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|Page:||Reportofthe trustees|
|---|---|---|
||8|Reportoftheindependent auditors|
||t2|ConsolidatedStatementof FinancialActivities|
||13|Consolidated BalanceSheet|
||t4|BalanceSheet|
||15|ConsolidatedStatementofCashFlows|
||l6|Notesformingpartofthefinancialstatements|
|Trustees||J CHarrison-LeeLL.B|
|||P J GLeeDLLL.B|
|||NPHarrison|
|Director||SJRidley|
|Principal|offïce|SecondFloor,Foundation House, 42-48 LondonRoad,Reigate,|
|||Surrey,RH29QQ|
|Bankers||Coutts&Co,440Strand,London WC2ROQS|
|||Bank ofScotland, TheMound,EdinburghEHl lYZ|
|||SantanderUKplc,100LudgateHill,LondonEC4M7RE|
|Auditor||Moore KingstonSmithLLP, Betchworth House,57-65Station|
|||Road,Redhill,Surrey,RHllDL|
|Solicitors||'Withers,16OldBailey, London, EC4M7EG|
|Charityregistration|||
|number||1076579|






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||Notes|2023|2023|2023|2022|
|---|---|---|---|---|---|
|||Unrestricted<br>incomefund<br>f|Expendable<br>endowment<br>fundsf|Total<br>r,|Total<br>f,|
|Incomefrom:||||||
|Donation|2|750|15,827|16,577|630,073|
|Investmentsandcashdeposits|J|r,277,5r9|11,799|l,2gg,3lg|L,395,077|
|Rental income|4|r,015,936|0|l,ol5,g36|1,025,962|
|Totalincome||2,294,205|27,626|2,321,931|3,051,112|
|Expenditureon:||||||
|Raisingfunds:||||||
|Rentalactivity|4|104,837|0|r04,837|21g,6lg|
|Charitable activities|5|1,6'72,295|565,000|2,23',7,295|1,633,76r|
|Totalexpenditure||1,7'77,132565,000||2,342,132|1,852,379|
|Net operatingincome/(loss)||5t7,073(537,374)(20,301)|||1,198,733|
|Net realisedinvestrnentgain|7|0|00||l,ggg,241|
|Netunrealisedinvestmentlosses(2022:gains)|7|(1,933,441)|0(1,833,441)||214,376|
|Netloss(2022:income)and netmovementinfunds||(1,316,368)(537,374)(1,853,742)|||3,301,350|
|Reconciliationoffunds||||||
|Funds broughtforward|II|9,609,76645,718,00054,327,7665L,026,416||||
|Fundscarried forward|11|<br>'1,293,39845,180,62652,474,02454,327,766||||





## 

||Notes|2023|2023|2022|2022|
|---|---|---|---|---|---|
|||t|f|f|f|
|Fixedassets||||||
|Managed investment funds|7||10,936,627||10,350,568|
|Investment properties|7||17,250,000||8,775,000|
|Loans|7||12,100,000||14,834,459|
|Totalinvestments|||40,286,627||33,960,027|
|Intangiblef,rxed assets|8||I 1,700||0|
|Total fixedassets|||40,298,327||33,960,027|
|Currentassets||||||
|Debtors|9|468,998||506,234||
|Investment: medium term bankdeposit||||||
|(maturingNovember 2023)||750,000||0||
|Cashatbankandinhand||||||
|Cash andbankbalances||86,196||20,000||
|Short term deposits||12,572,960||21,533,711||
|||13,878,054||22,059,945||
|Creditors:amountsfallingduewithinoneyear||||||
|Charitablegrantsprovidedand contractedfor,<br>butnotpaid|5|(686,670)||(786,425)||
|Other creditors|10|(416,2l8)||(376,401)||
|||(1,102,888)||(t,162,826)||
|Netcurrentassets|||12,775,166||20,897,119|
|Totalassets lesscurrentliabilities|||53,073,493||54,857,146|
|Creditors:amounts payableaftermore thanone|year|||||
|Charitable,grantsprovidedand contractedfor,||||||
|butnotpaid|5||(599,469)||(529,380)|
|Netassets|||52,474,024||54,327,766|
|Expendable endowments||||||
|Endowmentgifts|l1||45,001,000||45,001,000|
|Expendable endowmentgift|11||179,626||717,000|
||||45,190,626||45,718,000|
|Incomefunds||||||
|Unrestrictedincomefirnd|11||7,293,398||9,609,766|
|Totalexpendable endowment and income funds|||52,474,024||54,327,766|





