Report and Financial Statements For the year ended 31 July 2023 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 2023 President The Rt Hon The IA)rd Mayor Trustees Amer Al-Baho (appointed November 20221 Stephen J31and Neil Con5table David Graves Lew Hodges (until October 20221 Rongrong Huo Gillian ￿lalaW Deborah Lincoln (Chairl Philip Noel Graham Packham Howard Ricklow (until March 20231 Caroline Stockmann (appointed April 20231 Prof￿0rJon%than Vaughan Auditor Buzucott LLP 130 Wo(Ml Street London EC2V 6DL Bankers BarcLays Bank plc 54 Lombird Street London EC3P 3AH Inv85tnwnt Managers Cazenove Capital 100 Wood Street London EC2V 7ER Sub Commitlee Finan¢e, Investmont & Risk Committee Stephen Bland Rongrong Huo Deborah Lincoln Caroline Stockmann (Chairl Sara5in & PartneTh LLP Juxon House 100 St Pau15 Churchyard London EC4M 8BU Company Se¢rotary Rachel Davis Soli¢itor$ BDB Pitmans LLP One Bartholotnew Close London ECIA 7BL Company Registration Number 04041975 Registered Chorty Number 1082472 Governing D¢xument Articles of Association Principal Address c/oGuildhall School 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 4-20 Rew)n of the Independent Auditor 21-23 Statement of Finantial Attivities 24 Balance Sheet 25 Stttement of Cash Flow5 26 Notes to the Financial Statements 27-34 The Guildhall School Trust Chairfs Foreword Once again, I feel privileged to be working with my fellow Board mernbers, the Guildhall executive team, and our generou5 partner5 and donors, to support Guildhall School and its ¢alented communiry of musicians, actors, and production artists. In such challenging economic times, many OF ¢heyoung artists studying at the School are finding themselves in greater financial difficulty and our colle(tive achievement to increase the charitable funding available to support them is ever more important to their future success. Throughout theyear the Trust continued its flagship commitment to the School's scholarship programme, contributing essential support for students at borh undergraduate and postgraduate leveL We provided awards for Guildhall Young Artists, the School'siL]credible national nework of Six centres proTrryding performing arts training for children and young people under the age OF 18. We also provided Financial backing to enable the School to fulfil its mission to deliver distincrive 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 tosupport From individuals, liveries, cornpanie5 and trusts Their ongoing cornmiirnent continues to help the Sch(K)1'5 trainingto flourish and to provide a range of innovativeprojects, enabling the School to continue togive students access to world- class coaching. Since our last annual report, l am delighted to welcome two new Trustees,Amer Al-Baho and Caroline Stockmann. Trn5tees Iew Hodges and Howard Ricklow retired from the Board during the year, and I thank them both for their dedication to the Trust's activities in support of the School. It has been my pleasure to work with Professor Jonathan Vaughan FGS in his first year as Principal and I look forward to continuing our work together to achieve some of the exciting plan5 the School has for the future. Finally, I would like to express my gratitudeagain ¢0 all those who have helped ¢0 make i¢ another s¢rongyear for the Trust- our valued supporters, funders and communiry partners, my fellow Trustees, the whole team at Guildhall School. their dedicated Development Tearn, and the amazing srudents and alumni who inspire us. The arts have the power to transform lives. The School's award-winning graduates share their extraordinary expertise with the world on stage and on screen, behind the scene4 and in schools, hospitals and community 5etiing5 across the globe. The Trust, together with our community of supporters, Continues to help even more talented young artists of every background to take up the exceptional training offered by Guildhall, enabling them to fulfil their artistic potential. Deborah lincoln Chair of the Board of Trustees The Guildhall School Trust Report of the Trustees In¢•rporuting the Dire¢tors' report for the year endod 31 July 2023 Th• Boord •f Trust••$ The Tru5tee5 who seryedduring theyear to 31 July 2023 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 2023. 