unrestricted	funds
General funds				10,505,663	9,298,611
Total funds				10,506p163	9,299,111

			2022	2021
			6	6
Net cash generated from	operating	activities	44,715	(12,433)
Cash flow from investing	activities
Purchase ofinvestments			(53,675)	(323,752)
Disposals ofinvestments			46,836	340,583
Net cash flow from investing activities			(6,839)	16,831
Change in cash and cash	equivalents	inthe year	37,876	4,398
Cash and cash equivalents	brought	forward	238,618	234,220
Cash and cash equivalents	carded forward		276894	238,618
Cash and cash equivalents	consists	of:
Cash at bank and in hand			276/94	238,618
Net cash generated from	operating	activities
Net movement in funds before gains		and
losses on investments			25,185	5,749
Depreciation
Decrease (increase) in debtors			16,297	(16,291)
Increase (decrease) in creditors			3,233	(1,891)
			44,715	(12,433)

3	Investment income		2022	2021
			6	5
	Income from UK property
	Rents receivable		347,314	335,095
	Income from UK investments
	Interest and dividends		58,944	51,371
	Bank interest receivable		28	924
			58,972	52,295
	Total investment income		406,286	387,390
4	Other Income
	This represents the proceeds from the sale	ofa small parcel of land.
5	Staffcosts		2022	2021
			6	6
	Salaries and wages		33,246	31,609
	Socialsecudty costs
			33,246	31,609
	The average number of part time employees	during the year was	Number	Number
	Administration support staff
	Cleaner

Grants payable		2022	2021
		6	6
Grants awarded	to voluntary schools and organisations
Ambleside	Primary School	79,914	96,616
Grasmere	Primary School	59,109	53,760
Iangdale	Primary School	66,520	54,671
Special grant for Kids Centre booklets		399
		205,942	205,047
Grants awarded	to individuals	61,749	53,805
		267,691	258,852

Investment	properties		Fixtures,
		Freehold land	fittings and
		and buildings	equipment	Total
		6	E	E
Cost/Valuation
At 1April 2021		6,518,750	70,319	6,589,069
Additions
Revaluation		1,101,250		1,101,250
At31March	2022	7,620,000	70,319	7,690,319
At cost			70,319	70,319
At valuation		7,620,000		7,620,000
		7,620,000	70,319	7,690,319
Depredation
At 1April 2021			70,319	70,319
Dispose Is
Charge forthe year
At 31March	2022		70,319	70,319
Net book value:
At31March	2022	7,620,000		7,620,000
At 31March	2021	6,518,750		6,518,750

Fixed Asset Investments	Fixed Asset Investments	2022	2021
Fairvalue:		E	E
At 1April 2021		2,552,020	2,101,404
Additions at cost		53,675	323,752
Disposa I proceeds		(46,836)	(340,583)
Increase (decrease)	in fair value	80,617	467,447
At31March 2022		2,639876	2,552,020

Fixed Asset Investments (continued)		Market		Market
	Cost	Value	Cost	Value
	2022	2022	2021	2021
			E	E
Direct Property &Property Funds
Mayfair Capital In Prop Inc Trust	76,016	92,2SS	76,016	77,991
Fixed Interest 8 fixed interest funds
Rathbone UT MGT Ethical Bond	48335	44,511	44,283	44,127
Royal London Ehtivcal Bond 2	49~5	45,974
UKGovt. 8%Treasury 2021			24,635	17,826
Retag &Charity Bon 4.375%5NR 29/07/23			21,356	20,789
Places for People 4.25%	24,425	25,312	24,425	25,678
Retail Charity BON 5%NTS 12/04/26			8,125	9,273
Reta BCharity son 4.25%SNR 06/07/2028	22,725	22,316	14,625	25,581
Retail Charity BOB4.5%BDS30/04/25	24,307	24+67	24,307	28,240
Retail Charity BUN 4.%5NR SEC31/10/2027	26,725	27,205	26,725	23,066
Retail Charity BON 4.25%SNR 2028	24,625	25,073	22,725	25,424
Retail Charity Bon 4.25%SNR 20/06/2028	14,625	15,197	24,625	15,543
	235,102	230,455	235,831	235,547
Global Equities &Equity Funds lex UK)
Castlefield FS PTN B.E.S.TSUST EURP	63996	77,372	63.396	77,485
Global Equities &Equity Funds (In UK)
Fundrock Ptnrs Ltd - GBPacc.	73,043	83,789	72,975	81,107
First Sentier Invr Stewart inv.	85,782	101,035	85,782	95,025
Lion Trust Fund Par Future GBL	39,120	44,929	39,120	42,502
Sarasin Fund Manag. GBLEqty	30,095	35,785	30,095	33,507
	228,040	265,538	227,972	252,141
Multi-Asset Funds
Castlefield FD PTN MNGD Mutli-Asset	88,763	111,633	88,763	105,451
COIF income shares	23,785	547,226	23,785	496,871
	112,548	658859	112,548	602,322
Other assets
Capital for Colleagues Ord OAO	43,605	64,074	43,605	42,241
UK Equities &Equity Funds
Castlefield FD PTN BESTIncome	517~	536,892	518,164	533,232
Castlefield FD PTN UK Smaller Cos Fund	379,378	587,477	379,378	603,316
Castlefield FD PTN UK Opportunities	45,913	126,521	45,913	127,745
	943,137	1,250,890	943,455	1,264,293
TOTAL	1,701,844	2,639,476	1,702,823	2,552,020

11	Debtors			2022	2021
					E
	Other debtors			8,957	25,254
	Prepayments	and accrued income
				8,957	25,254
12	Creditors: amounts		falling due within one year	2022	2021
				E	E
	Trade creditors and		accruals	14,130	14,133
	Other creditors			24,634	21,398
				38,764	35,531

Analysis	ofnet assets between funds	General
		Unrestricted	Restricted	Total
		funds	funds	funds
		E	E	E
Fixed assets		10,258,976	500	10,259,476
Current	assets	285,451		285,451
Current	liabilities	(38,764)		(38,764)
Net assets at31March 2021		10,505,663	500	10,506,163
Restricted funds			2022	2021
			E	E
At31M	rch2022and31March2021		500	500

Unrestricted funds		2022	2021
		E	E
Balance at 1Apdl 2021		9,298,611	8,825,415
Incoming resources		407,536	387,390
Resources expended		(382,351)	(381,641)
Investment (losses)	gains	80,617	467,447
Property revaluation	gain	1,101,250
Balance at31March	2022	10,505,663	9,298,611