CHARITABLE INVESTMENT FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDING 30TH SEPTEMBER 2022
James Harman Pulborough West Sussex RH20 2HS
The Worshipful Company of Chartered Surveyors Charitable Investment Fund
INDEX
| CONTENTS | PAGE |
|---|---|
| Trustees Report | 1-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-13 |
The Worshipful Company of Chartered Surveyors Charitable Investment Fund The Managing Trustees Report for the year ending 30th September 2022
REFERENCE AND ADMINSTATIVE DETAILS
1 Charity Registration Number 1012227
- 2 The Managing Trustees who served during the
G A Allison A Belcher J Bryer H Bullock S A Camamile A Clack Lady J E Davies A D Flower J Gillett A Gowman A Heywood W A Hill S Jenkin
3 Registered and Charity Office:
4 Other relevant organisations are:5 Investment Managers: 6 Bankers:
Page 1
The Worshipful Company of Chartered Surveyors Charitable Investment Fund The Managing Trustees Report for the year ending 30th September 2022
e year were
D W Jinks A P Joyce M F W Larard S Leonard K W Morgan N Parlett C J Peacock D A G Reynolds C W Roberts H M Soning R N Watts J Woodman J R O Young
75 Meadway Drive, Horsell, Woking, Surrey GU21 4TF
Cazenove Investment Management Ltd
Reliance Bank Limited
Faith House, 23-24 Lovat Lane, London EC3R 8EB
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the Year ending 30 September 2022
STRUCTURE, GOVERNANCE & MANAGEMENT
Format of the Accounts
The Financial Statement have been prepared in accordance with accounting policies set out on page 9 and comply with the provisions of the Trust Deed and the Charities Act 2011 and the accounting and reporting by charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Ireland.
GOVERNANCE AND MANAGEMENT
The Managing Trustees are the Master and Wardens and Members of the Court of the Worshipful Company of Chartered Surveyors. Anyone who is appointed or resigns as a member of the Court is automatically appointed or resigns as a Trustee of the Fund.
The Managing Trustees meet four times a year and day-to-day administration is the responsibility of the Chief Executive Officer and Clerk. The Company is authorised to appoint new Trustees to fill in vacancies arising though resignation or death of an existing Trustee.
On appointment, new Trustees have received information on their role as a Trustee and on the Charity and are encouraged to visit and take part in various aspects of the Charity's work to gain a fuller understanding of the issues involved.
Constitution and Objects
The Company of Chartered Surveyors 1997 Charitable Trust Fund was constituted by a Trust Deed dated 31st December 1977 and the Company of Chartered Surveyors 1992 Charitable Trust was constituted by a Trust Deed dated 31st December 1992. These two Funds were pooled under a scheme dated 4th September 2003 to form the Company of Chartered Surveyors Charitable Investment Fund.
The main charitable objects are:
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To continue to raise by donations in excess of £50,000 per annum and to pay out to charities at least this sum during the year.
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2 For the benefit of such exclusively charitable objects and purposes as the Trustees in their discretion see fit.
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a) For the relief of poverty, advancement of education, awarding prizes in connection with examinations and the establishment and maintenance of
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b) libraries and other facilities for members of the profession or any other recognised profession.
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the Year ending 30 September 2022
Funds
Expendable Endowment and Restricted Income Fund
The capital of the L E Sutton Fund has been invested to provide income for the award of up to £4,500 annually to enable a Surveyor or university graduate to undertake a research project on a subject of current interest which will help foster a better understanding of the built environment.
The income and capital of the Sydney Smith Fund is for the assistance of students in the surveying profession in need of financial assistance. Any unspent income is treated as part of the capital of the fund. The capital of the fund is expendable at the discretion of the Trustees.
The income and capital of the Bursary Fund is for the assistance of pupils in four adopted schools going on to further education.
Unrestricted Funds
These funds are expendable at the discretion of the Trustees in the furtherance of the objects of the charity and include funds received from the Guy Bigwood Award on 30th September 2009 following approval from the Charity Commission.
Risk Management
The Trustees have undertaken a risk review to identify risks to which the charity is exposed, in particular, those related to the operations and finances of the Charity and the Trustees are satisfied that adequate systems are in place to mitigate the Charity's exposure to those risks. The nature of the risks and associated systems and procedures will be regularly reviewed.
OBJECTIVES AND ACTIVITIES Grants Policy
The Managing Trustees determine the general policy of the Fund. The Managing Trustees consider applications from those meeting the objects as set out above.
