THE HELEN HAMLYN TRV5T REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 rtARCH 2021 Registered Number: 4115082 Registered Charity Number: 1084839 THE HELEN HAMLYN TRUST REPORT AND FINANCIAL STAIEMENT5 FOR THEYEAR ENDED 31 MARCH 21r21 CONTENTS Reference and administrative inf(m￿tiOn Report of the fjirectors Independent auditors, reFK)rt Statemeni of financial activiiie5 Balance Sheet 13 Cash flow statemenl 14 Notes to the. financial statemenls THE HELEN HAMLYNTRUST LEGAL AND ADMINISTRATIVE D￿AlL5 Trustees and Directors Lady Hamlyn Dr Kate Gavron Dr Shobila Punja Brendan Cahill Margaret (YRorke Dr Deborah Swallow Stephen Lewi Alison Peacock ProfL%sor the Lord Ara Daizi Director of Finanee and Administration john R{￿he Director of Projects and c(￿rdinati0Th Lucy (7Rorke egi5tered Office 66 Lincoln's Irsn Fields London WC2A 3LH Principal oKice The Helen Hamlyn Trust Unil l Drayon House Court Drnylon St Leonard Oxyordshire OX10 7BG Auditors Hay5macintyre LLP l O Queen Streel Place London EC4R IAG Solicitoys Farrer & Co LLP 66 Lincoln s Inn Field5 London WC2A 3LH Bankers National Wethinstef Bank PIC 51 james and Piccadilly Branch PO Box 2DG 208 Piccadilly London WIA2DG lTrve$th￿nt Managers Aberdeen Slandard 30 St Mary Axe London EC3A 8BF THE HELEN HAMLYN TRUST DIRECTOILS, REPORT FOR THE YEAR ENDED 31 MARCH 2021 Report of the Director5 for the year ended 31 March 2021 The Trustees, who are also DireLtor5 of the company for the pur,"K)se of the C(xnpanies Ac¢ Pr￿7[ their report and ihe audiied financial ￿￿ternentS for the year end￿1 31 March 202 1 Nvhith are al￿ prepared lo rr*t the requirements for a dir&tor5' rep(Ki and accounts for Compani& Act purFKYaes. The infomialion with respect to TrLLslees, Director5. Officers an(14tht50r5 set out on page 1 foTrns parl of thig reFK)rt. The financial statements (x)mply with current statulory recp1rerr￿ntS Ibie MetfK)randum and Articl(5 of Association, .Ipplirable Acr.wntin8 Slandaid5 In the United Kingdom and ihe Sts[￿ne￿I c)1 Recommended Practi￿ ISORPI applicable to chaT1ti preparing their accounts in accordance with the Financial ReFKwif'.8 Stsndard applicable in the UK and Republic of Ireland IFRS 1021 {eff￿tive l January 20151, the Charities Aci 2011 and tlie Companies Aci 21NJ6. structure, Governance and Management Siruc'iure The Trusi is a charitable company limited by guarant￿, inci)ry)orated on 27 November 2000 (company regislralion number 41150821 and Tegistered with the charily Commissi￿*r5 as a charity on 31 january 2001 (charity r%islralion number 10848391. The Trus1'5 governing d(Kument is the M￿a￿dum and Artii-.It5 of A5s(Kialion dated 15 November 2LK)O. Governance The Directors meet formally ai leasl twice a year and informallv throughout the year including by electronic means. The existing Director5 select ￿￿MberS of the Board. Al each AGM. one ihird of the Direr.lors retire by rotation and are permitted to submit ihemselves for immediate rÈ-election. The Pr(￿esS for the induction of new Truste￿ comprise5 an inilial meding with the Chair to explain the history and strategic direclion of the Trust. .%ew Tru51ees are also providf,d with a c.opy of ihe Memorandum and Articl￿ ol A55()ciation of the Company, the lateslAnnual ReFK)rt And Accounts, the Budget. information on the various Commiti and copies of ihe mosl iecent Board pa￿r5. Trustees are encouraged ￿ al￿nd ￿levant Tru￿ee trainin8 evpn15 organised by repu￿ble thiid-party providers. The Trustees agree the broad slrate8y and areas of actiwty for the TrusL including consideration of grant makin& inve51menL resetve5, risk management and perfiKmance. All Trustee5 work on a voluntary basis and no remuneration iYr75 paid in the year. Details of Trustees, expenses and relaled parly transactions are disclosed in iwotes 18 and 19 10 ih-..Iccounts. Tru51ees are requir￿ to disrlnse all relevant interesis and register them annually with the Director of Financp.Ind Adrninislration and in accordance with the Trust's policy wiihdiaw fium decisions where a conétict of interesl aris￿. Management The Trustees have deleghled ￿rtain resw)nsibiliiie5 to two (.ommittees in accordance with the Trusl's governing document. The Finance and Govprnarsce Committee con51Sting of three Trustees and one co-opted member has the auihority 10 authorise unbudgeted expenditute of up to £IOO,000 in any ooÉ, financial year. Additionally, the Commillee review5 the financial and govemance arrangernents for ihe Tnjst and ¢idvises the Board accordingly on mallers including financial managemeni, human res(KJices, staff retnuneralion. riik management and the financial audil. The Cornmittee is responsible for reporling lo the TIu5tees on investment mailer5 rind diw.lin8 ihe inve51menl manager as appropriate. THE HELEN HAMLYNTRUST DIRECTORSI REPORT (continuedl FOR THEYEAR ENDED 31 MARCH 2021 The Small Grants Committee consisling of the Chair of Trustees, the Director of Finance and Administration and the Director of Projects and CIHirdinalion, is reswnsible for considering and apwoving. if appropriate, byrant applications for amounls of up to £1 0,000 ￿r project and up to a value of £I00.000 in any one year based on the research and recommendations made by the DirKlor of Finan￿ and Administration and ihe Director of Projec15 and Co-ordination and the grant makiii8 wlicie5 Settled by the Tru5lees. Occasionally SfT)all grants are awarded tn overseas chariiies and these are further approved by ihe Truslee5. Day to day financial rnanageM￿t, risk management and govemance issue5 are ihe responsibility of the Director of Finance and Adminislration. Pay policy for kty management personnel All Trustees who are also Difeclor5 of ihe charity give of their time freely and no director receivd remuneralion in ihe year. The pay of key mana£emenl personnel and oihers is reviewed annually and normally increased in line with ihe increase in the Consumer Price Inde.x each year and approved by the Finance and Govemance Commiiiee. In selting pay scales for role5 the Truslee5 benchmark against pay levels iri other similar grant making trusts. Risk management The Tustees have identified and reviewed the majot Strategic, operational and financial risks to which the Trust is exposed. The Trustees are also saiisfied thai the Pr￿edU￿. policies and systems which are place for risk managerneni generally are reviewed regularly and rniLigaie exposure to these risks. Thi5 work has identified Ihe major risks as,. the inappropriate. or ineffeclive use of granl rnonie5- and an inappropifale investment policy. To ensure that grant monie5 are spent appropriately and effectively ihe Trusl carefully reviews and run5 checks on grants before award and has an ongoins system of monitoring and review which include5 receiving progress reports (including finanrial accountif7gl and visits to projects. In order to mitigate the risks associaied wilh an inappropTiale investment policy, the policy is kepl under constanl Teview as are investrnent reports frorTJ the inveslrnent managers. The Finance and Govprnance Commitiee meet periodrcally with the inVe￿men[ managers io discuss the currenl invpslmeni policy and consider its appropriatene55. The