2022-04-05-accounts - The Kathleen Trust

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`ObjectivesandGrantMaking`
`policies:`	`Thetrustwasestablishedtomakegrantsoutofitsincomeand/or`
	`expendableendowmentatthetrustees’absolutediscretionwhoshallpay,`
	`applyorappropriatethewholeoranypartthereonatanytimeandinany`
	`mannerforsuchpurposesorobjectiveswhicharerecognisedbylawas`
	`goodcharitablepurposes,organisationsorobjects.` `Ithasbeenagreedthat`
	`theprincipalpolicyofthetrusteeswouldbetoassistyoungandimpecunious`
	`musicians.Applicationsforgrantsarereceivedbyoneofthetrustees,who`
	`examinesthemandselectsa listofappealsforthetrusteestoconsiderat`
	`theirnextformaltrusteesmeeting.`
	`Thetrustees’generalpolicyistoaimtodistributeeachyeartheincomeasit`
	`arisesbutfromtimetotimetheymayalsodistributecapital.Thetrustees`
	`receiveapplicationsforgrantsandconsidereachoneoftheapplicationsat`
	`theirformalmeetings.Duringtheyear,thetrusteesformallymettwice.`
`Achievementsand`
`performance:`	`Duringtheyearended5 April2022thetrusteesmetthetrust'sobjectivesby`
	`makinggrantstotalling£123,000asshownonpage12.`
`Financialreview:`	`Totalincomewas£1,018,471(2021:£11,126)withexpenditureamountingto`
	`£144,857(2021:£132,592).Netassetsattheendoftheyearwere£1,751,941`
	`(2021:£868,047).`
`InvestmentPolicy:`	`Thetrusteeshave widepowersofinvestment,includingpowertoinvestin`
	`thenameofnominees.Theinvestmentobjectiveistogeneratetheoptimum`
	`amount` `ofincome` `fordistributionwhilstatthesametimeinvesting` `for`
	`growth.Thetrustees’investmentportfolio` `ismanagedon` `adiscretionary`
	`basisbySmith& Williamson.Thetrusteesagreetheirstrategyforasset`
	`allocationwiththemanagers.`
`PublicBenefit:`	`ThetrusteeshaveconsideredtheCharityCommission’sguidanceonpublic`
	`benefitandinaccordancewiththatguidancetheyreviewtheactivitiesofthe`
	`organisationstowhichtheymakedonationstosatisfythemselvesthatthose`
	`activitiesmeettheprinciplesofpublicbenefitlaiddownbytheCommission.`
`Reserves:`	`Thetrusteesmakegrants` `inaccordancewiththeirpolicy.Theyhaveno`
	`powertoretainincomeandroutinelydistributethiseachyear.Theyalso`
	`distributeexpendableendowmentastheyconsiderappropriate.Theyhave`
	`norequirementtoretainreservesforanyspecificpurposesandhavenot`
	`retainedanyreservesotherthantheexpendableendowment.`
`Riskmanagement:`	`Thetrusteeshaveassessedthemajorriskstowhichthecharityisexposed`
	`andaresatisfiedtheyarenotexposedtoanysignificantrisksotherthan`
	`fluctuation` `inthevalueoftheirinvestmentportfolio.Theyhaveappointed`
	`professionalinvestmentmanagersandreviewtheinvestmentperformance`
	`ona regularbasis.`

		`UnrestrictedFunds`	`UnrestrictedFunds`
		`Expendable`	`Unrestricted`
		`Endowment`	`Income`	`2022`	`2021`
		`Funds`	`Funds`	`Total`	`Total`
	`Note`	`£`	`E`	`£`	`£`
`Incomeandendowments`
`DonationfromtheSirSamuelScott`
`ofYewsTrust`		`1,001,260.09`	`-`	`1,001,260.09`	`-`
`Investmentincome`		`-`	`17,313.59`	`17,313.59`	`11,115`
`Exchangerategain/(loss)`		`(102.75)`	`-`	`(102.75)`	`11`
`Transferbetweenfunds`	`1b`	`(119,617.21)`	`_119,617.21`	`-`	`-`
`Totalincomeandexpenditure`		`881,540.13`	`136,930.80`	`1,018,470.93`	`11,126`
`Expenditureon`
`Costofraisingfunds`
`Investmentmanagementcosts`		`7,926.24`	`-`	`7,926.24`	`6,688`
`Charitableactivities`		`-`	`136,930.80`	`136,930.80`	`125,904`
`Totalexpenditure`		`7,926.24`	`—136,930.80`	`144,857.04`	`132,592`
		`873,613.89`	`-`	`873,613.89`	`(121,466)`
`Netgains/(losses)oninvestments`	`6`	`10,280.25`	`-`	`10,280.25`	`178,913`
`Netincome/expenditure`		`883,894.14`	`-`	`883,894.14`	`57,447`
`Reconciliationoffunds`
`Totalfundsbroughtforward`		`868,047.07`	`-`	`868,047.07`	`810,600`
`Totalfundscarriedforward`		`1,751,941.21`	`-`	`1,751,941.21`	`868,047`