Public Benefit
The objects of the Fund are as stated above. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's General Guidance on Public Benefit when reviewing the Fund's aims and objectives and in planning future activities and setting the grant making policy for the year.
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the Year ending 30 September 2022
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the year ending 30th September 2022 (continued)
FINANCIAL REVIEW, ACHIEVEMENTS AND PERFORMANCE
The Trustees consider that the Charitable Fund's affairs are satisfactory at the year end. Net funds decreased during the year to £1,631,846. The charity received income of £260,440 (2021: £172,112) primarily from donations and investment income. The Fund continued to support various charities and educational establishments with grants, donations and fundraising events of £245,779 (2021: £163,960 Fundraising costs were £8,740 (2021: NIL). The market value of investments decreased during the year from £1,783,471 to £1,519,766.
In the Trustees' opinion investment income will remain the same or even increase in the current year. Furthermore, there are no plans to sell investments and the Trustees consider the fund will be able to fulfill its aims and objectives in the current year and for the foreseeable future.
Going concern
The Covid 19 Pandemic is still affecting attendances at functions held by the Worshipful Company of Chartered Surveyors and which generates income for the Charity.
The war in Ukraine is also suppressing the value of the investment portfolio. However due to the contin support of our donors and the Trustees reserves policy as outlined below and after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to contin in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Reserves Policy
The Trust holds and accumulates capital funds for its purposes, in the context of its objectives as the principal instrument of the charitable giving of the Worshipful Company of Chartered Surveyors, which in common with the Livery movement generally, acts as a custodian and grantor of charitable funds over decades and in many cases, over centuries. In common with this over - arching policy, the Trust approach seeks to grow and sustain giving in the long term.
It is the policy of the Charitable Board to distribute a minimum of 50% of donations and income from fundraising events but to retain sufficient reserves so that investment income from these reserves of £69,191 (2021: £69,819) cover the cost of administering the fund, £42,844 (2021: £41,124).
Having analysed the Fund's responsibilities and ongoing commitments, the Trustees are satisfied that the Fund retains proper reserves to cover expected outlay over the next three years, taking into account expected income and distributions and that the level of reserves is appropriate.
The level of reserves as at 30th September 2022 was £1,631,846 and includes unrestricted free reserve of £1,048,000 and restricted reserves of £583,846.
ANNUAL RETURN INFORMATION
Charitable Accounts Prepared for 2021/2022
| Start Date 1st October 2021 | End Date 30th September 2022 |
|---|---|
| Gross Income | £260,440 |
| Gross Expenditure | £288,623 |
| Value of Grants Made: | |
| Grants to Institutions | £237,039 |
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the year ending 30th September 2022 (continued)
ORGANISATION
The Board of Managing Trustees administers the Charity in accordance with the Trust Deed. Investment Powers The Managing Trustees are empowered within the Trust Deed to invest the funds of the Charity. STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' report and the financial statements in accord applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accou The law applicable to Charities in England & Wales requires the Trustees to prepare financial stateme financial period which give a true and fair view of the state of affairs of the Charity and of its incoming application of resources, including its income and expenditure, for that period. In preparing those fina statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (FRS 102) make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any mate disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and Charity's transactions and disclose with reasonable accuracy at any time the financial position of the C enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (A Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguar of the Charity and hence for taking reasonable steps for the prevention and detection of fraud of and o irregularities. PLANS FOR FUTURE PERIODS The Charity envisages continuing with the relief of poverty for members of the profession, advanceme and awarding bursaries and prizes consistent with maintaining its reserves policy. RELATED PARTIES The Charity was set up by the Worshipful Company of Chartered Surveyors and the present Trustees a of a Court of that Company.
Current Economic Climate - Covid-19
We confirm that we are aware of our responsbility as trustees to consider, as far as possible with the in currently available to us, the full impact of the COVID-19 pandemic and its effect on the global econom all aspects of the charity's financial and narrative reporting.
The financial statements reflect the conditions which existed at the reporting date, to the extent that t COVD-19 was known, together with its impact on the global economic climate.
