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2021-04-05-accounts

Charity Registration No. 1026551

THE OLIVER FORD WILL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

5 APRIL 2021

THE OLIVER FORD WILL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Settlor: Oliver Ford Governing Instrument: Will dated 20 February 1988 Trustees: Lady Alison Wakeham Martin Philip Levy Matthew Derek Pintus Charity Address: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT Charity Registration Number: 1026551 Solicitors: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT (Partner : N J S Harries) Bankers: The Royal Bank of Scotland Plc 62 - 63 Threadneedle Street London EC2R 8LA Auditors: Humphrey & Co Audit Services Limited Chartered Accountants and Statutory Auditors 7 - 9 The Avenue Eastbourne East Sussex BN21 3YA Investment Advisers: Smith & Williamson Investment Management Limited 25 Moorgate London EC2R 6AY

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THE OLIVER FORD WILL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 April 2021

The Trustees present their Report and Accounts for the year ended 5 April 2021.

The Accounts have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and " 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) ".

Objectives and Activities for the Public Benefit

Originally the primary object of the Charity, for which the Trustees can apply both income and capital of the fund, was the furtherance of the education of the general public and the advancement of knowledge of the history and techniques of interior decoration, the design of fabrics and other decorative materials and landscape gardening, with particular reference to the work of Oliver Ford. Other organisations which the Trustees may support with fund income are the Anthroposophical Society of Great Britain, the Camphill Village Trust, the Ravenswood Foundation or any other Village or Home for the mentally handicapped which is not state subsidised.

By Order of the Charity Commissioners dated 9 September 2005, certain modifications were made to the primary object, which from that date replaced the wording "with particular reference to the work of Oliver Ford" with "including (without prejudice to the generality of the foregoing) with reference to the work of Oliver Ford".

The Order also extended the range of organisations which the Trustees may support. From 9 September 2005 these cover "the charitable purposes of The Anthroposophical Society in Great Britain (registered charity no. 220480), The Camphill Village Trust Limited (no. 232402) and Norwood Ravenswood (no. 1059050) or any other charity providing housing, educational or training facilities for children, young persons or adults who have learning disabilities or learning difficulties". The Order also provides that support can come from capital as well as from income.

The Trust carries out these objects by the maintenance of investments to provide both income and capital growth which are in turn applied to the issue of grants within the following areas:

Oliver Ford scholarships for students attending the Victoria and Albert Museum;

Assistance to students of the Royal Horticultural Society;

Assistance to students of the Furniture History Society; and

Providing grants to projects undertaken by those charities providing housing, educational or training facilities for people with learning difficulties such that those charities may enhance and develop existing facilities or initiate new projects that fall within the objects of the Oliver Ford Will Trust.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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THE OLIVER FORD WILL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 April 2021

Achievements and Performance

The Trustees continued their policy of making donations to various registered charities involved with education of the general public and a total of £200,433.14 (£158,105.83 in 2020) was provided during the year.

By Deed of Grant dated 10 July 2017, the trustees also committed to paying to the Victoria & Albert Museum a Grant in five annual instalments of £50,000 to support a Curatorial Fellowship within the Furniture, Textiles and Fashion Department.

The Victoria & Albert Museum requested that the payment due in 2020 was deferred until 2021 and the funding commitment extended to six years. The amortised cost method has been adjusted in the 5 April 2020 accounts.

Details of the donations are shown in Note 10 to the Accounts.

The level of donations issued by the Trustees during the year, when aggregated with donations of earlier years, means that the trustees have issued substantially the whole of their net income of the last nine year period to 5 April 2021 by way of charitable donations, in line with their target on a year on year basis.

Financial Review

At the year end the total Fund was valued at £2,847,726.80 against £2,415,832.30 in 2020.

The Trust's income consists of investment income which is distributed to various charitable organisations at the Trustees' discretion.

It is the aim of the Trustees to maintain a balance between investments for capital growth and income generation and to maintain readily accessible cash funds sufficient to fund anticipated charitable donations over the coming year.

In addition, the investment managers hold an element of the portfolio in liquid form such that advantage can be taken of investment opportunities that are in keeping with investment policy, as they arise.

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Investment performance is monitored regularly by the trustees including via presentations by the investment managers to twice yearly trustee meetings.

The trustees have considered the effects of COVID-19 on the trust going forward, the only effect is reduced income available for the trustees to distribute. The trustees consider the trust will be able to continue to meet its obligations for the foreseeable future.

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THE OLIVER FORD WILL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 April 2021

The Trustees consider that the spread of risk within the investment portfolio is well placed to weather the current financial uncertainties.

