Charlty Registration No. 1026551 THE OLIVER FORD WILL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE OLIVER FORD WILL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Settlor.. Oliver Ford Governing Instrument.. Will dated 20 February 1988 Deed ol Amendment dated 9 May 2023 Trustees: Lady Alison Vvakeham Martin Philip Lewy Matthew Derek Pinlus Charity Address.. Macfarlanes LLP 20 Cursilor Street London EC4A 1LT Charity RegSstration Numb8r: 1026551 Solicitors: Macfarlanes LLP 20 Cursiloi Street London EC4A 1LT (Partner .' N J S Harries) Banker5: The Royal Bank of Scotland PIC 62 - 63 Threadneedle Street London EC2R 8LA Independent Examiner: Emily Smith ACA Humphrey & Co Chartered Accounlanls 7- 9 The Avenue Easlbourne East Sussex BN213YA Investment Advisers: Evelyn Partners 45 Gresham Street London EC2V 78G
THE OLIVER FORD WILL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED S April 2023 The Trustees present their Report and Accounts for the year ended 5 April 2023. The Accounts have been prepared in acwrdance with the accounting policies sel out in Note 1 to the Accounts and comply with the Charills Trust Deed, the Charities Act 2011 and ' Accounting and Reporting by Charities Slalement of Recommended Practice applicable lo charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 2019) ' Objectlves and Actlvltles for the Public Benefit Originally the primary object of the Charily, 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 advancomenl of knowledge of the history and techniques of interior decoration, the design of fabrics and other decorative materials and landscape gardening. wilh particular reference lo the work ol Oliver Ford. Other organisalions whi¢h the Trustees may support with fund income are the Anlhroposophical Society in Great Britain, the Camphill Village Trust, the Ravenswood Foundation or any olhei Village or Home foi the menlally handicapped which is not stale subsidised. By Order of the Charity Commissloners dated 9 September 2005. certain modifications were made lo the primary object, which from that dale replaced the wording 'Wilh particular reference lo the work of Oliver Ford" with 'including Iwilhout 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 Anlhropo8ophi¢al Society in Great Britain Iregislered charity no. 2204801. The Camphill Village Trust Limited Iregislered charity no. 2324021 and Norwood Ravenswood Iregislered charity no. 10590501 or any other charity provKling housing. educalional or training facilities for Children, young persons or adults who have learning disabilities or learning difficulties" The Order also provvjes that support can come from capital as well as from income. The Trust carries out these objects by the maintenance of investments lo provide l)olh income and capilal 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 lo students of the Royal Horticultural Society., Assistance to students of the Furniture History Sociely., and Providing grants to projects undertaken by those ¢harilies 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 obje¢ts of the Oliver Ford Will Trust. The Iru51ees confirm that they have referred lo the guidance contained in the Charity Commission general guidance on public benefit when reviewing the Trust's aims and obje¢lives and in planning future actThiities and setting the donation5 policy for the year.
THE OLIVER FORD WILL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 April 2023 Achievements and Performance The Trustees continued their poliw of making donations lo various registered chaiilies involved with edu¢alion of the general public and a total of £170,857 {£139,095 in 20221 was provided during the year. By Deed of Grant dated 10 July 2017, the trustees also commilled lo paying to the Victoria & Albert Museum a Grant in live annual inslalmenls of £50,000 lo 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 lo SIX years. The amortised cost method was adjusted in the 5 April 2020 accounts. Al the year end, the funding commitment was fuilled. 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 Iruslees have issued subslanlially the whole of their nel income of the last nine year period lo 5 Apri12023 by way of charitable donations, in line with their target on a year on year basis. Financial Review Al the year end the lolal Fund was valued al £2,682.102.04 against £2,957,502.41 in 2022. The Trust's income consis15 of investment income which is distributed lo various ¢harilable organisalions al the Trustees, discrelK)n. 11 is the aim of the Trustees to maintain a balance bebNeen investments for capital growth and income generation and lo maintain readily accessible cash funds sufficient to fund anlicipaled charitable donatioris over the coming year. The Charity's reserves are primarily investments which are held to generate income and capital growth, which provide funds lo make grants in accordance with the Charity's objectives. Free cash reserves total £117,368.78 al the year end and the Iruslees consider that the level of reserves is a ppropriale to meet Current aclivilies. Further reserves can be mel with the liquidation of a proportion of investments if required. In addition, the investment managers hold an element of the portfolio in liquid fomi 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 lo which the ¢harily is exposed and are satisfied that systems are in place lo miligale exposure lo the major risks.
