**Charity number: 1000000**
## **THE ROYAL ANNIVERSARY TRUST**
**(Registered charity)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2023**
## **THE ROYAL ANNIVERSARY TRUST**
## **(Registered charity)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Independent auditor's report on the financial statements**|7 - 10|
|**Consolidated statement of financial activities**|11|
|**Consolidated balance sheet**|12|
|**Charity balance sheet**|13|
|**Consolidated statement of cash flows**|14|
|**Notes to the financial statements**|15 - 25|
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023**
|**Trustees**|Sir Damon Buffini, Chair|
|---|---|
||Sir Martin Donnelly KCB CMG, Trustee|
||Professor Sir Peter John Gregson FREng, Trustee|
||Miss Tracey-Joy Harrison, Trustee|
||Dame Lin Homer DBE, Trustee|
||Sir Frank McLoughlin, CBE, Trustee|
||Mrs Heidi Mottram CBE, Trustee|
||Professor Dame Shirley Pearce DBE, Trustee|
||Sir Richard Mottram GCB, Trustee (resigned 4 July 2022)|
|**Charity registered**||
|**number**|1000000|
|**Registered office**|First Floor|
||Sanctuary Buildings|
||20 Great Smith Street|
||London|
||SW1P 3BT|
|**Chief executive officer**|Ms Kristina Murrin CBE (resigned 4 August 2023)|
|**Independent auditor**|Crowe U.K. LLP|
||55 Ludgate Hill|
||London|
||EC4M 7JW|
|**Bankers**|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4JQ|
|**Solicitors**|Bates Wells|
||10 Queen Street Place|
||London|
||EC4R 1BE|
Page 1
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023**
The Trustees present their annual report and financial statements of the charity for the year ended 5th April 2023. The financial statements have been prepared in accordance with the principal accounting policies set out in Note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities SORP FRS102.
## **Structure, governance and management**
The Trust is a registered charity created under a trust deed dated 24th July 1990 and amended by a scheme defining the Trust’s role in respect of The Queen’s Anniversary Prizes for Higher and Further Education sealed on 12th January 1994. The Trust was established with four principal objects: delivering an official programme in 1992 to commemorate the 40th anniversary of Her Majesty The Queen’s accession to the throne; making educational awards; advancing the education of the public as regards the role of the constitutional monarchy of the United Kingdom; and promoting education, industry and commerce. The Trust has been funded from business, professional and private sources and charitable trusts, and supported from 2005 to the end of March 2018 by an annual grant towards the operating costs of the Prizes scheme (see below) from government (the former Department for Business Industry and Skills and latterly the Department for Education). This enabled the Trust to derive some of its income from the investment of donations. The Trust is also supported in operating the Prizes scheme by substantial pro bono help and advice from a wide range of experts and specialists.
Trustees are appointed by existing Trustees, on the basis of professional search commissioned from time to time. Trustee appointments, re-appointments and retirements are governed by the Trust’s trustee rotation policy as set out in the Trust Deed. New trustees are appointed after consultation with the Private Secretary to The Sovereign. The induction process for new trustees includes an initial meeting with the Chair and other trustees, followed by meetings with the Chief Executive and the Trust Secretary. Written briefing is provided on the Trust’s history, objectives and activity and in the form of trustee and sub-committee minutes for the previous twelve-month period, the two most recent annual reports and financial statements and the Trust Deed. They are made aware of all trustee governance policies including their responsibilities on GDPR and data privacy. Trustees are also referred to current Charity Commission guidance on the role and responsibilities of trustees and the requirements of a charity in relation to public benefit.
Trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in Note 2 to the accounts. Trustees are required to disclose all relevant interests and register them with the Secretary and to withdraw from decisions where a conflict of interest arises.
Trustees meet regularly to note and agree the overall strategic direction and activities of the Trust including matters concerning the operation of The Queen’s Anniversary Prizes scheme, to approve the executive’s proposals for investment of the Trust’s funds, to note risk management issues and policies and to receive management accounts prepared by the Trust Secretary/Accountant. Day to day management of the business of the Trust, including the annual operating budget and delivery of the biennial Queen’s Anniversary Prizes scheme, is delegated to the Chief Executive.