Operational risk is considered to be the extent to which the grants to the Victoria and Albert Museum, Furniture History Society and the Royal Horticultural Society together with donations to charities providing facilities to those with learning difficulties advance the objects of the Trust. The Trustees manage this risk by detailed review of the applications for funding together with monitoring of the students and projects to which grants are awarded, aided by regular reports from the organisations concerned.

The Trustees continue to aim, year on year, to distribute all available income after expenses to charitable organisations. As well as offering one-off donations, the trustees intend to direct a proportion of their income specifically towards training of students sponsored by charitable organisations falling within the trust's objects. In addition, the trustees resolved at their meeting on 8 June 2015 to spend up to £50,000 each year from capital funds to supplement donations including student training costs. The latter allocation has resulted in increased annual donations relative to the previous levels.

At the trustees meeting on 29 May 2019, it was recognised that in order to make meaningful grants which made a material impact, it would be appropriate to increase the annual capital spend to £100,000 in total. Whilst the trustees would not be obliged to spend the full amount, it should be factored in to the summary of assets and available income.

Structure, Governance and Management

The Oliver Ford Trust was established under the terms of the Will dated 20 February 1988 of Oliver Ford, who died on 17 October 1992. Whilst commonly known as The Oliver Ford Will Trust, the charity is also known as The Oliver Ford Foundation, and it is under this name that it is registered with the Charity Commissioners under number 1026551.

An Order of the Charity Commissioners dated 9 September 2005 also allows the Trustees to amend the trusts, subject to certain conditions, from time to time, if they are satisfied that it is expedient in the interests of the charity to do so.

The Trustees who served during the year were: Lady Alison Wakeham Martin Philip Levy Matthew Derek Pintus

Under the terms of the Trust Deed the power of appointing new Trustees is vested in the surviving or continuing Trustees. Trustees are selected having regard to both their general experience, and their knowledge and experience of the objects of the trust, and any personal knowledge of the existing trustees. Professional advice is available to new trustees from the trustees' solicitors for training purposes regarding the duties of a trustee.

All Trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises.

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28th January 2022
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THE OLIVER FORD WILL TRUST

Independent Auditor's Report to the Trustees of The Oliver Ford Will Trust

Opinion

We have audited the financial statements of The Oliver Ford Will Trust (the 'charity') for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, 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 charity's affairs as at 5 April 2021 and of its incoming resources and application of resources for the year then ended;

have been properly prepared in accordance with UK 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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'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 trust’s ability to continue as a going concern for a period of at least 12 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.

Other information

The trustees are responsible for other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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THE OLIVER FORD WILL TRUST

Independent Auditor's Report to the Trustees of The Oliver Ford Will Trust

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

In light of the 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 the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or

sufficient accounting records have not been kept, or

the financial statements are not in agreement with the accounting records; or

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, 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 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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THE OLIVER FORD WILL TRUST

Independent Auditor's Report to the Trustees of The Oliver Ford Will Trust

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

As part of our audit we obtained an understanding of the trust and its internal controls. The trust’s operations are of a straightforward nature and the risk of material misstatement is considered to be low. We did not place any reliance on internal controls but instead carried out substantive testing on a sample of transactions and balances. We therefore consider it likely that the audit would have identified any material misstatements.

A further description of our responsibilities is available on the Financial reporting Council’s website at: http:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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 (FRS102)" in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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.

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THE OLIVER FORD WILL TRUST

Independent Auditor's Report to the Trustees of The Oliver Ford Will Trust

28th January 2022 Humphrey & Co Audit Services Ltd ……………………………………… Chartered Accountants Statutory Auditor 7 - 9 The Avenue Eastbourne East Sussex BN21 3YA

Humphrey & Co Audit Services Ltd 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.

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THE OLIVER FORD WILL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT Year Ended 5 April 2021

Note
Income and Expenditure
Income from:
Investments
2
Expenditure on:
Raising funds
Investment Management Fees
Legal Entity Identifier Registration Fee
Charitable activities
Donations
10
Funding commitments
11
Other expenditure
Legal Fees
Audit Fees
3
Macfarlanes Accountancy Fees
Total resources expended
Net gains (losses) on investments
6
Net movement in funds
Fund balances at 6 April 2020
Fund balances at 5 April 2021
All funds are unrestricted		 2021
65,336.34
65,336.34
11,718.67
78.00
200,433.14
4,242.92
22,000.00
3,900.00
3,000.00
245,372.73
£611,930.89
431,894.50
2,415,832.30
£2,847,726.80		 2020
72,448.62
72,448.62
12,007.25
78.00
158,105.83
16,000.00
3,780.00
2,000.00
191,971.08
(£439,687.20)
(559,209.66)
2,975,041.96
£2,415,832.30