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 Charitie5 SORPI. The company's Articles of Association provide that the ftrlltswing shall be ex OfficioTn￿tees'. the Principal of the Sthool the Chair of Governors of Guildhall SchooL Also,a quorum musi comprise a majoriry of independent Trustees ul￿ffi[1atedto rhe Ciry of London. Structure, management and governance The governing d￿UMentS 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 Tr￿tee5 approv￿ Trust activities at these meeting5.Trustees consider that they arethe key managemenr personnelfor the T￿￿t, the Trust ha5 no 51aff of its ow The Trust's Objects are.. to advance the education of 5nLdents and prospective students of the Guildhall School of Music & Drama in rnu5ic or Ibami lincluding stage management and related production and design) and any other object considered by the Trustees to be beneficial io the promotion of music and drama (including stage management and related production and design) at the Guildhall School. and The Head of Finance, 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 IT￿￿tI, Rachel Davis in the Tru5t'5 official capaciry of Company Secretary. to SUPPOrt any charitable purpose in which the Guildhall School or any student may engage, and which promotes music or drarna (including stage management 2nd related production artd de5Lgnl. The Trust fulfi15 these Object5 by tnaking grant5 to the School. All grants approved during theyear were for the furtherance and enhaneernent of educational activities at Guil(Ihall School of Music & Drama in line with the Object5. The Guildhall School Trust Finonc•, In￿sIm•n* & Risk Committ•• With the retirement of former Chair of the Finance Sub Comtnittee, the Board reflected on the function of both the Finance and the Investment Sub Committees and took the deci510ll to combine these into one comrnittee- the FiJwice Investment & Risk Comtnittee, undernewly app0intedTTh￿tee and Chair, Caroline StocktnantL R•lot•d Party Trgns¥¢lion$ As Guildhall School 5tudent5 are beneficiarie5 of the Trust's grant4 the School and it8 senior staff, Professor Jonathan Vaughan- Principal of the School, Graham Packham- Chair of Governors of GuildELall SthooL are deemed related partie& Grants and gifts in kind made to related parties are detailed in Note I l of the Financial Statements. The committeehad it5 first meeting in May and will continue to meet quarterly in advance of the Board meeting? With a)mmittee recommendations5ubmitted to the full Btrard for di5t1ts5ion and approval. Risk M•n¥g•m•nt The Trust Risk Register identifie5 the significant risks Tated by the level of risk and the likeliho(A of thi5 risk occurring? Wlth specific mitigating actions.The register is UFdaied and reviewed quarterly by the Finance Sub Committee andbiannually byTrustee& The committee willa150continue the practice of the Investment Sub Committee to meetannually with each Investment Manager to formally review their performance against Trustee set objectives. Member5 of the Committee are in regular contact with Ihe Inve5trnent Managers and will continue to invite them to provide an uplaie on the performance of iFLe Trust'5 investment EX)rtftsli05 Xt a Board rneeting. Risks are sctsred on a Red, Amber, Green System with both thegross (pre-mitigationl and net Ipost-miiigationl score5 being reported to Trustees. A5 at the Bajance Sheet date the Trust had three red gross risks.. Trusts?$ R?cruitm¢nt ond Trgining The Board wa5 pleased to welconie new Trustee5, Amer Al-Baho in November, and Caroline stockMat￿ in May, which wasthe result of a successful recruitrnent drive over the pastyeaT. There 15 scope to further expand the Board and it i5 anticipated that thi5 initL&tive will continue into the autumn. M￿ageMent of external Iisks to endowment inve5ttnent5' affing? Systems, tr and documentation. and impact of world events trigger an exceptio1￿1 ask for sUPP)rt frotn the SchooL None of the risks renuined at red once mitigating action5 were factored in.Tru5tee5 Colltinue to rnonitor the risk that the challenges of the pandemic and other world events present to the Trust's ability to sustain the real value of its invested fund5 whilst generating the incotne necessary to sustain its desired level of grant giving.The Investment Sub Committee (which combined with the Finance Sub Cornmittee at the end of theyear, to for FIRC,the Finance Investment& Risk Commiiteel continued to work closely with ihefund marLagers to rnoniior, assess and take action as appropriate. The Boardrernains committed to ensuring that individualswith a diverse range of ski114 experienceand background5are encouraged to apply and contribuie fully as Trustee5.All newTrustees are 5UPPOrted through their initial induction to the Boardand furthertraining opportunitiesare eneouragedwherever EM)Ssible. Diversity The Trust is committed to continuing ensuring that the principles of equity¥ inclu5ionand diver51ty are eTrbedded in its actions, policies and decision making.As part of this, the Board is committedtoeontinuing tofurtherdiversify Lts membeThhip. Trustees are satisfied that all material and reasonably fore5eeible ri5k5 have been identified and that 5y5terns and