## 

|BalanceSheetasat31May2023||||||
|---|---|---|---|---|---|
||Notes|2023||2022||
|||f|f|Ê|f|
|Fixedassets||||||
|Managed investment funds|7||10,936,627||10,350,568|
|Loantosubsidiary company|7||32,800,000||35,800,000|
|Investmentinsubsidiary company|7||1,000||1,000|
|Totalinvestments|||43,737,627||46,151,568|
|Intangible fixedassets|8||11,700||0|
|Total fixedassets|||43,749,327||46,r51,568|
|Currentassets||||||
|Debtors|9|79,731||933,502||
|Investment: medium term bank deposit||||||
|(maturing November 2023)||750,000||0||
|Cashatbankandinhand||||||
|Cash andbankbalances||76,196||10,000||
|Short term deposits||7,4r2,r51||5,459,868||
|||9,3lg,07g||6,402,370||
|Creditors:amountsfallingduewithinoneyear||||||
|Charitablegrants,providedandcontracted,but<br>notpaid|5|(686,670)||(786,425)||
|Other creditors|10|(23,497)||(2t,tgt)||
|||(710,167)||(807,616)||
|Netcurrentassets|||7,607,gtl||5,594,754|
|Totalassets lesscurrentliabilities|||51,357,238||5t,746,322|
|Creditors:amounts payableaftermorethanoneyear||||||
|Charitablegrants,providedandcontracted,but||||||
|notpaid|5||(599,469)||(529,380)|
|Netassets|||50,757,769||51,216,942|
|Expendable endowments||||||
|Endowmentgifts|ll||45,001,000||45,001,000|
|Expendable endowmentgift|11||179,626||717,000|
||||45,180,626||45,718,000|
|Income funds||||||
|Unrestricted incomefirnd|l1||5,577,143||5,499,942|
|Totalexpendable endowment and incomefunds|||50,757,769||51,216,942|






## 

## 

||2023|2023||2022|2022|
|---|---|---|---|---|---|
||f,|f||f|f|
|Netloss(2022:income)forthereportingperiod||(1,853,742)|||3,301,350|
|Adjustments for:||||||
|Realised gains oninvestments||0|||(1,888,241)|
|Unrealisedlosses(2022: gains) oninvestments||1,833,441|||(214,376)|
|Incomereceivablefrominvestmentsandcashdeposits||(1,277,519)|||(1,395,077)|
|Rents receivablefrominvestments||(1,015,936)|||(1,025,962)|
|Decrease(2022: inuease)indebtors||45,437|||(56,197)|
|Decreaseincreditors||(254,480)|||(464,267)|
|Netcash usedby operating activities||(2,522,799)|||(1,742,770)|
|Cash flowsfrominvesting activities:||||||
|Dividenddistributionsand interestreceived|1,53',7,768||1,261,014|||
|Rentreceived|1,012,217||1,110,745|||
|Proceedsfrom investment loanrepayments|5,434,459||2,058,453|||
|Investmentloans made|(2,700,000)||(4,600,000)|||
|Purchaseofmanagedinvestment funds|(1,000,000)||(2,000,000)|||
|Purchaseof investment properties|(9,894,500)|||0||
|Purchaseofintangiblefixedasset|(11,700)|||0||
|Deposit in medium term bank deposit|(750,000)|||0||
|Proceedsfromdisposalofinvestment property|0||62,|53',l||
|Netcashprovided by investing activities||(6,371,''Ì56)|||8,992,',l49|
|Changeincashinthereporting period||(9,994,555)|||7,249,979|
|Cashat thebeginning ofthereporting period||21,553,711|||14,303,732|
|Cash at the end ofthereporting period||12,659,156|||2r,553,7rt|
|Analysisofcash||31May2023|||3lNlay2022|
|||f|||f|
|Cashandbank balances||96,196|||20,000|
|Shorttermdeposits||60|||21,533,711|
|||12,659,156|||21,553,71r|





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|Incomefrominvestmentsandcashdeposits|||
|---|---|---|
||2023|2022|
||f|f|
|Incomefromlistedinvestments|412,010|301,777|
|Interestreceivablefromloansfor property development|735,103|1,092,433|
|Interestreceivable from bankdeposits andother depositaccounts:|||
|Unrestricted incomefund|r30,406|854|
||1,277,519|1,395,064|
|Expendable endowmentfund|1l,7gg|13|
||l,2gg,3lg|1,395,077|