APPROVAL
We certify that the information given in these financial statements is correct to the best of our knowled Approved by the Trustees and signed on their behalf by
D.W.Jinks Chairman of the Charitable Board
Date:
Page 5
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the year ending 30th September 2022 (continued)
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Managing Trustees Report for the year ending 30th September 2022 (continued)
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Independent Examiner's Report for the year ending 30th September 2022
Report to the Trustees of: The Worshipful Company of Chartered Surveyors Charitable Investment Fund Charity No: 1012227
Accounts for the Year ended 30th September 2022 set out on page 7-13
Respective Responsibilities of Trustees and Examiner
The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consi is not required for this year (under section 144(2) of the Charities Act 2011 (the Act), and that an indepe is needed
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act,
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to follow the procedures laid down in the General Directions given by the Charity Commissioners section 145 (5)(b) of the 2011 Act), and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
My examination was carried out in accordance with General Directions given by the Charity Co examination includes a review of the accounting records kept by the Charity and a comparison of the acc with those records. It also includes consideration of any unusual items or disclosures in the accounts, an explanations from the Trustees concerning any such matters. The procedures undertaken do not provid that would be required in an audit, and consequently. No opinion is given as to whether the accounts pr fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act: and
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to prepare accounts which accord with the accounting records and comply with the applic requirements concerning the form and content of accounts set out in the Charities (Accou Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and which is not a matter considered as part of an independent s examination, have not been
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of th be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Tru matters I am required to state to them in an Independent examiner's report and for no other purpose. T extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and th Trustees as a body, for my work or for this report
Signed Date Name Mrs J Crouch Relevant Professional Qualification or Body
Address
Institute of Chartered Accountants in England and Wales Island View, 9B Hurst Road Milford on Sea, Lymington Hants SO14 0PY
Page 6
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Independent Examiner's Report for the year ending 30th September 2022
ider that an audit endent examination
(under
ommissioners. An counts presented nd seeking de all the evidence resent a ‘true and
cable unts and fair’ view met; or he accounts to
s (Accounts ustees those To the fullest he Charity's
Page 6
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Statement of Financial Activities 12 months to 30th September 2022
| Notes Incoming resources Champions Donations and similar income Fundraising events 7 Investment income Total incoming resources Resources expended Charitable expenditure: Grants and donations 8 Cost of Fundraising events 9 Management & administration 10 Total resources expended Net incoming/(outgoing) resources Realised gains on investments Unrealised gains/(losses) on investments Net movement in funds Funds balances brought forward Fund balances carried forward |
Total £ £ £ £ £ 78,983 8,269 19,223 11,525 118,000 18,150 1,900 4,417 2,648 27,115 30,880 3,233 7,515 4,506 46,134 46,314 4,848 11,271 6,758 69,191 1977 Charitable Trust 1992 Charitable Trust Bursary Fund Guy Bigwood Fund |
|---|---|
| 174,327 18,250 23,203 25,437 260,440 |
|
| 158,663 16,610 38,614 23,152 237,039 5,850 612 1,424 854 8,740 28,678 3,002 6,979 4,185 42,844 |
|
| 193,191 20,224 47,017 28,191 288,623 |
|
| (19,015) (1,990) (4,627) (2,776) (28,183) 15,655 1,639 3,810 2,284 23,388 (100,459) (10,517) (24,449) (14,659) (150,084) |
|
| (103,819) (10,868) (25,266) (15,151) (154,879) 1,195,949 125,200 291,063 174,513 1,786,725 |
|
| 1,092,130 114,332 265,797 159,362 1,631,846 |
The Notes on Page 9 to 13 form part of the Accounts
Page 7
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Statement of Financial Activities 12 months to 30th September 2022
Year ended 30/09/20 £ 60,000 29,114 13,179 69,819 172,112
163,960 0 41,124 205,084
(32,972) 6,204 161,992
135,224 1,651,501 1,786,725
Page 7
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Year Ending 30th September 2022
Balance Sheet
| Notes FIXED ASSETS Investments at market value 2a CURRENT ASSETS Debtors 3 Cash at bank 4 Cash investment managers 4 CREDITORS: Amounts falling due within one year 5 NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY 6 1977 Charitable Trust Unrestricted Fund General and Accumulated Fund Expendable Endowment Fund Mr S Smith 1992 Charitable Trust Restricted Income Fund Mrs L E Sutton Expendable Endowment Fund Mrs L E Sutton Bursary Fund Guy Bigwood Award TOTAL FUNDS |
30 September 2021 £ £ 1,783,741 0 16,750 32,759 49,509 (46,525) 2,984 1,786,725 1,147,466 48,483 21,450 103,750 291,063 174,513 1,786,725 |
30 September 2021 £ £ 1,783,741 0 16,750 32,759 49,509 (46,525) 2,984 1,786,725 1,147,466 48,483 21,450 103,750 291,063 174,513 1,786,725 |
|---|---|---|
| 49,509 (46,525) |
||
| 1,786,725 | ||
| 1,147,466 48,483 21,450 103,750 291,063 174,513 |
||
| 1,786,725 |
Approved by the Trustees and Signed on their behalf by:
Master - J. R. Bryer
S.A. Camamile
Page 8
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Year Ending 30th September 2022
The Notes on Pages 9 to 13 form part of the Accounts
Page 8
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Year Ending 30th September 2022
30 September 2022 £ £ 1,519,766 68,000 64,934 25 132,959 (20,879)
112,080 1,631,846
1,048,000 44,281 19,591 94,757 265,833 159,384 1,631,846
Page 8
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Year Ending 30th September 2022 Page 8
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Notes to the Financial Statements
For the year ending 30th September 2022
1 ACCOUNTING POLICIES
a) Basis of Preparation of financial statements
The financial statements have been prepared in accordance with Charities SORP (FRS 102) - Ac Charities: Statement of Recommended Practice applicable to the charities preparing their accou Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) (effective 1 Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) and the Ch
The financial statements have been prepared to give a ‘true and fair’ view and have departed fro and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting a Statement of Recommended Practice effective from 1 April 2005 which has since been withdraw
The Worshipful Company of Chartered Surveyors Charitable Investment Fund meets the definiti entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transact stated in the relevant accounting policy.