Committee makes T￿OrnmendatIOnS lo the Truslees following thai mppiing. The Committee reviews ihe inveslmenl rnanageff￿nt reports at least twice a year., Ob5ectNes and Activities for the public benefit The primary nbjec15 of ihp TTUSI, as slafp.d in its governing docurrEnt, are the 8eneral PiATFK)se5 of such charitable bodies or for such charitable PUTrx)ses as the Directors shall think fil in England and Wales or elsewhere. The. Trust￿ together determine which projecrs lo fund being mindful of. but unlettered by, the Tftjst's focus on the initiation by Lady Hamlyn of mediurn and long-le.rm projects, funded by way of grants, solely or with parlners, linked lo the shared int￿eSts of Lady Hamlyn and hef lale husband. Lord Hamlyn. The Tru5tee.5 confirm ihat they have referred io the 8uidance conLiined in the Charits, Commission's general guidance on public beriefit when reviewing the TTusI's aims and objectives and in planning future aci1vili￿ and setiing grant making policy for the year. THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021 Grant making Policy The Trust has wide FK)wers to make grants. Recommendatio?5 for projecis are brwght forward ￿ the Tru5tee5 and these recommendations are. subject to approval by the Board. The current stralegy *or grant Tnaking is concentraled on the fi)Ili)wing areas of activily.. Medical, the. Arts and Culture, Education and Welfhre, Herilage and Con5ervalion in India, liilvmalional HUmanI￿rIan Affairs and Healthy Agein8. Additionally, small granls of up to £1 O,(XK) are made lo a widE' variety of small local and regional ¢.harilies where a grant of thi5 Size can make a significant difference. All small g."ails support ihe Trusls charitable i)bI￿lIveS. The TrusY5 core aim 15 to Initiate and support innovalive medi(Jir, to long lerm projects, which will effert lasting change and improve qualiry of lrfe for the bene.fit of the public or secl oiis of the public. Individual pr()jects aim to.. supporl innovation in ihe rnedical arena. increase access lo the arts and supw)rt the professional develiynent of arti$15 from the fields of music and the performing arts. increase inlercultufal undersiandin& provide opportlJDities for young people to develop new inlerests and practical skills which will contribute io their educalii)n and iheir iulure lives and lo cre.ate opportunities for young offender5 to acquire practrcal skills which will iheir personal development for their future lives. Conserve heritage in India for public access and culiural activtties. support examples of giKKi piaclice in the humanttaria,I 5eclor. provide practic.al supporl to enable the elderly to mainLiin their independaFce for as long as possible. The principal objective fof the year was to support exi51in8 projects and develop rkew projects in line with the Trust's Oblecliv￿. Although the current Covid-19 pandemic h35 had a limited impilct on the iinances of the Trust it has had a signifirant impact on the work of the Tru5Vs partne￿. The reslrictions which have been in place perii0ically over the last twelve monihs have meant thal many of the Projects that the Trusi funds have b￿￿ unable to run as planned. The vast majority of the projects thai the. Trust funds are relianl or partially reliai?t on face-t(kface internclion, performance5 or visits to vpnues by the ultimate beneficiary gTOUPS. Where possible the Trusys partners have been able lo use eleclroni(- means lo conlinue lo detiver charitable benefits Èn line with those ori8inally planned or arranged no cost exiensions of the grant where aclivilies have had to be delayed. The holder of the Helen Hamlyn Educaiion Fellow ai ihe Inqliiute of International Hum3nilarian Affairs - Fordham University IIIHAI left w)st in january 2020 for peisonal reasons. As the current pandeinic unfolded il became clear that the reslrictions bein8 Put in place globally wwld make rpcruiling for the role difficuli and ihe ability lo achieve the planned (xtlputs severely impaired. In discussions with the Insliiuie of Humanitarian Alfairs il was agreed ihat the grant be withdrawn las noted in Iwole 6 10 ihe ftnancial stalemenfs I hut theie w1￿[d be further discussions about similar projects in Ihe. future when the global pandemic situation slabi ised. THE HELEN HAMLYN TRUST DIRECTORS, REPORT Icontinued) FOR THE YEAR ENDED 31 MARCH 2021 Examples of how the objeclives for ihe year were 3chi£ved ale summarised as follows.. University College London_ Helen Hamtyn C•)tre for Pedagogy 10-11 years) Educational Activities £291,175 over approximately 12 months The Trust has agred a total conditional commitment lo Untversity College London of £1,478,042 over ITve year5. The second year of the gfant of £291.175 has been iecngnised as a liability in the financial statements. Due to the. conditional nalure of the 8rant ihe remaining commitment is a conlingent liability and is disclosed in Note. 17 to the. financial slalements. The grani has been awarded to further develop the Helen Hamlyn Centre Pedagogy. The aim5 of the cent￿ are.. 1. Have a demonstrable impact on pedagogy in a range of setiings includin8 forn￿1 education, hornes and othpr educational environments. 2. Improve under5Linding of pedagogy through researth Ihal 15 c105e to practice, using qualilalive, quantitative and mixed methods designs. 3. Contribute lo wider use of the iE5t pedag(Ey by engaging in partnerships with ￿tstandIng Organisations and individuals. 4. Engage conslructively with wlicy makers and politicians to Influen￿ change in educational p)licies in order lo nurture a more equitable s(Kiety for all. Institute of International Hunmnitarian Affairs- Fordham University 14elen Ilamlyn Senior Fellow £346,488 over 3 veBrs A further granl lo fund the Helen Hamlin Senior Fellow at the Institute of International Humanitarian Affair5 IIIHAI. The IIHA is a unique inttialive of Fofdham University. created in 2001, to address rhe diverse set of challenges facing humanil3rian Morkers in complex emergencies. The IIFIA pursues this goal through a range of aclivilies.. offering academic and practscal humanitaiian educalion of the highesl standard5,. forging partnerships with relief Ofbianisationg and academia, rnosl especially the NOI IA group of European Universities funded by ECHO- h05ting symposia and lecture 5eries,- crealing culling edge publicalions and undertaking research Telating lo complex pmergencies and humanitarian T￿pOnSe. This granl will allow the IIHA to strengthen and develop the undergraduate and poslgraduale programme5- Fordham has just announced the approval of an undergraduate Major Tn HumanitaTian Siudies, creating a peer review jOUTnal in Humanitarian Sludies as well a5 further developing the Institute's research capacity. Imperial College, London Paul Ilamlyn chaii of Surgery Gfant". £l,O(X),(XK) over 5 years The Paul Hamlyn Chair of Suoery was esthblished by iheTrust in 2005 for the undertaking of ￿SearCh and a(fvancement of knowledge in the iield of academic surgery and in particular surgiLal oncology and the dissemination of minimal invasive iherapies and allied technologies. This 8rani represents the fouiih live-year commilmenl taking the grani to 