THE OLIVER FORD WILL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 April 2023 Investment performance is monitored regularly by the trustees including via presentations by the investment managers lo tWe yearly Iruslee meetings. The Trustees consider that the spread of risk within the investment portfolio is well placed lo weather the current financial uncertainties. Operational risk is considered to be the exlenl to which the grants lo the Victoria and Albert Museum, Furniture History SO¢tY and the Royal Horticultural Society together with donations to charities providing facilities lo those with learning difficulties advance the objects of the Trust. The Trustees manage this risk by detailed ieview of the applications for funding together with monitoring of the students and proiecls lo which grants are awarded, aided by regular reports from the organisalions ¢on¢erned. The Trustees continue lo aim, year on year, lo dislribule all available income after expenses lo charitable organisalions. As well as offering one-off donations, the trustees intend lo direct a proportion of their income specifically towards Ifaining of students sponsored by charitable organisalions falling within the Irusl's objecis. In addition, the trustees resolved al their meèting on 8 June 2015 to spend up lo £50,000 each year from capital funds lo suppl&menl donations including sludenl training costs. The latter allocation has resulted in increased annual donations relative lo the previous levels. Al the Iruslees meeting on 29 May 2019, il was recognised that in order to make meaningful grants which made a material impact, il would be appropriate lo increase the annual capital spend 10 £100,000 in lolal. Whilst the trustees would not be obliged lo spend the full amount, il should be factored in to the summary of 88sels and available income. Structure, Governance and Management The Oliver Ford Trust was oslablished 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 il is under this name that il is registered with the Charity Commissioners under number 1026551. The terms of the Trust were amended by Deed ofAmendmenl dated 9 May2023. An Order of the Charity CommissKJners dated 9 September 2005 also alk)ws the Trusteès lo amend the trLJsI, subject lo certain conditions, from time lo time, if they are satisfied that il is expedient in the interests of the charity lo do so. The Trustees who served during the year were.. Lady Alison Wakeham Martin Philip Levy Matthew Derek Pinlus
THE OLIVER FORD WILL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 April 2023 Under the terms of the Trust Deed the power of appointing new Trustees is vested in the survmng or continuing Trustees. Trijslees are selected having regard lo both their general experience. and their knowledge and experience of the objects of the Irusl, and any person81 knowledge of the existing Iruslees. Profe8sional advice is available to new trustees from the Iruslees. SO1ltOrS for Iiaining purposes regarding the duties of a Iruslee. All Trustees give of their time freely and no Iruslee received any remuneration, benefits or expenses from the Charity during the year. Trustees are required lo disclose all relevant interests and lo withdraw from decisions where a conflict of interest arises. Evelyn Partners formerly Smith & INilliamson Investment Management Limited are the Trust's investment adviser whose br1 is lo advise and manage an investment portfolio on a discretionary basis. Investments held al 5 April 2023 were acquired in accordance with the poweis of the Trustees. The investment strategy is sel by the Trustees and in doing so the Trustees have regard lo the income requirements, the risk profile and their investment manager's view of market prospects in the medium term.
THE OLIVER FORD WILL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED S April 2023 Statement of Trustees. Responslbillties The Trustees ale responsible for preparing the Trustees. Report and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountancy Practice). The Law applicable to charities in England and Wales requires the Trustees lo prepare Accounts for each linan¢ial year which give a true and fair view of the slate of affairs of the Charrty and of tho incoming resources and application of resources of the Charity for that year. In preparing these Accounts, the Trustees are required lo'.- select suitable aOUntIng policies and apply them consislenlly.. observe the methods and prin¢iples in the Charities SORP., make judgements and eslimates that a reasonable and prudent., state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the Accounts., prepare the Accoun18 on the going concern basis unless it is inappropriate lo presume that the Charity will contsnue in operation. The Trustees are responsible for keeping sufficient accounting records which disclose with reasonable accuracy al any lime the linancial position of the Charity and lo enable them lo ensure that the Accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other iriegularilies. The Trustees, Report was approved by the Board of Trustees. Approved by the Trustees and signed on their behalf by: Dated .2023