Remuneration for key management staff is regularly reviewed by the Trustees and set at an appropriate level for the size of organisation, taking into account expectations and day to day responsibilities.
The Charity has not undertaken any fundraising activities in the year as defined by Section 13 of the Charities (Protection and Social Investment) Act 2016.
## **Risk management**
Trustees have considered and reviewed the major risks to which the charity is exposed and have established systems and procedures to manage them. The main area of risk during the year continued to be security of the Trust’s capital and obtaining a satisfactory return on the Trust’s investments. We were pleased to secure a major sponsor this year which covered all operating costs fully. As a protection against risk the Trust’s
Page 2
## **THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
investments are held in a combination of UK government stock, a mixed UK bond and UK and foreign equity portfolio managed by brokers (Brewin Dolphin) under a ‘progressive risk’ classification, and appropriate fixed term deposits with the major deposit takers.
Uniquely there was also the additional one-off risk this year associated with the passing of HM Queen Elizabeth. The board have now received formal confirmation that HM King Charles wishes both the Trust and the Prizes scheme to continue and that it will receive his ongoing support. The name will remain as The Queen’s Anniversary Prizes in her memory.
## **Objectives and activities for the public benefit**
The main long-term object of the Trust is the encouragement and advancement of UK education, through a programme of national awards granted by The Queen in the honours system which recognises excellence, innovation and direct public and economic benefit in the UK and more widely. The awards entitled The Queen’s Anniversary Prizes for Higher and Further Education (“the Prizes scheme”). The history and scope of the Prizes scheme is summarised below:
Following the completion of the 1992 programme marking the 40th anniversary of the Queen’s accession, and with Her Majesty’s approval, it was agreed that the balance of its remaining funds should be used by the Trust to institute a national award within the honours system for United Kingdom universities and colleges. It was determined that the award (the Prizes scheme) would be conferred every other year on a limited number of institutions according to their achievement under criteria calling for evidence of excellence and innovation, in any area of work, and the delivery of clear benefit both for the institution (and thus for UK education) and for the economy, progress and wellbeing of the UK and its citizens in general. The creation of the honour was announced by the Prime Minister in Parliament 1993 with all party support. The Prizes scheme was approved by the Charity Commission in 1994 and the inaugural biennial round was completed in 1995. Twelve rounds have been completed to date (June 2019) and the thirteenth round is in progress.
As required under the Charities Act 2011 Trustees have given appropriate attention to the public benefit guidance published by the Charity Commission. Trustees are satisfied that the Trust’s activity, which is principally concerned with the operation of the Prizes scheme as a national honour granted by the Queen, encourages and assists Prize-winning institutions to promote their achievements and the quality and range of their educational work. Through this recognition institutions are motivated to enhance and develop their teaching, learning and research, for the general benefit of UK education and with consequent public benefit. Up to and including the Fourteenth biennial round a total of 296 Prizes have been awarded
Every two years UK universities and colleges offering courses leading to recognised qualifications are invited to submit one entry for consideration by the Trust against the criteria of the Prizes scheme. It is for the institution to decide whether it wishes to enter and with what aspect of its work. Entries may be in any field or discipline and consist of a narrative description of the chosen area of work addressing the published criteria. Entries are subject to extensive independent review involving assessment by experienced members of the Trust’s national panel of Readers, reference to appropriate specialist and technical sources and comment from relevant UK government departments. The Awards Council of the Trust (the Trustees plus permanent secretaries of UK regional heads of education) makes recommendations for the award of Prizes from a short-list prepared by the Trust executive. The recommendations are submitted for The King’s approval on the Prime Minister’s advice. Readers and other reviewers and advisers provide their services on a pro bono basis and the Trust is grateful for this invaluable help. Other reviewers include individuals with extensive knowledge and experience of the further and higher education sectors, often having served as heads of institutions or as senior officials in relevant bodies, who assist the Trust on advisory panels in the assessment of the entries on a voluntary basis. The Trust pays tribute to the many who support its objectives and operations in this way.