115 original iwenly-year duralion of twenty years from 2(KJ5. The Helen Hamlyn Centre for Design at the W College of Art Core funding £250,000 over l year This granl represents a continualion of ihe Trust's On-g￿n8 supwrt for the Helen Hamlyn Centre for Design IHHCDI and is part of a conditional i O-year grant of £2.5 million awarded in 2012. The remaining balance on ihis granl of £500.000 is a contingenl liability as descfilxd in ole 16 10 ihe financial statements. Core fundin8 from thp Helen Hamlyn Trust has to dale enabled HHCD 10 develop an international Teputalion and a distinclive real woild research profile based on extensive industrial collatK)ralion Èn the areas of design foT ageing healthcare and access to the workplace and built environment. This on-going SUPFNxi will help build HHCD'S knowledge and impact in two key areas in the next phase ol their development. Firsl. il intends ￿ deepen ihe expertise of its three reseaTch labs.. Age & Abilily. Health & Patient Safety and Work & City. SeL"ond. il intends io enhance four important knowledge exchange mechanisms within ihe RCA community.. business. governmwtL design praclice and design research. THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continuedl FOR THE YEAR ENDED 31 MARCH 2021 Achievements and PerfornwKe The Trusl continues to monitor ihe F￿orn?ance of a range of exisling medium and long-term projects across thp speclrum of the Tnjsl's grant making aclivilies. All the project£ undertaken by the TTUSt are ronsidered lo meet the requirement for public benefit. However. in certain cases, such .45 the funding of medical re5earih prugrammes, it is nol Fx)ssible at this siage io quantify the number of ￿entIal br&neficiaries. All beneficiaries of grants provided by the Trust are required i(1 4ubmit ai least one reporl in a stsndard foimai annually to allow the Tnrsiee5 to a55ess progress and measure [￿SU[ts. Finaneial Review Income generation The Trusl was award&l a grant of £2.000.00012020.. £2,¢J)O.0001 by the Paul Hamlyn Foundation in respect of the. year lo 31 March 2021. The Trustees are confident of receiwnu iurther funding from the Paul Flamlyn Foundation in future years. Fundraising The Trust does noi fundraise from ihe public and does not use the seryices of a fundraiser or similar. The Trust receives donations from the Pdul Hamlyn Foundalion. which is nol the resuli of active fundraisittg. It is nol anlicipaied ihai Ihi5 Situation will change, however should IheTTusI ever ch005e lo aclively fundraise il will endeavour lo comply will all 5lalutory requirements and ihe besi lundraising practices in force at ihat time. Financ+al risk management The following stalements summarise the charivs p)licy in managin8 identified forms of financial risk: Price risk The charity negotiates grants awarded to finance the charttys ac'tivilies and incorFKKales this information into its business plans. Salary costs are communicated to staff during tFe forrnal annual review of salaries. Prices of mat￿la[5 purchased are subject to contracts with suppliers, based on curriJnl market prices. Credit risk Crpdil risk on amounts owed to the charity by third parties is low, as there are no significani debiors. liquidity risk The c.harity ha5 no borrowings. Interest rate cash t7ow risk The rharily Is able to place Surplus funds on Sh￿ term deEX)Sii acCo￿nI wilh the Trust's bankers. THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THEYEAR ENDED 31 MARCH 2021 Investment Power5, Policy and Perfom)ance The Trust's governing document defines ihe Trustees. investment powers as unlimited. These FX)wer5 have bep.n delegated by the Trustees lo the Finance and Govem3nce Committee, which reviews wfOrMan￿ of the investmenl Portfolio and ihe inveslmenl manager and considers any change5 required lo policy, reporting to the Trustees as appropriate. The Trustees have delegated discretionary management to a specialist POTtfolio manager under an investrnenl agreeTrEnt. The Tru5Vs Inve￿ment strale8y is descrit￿d as a cautious straiegy and has the primary invesimeni objective of preserving purchasing power relalive to the rate of GBP ini1ation, while accepting a balanced level of risk in order to bjeneraie income. The portft)lio slructUTe is dEver5ified and has also been designed to ensure ihat cash is available lo meet the Trust's Lurrenl and fuiure grant commitments. The comFW)silion of ihe investment ¥x)rtfolio excluding cash holdings is shown in Note 12 lo the AcciwJnts. The current Covid-19 crisis and the resulting iurbulence in financial markets has had a limited impact on the Trusl's finances due to ihe cavtious strategy. Unless further losses are Sustain￿ the impact of the crisis on the. Trust's investment portÉolio will not have an impact on the Trust's future forecasl eyrRnditure. Lcxiking ahead, the Trustees will continue to monitor market conditlons and adapt wlicy to changing circu￿￿tanceS as appropriale. Reserves Policy As a general policy grants are currently accounted in full in the year in which they are awarded albeit payments in some circumstance are swead over a number of years. The exceptions lo this general policy are described in Note 16 Contingent Liabilities in the notes to the Accounts. The Trusi has accumulaied unspenl income sufficient to fund it5 exisling commitments and its contingent liabilitie5 should the tondilions attached to those grants be met. The Trustp also have the discretion to disburse some or all of its iwo Expendable Endowments. Having regard io this the TrLtslees have reoxamined the requiremenl lo mainlain rree reserves and concludd that the level currently maintained is appTopTiale lo ensure thal the Tmst, in the event of a signiiicanl redurlion in ihe level of its income, would he able to Continue its aclivilies whilst the Trusiees consider how ihe incotne would be re.plar.ed or activities changed. The Trustees have determined ihat in fulufe years the minimum level of reserves should not be less than £2 million. This policy is be(ng kepi under ￿vieW in light of fulure income ex￿lationS and plannd chaTltable expendlture. The current level of free reserves is £5,975,791 12020: £5,757,249). T(rt31 reserves bein8 £5,981,249 12020.. £5,762,707), reslricted reserves were £5,45812020: £5,458). In order to support ihe Trusl and to enable tl to make commit￿￿Trts to longer lerm projects. there is a Deed of Guaraniee dated 23 March 2006 fr()m Lady H3mlyn 1.the Guarantorfl in favour of the TTUSt which is held to rn￿1 any claim made against the Trust for the payment of any grant thai the Trust has undertaken to pay, if and io the extent thai ihe TTUSI has insufficient reserves to meet such a claim. The amounl of the Guarantorfs liability is limiied to £5,000,000. The Trusi has an Expendable Endowment Fund as describ￿ in the iN￿e 16 to the Financial Statements. Plans fi)r the Future The key focus will be on SUPF)Orting existing projects in light of the current crisis caused by Covid-19 with a view to ensure that as far as possible the levels of charitable benefit Created are mainlained. The Trus￿ will conlinue to monitor the siluation externally and adam the Trusvs sirategy apprq)riately. It