2023-03-31-accounts

Forthe Year Ended 31'M	arch 2023
Contents Page
Reference and administrative	information
Trustees' annual report
Independent auditors' report Statement ofF~Activities			13
(incorporating an income and	expenditure	account)
			18
Statement ofcash flows Notes tothe~statements			19 20

		EricSorensen (Chair	ofthe Trust)
		Katherine Sarah hzabeth Carter
		Sandra Emkine
		James Andrew John	Kenworth
		Stephen Wi1liam Nicholas
		Belinda Joanne Vecchio
		Amanda Williams
Company	ecretary:
Company	number	03032232
Charity number		1045057
Registered	Office	Trmity Buoy Wharf
		64Orchard Place
		London E14OJW
Auditors:		Goldwins Limited
		75Maygrove Road
		West Hampstead
		London NW6 2EG
		National Westminster	Bank pic.
		Beckton Branch
		P.O.Box3238
		Frobisher Road
		London E64GY

REQUIREMENT
Operational —5year horizon
Potential operating loss atcurrent "core" level				1,144
Allowance foradditional development activities				50
Investment
Continued investment ofLDDCEndowmenls	in	rusl	terms"	6AS7
Meeting Commibnents
Meeting obligations under former Legacy Atpuements			and others that have been agreed since	1372
Match Funding
Toenable the Trust toseek additional funding Risk Topmvide a"co~'against business risks~wah tts obligations(~at 10%ofthe ou siandtng commitment) TOTAL REQUIREMENT				300 132 .'9~

			2023	2023	2023	2022
			Unrestricted	Restricted	Total	Total
		Note	funds 6	funds 6	funds	fundsf
Income from:
Investment income		3	273,190		273,190	261,884
Total income					273,190	261,884
Expenditure on:
Raising funds			55,034			59,414
Charitable acbviiies:
Grants programme			288,865		288,865	255,801
Special projeds			86,360		86,360	29,304
Total expenditure					430,259	344,519
Net (expenditure) before net gains I
(losses) on investmenls			(157,069)		(157,069)	(82,635)
Net gains IOosses) on inveslments		8	(21~)	(435,302)	(648,711)	428,807
Net income I(expenditure)	forthe year	5	(370878)	(435W2)	(805,780)	346,172
Transfers between funds
Net movement in funds			(370,478)	(435,302)	(805,760)	346,172
Reconciliation offunds:
Total funds brought forward			3.628,426	6,922,322	10,550,750	10,204,576
Total funds canied foneard		11	3,257,950	6487,020	9,744,970	10,550,750

			Nate	2023 8	2023 f	2022 F	2022 6
Net cash pnwided byI (used in) opmating		activities	12		(517,017)		(236,132)
Cash flows fmm invesdng acgviTies:
Interest/ rentl dividends from inveslments				273,190		261,884
Salel (purchase) ofinvestments				(584,394)		492,779
Cash provided byI (used in) imresting	activities				(311,204)		754,663
Change in cash and cash equivalents	in the year				(828,221)		518,531
Cash and cash equivalerds stthe beginning		ofthe year			1,016,517		497,986
Cash and cash equivalents atthe end	ofthe year		13		188,296		1,016,517

2	~iled comparafives	~iled comparafives	~iled comparafives	for the rdatemmd	offinancial acfivities
						2022	2022	2022
						Unreskclsd	Restricted	Total
						funds	funds	funds
							6	E
	Income from:
	Charitable ackvities:
	Investments					261,884
	Total income							261,884
	Expenditure on: Management fees					59,414		59,414
	Chantable activities:
	Grants Programme Special projeds					255,801		255,801 29,304
	Total expenditure					344,51$		344,519
	Net (expenditure) Irlveskrlerds	before gains I(losses)			on	(82,635)		(82,635)
	Net gains on invesknents Net income iexpenditum					174,363 91,728	254,444 254~	428,807 346,172
	Transfers between	funds
	Net movement in	funds				91,728	254,444	346,172
	Total funds brought Total funds carried		forward forward			3,536,700 3,62&,428	6,667,878 6,$22,322	10,204,578 10,550,750
3	Income from invesbnenls
								2022
					Unresktctsd	Reslrided	Total	Total
					F	E		5
	Bank interest				3,044		3,044
	Investment income				270,146		270,146
					273,190		273,190	261,884

the year end	ed 3	1stINarch 2	023
				Char8abfe	adkriges
		Basis of	Cost ofraising	Granls	Spedal
		alocalion	funds E	Programme E	prn)eels f			2023 f	2022 E
Grants awanled		Dinxt			75,000	12,876		338,743	255,189
Management	hms	Dimd	47,795					47,7%i	50,688
Governance	costs						37,495	37r495	33,626
Olher costs						6225		6,226	5,016
			47,795	250,867	75,000	19,102	37,495	430,259	344,519
Support costs				12.825		(19,102)
Governance	costs		4,796	25,173			(37,495)
Toial expenditum		2023	55.034	288,865	86460
Total expendihne		2022	59,414	255,801	29,304				344,519