Page 3
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
The Prizes are non-monetary and are unique in the honours system in being awarded to institutions rather than to individuals. They are presented at an honours ceremony taking the form of a personal investiture held in the ballroom at Buckingham Palace. The Prize consists of a medallion and a certificate inscribed to the institution and signed by The King. Prize-winning institutions are entitled to use the logo of the Prizes scheme for a period of four years from the date of presentation.
The Prizes scheme confers national recognition at the level of the head of state. It provides a regular opportunity for institutions to review the quality and strategic direction and ultimate practical value of their work, as part of an evaluation process which is separate from and independent of measurement or assessment schemes used from time to time by government or official bodies. Universities and colleges do this through their particular internal processes for selecting what subject to put forward. They regularly cite the benefit arising to them from the process itself, whether or not an entry goes on to win a Prize. A Prize-winning institution will benefit from the resulting increased recognition and reputational profile, through consequent motivation of its staff and students, the enhancement of its standing and prestige in the UK and in many cases internationally and the opportunity to attract new business and funding. The UK’s global reputation in education is also directly and indirectly enhanced through the status of the Prizes, which are widely seen as a distinguished mark of excellence. These and other outcomes are regularly attested to by the wide range of institutions which have participated in the scheme over the years, and contribute to the nation’s educational, intellectual, economic and social progress.
## **Achievements and performance**
The Trust’s main activity during the year has been concerned with preparations for the fifteenth biennial round of the Prizes scheme 2022-24. Workshops and speeches were held at 4 major sector national events to publicise the scheme and a full colour supplement was produced and distributed in The Times newspaper in October 2022. The executive also held broadcast events for the higher and further education sector leaders to offer information about the scheme and guidance on how to enter. These events were well subscribed and feedback was positive. The Trust also promoted the Prizes scheme, the assessment criteria and how to enter on the Trust website and on social media platforms.
In addition to the Prizes Scheme, 2022 saw the launch of completion of the Trust’s first ever Royal Challenge. Branded as the Platinum Jubilee Challenge, the year-long programme invited the 21 winning institutions from the last round to work together to solve a tough shared issue. A major report was sent to government entitled "Accelerating to nett zero” and set out not only a new carbon measurement framework for the sector but also 14 clear recommendations for government. The report was exceedingly well received with ministers already having committed to action and fund at least three of the recommendations.
In March 2023 we also held two major events to celebrate the lifetime commitment of the late Queen Elizabeth to the sector. All FE heads and HE Vice Chancellors were invited to a formal lunch or dinner in Lancaster house. Special speakers were enrolled and feedback from attendees was extremely positive.
## **Financial review**
During the year the Trust received income of £949,531 (2022: £154,155). After expenditure of £656,205 (2022: 720,907) on its general purposes and a £272,799 loss (2022: £184,052 gain) on investments the Trust’s capital increased from £3,255,157 to £3,275,684. The Trust’s principal financial management policy is to safeguard its assets, derive income under agreed investment policies and have regard to its capacity to meet future obligations as regards delivery of the Prizes scheme.
Our securing of a major commercial sponsor this year meant that minimal capital funds were required to be touched and only for cash flow reasons. In addition grant funding from the Department for Education was reinstated in 2022 after a gap of 3 years in support of the operational costs of the Prizes scheme.
Page 4
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
Charitable expenditure during the year was principally directed to funding the staffing and operating costs of the Prizes scheme.
The majority of the Trust's investments are held in a portfolio managed on a discretionary basis by professional investment managers. These managers have been instructed to adopt a moderate risk approach to the portfolio management giving due regard to the liquidity requirements of the Trust. Six-monthly reviews are held with the investment managers. Trustees gain satisfaction through these meetings that the gross return on its portfolio is in line with benchmarks for similar risk profile investments.
Having assessed the Charity’s financial position and plans for the foreseeable future, the trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.