is anticipated thai the Trusis existing projects, and new opFy)rtuniti& relating to existing projects, will fully utili5e the Trust's incoff* for the next Ihree years. No change in 8rant making w)licy is envisaged at presenl. THE HELEN HAMLYN TRUST DIRECTORS, REPORT Icontinued) FOR THE YEAR ENDED 31 MARCH 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustee5, who are also directors of the charithble companv. are resFK)nsible for preparing Iheir reFM and the financial 5talemenls in accordance with applicable law and r￿lUlatiOns. Company law requires the tTU5lee5 to prepare financial stalements for each iinancial year. Undpr thai law the truSt￿S have elected to prepare the financial statements in accordancp with United Kingdom Generally Accepted Accounting Practice. (United Kingdom Accounting Siandards and applicable Ihwl. The financial stalements are Tequired by law lo give a true and fair view of the state of the affairs of the charitaiilp company and the group and of ihe surplus or deficit for thal periiKI. In preparing these financial statements the Irus1￿$ are requir￿ 10: Select suitable accounting wlicies and apply Ihem con&istently Obsetve methi)ds and principles in the Charities SORI, Makp judge.mpnts and estimate5 thal are reasonable and prudent Stale wheiher applicable accounting slandards havi: b￿n followed, subject lo any malerial departures disclosed and explained in the financial slalements Prepare the financial statements on the going conce.m basis unle55 it is inappropriate to assume that the charitable company will continue in operalion The trusfees are. also reswnsible for keeping proper accountinry records ihal disclose with reasonable accuracy at any time the financial FX)Sition of the charitable rompany and enalili" them to ensure thai the financial statements comply with the Companie5 Aci 2006. They are also re5wnsible for iawuarding the assets of the chaTitsble company and hence for takin8 reasonable steps foi the Pre￿rnI10￿ and deteclion of fraud and other irregularities. STATEMENT OF DISCLOSURE TOTHE AUDITOR So far as the Board ofTrustees ale aware: al there is no relevant audit information of which the ChrflTiVs auditors are unaware- and bl they have taken all steps that they (Kjghi io have taken .Is Truslees and in order lo make themselve5 aware of any relevant audit infomialion and to establish thai the Charivs audit￿$ are aware of that information. Auditors A resolution proFK)sing the reapFN)intmenl of haysmacintyre will be pui to the Trust￿. By order of the board Lady Hamlyn Direclor 29 lune 2021 INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST Opinion We have audiied the financial stalemenls of The Helen Hamlym Trusi for the year ended 31 March 2021 whith comprise which comprise ihe S￿lement of Financial Aciivilies, Balance SheeL Siaiement of Cash Flows, and notes to the financial statemen15, including a summary of significant accouniing wlicie5. The financial reFX)rting iT3mework that has been applied in their preparation is applicable law and United Kingdom Accountin8 513ndards, includin8 Financial Reporiing Standard 102 The Financi31 Reporting Standard applicable in ihe UK and Republic of Ire5and (United Kingdom Generally Accepted Accounling Praclicel. In our opinion, the financial slatemenls.. give a true and fair view of the slate of the chariublecompanvs affairs as al 31 March 2021 and of ihe charilable company's nel movement in funds, including ihe incorne and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally AcceNed Accounting PTactice,' and have been prepared in accordance with the requirements of the Companies Aci 2006. Basis for opinion We conducted i)ur audil in accordance with Inlemalional Standards on AudititTr8 IUKI IISAS IUKII and applicable law. Our r￿POnsibl[lI1es under those standard5 are fvrther described in the Auditor's resWTrnsibililie5 for the audit of ihe financial statements section ofour rewrt. We are independent of thecharitable company in accordance wilh the eihical rpquiiements that are relevanl to Imjr audit of the financial sfaiements in the UK, including the FRC's EthiLal Standard. and we have fulfilled our oiher ethical Te5ponsibilities in accordance with ihese requirements. We believe that the audit evidence we have obiained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to goin8 concern In audiling the fin3nci31 statements, we have concluded that the trustees, use of Ihe going concern basi5 of accounting in the preparation of the financial statements is appropriale. Based the w()rk we have perfOr[r￿d. we have nol idenlifid any material uncertainties rp.latinR lo evenls or conditions that, individually or collectively, tnay cast significant doubt on the charitable c.ompany's ability to rDntinue as a going concern for a peri(Kl of ai least twelve months from when ihe financial siatement5 are authorised ft)T Issue. Our responsibilities and the responsibilities of the Iruslees With resW lo going concern are described in ihe relevant sections of thi5 rewrt. Other inf0m￿tion The truslees are responsible for the other infffination. The orher information comprises the informalion included in the Tru5tees' Repoit. Our opinion on the financial slatements not cover trbe oiher infoTrnalion and, except to the extent oiherwise explicitly stated in our reF￿, we do not express any fomi of assurance conclusion thÈYeon. In connection with our audit of the financial Stslements, our responsibility is to read the other information and, in doin8 so, consider whether the other inf()Tm3tion is materially inconsistent with the rinancial sialements or our knowledge obtained in the audit or otherwise appears lo ￿ materially misstated. If we identify such malerial incon5iStenciÉ% or apparent material misslalements, we are required to determine whether ihere is a rnaierial missiatement in the financial statements or a material rni55tatemenl ol the oihef information. If, based on the woik we have perfoTrned, we conclude that iheie is a material misstaiernent of this oiher information. we are required io rewrt that fact. We have nothing 10 reporl in ihis rryard. INDEPENDENT AUDITORS, REPORT TO THE HELEN HAML YN TRU￿ (ContiTh￿d) Opinions on other matters preKribed by the Companies Act 2 In our opinion, based on the work undertaken in the course or the audtt-. the information given in the Truslees. Report (which include5 the. direclor5' report prepaTed for the purFKises of company lawl for the financial year for which Ihe financial statements are prepared is consislenl with Ihe financial 5talements,' and Ihe directors, reFK)rt included within the Trustees, Rpp()rt ha5 been prepared in accordance with applicable legal requiremenls. Matters on whith we are required to report by exception In the lighi of the knowledge and understanding of the charitalile. company and it5 environmenl obtained in the course of the audit, we have not idenlified material mi551alemenl5 in Ihe Truslees, Reporl (which incorporates the direclor5' report). We have noihing Io Teporl in respecl of ihe following matters in relation lo which the Companies Act 2006 rquires us to reF)Ort lo you if, in our opinion: adpquAte accounting