Report and Financial Statements For the year ended 31 July 2022 The Guildhall School Trust Company limited by guarantee registration number 04041975 (England and Wales) Charity registration number 1082472
Adminislrative information for the year ended 31 July 2022 President The Rt Hon The IA)rd Mayor Trustees Deborah Lincoln (Chairl Stephen J31and Neil Con5table David Graves Lew Hodges (until October 20221 Rongrong Huo Gillian lalaW Philip Noel lappointed July 20221 Grtham Packham Howard Ricklow Profe&8orJonathan Vaughan Auditor Buzzacott LLP 130 Wo(A Street London EC2V 6DL Bankers Barclays Bank plc 54 LOmbd Street London EC3P 3AH Inve5tnwnt Managers Cazenove Capital 100 Wood Street London EC2V 7ER Sub Committee5 Inv•5tm?nt Sub Commit1•• Tim Pethybridge (former Trustee & Co-opted Chairl RoTwong Huo Deborah lancoln Sar25in & PartneT5 LLP Juxon House 100 Si Pauls Churchyard London EC4M 8BU Fingn¢• Sub Commill•• Lew Hodges (Chair) Stephen Bland Deborah Lincoln Soli¢itors BDB Pitmans LLP One Bartholomew Close LondonECIA 7BL Company Se¢rotary Rhe1 Davis Governing Document Artides of Association Company Registration Number 04041975 Registered Chorty Number 1082472 Principal Address clo Guildhall ScFLooI of Music & Drama Silk Street London EC2Y 8DT
The Guildhall School Trust Contents Page Referen and Adrninisiraiion Information Chair's Foreword Re]x)rt of ihe Tntstees 4-19 Rew)n of the Independent Auditor 2{22 Statement of Finantial Attivities 23 Balance Sheet 24 Stttement of Cash Flow5 25 Notes to the Financial Statements 2&33
The Guildhall School Trust Chairfs Foreword am immensely proud of everything that the Trust and its generous donor5 have continued io achieve together throughout thisyear in support of Guildhall School and its talented community of musicians, actors, and production artists. In such difficult economic times, many of the young artis¢s studying at the School are finding themselves in greater financial difficulty and this support is ever more important to their future succes5. The Trust continued it5 flagship comrnitrnent to the School's Scholarship programme, contributing essential support for students a¢ both undergraduate and postgraduate level, including the School's continuing focus on diversifying its talen¢ base. It provides awards for the School's exceptional under 18 music and drama training. We also provided financial backing ¢0 enable the School ¢0 fulfil 1¢$ mission to deliver distinctive higher education training, nurture the development OF artistic citizens, and lead lasting cultural change in society through research and knowledge exchange. Our ability to support the School's work is only possible thanks ¢0 a fantastic group of individuals, liveries, companies and trusts. Their support and enthusiasm is vital for the School's ground-breaking work and exciting projects, and enables the School to continue to fulfil its commitment to provide s¢uden¢s with excellent coachingat the highest level. Since our last annual report, I'm deligh¢ed to welcome one new Trustee, Philip Noel.As we look forward to the new academicyear, we will also see Lew Hodges retire from the Board and Tim Pethybridge, step down as Ccpop¢ed Chair of the Investment Sub Committee. I thank them for their dedication over manyyears ¢0 the TnT5t's actItieS in Support of the School. would also like ¢0 congratulate Principal Professor Jonathan Vaughan on his appointment to the role following ayear as Interim Principal. I look forward to continuing to work together to achieve many of the exciting plans the School has For the future. Finally, I would like ¢0 express my gratitude again ¢0 all those who have helped ¢0 make 1¢ another s¢rongyear for the Trust- our valued 5upporier5, funders and cornmunity partners. my fellow Tru51ees. the whole team at Guildhall School, their dedicated Development Team and the amazing students and alumni who inspire us. The arts have the power to transform lives. Our award-winning graduates share their extraordinary expertise with the world on stage and screen, behind the 5cene5 and in schools, hospita15 and community 5etting5 acro55 the globe. By addingyour support, ¢oge¢her we can help even more talentedyoung artists of every background to take up the exceptional training offered by the School and enable them to fulfil their artistic potential. Deborah tllncoln. Chair of the Board of Trustee5
The Guildhall School Trust Report of the Trustees In¢•rporuting the Dire¢tors' report for the year onded 31 July 2022 Th• Boord •f Trust••$ The Tru5tee5 who seryedduring theyear to 31 July 2022 and to the dale of apprtsvtl of these account4 are listed on page l. The Trustees (who are also directors of The Guildhall School Trust Eor the purpose of company law}y present their report andaudited financial staiementsfor theyear ended 31 July 20Z2. They have been prepared in accordince with theaccounting policie5 set out in note l of the Financial Statements andcomply with The Guildhall Schi)ol Trust Articles of Association.Theyalso comply with applicable chariry laws andrecommended practice IFRSL02 and the Charities SORPI. The company's Articles of Association provide that the ftrlltswing shall be ex OfficioTntees'. the Principal of the Sthool the Chair of Governors of Guildhall SchooL Also,? quorum musi comprise a majoriry of independent Trustees ulffi[1atedto the Ciry of tA>ndon. Structure, management and governance The governing dUMentS and ¢onslitution of the ¢hority Trustees give their time voluntarily. None of the Trustee5 received any reimbursed expenses or remuneration for their services during theyear. The Board conducts regu]ar5e]f-eYaluation performanee review5,U5ually inconjunction wirh i Board Away Day¥ to ass how the Board functions as a whole andfocu5 on areas identified for improvement or change. The Guildhall School Trust (the Trust) 15 2 cFLariiable company limited by guarantee, incorporited in July 201M) andregisteiedas a chariry in September 2000. The company was esiablishedunder a Memorandum of Association wFLich establishedthe objects and powers of the charitable ctsmpany and is governed under it5 Articles of A5sociatiotL M¥n4g•m•nt of th• Trust The Board me¢ four times during theyear and Trtee5 approv Trust activities at these meeting5.Trustees consider that they arethe key managemenr personnelfor the Tt, the Trust ha5 no 51aff of its ow The Trust's Objects are.. to advance the edllcatitsn of Students artd prospective students of the Guildhall School of Music & Drama in music or drama (including stage management and related production itLd design) and any other object considered by the Trustees to be beneficial to the promotion of music and drama lincluding5tage Malgement and Telated pr(Auciion and design) at the Guildhall School. and The Head of Financ4 Guildhall School of Music & Dram4 provides accountancy services, and the School's Development and Alumni Relations Office IDAROI coordinates all fundraising activiry in accordance with the Tru5t'5 charitable objective& DARO atso provide5 Libnini5traiive Support, employing Senior Development Manager ITtI, Rachel Davis in the Trust's official capaciry of Company Secretary. to support any charitable purpose in which the Guildhall School or any student mayengage, and which proniote5 Inu5ic or drarna lincludiTLg Stage management and related production and de5Lgnl. Svb<ommittees The Finance Su1COMmIttee meets quarierly in advance of the Board meeting. Recommendations from the Sul Comtnittee are submitted to the fuLI Board for discussion and approval. The Trust fulfi15 these Objects by making grants to the School. All grants approved during theyeaT were forthe furtherance and enhancement of educational activities at Guildhall School of Music & Drama in line with the Objects. The Investment Su1cOmmIttee meets annually with each Investment Manager to formally review their Performan against TrLLStee set objectives. The Sul Cornmittee provides an uwlate on the performance of the Tru5t'5 investment portfolios at quarterly Board meetings.
