ST. KILDA TRUST Charity No: 1041904 REPORT AND FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31ST MARCH 2021 ST. KILDA TRUST CONTENTS PAGE L+J81 and AdmInIstraU￿ Informolbn Ropolof tha Tru8ta88 lThJ8Pond¢nl Audl(n' Reptyt Sl*8m8nt of FInan￿81 Acllvftles 8sIBnce Sheet Nol88 formlng part of the Finan￿81 Stetement 9-12 ST. KILDA TRUST Legal and Administrative Inforniation Truste•s laln MacL•Jd E8q RiGhwd Pc4ton Eaq Chrbtopmir Whitt Esq Prlnclpal Offle• Bwaiér Hws¥ Approach Dorklng Surray. RH4 1TZ Audlto Moore ￿n9Stc• smith LLP 5745 Rwj Redhlll Surny, RH1 1DL Bank ofscoll￿d LbydB 8•nklna Group 111 Fkty, 1 S¢ww• 92 F¢unWnbrfdg• EdIn￿rgh, EH3 9QA Sollcltorn I￿1n M￿C￿l LLP 88lmMI Hou8• Statlon Wgy Cr8 WMI Sv•Mx, RH10 1JA Surv•yorn J.L. McGuNog, FRICS, A¢l*Jb IRRV Turret Hou 5 Rlvw Wa W••t RH12 IDU Inw•tnwtAl•n•gv• Ssnlam Prfvato In¥e%knents IUKI Ltd Exchange &Jlk11ng Sl John's Slro&t ChIc￿￿ter w￿￿ Suss•x, POI9 1UP Paje On ST. KILDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 The tru8ta8s w8sent thelr report alow th8 fln￿l￿ slalèm8nl8 01th8charltyfor the ￿ar ended 31 VArch 2021. Th Trustees 8dopied the wov1s1o￿ of ￿ St8iamonl d R8ctymmwd8d Pr8cIt• 4)WKable lo thBritse5 preparirq IM* acco￿ts in ￿cordarKe wilh the Financi91 Repcrftng Slendard awicable in the UKBTrJ Rewblc of Irelond. Corb•ll¢ulon •nd obj• Th8 Sl. ￿k18 Tru81w8s consiiiuled und81 8 D8claratIc￿ olTrusl d818d 1st November 1934 83 arnended b¥8 Supplemental Deed daled 141h November 1994 8nd a Deod of Varlatknn 1 Soptornber 2015. TheTru51 rq9lslwqd thorfty In Enal•nd W￿e5. chjrfty no.. lo41￿. The obie¢ts of Ihj charftyjre ID rdieve s¢kn•¥s thnd rK•sorve h•ulth In IF* Epsom H8&Mhcaro TNsi Artè In any waywhlch trustaès S￿11 daam 8pwoprlaia Includlw not Ilmii&Y ie.. . The ofgcc0mn￿dai￿ and ￿j1￿InG5for u88 of8tgff and thd8nls of G8norql Houplol., b. Thv pwrhaue. ccw1nKt￿￿, ex1￿￿￿￿ Nn(¥Dr r•furblotwn•rtof bulhJthu5 for1￿ provlibn ¢1 hogpii•l •nd mdlcal fxlmtias. Th•¢h•rliy ¥¥ork$ dos¢lyvAh EpwTr Sl. Hdlor NHS Tru4t and othwlcrtal aTrJ notbnal charftt#. Publk O•n•fft Wo h•v0 rolBrr•d to Ihtsuuid•n¢* in Ch•illyComml$il¢n'i goner•l gukfj•n¢o on Publ* 80nofi1 when ￿TrA¢WI r fjlm$ 8nd obWv•$ and In pl8nnlry ourfuium In porl¢uLqr, thg Tn*i8aB con8bJor hrwrf ￿an￿d liv11￿8 w511 conirSbul8 lo the ￿rn8 8nd ob*clfvtt IW howe 8•1. Orynl••Yo Illn MacLethY. R*hArd Polton, and Chri8loph8r WNl•lC*airl, were thè Irusleesof chwbty asal 31 2021. FutW8 IFu8tO888re appc4nled by a re80￿￿on of thg trustOWB P8888d 81 a spKld m*￿ThI, A¢hl•v•mnts and p•rtormn¢• A now kno90w￿ on 