## **Reserves Policy**
At the year end the Trust held funds totalling £3,275,684 (2022: 3,255,157) all of which were held within the General Fund Endowment. As the General Fund Endowment Fund is an expendable endowment the Trust does not maintain a separate income fund or carry any free reserves as any expenditure in excess of income received in the year is covered by the conversion of capital from the endowment.
## **Future plans**
The Trust’s principal objective for the immediate future will be to complete the assessment process for the fifteenth biennial round of the Prizes scheme and submit a list of recommended institutions for The King’s approval on the advice of the prime minister. Following His Majesty’s approval the Trust will plan for and implement a programme of national events marking the awards including a public announcement at St James’s Palace and a Prize-winners Dinner at the Guildhall. The Trust will collaborate with the Royal Households in the holding of the presentation ceremony for the round.
In addition, since the Trust’s financial year-end we were very pleased to secure new government funding to run another royal challenge. The Coronation Challenge was launched by the UK Chancellor in June 2023 and will run until December 2024.
## **Statement of Trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming/outgoing resources for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
Page 5
## **THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as the trustees are aware, there is no relevant audit information of which the Charity’s auditors are unaware. The trustees have taken all the steps that ought to have been taken by trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.
## **Auditors**
The Trustees thank Crowe U.K. LLP, the Trust’s auditors, who were appointed in 2007.
Approved by the Trustees on 21 September 2023 and signed on their behalf by:
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **Sir Damon Buffini**
................................................ **Mrs Heidi Motram CBE**
Date: 9 October 2023
Date: 11 October 2023
Page 6
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL ANNIVERSARY TRUST**
## **Opinion**
We have audited the financial statements of The Royal Anniversary Trust (the 'parent charity') and its subsidiaries (the 'group') for the year ended 5 April 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the group's and of the parent charity's affairs as at 5 April 2023 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Page 7
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL ANNIVERSARY TRUST (CONTINUED)**
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the parent charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charity financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement set out on pages 5 and 6, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
Page 8
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL ANNIVERSARY TRUST (CONTINUED)**
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Registration.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Page 9
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL ANNIVERSARY TRUST (CONTINUED)**
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Vincent Marke (Senior statutory auditor)**
for and on behalf of **Crowe U.K. LLP**
Statutory Auditor
55 Ludgate Hill
London
EC4M 7JW
## Date: 18/10/2023
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 10
## **THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2023**
|**Note**
**Income from:**
Donations and legacies
Charitable activities
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net income/(expenditure) before net (losses)/gains**
**on investments**
Net (losses)/gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**640,000**
**230,000**
**79,531**
**949,531**
**28,690**
**627,515**
**656,205**
**293,326**
**(272,799)**
**20,527**
**3,255,157**
**20,527**
**3,275,684**|**Total**
**funds**
**2023**
**£**
**640,000**
**230,000**
**79,531**
**949,531**
**28,690**
**627,515**
**656,205**
**293,326**
**(272,799)**
**20,527**
**3,255,157**
**20,527**
**3,275,684**|_Total_
_funds_
_2022_
_£_
_-_
_70,000_
_84,155_
_154,155_
_48,001_
_672,906_
_720,907_
_(566,752)_
_184,052_
_(382,700)_
_3,637,857_
_(382,700)_
_3,255,157_|
|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 25 form part of these financial statements.
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**THE ROYAL ANNIVERSARY TRUST (Registered charity) REGISTERED NUMBER: 1000000**
## **CONSOLIDATED BALANCE SHEET AS AT 5 APRIL 2023**
|**Fixed assets**
**Note**
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
12
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**84,175**
**475,156**
**559,331**
**(29,873)**|**2023**
**£**
**2,746,226**
**2,746,226**
**529,458**
**3,275,684**
**3,275,684**
**3,275,684**
**-**
**3,275,684**
**3,275,684**|_73,791_
_101,941_
_175,732_
_(108,019)_|_2022_
_£_
_3,187,444_|
|---|---|---|---|---|
|||||_3,187,444_
_67,713_|
|||||_3,255,157_|
|||||_3,255,157_|
|||||_3,255,157_|
|||||_-_
_3,255,157_|
|||||_3,255,157_|
The Trustees acknowledge their responsibilities for complying with the requirements with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Sir Damon Buffini**
Date: 9 October 2023
................................................ **Mrs Heidi Motram CBE**
Date: 11 October 2023
The notes on pages 15 to 25 form part of these financial statements.