contro15 are in place to marLage those risks 15ee Investment Managemenr report on page 18). The Guildhall School Trust Guildhall School of Music & Drama Approach to fundraising The Guildhall School Trust devolves responsibiliry for fundraising to the School's Development tean4 whilst the B(Hrd ietains over5Lght of theseactivitiesas they relate to the Trust. Guildhall School of Music & Drama is avibrant, international communiry of musicians, actors and production art15ts in the heart of the City OF London. The fundraiser5 ensure the following in their interactions with all 5UPPOrting0r￿anISatiO￿5 and individllals= The year 2022-23 saw some major 5ucce55e5 for Guildhall School. The School built on last year's position as the top placed Conservatoire for Music in the Guardian Universiry Guide 2023, with irs ranking rnoving from third to first place overall amongst all higher education instinltions for Music. In the Drama & Dance league table, Guildhall received an excellence score of 92.8 for Pri)duction Artsand Acting programtnes. to treat donors with respect and be re5pon3ible 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 to nunurestrong and positive relationships with donor4 meeting their needs and demonstrating the impaci OE theii philanthropy. Guil(Ihall School was also ranked first in the Arts, Drama and Music Cornplete Universiry Guide l£ague Table, which cotnpare5 specialist arts college5 and con5ervatoire5 by using data from the NatiOT￿l Student Survey? the Research Excellence Framework and the Higher FAlucation StatistlC5 Agency. It rnaintained it5 placing in the top ten institution5 in the world for performing art5 in the (LS World Universiry Rankings. Supporter5 of the School make contribution5 10 the Trust in many forms, including financial gifts? grants, legacie4 Subscribing to a1￿Ual philanthropy programme4 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. A global leader in treative and profe55Lonal practice, the School promote5 innovation, experiment and research, and 15 one of the UK'S leading providers of lifelong learning in the performing arts, offering inspiring traiTring for childrenyyoung people, adult learners, and creative and business professionals. Over 2,500 pupi]s study at under-18 level in the School's Guil(Ihall Young Artists prograrnmes. includingjwiioT Guildhall and the Centre for Young Musicians. Neither the Trust noI the School received any complaints from donors or members of the public about their fundraising pr2ciice5 thi5yeaT. The School ha5 over 1,100 5tlldent5 in highei educatitsn, representing rnore th￿ ÉA) nationalities. The Guildhall School Trust Our Town, 2022 0 ￿￿1th￿l1 khool I lknrt Bremmr Achievements, impact and public benefit Donation5 and impart 2022123 The Tntst 15 immensely grxtefulftrr the generosity of individua15, liveries, companies and irust5 whose support h23 made such a difference to the Students and5taff,and to the delivery of educatio1￿1 programmes at Guildhall School. Donation5 supponed a range of projects, enabling the School io realise its ambition5 in key areas, which include.. the provision of 5eholarship5and pastoral support to exceptionally talented students, relieving financial, Social and physical barriers to their training7 delivering the Guildhall YoungArtist5 programrne, helpingyoung people to find theiT cre2tive voice- providing distinctive degree programme8 producingworl&ela5s artists. nurturing artistic citizens who enrich the lives of others encourage public engagement and makea positive irnpact on the world. leading cultural change in sociery through professional developmeni,researchand knowledge exchang During iheyear the Trust receivedgrdnts and donations of £2,379,593.These comprised endowedgifts totalling£319,585, donations restricted t05pecific acti￿tieS totalling £1,375,291 and unrestricted donation5 toialling£684,717. Trustees have complied with Section 17 of the Charities Act 2011 to havedue regard to public benefit guidance published by the Chariry Commi55iO The Guildhall School Trust L• Portrttit dè Monon. av￿mn 2022 ¢ ￿￿1￿￿11 khool l MonhifvHodgè The Guildhall School Trust The Trust supports Guildhall School's mission to provide scholarships and pastoral support to exceptionally talented students. relieving financial. social and physical barriers to their Student Scholarships Income raised through the Trust has contributed toscholarships forundergraduate and postgraduate studeTht5 at the School. Thi5 Vital Support has enabled the School to continue to deliver world-cla55 professional training to the next generation of musicians actors and pr(Kluction artist& 2023 Gmd Ex, summer 2023 Q Gvildhtsll khDoI l moll￿ Ftrgus￿ IFG S￿dI￿} It ha8 proyidedhundreds of student5 