10

28th January 2022

Signed on behalf of the Board by:

THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

1 Accounting Policies

Charity Information

The Oliver Ford Trust was established under the terms of the Will dated 20 February 1988 of Oliver Ford, who died on 17 October 1992. Whilst commonly known as The Oliver Ford Will Trust, the charity is also known as The Oliver Ford Foundation, and it is under this name that it is registered with the Charity Commissioners under number 1026551.

1.1 Accounting Convention

These Accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The Charity is a Public Benefit Entity as defined by FRS 102.

To ensure that the accounts show a true and fair view, the trustees have not complied fully with the Charities (Accounts and Reports) Regulations 2008 as these refer specifically to the previous 2005 SORP and have not been updated to reflect the changes in legislation to the FRS102 SORP.

The Accounts are prepared in sterling, which is the functional currency of the charity.

The Accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going Concern

At the time of approving the Accounts, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the Accounts.

1.3 Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Incoming Resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

The Charity is a registered Charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

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THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

1.5 Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred.

Costs of generating funds comprise the Investment Managers' costs associated with the management of the investment portfolio in accordance with the strategy set by the Trustees.

Charitable expenditure in the form of donations payable is accounted for as and when approved by the Trustees and when due for payment.

Other costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and legal costs linked to strategic management of the Charity.

1.6 Fixed Asset Investments

Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings. Gains and losses on investment assets are credited, or debited, to the Statement of Financial Activities in the year in which they arise.

1.7 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial Instruments

The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

13

THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from supplier. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

1.9 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

2 Income from Investments
Income received - U K Equities
Income received - Unit Trusts
Fixed interest Securities
Income from Overseas Securities
Property Income Distribution
Interest on Cash Deposits
3 Auditor's Remuneration
Fees payable to the Charity's auditor and associates:
Audit of the Charity's accounts
The analysis of auditor's remuneration is as follows:		 2021
35,009.01
15,172.36
100.71
9,731.31
5,154.00
168.95
£65,336.34
2021
£
3,900.00
£3,900.00		 2020
46,666.73
10,211.91
463.85
10,908.06
1,994.80
2,203.27
£72,448.62
2020
£
3,780.00
£3,780.00

4 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2020:nil)

5 Employees

There were no employees during the year.

6 Net Gains/(losses) on Investments

Revaluation of Investments
Gain/loss on Sale of Investments		 2021
£
597,957.34
13,973.55
£611,930.89		 2020
£
(443,042.43)
3,355.23
(£439,687.20)

15

THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

7 Fixed Asset Investments

Listed Investments
Listed Investments included above:
U K Equities and Unit Trusts
Fixed Interest Securities
Overseas Securities
Fixed Asset Investments Revalued		 2021
£
2,744,889.65		 2020
£
2,132,965.00
2021
£
2,027,371.72
143,995.58
573,522.35		 2020
£
1,613,568.00
198,096.00
321,301.00
2,744,889.65 2,132,965.00

Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings.

The historical cost of the fixed asset investments is £1,562,437.32 (2020 - £1,537,948.54).

Movements in Fixed Asset Investments

At 5 April 2020
Additions
Valuation Changes
Disposals
At 5 April 2021
Carrying
Amount
At 5 April 2021
At 5 April 2020
Cost or Valuation		 2021
£
2,132,965.00
144,465.21
611,930.89
(144,471.45)		 2020
£
2,266,557.00
451,439.31
(439,687.20)
(145,344.11)
£2,744,889.65 £2,132,965.00
£2,744,889.65 £2,132,965.00
£2,132,965.00 £2,266,557.00

16

THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

8 Financial Instruments
Carrying Amount of Financial Assets
Debt instruments measured at amortised cost
Equity instruments measured at cost less impairment
Carrying Amount of Financial Liabilities
Financial Liabilities : breakdown
Amounts falling due within one year:
Donations payable: Royal Horticultural Society
Accounts preparation
Audit fees
Investment Management Fees
Legal Fees
Funding commitments
Funding commitments due after one year
9
Debtors
Dividend income due at 5 April 2021
Cash at bank and in hand
Macfarlanes LLP
Smith & Williamson Investment Management Limited
Current Assets		 2021
£
942.20
2,744,889.65
130,675.30
10,000.00
3,000.00
3,900.00
3,101.81
15,000.00
47,129.80
£82,131.61
48,543.69
£130,675.30
2021
£
942.20
66,945.09
165,625.16
£233,512.45		 2020
£
2,132,965.00
149,650.44
2,000.00
3,780.00
2,439.87
45,757.09
£53,976.96
95,673.48
£149,650.44
2020
£
65,720.19
366,797.55
£432,517.74