Page 12
**THE ROYAL ANNIVERSARY TRUST (Registered charity) REGISTERED NUMBER: 1000000**
## **CHARITY BALANCE SHEET AS AT 5 APRIL 2023**
|**Fixed assets**
**Note**
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
12
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**415,791**
**140,290**
**556,081**
**(26,623)**|**2023**
**£**
**2,746,227**
**2,746,227**
**529,458**
**3,275,685**
**3,275,685**
**3,275,685**
**-**
**3,275,685**
**3,275,685**|_73,791_
_101,941_
_175,732_
_(108,019)_|_2022_
_£_
_3,187,444_|
|---|---|---|---|---|
|||||_3,187,444_
_67,713_|
|||||_3,255,157_|
|||||_3,255,157_|
|||||_3,255,157_|
|||||_-_
_3,255,157_|
|||||_3,255,157_|
The Charity's net movement in funds for the year was £20,527 (2022 - £(382,700)).
The Trustees acknowledge their responsibilities for complying with the requirements with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Sir Damon Buffini**
................................................ **Mrs Heidi Motram CBE**
Date: 11 October 2023
Date: 9 October 2023
The notes on pages 15 to 25 form part of these financial statements.
Page 13
**(Registered charity)**
## **THE ROYAL ANNIVERSARY TRUST**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
14
**Cash flows from investing activities**
Investment income
Cash withdrawn from fixed asset investments
**Net cash provided by investing activities**
**Cash flows from financing 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**|**2023**
**£**
**143,684**
**79,531**
**150,000**
**229,531**
**373,215**
**101,941**
**475,156**|_2022_
_£_
_(551,066)_
_84,155_
_475,000_
**559,155**
**8,089**
_93,852_
_101,941_|
|---|---|---|
The notes on pages 15 to 25 form part of these financial statements
Page 14
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **1. Charity information**
The Royal Anniversary Trust is a registered charity (charity number 1000000). Its registered office is First Floor, Sanctuary Buildings, 20 Great Smith Street, London, SW1P 3BT.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The accounts have been prepared in accordance 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) the Charities Act 2011 and UK Generally Accepted Practice.
The accounts 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Royal Anniversary Trust 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.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
Having assessed the charity’s financial position and plans for the foreseeable future, the trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.
The principal accounting policies adopted in the preparation of the financial statement are set out below.
## **2.2 Basis of consolidation**
These financial statements consolidate the results of the charity and its wholly owned subsidiary, on a line by line basis. All intragroup transactions, balances, income and expenses are eliminated in full on consolidation.
The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. The profit attributable to the charity is disclosed in the charity's balance sheet.
Page 15
**(Registered charity)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **THE ROYAL ANNIVERSARY TRUST**
## **2. Accounting policies (continued)**
## **2.3 Income**
Voluntary income comprises gifts, grants and donations that provide core funding or are general in nature and are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basis. Income from charitable activities comprises contributions received towards the printing costs of additional manuals and brochures purchased from the Trust.
## **2.4 Volunteers and donated services and facilities**
Donated services and gifts in kind to the charity are recognised as incoming resources where the benefit to the charity is reasonably quantifiable and measurable. They are valued at open market value, i.e. what it would have cost the organisation to acquire the same or similar products or services on the open market. An equivalent amount is also included as other expenditure under the appropriate heading in the Statement of Financial Activities. As required by the SORP, the value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Trustees' annual report where appropriate.
## **2.5 Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. VAT is charged against the category of resources expended for which it was incurred. The charity is unable to recover any VAT paid.
Costs of generating funds comprise staff costs and support costs of those staff members involved in fund raising activities.
Charitable activities comprise the costs of delivering the charitable objectives through The Queen’s Anniversary Prizes scheme. It includes directly attributable costs and a proportion of support costs.