The Guildhall School Trust Tru$t••s R•¢ruitm•nt ond Tmining The Board wa5 pleased to welcome rLew Trustee, Philip Noel in July. There is Scope to further expand the Board and the Board has been working on arecruitrnentdrive over the past @rnonths. It 15 anticipated that thi5 initiaiive will continue into autumn 2022. Risk Monug?m•nt The Trust Risk Register ideThtifie5 the 5ignificRnt Tlsks rated by the level of risk and the likeliho(Ml of thisrisk occurring,with identified mitigatingaetions. The register Is uwiated and reviewed quarterly by the Finante Sul Committee and biannually byTrustee& The BoaTd i5comrnitted to ensuring that individu215 With a diverse range of 5ki114 experienceand backgroundsare encouraged to apply and coniribute filily asTru5tees.The Board offer5 new Trustee5 an induction and encourages furthertraining opportunitieswhere possible The irnpact of the COVID-19 pandemic continued tobe a consideration for Trustees during theyur. The Boardh*s Tellned to iperson meetings for the Board Meeiings and L Board Away Dayy offering a hybrid option for Trustees and attendees who are unable to attend in person. The B(Yard has continued to maintain regular tommunications Wlth support Staff 2nd the DARO te. Div•rsty The Trust 15 tommitted to ensuring that the principles of equaliry and diversiry are ernbedded in its actions, policie5 and decision making.The Boardhas ensured that the principles of its Eqllaliry Diversiry and Inclusion IEDII policyare embedded in the recrLLitnient of new Board rnembers. The Board i5committed to continuing its EDI work and taking action tofurther diversify its Board embeTShi Trustees continue to monitor the riskthat the challenges of the pandemic and other world events present to the Trust's ability to 5U5tain the real vilue of it5 invested funds whi]5t generating the income necessary to susiain its de8Lred level of grant giving.The Investment Sul Comtnittee continuedto work c105ely with ihe Managers to monitorand assessing andtake action as appropriate 15ee Investment Management report on page 17). The Board continue8 to beaware of the risks associated with remainingcompliant withthe changing regulatory environment affecting charities.TrusteeshaYeeontinu to review challenge and sirengthengovernance arrangemen15 to mitigate these risk& Thi5year the Board Jnade5ignificant progre55to finali5e the work aroundthe Framework Agreement with the SchooL Thi5 overarcFLing framework and its underlying policieshavebeen signed- off by boththeTru5t and the School. Related Paity Transa¢lions AsGuildhall School students are beneficiaries of the Trust's grant4 the School and its Senior staff, Professor Jonathan Vaughan UThteTim Principil toAugu5t 2021 and appoinred Principal July 2022)- Principal of the School, GraFLam Packh2m- Chair of Governors of Guildhall SchooL are deemed related ptrtie5. G[t5 and gift5 in kind made to related partie5 are detailed in Note l L of the Financial Statemen15. The B02rd has agreed a speciEit TTht Safeguarding Policy, which 15 reviewed aTmually ro ensure it remain5 fit for purpose.TFLe Trust's Company Secretary is the Trust's Designated Sifeguarding l£ad. Trustees are sat15fied thit all material and rea50nibly foreseeable risks have been identified and that systems and controLs are in pLace to manage those ri5k5.
The Guildhall School Trust Relationship with Guildhall School of Music & Drama Approach to fundraising The Developmentteam isrespon5ible for fundraising. with the Board retaining oversight tsf these activitiesas theyrelate to the Trust. The 5¢hool Guildhall School of Music & Drama is a vibrant, international comrnunity of rnusician5, actor5 2nd production anis15 in the hean of the Ciry of London. The fundraisers aim to ensure the following in their fundraising interactions with all organisations and individu215'. One of the world's leading conservatoires, Guildhall School is ranked number one in Arts, Drama& Music by the Cornplete University Guide 2023, one of the topten performing ar15 institutions in the world in the ILS World uniVeity Rankings 2024 as well as thenumber one higher education instinLtion in the Guardian Univer5lry Guidernusic leagLLe tabl£ The School delive world-c1255 professional training in partnership wryth disiinguJ5hed artists, companies and ensemble5. To treat donors with respect and be re5pon5ible and compliant WLth personal data legislation To implement a clear and transparent policy for the acceptance of donations which are aligned to the School's value5, Strategicgoats and financial needs To nurture5trong and positive relationships with donor4 meeting their needs and demonstrating the irnpact of their philanthropy. A global leader in creative and profe55Lonal practice, the School promote5 innovation, experiment and research, and is one of the UK'S leading providers of lifelong learning in the performing art5, offering inspiring traiTring for childreT4young people, adult learners, and cruiive and business profe&8iona15. Over 2,500 pupi]5 Study at under-18 level in the School's Guildhall Young Artist programmes includingjwiioT Guildhall and the Centre for Young Musicians. Supporter5 of the School make contribution5 10 the Trust in many forms including financial gifts? grants, legacie4 Subscribing to annual philanthropy programmes and by attending Eundraising event5. The Trust is registered with the Fundraising Regulator. The Development team undertakes an annual review of the Regulator's Code of Fundraising Practice, and endeivours to keep abreast of changes in legislation, regLLlation andbest practice in fundraising. The School ha5 over l.O(K) students in higher edtscation, representing more than 70 nationalLties Neither the Trust nor the Sch(K)IreceiYed any material complaints from donors or rneMbe of the public about its fundraising pr2ciice5 thi5yeaT. Tho Trust and the &hool In May 2022 the Trust and the School completed work on a Framework Agreement, which ideniifies key areas of interaction and Clearly defines accountabilities.This 15 the tulmirLation of L project ihat has Spared 2 nutnber OE yearsandreinforces the positive working relation5FLiP between the School and the Trust.