17

THE OLIVER FORD WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2021

10 Charitable Donations Made By The Trust

Grants to Students:-
Furniture History Society
Royal Horticultural Society
Autism Bedfordshire
Enham
Exeter Gateway Centre
Fitzroy Support
Hft
Leeds Mencap
Liveability
MacIntyre
Martha's Trust
Mount Camphill Community
Norfolk & Norwich Scope Association (Nansa)
Norman Laud Association
Norwood Ravenswood
Oak Tree Farm Rural Project
Priors Court Foundation
Rainbow Living
Royal Mencap Society
Scotts Project Trust
Special Needs Enterprises (Norfolk) Ltd
Stable Family Home Trust
Stanley Grange Community Association
The Fifth Trust
The Rossendale Trust Ltd		 2021
2020
£
£
2,433.14
10,000.00
10,000.00
10,000.00
15,000.00
10,000.00
15,000.00
15,000.00
5,150.00
3,000.00
15,000.00
4,140.00
15,000.00
20,000.00
50,000.00
6,000.00
15,000.00
462.98
15,000.00
15,000.00
9,750.00
15,000.00
25,000.00
7,852.85
15,000.00
10,000.00
4,750.00
15,000.00
5,000.00
£200,433.14
£158,105.83

11 Funding Commitment

By Deed of Grant dated 10 July 2017 the charity entered into a funding commitment to provide a donation to the Victoria & Albert Museum of £50,000 per annum over a five year period. There are no performance related conditions attached to the commitment.

The commitment has been calculated by the amortised cost method using an average return of investment rate calculated at 3% per annum.

The Victoria & Albert Museum requested that the payment due in 2020 was deferred until 2021 and the funding commitment extended to six years. The amortised cost method was adjusted in the 5 April 2020 accounts.

At the year end the commitment due within one year was calculated as £47,129.80 and is shown in current liabilities. The commitment due after one year is £48,543.69 and is included within long term liabilities.

12 Related Party transactions

There were no disclosable related party transactions during the year (2020:none)

18

THE OLIVER FORD WILL TRUST

Appendix

1) Income from Investments

Holding Date Gross Tax Overseas Net
Tax
UK EQUITIES - DIVIDENDS
Aviva Plc Ord 25p
Shares 10,000 24/09/20 600.00 600.00
21/01/21 700.00 700.00
BHP Billiton Plc
Ord US$0.50
Shares 3,000 22/09/20 1,263.25 1,263.25
23/03/21 2,189.62 2,189.62
BP Plc Ord
US$0.25 Shares 7,000 19/06/20 583.95 583.95
25/09/20 283.03 283.03
18/12/20 274.18 274.18
26/03/21 263.79 263.79
Diageo Plc Ord 28
101/108p Shares 2,500 09/04/20 685.25 685.25
08/10/20 1,061.75 1,061.75
GlaxoSmithKline
Plc Ord 25p
Shares 3,000 09/04/20 690.00 690.00
09/07/20 570.00 570.00
08/10/20 570.00 570.00
14/01/21 570.00 570.00

THE OLIVER FORD WILL TRUST

Holding Date Gross Tax Overseas Net
Tax
Johnson Matthey
Plc Ord 110 49/53p
Shares 1,351 04/08/20 420.50 420.50
04/02/21 270.20 270.20
Legal & General
Group Plc Ord 2.5p
Shares 14,500 04/06/20 1,832.80 1,832.80
24/09/20 714.85 714.85
M & G Plc Ord
0.05p Shares 4,650 28/05/20 179.03 179.03
29/05/20 554.28 554.28
30/09/20 279.00 279.00
National Grid Plc
Ord 12 204/473p
Shares 4,876 19/08/20 1,560.32 1,560.32
13/01/21 828.92 828.92
Persimmon Plc
Ord 10p Shares 1,500 14/09/20 600.00 600.00
14/12/20 1,050.00 1,050.00
26/03/21 1,875.00 1,875.00
Phoenix Group
Holdings Plc Ord
10p Shares 6,000 04/09/20 1,404.00 1,404.00
Prudential Plc Ord
5p Shares 4,650 15/05/20 969.06 969.06
28/09/20 193.91 193.91