wirh the mean5 to live and study in LA)ndor4 widened horizons, created unrivalled opp0m￿l[leS and enabled the School's international communiry to adapt andflouri5h. Opera Awards Chomber Music Fesiival, 2022 @ Guildhtyll Sthool I Poul Corhrtthtr A grant from the Dow Clewer Foundation supported5eholarshipsfor postgraduate opera singers. Withoutyoursupport, it wouldnot be P055ibSe fora person of my backsround t05tudyar5uch 2 high levej ar 2 worJ&class conservatoiie. Thisyearha5 been aseTie50fgreat le2PSln rnypTogTess and has helpedme buildfrom5trongfoundatlOJ155et irRplace rhroughoutmy5tudyrobecome asinger. Without takingpartin thi5 course, I feel it wouldnoibepossiblero attaiJ] the5ki1Ssnecessaryro work ar the highest level of ourproFe55iOll. ForpTovidirw5ponsorship rothis worrhwhijeinvesimeniof lime I am tnllygrareful. Jack.. Vocal student 111 Deod hlun Wulkirt& spring 2023 0 t￿11￿011 khool / Dtsvid Moth￿Hody0 The Guildhall School Trust The Trust supports the School's mission to enable the Guildhall Young Artists (GYA) programme to help young people find their creative voice Income raised through the Trusi contributed t05cholarship5 for children andyoung peopleup to the age of 18 attending Guildhall Young Artists IGYAI Guildhall School's pre higher eduixtion division for children andyoung people under 18 years. With 1,500 students, GYA is one of the UK'S I￿gest provider5 of specialist performing arts education.The GYA growing national network include5 Junior Guildhall, Centre for Young Mu5ician5, GYA KiThg'5 Cr055, GYA Norwich. GYA Tauntonand GYA Online Isupp)rting5tudents lnhar&t￿reach re￿0￿8). GYA also runs avariery of leading ensembles including the IA)ndon Schoo]s Symphony Orchestr4 IA)ndon Youth Wind Band, Junior Guildhall Symphony Orchestra and Ntsrfolk County Ytrllth Orchestra. GYA phO￿T￿PhY (O &Jildhttll kh0￿ l &mon Powell GYA Norwi¢h Agrant from Norwich Chamber Music 5upponedfive GYA Norwich bursaries for talentedyear 3 to 5 pupils frorn Norfolk. GYA Norwich is based at Ciry of Norwich School and i5 2 Saturday performing aris cenire whereyoung mu5ician5 can develop their creativity and acce55 higFFqualiry training with industry professionals acr055 a variety of style5 and genres. GYA Taunton Agrant from Binks Trusi supporred cla55e5 and performance opportunities for 5-t0 l&year-olds in music and drama at GYA Taunton. GYA Taunton is based at Richard Huish College and is a Saturday performing art5 cenire whereyoung mu5ician5 and actors can develop their creativity and acce55 high-quality training with industry profe55iona15 acr055 a variery of sryles and genres. 10 The Guildhall School Trust Junior Guildhall JuTLior Guildhall is a 5peciali5t Saturday School offering ￿vInced training toyoung people between the age5 of 4 and 18. Thi5 comprehensive programme delivers training ai the highest level to taleniedyoung musicians within a5timulating* challenging? creative, supportive and numLring environment, enabling students to reach their full potential. SnLdents receive the rype of considered personal attention thatyoung musician5 really benefit from, with timetables tailored to their individual nee(ts. Several exceptionally talentedyoung musicianshave benefitted from scholarship5UPPOrt, one of whom arrived from UkriirLe in October 2022. She showed outStandiTLg porential at such an early age, but the family had no income to support her studiekA5cholarship enabled this student to accept the offer of a place at Junior Guildhall. Although only 8years old, her level on violin and piano i85uch that 5hewarranteda place on the Music Course (normally reserved for oldei students). Herplayingisconsranrlydevelopingajjd agreat deal of rhis i5 due ro the dedicarion of hermotherandsister whohelp her with herpractising. She clearlylovesplayingl lam confidant thai she will coniinue togrowas a musiaan and lalways look forward ro teachingher. She is apjeasure 10 work ￿ryth aJ]d l am delighted rhar she i5 in my cla55. Nigel Goldberg The Guildhall School Trust The Trust supports Guildhall 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)mplishedperforming 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 ihe Trust has enabled a variery of anistic projects, directly supponing Guildhall School's srLLdents. Chamber Musi¢ Coaminuie saxophone concerto commissioned by the New Music Biennial 2022. Patrick Jone5'5 Soundingihe archive.. composition as translaiion and adaptaTioJ] which aims tobuild a bridge between artistic practice research and adaptation theory,through the composition of original music that interaffls with sources from archives7 gallerie5, and museums. Patrickh35 worked with Ihe collection5 team at St Paul'5 Cathedral and the History of Art Department at the Universiry of York as part of Paniheon5.. 