records have been kept by t1￿ charitable company- or the charitable company financial staiements are not in iigreement with the accounting records and returns,. OT certain disclosuies of tlU5teE5' rewnuneration specrfied by law are not made,- or we have not received all the infomalion and explanaiii)ns we iequire for our atJdiL or the trustees were r￿1 entiiled io prepare the financiiil slalements in accordance with Ihe srnall companies, regime and lake advantage of Ihe small companies, e¥emption5 in preFxring the tmslees, report and from the requirement to prepare a Strategic reFK>rt. Responsibilitie5 of trustees for the fmancial statements As explained mure fully the truslees, resw)nsibilities staiemenl as sei out on page 8. the trustets Iwho are a150 the directors of ihe charilable company for the purposes of compaDy lawl are responsible for the preparation of the financial statements and for E￿Ing satisfied ihai ihey 8tve 3 true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financicil slatements that are flee from material misstatement, whether due to fraud or error. In preparing the financial slalements. the trust￿ are r&wnsible for assessing the charitable company's abilily lo ontinue as a going c()ncem, disclosin& as applicable. mallers related to going concern and usin8 the going concern basis of accounting unless the trustees either intend to liquidalp the charithble company or io cease operalions, or have no realistic alteinattve but lo do so. Auditorfs responsibilities for the awlit of the financial statements Our objectives are lo o￿aIn reasonable assurance abwl w1￿}er the financial Statements ￿ a whole are free fro material misstatement, whether due to fraud or error, and lo issue an audiiorfs reFKxI thal includes our opinion. Reasonable assurance 14 a high level of assurance, but is not a guaranlee ihat an audil conducted in accordance with 1SAs IUKI will always detect a material missiatement when il exiss. Mi551atements can arise from tsaud or error and are LofFsidered material ir, individually or in the aggregale, they ci)ULld reasonably be expected to influence the economic decisions of users taken on the basis of ihese financial statemenl%. Iryegularilies, including fraud, are instances of non-complianc e wilh laws and iegulations. We de4ign procedure4 line with our responsibilities. ouilined aEKive. lo d￿ecI material m¢551aternents in resppcl of irregularities, including fraud. The extent lo which our priKedure5 are capable of del&lirig iThegularilies, including fraud is detailed I￿lOW.. Based on our understanding of the Charl￿ble comphny and the envIronN￿￿t in which it operat￿, we ideniified thal the principal risks of non-compliance with laws and regulaiion5 related to ihe Companies Act 2006 and the Charities Acl 201 I, and we considered ihe extenl io which nors-c(Knpl ance might have a malerial effect on the financial sialements. We also considered those laws and regulalions ihai h",ive a direct impact on the preparation of the financial statements Such as the C¢xnpanies Act 2006 aTKI the Charitie% Aa 2011. and oiher faclors SL*ch as compliance with legislation in relation lo payroll and fundraising regulalions ￿ well as the accounting for the heritage a55et acquired in the year. io INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST Icontinuedl We evaluated management's incentives and (￿r￿unitieS lor fraudulent manipulation of the finanrial Stslements lincluding Ihe risk ol override of controls). and detefmined thal the principal Tisks were related to revenue recognition. Audit procedure5 pwformed by the engagement team included.. Inspecting correSFX)ndence with regulalors ar)d auihorilies.. Discussions with management including a)nsideralion of known or suspecled instances of non-compliance with laws and regulation and fraud: Review of the accounting treatment of the heritage asset acquired in the ypar- Evaluating management s controls designed to pwent and d￿ect irregularities.. Identifying and tesiing joumals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions,. and Challenging assumptions and judgements made by management in Iheir critical accounting e5timate5. A further descriplion of our responsibililie5 for the audit of the financial statements 15 locatedon the Financial Reporting Council'5 websile at.. www.frc.org.ukiauditorsresFX)r)sibilitie5. This description forms part of our auditor's report. Use of our report This reF)OTt 15 made 501ely to the charilable company's rnernbers, as a bo(ty, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might siale lo the charitable company'5 member5 those mallers we are required io slate lu Ihem in an Auditor's rewrt and for no other Purpose. To the fullesl extent permitted by law. we do not accept or assu￿￿ reswnsibility to anyone other than ihe charitable company and the ihariiable company's mem1￿, as 3 bcty. for our audii work. for this reixrt or for ihe opinions we have formed. Richard Weaver (Senior statutory Audttor) For and on behalf of HaYsmac1nty￿ LiP, Statutory Auditor Date. 2 July 2021 10 Queen Street Place London EC4R IAG THE HELEN HAMLYN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Exp*MlabJe 2021 2020 INCOME AND ENDOWMENTS FROM Notes Donat10Tr5 and legacie5 Investments Oiher Income 2.041.868 150.288 2,041.868 2,049.983 150.288 172,496 Total Income 2,192,156 2.192,156 2.223,690 XPENDITURE ON Ra45ing funds InveSttr￿nl management costs Charitable activities Grant making and ￿her tharitable activitie5 29.564 29,564 29,291 2.69i.189 2,695.189 1,616,816 Total ExF*ndiluye 2.724,753 2,724,753 1.646,107 Net (lo￿￿gaIn on Invest￿￿nts 12 7il.139 751,139 1167,4261 Net income Tran5Éers between fLW 218.542 250.rm 218.542 410,157 16 (250,(MK)I Net m0ven￿l in funds 468.i42 (250,(MX)I 218.542 410.157 Rec(vTrcilkition of funds Total lund5 brou8ht fonvard 4.283.i56 5.458 .473,693 5,762.707 5,352,550 Total fuNl$ carried forward 4,752.098 5.458 1.223.693 5,981,249 5.762,707 All inc.ome and expenditure for ihe year derive from conlinuinhy £iclivilies. All Tecognised gains atTd losses are included in the Statemeni Lpf Financial Activilies. The noies on pases 15 to 30 form part of ihese acc¢Junls. 12 THE HELEN HAMLYN TRUST C(4npany Number. 