THE OLIVER FORD WILL TRUST

Holding
Date
Reckitt Benckiser
Plc Ord 10 10/19p
Shares
1,150
28/05/20
29/09/20
Rio Tinto Plc Ord
10p Shares
1,220
16/04/20
17/09/20
Royal Dutch Shell
Plc Class B Ord
Euro 0.07 Shares
3,400
22/06/20
21/09/20
16/12/20
29/03/21
Sage Group Plc
Ord 1 4/77p
Shares
7,604
12/06/20
11/02/21
Supermarket
Income REIT Plc
Ord 0.01 Shares
50,000
07/08/20
Unilever Plc Ord 3
1/9p Shares
1,800
04/06/20
09/09/20
20/11/20
17/03/21
Vodafone Group
Plc Ord
US$0.2095238
Shares
4,533
07/08/20
05/02/21		 Gross
Tax
Overseas
Net
Tax
1,168.40
1,168.40
839.50
839.50
2,165.13
2,165.13
1,460.83
1,460.83
431.12
431.12
411.06
411.06
424.32
424.32
406.64
406.64
450.92
450.92
860.77
860.77
321.00
321.00
650.52
650.52
665.64
665.64
674.28
674.28
676.80
676.80
184.93
184.93
180.46
180.46
£35,009.01
£35,009.01
THE OLIVER FORD WILL TRUST
Holding Date Gross Tax Overseas Net
Tax
UNIT TRUSTS - DIVIDENDS
Aberdeen
Diversified Income
& Growth Trust Plc
Ord 25p Shares 40,000 10/07/20 544.00 544.00
16/10/20 544.00 544.00
22/01/21 544.00 544.00
31/03/21 552.00 552.00
BlackRock
Continental
European Income
Fund D 25,600 30/04/20 153.25 153.25
31/07/20 602.62 602.62
30/10/20 226.56 226.56
29/01/21 204.94 204.94
City of London
Investment Trust
Plc Ord 25p
Shares 9,000 26/05/20 427.50 427.50
28/08/20 427.50 427.50
30/11/20 427.50 427.50
26/02/21 427.50 427.50
First Sentier
Investments Asia
Pacific Leaders
Class B NAV
Shares 14,000 30/09/20 729.65 729.65
31/03/21 67.73 67.73
Foreign & Colonial
Investment Trust
Plc Ord 25p
Shares 12,500 13/05/20 362.50 362.50
03/08/20 362.50 362.50
02/11/20 362.50 362.50
01/02/21 362.50 362.50
JPMorgan Asset
Management UK
Ltd US Equity
Income Fund
Income C NAV
Shares 34,000 30/04/20 731.00 731.00
31/07/20 690.20 690.20
30/10/20 683.40 683.40
29/01/21 622.20 622.20

THE OLIVER FORD WILL TRUST

Holding
Date
Morgan Stanley
Investment Funds
Global Brands I Inc
NAV
3,400
29/05/20
30/11/20
UNIT TRUSTS INTEREST RECEIVED
Blackrock Fund
Managers Ltd
Corporate Bond S
Inc
45,000
30/04/20
31/07/20
30/10/20
29/01/21
M & G Investment
Fund (3) Corporate
Bond Fund Class I
GBP Income
Shares
90,000
29/05/20
28/08/20
30/11/20
26/02/21
Rathbone Ethical
Bond Institutional
Inc
50,000
29/05/20
28/08/20
30/11/20
26/02/21
FIXED INTEREST
Treasury 0.125%
Index-Linked Stock
22/03/29
£65,000
22/09/20
22/03/21		 Gross
Tax
Overseas
Net
Tax
311.89
311.89
676.45
676.45
£11,043.89
£11,043.89
305.65
305.65
322.95
322.95
293.69
293.69
284.01
284.01
302.04
302.04
298.08
298.08
259.92
259.92
257.13
257.13
435.00
435.00
450.00
450.00
470.00
470.00
450.00
450.00
£4,128.47
£4,128.47
50.26
50.26
50.45
50.45
£100.71
£100.71