THE OLIVER FORD WILL TRUST Independent Examlner's Report to tho Trustees of The Oliver Ford Will Trust I report lo the trustees on my examination of the accounts of The Olwer Ford Will Trust (the Trust) for the year ended 5 April 2023 which are sel out on pages 8 10 16. Responsibilities and basis of report As the charity trustees of the Trust you are reswnsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. l ieport in respect of my examination of the Trustees, accounts cairied out under section 145 of the 2011 Act alld in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Indopendont Examinerfs Statement I have completed my examination. I confirm that no material mallers have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. 1.} accounting records were not kept in respect of the Trust as required by section 130 of the Act.. or 2.} the accounts do not accord wilh those records.. or 3.1 the accounts do not ¢omply with the applicable requirements concerning the IOTM and conlenl of ac¢ounls set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view. which is nol a maller considered as part of an independent examination. I have no concerns and have come across no olhei matters in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be Teache£l. Emily Smith ACA Humphrey & Co Chartered Accounlanls 7-9 The Avenue Easlbourne East Sussex BN213YA 14 December Date............-.........................................2023
THE OLIVER FORD WILL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT Year Ended S April 2023 Note 2023 2022 Income and Expandituro Income from: Investments Dividend in Specie - Woodside Energy Adjuslmenl lo book cost BHP (from 20151 79.766.19 9.051.73 1.848.00 90.665.92 79,934.08 79,934.08 Expenditure on: Raisin funds Investment Management Fees Legal Enlily Idenlilier Registration Fee 11.751.97 78.00 12,769.63 78.00 Charitable activities Donations Funding commitments 10 11 170,857.00 1,456.31 139,095.00 2.870.20 Other ex endilure Legal Fees Independènt Examination Audit Fees Maclarlanes Accountancy Fees Total resources expended 18,018.18 3,000.00 18,ODO.00 4.080.00 3.000.00 3,000.00 208,161.46 179.892.83 Nel gains (losses) on investments £157,904.83 £209.734.36 Net movement In funds (275,400.37) 109.775.61 Fund balances al 6 April 2022 2,957,502.41 2,847,726.80 Fund balances at 5 April 2023 £2,682,102.04 £2,957.502.41 All funds are unrestricted
THE OLIVER FORD WILL TRUST BALANCE SHEET at 5 April 2023 2023 2022 Notes Flxed Assets Investments 2,564.733.26 2.673,691.26 2,564,733.26 2,873,691.26 Current Asset5 Cash al bank and in hand 136,634.61 136,634.61 351,414.17 351,414.17 Current Llabilities Creditors.. amounts falling due within one year { 19,26S.831 167.603.021 Net current a55ets 117,368.78 283,811.15 Total assets less current liabllltles £2,682,102.04 £2,957.502.41 Unrestricted funds 2,682,102.04 2,957.502.41 £2.682,102.04 £2,957.502.41 The accounts were approved by the Trustee8 on .l....Kl CK k¢LL Lady Alison Wakeham te Martin Philip Trust99 evy Mallhew Der Pinlus Trustee
THE OUVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 Aprll 2023 1 Accountlng Policles 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 Fold Will Trust. the charity is also known as The Olwer Ford Foundation, and il is under this name that il 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 IFRS 102.1. "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 il applies from 1 January 2019. The Charity is a Public Benefit Enlily as defined by FRS 102. To ensure that the accounts show a true and fair view, the Iruslees have not Cornplied fully with the Charities IA¢counls and Reports) Regulations 2008 as these refei Specifical lo the previous 2005 SORP and have not been updated lo reflect the changes in legislation lo the FRS102 SORP. The Accounts are prepared in sterling. which is the functional currency of the ¢harily. The Accounts have been prepared under the historical cost convention, The principal accounting policies adopted are set out below. 1.2 Golng Concem Al the lime of approving the Ac¢ounls, the trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees continue lo adopt the going concern basis of accounting in preparing the Account8. 1.3 Charitable Funds Unreslri¢led funds are available for use at the discretion of the Iruslees 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 enlilled lo il after any performance Conditions have been mel. the amounts can be measured reliably, and il is probable that income will be received. The Charity is a registered Charity and therefore is not liable for in¢ome18x or ¢orporalion lax on income derived from ils charitable aclivilies, as il falls within the various exemptions available lo registered charities.
THE OLIVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2023 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 portfolw) in accordance with the strategy set by the Trustees. Charitable expenditure in the form of donations payable is accotsnled for as and when approved by the TTuslees and when due for payment. Other costs include those costs associated with meeting the conslilulional and slalulory requirements of the Charity and include the audit fees and legal costs linked lo strategic management of the Charity. 1.6 Fixed Asset Investments Investments are included on the Balance Sheet al their market value al the end of the financial period. Listed investments are slated al the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unil trust holdings. Gains and losses on investment assets are credited, or debited. to the Slalemenl 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 al call with banks, other short- term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Flnanclal Instruments The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are re¢ognised in the Charity's balance sheet when the Charity becomes party lo the conlraclual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial stalemenls, when there is a legally enforceable right lo sel off the re¢ognised amounts and there 18 an intention lo sellle on a net basis or lo realise the asset and settle the liability simultaneously.