4115082 BAIANCE SHEET AS AT 31 MARCH 2021 Notes 2021 2020 FIXED A55ETS Tangible fixed assets Ileritage Assets 1nve51rr￿nIS io 11.309 i 0,000 7,268,687 16,075 12 6,396,703 7.289,996 6,412,778 CURRENT ASSETS Debiors Cash al bank and in hand 13 16.017 1,496,497 10,599 911,088 1,512,514 921,687 CREDITORS: Amounts falling due wiihin one year 11,189.1881 11,275,752) NET CURRENT ASSET5 323,326 1354,0651 TOTAL ASSET5 LESS CURRENT LIABILITIES 7.322,147 6.058,713 CREDITORS: Arnounts falling due after more than one year 15 11,632,073) 1296,0061 ASSErs 16 5,981,249 5,762,707 FUNDS Capital Funds Expendable endowment funds 1.223,693 1,473,693 1.223,693 1,473,693 Income funds Genet31 unrestricted fund 4,752.098 4.283,556 4,752,098 4,283,556 RestrIc￿d fund5 5.458 5,458 5,981.249 5.762,707 The notes on pages 15 to 30 form part of ihese accounts. The financial statemenis were approved and authofised for issue by the Btsard of Trustees on 29 June 2021 and were 5i8ned klow on its behalf by". Lady Hamlyn Director Dr Kate Gavron Director 13 THE HELEN HAMLYN TRUST CASH FIOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Cash IIow5 from operating activities 567,466 1295,5331 567,466 (295,5331 Cash flow￿ from investing activitie5 Dividends and interesl 150,288 172,496 Purchase of investments 216,0001 12,075,903) Movement in cash awaitin8 investment PT(Keeds from sale of investments 95,155 1,458,365 p￿rChaSe of property, plant and equipment Purchase of herilage asset 11,5001 110.0001 13,5081 cash lused inl investing aclivities 585.409 1744,0831 Change in cash and cash equivalents in the reporting period Cash and cash equivalents al the beginning of the reporling period 911,088 1,655,171 Cash al￿ tash equtvalents at the end of the reporting period 1,496,497 911,088 2021 2020 Net movement in fund5 IGainsl/L055e5 on Inv￿[mentS Deprecialion charges DÉtre35ellincreasel in debior5 Increase/ldecrea£pl in creditors Inter￿t and dividends 218,542 1751,1391 6,266 15,4181 1.249.503 1150.2881 410,156 167,426 6,456 474,803 11,181.8781 1172,4961 Nei cash provided byllused inl operaiing activrt*5 567,466 1295,5331 14 THE HELEN HAMLYNTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES The financial slalerrEnls have been prepared in accordance with Accounling and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20151- Icharities SORP IFRSI 0211, the Financial Reporting Skndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Art 2006. The Helen Hamlyn Trust M￿15 the definition of a public FRneftl entity under FRSI 02. Assets and liabilitie5 are initially recognised ai hi51urical c05t oi transaciion value unle55 ￿herWIse staled in the relevant accounting policy notes. Going Concem The accounts have been prepared on the assumpiion thai ihe Charity is able lo cary on its activities ks a goin8 concern. In a55es5ing ihe Charity's abilily lo conlinue as a going concern, the Truslees have Considered the Charily's liquidily position and reviewed cash flow forecasts for the foreseeable fulure. This iniltsdes a deLiiled &ssessment by the trustees of the possible impart of the COVID-19 crisis on fulure operation5. Given the charitable companvs level of free reserves available al theyear end, the Trustees consider that the charitable company has adequate Te50urces to continue in operational existence for the lores￿able future. The Trustees are confident that the. CLITrent level of donation from the Paul Hamlyn Foundation will be maintained in fulure years. Accordingly, the financial slatements have been prepar￿ on a going concern basis. Donations and gifts Donalions are crediied to Tevenue on a receivable basis. Listed investments donated to the Trust are accosjnled for at tnarket value on the dale of donalion. Gifts in kind are valued at a reasonable estimaie of iheii value to the Trust. Grants receivable Unconditional grants receivable are credited to the statemenl of financial activilies in full in the year in which Ihey are receivable. Expenditure All expendituie is accoun[￿ fix on an aCCTuals basis and has b￿n classified under headings thal a￿regate all cosis related to each category. Where costs c3nrK)t be dIre￿lY attribuied io particular headings, they have bepn allorated 10 activilies on a basis consisient with use of ihe resources. Grants payable Grant4 payable are recognised when a constructive obligalion arise5. For uncondilional grants, a constructive obligalion is dee.med to arise when the grantee 15 informed of Ihe award of a grant. For condilion31 grants, a constyuclive obligation is dee.med io aTi5e only when the conditions have been met. A contingeni liabilily (Note 171 is disclosed for these granls, which do not rewesent liabilities, where the [X￿Ible obligalion, which aTise5 from past events, will only be confirmed by ihe (Kcurrertce of one Of more uncertain future events noi wholly within the tTU5tees' control. Grant commilments for awards with experted paymenls exceeding Nvelve munihs have been discounied using markel rales for cash matching the lerm of ihe liabilities and ￿tUrn on inve5tmenis calculatd to ￿ 2.1 % p.a. 15 ## **THE HELEN HAMLYN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## **Allocation of overhead and support costs** Overhead and support costs have been allocated first between charitable activity and governance. Consultancy fees and expenses, overhead and support costs relating to Charitable Activities have been apportioned based on the value of individual grant awards made in recognition of the administrative burden of awarding, monitoring and assessing grants. Consultancy fees and expenses have been allocated to the charitable activity to which the consultants work related. The analysis of overhead and support costs is shown in Note 5. ## **Governance costs** Governance costs include audit and accounting fees, board costs and other costs directly attributable to the governance of the Trust. ## **Fixed assets** The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets over the expected useful economic life of the assets concerned. The principal annual rates used for this purpose are: Computer equipment 25% straight line basis Other equipment 25% straight line basis Website 25% straight line basis Only those tangible fixed assets exceeding £1,000 in value are capitalised, all assets under this value are expensed in the year of purchase. ## **Fixed Assets - Heritage assets** The Trust holds the ‘Bernard Nevill Collection’, which is a tangible fixed asset of historical and educational importance and is held to advance the educational objectives of the charity specially within the field of design. This collection was purchased in the year ended 31 March 2021 and capitalised. The very long expected live of this heritage asset, due to its nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided. ## **Operating Leases** Costs in respect of operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. Operating leases are described in Note 20 to the financial statements. ## **Fixed asset investments** Listed investments are stated at their market value at the year end. The realised and unrealised net gains and losses arising on revaluations and disposals are included in the Statement of Financial Activities in the year in which they arise. ## **Realised gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (purchase date if later). There were no realised gains and losses in the year. ## **Investment Income Recognition** Investment income is recognised on an accruals basis where certainty of receipt can be established at the year end. Income arising on investments held in the No.1 Expendable Endowment Fund is allocated to the Unrestricted Fund. 16 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENT5 ICOntirn￿d) FOR THEYEAR ENDED 31 JKARCH 2021 Irrecoverable VAT Any irrec.nvprable. VAT is charged to ihe statement of financial activilies, or capitalised 35 part of the cost of ihe related asset, where appropriale. Critical accounting estimates and areas of judgement Eslifnates and judbTements are iuniinually evaluated and are based on historical experience and other factors, including expeLtaiions