The Guildhall School Trust rryi I Urtrteknvn, The MvSi¢uI, Spring 2022 0 fyjildholl S¢hod I hknhoelu Bod10C Achievements, impact and public benefit Donation5 and impart 2021122 The Tntst is immensely gratefulftrr the generosity of individua15, liveries, companies and irusts whose support h23 made such a difference to the5nLdent4 staff and to the delivery of educational programmes at the SchooL Donation5 supponed a range of projects, enabling the School io realise its ambition5 in key areas, which include.. The provision of scholShipsand pastoral SLLpport to except10JllY talented students, reliewng financial, Social and physical barriers to their training7 DeliveTing the Gllildhall Young Artists progTamtne, helpingyoung people ttr find theii creative volte. Providingdistinctive degree progTamtnes prtslucing world-c125S irti5ts' Nurturing artistic citizens who enrieh the lives of otheTh encourage public engagement and makea positive irnpact on the world. Leading cuLtural change in 50ciery through professional development, research and knowledge exchaJ During iheyear the Trust receivedgran15 and donations of £2545,958. These comprised endowed gifts totalling £1,207.479, donation5 restricted to specific activitie5 toia]ling£l,185,468 and unrestricted donations ioialling£153,011. Trustees have a]50 cornplied with Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
The Guildhall School Trust Cenarillofy qm 2021 fyjddhall Sthool l Helen mray
The Guildhall School Trust The Trust supports the School's mission to provide scholarships and pastoral support to exceptionally talented students, relieving financial, social and physical barriers to their training Student kholarships Incomeraised through the Trust has contributed t05Chol5hIp5 for undergraduate and postgrdduate5tudents at the School. Thi5 Vltal 5UPPOrt hRS enabled the School to continue to deliver world-cla55 professional training to the next generation of musician5, actors and production tIstS. It has provided hundred5 of students wilh the means to live and Study in London, widened horizons, createdunrivalled opportunities and enabled the School's international communiry to adapt and flourish despite the impact of aglobal pandemic. Gtujdhalj's uttiquemts5ickl 2JJd dn11t1¢ ttrrelstitsnship rnean5 that it is an eXP[lon15 enwroJ]ment in which to nurtle my abiliry to effectively conununicareand connecr th myauthence. Ir is my aTri5tic home, andl knowir ro be the besr place boih formy voice, 2nd for rne. However, this training wotsldJJot be p055ible without yourgenerou5 fIrW]a5 supporr. Eleanor.. Voc215tudent Dennis vf Penge. 2022 Q Guildhull 5(hool / Brtrbner In terms of the traiJ]ing..J'm learniJJga]I the time and veryexcited atsorne of the breakthroughs Iam already making. This has tTuJy made me undersrand and see how vital the tTainingi5 to be a cotnmitred, sciplIned acioraJ]d artisr.._ Ii has brought mefeelirw5 ofjoy, antiapaiion arjd willingness to keep embodyirjgihe work and ovingfoTward. Arinder.. Acting srudent Cowition & Keyb¢Jard Indurtion Concert, avmM 20210 Guddhull Sthpol I Ptsul CoElwa
Junior Guildhall © Guildhall School/Paul Cochrane
GYA Norwich © NCYM Photography Guildhall School / Cesare De Giglio
10
The Guildhall School Trust The Trust supports the School's mission to deliver distinctive degree programmes enabling the School's artists to be world-class Guildhall School training equips students to make their rnark as ac(x)mplished performing and pr(Kluction anis14 tOmPOsers and writers, theatre maker4 treative entrepreneur5 2nd teacher5. Students are challenged to work to professional Standards in a worl&cla5s coniexi, drawing on the insights and skills of internatitsnally renownedariists thd pr2rtitioners. Income raised through the Trust has enabled a variery of artistic projects, directly suprK)ning Guildhall School's srLLdents. Chamber Music Coaching During 2021-24 the generou5 SUPPOrt of the Albert & Eugenie Frost Music Trust, was in 5uppori of enhancing core provision of coaching for undergraduate and p05tgraduate chamber groups.The grant provided 400 hours of coaching? delivered by departrnentaj 512ff, 25 well 25 Visiting 5petiali515 and professors. Chamber Fellowships A grant from the Cosman Keller Art and MusicTrust in Support of chamber fellow5hip5continues to provide the opportuniry for ayoung professional group with a base ar the School to be inspired by Guildhall's world renowned chamber music profe550r5, and in turn to in5pirecurrent Students through performances and seminar4 providing invaluable development in their career5. moll Jon, Httsd #f Chombtr Musit Q £Ildhl1 I Poul C•thMnt V•¢al Masler¢luss Series An anonymous gift in support of a Vocal Mastercla55 Series, enables the Voul depanment io bring some of the finest singers and vocal expert5 10 the School to work with students in public settings like Milton Couri Concert Hall and the Music Hall. Participants gain public performance experience and, together with student observers, benefit frorn insight into the approaches of the greatesi performer5. Illuminated River Agrant from the Rothschild Foundation in Support of the Ph 2 Illuminated River project,gave students from both the Cornposition LrLd Electronic & Pr(Auced Music Departments,the opportunity to create original scores for the nin&bridge artwork on the Thames created by art15t Leo Villareal alongside the architecrural practice Lifschutz Davidson Sandilands.
The Guildhall School Trust The Trust supports the School's mission to lead cultural change in society through professional development, research and knowledge exchange Early Career Fellowships Thi5 grant from the Le¥hulrne Trust is foi the provision of doctoral fellowships for those ai a relatively elY stage of their academic career5, but with a proven record of research.The Leverhulme Trust'5 Farly Cireer Fellowship5 has provided valuable support for a nutnber of young students at a key stage of iheircareers. Recipients in the 2021/22 academicyear include.. Kate Bennett Wad5worth's project entitled, The Flexible Text.- Teuniting or31 and written traditiOll5 I9thenrUry rnu5i has a focus on 19th-century cellists. published and unpublished Yer5ions on the Schumann Cello Concerto, Op 129. The project combines histori1 research archiva] worK practical experimentation on the cello music editing* and transcription, Ind has already led to pre5entation5 at the Orpheu5 Institute and the Juilliard School, as well as an ongoing collaboration with the Consone (tyanet. Final ouiputs will include a historically infornied edition for Barenreiter, a transcription of the concerto for cello and string quartet a commercial recording? two Lll5tructional videos gnd an article on the project's process and finding& Ttsby Young'5, Tr2JJsfoTrniJJgthe operatlc VtslC4 inve5tigate5 the relationship between Singing 5tyle5 in popular mu5it and opera, andbring5 performers from the opera company Mccaldin Arts to collaborate innovatively in fusing popular and operatic vocal 8ryle5 and widening the appeal of opera to a diversified demographic. His principal outputs will be two opera 5core5 and performances thereof, one for comrnunity groups and one for profe55iona15. Other recent coInw)5Ltion work include5 2 15-minuie saxophone concerto commissioned by the New Music Biennial 2022. Patrick Jone5'5, Sounding the archive.. tomp05ition a5 tr2n55atitsn And Adapt2tiofyaim5 to build a bridge between artistic practice research and adaptation theory through the cornp05ition of original rnu5iC that inieractswith sources from archive4gallerie4 and museu. M05t recently? he has worked with the collection5 team at Si Paul's Cathedral and the History of Art Department at the Univer5iry of York as pari of 'Pantheons: 50 Monuments in 50 Voices.. Other significant project5 include Ln orchestral work thit W35 workshopped by the London Symphony Orche5rra in March 2022 and a song for Jessica Summers150pranol andjelena Makarova Ipianol prerniered in FebrLLary 2022. 12