50 Monuments 50 Voice& Other signifi(3ni project5 include an orchestral work thatwas workshopped by the IA)ndon Symphony Orchestra and a song for Jessica Summer5 150pranol and Jelena Makarova (pianol.premiered in 2022. Texting S¢arlatti: ¢ompositi•n, re¢eptioni perf•mian¢e Agrani from the Leverhulme Trust is providing 5UPPOrt for thereSe￿Ch project Texringscarlarri.. composjtion, reception, performanca Domenico Scarlatti Ib.Naples 1685. d. Madrid 17571 was one of the leading figures of eighteenth-cenrury music. Scarlatti revolutionised keyboard playing> becominga central point of reference for generations of keyboard Composers, and rernain5 extremely popular with perforrners and audiences alike. The Textingscarlatti project aims to thart the spread of Scarlaiti's music by establishing the stemma of all *3,200 surviving eighieenthn. spring 2023 o e￿Ildh￿l1 Sthool / David moth￿HOdY￿ Future Plans The Tr￿t will continuetosupport Guildhall School'5ambitiotss fundraisirtgtampaigngoalsto raise £50m by 2030, it5 IsINh anniversary. The priorities include: tracting the world's best srudents by substantially increasing schoLarship funding* Sustaining the balance of the internationally diveT5e community of the Sthool by incre25itLg 5cholar5hip funding for international 5rudents' 1￿COmIng atnlly inclusive instinLtion in keepingwith its reputation as one of the most m(MJern relevant and socially impactful con5ervatoire5 in the world. supporting underrepresented and Marginall￿ gTOUPS wishing to pursue the School's training> embracing its dedication to equaliry of opportunjry? restoring and refurbishing rhe Silk Stieet perfonning venues in time to celebrate the School's 50years on site at the Barbican in 2027. creating new opportunities for audience and participant engagement online through the provision of equipment and trLiJJing nece55ary for exP￿10n. Thi5 campaign will build on the School's position and rankingas one of the best conservatoire training provider5 in the world. contributing to the cultural fabric of society, to wellbeiThg7tothe creative economyyandto cultural heritage and civilisation. 16 The Guildhall School Trust 31F402 D•od Wulkirtfv spring 2023 Q (kildhull SthDd l Dqvid Mon￿HodYe 17 The Guildhall School Trust Financial Review Grant-giving Support Providod to Guildhall School During theyear, theTrusi gave a grant of £1,800,000 12022.. £1,6(X),o(X)I to the School for scholarship suppoIt, representing 52112022.. 46/} oEall Schtslar5hip fund5 awarded by the School during theyear. Investment Monagemenl Theyear underreview has proved to ￿ a period of considerable market volatiliry driven by rising political tensions around the world and slow economic growth. The Russian invasion of Ukraine in February 2022 has had huge economic consequence5 particularly Eor global supply chains and ener￿ prices, and caused a sharp rise in infiationary pre55ure4 which are onlynowbeginning to e25e. In addition, the Trust a]50 gave grants ioialling £662,998 12022.. £282,7151 toward5 a variery of projects and initiatives at the SchoDI. including artistic, outreach and Creative Learning projec15. For the secondyear rl￿￿Ing thi5 has led to negative capital return5 on our invesirnents, though fL￿d value5 still remain con5Lderably above the historic c05t of the investments. Financial Managemenl Toial income for theyear ￿loUnted to £2,842,469 12022.. £3,032,1231. Of thi5, £2,432,97812022.. £2,598,296) wa8 donation5 and legacies and£394,491 12022.. £382,042) wa5 inve5rment income. The Trust 2150 received £15,000 from events during theye￿I2022.. £51,785). The Investment Sub Committee land then FIRCI oversight OE the twofund manager5h35 concentrated on risk management and changes in their tactical asset allocation ro rnitigate the effects of market volatiliry and the longer-term effects of inflarion. While equity exp)5ure has been reduced and cash holding5 have increased it has been thallenging to mask the effects of poor market5 on the overall value of the portfolios. The long4erm objective of the Trust remain5 CPI plu5 4'A but Tru5teesunderstand that this is unlikely to be achieved over the next two or threeyear5. Set off against thi5 income was £2.565.40212022= £1,979,955> of expenditure- £10,57612022.. £15,184) related to the cost of raj5ll￿ ftLnds and£2,554,82712022: £1,964,761) related to charitable acrivitie5, including grants to the Guildhall School and associated support eost Both fund maY￿er5 were reviewed after theyear end after a period of exceptional market rurmoil following the political uisis in the UK. The Investment Sub Comrnittee land then FIRCI was 5at15fied that the two fund manager5andstrategies they employare best placedcurrently for the market conditions. Once expendiiure is dedutted from income, the charity 5how5 a surplus of £277,06512022= £1,052,168). Losse5 of £334,04412022.. £516,014) on listed investments led to an overall decre&se irt funds of £56,97812022'. increase of £536,154). Consideraiion ha5 also been given to the soci21 impact tsf investmen14 although at the time of writing this has not led to any change in our existing holding5. 18 The Guildhall School Trust Treosury Management The policy of ihe Tntstees i3to'. Resetrves Poli for our audit work, for this 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: 23 January 2024 23 **----- Start of picture text -----**