of future events ihat are believed io be ￿3$Onable under ihe circumsiances. There are no such crilical accounting e51imates and a55umplions to repxt. Pensions The Trusl is a member of the Pensions Trusi Flexible R*irerT)enl plan a defined conlribulion rwney ptjrchase plan. The Trust conlribules to ihe personal pension plans of stsrf. Contribuiions payable for ihe perii)d are r.harged in the Statement of Financial Aciivities on the accruals basis. Recognition of liabilitie5 Liabilities arp retognised when an obli8ation arises to Iransfer economic benefits as a result of pasl transaclions or events. Debtors Trade and oiher debtors are ￿c0S￿1Sed al the se.ttlement amouni due after any trade discount offered. Prepaymenls are valued at the amounl prepaid net of afty trade disciNJnts due. Cash at bank and in hand Cash ai bank and cash in hand includes cash and short iemi highly liquid inveslrrEntS. Creditors and provisions Credilors and provisions are recognised where ihe charity has a presenl obli8alion resuliin8 from a past event that will probably rfsult in the transfer of funds to a third party and the amount due to settle the obligalion can be measured or estimat& reliably. Creditors and provisions are normally recognised at their setilement amount after a15owing for any trade discounts due. Employee benefits Short term benefrts Short term benefi15 including holiday pay are recognised as an expense in the WilKI in which the Service is received. Employee tem)ination benef Termination benefits are accounted lor on an ac(Tual basis and in line with FRS 102. Fund accounting Unrestricted funds are those funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have been designa￿1 for other Purposes. Designated funds are unrestricted funds thai a￿ available for use againsl specific projects as identifia by the Trusiees in furtherance of ihe general objectives of ihe Trust. Restricted fund5 are those fund5 whÉch must used in accordance with the wishes of the donor. The Trust has an Expendable Endowmeni Fund as descril￿d in Note 16 10 the accounts. Foreign Currencies Assels and liabilities in foreign currencies are iranslaied al rates of exchange ruling & ihe balance theei date. Tran5ac.tions in foreign currenries undEYtaken during ihe year have been translaied ai the average rate for the month in which the Iransaclion occurrd. Currency difference5 are written off in the Statement of Financial Activities. 17 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THEYEAR ENDED 31 MARCH 2021 INCOME FROM DONATION5 AND LEGACIES 2021 2020 Donations From individua15 From individuals- in kind (office costs includin8 ren From individuals- in kind (Second￿ employee) From other charitable Ex)die5 10,030 12,245 27,708 2.000,000 12,245 29,623 2,CW.CM)O 2,041,868 2,049,983 INCOME FROM INVESTMENTS 2021 2020 Oividends Bank interest Other interesl 150,199 89 167,792 4,704 150,288 172,496 18 THE HELEN HAMLYN TRUST NOTES TOTHE FINANCIAL STATEMENTS (Continuedl FOR THE YEAR ENDED 31 MARCH 2021 EXPENDITURE ON RAISING FUND5 2021 2020 Investment managers fees 29,564 29,291 29,564 29,291 CHARITABLE EXPENDITURE The charity undert(K)k manage￿Enl of the Setubal Music Feslival. howeveT the main f￿u$ of the charily remains the awarding of grants ￿ a number of inst1￿110n5 in the furtherance of its charitable objeclive5. 2021 Direct Grant funded Charitable activity Activities Support costs Total Medical The Arts and Culture Education and Welfare HeTilage and Conservaiion in India Healthy Ageing International Humanitarian Afiairs 1,020,000 430,324 886.442 120.9001 5,000 97.514 94,193 44.635 90,075 6,712 8.889 16,665 1,114,193 481,826 976,517 114,1881 13,889 114,179 6,867 Governance costs Adjustment for disc¢Junt of granl Creditor 43.773 43,773 J5,0001 135,(XJ)I 50,640 2,383.380 261,169 2,695,189 2020 Direci Grant funded Charitable activity Aciivsties Suppxyt costs Total Medical The Arts and Culture EducalEon and Welfare Heritage and Conservation India Healthy Ageing Internaiional Humanilarian Affairs Governance costs 1,178 242.255 877,668 81,460 2.000 9,811 54.541 196,928 24,707 9,963 9,512 10.989 354,923 1,074,596 106,167 11,963 9,512 48.666 58,127 48,666 106,793 1,204,561 305,462 1,616,816 19 THE HELEN HAMLYN TRUST NOTE5 TO THE FINANCIAL STATEMENTS (Conti1M￿lI FOR THE YEAR ENDED 31 MARCH 2021 CHARITABLE EXPENDITURE (contirn*di The split of supporl costs and governance c05tS 15 show in the tsble below.. Support Costs 2021 2020 Governance Costs 2021 2020 Staff costs DepieciaLion Bank charges Travel Legal fees Office rental and ass(Kiated costs Consultancy fees Office expenses Sundry Exchange gain Audit fees 192.896 6,266 1.852 595 6q) 30,225 11,359 16.517 206,046 6.456 2,257 16,213 2,262 26,581 28.114 16,424 1,109 29,776 32.684 1,925 3,972 4,746 2,256 769 8,100 8,980 261.169 305,462 43,773 48,666 B￿$S of allocatTDn.. Salaries, consuliancy f￿5. marketin& wo,'ecl malerials and exchange rate gain5 and losses are alltKated to the charilable aclivily to which ihey relale. Oiher support costs atiributable lo charilable activiiies are apportioned pro-raia to the value of b7rAnls awarded PTe-discounl value 180•/.1, And equally 3cr055 ihe main grant making categories for which supwrt activities have (￿Cu￿ed during ihe year. 10 reflect the ongoing support ol exisiing grants12(fAI. ANALYSIS OF GRANT5 Grants to InstllutK>￿. 2021 2020 The Arts and Culture LSO Di5LDvery Panufnik Young Com￿ser5 kheme Royal Opera House, Covent Garden, London (Paul Ham'.yn Fir￿ Night) LSO Panufnik Futures concert World Heart Beat Music Academy V&A Museum Royal botanical Gardens, CAPA College Municipality of Setubal- Restoration of Albarqtjel Fort As50ciacao Festival Musica. Setubal, Portugal V&A Museum- Future Museums The Wall3c.e Colleclion Grants (If £3,(XKI or less Underspends and cancelled grhnts 235,783 l (X),000 40.(X)O 40,000 4,500 4,325 4,000 1,716 100,000 4,500 4,325 4,000 5,115 94,500 24,435 5,(K)O 2,900 12,5201 20 THE HELEN HAMIYN TRUSr NOTES TO THE FINANCIAL STATEMENTS (Continuedl FOR THEYEAR ENDED 31 MARCH 2021 ANALYSIS OF GRANTS (contIrn￿d1 UCL Institute of Educarion- HH Centre The Helen Hamlyn Centre for Design at the RCA CinK Foundalion-'Venice Cultural Herilage Cenlre, University of Oxford- Bodleian Streei Survivors India Chartered College of Teaching Royal Society of Med4£ine- khoo15 Conferen The Courtauld Instilule Manorfield Charilable Fi)undation Universily ol Oxford- Bodleian General Fund Science museu￿ - EaTly years learning B Tonx Documentary Centre Finding Rhythms Grants of £3,000 or less 291,175 250,000 177,000 108,367 14,000 10,000 10,000 10,000 5,000 254.832 250,000 177,000 20,000 153,836 7,000 5,000 i 0,000 5,900 Grants of £J,000 or less 5,000 2,000 Fordham University- HH Svni()r Fellow Fordham University- HH Education Fellow 346,488 1248,9741 INTACH - Reis fvt3gos Fort Heritagp Education Mehrangarh Museum Trust- Conservatiorh works Mehrangarh Museum Trust- Royal Camp Book Mehrangarh Museum Twsl- Women's Crafi Projecl 120,9001 41,900 20,000 13,860 5,700 Imperial college- Paul Hamlyn Chair of Surgery FaLing The World 1,000,(X)o 10,0 i 0,000 Nalional Voices Grants of £3,000 or less Unde￿pendS and cancelled grants 4,500 3,428 16,7501 2,418,380 1,204,561 Discount for grants payable > l year 135,0001 2,383,380 1,204,561 21 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continuedl FOR THE YEAR ENDED 31 MARCH 2021 EMPLOYEE INFORMATION 2021 2020 Staff costs Wages and salaries Wages and salaries- donaied ial security costs Sucial security costs - donaied Pension costs Pension costs - donated Wages and salaries charged to Private Office Social secutity Costs Charg￿ to PrNate Ofrice Pension costs Charg￿ lo Private Office 197,635 26,000 23,593 3,098 13,810 525 135,5491 13,9521 12.4881 186,264 24,376 21,974 2,871 12,379 461 18,7821 18131 16151 222,672 238.730 The avera8e monthly number of persons employed bv Ihe during the year wa5 2.5 12020.. 