The Guildhall School Trust The Trust supports the School's mission to nurture artistic citizens who enrich the lives of others, encourage public engagement and forge a positive impact on the world Active engagernent with diverse communities keeps studen15 constantly alive to the unique potential of the performing art5 to provide pathway5 to 5elf-expression and positive social change. Income raised through the Trust has enabled a variery of socially engaged project5 led by srudents and staff. Mother5 and Babi05 Proj0¢l Agrant from the Universiry College IA)ndon Hospitals Chariry in 5uppon of a project ryth the UCLH Materniry Voices P2rtner5hipha5 providLxI lnterattivemlCSeSsltsnS fornew p2rentsaTLd babies 25 amethsto bondaTLd connetL Harpley Musi¢ Theropy Placement Athre&year grant from the Wor8hipful Company of Fishmongershas 5UPPOrteda music therapy pLaeernent for a second year MA Music Therapy student at a Pupil Referral Unit IPRU) in Tower Hamlets. The PRU is for pupils aged 11-16 whose previous School placements have broken down through i11-h1th, behaviour issues or other difficulties, and the therapy use5 music as a tool for eomrnunication and expre85ion. River College Music Therapy Placem•nt Agrant frtsm the Wor5hipfuJ CornpitLy of Baker5h35 SUP]X)rteda therapy placernent for 2 fIrst-ye MA Music Therapy student ai a PRU in Islington for pupi]s aged 5-1 l. This Primary PRU provide55hort-term educational interventiondesignedeither tomaintain i pupil'smainstream5chool placement orto facilitate irerurn to rnainstream schooling335lK>n33appropriate.Thetherapy uses snUSiC35 atoolfor IgUagendsoCiaj developmeni. 13
The Guildhall School Trust g Btsnd with Josephirt e$, November 2021 @ Guildholl S¢h¢>oI l Motthew Feyguson IFG Stvditisl 14
The Guildhall School Trust Emmiu, Ochber 2021 Guilthall Sehool / Momhew FeryUs1 IFG Sh10$} Future Plans The Trust will continuet05UPPOrt the Sehool'3ambitiOU5 fundrai3inggtsa1525 It moves into tampaign to r2i5e £50rn in the comingdecade. The prioritie5 include.. Attracting the world's best Students by 5ubsianiially increasing Scholarship fundingy Sustaining the balance of the internation211y diverse community of the SclLotsI by incre25ingstholarship funding for international 5rudents' Becorning a truly inclusive in5titlltitrn in keeping with its reputation as one of the most rnerA, relevant and socially impactful con5ervatoire5 in the world. Supporiingunderrepre5ented and marginalised group5 wishing to pursue the School'5 training? embracing it. dedication to equaliry of opportuniry? Investing in the Research Department's new Institute for Social Impact ReSeCh in the Performing Ans where research will inform the School'5 Artist in Sociery learning agenda and contribute io an evolving shift inteaching culture,. Creating new opportunities for audience and participant engagement online through the provision of equipment and training necessary for expansion. Thi5 carnpaign will build on the School's position and ranking 25 one of the best conservatoire training providers in the world, contributing to the cultural fabric of society) to wellbeing the creative economy to cultural heritage and civilisaiion. Together weseek to meet the financial goal to raise £SOm by 2030, marking the School's 150th anniversary celebration. 15
The Guildhall School Trust 11 Opero S¢ene5, 5prbng 2022 Q G&¥ldhull Schod l Helen Muvray 16
The Guildhall School Trust Financial Review Grant-giving Support Provided to the School Duringtheyear, theTru5t gave a grant of £lfjOO,000 12021.. £1,740,000> io the School for ScholahIP support, repre5enring over46/0 of all Sthtslar5hip futLds awarded by the School during theyear. Investment Managemenl TFLeyear under review has proved tobe a period of considerable market volatiliry driven by rising political tensions around the world and 51oweconomic growth. The Russian invasion of Ukraine in February had huge economic consequences particularly for global supply chains and energy prices and caused a sharp rise in inflationary pres5ure5. In addition, the Trust also gave grants totalling£282,715 12021.. £168,591> toward5 2 variery of projects and initiatives at the School, includingarri5tic, outreach and Creative t£arning projecr& While both our Managers hadhad positive returns for thecaIendaryr ending 2021 much of this was eroded by poor market5 for all a55et classes in the first half of the year. Consequentlys investment performance was negative for theyear in which we are reporting. Financial Managemenl Toial income for theyear amounted to£3,023,123 12021.. £1,945,559>. Of thi4 £2,598,09612021.. £1,589,235> was donations and legaciesand £382,042 12021.. £356,324} wa5 inve51rnent income. The Tru51 also received £51,785 from events during theyearlit was not Possible to hold any planned eventsduring the previous year due to the COV1IN19 pandemic). The Investment Committee oversight of the two mangers has concentrated on risk management and changes in their iactical asset allocation to mitLgate the effect5 of niarket volatility and the longer-term effect5 of inflation. While equiry exposure has been reduced and cash holding5 have increased it been challengingto mask the effects of poor markets on the overall value of the portfolios. The long-term objective of the TnJ5t remain5 CPI plus 4'A but Trustees understand that this is unlikely to be achieved over the next two or ihreeyears. Set off against thi5 incorne wa5£1,979,95412021.. £2,000,060> of expenditure- £15,19412021.. £12,527) related to the cost of raising fund5 and £1,964,76012021.. £1,987,533} relaied to chiritable activities, including grant5 to ihe Guildhall School and255(*ixted Support cost& Both Manager5 were reviewed after theyear end after a period of exceptional market rLLrmoil following the political crisis in the UK. The Investment Committee was 5at15fied that the diversification of Minager5 and strategies they employ were best placed to weatherthe current market conditions while staying fu]ly invested for the longer term. Once expenditure is deducted from incorne, the charity 5howsa5urplus of £1,052,16912021.. a planneduse of reserves of £54,501). Losses of £516,01412021.' gains of £1,150,975> on listed investments led to an overall increase in funds of £536,15512021.. £1,096,474). 17
The Guildhall School Trust Treosury Management The policy of ihe Tntstees i3to'. Resetrves Poli<y The policy of the Trustees 15 ttr maintain 2 level of reserves as follows: Ensure sufficient liquidiry to rneet the TrLJSt' funding requirements in both the short and longterm Provide effective management of Surp1 cash funds Provide a robust and responsive risk management framework Oversee maintain effective binking arrangements, includingbanking relationships Avoid directly investing funds in areas that W0d£onflict with the Trt'S coie aim4 objectives and values Endowment reserves at a level at leasi equal to the capital values as they were when originally donated by donoi5' Restricted reserve5 at the level of the uncommitted balance according to the donor5, restrictions. and unrestricted reserve5 to support three objectives.. Tts provide sufficient fund5 to cover the operating c05t515pecificilly the 5UPPOrt cost5 and investment managemeni fees) that the TTht would expect io incur over period of six months.This equates to approximately £45,0(M)-£S0,000. Followingon from the review in aututtm 2021, the Head of Financewill continue to review internal financial controls.This i5 part ofrnoniioringand controllingtre25ury minagement risk, which cotLtinues throughout theyear and is reponed to the Board accordingly. To provide sufficient funds to cover the anticipatedannual Scholarshipgrant to the School for the followingyear, to the extent that it is to be financed from unrestricted funds.Thi5 figure can vary fromyear to year but based on current projection5equates to approximately £200,0. To provide a further coniingencyagainst the p055ibiliry of poor investment performance or reduced fundrai5ing?to provide for 50/0 of the anticipated aTmual grant of unrestricted funds for the followingyear, equating to approximately £ioo,o(x). Taken together, thi5 amounts to atarget level for unrestricted reserves of £350,000. As at 31 July 2(U2, the Trust held unrestricted reserves of 82,088. TheTru5t will continue to monitor thi5 level of re5erve5to ensure that funds are not held for longer than required. As at 31 July 2(U2the Trust held endowment re5erve5 of £11,183,121 andresiricted reserve8 of £1,284,747.As with the unrestricted reserves, it 15 the intention of trustees to reduce the level of restricted reserves making additional gran15 to the School in accor(lance with re5triciion5 placed on the funds by donors. 18