18 No¥•mb•r 2020 Th• Eps¢m •nd Sl. H•W UTh1￿1¥1ty Ho•O1•li NHS Tnmt to énsure CQMlnued pml*on of k¢y wtsrk8r 8cccmm¢)YAibn Iha Msplt818110 and Ihe future rantal Incom for th8 chfirfty. A ￿￿nIng appl1￿￿(￿ fol n8w replacwonl 8ccommod8lbn ￿￿118 h88 t*8n •ubmitt•d. TM CovlJ-19 p8n¢•mk ha$ had very11108 Impact on th• roaults forih8 yew ￿ded 31 M8rch 2021. Overall, w*h heèlihy thla of re8eThe8, Iho Ch8r￿Y is well-F40￿d to wthgmnd anydec￿ * Income lo ntinuo It$ ttMritAW• Xtlvltkn l¢rW• forèseèAts8 futu1•. FInand￿ R•￿*W4nd R•Mr¥u Poil¢y Th• eharfiy's Incom• fell 8llllhUy Ihls >*#rto £212,382 (2020. £228.0781 Aftèr 8xp8ndNurè knd Unrnal1￿d Btrneni108Be8, the ch8r￿y'l n81 expand￿￿re for tha year wa8 £37.97712020'. E830.3371. Al ￿ar ￿d. re8eW8 wern £5.076,BS712020.. £5114.8341. Roswv88 comprise £5.075.117 unr•8triclod fvnds Ind £1,740desiun•led fu￿1￿. A 9n￿l£an1 p¥rt ofts L¥)rnilricted resew h rnpreaenled by the fmhold property 01£3.840.71012020'. £3,934.8951. The Truste88 conlknue¢l toworf¢ dudng tho yogr lo yogrws d8veknwenl oFyortunbUos Wlh ¢hq t￿8￿1 gnd forts fu￿1* ber￿ffl tsfthe TnJBi 8nd th8 ￿n8nt. The TrustsÈs acuvoly ccfislder WBy$ h vthlch thB TnMI'8 reJer¥e8 may be ujed. In actordance wNh tho Trwl'¥ obhDts. the T￿lee$ will..- I, lo ￿J1k￿ up r0serv851o enatle IhoTru51to take oppo1unllles to io Ihg term st￿natI1￿ ofth8 PTo¥lsk)n ef health servkes wlhth th8 Epsom Ho$pftal cAlchm8rtar8a, pr•Jommanlly on th? Ep￿ Gewral H05pILql slte *aja￿￿t ¥ite¥.' 2. Poycwl $uth $wns fmm the 8$ are apwow￿￿l0r spo¢￿¢ p¥oigcts. Pèje Two ST. KILDA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Tr￿1418. r•iponBIbll￿ts In r•latlon tr*th•llnanclal •totsmint• The Tru8ts89 8r6 r8sponslbl8 lor w8padThJ tho Tru8te88' R8port8nd theflnanck81 Statem￿1¥ In accoidarKe %Yth ap￿Koble k8w aThJ Unlted ￿￿d0M Accounting Sland8rds Iunited Kingdom Genwylty Accepted AC£Ou￿ Prnsi*AI IrKludknB FRS 102'Th8 Rqrrfxtlng Stslldqr￿ appl￿1￿ In tr* UK •vJ Republt Of Ire￿nd.. Tt*1ow opk4*ablg lo thwrftl•$ In Enylond •MI rgowra8 th¢ tru8tae8 10 prapare nnano81 91alem￿t8t0r each finar￿￿ ￿r￿h￿h gIw6 a Irua and fah of the $lat8of th8 8ff8518 01 the charlty ol Iba Incomlng regources 8nd appl￿11￿ of1￿u￿8 ofthe charity fc*that p•riod. In wep8rtrvJ th08eflna￿l8l ¥tatements. the tnJ8te88 arn Nulr&J ltr. • 1ts18ct $￿table accounting polk￿5 and Ihen Rppty them rA>nEl%18rb￿y', . coM￿Y whh appI1¢ab￿ 8r￿Unling IW￿01￿•. InC￿lIftg FRS 102,$Lt)ioca to any Matsd81 d•partWa8 di•dos8d 8xpL9ined In iha fin8nc181 s￿l￿an18, . Ilate whelher 8 St8iemenl of Recommendod Practice ISORPI