## 

|belawfullydistributed tothecharity underaDeedofCovenant.Asunìm|aryofthesubsidia|ry'sresults is show|nbelow:|
|---|---|---|---|
|||2023|2022|
|||ff,||
|Rental income||l,ol5,936|1,025,962|
|Interest receivable||776,120|1,093,270|
|Operatingexpensesforrental activities||(104,837)|(218,618)|
|Fair valuelosses(2022:gains) oninvestmentproperties|(1,419,500)||1,862,537|
|Other operatingexpenses||(l3,006)|(9,372)|
|Interestpayable onshareholder loans||(1,622,819)|(89s,783)|
|Shareofnetdevelopmentprofiton loans||0|25,705|
|Loss(2022:profit)onordinary activities||(l,368,1 06)|2,993,701|
|Donation payabletoparent charity||Q6,463)|(2,L34,688)|
|Loss (2022;profit)retained inthesubsidiary|::|(1,394,569)|749,013|





## 

## 

|Charitableactivities||||
|---|---|---|---|
||Grants|Support|Total|
||awarded|costs||
||t|f|f|
|2023||||
|Opportunities through Sport|845,546|120,609|966,r55|
|SupportforChildrenandYoungPeople who have special educational<br>needs,disabilities or mentalillhealth|358,289|46,233|404,522|
|Trustees'Discretion-Unrestrictedincomefund: education|156,132|14,071|170,203|
|- Unreshictedincomefund: other|223,374|8,041|23r,415|
|- Expendable endowment funds|565,000|0|565,000|
|Less grants awardedin previousysars not taken up|(100,000)|0|(100,000)|
||2,048,341|188,954|2,237,295|
|2022||||
|Opportunities through Sport|888,065|114,559|1,002,624|
|SupportforChildrenandYoungPeople who have special educational<br>needs,disabilities or mentalillhealth|474,771|57,279|532,050|
|Trustees'Discretion-Unrestrictedincomefund:education|145,82<br>7|8,183|154,010|
|-Unrestrictedincomefund: other|0|0|0|
|-Expendable endowment funds|0|0|0|
|Less grants awardedin previousyearsnot taken up|(54,923)|0|(54,923)|
||1,453,740|190,021|1,633,761|



## 

|Reconciliation of grantsprovidedorreserved:|||
|---|---|---|
||2023|2022|
||g|f,|
|Grants awardedduringtheyear|2,048,341|1,453,740|
|Addcharitable grants awarded and contractedin previousyearbut not|||
|paidat3li|l4ay2022|1,315,805I,97 6,477||
||3,364,146|3,430,217|
|Charitablegrantspaidduringtheyear|(2,078,007)|(2,114,412)|
|Charitable grantsprovidedand contractedfor but notpaidat3lI|iday2023|1,286,139|I,315,805|
|Charitable grantsprovidedand contractedfor but not paidcomprise:|||
|Grants payableaftermore thanoneyear butwithin fiveyears|575,469|506,852|
|Grants payableafterfiveyears|24,000|22,528|
|Grants payableafter morethanoneyear|599,469|529,380|
|Grants payableduringthe nextyear|686,670|786,425|
||1,286,1391,315,805||






## 

## 

||Grant-making|Governance|Governance|Total support|
|---|---|---|---|---|
|2023|costs||costs|costs|
||t||f.|f|
|Staffcosts|||||
|Gross salaries|69,920||3,550|73,470|
|Employer'sNationalInsurance|6,280||319|6,599|
|Pension|2,797||142|2,939|
|Staff recruitmentandtraining|949||0|949|
||79,946||4,011|83,957|
|Professionalfees|||||
|Auditfees|0||23,247|23,247|
|Legalandprofessionalfees|0||6,280|6,280|
||0||29,527|29,527|
|Premisescosts|||||
|Rent|19,385||984|20,369|
|Rates|10,415||529|10,944|
|Premises management|7,940||403|8,343|
||37,',?40||1,916|39,656|
|Officecosts|34,084||l,''130|35,814|
||151,770||3',7,r84|188,954|