The Guildhall School Trust Statement of Trustees. responsibilities The Trtee5 Iwhoare 2150 directors of The Guildhall School Trust for the purposes of cornpany lawl are responsible for preparing the Report rfthe Ttee5 and financial 5taternents in accordance with applicable law and United Kingdom Accounting Standard8 Iunited Kingdom Generally Accepted Accounting Practi1. Fach of the Trustees confirrns that: so far as the Trustee 15 aw2re. there is no relevanr audit information of which the Tt'S auditor i5 unaware. and the Trustee has taken all the step5 necessary to be aware of any relevant audit information and to establish that the Trust's auditor is aware of that information Company law requires the Trustees to prepare financial 5t2tements for each financial year which give a true and fair view of the State of affair5 of the Trust and of the income and expenditure of the Trust for that peri(xL Thi5 confirmation is given andshouldbe interpreted in accordance with the provisions tsf Section 418 OE the Companies Act 2(M)6. In preparing rhese financial statements, the Trustee5 are required to.. select suitable accounting policie5 and thert apply them consistently? Legislation in the United Ku¥dom governing the preparation and di55emin2tion of Financial Statements may differ from legislation in other jurisdictions. observe the methods and principles in Accounting and Reporting by Chariries.. Staternent of Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The above report ha5 been prepared in accordante with the special provisions within Part 15 of the Companies Aci 2006 relaring to small companies. make judgements and estimate5 that are reasonable and prudent. On behalf of th? Board of Trvsloes: state whether applicable United Kingdom Accounting Stindard5 have been followed, Subject to any material dePartte5 disc105ed and explained in the financial 5tatemenr5' and 2L f[,/-. prepare the financial statements on thegoing concern b2515 unle55 It 15 inappropriate to presutne that the Trust will continue in operation. Deborah Lincoln Chiir Dale The Guildhall School Trust Silk Street, Barblea London, EC2Y 8DT The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financia] posiiion of the Trust and enable them io ensure that the financial statements comply with the Conipanies Act 2006. They are also responsible for safeguarding the a55ets of theTt and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Registered Cornp2ny Number 04041975 Registered Chariry Number 1082472 19
The Guildhall School Trust Independent auditor's report to the members of The Guildhall School Trust Opinion We have audited the fLnancial 5tatement5 of The Guililljall Sch(x)l Tt Ithe'charitable cornpaThy'l for theyear ended 31 July 2022 which comprise the statement of financial activitie4 the balance sheet, and staiement of cash flows and the note5 to the financial statement5, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standird 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 sttteof the tharitable company'52ffair3 &5 at 31 July 2022andof it5 inctsme and expenditure for theyear thenended. * have been properly prepared in accordance with United Kingdom Generally AcceptedAccounting Practice. and have been prepared in accordance with the requiretnent5 06 the Companie5 Act 2006. Basi5 for opinion We conducted our audit in accordance with Internation21 Standxrd5 on Auditing (UK} {ISA5 IUKII and applicable law. Our responsibilitie5 under those standards are further described in the auditor's respon5ibiliiies for the audit of the financial statements Section of our report. We are independent of the charitable company accordance with the ethical requirements that are relevant to our audit of the financial 5tatement5 in the UK, including the FRC'S Ethical Standir(L and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the au(]it evidence we have obtainedi5 sufficient andappropriatetoprovideabasisforour opinion. C•n¢lusions relating to going ¢on¢ern In auditing the financial statement5, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of ihe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertiinties Telating to event5 or conditions that, individually or collectively? may c25t 5ignificani doubt on the charitable company's abiliry to continue as a goll¥ concern for a period of at least twelve months from when the financial statemen15 are authorised for iUe. Our responsibilities and the resp)nsibilities of the Trustees with respect io going concern are described in the relevant sections of this reptsrt. Other inforniation The other information comprise5 Ihe informition included in the annuil report and financial staternenw other th the financial statements and our audiror's repon thereon. TheTru5tees are responsible for the other information contained within the annual report and financial 5tatemenis. OLLr opinion on the financial statement5 does not cover the other information and except to the extent otherwise explicitly 51ated in our report, we do not expre55 any form of a35urance ctsnclusion ihereon. Our responsibiliry 15 to read the other information and, in doLng 50 consider whether the other information is materially incon5iStent with the financial 5tatemen15 or our knowledge obtained in the course of the audit or otherwise appears io be materially rnissiate(L If we identify such material inconsistencies or apparent material misstatement4 we required to determine whether this give5 rise to a rnaterial misstatement in ihe financial statements them5elve5. If, based onthe work we have perfornied,weconcludethatthere isarnaterialmisstatement of this otherinformation wearerequiredtoreportthatfact. We have nothing to report in ihi5 regard. 20
The Guildhall School Trust Opinions on other matters pres¢ribed by the Companies Act 2006 In our opinion, based on the workundertaken in the course of the audit.. the information given in the Trustee5' report, whith isalso the directors. repon foI the purp05e5 of cornpany law for the financialyear for which the finiTLcial 5tatement5 are prepare(L 15 con515tent with Ihe financial Statements. and the Trustees. report, which i5 a]50 ihe direcrors, report for ihe purp)ses of company law, has been prepared in accordance with applicable legal requirements. Matters on whi¢h we are required to report by exception In the light of the knowledge and understanding of the charitable company and 115 environment obtained in the course of the audit, we have noi identified material misstatements in the Trustees. report. We have nothing to report in respeci of the ftsllowing mitter5 in relation to which the Companie5 Act 2006 require5 US to Teport toyou if, in our opinion= adequate accounting retord5 have not been kept, or retllm5 adequate for our audit have not been received from branches not V151ted by us. or the financial statements are noi in agreement Mryth the accounting record5 and returns. or cenain disclosures of Trustees. Iemuneration specified by law are not made. or we have not Teceived all the inForrnation and explanation5 we require for our audit. or the Trustees were noi entitled to take advantage of the small companie5. exemptions from the Iequiremeni to prepare a strategicreport. Responsibilities of Trvstees As explained more fully in the Tru5tee5' responsibiliries Statement, the Trustees (who are also the directors of the charitable company forthe purposes of company lawlare respon5ibleforthe preparation of the financialstatements andforbeingsatisfied that they give i true and fair view, and for such internal control as the Trustees determine is necessary to enable the prepiration of financial statements that are free from materia] mi55tatement, whether due tofraud or error. In preparing the financial statements, theTrustees are responsible for assessing the charitable company's ability to continue as a going concern, disc105ing¥ 35 applicable, niatteTS related to going concern LrLd using the