THE OLIVER FORD WILL TRUST

Holding
Date
OVERSEAS DIVIDENDS
Bank of America
Corporation
USD0.01 Shares
1,700
26/06/20
25/09/20
24/12/20
26/03/21
CG Portfolio Fund
Ltd (Cym) Portfolio
Fund NAV Shares
1
30/11/20
Commonwealth
Bank Of Australia
NPV Shares
1,150
30/09/20
30/03/21
Guinness Global
Equity Income
Fund Z Income
Shares
2,500
31/07/20
29/01/21
Microsoft
Corporation
USD0.00000625
360
11/06/20
10/09/20
10/12/20
11/03/21
S & W Investment
Funds Mid Ocean
World Investment
C USD Dis
219.54
30/06/20
11/08/20
Sequoia Economic
Infrastructure
Income Fund
Limited Class C
Shares
50,000
22/05/20
28/08/20
27/11/20
05/03/21		 Gross
Tax
Overseas
Net
Tax
244.89
36.73
208.16
238.58
35.79
202.79
224.72
33.71
191.01
219.59
32.94
186.65
303.40
303.40
619.60
619.60
942.20
942.20
687.75
687.75
722.75
722.75
143.88
21.58
122.30
142.19
21.33
120.86
151.32
22.70
128.62
142.99
21.45
121.54
2.31
2.31
186.07
186.07
781.25
781.25
781.25
781.25
781.25
781.25
781.25
781.25
£8,097.24
£226.23
£7,871.01
THE OLIVER FORD WILL TRUST
Holding
Date
OVERSEAS INTEREST
Ishares USD
Corporate Bond
9,000
30/09/20
23/12/20
24/03/21
Nestle Finance
International
Limited 2.25%
Bites 30/11/23
£40,000
30/11/20
Westpac Banking
Corporation 5%
Bonds 21/10/19
GBP
£50,000
PROPERTY INCOME DISTRIBUTION
Supermarket
Income REIT Plc
Ord 0.01 Shares
50,000
22/05/20
07/08/20
16/10/20
26/02/21
Warehouse REIT
Plc Ord 0.01p
Shares
40,800
03/07/20
02/10/20
31/12/20
01/04/21
INTEREST ON CASH DEPOSITS
Macfarlanes LLP
Smith & Williamson		 Gross
Tax
Overseas
Net
Tax
320.40
320.40
323.10
323.10
316.80
316.80
900.00
900.00
£1,860.30
£1,860.30
730.00
730.00
409.00
409.00
732.50
732.50
732.50
732.50
652.80
652.80
632.40
632.40
632.40
632.40
632.40
632.40
£5,154.00
£5,154.00
28.37
28.37
140.58
140.58
£168.95
£168.95

THE OLIVER FORD WILL TRUST

2) Investments held at 5 April 2020 Investments held at 5 April 2021
Cost or
Market 2020 Market Unrealised
Holding Cost Value Holding Cost Adjusted Value gain/(loss)
Value
U K Equities and
Unit Trusts
Aberdeen
Diversified
Income & Growth
Trust Plc Ord 25p
Shares 40,000 50,301.00 34,960.00 40,000 50,301.00 34,960.00 38,080.00 3,120.00
Allianz
Technology Trust
Plc Ord 25p
Shares 5,000 7,279.84 80,100.00 4,000 5,823.87 64,080.00 110,600.00 46,520.00
Artemis Fund
Managers Global
Income I 50,000 35,464.00 35,660.00
Aviva Plc Ord 25p
Shares 10,000 39,378.36 23,360.00 10,000 39,378.36 23,360.00 40,910.00 17,550.00
BP Plc Ord
US$0.25 Shares 7,000 42,348.52 23,611.00 7,000 42,348.52 23,611.00 20,286.00 (3,325.00)
CG Portfolio Fund
Ltd (Cym)
Portfolio Fund
NAV 1 18,752.64 32,420.00 1 18,752.64 32,420.00 36,304.44 3,884.44
City of London
Investment Trust
Plc Ord 25p
Shares 9,000 34,173.69 27,540.00 9,000 34,173.69 27,540.00 34,065.00 6,525.00
Compass Group
Plc Ord 11.05p
Shares 4,400 25,982.77 48,400.00 4,400 25,982.77 48,400.00 65,780.00 17,380.00
Diageo Plc Ord
28 101/108p
Shares 2,500 17,980.15 61,450.00 2,500 17,980.15 61,450.00 75,175.00 13,725.00
Findlay Park
Funds FP
American Smaller
Companies USD 1,338.54 29,084.41 123,468.00 1,338.54 29,084.41 123,468.00 161,508.43 38,040.43
First Sentier
Investments Asia
Pacific Leaders
Class B NAV 14,000 35,918.02 93,419.00 14,000 36,715.40 94,216.38 134,773.80 40,557.42
Foreign &
Colonial
Investment Trust
Plc Ord 25p
Shares 12,500 17,304.79 68,250.00 12,500 17,304.79 68,250.00 99,750.00 31,500.00
GlaxoSmith-Kline
Plc Ord 25p
Shares 3,000 21,281.25 44,682.00 3,000 21,281.25 44,682.00 38,328.00 (6,354.00)