Governance costs include those costs in connection with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to strategic management of the charity.
Support costs are allocated based on the estimated staff time spent on each category.
## **2.6 Investments**
Investments are included in the accounts at their market value at the balance sheet date. Any gains and losses on revaluation or disposal are reported in the Statement of Financial Activities.
Realised gains and losses on investment disposals are accounted for in the period the disposal takes place as the difference between the net sale proceeds and the opening market value, or cost if purchased in the year.
Investments in subsidiaries are valued at cost less provision for impairment.
Page 16
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **2. Accounting policies (continued)**
## **2.7 Funds structure**
Under the terms of the Trust Deed, the Trust Fund is an expendable endowment and unless donors intend otherwise, all gifts, grants and donations are automatically accrued to the Trust Fund and are treated as expendable endowment funds. The Trustees are empowered to capitalise unspent income, but when expenditure exceeds income a corresponding amount of capital is converted to income to cover the deficit. For simplicity of presentation in these circumstances, all general purpose income and expenditure is shown in the General Fund Endowment column of the Statement of Financial Activities.
## **2.8 Financial instruments**
The Royal Anniversary Trust 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 amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, current asset investments and accrued income. Financial liabilities held at amortised cost comprise accruals.
Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure.
## **3. Critical accounting estimates and areas of judgment**
In the application of the charity’s accounting policies, which are described in Note 2.1 to Note 2.8, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
Page 17
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **4. Investment income**
|Bank deposit interest
Dividends and investment income|**Unrestricted**
**funds**
**2023**
**£**
**Total**
**funds**
**2023**
**£**
_Total_
_funds_
_2022_
_£_
2,037
**2,037**
_14_
77,494
**77,494**
_84,141_
79,531
**79,531**
_84,155_|
|---|---|
## **5. Expenditure on raising funds**
## **Costs of raising voluntary income**
|Brochures, supplements and other costs
Investments managers fees
Rent and office overheads
Staff costs|**Unrestricted**
**funds**
**2023**
**£**
473
18,387
959
8,871
28,690|**Total**
**funds**
**2023**
**£**
_Total_
_funds_
_2022_
_£_
**473**
_9,131_
**18,387**
_22,870_
**959**
_4,080_
**8,871**
_11,920_
**28,690**
_48,001_|
|---|---|---|
Page 18
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **6. Analysis of expenditure by activities**
|**The**
**Queen's**
**Anniversary**
**Prizes**
**Scheme**
**2023**
**£**
Staff costs
-
Consultancy fees and secretarial support
87,896
Rent & office overheads
-
Assessment costs
3,304
Printing & photography
-
Travel & expenses
692
Website design
68,825
Announcement costs
-
Prize giving ceremony & event costs
101,378
Medal and certificates
-
Entry costs
3,168
Governance costs
-
265,263|**Support**
**costs**
**2023**
**£**
70,965
138,014
7,697
-
36,183
-
-
-
66,594
-
-
42,799
362,252|**Total**
**funds**
**2023**
**£**
**70,965**
**225,910**
**7,697**
**3,304**
**36,183**
**692**
**68,825**
**-**
**167,972**
**-**
**3,168**
**42,799**
**627,515**|_Total_
_funds_
_2022_
_£_
_95,357_
_182,757_
_32,646_
_1,367_
_13,675_
_575_
_97,847_
_31,423_
_104,764_
_70,783_
_-_
_41,712_|
|---|---|---|---|
||||_672,906_|
## **7. Analysis of governance costs**
|Staff costs
Rent and office overheads
Accountancy and professional fees
Auditor's remuneration|**Group**
**2023**
**£**
**8,871**
**959**
**24,969**
**8,000**
**42,799**|_Group_
_2022_
_£_
_11,920_
_4,080_
_18,992_
_6,720_
_41,712_|**Charity**
**2023**
**£**
**8,871**
**959**
**24,969**
**8,000**
**42,799**|_Charity_
_2022_
_£_
_11,920_
_4,080_
_18,992_
_6,720_
_41,712_|
|---|---|---|---|---|
Page 19
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **8. Staff costs**
|Wages and salaries
Social security costs
Pension costs|**Group**