going concern basis of accowiting unless theTrustees either intendto liquidatethe charitable company orto cease operation5 orhavenorealisiicalternativebut to d050. Auditor's responsibilities for the audit of the finan¢ial statements Our objective5 are io obtain reasonable assurance alx)ut whether the financial staternents as a whole e free from material f11155tatement, whetherdueto fraudor error,and to 15suean auditOT'5reportthat include5 our opinion.ReR50nablea55urLnceis a high level of assurance but 15 not iguaranieethatan auditconducied inaccordancewiihlsAs IUKlwillalwaysdetectarnaierial misstatementwhen itexi5ts. Misstatements can arise from fraud or error and are considered material if individually or in the aggregat4 they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial Statemenis. IrregLLlaritie4 including frau(L are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to detect rnaterial misstaternent5 in respect of irregularities, including friud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below.. To addr the risk of fraud through management bias and override of controls, we: Performedanalytical procedure5 to identify any unusual or unexpected relaiion5hips? * Tested and reviewed journal entries to identify unusual transactions. * Tested authorisation of expenditure. * A&sessed whetheriLLdgemenis and assumptions made in determiningthe accounting estimates were indicative of potential bias. and 21
The Guildhall School Trust Investigated rationale beFLindsignificant orunusual transaction In response to the risk of irregularitie5 andnoTrcompliance with laws andregulaiions we designed procedures which included but were not limited to: Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recogni5e Thon-compliince with applicable laws and regulations,. Identifying the laws and regulations applicable io the charitable company through discussions with management, and from our commercial knowledge and experience of the sector. En5uriThg that the identified laws and regulation5 were commwxicated within the alldit ieam regularly atLd the team remained alert to instances of n0complinCe throughout ihe audii. Focusing on specific laws and regLLLations which we considered rnay have a direct material effect on the accounts or the activities of the chariry. These included but were not lirnited to fundraising reglliations, the General Data Protection Regulation, relevant financial reporting 5tandaTd5, the Charities Act 2011 and the Companies Act 2006- * Agreeing financial 5tatemen15 disclosures to underlying supportingdocumentation. Reading the minutes of Trustee meetings. and Enquiring of as to actual and potential lilltiOn and claims. There are inherent limitations in our audit procedures de5cribedabove. The more removed that laws and regulations are from financial transaction5, the le55 likely it is ihat we would become aware of non-compliince. Auditing 5tandird5 also limit the audit procedures required to identify non-compliance with law5 and regulations io enquiry of the trusiees and oiFLer management and the inspection of regulatory and legal correspondence, if any. Material mi55tLtementS that arise due ttr fraud can be harder to detett ihan those that arise from erTOT a5 they may involve deliberate concealment OI collusion. A funher description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/iuditorsre5ptsn5ibilities.Thi5 description form5 pan of our auditor'5 report. Use of our report Thi5 repon 15 made 501ely io the charitable company's members, as a body? in accordance with Chapier 3 of Pan 16 of the Cornpanie5 Act 2006. Our audit work h25 been undertaken so that we rnight State to ihe charitable company5 rnernbers those matters we are rewired 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 responsibiliry to anyone other than the charitable comyany and the charitable company's rnember5 as a bodyy for our audit worK for thi5 report, or for the opinions we have formed. Catherine Bi5coe (Senior Statutory Auditor) For and on behalf of Bu72acott LLP, Statutory Audiror 130 Wo(Nl Street London EC2V 6DL Date.. 9 December 2022 22
| Note | Unrestricted funds |
Restricted funds |
Endowment funds |
Total Funds Jul 2022 |
Unrestricted funds |
Restricted funds |
Endowment funds |
Total Funds July 2021 |
||
|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | £ | £ | |||
| Income and Endowments from: | ||||||||||
| Donations and Legacies | ||||||||||
| Grants and Donations for Scholarships | - | 959,553 | - | 959,553 | - | 838,260 | - | 838,260 | ||
| Other Grants and Donations | 50,187 | 224,065 | - | 274,252 | 100,711 | 169,950 | - | 270,661 | ||
| Prizes | - | 1,850 | - | 1,850 | - | 15,150 | - | 15,150 | ||
| Bequests and Endowedgifts | 4 | - | - | 1,267,320 | 1,267,320 | - | - | 410,199 | 410,199 | |
| Membership | 42,983 | - | - | 42,983 | 3,653 | - | - | 3,653 | ||
| Donated Services | 52,338 | - | - | 52,338 | 51,312 | - | - | 51,312 | ||
| IncomefromGenerating Funds | ||||||||||
| Events | 51,785 | - | - | 51,785 | - | - | - | - | ||
| Investment Income | 12,525 | 45,432 | 324,085 | 382,042 | 10,351 | 33,242 | 312,731 | 356,324 | ||
| Total income | 209,818 | 1,230,900 | 1,591,405 | 3,032,123 | 166,027 | 1,056,602 | 722,930 | 1,945,559 | ||
| Resources expended | ||||||||||
| Expenditure on raising funds | ||||||||||
| Investment Management Fees | 477 | 1,792 | 12,925 | 15,194 | - | - | 12,527 | 12,527 | ||
| Expenditure on Charitable Activities | ||||||||||
| Scholarship grants to Guildhall | 191,050 | 1,078,827 | 330,122 | 1,600,000 | 611,109 | 870,554 | 258,337 | 1,740,000 | ||
| Grants for Non ScholarshipActivity | - | 282,465 | - | 282,465 | 14,288 | 139,447 | 10,456 | 164,191 | ||
| Prizes | - | 250 | - | 250 | - | 4,400 | - | 4,400 | ||
| Support Costs | 82,045 | - | - | 82,045 | 78,942 | - | - | 78,942 | ||
| Total resources expended | 5 | 273,572 | 1,363,335 | 343,047 | 1,979,954 | 704,339 | 1,014,401 | 281,320 | 2,000,060 | |
| Net income/ (expenditure) | (63,755) | (132,435) | 1,248,358 | 1,052,169 | (538,312) | 42,201 | 441,610 | (54,501) | ||
| Transfers between funds | - | - | - | - | - | 410,743 | (410,743) | - | ||
| Adjustment for(losses) / gains on Investments | (15,667) | (58,889) | (441,458) | (516,014) | 32,516 | 111,675 | 1,006,784 | 1,150,975 | ||
| Net Movement In Funds | (79,422) | (191,323) | 806,899 | 536,155 | (505,796) | 564,619 | 1,037,651 | 1,096,474 | ||
| Balance brought forward | 661,510 | 1,476,070 | 10,376,222 | 12,513,802 | 1,167,306 | 911,451 | 9,338,571 | 11,417,328 | ||
| Balance carried forward | 10 | 582,088 | 1,284,747 | 11,183,121 | 13,049,957 | 661,510 | 1,476,070 | 10,376,222 | 12,513,802 |
23
----- Start of picture text -----
31st July 2022 31st July 2021
£ £ £ £
FIXED ASSETS:
Investments 6 11,049,340 11,565,355
Endowment Bank account 1,858,389 731,043
Total Fixed Assets 12,907,729 12,296,398
CURRENT ASSETS:
Debtors and prepayments 8 15,505 48,808
Cash at bank and in hand 472,934 509,168
Total Current assets 488,439 557,976
CURRENT LIABILITIES:
Creditors: Amounts falling due within one year 9 (346,211) (340,572)
NET CURRENT ASSETS 142,228 217,404
NET ASSETS 13,049,957 12,513,802
THE FUNDS OF THE CHARITY
CAPITAL FUNDS
Endowments 10,11 11,183,121 10,376,222
INCOME FUNDS
Restricted Funds 10,11 1,284,747 1,476,070
UNRESTRICTED FUNDS
General Funds 10,11 582,088 661,510
13,049,957 12,513,802
----- End of picture text -----
24
| Jul 2022 | Jul 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | |||
| Cash outflow from Operating Activities: | |||||
| Net cash used in operatingactivities | A | 676,816 | (451,778) | ||
| Cash inflow from investing activites: | |||||
| Dividends and interest from investments | 382,007 | 374,604 | |||
| Proceeds from disposals | - | 552,942 | |||
| Purchase of investments | - | (572,452) | |||
| Net Cashprovided by investing activities | 382,007 | 355,094 | |||
| Change in cash and cash equivalents inyear | 1,058,823 | (96,684) | |||
| Cash and cash equivalents at 1st August 2021 | B | 1,398,533 | 1,495,217 | ||
| Cash and cash equivalents at 31st July 2022 | B | 2,457,356 | 1,398,533 | ||
| Notes to cash flow statement for theyear to 31st July2021 | |||||