THE OLIVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S Aprll 2023 Basic Financial Assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al IransaclK)n price including transactn costs and are subsequently carried 8t amortised cost using the effective interest method unless the arrangement constilules a financing Iransaclion, where the Iiansaclion is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic Flnanclal Llabllltles Basic financial liabilities, including creditors and bank loans are inilialty recognised al IiansaclK)n price unless the arrangement conslilules a financing Iransaclion, where the debl instrument is measured al the present value of the future receipts discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Dèbt instruments are subsequently carried al amorbsed cost. using the effective interest rale method. Trade creditors are obligations lo 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 kss. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognftlon of Flnanclal Liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.9 Critical accounting estimates and Sudgements In the application of the charity's accounting policies. the Trustees are required lo make judgernenls. eslimales and assumptions about the carrying amount of ass8ls and liabilities that are not readily apparent from other sour. The estimates and associated assumptions are based on historical experience and other factors that are considered lo 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 whiGh the estimate is revised where the revisiDn affects only that period, or in the period of the revision and future periods where the revision affects both current and futur8 periods. In the year ended 5 April 2023 the Trustees ¢onsitJer that there were no critical accounting eslimales or judgements arising that require disclosure. 12
THE OLIVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 Aprll 2023 2 Income from Investments 2023 2022 Income received- U K Equities Income received- Unit Trusts Fixed interest Securities Income from Overseas Securities Property Income Distribution Interest on Cash Deposits 38,882.99 15,281.17 182.72 19,453 89 5,279.15 686.27 46,444,05 14.086.30 106.56 14,257,57 5.039.60 £79,766 19 £79,934.08 3 Independent Examlner's Remuneratlon The analysis is as follows.. 2023 2022 Independent Examination Audit Fees 3,000.00 4.080.00 £3,000.00 £4,080.00 4 Trustees None of the trustees lor any persons connected wlh them} received any remuneration, benefts or expenses from the Charity during the year12022.'nill. 5 Employees There were no employees during the year12022'.nill. 6 Net Galnsl{Losses} on Investments 2023 2022 Revaluation of Investments Gainl{Lossl on Sale of Investments 1139,384.57} 118,520.26) 204.630.04 5,104.32 £157,904.83 £209,734.36
THE OLIVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 Aprll 2023 7 Fixed Asset Investments 2023 2022 Listed Investments £2,564.733.26 £2,873,691.26 Investments are included on the Balance Sheet al their market value al the end of the financial period. Listed investments are slated al 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 £1,552.720.2312022 £1,493.875.271. Movements in Fixed Asset Investments 2023 2022 Cost or Valuation Al 5 April 2022 Additions Valuation Changes Disposals 2,673,691.26 231,170.89 {157,904.831 {182,224.061 2,744,889.65 42,940.92 209,734.36 (323.873.671 Al 5 April 2023 £2,564,733.26 £2,673,691 26 Carrying Amount Al 5 April 2023 £2,564,733.26 £2,673,691.26 Al 5 April 2022 £2,673,691.26 £2.744,889.65 14