THE OLIVER FORD WILL TRUST

2) Investments held at 5 April 2020 Investments held at 5 April 2021
Cost or
Market 2020 Market Unrealised
Holding Cost Value Holding Cost Adjusted Value gain/(loss)
Value
HSBC Holdings
Plc Ord US$0.50
Shares 4,250 26,144.94 16,881.00
Intercontinental
Hotels Group Plc
20 340/399p 909 24,016.95 25,825.00 909 24,016.95 25,825.00 45,849.96 20,024.96
Johnson Matthey
Plc Ord 110
49/53p Shares 1,351 27,699.79 22,744.00 1,351 27,699.79 22,744.00 40,719.14 17,975.14
JPMorgan AM UK
Ltd US Equity
Income Fund
Income C NAV
Shares 34,000 50,442.90 95,064.00 34,000 50,442.90 95,064.00 126,990.00 31,926.00
Legal & General
Group Plc Ord
2.5p Shares 14,500 40,356.11 23,157.00 14,500 40,356.11 23,157.00 41,107.50 17,950.50
M & G Investment
Fund (3)
Corporate Bond
Fund Class I GBP
Income Shares 90,000 29,497.67 35,118.00 90,000 29,497.67 35,118.00 37,665.00 2,547.00
M & G Plc Ord
0.05p Shares 4,650 5,569.00 5,087.00 4,650 5,569.00 5,087.00 9,737.10 4,650.10
Morgan Stanley
Investment Funds
Global Brands I
Inc NAV 3,400 35,920.87 91,823.00 3,400 35,920.87 91,823.00 109,570.44 17,747.44
National Grid Plc
Ord 12 204/473p
Shares 4,876 36,722.95 41,046.00 4,876 36,722.95 41,046.00 42,104.26 1,058.26
Persimmon Plc
Ord 10p Shares 1,500 46,221.08 24,338.00 1,500 46,221.08 24,338.00 45,360.00 21,022.00
Phoenix Group
Holdings Plc Ord
10p Shares 6,000 37,904.97 37,904.97 42,768.00 4,863.03
Prudential Plc
Ord 5p Shares 4,650 34,891.16 42,789.00 4,650 34,891.16 42,789.00 72,144.75 29,355.75
Rathbone Ethical
Bond Institutional
Inc 50,000 49,561.97 47,620.00 50,000 49,561.97 47,620.00 51,495.00 3,875.00
Reckitt Benckiser
Plc Ord 10p
Shares 1,150 7,469.30 71,898.00 1,150 7,469.30 71,898.00 74,715.50 2,817.50
Rio Tinto Plc Ord
10p Shares 1,220 11,632.19 45,884.00 1,220 11,632.19 45,884.00 66,856.00 20,972.00

THE OLIVER FORD WILL TRUST

2)
Royal Dutch Shell
Plc Class B Ord
Euro 0.07 Shares
Sage Group Plc 1
4/77p Shares
Sequoia
Economic
Infrastructure
Income Fund
Limited Class C
Shares
Smith (DS) Ord
10p Shares
Supermarket
Income REIT Plc
Ord 0.01 Shares
Unilever Plc Ord
3 1/9p Shares
Vodafone Group
Plc Ord
US$0.2095238
Shares
Warehouse REIT
Plc Ord 0.01p
Shares
Fixed Interest
Securities
Nestle Finance
International Ltd
2.25% 30/11/23
Treasury 0.125%
Index-Linked
Stock 22/03/29
TOTAL
Overseas
Securities
Bank of America
Corporation
USD0.01 Shares
BHP Billiton Plc
Ord US$0.50
Shares
BlackRock
Continental
European Income
Fund D		 Investments held at 5 April 2021
Investments held at 5 April 2020
Cost or
Market
2020
Market
Unrealised
Holding
Cost
Value
Holding
Cost
Adjusted
Value
gain/(loss)
Value

3,400
33,004.26
48,226.00
3,400
33,004.26
48,226.00
45,403.60
(2,822.40)