| A)Reconciliation of net movement in funds to net cash flow from operatingactivities | |||||
| Jul 2022 | Jul 2021 | ||||
| £ | £ | ||||
| Net movement in funds(asper the statement of activities) | 536,155 | 1,096,474 | |||
| Losses /(Gains)on investments | 516,014 | (1,150,975) | |||
| Distributions from Investments | (414,295) | (369,688) | |||
| Decrease /(Increase)in debtors | 33,303 | (7,441) | |||
| Increase /(Decrease)in creditors | 5,639 | (20,148) | |||
| Net Cash used in operating activities | 676,816 | (451,778) | |||
| B)Analysis of movement in net debt | At 31 July2021 | Cash Movements |
At 31 July2022 | ||
| £ | £ | £ | |||
| Cash in hand and in bank | 509,168 | (36,234) | 472,934 | ||
| Cash held in endowment bank account | 731,043 | 1,127,346 | 1,858,389 | ||
| Cash held byInvestment Managers | 158,322 | (32,289) | 126,033 | ||
| Total cash and cash equivalents | 1,398,533 | 1,058,823 | 2,457,356 |
25
The Guildhall School Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2022 I. ACCOUNTING POUCIES Basis of a¢¢•vnting These financial statements have been prepared for theyear to 31 July 2022. The financi21 stxternents have been prepared under the historical cost conventitsn with item5 recogni5ed it C05t tsr transaction value unie5S Otherwise stated in the relevant accounting policie5 below or the notes to these financial Statements. The fiTwicial statements have been prepared in accordance wirh Accounting and Reporting by CFLarities.. Statement of Recommended Practice applicable tocharities preparingtheir financialstaternents inaccordance withthe Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 Icharities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The TtConstIn1tes a public benefit entiry defined by FRS 102. The finaThcitl statementsare piesented in sterling and are rounded to the nearest pound. Crilical a¢<ounting estimalos and areas •f judgement PrepaTaiion of the financi215tatement5 requires the Tntstees and management to m2ke 51gnLfitant judgemertts estimates. The items in the financial statements where these judgement5 and estimates have been made include: estimating the liabiliry for multi-yeargrani commitments estimating the value of the gift in kind from theciry of Londonfor administrative support Asse55meni of going mn<ern The Tru5tee5 haveassessedwhether theu5e of thegoingconcern assumption is appropriate in preparingthesefinancial Statement&The Ttee5 have made thi5 a55e55rnent in respect to a period of oneyear From the date of approval of these financial statement& TheCoronaviru5 pandemic th2t swept the globe in recentyear5ha5 affectedm2ny organisation3 in ternts of their abiliry to continue operating normally. The current infiationary pressures and war in Ukraine mean that markets remain highly volatile as seen by the unrealised 10&8es on investments this year. However, income from our investments has remained largely stable and annual giving / legacy giving continues io grow and the evidence to date shows that the iJnpact onthe Tru5t'5 ability tofundraise andto fund it5 chiritable operation5ha5 been rninor. The Trustee5 have concluded that there are no material uncertainties related io events or conditions that may cast significant doubt on the ability of the TnJ5t to continue as a going concern. The Trustee5 are of the opinion that the Trust will have sufficient resources to meet its liabiliiies as they fa]1 due. The most significant areas of judgement thai affect items in the financial statements are detailed above. With regard to the next accounting perio(L theyear ending 31 July 2013, the m05t significant areas that couldaffect the carrying value of the a55ets held by the Trust are the level of investment rerurn and the performance of the investment markets (see the investment policy and the risk rnanagernent 5ettion5 of the Trustee5' report for more informationl.At ihe time of writing) we do not consider either area to pose a signifLcant rislL 26
The Guildhall School Trust In¢ome r1110Th Income is recognised in ihe period in which the chariry has entitlement to the income the amount of income can be measured reliably 2nd it is probable that the income will be receive(L Income compri5e5 donationsand legaeie5, investment income and oiher inctsme frtsm fundraising events. Donations are recognised when the chariry has confirrnaiion of both the amount and settlement date. In theevent of donation5 pledged but not received, the amount is accnLed for where the receipt is considered probable. In the event that a donation is subject io conditions that require a level of performance before the chariry is entitled to the funds, the inc(xne is deferred and not recognised until either those conditions are fully mei, or the fulfilmeni of those conditions is wholly within the control of the chariry and it is probable thai ihose conditions will be fulfilled in the rew)rting perio(L Donated services and facilities are recognised on the basi5 of the value of the grfi io the chariry which i5 the amount the chariry would have been willing to pay to obtain facilities or services of equivalent economic benefit on the open market. Legacies are included in the statement of financial aciiviiies when the chariry is entitled io the legacy* the executor5 have established thit there are 5ficIent surplus a55ets in the estate to pay the leCY> and any conditions attached to the legacy are within the control of the chariry. Eniitlement 15 taken 25 the earlier of the date on which either.. the charity 15 aware that prob2te ha5 been granted, the estate h25 been finalised and notification has been made by the executor to the chariry that adi5tribution will be made, or when a distribution is received from the estate. Receipt of a legacy? in whole or in part, is only considered probable when the amount can be measured reliably and the chariry FLas been notified of the executor's intention to nuke a distribution. Where legacies have been notified io the chariry> or the chariry is aware of the granting of probate, bui the crireria for income recognition have not been Met. then the legacy 15 treated RS a contingent a55et and di5c105ed if rnaterial. In the event that the gift is in the form of an a&8et other than cash or a financial asset traded on a recogni5ed Stock exchange, recognition 15 subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the a55et havingbeen transferred to the charity. Dividends are recognised once the dividend has been declared and notifi131ion has been received of the dividend due. lThtere5t on funds held on dep05lt Is included when receivable and the arnount citL bemea5ured reliably by the charity? this is normally upon notification of the interest paid or payable by the bank. Income from fundraising events 15 usually recogni5ed in the period the event takes place. Exp•ndilvr• r•rognition Liabilities aTe recogni5ed as expendiiure a5 soon a5 there is a legal or tottstructiveobligttioncommitiing the charity to make a payment to a third parry> It 18 probable that a transfer of economic benefits will be required in 5ettlemeni and the amount of the obligation can be rneasured reliably. All expenditure is accounted for on anaccrualsbasis. Expenditurecomprises direct costsand 5uppon costs. All expenses, including support COS14 are allouted or apportioned io the applicable expenditureheadings dependent on the nature of the expenditure and the restriction thit may apply to it according to the express w15kes of the original dontrr. The classification between activitie5 is as follows: Expenditure on raising funds includes all expenditure associated with raising fld5 for the chariry. This includes investment management fees the costs of hosiingfundraising events? promoikonal expendirLLre and anallocation of support costs. 27