THE OLIVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2023 8 Financial Instruments 2023 2022 Carrylng Amount of Flnanclal Assats Equity instruments mea8ured at cost less impairment £2,564,733.26 £2,673,691.26 Carrylng Amount of Flnanclal Llabllltles Financial liabilities measured al amortised st £19,265.83 £67,603.02 Financial Liabilitles - breakdown Amounts falling due within one year: Accounts preparation Independent examination Audit fees Investment Management Fees Legal Fees Funding commitments Donations payable 3,000.00 3,000.00 3,000.fK) 4,080.00 2,979.33 9,000.00 48,543 69 2,947.65 6,018.18 4,300.00 £19,265.83 £67,603.02 9 Current Assets 2023 2022 Cash at bank and in hand lfiacfarlanes LLP Evelyn Partners 25,971.26 110,663.35 23,232.54 328,181.63 £136,634.61 £351,414.17 15
THE OUVER FORD WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 April 2023 10 Charitable Donations Made By The Trust 2023 2022 Grants lo Sludenls'.- Furniture History Society Royal Horticultural Society Camphill School Aberdeen Cann Bridge School Enham Hamlet Centre Trust Keynsham & District Mencap Society Maclnlyre Martineau Gardens Menc8p- Grove Collage Minslead Trust National Star Opening Doors Reach Learning Disability Rippon Community Link Company Ltd Scollish Autism Spadework Stable Family Home Trust Stepping Stones style Acre The Allingham Trust The Bren Project The Fifth Trust The Mudlarks Communty The Odell Trust The Royal School for the Blind Time Out Group United Response V & A Grinling Gibbons Conference Walton Lea Partnership Wesl Berkshire Mencap Your Voice Counts 3.380.00 15,000.00 10.000.00 4.455.00 1.000.00 15,000.00 10,000.00 5.000.00 5.000.00 23,670.00 5,000.00 10,000.00 8,000.00 17,000.00 5,000.00 15,000.00 5,000.00 10,000.00 2,475.00 15,000.00 10,000.00 6,320.00 2,732.00 4,300.00 5,000.00 29,000.00 10,000.00 10,000.00 10,000.00 5,000.00 5,000.00 10,000.00 1,000.00 2,000.00 9,620.00 5,000.00 £170,857.00 £139,095 00 All grant8 detailed above were provided lo inslitulioris. 11 Funding Commltment By Deed of Grant dated 10 July 2017 the charily entered into a funding commitment lo provide 8 donation to the Victoria & Albert Museum of £50,000 per annum over a fNe year period. There are no performance related conditions allached lo the ¢ommilmenl. The commitment has been calculated by the amortised cost method using an average return of investment rale ¢alculaled al 3Yo per annum. The Victoria & Albert Museum requested that the payment due in 2020 was deferred until 2021 and the funding commitment exlended lo six years. The amortised cost method Yfds adjusted in the 5 April 2020 accounts. Al the year end the fundillg commitment was fulfilled. 12 Related Party transactions There were no disclosable related party transactions during the year12022.'none}. 16
THE OLIVER FORD WILL TRUST Appendix 1 I Income from Investments Holdlng Date Gro$$ Tax Overseas Tax Net UK EQUITIES- DIVIDENDS Aviva PIC Ord 25p Shares 10,000 19105122 1,470.00 1,470.00 Aviva PIC Ord 32 17119p Shares 7,600 28109122 782.80 782.80 BP PIC Ord US$O.25 Shares 7,000 7,000 7,000 7,000 24106122 23109122 16112122 31103123 304.89 361.79 345.81 388.55 304.89 361.79 345.81 388.55 Compass Group PIC Ord 11.05p Shares 4.400 3,300 28107122 02103123 413.60 729.30 413.60 729.30 Diageo PIC Ord 28 1011108p Shares 2,500 2.500 07104r22 734.00 1,170.50 734.00 1,170.50 20110122 GlaxoSmilhKline PIC Ord 25p Shares 3,000 3.000 07104122 01107122 690.00 420.00 690.00 420.00 GSK PIC Ord 31 114p GBP IXLONI Shares 2,400 2.400 0611 or22 12101123 390.00 330.00 390.00 330.00 Inlerconlinenlal Hotel Group PIC Ord 20 3401399 Shares 909 909 17105122 06110122 613.58 343.60 613.58 343.60
THE OLIVER FORD WILL TRUST Holdlng Date Gross Tax Overseas Tax Net Legal & General Group PIC Ord 2.5p Share8 14.500 14.500 01106122 26109122 1,924.15 788.80 1,924.15 788.80 National Grid PIC Ord 12 2041473p Shares 4,876 4,876 17108122 11101r23 1,646.14 869.88 1.646.14 869.88 Persimmon PIC Ord 1 Op Shares 1.500 08107122 1.650.00 1,650.00 Phoenix Group Holdings PIC Ord 1 Op ShaTes 6,000 6.000 09105r22 1.488.00 1,488.OCI 1.488.00 1.488.00 12109122 Prudential PIC Ord 5p Shares 4,650 4,650 13105122 27109122 438.96 231.59 438.96 231.59 Re¢kill Benckiser PIC Ord 10 10119p Shares 1,150 1,150 09106122 14109122 fj,168.40 839.50 1,168.40 839.50 Rk) Tinlo PIC Ord 10p Shares 1,220 1,220 1,220 21104122 21104122 22109122 556.32 3,741 98 2,703.89 556.32 3,741.98 2.703.89 Sage Group PIC Ord 1 4177p Shares 7,604 7,604 17106122 10102123 479.05 920.08 479.05 920.08 Shell PIC Class B Ord Euro 0.07 Shares 3,400 3,400 3,400 3,400 27106122 20109122 19112122 27103123 680.34 733.38 700.74 819.74 680.34 733.38 700.74 819.74