			`2022`
	`Note`	`£`	`£`	`£`	`£`
`Fixedassets`
`Listedinvestmentsatmarketvalue`	`6`		`1,701,465.00`		`834,352`
`SalomonviolinandVictorFetiquebow`	`10`		`23,500.00`		`23,500`
`Totalfixedassets`			`1,724,965.00`		`857,852`
`Currentassets`
`Cashheldaspartoftheinvestmentportfolio`		`29,676.22`		`12,505`
`Incometaxrecoverable`	`7`	`444.99`		`445`
`Debtor`		`5.00`		`5`
		`30,126.21`		`12,955`
`Currentliabilities`
`Amountsfallingduewithinoneyear`	`8`	`3,150.00`		`2,760`
`Netcurrentassets`			`26,976.21`		`10,195`
`Netassets`			`1,751,941.21`		`868,047`
`Representing`
`Expendableendowmentfunds`	`9`		`1,751,941.21`		`868,047`
`Unrestrictedincomefunds`	`9`		`-`		`-`
			`1,751,941.21`		`868,047`

`3.`	`Investmentincome`	`2022`	`2021`
		`£`	`£`
	`Dividends`	`17,313.59`	`11,109`
	`Depositinterest`	`-`	`6`
		`17,313.59`	`11,115`
`4.`	`Costofraisingfunds`	`2022`	`2021`
		`£`	`£`
	`Investmentmanagementcharges`	`7,926.24`	`6,688`
	`Theinvestmentmanagementcostsareattributabletotheendowmentfunds.`
`5.`	`Charitableactivities`	`2022`	`2021`
		`£`	`£`
	`Charitableactivities`	`136,930.80`	`125,904`
	`Thebreakdownofcharitableactivitiesisasfollow:`
		`2022`	`2021`
		`£`	`£`
	`Grants- seepage12`	`123,000.00`	`109,200`

`Analysisofcharitableexpenditure`
`Governancecosts`	`2022`	`2021`
	`£`	`£`
`Unrestrictedincomefunds`
`Accountant'scharges`	`4,860.00`		`7,200`
`Independentexaminationfees`	`1,800.00`		`1,800`
`Legalfees`	`7,008.00`		`7,502`
`Insurancepremium`	`202.80`		`203`
`Bankcharges`	`60.00`
	`13,930.80`		`16,705`
`TotalCharitableactivities`	`___` `136,930.80`	`125,905`

`6.`	`Fixed assetinvestments`		`2022`	`2021`
			`£`	`£`
	`Marketvalueat5 April2021`		`834,352.00`	`762,875`
	`Additions`		`1,218,912.28`	`313,533`
	`Disposals`		`(362,079.53)`	`(420,969)`
	`Netrealisedinvestmentgains/(losses)`		`(3,479.39)`	`28,315`
	`Netunrealisedinvestmentgains/(losses)`		`13,759.64`	`150,598`
	`Marketvalueat5 April2022`		`1,701,465.00`	`834,352`
	`Historical costat5 April2022`		`1,619,247.30`	`712,977`
`7.`	`Taxrecoverable`		`2022`	`2021`
			`£`	`£`
	`UKtaxrecoverable`		`444.99`	`445`
`8.`	`Liabilities:Amountsfallingduewithinoneyear`
			`2022`	`2021`
			`£`	`£`
	`Accountancyfees`		`-`	`2,760`
	`Legalfees`		`3,150.00`	`-`
			`3,150.00`	`2,760`
`9.`	`Analysisofnetassetsbetweenfunds`
		`Fixed`	`NetCurrent`
		`Assets`	`Assets`	`Total`
		`£`	`£`	`£`
	`2022`
	`ExpendableEndowmentFunds`	`1,724,965.00`	`26,976.21`	`1,751,941.21`
	`UnrestrictedFunds`	`-`	`=`	`-`
		`1,724,965.00`	`26,976.21`	`1,751,941.21`
	`2021`
	`ExpendableEndowmentFunds`	`857,852`	`10,195`	`868,047`
	`UnrestrictedFunds`	`:`	`-`	`:`
		`857,852`	`10,195`	`868,047`

		`Expendable`	`Unrestricted`
		`Capital`	`Income`	`2021`
	`Notes`	`Funds`	`Funds`	`Total`
		`£`	`£`	`£`
`Incomeandendowmentsfrom`
`Investmentincome`	`3`	`-`	`11,115`	`11,115`
`Exchangerategain`		`11`	`-`	`bin`
`Transferbetweenfunds`		`(114,789)`	`114,789`	`-`
`Totalincomeandendowments`		`(114,778)`	`125,904`	`11,126`
`Expenditureon`
`Costsofraisingfunds`
`Investmentmanagementcosts`	`4`	`6,688`	`-`	`6,688`
`Charitableactivities`	`5`	`-`	`125,904`	`125,904`
`Totalexpenditure`		`6,688`	`125,904`	`132,592`
		`(121,466)`	`-`	`(121,466)`
`Netgains/(losses)oninvestments`	`6`	`178,913`	`-`	`178,913`
`NetIncome/(expenditure)`		`57,447`	`-`	`57,447`
`Reconciliationoffunds`
`Totalfundsbroughtforward`		`810,600`	`-`	`810,600`
`Totalfundscarriedforward`		`868,047`	`-`	`868,047`

`rants` `ortheyearended5 April2022`
	`2022`
`GrantstoMusicalInstitutions`
`CAliyev`	`2,000.00`
`GuildhallSchoolofMusic& Drama`	`23,000.00`
`IsaacTolley`	`2,000.00`
`KonstantinosTerzakis`	`2,000.00`
`OxfordLieder`	`3,000.00`
`RCrowe`	`1,000.00`
`RoyalAcademyofMusic`	`37,000.00`
`RoyalCollegeofMusic`	`28,000.00`
`RoyalConservatoireofScotland`	`9,000.00`
`RoyalNorthernCollegeofMusic`	`9,000.00`
`TrinityLabanConservatoireofMusicandDance`	`7,000.00`
`Totalgrantsperaccounts`	`123,000.00`