7,604
23,450.06
42,446.00
7,604
23,450.06
42,446.00
47,525.00
5,079.00
50,000
53,946.49
47,500.00
50,000
53,946.49
47,500.00
52,000.00
4,500.00
8,272
27,360.12
21,069.00
8,272
27,360.12
21,069.00
34,212.99
13,143.99
50,000
52,563.50
54,375.00
50,000
52,563.50
54,375.00
54,500.00
125.00
1,800
23,637.66
72,666.00
1,800
23,637.66
72,666.00
72,396.00
(270.00)
4,533
15,247.84
5,033.00
4,533
15,247.84
5,033.00
6,058.81
1,025.81
40,800
43,856.37
35,659.00
40,800
43,856.37
35,659.00
52,632.00
16,973.00
£1,074,462.62
£1,613,568.00
£1,050,100.06
£1,583,709.35
£2,027,371.72
£443,662.37
£40,000
40,494.26
40,814.00
£40,000
40,494.26
40,814.00
42,292.68
1,478.68
£100,000
142,923.78
157,282.00
£65,000
92,900.46
102,233.30
101,702.90
(530.40)
£183,418.04
£198,096.00
£133,394.72
£143,047.30
143,995.58
£948.28
1,700
41,288.23
27,810.00
1,700
41,288.23
27,810.00
48,649.14
20,839.14
3,000
53,096.07
37,236.00
3,000
53,096.07
37,236.00
62,040.00
24,804.00

25,600
39,729.23
33,792.00
25,600
39,729.23
33,792.00
44,620.80
10,828.80

THE OLIVER FORD WILL TRUST

2) Investments held at 5 April 2020 Investments held at 5 April 2021
Cost or
Market 2020 Market Unrealised
Holding Cost Value Holding Cost Adjusted Value gain/(loss)
Value
Blackrock Fund
Managers Ltd
Corporate Bond S
Inc 45,000 51,691.74 48,555.00 45,000 51,691.74 48,555.00 52,785.00 4,230.00
Commonwealth
Bank Of Aus Ord
A$2 1,150 6,968.19 33,901.00 1,150 6,968.19 33,901.00 54,566.57 20,665.57
Disney (Walt) Co
Ltd Common
US$0.01 Shares 350 39,892.78 26,836.00 350 39,892.78 26,836.00 47,436.00 20,600.00
Guinness Global
Equity Income
Fund Z Income
Shares 2,500 47,624.54 47,624.54 56,013.00 8,388.46
Ishares USD
Corporate Bond 9,000 51,247.81 51,247.81 48,069.00 (3,178.81)
Microsoft
Corporation
USD0.00000625 360 40,513.44 45,229.00 360 40,513.44 45,229.00 64,461.38 19,232.38
S & W Investment
Funds Mid Ocean
World Investment
C USD 219.54 6,890.51 67,944.31 94,881.46 26,937.15
S & W Investment
Funds Mid Ocean
World Investment
A USD 220 6,888.20 67,942.00
£280,067.88 £321,301.00 £378,942.54 £420,175.66 £573,522.35 £153,346.69
Total Portfolio £1,537,948.54 £2,132,965.00 £1,562,437.32 £2,146,932.31 £2,744,889.65 £597,957.34

THE OLIVER FORD WILL TRUST

Acquisitions
Holding
Date
First Sentier
Investments
Asia Pacific
Leaders Class B
NAV
30/09/20
31/03/21
Guinness Global
Equity Income
Fund Z Income
Shares
2,500
07/05/20
Ishares USD
Corporate Bond
9,000
12/08/20
Phoenix Group
Holdings Plc
Ord 10p Shares
6,000
29/05/20
S & W
Investment
Funds Mid
Ocean World
Investment C
USD
219.54
06/04/20
30/06/20		 Cost
Event
729.65
Accumulation
67.73
Accumulation
47,624.54
Purchase
51,247.81
Purchase
37,904.97
Purchase
6,888.20
Conversion
2.31
Accumulation
£144,465.21

THE OLIVER FORD WILL TRUST

Disposals

Disposals
Realised
Holding Date Market Proceeds Profit/ Loss Event
Value
Allianz
Technology
Trust Plc Ord
25p Shares 1,000 15/03/21 16,020.00 27,829.01 11,809.01 Sale
Artemis Fund
Managers
Global Income I 50,000 01/05/20 35,660.00 38,249.12 2,589.12 Sale
HSBC Holdings
Plc Ord
US$0.50 Shares 4,250 29/05/20 16,881.00 15,804.46 (1,076.54) Sale
S & W
Investment
Funds Mid
Ocean World
Investment A
USD 220 06/04/20 6,888.20 6,888.20 From
Conversion
Treasury
0.125% Index-
Linked Stock 35,000 12/08/20 55,048.70 55,700.66 651.96 Sale
£130,497.90 £144,471.45 £13,973.55