THE OLIVER FORD WILL TRUST Holding Date Gross Tax Overseas Tax Net Smith ID SI PIC Ord 1 Op Shares 8.272 8,272 8,272 03105122 01111122 31101123 397.06 843.74 496.32 397.06 843 74 496.32 SSE PIC Ord 50p Shares 2,600 09103123 754.00 754.00 Supemarket Income REIT PIC Ord 0.01 Shares 50,000 22108122 378.25 378.25 Unilever PIC Ord 3 119p Share8 1,800 1,800 1,800 1,800 16106122 01109122 09112122 21103123 646.20 653.94 669.96 686.16 646.20 653.94 669.S6 686.16 £38,882.99 £38.882.99 UNIT TRUSTS- DIVIDENDS Aberdeen Diversified Income & Growth Trust PIC Ord 25p Shares 40,000 40,000 40.000 40.000 14107122 20110122 19101123 03104123 560.00 560.00 560.00 568.00 560.00 560.00 560.00 568.00 BlackRock Conlinenlal European Income Fund D 25,600 25,600 25,600 25,600 29104122 29107122 31110122 31101123 94.11 1.280.25 104.55 140.95 94.11 1,280.25 104.55 140.95
THE OLIVER FORD WILL TRUST Holdlng Date Gross Tax Overseas Net Tax City of London Investment Trust PIC Ord 25p Shares 9,000 9,000 31105r22 31108122 450.00 450.00 450.00 450.00 First Sentr Investments Asia P8cific Leaders Class B NAV Share8 14,000 14,000 30109r22 31103123 385.06 110.83 385.06 110.83 Foreign & Colonial Investment Trust PIC Ord 25p Shares 12,500 12,500 12,500 12,500 10105122 01108r22 01111122 01102123 475.00 400.00 400.00 400.00 475.00 400.00 400.00 400.00 JPMorgan Asset Management UK Ltd US Equity Income Fund Income C NAV Shares 34.000 34,000 34.000 34.000 29104122 29107122 31110122 31101123 771.80 737 80 880.20 965.60 771.80 737.80 860.20 965.60 Morgan Stanley Investment Funds Global Brands I Inc NAV 2.000 2,000 31108122 28102123 256.74 273.44 256.74 273.44 VH Global Sustainable Energy Opps PIC Ord 0.01 p Shares 50,000 50,000 16112122 31103123 625.00 570.00 625.00 570.00 £11,999.33 £11,999.33
THE OLIVER FORD WILL TRUST Holdlng Date Gross Tax Oversgas Tax Net UNIT TRUSTS INTEREST RECEIVED Bla¢krock Fund Managers Ltd Corporate Bond S Inc 45,000 45,000 45,000 45,000 29104122 29107122 31110122 31101123 308.96 338.99 332.11 383.78 306.96 338.99 332.11 383.78 Ralhbone Ethical Bond Inslilulional Inc 50,000 50,000 50,000 50,000 31105122 31108122 30111122 28102123 425.00 450.00 460.00 465.00 425.00 450.00 460.00 465.00 VH Global Suslain8ble Energy Opps PIC Ord 0.01p Shares 50,000 31103123 120.00 120.00 £3,281.84 £3,281.84 FIXED INTEREST Treasury 0.1250 Index-Linked Stock 22.03.29 65,000 65.000 22109122 58.56 58.56 22103r23 61.66 61.66 Treasury Stock 0.250/0 31.01.25 50.000 31101r23 62.50 62.50 £182.72 £182.72 OVERSEAS DIVIDENDS Bank ofAmerica Corporation USDO.01 Shares 1,700 1.700 1.700 1,700 24106122 30109122 30112122 287.34 334.84 306.78 298.87 43.10 50.23 46.02 44.83 244.24 284.61 260.76 254.04 31103123 BHP Group Limited NPV 3.000 3.000 22109r22 30103r23 4.543.88 2.231.13 4.543.88 2.231.13
THE OLIVER FORD WILL TRUST Holding Date Gross Tax Overseas Tax Net CG Portfolio Fund Ltd ICy7nl Portfolio Fund NAV Shares 30111122 624.77 624.77 Commonwealth Bank Of Australia NPV Shares 1,150 1.150 29109122 30103123 1.406.16 1.293.21 1.406.16 1,293.21 Guinness Global Equity Income Fund Z Income Shares 2.500 2,500 29107r22 31101123 852.75 623.00 852.75 823.00 Heineken NV Eur1.60 500 500 03105122 11108122 399.75 209.14 59.96 31.37 339.79 177.77 Microsoft Corpoialion USDO.00000625 360 360 360 09106122 08109122 08112122 09103123 181.04 192.43 199.13 27.16 28.86 29.87 153.88 163 57 169.26 172.74 360 203.22 30.48 Sequoia Economic Infraslruclure Income Fund Limited Class C Shares 50.000 50.000 50,000 50.000 27105122 26108122 25111122 24102123 781.25 781.25 781.25 859.38 781.25 781.25 781.25 859.38 £17.390.57 £391.88 £16,998.69 OVERSEAS INTEREST Ishares USD Corporate Bond 9,000 9,000 g,aoo 9,000 29106122 28109122 30112122 29103123 361.80 382.50 374.40 436.50 361.80 382.50 374.40 436.50