Unrestricted Restricted Endowment Total Funds Unrestricted Restricted Endowment Total Funds
Note funds funds funds Jul 2023 funds funds funds July 2022
£ £ £ £ £ £ £ £
Income and Endowments from:
Donations and Legacies
Grants and Donations for Scholarships - 970,381 - 970,381 - 959,553 - 959,553
Other Grants and Donations 211,415 400,410 - 611,825 50,187 224,065 - 274,252
Prizes - 4,500 - 4,500 - 1,850 - 1,850
Bequests and Endowed gifts 4 459,026 - 319,585 778,611 - - 1,267,320 1,267,320
Membership 14,276 - - 14,276 42,983 - - 42,983
Donated Services 53,385 - - 53,385 52,338 - - 52,338
Income from Generating Funds
Events 15,000 - - 15,000 51,785 - - 51,785
Investment Income 12,720 42,411 339,360 394,491 12,525 45,432 324,085 382,042
Total income 765,822 1,417,702 658,945 2,842,469 209,818 1,230,900 1,591,405 3,032,123
Resources expended
Expenditure on raising funds
Investment Management Fees 337 1,096 9,143 10,576 477 1,792 12,925 15,194
Expenditure on Charitable Activities
Scholarship grants to Guildhall 433,233 1,039,964 326,803 1,800,000 191,050 1,078,827 330,123 1,600,000
Grants for Non Scholarship Activity - 662,998 - 662,998 - 282,465 - 282,465
Prizes - - - - - 250 - 250
Support Costs 91,828 (0) (0) 91,828 82,045 - - 82,045
Total resources expended 5 525,398 1,704,058 335,946 2,565,402 273,572 1,363,335 343,048 1,979,955
Net income / (expenditure) 240,424 (286,356) 322,999 277,067 (63,754) (132,435) 1,248,357 1,052,168
Transfers between funds 15,379 257,988 (273,368) - - - - -
Adjustment for (losses) / gains on Investments (10,820) (36,732) (286,492) (334,044) (15,667) (58,889) (441,458) (516,014)
Net Movement In Funds 244,983 (65,100) (236,861) (56,978) (79,421) (191,323) 806,899 536,154
Balance brought forward 582,089 1,284,747 11,183,121 13,049,957 661,510 1,476,070 10,376,222 12,513,802
Balance carried forward 10 827,072 1,219,647 10,946,260 12,992,979 582,089 1,284,747 11,183,121 13,049,956
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24 **----- Start of picture text -----**
31st July 2023 31st July 2022
£ £ £ £
FIXED ASSETS:
Investments 6 10,715,296 11,049,340
Endowment Bank account 2,600,886 1,858,389
Total Fixed Assets 13,316,182 12,907,729
CURRENT ASSETS:
Debtors and prepayments 7 42,241 15,505
Cash at bank and in hand 1,799,421 472,934
Total Current assets 1,841,662 488,439
CURRENT LIABILITIES:
Creditors: Amounts falling due within one year 8 (2,164,865) (346,211)
NET CURRENT ASSETS (323,203) 142,228
NET ASSETS 12,992,979 13,049,957
THE FUNDS OF THE CHARITY
CAPITAL FUNDS
Endowments 9, 10 10,946,260 11,183,121
INCOME FUNDS
Restricted Funds 9, 10 1,219,647 1,284,747
UNRESTRICTED FUNDS
General Funds 9, 10 827,072 582,089
12,992,979 13,049,957
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25 |||||**Jul 2023**||**Jul 2022**| |---|---|---|---|---|---|---| ||Notes|||**£**||**£**| |**Cash outflow from Operating Activities:**||||||| |Net cash used in operatingactivities|**A**|||1,762,958||676,816| |||||||| |||||||| |**Cash inflow from investing activites:**||||||| |Dividends and interest from investments||||382,008||382,007| |Proceeds from disposals||||-||-| |Purchase of investments||||-||-| |**Net Cashprovided by investing activities**||||382,008||382,007| |||||||| |Change in cash and cash equivalents inyear||||2,144,966||1,058,823| |||||||| |**Cash and cash equivalents at 1st August 2022**|B|||2,457,356||1,398,533| |||||||| |**Cash and cash equivalents at 31st July 2023**|B|||4,602,322||2,457,356| |||||||| |||||||| |Notes to cash flow statement for theyear to 31st July2023||||||| |||||||| |A)Reconciliation of net movement in funds to net cash flow from operatingactivities||||||| |||||Jul 2023||Jul 2022| |||||£||£| |**Net movement in funds(asper the statement of activities)**||||(56,978)||536,155| |||||||| |Losses on investments||||334,044||516,014| |Distributions from Investments||||(306,025)||(414,295)| |(Increase)/ Decrease in debtors||||(26,737)||33,303| |Increase in creditors||||1,818,654||5,639| |**Net Cash used in operating activities**||||1,762,958||676,816| |||||||| |||||||| |B)Analysis of cash and cash equivalents||||||| |||At 31 July2022||Cash