## 

## 

|Supportcosts(continued)||||
|---|---|---|---|
||Grant-making|Governance|Total support|
|2022|costs|costs|costs|
||t|s|f|
|Staffcosts||||
|Gross salaries|59,474|3,298|62,772|
|Employer's NationalInsurance|4,961|270|5,131|
|Pension|7\))|140|2,662|
|Staff recruitmentandtraining|20,049|0|20,049|
||96,906|3,708|90,614|
|Professionalfees||||
|Auditfees|0|22,223|22,223|
|Legalandprofessionalfees|0|1,243|1,243|
||0|23,466|23,466|
|Premisescosts||||
|Rent|19,299|1,070|20,369|
|Rates|8,687|482|9,169|
|Premises management|6,083|337|6,420|
||34,069|1,889|35,958|
|Officecosts|28,408|1,575|29,983|
||149,383|30,638|180,021|






## 

|Investments|||||
|---|---|---|---|---|
|Group|Managed<br>investmentfunds|Investment<br>properties|Loans|Totalfor<br>group|
||f|f,|f|s|
|Cost andvøluøtion|||||
|AtlJwe2022|10,350,568|8,775,000|14,834,459|33,960,027|
|Additions|1,00o,ooo|g,gg4,5oo|2,700,000|13,594,500|
|Disposals|0|0|(5,434,459)|(5,434,459)|
|Revaluationlosses|(413,941)|(1,419,500)|0|(1,833,441)|
|At3lMay2023|10,936,62717,250,000||12,100,000|40,286,627|
|Historiccost|||||
|Ar3lÌll4ay2023|10,500,000|16,307,689|12,100,000|38,907,689|
|At3lÌllday2022|9,500,000|6,4t3,189|t4,834,459|30,747,648|
||Managed|Investmentin|Loanto|Totalfor|
|Charity|investment funds|subsidiary|subsidiary|charity|
|||company|company||
||t|f|t|g|
|Cost andvaluation|||||
|AtlJune2022|10,350,568|,000|35,800,000|46,151,568|
|Additions|1,000,000|0|0|1,000,000|
|Repayment|0|0|(3,000,000)|(3,000,000)|
|Revaluationlosses|(413,941)|0|0|(413,94r)|
|At3IMay2023|10,936,627|1,000|32,800,000|43,737,627|
|Historiccost|||||
|At3l}l{ay2023|10,500,000|1,000|32,800,000|43,301,000|
|At3LÌNday2022|9,500,000|1,000|35,800,000|45,301,000|
||||2023|'2022|
||||f,|f|
|Netrealisedinvestmentgains|||||
|Revaluation gainon investmentproperty sold|||0|1,862,537|
|Loans:shareofdevelopmentprofits|||0|25,704|
||||0|1,888,241|
|Netunrealised investmentlosses(2022: gains)|||||
|Managedinvestmentfunds|||(413,941)|214,376|
|Revaluationlosseson investmentproperties|||(1,419,500)|0|
||||(1,833,441)214,376||





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|Groupandcharity||
|---|---|
||f|
|Cost||
|AtlJune2022|0|
|Additions|I1,700|
|Disposals|0|
|AI3lNf.ay2023|11,700|



## 

|Debtors|||||
|---|---|---|---|---|
||Group<br>2023<br>Êcf,f|Group<br>2022|Charity<br>2023|Charity<br>2022|
|Trade debtors|0|84,930|0|0|
|Profitsharesreceivable|0|0|0|0|
|Other debtorsandprepayments|74,811|35,3l8|9,827|5,44<br>6|
|Accruedincomereceivable|394,087|385,986|43,441|0|
|Donation receivablefromsubsidiarycompany|0|0|26,463|928,05<br>6|
||468,898|506,234|79,731|933,502|



## 

|Other creditors|||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2023|2022|2023|2022|
||f|f|f,|f|
|Rent receivedinadvance|316,501|51,870|0|0|
|Tradecreditors|824|259,567|824|1,606|
|Accruals|35,976|28,887|22,673|19,585|
|Taxes andsocial security|55,463|1,279|0|0|
|Othercreditors|7,454|34,798|0|0|
||416,218|376,401|23,497|2l,l9l|