applva8 has been followed. sub￿¢1 lo any maleri41 d8Pgrfure8 whlch are eX￿￿ned In tho IlnBnciql st8lemenls moke ludgernen15 and est4m4teo Ihal are re8oon•ble and prudeTht', * prnparé tm finh)ndAI itAtemtrntts on Ihts golNJ concem billi urtè4• M 1$ In¥ppro￿*tO lo thot Ihg ¢h9rIty￿ll ￿lInu• In The Iiu8te88 ai• rasKth8lble foi kyopw xcwnllw f•cords that diyclose reasonable xcur•cy•l any Ilrr* Ihe flnanc￿l pw#lon cllh8 charfly and 8nablB them lo ensuro that IhB fl￿ncIBl slalqfflonti complywth thè Chariti•$ A¢1 2011 ond th• Ch•dty IA¢ethJni$ afid Roptsrtttl Rt9ul8lionYs 2CQ8 and th& PrO￿￿k)n6 ofih8 Tiusi d8&#. Thiy ai• ilso M¥tywiblefor swl•guBrdlw 81s¢18 ofllK* ¢h8niy*rhl herte t8k*vJ Ma80n&￿e stsps for lh8 prewentlon and d8tackn of IraL￿ 8nd 1rr8gu18rf1￿. Th8 trusteus ar• ro￿￿tIO for the malnl8nanrAry and Into￿lY Df tho cowite Jnd In•nCl￿ InfoFmiUw In¢lud&J tho Gh•rblabkry cornpany'8 ￿ts811￿. Logi51alion in IhD Unllod Klngdom 90¥•￿I￿a th• Ind MDOM Klngston SmrtTh LLP hal¢•tOa trarwll11r¢r￿ ioeondnu• In oif*• •rl11 li ry¢p)••d th•1 Ih•y b• r*apWni¢d 0￿J11￿ l(x11￿ w5vlng yfyar. 8tst•m•nt of dId￿Ul• to •udltorB In wf•r •• th• TnJ8t061 Wo aw4ro tho1• rdov4ni •JOrt Inf(¥mwlbn ¢fwhkh IhfrAsw¢kglk)n* I￿allOr Is Un￿410, and th¢ TN$t¢sJ hpv¢ ljken fjll Jleps Ihwl Ih¢y ouuNlo hove t4kfn Ip m•k¢ th￿*￿V&re c4 8ny rdwanl Budtt formou￿ 8nd 10 O$tabMsh thgl th¢ audhlQi IB 4wgrg d th81 Inl¢rrn0U￿. Approved by the trJ1te￿ cn... . •nd s￿ned on b8hBK by. Chrf•toph•rWNte, Cholrm PageThree **Independent Auditors' Report to the Trustees of ST. KILDA TRUST** ## **Opinion** We have audited the financial statements of St. Kilda Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and 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 FRS 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 31 March 2021, and of its incoming resources and application of resources, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: • the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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. Page Four ## **Independent Auditors' Report to the Trustees of ST. KILDA TRUST** ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)** We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: • the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or - the charity has not kept adequate accounting records; or • the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we required for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 3, 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 liquidate the charity or 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 auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** The objectives of our audit in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Association. Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the Association and considered that the most significant are FRS 102 SORP for Registered Social Housing Providers 2018, the Accounting Direction for Private Registered Providers of Social Housing 2019, and UK financial reporting standards as issued by the Financial Reporting Council. • We obtained an understanding of how the Association complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it may occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. Page Five ## **Independent Auditors' Report to the Trustees of ST. KILDA TRUST** ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)** As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. **•** Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. **•** Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. **Moore Kingston Smith LLP** Betchworth House Statutory auditor 57-65 Station Road Redhill Surrey RH1 1DL Date: 10 November 2021 Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. Page Six ST. KILDA TRUST statement of Financial Activities For the Year Ended 31st March 2021 2020 INCOME In¥•Bkn•ntlncomi IrKome from managed fund 8bnk intertsi 17.832 21.321 1,448 Ch•rknbl• Renlal Ir￿r￿e Inlorest on r•nli I￿ur¥￿e* re￿r9ed 172,415 16,272 3,693 2CpJ.O Tot41 Opw•llng Incom• 212,382 228.078 EXPENDITURE G￿rfl•bI• i￿¥1￿*• 249,787 795,840 Jlg,787 795,840 N•tlvp•ndliur•￿nrQrn• lJ•for• On 113T.4251 1567,3641 Unr••h*l l¥rv•bJ• g•lnrflo¥Msl w knv•Blrrnnt• 99,448 102,7731 N•tl•xp•ndllur•)nn¢¢Mn• 37.977 030,337 Total fund& brtyJWtlcfward al 1Jt Aprfl 2020 5114834 57451T1 Tot41 l￿d• caffknd li 31Bt March 2021 5078 857 5114834 Th•atrth• I￿18 Ar• unrestrkknd fuThJs. P4e Seven ST. KILDA TRUST Balanco Sheet as at 31 st March 2021 Flxed A¥xts Ton&4￿￿ F￿*dA￿all 3.840.710 W20.079 4.760,789 3,834,896 808,034 4.712.9YJ 10,991 337,450 348,441 767.652 267.808 1.07S.518 CBsh at 8Nnk Llobllltl•• Crndbtor8.' Am￿￿18 folllng du• thln on• y•qr 703 814 N•t Curr•ntA•M 318,C¢8 371,fr)4 Tot*1 N•t￿*th• 5 078.857 5,114.834 Toi•l FundB UnraslFtct8d genèr* fund> un￿trICted 5,075,117 1,740 5,078,857 5,110.394 4.440 Authorf8•d 4nd aFprov8d by Ihe Board ofTlU•te￿ on....... .... ....... . and 8*ned IIB bychrfstothr Whlt• Chrlstoph•rWhlt•, Ch•lrnwn P&Je Eighl ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Ended 31st March 2021 