Movements||At 31 July2023| |Cash at Hand and in Bank||472,934||1,326,487||1,799,421| |Cash held in endowment bank account||1,858,389||742,497||2,600,886| |Cash held byInvestment Managers||126,033||75,982||202,015| |Total cash and cash equivalents||2,457,356||2,144,966||4,602,322| 26 The Guildhall School Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 I. ACCOUNTING POUCIES Basis of a¢¢•vnting These financial statements have been prepared for theyear to 31 July 2023. 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 accountll¥ policies below or the note5 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 T￿￿tConstIn1tes a public benefit eniiry as defined by FRS 102. The finaThcitl statementsare piesented in sterling and are rounded to the nearest pound. Crilical a¢ It is probable that a transfer of economic benefits will be required in settlement and the aJnount of the obligation cin be rnea5ured reliably. All expenditure 15 aecotsnted for tsn an actrua15 ba515. Expertditure eompri5e5 direct ets5t5 and 5UPPOrt tost5. All expen5e5. including support COS14 are allouted or apportioned to the applicable expenditureheadingsdependent on the narure of the expenditure and the restriction that may apply to it according to the express wishes of the original donor. The 28 The Guildhall School Trust ela5sifLcation between activities is as follows: Expendirure on raising funds includes all expenditure a580ciated with raising funds foi the chariry. This include5 investment management fees the costs of hosiingfundraising events? promotional expendirure and anallocation of support Costs. Expenditure on charitable attivities include5 211 co3tS a550ciated with furthering the chxritable PUTP05es of the chariry through the provision of its tharitable activitie5. Such costs include charitable grants, donations, scholarships and prize4 as wellas an allocation of suppon costs includinggovernance cost& Grants payable 2re included in the staternerLt of financial activities when approved and when the iniended recipient has eiiher received the fund5 or been informed of the decision to make the grant and has satisfied all performance conditlOn8. Grant5 approvtd but not paid at the end of the financialyear are accrued. Grants where the beneficiary h25 not been informed or has to fulfil performance conditions before the grant is released aTe not accrued Eor but are disclosed as financial commitments in the notesto the account5. Fixed asset invoslment5 Listed investments are a form of basic financial in5tnllnent and are initially reeognised at their transaction Value and subsequently measured at tFLeir fair value as at the balance sheet dale using the c105ing quoted market price. The Trust does notatquire put option5, derivative5 or other complex firtancial ittstnllTrent5. As noied above the main form of financial risk faced bythe Trust is that of volatiliry in equiry markets and investment markets due to wider economic conditLon5 the attitude of investors to investment risK and changes in sentiment concerning equitie5 and within particular sector5 or sub sector5. Reali5ed gains lor1055e51 on investment a55ets are calculated 25 the difference between disposal proceeds and their opening carrying value or their purchase value if acquired Subsequent to the first day of the financi￿ year. Unreali5ed gain5 and1055esare calculated a5 the difference between the fair value it theyear end their carrying value at that date. Realised and unrealised investment gains {or105sesl are combined in the statement of financial activities and ￿e credited lor debited) in the year in which they arise. Debtors Debtors are recognised at their Settlement amount, les5 any provision foT non-recoverability. They have been discounted to the present value of the future cash receipt where Such di5coiinting 15 material. C(4sh at bank and in hand Cash at bank and in hand represents such account5 and instruments that are available on demand or have a maturiry of less than three months fIom the dale of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event it 15 probable that a transfer of economic benefit will be required in settlement, and the imount of the Settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Trust anticipates it will pay to settle the debr. Fund struthire Endowrnentfundscomprise monies whichmustbe heldindefinitelyascapital. Incometherefrom is creditedtogeneral fund5and applied forgeneral purp05e5 unle55 under the terms of the endtrwmentsuch irteome must be used for5pecifie purposes in which case it is credited io restricted fund5. 29 **----- Start of picture text -----**
31 July 2023 31 July 2022
£ £