2023 F	2022f
4,000	3,800

Investments
		2022
Investments atfair value:
UK &Overseas Fixed Interest	1,914,072	1,475,517
Equities Property and Infrastructure Cash instruments	5,874,814 1,386,151 398,288	6,395,946 1,465,365 300,814
	9,573,325	9,637,642
Movements
Market value at the start ofthe year	9637642	9701614
AddITIons at cost	2,318,547	1,432,496
Disposals at carrying value Net gains I(krsses) on investments Market value at the end ofthe year	(1,734,153) 648,711 9,573,325	(1,925,275) 428,807 9,637,642

Fo	rthe year	ended 3	ended 3	1stMarch 2023	1stMarch 2023
9	Creditors:	amounts		falling due within one year
									2022
									5
	Other creditors								71,714
	Accruals							16,653	31,697
								16,653	103/11
10	Analysis ofnet assets between funds
						General			Total
						unrestncted	Designated	Restricted	funds
							5	F	6
	Tangible fixed assets					2			2
	Investments					1,788,919	1,297,386	6,487,020	9,573,325
	Net current Net assels	assets atthe	end ofthe year			171,643 1,960~	1,297,386	6,487,020	171,643 9,744,970
11	Movements	in funds
					At the start	Income &	Expenditure		Atthe end
					ofthe year	gains	&losses	Transfers	ofthe year
					F	r	r.	L	5
	Restricted	funds:
	Endowment				6,922,322		(435,302)		6,487,020
	T~l restriclad funds				6,922,322		(435,302)		6~,020
	Unresbtcted	funds:
	Designated	funds:
	Previous Legacy Funds				1,372,386		(75,000)		1,297,386
	Total designated funds				1,372,386		5,000		1,297,386
	General funds				2,256,042	273,190	(568,668)		1,960,564
	Total unrestricted		funds		3,628,428	273,190	(643,668)		3,257,950
	Totalfunds				10,550,750	273,190	(1,078,970)		9,744,970

For	the year ended 31st March 2023
12	Reconciliation ofnet income I(expenditure)	to net cash flow fiom operating	activities
			2023	2022
			F
	Net income I(expenditure) forthe reporting	period	(805,780)	346,172
	(as per the statement offinancial activities} Interest, rent and dividends from investments		(273,190)	(261,884)
	(Gains)l krsses on investments		648,711	(428,807)
	Increasel (decrease) in creditors (Increase)l decrease in debtors		(86,758)	47,839
	Net cash provided by I(used in) operabng	activities	(517,017)	(236,132)

13	Analysis ofcash and cash equivalents	At 1stApril		Other	At31st
		2022	Cash flaws	changes	Mamh 2023
		F		F
	Cash at bank and in hand	1,016,517	(828,221)		188,296
	Total cash and cash equivalents	1,016,517	(828,221)		188,296

Analysis	ofex	penditum	ofprevious	reporting p	eriod
			Cost of	Charitable	acthdges
			ISISIng funds 2		Special pmiects	Support costs f		2021 0
Grants awarded		Direct		218,231		11,958		255,109
Management Govenarsn	fees coals	Direct						50,6S5 33,626
Other costs						5,016		5,016
				218,231	25,000	16.974	33,626	344,519
			2,927	12,603	1,444	(16,974)
Governance	costs			24,967
Trrial expenditure		2022	59~13					344,519

Analysis o	fnet assets between fu	nds ofprevio	us reporting	period
		General			Total
		unrestricted	Designated f	Reshicted	funds K
Tangible fixed assets		2			2
Investments		1,342,934	1,372,386	6,922,322	9,637,642
Net current	assets	913,106			913,106
Net assets	atthe end ofthe year	2,256,042	1,372,386	6,922,322	10,550,750
Movements	in funds forthe previous reporting		period
		At the start	Income &	Expenditure		Atthe end
		ofthe year f	gains f	6losses F	Transfers F	ofthe year
Restricted	funds:
Endowment		6,667,878	254,444			6,922,322
Total nmtricted funds		6,667,878	254r444			6,922,322
Unrestricted	funds:
Designated	funds:
Previous Legacy Funds		1,397,386		(25,000)		1,372,386
Total designated funds		1,397,386		25,000		1,372,386
Generalfunds		2,139,314	436,247	(319,519)		2,256,042
Total unrestrictedfunds		3,536,700	436,247	(344,519)		3,628,428
T~lfunds		10,204,578	690,691	344,519		10,550,750