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2021-09-30-accounts
| Reports |
|
| Referenceandadministrativeinformation |
1 |
| Chairman'sStatement |
2 |
| ReportoftheTrustees |
4 |
| Independentauditor'sreport |
16 |
| Financialstatements |
|
| Statementoffinancialactivities |
21 |
| Balancesheet |
22 |
| Principalaccountingpolicies |
23 |
| Notestothefinancialstatements |
27 |
| Trustees |
GCRobinBoothFCA(Chairman) |
|
EdwardSBrunel-CohenFCA |
|
AlunEvansBAFCAMBA |
|
NicholasMartelBSc(Hons)MRICS |
|
AnneO'HaganMAPGCE |
|
DarraghO'SullivanBA(Hons)Law;Pg.Dip.LegalPractice,MBA |
|
AnneDRobinsBScDipEdHDLS |
|
DavidRWillettsBAFCA |
| HonoraryOfficeHolders |
DavidCoughtrieDipArchRIBAFCILT |
|
(ChairmanEmeritusandHonoraryFellow) |
|
JolyonLarkman(ChairmanEmeritus) |
|
ProfessorChrisAtkinCEngFREngFRAeSMA(cantab)PhD |
|
(HonoraryFellow) |
|
ProfessorDavidGuile(HonoraryFellow) |
|
JohnHillier(HonoraryFellow) |
| OperationsDirectorand |
KateWynne-EytonBFAFCA |
| Secretary |
|
| Registeredoffice |
33QueenStreet |
|
London |
|
EC4R1AP |
| Auditor |
BuzzacottLLP |
|
130WoodStreet |
|
London |
|
EC2V6DL |
| Bankers |
RoyalBankofScotlandplc |
|
49Bishopsgate |
|
London |
|
EC2N3AS |
| Investmentmanagers |
InvestedWealth&InvestmentManagementLtd |
|
30GreshamStreet |
|
London |
|
EC2V7QN |
| Charityregistrationnumber |
801986 |
| Companyregistrationnumber |
2419257 |
| £283,687(2020-£186,685)andcomprised: |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Grants |
99,005 |
98,113 |
| Researchcosts |
86,724 |
10,380 |
| Publicationcosts |
1,900 |
4,495 |
| Charitablesupportcosts |
41,732 |
31,356 |
| Governancecosts |
54,326 |
42,341 |
|
|
Unrestricted |
funds |
|
|
2021 |
2020 |
|
Notes |
£ |
£ |
| Incomefrom: |
|
|
|
| Investments |
|
162,983 |
156,724 |
| Charitabledonations |
|
2,000 |
— |
| Bankinterestreceivable |
|
22 |
328 |
| Totalincome |
|
165,005 |
157,052 |
| Expenditureon: |
|
|
|
| Raisingfunds |
|
44,727 |
41,517 |
| Charitableactivities |
|
|
|
| Advancementofcommercialeducation |
1 |
283,687 |
186,685 |
| Totalexpenditure |
|
328,414 |
228,202 |
| Netexpenditurebeforeinvestmentgains/(losses) |
|
(163,409) |
(71,150) |
| Netrealisedandunrealisedgains/(losses)oninvestments |
8 |
829,904 |
(369,301) |
| Netincome(expenditure)andnetmovementinfunds |
|
666,495 |
(440,451) |
| Reconciliationoffunds |
|
|
|
| Balancesbroughtforwardat1October2020 |
|
6,763,997 |
7,204,448 |
| Balancescarriedforwardat30September2021 |
|
7,430,492 |
6,763,997 |
|
|
2021 |
2021 |
2020 |
2020 |
|
Notes |
£ |
£ |
£ |
£ |
| Fixedassets |
|
|
|
|
|
| Investments |
5 |
|
7,348,856 |
|
6,634,150 |
| Currentassets |
|
|
|
|
|
| Debtors |
6 |
3,833 |
|
4,048 |
|
| Cashatbankandinhand |
|
178,340 |
|
221,201 |
|
|
|
182,173 |
|
225,249 |
|
| Liabilities |
|
|
|
|
|
| Creditors:amountsfallingdue |
|
|
|
|
|
| withinoneyear |
7 |
(100,537) |
|
(95,402) |
|
| Netcurrentassets |
|
|
81,636 |
|
129,847 |
| Totalnetassets |
|
|
7,430,492 |
|
6,763,997 |
| ThefundsoftheTrust: |
|
|
|
|
|
| Unrestrictedfunds |
8 |
|
7,430,492 |
|
6,763,997 |
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
| Grants: |
|
|
|
|
| ActionThroughEnterprise |
|
|
13,962 |
— |
| Ark(AbsoluteReturnforKids) |
|
|
— |
24,038 |
| EnablingEnterprise |
|
|
25,000 |
— |
| FutureFirst |
|
|
19,543 |
24,075 |
| LAMDA |
|
|
- |
25,000 |
| PeterJonesFoundation |
|
|
20,000 |
|
| TeambuildAssociation |
|
|
500 |
|
| YoungEnterprise |
|
|
20,000 |
25,000 |
|
|