Permanent Endowment:
Others under £10,000 * 20,614 3,751
20,614 3,751
Expendable Endowment:
Rosemary Thayer 900,000
Jane Ades Ingenuity Scholarship 150,141
Berthe Wallis Scholarship 122,455
Sally Michael Cohen 25,442
Harry Rabinowitz Memorial Scholarship 5,690
Chris Wood 110,000
Victor Ford Foundation 100,000
The Cole Bequest 70,000
Elaine Hugh-Jones 18,971
298,971 - 1,203,728
Unrestricted legacy gift
Barbara Reynold 244,714
David Bartley 100,000
Ralph Goode 87,500 59,841
Denis Shorrock 26,812
459,026 59,841
Total Gifts & Bequests 778,611 1,267,320
* endowment gifts of under £10,000 reflect top-up gifts to existing endowment funds
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30 **----- Start of picture text -----**
Other Donated Service 31 July 2023 31 July 2022
£ £ £ £
Expenditure on Raising Funds
Investment Management Fees 10,576 - 10,576 15,194
10,576 - 10,576 15,194
Charitable activities
Scholarship Grant to Guildhall School 1,800,000 - 1,800,000 1,600,000
Grants for Non Scholarship Activity 662,998 - 662,998 282,465
Prizes - - - 250
Support Costs 38,443 53,385 91,828 82,045
2,501,441 53,385 2,554,826 1,964,760
Total Expenditure 2,512,017 53,385 2,565,402 1,979,954
Support Costs can be further analysed as:
Audit Fees 9,000 - 9,000 11,440
Other Costs 29,443 - 29,443 18,057
Staff costs and other Related Costs - 53,385 53,385 52,548
38,443 53,385 91,828 82,045
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31 July 2023 31 July 2022
£ £
Investments at start of year 11,049,340 11,565,355
Interest & Dividends 383,773 382,007
Acquisitions - -
Disposals - -
Gains / (Losses) on disposal - -
Unrealised (losses)/ gains (334,043) (516,014)
Distributions (373,198) (366,814)
Management Charges (10,576) (15,194)
Investments held 10,715,296 11,049,340
Cash Deposits 2,600,886 1,858,389
13,316,182 12,907,729
Historic Cost at 31 July 9,982,220 9,982,220
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31 **----- Start of picture text -----**
31 July 2023 31 July 2022
£ £
Gift Aid 40,260 15,505
Other debtors 1,982 -
42,242 15,505
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31 July 2023 31 July 2022
£ £
Amounts due to GSMD 1,800,000 -
Other Accruals 9,000 11,440
Bursary Grant Creditors - 1,500
Deferred income 355,865 333,271
2,164,865 346,211
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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 2021|8,229,468|1,227,545|919,209|_10,376,222_|661,510|1,349,971|126,099|12,513,802| |Income|608,648|32,087|950,671|_1,591,406_|209,818|1,225,956|4,944|3,032,124| |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 31July 2022**|**8,297,121**|**1,184,967**|**1,701,035**|**11,183,122**|**582,088**|**1,157,937**|**126,809**|**13,049,958**| |||||||||| |Income|323,294|33,569|302,082|_658,945_|765,822|1,410,077|7,625|2,842,469| |Expenditure|(206,286)|(32,602)|(97,057)|_(335,946)_|(525,399)|(1,703,977)|(81)|(2,565,402)| |Gains /(Losses)on Investments|(191,887)|(29,072)|(65,534)|_(286,492)_|(10,820)|(34,023)|(2,709)|(334,044)| |Transfers|(902,279)|(92,894)|721,805|_(273,368)_|15,379|189,415|68,574|-| |**At 31 July 2023**|**7,319,963**|**1,063,969**|**2,562,331**|**10,946,262**|**827,071**|**1,019,429**|**200,218**|**12,992,981**| - - - - - - 32 **----- Start of picture text -----**
Barbara Stringer Rosemary Thayer
Scholarship Fund Scholarship Fund Derek Butler Trust
£ £ £
Opening Balance at 1 August 2022 718,060 858,112 605,655
Income 21,436 25,617 18,081
Management charges (554) (662) (467)
Investment Losses (18,565) (22,185) (15,659)
Dispersals (20,882) - (17,613)
Closing Balance at 31 July 2023 699,496 860,882 589,998
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||**Unrestricted**|**Restricted**|**Endowment**||**Total**| |---|---|---|---|---|---| ||**Funds**|**Funds**|**Funds**||**31 July 2023**| ||**£**|**£**|**£**||**£**| |**Fund balances at 31Jul 2023**|||||| |**are represented by:**|||||| ||||||| |Investments|406,979|1,614,122|11,295,080||13,316,182| |Debtors|42,242|-|-||42,242| |Cash|820,083|645,490|(22,018)||1,443,556| |Current Liabilities|(442,233)|(1,039,964)|(326,803)||(1,809,000)| ||827,072|1,219,648|10,946,260||12,992,979| ||||||| ||**Unrestricted**|**Restricted**|**Endowment**||**Total**| ||**Funds**|**Funds**|**Funds**||**31 July 2022**| ||**£**|**£**|**£**||
**£**| |**Fund balances at 31Jul 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| 33 **----- Start of picture text -----**
31 July 2023 31 July 2022
£ £
Unrealised gains at 1 August 1,067,120 1,583,135
Net gains / (losses) on revaluation arising in the year (334,044) (516,015)
Gains / (Losses) in respect to disposals in the year - -
Unrealised gains at 31 July 733,076 1,067,120
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34