THE OLIVER FORD WILL TRUST Holdlng Date Gross Tax Overseas Tax Net Nestle Finance International Limited 2.250/0 Biles 30111123 40,000 30111122 900.00 900.00 £2,455.20 £2.455.20 PROPERTY INCOME DISTRIBUTION Supemarkel Income REIT PIC Ord 0.01 Shares 50,000 50,000 50,000 50,000 27105122 22108122 16111122 23102r23 742.50 364.25 750.00 750.00 742.50 364.25 750.00 750 00 Warehouse REIT PIC Ord Cl.01p Shares 40,800 40,800 40,800 40,800 30106122 03110r22 30112122 03104123 714.00 652.80 652.80 652.80 714.00 652.80 652.80 652.80 £5.279.15 £5,279.15
THE OLIVER FORDWILL TRUST InYèstsnènt3 hèld at5 Aprfl 2022 Inveslm•nts hgld at5 April 2023 eostor Mark•t Valu• 2022 Markot Valuè UnrealSsed Holdln9 C05t Holdlng C¢t Value Ats2eefft Divor¥lied ncome & Grrth Tru$l Pl¢ Ord 25p Shaw$ 40,OQO So01. 40.300.00 40.OfN) 50.301. 40.*0.00 33.120.00 17.IW.frfJl T8chnologyTIus1 Pkord 25P 25,QUQ 3,639.W2 68.375.00 25.Q(N) 3,639.¥2 69.375.QQ 55,62S.OD I12.750.) Aviva Pkord 25p Shores 10,fy)0 39.378.36 44.ih)O.00 Avlva Pkord 32 17119p ShaEes 7.6 29,407.08 34.WI9.52 31,084.00 12.945.521 B8nkolAmÈtit Co[palln USDO 01 Shstss 1.700 41,2e8.23 52.148.32 1,7 41,2B8.23 52.14U.32 37.698.20 114,450.121 Old US$O.SO Shar98 3.(M)O 53,096.07 88.935.00 3,0 54,944.07 90.783.00 72,37S.UO 118,406.CQI BlJckRo¢k ConbMe Europ88n Incomq Fundo 25.600 39.729 23 45.711.aD 25,600 39,720.23 45.711.80 46.606.$9 894.89 BlarkrockFund Mgnayers Ud Corpthte Borwj S 49.459.19 49,000 51,691.74 49.459.19 44.143 70 BPPIGOrd USSO.25 ShAr&s 7.(M)Q 42,348.52 26.e03.OD T,OLYJ 42,348.52 26,103.0 37.359.00 10,556.00 CG PonidbFu Ltd Icyffll NAV 18,752.64 39.6.94 18,752.64 39.225.84 37.116.86 12,109.281 CilyolLondon InveÈtmeniTTU81 Plcoid 25P Share6 9.0 34.173 69 37,935.00 Cornfflonwpahh BonkOIAus OTd A$2 6,998.19 69.610.55 6,968.1 69.640.55 61.395.43 Compass Group Plcord 11.05P Shares 4,400 25,982.77 72.44600 3,Jty) 19,487.08 54.334.50 86.825.00 12.4W.S0 rAaoeoPkO Shères 2,500 17.980.15 99.4B7 50 1,7 12,226.80 67.651.50 62,373.00 (S.278.) DisneylWÈlll Co LldComMoD USSO.01 Shkrè$ 350 39092.78 36.275.69 3#.892.78 38,278.89 20,061.51
THE OLIVER FORD WILL TRUST Irsv4$tmènts held at SApill 2022 Inyeslments herd at SA I112D25 C05tor arkpt Value 2022 Adlu$tpd VAIu• Mark Valu Unr•allsgd galnqlosl Htsldlng C09t Holdlng cost yray Pa Funds FP American Smalor Compan$ USD 1,000.00 21.728.46 135.63a.78 1,OOD.QO 21.72b.46 135.630.70 131.271.06 14,359.721 Flrst SeNior hvÈslmErtiAsla Pacific Leaders CJa5s B NAV 14.000 37.037.57 14.OQO 3793.48 141.681 69 136.315.20 15.366.491 Forgign8 Colonlol InvostmBlltTiu Pl¢Ord 25p Sha5 12AOO 17.304.79 108,375.00 12.500 17,304.79 108.375.OU 2.750.00 GlgxoSmilh-Klne Pl¢Ord 25p Sharè$ 3.(M)O 21.281.25 51.114.OD GSKPlcOrd 31 Imp GBP Shes 2.400 17,270.60 47,103.35 35.692.80 Guinne55 Glob Equily In¢orng Fund Z Incomè Sharès 2.£00 47,624.54 65.364.$0 2.800 47.624.54 69.384.50 6.A46.5a 1.082 OD r)Id 1.2Sp ShBres S.ODO 4,010.65 4,010.65 10.219.50 6.20e.85 Hdrken NV Eur1.60 600 40,351.44 36.207.07 800 4Q,351.44 38.207.07 44.443.66 B.236 59 Inteieoniinental Hotgls Group Pl 20 34013999 909 24,016.95 47.322.54 24.016.95 47,322.$4 47,486.1e 163.62 Ishares USD Corpoialfj 9.QOD 51.247.81 43.830.CM) 9.(M)O 51.247.81 43.930. ?9,456.OQ 14.374 OQI JPMDiQ8n AM im Ud US EqLMIy Incorne Fund Incorne ¢ WAV Shoi¢s 34,QOQ 50,442.90 148.716. 34,000 5Q,442.90 148.718.00 144.870.00 {4.046.00} Leg£1 & General Group C Old 2.SpShaies 14,500 40.356.11 39.541.50 14.800 40,356.11 39.541.SO 34.046.00 15.495.50) Kllcmson CDry)Dialitsn USDQ.OOOQO825 40.$13.44 85,529.92 40,515.44 05.529.P2 92.143.99 13.385 99) IJ0 Stsnley Inmen1 Fund IncF14V 2.ODO 21.129.è2 74,371.20 2.000 21.129.92 74.371.2Q 74.428.40 57.20