b)
Cashflow Statement
The Charity has taken advantage of the exemption in Financial Reporting Standard No.1 from th a cashflow statement on the grounds that it qualifies as a small charity.
c) Incoming Resources
All incoming resources are included on the Statement of Financial Activities when the charity is income and the amount can be quantified with reasonable accuracy.
d) Resources Expended
Expenditure is accounted for on an accruals basis and has been classified under headings that a to the category. Where costs cannot be directly attributed to particular headings they have been a basis consistent with the use of resources.
e) Investments
Investments are stated in the balance sheet at market value. The differences between market v the investments are shown as unrealised investment gains or losses and transferred to the incom account. The difference between the balance sheet value and the proceeds of investments dispo gain/loss in the statement of financial activites.
Investments also include cash held for re-investment purposes.
f)
Going Concern
The Trustees consider that there are no material uncertainties about the Charity's ability to con any significant areas of uncertainty that affect the carrying value of assets held by the Charity.
g) Taxation
The Charity is registered with the Charity Commission and therefore no income or capital taxes its activities. Value added tax is incurred on certain categories of expenditure and is not recove
h) Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of Restricted funds can only be used for particular restricted purposes within the objects of the cha when specified by the donor or when funds are raised for particular restricted purposes.
Page 9
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Notes to the Financial Statements
For the year ending 30th September 2022
legally entitled to the
are payable on any part of rable.
the Trustees.
Page 9
The Worshipful Company of Chartered Surveyors Charitable Investment Fund Notes to the Financial Statements (Continued) For the year ending 30th September 2022
| 2a FIXED ASSET INVESTMENTS Market value brought forward Disposal Proceeds Unrealised Gains/(Losses) Disposal Gains Market value carried forward Historical cost 2b FIXED ASSET INVESTMENTS ARE REPRESENTED BY: Lloyds Bank ordinary shares Cazenove Charity Multi-Asset Fund The Lloyds Bank shares are part of the Bursary Fund Assets, the balance 3 DEBTORS Bursaries Paid In Advance 4 CASH AT BANK Reliance Bank Cash with investment managers: Cazenove Capital Management |
2021 # £ # 1,648,893 (33,348) 161,992 6,204 1,783,741 1,418,928 1,383 1,782,358 1,783,741 of the fund being invested. 2021 # £# 0 0 2021 # £# 16,750 32,759 |
|---|---|
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Notes to the Financial Statements (Continued) For the year ending 30th September 2022
2022 £ 1,783,741 (137,279) (150,084) 23,388 1,519,766 1,306,038 1,230 1,518,536 1,519,766 2022 £ 68,000 68,000 2022 £ 64,934 25
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The Worshipful Company of Chartered Surveyrs Charitable Investment Fund Notes to the Financial Statements (continued) for the year ending 30th September 2022
| 2022 | |
|---|---|
| 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amount due to Company Other Creditors 6 STATEMENT OF FUNDS |
2021 £ 41,217 5,308 |
| 46,525 | |
| 6 STATEMENT OF FUNDS | |
|---|---|
| 1977 Charitable Trust Unrestricted Fund General and Accumulated Fund Expendable Endowment Fund Mr S Smith 1992 Charitable Trust Restricted Income Fund Mrs L E Sutton Expendable Endowment Fund Mrs L E Sutton Bursary Fund Guy Bigwood Award |
9/30/2021 Income Expenditure £ £ £ £ 1,147,466 167,260 (185,359) (81,367) 48,483 7,067 (7,832) (3,437) 21,450 3,127 (3,465) (1,521) 103,750 15,123 (16,759) (7,357) 291,063 42,426 (47,017) (20,639) 174,513 25,437 (28,191) (12,375) Investment Losses |