The Guildhall School Trust Expenditure on cFLaritable activitie5 Lncludes all costs 2550Ciated with furthering the charitable purposes of the charity through the provision of it5 charitable activitie5. Such cost5 include charitable grant5, donatitsns, 5cholarship5 and prizes, as well a5 an alloLxtion of suprM)rt Costs includinggovernance costs. Grants payable are included in the statement of financial activities when approved and when the intended recipient h35 either received the funds or been inforrned of the decision to mike the grant and h23 satisfied all performance conditions. GraTht5 approved but Trot paid at the eTLd of the financialyeirare accrued. GTant5 where the beneficiary ha5 not been informed or has to fulfil performance conditions before the grant is released not accrued for but are disclosed as financial commitrnents in the notes to the accoun15. FiJKd a$s•t inv•stm•nt$ Listed investments are a form of basic financial in5tnllnent and are initia]ly recognised at their transaction value and subsequently measured at their fair value at the balance sheei date using rhe c105Lng quoted mirket price. The Trust does not acquire put options derivatives or other complex fijwicial instruments. A5 noted above the rnain form of financial risk ficed by the Tnjst 15 that of volatility in equity rnarket5 and inve5tTnent market5 due to wider economic condition5 the attitude of investor5 to investment risK and changes in sentimeni concerning equitie5 2nd within particular sectors or sub sectors. Realised gains lor1055e31 on investment a55etS are talrnLlated 25 the difference between disposal proteeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financi year. Unrealised gain5 and losses are calcuiaied as the difference between the fair value at theyear end and their carrying value at that date. Realised and unrealised investment gains {or105sesl are combined in the statement of financial activities and are credited lor debited) in theyear in which they lse. D•bt•r$ Debtor5 e recognised at their Settlement amount le&5 any provision for non-recoverabiliry. They have been discounted to the present value of the furure cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instrLunents that are available on demand or have a maturiry of less than three tnonths from the dare of acquisition. Cr•ditor$ and pr•visi•n$ Creditors and provisions are iecogni5ed when iFLere is an obligation at the balance Sheet date as a result of a pastevent, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amourlt the Trust anticipate5 it will pay to settle the debt. Fund $fru¢lur• Endowment fundscomprise monies whichmustbe heldindefinitelyas capital. Incornetherefrom is creditedtogeneral fundsand applied forgeneral purposesunlessunder the terms of the endowmen15uch income must beused forspecific purp05e5 in which case it i5 credited io restricted fund5. Restricted fund5 Cotnprise moThie3 raised for, or their use re5tritted to, a specific purpose, or contributions subject to donor-imposed conditions. General fund5 represent those monie5 which are freely available for application towaTds achieving any charitable purpose that falls within the charity's charitable objects. 28
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31 July 2022 31 July 2021
£ £
Permanent Endowment:
Others under £10,000 * 3,751 3,235
3,751 3,235
Expendable Endowment:
Rosemary Thayer 900,000 -
Jane Ades Ingenuity Scholarship 150,141 57,300
Berthe Wallis Scholarship 122,455 56,848
Sally Michael Cohen 25,442 -
Eleanor Van Zandt 29,280
Harry Rabinowitz Memorial Scholarship 5,690 20,460
Margaret Easton Scholarship 200,000
Ariadne Van de Ven 43,076
1,203,728 406,964
Unrestricted legacy gift
Diana Devlin 59,841
59,841 -
Total Gifts & Bequests 1,267,320 410,199
endowment gifts of under £10,000 reflect top-up gifts to existing endowment funds
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Other Donated Service 31 July 2022 31 July 2021
£ £ £ £
Expenditure on Raising Funds
Investment Management Fees 15,193 - 15,193 12,527
15,193 - 15,193 12,527
Charitable activities
Scholarship Grant to Guildhall School 1,600,000 - 1,600,000 1,740,000
Grants for Non Scholarship Activity 282,465 - 282,465 153,735
Prizes 250 - 250 4,400
Support Costs 29,707 52,338 82,045 89,398
1,912,423 52,338 1,964,761 1,987,533
Total Expenditure 1,927,616 52,338 1,979,954 2,000,060
Support Costs can be further analysed as:
Audit Fees 11,440 - 11,440 11,440
Other Costs 18,057 - 18,057 25,596
Staff costs and other Related Costs 210 52,338 52,548 52,362
29,707 52,338 82,045 89,398
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| 31 July 2022 | 31 July 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Investments at start ofyear | 11,565,355 | 10,414,380 | ||||
| Interest & Dividends | 382,008 | 374,604 | ||||
| Acquisitions | - | 572,452 | ||||
| Disposals | - | (552,942) | ||||
| Gains /(Losses)on disposal | - | (10,948) | ||||
| Unrealisedgains/(losses) | (516,015) | 1,121,181 | ||||
| Distributions | (366,814) | (340,845) | ||||
| Management Charges | (15,193) | (12,527) | ||||
| Investments held | 11,049,340 | 11,565,355 | ||||
| Cash Deposits | 1,858,389 | 731,043 | ||||
| 12,907,729 | 12,296,398 | |||||
| Historic Cost at 31 July | 9,982,220 | 9,982,220 |
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31 July 2022 31 July 2021
£ £
Gift Aid 15,505 43,780
Other debtors - 5,025
15,505 48,805
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31 July 2022 31 July 2021
£ £
Other Accruals 11,440 11,440
Bursary Grant Creditors 1,500 3,500
Deferred income 333,271 325,632
346,211 340,572
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| Permanent Restricted Endowments |
Permanent Unrestricted Endowments |
Expendable Endowments |
Subtotal Endowments |
Unrestricted Funds |
Restricted Funds - Scholarships |
Restricted Funds - Prizes |
Total Funds |
|
|---|---|---|---|---|---|---|---|---|
| At 1 August 2020 | 7,636,193 | 1,102,809 | 599,569 | 9,338,571 | 1,167,306 | 896,774 | 14,677 | 11,417,328 |
| Income | 409,943 | 37,130 | 275,857 | 722,930 | 166,027 | 1,041,452 | 15,150 | 1,945,559 |
| Expenditure | (225,633) | (37,130) | (18,557) | (281,320) | (704,339) | (1,010,001) | (4,400) | (2,000,060) |
| Gains /(Losses)on Investments | 819,708 | 124,736 | 62,340 | 1,006,784 | 32,516 | 109,758 | 1,917 | 1,150,975 |
| Transfers | (410,743) | - | - | (410,743) | - | 311,988 | 98,755 | - |
| At 31July 2021 | 8,229,468 | 1,227,545 | 919,209 | 10,376,223 | 661,510 | 1,349,970 | 126,099 | 12,513,802 |
| Income | 608,648 | 32,087 | 950,671 | 1,591,405 | 209,818 | 1,225,976 | 4,924 | 3,032,123 |
| Expenditure | (226,601) | (33,074) | (83,372) | (343,047) | (273,572) | (1,363,085) | (250) | (1,979,954) |
| Gains /(Losses)on Investments | (314,394) | (41,591) | (85,473) | (441,458) | (15,667) | (54,905) | (3,984) | (516,014) |
| Transfers | - | - | - | - | - | - | - | - |
| At 31 July 2022 | 8,297,121 | 1,184,966 | 1,701,035 | 11,183,122 | 582,089 | 1,157,957 | 126,789 | 13,049,957 |
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Barbara Stringer Rosemary Thayer
Scholarship Fund Scholarship Fund
£ £
Opening Balance at 1 August 2021 - 746,685
Additions 900,000 -
Income 16,203 20,960
Investment Losses (41,888) (28,284)
Dispersals (16,203) (21,301)
Closing Balance at 31 July 2022 858,112 718,060
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Unrestricted Restricted Endowment Total
Funds Funds Funds 31 July 2022
£ £ £ £
Fund balances at 31 Jul 2022
are represented by:
Investments 419,195 1,420,139 11,068,395 12,907,729
Debtors 15,505 - - 15,505
Cash 158,829 199,379 114,726 472,935
Current Liabilities (11,440) (334,771) - (346,211)
582,088 1,284,747 11,183,121 13,049,957
Unrestricted Restricted Endowment Total
Funds Funds Funds 31 July 2021
£ £ £ £
Fund balances at 31 Jul 2021
are represented by:
Investments 412,609 1,554,663 10,329,126 12,296,398
Debtors 43,782 5,001 25 48,808
Cash 216,559 245,538 47,071 509,168
Current Liabilities (11,440) (329,132) (340,572)
661,510 1,476,070 10,376,222 12,513,802
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| 31 July2022 | 31 July2021 | ||
|---|---|---|---|
| £ | £ | ||
| Unrealisedgains at 1 August | 1,583,135 | 465,407 | |
| Netgains /(losses)on revaluation arisingin theyear | (516,015) | 1,150,975 | |
| Gains /(Losses)in respect to disposals in theyear | - | (33,247) | |
| Unrealisedgains at 31 July | 1,067,120 | 1,583,135 |
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Donor 31 July 2022 31 July 2021
£ £
Hamish & Sophie Forsyth Charitable Trust 500
John Pelham 500
Sophie's Silver Lining Fund 2,500 2,500
2,500 3,500
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