Aceountbng Pofid•8 A¢¢oundDg ¢on¥•nllon The finawl s￿￿•￿1$ hbvt t*8n prtrparaa in ÉrA*d8nce wlth Fln8nclAI R6porUng s{￿dard appUr8blg In tho UK R8puNic ￿ Iréla￿￿ IFRS 1021. The charfly Is a putAc b8n8lll 8nlKy f th& wfposes of FRS 102 8n¢t 8 regisiered ch8dty8nd Iher6for8 has 81so prepaied its finarKi81 8t816TrWts In BCCL¥danc8wlth the Slalemem of R8comm8ndpd Praclice to ¢lk4rftlo6 preparSng ￿e1r accwnls in acccK¢arKe wilh the FinanciFJ RepDrtsng Slandard ￿p￿ie*￿I& in thè UK RewknI￿ol Ireland (Th• FRS 102 Chwlbo8 SORPI Chqrllhs Act 2011. Tt* finar￿¢1 $￿1￿*)￿ ¥r¢ prgpored In 5￿dIr￿, whkh Is the1uncl1￿aI currencyof the ch8￿ty. MOne￿ry amtyJnl8 In Ih8fin8ncW 8latsmeni8 aro roun¢J8d lo the nearest pound. GolDq con¢grn The Irusleos g¥$ets$ed ¥Yh¢ih6r the uso efotslng ¢on¢om IJ 8pprow81?¥nd ¢onskl•red posslb* gwnis or tondttion#thai mightclsi SIgn￿tantdO￿bt0n tho ablllly 01th8 charfty 10 continue 8$ 8 wlnp concam. In rk8rtth18I Ihèy h8V8 8sse8sed thè Impact ol the COVID-10 pandemk on the cwtyand, ￿k￿ye thwl. In y￿W of the nature of IhechBrtty's actrty. 8ny Imp*t ￿11 b T￿• tyu¥t•J¥ hDv• rn•J• Ihls MM¥￿1n1 for * pedod alai lai8ione y8Arfrtsn the date 018pproval ol thè8• fin8n¢L91 slatemenia and cMdL41ed Ihol Ih8r8 Is a reason&￿8 exp8clat￿ Ihat lh8 ctt8rlly Ms ￿equIte r080ufc•B io cenljnw In cperauwol ox151wK8 lor tho lore50Bat4e futwe The chorfly iherefoie contknues to *JoF4 the Wng concem baws In wepartng bts slwtoments. T•figlbl• Ilx•d ••i•¢• thpr•d•tlryb Fmthold l•nd and bulldlw$ •ro ot Ih¢lr dggm8d co81 ts￿n9 tha vdu8tkn 81 the dat8011w￿ lo FRS 102. The chariiy pmioualy adoplad o Wlcyol d•predalkng fr•eh(rfd bulk11095 end Ihoy ¥￿re 81818d 81 cosl18Ss The charfty hBS adwl•d tho transm￿￿ exemplbn unthr FRS 102 8DO h88 *led lo freelhjd l¥no #nd bulldings •1 l A￿12014 8r¥J usv Ihl$ ¥4lu•lknn •$ dsamèd cost. on flx8d 8$￿t$ IB sxovkl80 81 rn185 osllmai•J bwfle off co8tJ, Nryu•stknal8d of exh 888et ovw118 usel￿ Ilfe. as f0kn￿.. Frn8hDld LoTrJ Fr••hr40 Bulbjhgl siraighl Iln? 35 ￿1& Flx•d i*s•t Inv••trMnts Inveslmnts are Inlliqlly r•wi¥•J al Ihelr Ir￿￿all￿ vllluo aTrJ su￿0q￿nI￿ r8mwwr•d •t Ihdrf•lr value al the bolance sheet date. The Slalwwnl ol FIft￿￿ Ac1kn￿& lrtludes th& net l* ¥8lu&galns on r•vgluOll¢n ¢t lh¢ ¢Thl. In¢omlng r•iiiurc•s All Ir￿mIr0 Fewjrces are knsltyjod In Ihe Jt41emonl of *t¢n lh• ¢h￿ty 1$ t) tho irtom•. R•sourc•#•xp•nd•d EKpendllur8 Lg InclLts1ed cn an 8ccrufi￿ bBsLry. R880urcaB ewded Includu ql eXp?