**2023**
**£**
**55,331**
**27,775**
**5,600**
**88,706**|_Group_
_2022_
_£_
_102,862_
_13,267_
_3,068_
_119,197_|**Charity**
**2023**
**£**
**55,331**
**27,775**
**5,600**
**88,706**|_Charity_
_2022_
_£_
_102,862_
_13,267_
_3,068_
_119,197_|
|---|---|---|---|---|
The average number of persons employed by the Charity during the year was as follows:
||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|
||**2023**|_2022_|**2023**|_2022_|
||**£**|_£_|**£**|_£_|
|Employee|**3**|_1_|**3**|_1_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|---|
|||**2023**|_2022_|**2023**|_2022_|
|||**£**|_£_|**£**|_£_|
|In the band £80,001|- £90,000|**1**|_1_|**1**|_1_|
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_
During the year ended 5 April 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
Page 20
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **10. Fixed asset investments**
|**Group**
**Cost or valuation**
At 6 April 2022
Withdrawals
Loss on Valuation
Investment Manager Fees
At 5 April 2023
**Net book value**
At 5 April 2023
_At 5 April 2022_
**Charity**
**Cost or valuation**
At 6 April 2022
Additions
Withdrawls
Loss on Valuation
Investment Manager Fees
At 5 April 2023
**Net book value**
At 5 April 2023
_At 5 April 2022_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**-**
**1**
**-**
**-**
**-**
**1**
**1**
_-_|**Unlisted**
**investments**
**£**
**3,187,444**
**-**
**(150,000)**
**(272,799)**
**(18,419)**
**2,746,226**
**2,746,226**
_3,187,444_|**Unlisted**
**investments**
**£**
3,187,444
**(150,000)**
**(272,799)**
**(18,419)**
**2,746,226**
**2,746,226**
_3,187,444_
**Total**
**£**
**3,187,444**
**1**
**(150,000)**
**(272,799)**
**(18,419)**
**2,746,227**
**2,746,227**
_3,187,444_|
|---|---|---|---|
Page 21
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
Investments are represented at market value:
|UK equity shares
UK bonds
Overseas equity shares
Overseas bonds
Absolute Return bonds
Property
Commodities
Private equity
Other investments
Cash product|**2023**
**£**
**588,298**
**223,275**
**1,297,976**
**164,332**
**100,895**
**74,005**
**34,351**
**62,738**
**95,173**
**105,183**
**2,746,226**|_2022_
_£_
_767,009_
_179,410_
_1,477,915_
_125,041_
_48,199_
_118,222_
_-_
_96,886_
_119,320_
_255,442_|
|---|---|---|
|||_3,187,444_|
## **Principal subsidiaries**
The following was a subsidiary undertaking of the charity:
**Name Company Registered office or principal Principal activity number place of business** Anniversary Trading Limited 14136842 England and Wales Business support service
**Class of Included in shares consolidation** Ordinary Yes
The financial results of the subsidiary for the year were:
|**Name**|**Income**|**Expenditure**|**Net assets**|
|---|---|---|---|
||**£**|**£**|**£**|
|Anniversary Trading Limited|**451,331**|**451,331**|**1**|
Page 22
**(Registered charity)**
## **THE ROYAL ANNIVERSARY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **11. Debtors**
|**Due within one year**
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
**Creditors: Amounts falling due within one year**
Other taxation and social security
Pension fund loan payable
Accruals and deferred income
**Financial instruments**
**Financial assets**
Financial assets at amortised cost
**Financial liabilities**
Financial liabilities at amortised cost||**Group**
**2023**
**£**
**-**
**10,162**
**74,013**
**84,175**
**Group**
**2023**
**£**
**3,861**
**127**
**25,885**
**29,873**
**Group**
**2023**
**£**
**482,329**
**Group**
**2023**
**£**
**25,885**|_Group_
_2022_
_£_
_-_
_-_
_73,791_
_73,791_
_Group_
_2022_
_£_
_6,120_
_-_
_101,899_
_108,019_
_Group_
_2022_
_£_
_175,732_
_Group_
_2022_
_£_
_101,899_|**Charity**
**2023**
**£**
**341,778**
**-**
**74,013**
**415,791**
**Charity**
**2023**
**£**
**3,861**
**127**
**22,635**
**26,623**
**Charity**
**2023**
**£**
**169,530**
**Charity**
**2023**
**£**
**25,885**|_Charity_
_2022_
_£_
_-_
_-_
_73,791_|
|---|---|---|---|---|---|
||||||_73,791_|
||||||_Charity_
_2022_
_£_
_6,120_
_-_
_101,899_
_108,019_
_Charity_
_2022_
_£_
_175,732_
_Charity_
_2022_
_£_
_101,899_|
|||||||
## **12. Creditors: Amounts falling due within one year**
## **13. Financial instruments**
Financial assets at amortised cost, comprising cash and short term deposits, loans receivable, current asset investments and accrued income.