THE OLIVER FORD WILL TRLIST ITrYèBlmgnts held at5 Aprfl 2022 Inv•strngnts hgld at fj A rll 20# Cost or Mark•t VAIu& 2D22 AdJu51gd V4lu• M8ikèt Vnrèalls&d Hofdkng Cost Holdlng Cost ional PIC 12 2041473p Shores 36,722.95 $9.040.36 4.876 36,722.95 59,048.38 55.05Q.04 (3.999.321 Nesve Finae 2.25% 3011112? 40.000 40,494.26 40.210.00 40.(M)O 40,494.26 40.210.00 39.452.00 IT58.WI Permmon pfc Ord 10p ShaTe5 1,500 46.221.08 33.180.00 PhoèThixClp Hc4thngs Pk Old 10p ShÈr&S 6,0 37,904.97 37.428.OD 6.000 37.904.97 37.428.00 32.640.00 14,78B.WI Prthntla1 Pk Ord 5p ShBI&s 4.650 34,891.1S 52.707.75 4.¢50 34.891.18 52.707.75 Sl,289.50 RBthbone Etrdcfl 8oDd Instilubotbal 50,th)0 49.561.97 47.650. 50.0 49.561 97 47.650 00 41,190.00 10.460.001 Racklll Pkord I> Shates 7.409.30 68.517. 1,150 7.469.30 e8.517.00 72,J84.00 4.347.QQ FfjoTinloPkOrd Iop Shares 1.0 11.63219 74.664.00 1,220 74.664.00 84.452.60 Styo Group I 4n7pShares 7.604 23.450.05 55,676.4 7,604 23.450.fy3 55.678.49 58.535.59 2.859.10 SeqUa Economic Infiastiu¢lui• Irthme Fthd Llmited Classc Sha$ so.000 53.94e.49 51200.00 50,000 53.946.49 51.20D.OD 40.700. 11Q.SUO.OD) Shdl Pl¢ Cbss B Old EuroO.07 Shart9 3.400 33.004.26 72,114.00 3,4QO 33.004.20 72.114.00 0.ts42.00 8.228.00 Smlih IDS) Ord 10p Shai85 .272 27,360.12 28,437.31 e,272 27.360.12 26.437.31 25.438.40 11.000.91) SSE M¢ Old 50p Sh5 2,610 38.31è.S4 38,318.84 47.151.00 8.831.48 Inc4)mg REtt pi 0 01 ShÉies so.uoo $2.563.50 65,000.00 5D,000 52.563.50 65.000.OD 42.300.OD 122.7000ai Trea9uryO.125% Indpx-LinkBd Sto¢k 22.05.29 85.QQD 92.900.46 107.767.$5 6S,000 92.900.48 107.767.65 16.053.55} Ti8asuryO 25% Index-Llnked stack 31.01.25 75,0th) 70.098.76 70.098.76 70,374.OQ 275.24 uThl8verPOrd 3 11gp Sh¥es 1.eoo 23.837.86 63.657. 23.637.66 63.657.00 77,193.00 13.536.00
THE OLIVER FORD WILL TRUST Invèsinibnts ld at 6 Aprll 2022 Inv•stmWts h•kl Bt5Aprll 2023 Costor Maiket Valu 2022 Adjust Valufr Market Valu• Unreallsgd 9alnllltsssl Holdln9 C09t VH Globgl sustyAe Ener9yQpp$ d 0.01pSh8re$ 50,0fy) 50.697n8 50.697.36 49,600. 11,097.361 WArèhou$e REIT Pkoid 0.olp Shar95 40.800 43.856.37 70.502.40 40.800 43.856.37 70.502.40 42,921.60 27,580.80 t1.493,875 27 £2,673.691.26 EI,552.720.23 E2,704.117.83 £2.564.733.26 1£139,3e4.571
THE OLIVER FORD WILL TRUST Acqulsltlons Holding Date Cost Evant Aviva 8 Shares 10,000 18105122 9,970.48 From Scheme Awva PIC Ord 32 17119p Shares 7,600 16105122 29,407.88 From Scheme BHP Billilon Pl¢ Ord US$O.50 Shares [104122 1,848.00 Adjustment to book cost First Senlier Investments Asia Pacific Leaders Class B NAV 14.000 30109122 31103123 385.( 110.83 Accurnulalion Accumulation Haleon Olc Ord 1.25p Shares 3.000 18107122 4,010.65 From Dernerger GSK PIC Ord 31 114p GBP Share5 2,400 18107122 17,270.60 From Reorganisation SSE PIC Ord 50p Shares 2.600 13110122 38,319.54 Purchase Trèasury Stock 0.25°k 31.01.25 50,000 26110122 25,000 09102123 46,538.85 23,559.91 Purchase Purchase VH Global Sustainable Energy Opps PIC Ord 0.01 p Shares 50,000 13110122 50,697.36 Purchase Woodside Eneigy Group Ltd NPV Shares 542 02106122 9,051.73 Dividend in Specie £231.170.69
THE OLIVER FORD WILL TRUST Disposals Realised Profitl Loss Holding Date Market Proceeds Event Value Aviva B Shares 10,000 161052 9,970.48 10,169.00 198.52 Sale Avivo Ple Ord 25p Shares 10,000 16105122 39,378.36 39,378.36 Scheme City of London Investment Trusl PIC Ord 25p Shares 9.000 13110122 37,935.00 33,864.08 14,070.921 Sale Compass Group PIC Ord 11.05 Shares 1.100 13110122 18.111.50 19,895.61 1,784.11 Sale Diageo PIC Ord 28 1011108p Sharès 800 13110122 31,836.(K) 28,936.33 12.899.671 Sale GlaxoSmilhKline PIC Ord 25p Shares 600 18107122 4,010.65 2400 18107122 17.270.60 4.010.65 17.270.eO Demerger Reorganisation Persimmon PIC Ord 10p Shares 1,500 13110122 33,180.00 18.183.92 {14.996.081 Sale Woodside Energy Group Ltd NPV Shares 27122 542 27122 1.77 9,049.96 1.77 10,513.74 Cash Fiaction 1,463.78 Sale £200,744.32 £182.224.06 1£18,520.261