￿d￿re cn In lurtlvarKe oflhe chBrtV$ dbièttiu, oyNihtur¢ on tts￿$ In¢urn¢d In $uprKMt of thè charft&No undertaken by￿ chailly and •xpJrKlrfurE relating ID me&ng Ihe wuirem¥nts oIttE k*4rity. In crftlcal Accoundng EJilrnat•s and Are￿ of Judgorrrtnt In pr6P8dThJ the flnaKlal ￿len￿nts il Vd rrtesyary ￿ make certaln1ud￿￿t￿. 8sUm8lqs assumpt￿ Ihat affocl the orn￿1$ r8cowls•d In Slaterr￿rDts. folkJwingju&>m* e¥tim8ieJ ar¢ton￿der￿d by t￿trUste￿￿ ￿ h8ve the most81gnK*An1en￿l0Tr amount8 rec£¥￿$80 fi￿r￿￿91 statem8nl8. Page None ST. KILDA TRUST Notes forming part of the Financial Statements For the Year Endod 31 st Mar¢h 2021 crtd¢al AcwAntlng Ar•as ofJudggmqnt l¢ontlnu•d> Freeh) 143 272 822 579 822 579 No IN•¢•o• re￿￿¥•0 #ny fcf Ih•* s•Thk•• 1$ Iru•1￿ durlrq Ihg r91n*wrs¢d for 8YP8ndturo. Tho ¢harftyh88 r&) the tru$t••$ ar• Ihe koy manty¢M￿ p0rsonno1. Page Ten ST. KILDA TRUST Notes forming part of the Financial Stalements For the Year Ended 31st March 2021 T*lllbl• Flx•d A•••¢• Freeho￿￿ PKyerty 088rr￿ tost ai 1stAprl 2020 and at 31stltsrch 2rr21 4,SOO,CKJO D•pr•dalon Al 1st Apr512￿2 ChwJeforthewr 505,105 At 31sl klarch 2021 659 290 N•t Book Vglu• At 31BI March 2021 3 840 710 At 3141 Mar¢h 2020 3934 895 In 2019. •n IndopDnd•nl y•1￿11?￿•[1h• w*8 obt*lMd lhl0valL￿d prcy8rty al £8.08Jm •xl•t4NJ In¥Mtm•nts FAlr v81u• al 1 2020 854,887 Inv•91rr*ni Inccffj• •Yd•d10 mnayd fund• 17,832 21,321 MwMgprn•ni fo•1 0•0￿1•d fr¢m m•n•p•d fund• 15,2341 15,4011 62 773 F￿r al 31 MwEh 2021 808 034 Cash held **hln p)rtfolk LIBl8d Investrn￿1J 00,658 859 423 17•,370 831864 B08 034 Th8 hlitork cNt ollh8 In¥oitm8nt pmrdhj li t868,55012020.. È856.B021. Th8 iloe In ¥ilL4llon w51 ¢ th& Inyct ofC0￿d reco¥ory M IrNwtsronl Y￿U PrwmBnt8 accnJèJ IrKcffle Ottwdqbto 3,211 787 652 Page El ST. KILDA TRUST Note8 fomiing part of the Financial Statements For the Year Ended 31st March 2021 radltorn: Amf4Jnts f•lUfip th•wNhln orn >wr A￿rUed donatk)n% 622,579 33,889 9.206 23,077 32.373 703 814 Tr•n•xiiw• wl¢h DudTrJ the yw l.H.O. MxL8od wa8 ¥ Iru6ts8gnd WBS *0 a pwther In 1Th￿n LLPwlK*xted lorthe TruBt, ¢*•raiThJ feeo of£27,120 + VAT12020,. £43.512 + VATI, I.H.O. M•¢L•od rtllr•d •• 8 P•rtn•r In Irwln m1￿h￿l1 LLP on 30 Aprll 2020. Th8 fe88 were appTh8d tylheelhef Truste85. Fun Unrestrlcled FuThl• gnoted FuTrJs 5.110,394 212.282 1347.0871 99.448 5,075,117 1.740 5 078.857 5,114,B34 212,362 349,787 99,448 fvndl Itthfrfund•*fikh Ihe ¢Nth•••rntr••to In 4ttordon¢• ¥%llh th• ch8rlt8t4e objects. D•slqnated fundb t￿￿0 funds $01 &sld• by th• trustws lor u8e bytho Ea¥1 Suri•y branch of th• MrA¢W DI86A88 chBdlywthkh 8ro lo t* u88d on 8 eA68 tyca80 t•818 to fund qu8iityofiiio Nu8818. T￿￿¥8