## 

|Group|At1June|IncomeExpenditure|Gains and|At31|
|---|---|---|---|---|
||2022||losses|.M.ay2023|
||f,|f,<br>c|t|f|
|Expendableendowments|||||
|Endowment gifts|45,001,000|0<br>0|0|4s,001,000|
|Furtherexpendable endowmentgifts|717,000|27,626(565,000)|0|179,626|
||45,718,000|27,626<br>(565,000)|0|45,t80,626|
|Income funds|||||
|Unrestricted fund|8,609,7662,294,205(1,777,132)||(1,833,441)7,293,398||
||54,327,766 2,32r,831 (2,342,t32)||(1,833,441)|52,474,024|
|Charity|At1June|IncomeExpenditure|Gains and|At31|
||2022||losses|J$Iay2023|
||f|t<br>g|t|t|
|Expendableendowments|||||
|Endowment gifts|45,001,000|0<br>0|0|45,001,000|
|Furtherexpendable endowmentgifts|717,000|21,626(565,000)|0|179,626|
||45,718,00027,626<br>(565,000)||0|45,180,626|
|Income funds|||||
|Unrestricted flrnd|5,498,9422,151,43t(r,659,289)(4t3,941)|||5,5't7,143|
||51,216,9422,179,057(2,224,289) (413,941)|||50,757,769|





|11|Analysisoffunds (continued)||||||
|---|---|---|---|---|---|---|
||Group|At1June|IncomeExpenditure||Gains and|Ar31|
|||2021|||losses|M,ay 2022|
|||s|f|c|f|t|
||Expendable endowments||||||
||Endowment gifts|45,001,000|0|0|0|45,001,000|
||Furtherexpendable endowmentgifts|86,914|630,086|0|0|717,000|
|||45,087,914630,086||0|o|45,718,000|
||Incomefunds||||||
||Unrestricted fund|5,938,5022,421,026||(r,852,379)|2,102,6178,609,766||
|||51,026,4163,051,112(1,852,379)|||2,102,617|54,327,766|
||Charity|At1June|IncomeExpenditure||Gains and|At31|
|||2021|||losses|N'l.ay2022|
|||f|s|f|g.|t|
||Expendable endowments||||||
||Endowmentgifts|45,001,000|0|0|0|45,001,000|
||Furtherexpendable endowmentgifts|g6,914|630,086|0|0|717,000|
|||45,087,914630,086||0|0|45,718,000|
||Incomefunds||||||
||Urnestricted fund|3,576,6913,332,265(1,624,389) 214,3755,498,942|||||
|||48,664,6053,962,351(1,624,389)214,375||||51,216,942|






## 

## 

|Analysis of netassetsbetweenfunds|||||
|---|---|---|---|---|
|Group -2023|Endowment<br>fund|Expendable<br>endowment|Unrestricted<br>incomefund|Total<br>funds|
|||fund|||
||f|f,|f|g|
|Fixedassets|40,298,327|0|0|40,298,327|
|Currentassets|4,702,673|79,626<br>1|9,995,755|13,878,054|
|Currentliabilities|0|0|(1,I02,888)|(1,102,888)|
|Creditors payableaftermore than oneyear|0|0|(599,469)|(599,469)|
|At3lll4ay2023|45,001,000 179,6267,293,398|||52,474,024|
|Charity -2023|Endowment<br>fund|Expendable<br>endowment|Unrestricted<br>incomefund|Total<br>funds|
|||fund|||
||f|f|Ê|t|
|Fixedassets|43,749,327|0|0|43,749,327|
|Currentassets|r,251,673|79,626<br>I|6,886,779|8,318,078|
|Currentliabilities|0|0|('710,167)|(710,167)|
|Creditorspayableaftermore than oneyear|0|0|(599,469)|(599,469)|
|At3ltlday2023|45,001,000 179,6265,577,143|||50,757,',769|
|Group -2022|Endowment<br>fund|Expendable<br>endowment|Unrestricted<br>incomefund|Total<br>funds|
|||fund|||
||c|f|f,|f|
|Fixedassets|33,960,027|0|0|33,960,027|
|Currentassets|11,040,973|,00<br>717<br>0|10,301,972|22,059,945|
|Currentliabilities|0|0|(r,162,826)|(1,162,826)|
|Creditors payableaftermore than oneyear|0|0|(529,380)|(529,380)|
|At3l}l4ay2022|45,001,000 717,0008,609,766|||54,327,766|
|Charity-2022|Endowment<br>fund|Expendable<br>endowment|Unrestricted<br>incomefund|Total<br>funds|
|||fund|||
||f|f|f|f,|
|Fixedassets|,000<br>45,00|0|1,150,568|46,151,568|
|Currentassets|0|,000<br>7<br>7|5,685,370|6,402,370|
|Currentliabilities|0|0|(807,616)|(807,616)|
|Creditorspayableaftermore thanoneyear|0|0|(529,380)|(529,380)|
|At3li|l4.ay2022|45,001,000 717,0005,498,94251,216,942||||





## 

## 

##