|
99,005 |
98,113 |
| Researchprojects: |
|
|
|
|
| PyeTaitConsulting |
|
|
86,724 |
10,380 |
|
|
|
86,724 |
10,380 |
| GrantsandResearch |
|
|
185,729 |
108,493 |
| Publications |
|
|
|
|
| PublicationBreakingBarriers |
|
|
|
2,515 |
| PublicationLessonsfromEmployerLedLearning |
|
|
|
1,980 |
| PublicationPathwaystoSuccess |
|
|
1,900 |
|
| ConveningandEvents |
|
|
|
|
| ResearchSymposium |
|
|
- |
19 |
| Supportandgovernancecosts(note2) |
|
|
96,058 |
71,898 |
|
|
|
283,687 |
184,905 |
|
2021 |
2021 |
2020 |
2020 |
|
£ |
£ |
£ |
£ |
| Grantsandresearchoutstandingasat1 |
|
|
|
|
| October |
|
51,078 |
|
44,223 |
| Grantsandresearchofferedduringthe |
|
|
|
|
| year |
99,005 |
|
98,113 |
|
| Grantssubsequentlynottakenup |
|
|
|
|
|
|
99,005 |
|
98,113 |
|
|
150,083 |
|
142,336 |
| Grantsandresearchpaidintheyear |
|
(85,578) |
|
(91,258) |
| Grantsandresearchoutstandingasat30 |
|
|
|
|
| September |
|
64,505 |
|
51,078 |
|
2021 |
2020 |
|
£ |
£ |
| Supportcosts |
41,732 |
31,337 |
| Governancecosts: |
|
|
| Auditor'sremuneration |
10,710 |
10,738 |
| Legalandprofessionalfees |
22,365 |
16,189 |
| Trustees'expenses |
178 |
374 |
| Othercosts |
21,073 |
15,040 |
|
96,058 |
73,678 |
Staffcosts
Staffcostsduringtheyearwereasfollows: |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Wagesandsalaries |
39,727 |
44,229 |
| Socialsecuritycosts |
- |
871 |
| Pensioncosts |
1,067 |
1,327 |
|
40,794 |
46,427 |
| 4 |
Netexpenditureandnetmovementinfunds |
|
|
|
Thisisstatedaftercharging: |
|
|
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Auditor'sremuneration |
|
|
|
Statutoryauditservices |
9,000 |
10,738 |
|
Corporationtaxservices |
1,710 |
|
|
|
10,710 |
10,738 |
| Fixedassetsinvestments |
|
|
|
2020 |
2019 |
|
£ |
£ |
| Marketvalueoflistedinvestmentsportfolioat1October |
6,447,080 |
6,869,457 |
| Additionsatcost |
938,760 |
873,562 |
| Disposalsatbookvalue(proceeds£1,146,932,realised |
|
|
| gains£110,126) |
(1,036,806) |
(1,014,026) |
| Unrealisedgains/(losses) |
719,245 |
(281,914) |
| Marketvalueoflistedinvestmentsportfolioat30September |
7,068,279 |
6,447,080 |
| Cashheldbyinvestmentmanagersforreinvestment |
280,577 |
147,070 |
| Cashinstruments |
- |
40,000 |
|
7,348,856 |
6,634,150 |
| Analysedasfollows: |
|
|
| Equities |
5,057,042 |
4,200,341 |
| Fixedinterest |
1,162,476 |
1,300,690 |
| Property |
357,198 |
410,691 |
| Alternatives |
491,563 |
535,358 |
| Cashandcashequivalents |
280,577 |
187,070 |
|
7,348,856 |
6,634,150 |
| Historicalcost |
6,406,352 |
6,437,958 |
| Investmentsthatrepresentedover5%ofthetotalportfoliowereas |
|
|
| follows: |
|
|
| iSharesFTSE 100ETF-(2021:nowbelow5%threshold) |
346,375 |
627,513 |
| UnitedKingdomGilt2.25%2023 |
653,675 |
683,738 |
| VanguardFundsPlcS&P500UnitsETF |
855,418 |
693,438 |
| UnitedKingdomGilt1.75%2022—Nowbelow5%threshold |
304,407 |
413,500 |
|
2021 |
2020 |
|
£ |
£ |
| Accruedinvestmentincome |
2,269 |
2,394 |
| Prepayments |
1,564 |
1,654 |
|
3,833 |
4,048 |
|
2021 |
2020 |
|
£ |
£ |
| Grantspayable(note1) |
64,505 |
51,078 |
| Accruals |
36,032 |
44,324 |
|
100,537 |
95,402 |
|
|
|
|
|
Balanceat |
|
Balanceat |
|
|
|
30 |
|
1October |
|
|
Net |
September |
|
2020 |
Income |
Expenditure |
Gains |
2021 |
|
£ |
£ |
£ |
£ |
£ |
| Generalfunds |
|
|
|
|
|
| Realised |
6,575,203 |
165,005 |
(328,414) |
110,659 |
6,522,453 |
| Unrealised |
188,794 |
|
- |
719,245 |
908,039 |
| Totalfunds |
6,763,997 |
165,005 |
(328,414) |
829,904 |
7,430,492 |