Financial liabilities at amortised cost, comprising of accruals.
Page 23
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **14. Reconciliation of net Income to net cash flow from operating activities**
|Net (expenditure)/income for the year
Investment income
Investment manager expenses
Net losses/(gains) on investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors|**2023**
**£**
**20,527**
**(79,531)**
**18,419**
**272,799**
**(10,383)**
**(78,147)**
**143,684**|_2022_
_£_
_(382,700)_
_(84,155)_
_22,704_
_(184,052)_
_(3,910)_
_81,047_
_(551,066)_|
|---|---|---|
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds - all funds
**Statement of funds - prior year**
**Unrestricted funds**
General Funds - all funds|**Balance at 6**
**April 2022**
**£**
**3,255,157**
_Balance at_
_6 April 2021_
_£_
_3,637,857_|**Income**
**£**
**949,531**
_Income_
_£_
_154,155_|**Expenditure**
**£**
**(656,205)**
_Expenditure_
_£_
_(720,907)_|**Gains/**
**(Losses)**
**£**
**(272,799)**
_Gains/_
_(Losses)_
_£_
_184,052_|**Balance at 5**
**April 2023**
**£**
**3,275,684**
_Balance at_
_5 April 2022_
_£_
_3,255,157_|
|---|---|---|---|---|---|
Page 24
**THE ROYAL ANNIVERSARY TRUST (Registered charity)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **16. Related party transactions**
The Trustees do not receive any remuneration. During the year no trustees (2022: no trustees) claimed travel expenses (2022: £nil).
There were no additional costs borne by the Trust for Trustee meetings (2022: £nil).
During the year ended 5 April 2023 the charity received £319,711 (2022: £nil) by way of donations and gifts in kind from the charity's subsidiary Anniversary Trading Limited. At the year end £341,779 was due from Anniversary Trading Limited (2022: £nil).
## **17. Comparative Statement of Financial Activities**
|**Unrestricted**
**funds**
**2022**
**£**
**Income from:**
Donations and legacies
**-**
Charitable activities
**70,000**
Investments
**84,155**
**Total Income**
**154,155**|**Total**
**funds**
**2022**
**£**
Total
funds
2021
£
**-**
5,406
**70,000**
-
**84,155**
96,586|
|---|---|
||**154,155**
101,992|
|**Expenditure on:**
Raising funds
**48,001**
Charitable activities
**672,906**|**48,001**
46,714
**672,906**
302,563|
|**Total expenditure**
**720,907**
**Net income/ (expenditure) before net**
**(566,752)**
**gains on investments**
Net gains on investments
**184,052**|**720,907**
349,277|
||**(566,752)**
(247,285)
**184,052**
948,905|
|**Net movement in funds**
**(382,700)**
**Reconciliation of funds:**
Total funds brought forward
**3,637,857**
Net movement in funds
**(382,700)**|**(382,700)**
701,620|
||**3,637,857**
2,936,237
**(382,700)**
701,620|
|**Total funds carried forward**
**3,255,157**|**3,255,157**
3,637,857|
Page 25