| 1,786,725 260,440 (288,623) (126,696) |
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The Worshipful Company of Chartered Surveyrs Charitable Investment Fund Notes to the Financial Statements (continued) for the year ending 30th September 2022
2022 £ 18,879 2,000 20,879 9/30/2022 £ 1,048,000 44,281 19,591 94,757 265,833 159,384 1,631,846
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Notes to the Financial Statements (continued) for the year ending 30th September 2022
| 7 FUNDRAISING EVENTS - Income City Giving Day PMA Charity Walk 8 GRANTS AND DONATIONS Career Diversity Building People (Third Payment) Education Chartered Surveyor's Bursaries (Note 5B) Pathways 2 Property CISL Scholorships Schools Education Initiative Guildhall School of Music & Drama Awards Archbishop Tenison School Bursaries (Note 5C) Central School for Ballet Awards Sydney Smith Foundation Awards School Hardship Fund SISL (IDBE) Master's Scholarship L.E. Sutton Fund Awards Royal Agriculture Uni - Chisholm Birmingham City Uni - Sadare St Saviours and St Olaves City Lord Mayor's Appeal Sherif's & Recorder's Fund Other Sea Cadets - Minibus Jailed and Bailed Master's Purse - Clink Charity Sherifs' Challenge Service Afiliates Total |
2021 £ 0 13,179 0 13,179 50,000 50,000 0 26,000 10,000 16,860 6,000 10,000 19,050 8,400 0 0 0 0 8,750 5,000 0 110,060 1,500 0 |
2022 £ 205 37,881 8,048 |
|---|---|---|
| 46,134 | ||
| 0 | ||
| 0 | ||
| 110,000 14,000 0 11,840 6,000 0 50,400 16,800 0 0 20,000 0 0 979 2,000 |
||
| 232,019 | ||
| 2,000 0 |
||
| 1,500 | 2,000 | |
| 0 0 0 0 2400 |
0 0 1,000 120 1,900 |
|
| 2,400 | 3,020 | |
| 163,960 | 237,039 |
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The Worshipful Company of Chartered Surveyors Charitable Investment Fund Notes to the Financial Statements (continued) for the year ended 30th September 2022
9 FUNDRAISING COSTS AND DONATIONS Spring Dinner PMA Champions Video
| 2021 | 2022 | |
|---|---|---|
| £ | £ | |
| 0 | 3,240 | |
| 0 | 5,500 | |
| 0 | 8,740 |
| 10 MANAGEMENT COSTS Administration costs and education initiative expenses Accountancy & administration Trustee indemnity insurance Investment Management Fees Clerks Salary Bank Charges Marketing Printing and Postage Independent Examiner's Fee |
2021 £ 13,350 13,550 1,355 4,176 8,062 33 598 0 0 41,124 |
2022 £ 11,500 16,886 1,542 4,181 8,072 87 0 66 510 |
|---|---|---|
| 42,844 |
11 TRUSTEES' EXPENSES
No trustee received any remuneration or reimbursement of expenses from the charity during the year (2021: Nil). During the year the charity paid £1542 (2021: £1,355) in relation to Trustee Liability Insurance
12 RELATED PARTY TRANSACTIONS
During the year the Trustees made donations to the Charity amounting to £3,480 (2021: £3,480) The Worshipful Company of Chartered Surveyors, the Charity's associated Livery Company, received donations totalling £15,271 (2021: £32,369) which were paid over to the Charity. The Company also paid donations totalling £12,933 (2021: £42,066) on behalf of the Charity which were reimbursed.
The Worshipful Company of Chartered Surveyors have provided the services of their Clerk to act as secretary to the trustees and the Charity reimbursed the Company £8,000 (2021: £8,000) as a proportion of her remuneration. The Company reimbursed the Charity for the cost of Educational Initiative expenses totalling £3,500 (2021: £5,350)
At the Year End £19,104 (2021: £40,317) was owed to the Company and is included in creditors
13 POST BALANCE SHEET EVENTS
There have been no events since the balance sheet date which require adjustment to or additional disclosure in these financial statements.
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