2.51. The above figures also include the value of staff lime donated by Lady Hamlyn the average monihly number ol persons during ihe year being 0.412020 0.41. During the year no slaif wue placed into the furl(wgh 5cI)emeoffered by the Brilish Government in restx)nse to the Covid-19 pandemic. During the year the Trustees agreed a secondmenl agrepmeni be￿een the Tnjsl and Lady Hamlyn relatin8 to the Assislant to the Direclor and Finance and Admiiiistralion. The amounl of ihe rechaigpd under ihis agreement was £28,816 which included a charge for ovÉYiime of £1 1,701. The charges were on a tokl cost (rf employment basis only, 50 no benefit accrued 10 Lad>, Hamlyn and no profit was made by the Tru51. This arrangement ended in january 2021. The tK>stholder w.1$ sub5equenily employed by Lady Hamlyn on a part- time basis under a separate coniract of employment. The Direilor of Finance and Administration was also w.ond￿ for a short ￿[lod to Lady Hamlyn'5 Privale Office ihe charges relating to his time amounted lo £13.173. INO benefit accrued to Lady trlamlyn under Ihis arrangement and no profit was made by the Trust as the full costs of employment were charged. These persons provide SUPfK>rl setvice5 to charitable activifies and in respeci of governance (see Note 51. The number of employees whose salary and ￿nefits in kind fell within the following scales is as follows.. 2021 Number 2020 Number £60,000 - £70,LX)O £70,001 - £80,000 £80,001 - £90,000 £9U,001- £1 (K),000 No Trust￿ recei￿ any remuneration from theTTusi during the period. The group employs two key manasenEnl personnel: Ihe Director of Projects and Co-ordination, and the Direcior of Finance and Administration. The employee tyJnefit5 (salary and pension contributions) of Ihe key management pp.rsonnel of the charity after iechargES shown above were £158,172 12020= £167,875). 22 THE HELEN HAMLYN TRUST NOTES TOTHE FINANCIAL STATEMENT5 (Continued) FOR THE YEAR ENDED 31 MARCH 2021 NET INCOME/IEXPENDITURD 2021 2020 Net incoming resources is stated after chargin8: Depreciatio Profil on exchange A4Jditor's remuneration- Audit fees Audilorfs r8nuneration- Other seThices 6,266 6,456 8,100 8,980 TAXATION The Trust is a registered charity, and as such is entitl￿ io certain tax exemplion5 on income and profils from investments, and 5urpluse5 on any trading activitie5 carried on furtherance (rf the Tru515 primary objectives, if these profits and surpluses are applied solely for chariLible purposes. The Trust is not registered for VAT and 3ccordin8ly. all of expenditure is recorded inclusive of any VAT incurred. TANGIBLE FIXED ASSErs 2021 Other Eiwipment Comwter Website Totsl VALUATION/COST Al l April 2020 Additions Disposals 36,679 1.5 15,1841 6,092 19,240 62,011 1,500 15,1841 At 31 March 2021 32.995 6,092 19,240 58,327 DEPRECIATION At l April 2020 Disp()5als Charge for year 35,881 15,1841 1.174 5,245 4,810 45,936 15,1841 6,266 282 4,810 Al 31 March 2021 31,871 5,527 9,620 47,018 NET BOOKVALUE At 31 March 2021 1,124 565 9,620 11,309 Al 31 March 2020 798 847 14,430 16,075 23 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2021 10. TANGIBLE FIXED ASSETS Icontinued) 2020 Other Ewipnent Computer Web5ite- under EW1pn￿nt develotmnent Total VALUATION/COST Al l April 2019 Additii)ns Disix)sals 36,679 6,092 15,732 3,508 58,503 3,508 At 31 March 2020 36.679 6,092 19,240 62,011 DEPRECIATION At l Awil 2019 Disposals Charge for year 34.799 4,681 39,480 1.082 564 4,810 6,456 Al 31 MJch 2020 35,881 5,245 4,810 45,936 NET BOOKVALUE At 31 March 2020 798 847 14,430 16,075 At 31 March 2019 1,880 1.411 15.732 19,023 Heritage Assets During the year the Trust purchased the '8ernard Nevill Coll￿tIOn, of fabric samples, skeiches and reference materials by tht8 imporiani fabiic de5i8ner ftx £1 0,O(X). Professor Bernard Nevill ￿tsdIed and taught at Sl Marlin's College of Art and the Royal College of Art in London. In 1960 he became ionsultant designer for Liberty, and he revitalised their traditional prints, ensuring thai ihey became a major influence on inlern l year 1,534.226 11,327,856) 2,620,097 135,0001 2,707,008 12,386,614) 1,213,832 Carried f(xwaid 2,791,467 1,534,226 26 THE HELEN HAMLYN TRUST NOTES TOTHE FINANCIAL STATEMENTS Iconlinued) FOR THEYEAR ENDED 31 MARCH 2021 FUNDS 2021 Balance Income ExwditUTe Transfers between funds Investment Profits/ {losses) Balance at 31 March 2021 2020 CHARITY Capilal fund Nu. 1 expendable endowment 1.473,693 1250.(KJOI 1,223.693 Income funds Unreslricted funds General re5eive 4,283.556 2,192,156 12,724,753) 250,000 751.139 4,752,098 Restricted fund5 Selubal Instruments Children's 5,458 5,458 5,762,707 2,192,156 12.724,7531 751,139 5,981,249 FUNDS 2020 Balance at I April 2019 Income Expenditure Transfers between fund Investment Balance at Profits/ 31 March Ilosses) 2020 CHARITY Capital fund No. l expendable endowment 1.723,693 1250.0(K)I 1,473,693 Income funds Unrestricted (unds General reserve 3.623.399 2,223,690 11,646,107) 250,000 1167,4261 4,283,556 Restricted fund5 Seiubal Instruments Children s 5,458 5,458 5,352,550 2.223.690 11.646,1071 1167,4261 5,762,707 27 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMEPUS (Continued) FOR THE YEAR ENDED 31 MARCH 2021 FUNDS Icontinued) FUNDS ANALYSIS 2021 Unrestricted funds Restricted Expendable Totsl funds Tangible fixed a55ets Heritage assets Inveslments Current assets Liabilities 11,309 10,(K]O 6,044.994 1,507,056 12.821,2611 11,309 10,000 7,268,687 1,512,514 12,821,261) 1.223,693 5,458 Total funds 4.752.098 5.458 1,223,693 5,981,249 FUNDS ANALYSIS 2020 Unrestrirted funds Restrirted Expendable fund$ endowment nds Tolal Tangible fixed assets Investments Currenl assets Liabilili 16,075 4,923,010 916,2 )9 11,571,7581 16,075 6,396,703 921,687 11,571,7581 1.473,693 5,458 Total funds 4,283.5i6 5.458 1.473,693 5,762,707 The Trust ha5 one ExpeTKlable Endowmeni Fund.. - The No.1 Expendable Endowment Fund of El.224m ryesents the bala￿e Of1￿ donations of invesiment.s and cash from Lady Hamlyn lo the Trust made in the years end￿{ from 31 Mari'.h 2(X)4 10 31 March 2021. TheTrustee8 have discretion to expend some or all of the capital of ihe Expendable EndovmEini FurKI in circumstances which they consider would juslify it, having regard io the to maintain an aFyropriaip balance ihe interests of present and future beneficiaries. In 2013 the Trustees agreed thai £0.25m of the Fund should be transferred to UnregtTrr.tEYJ funds lo meet the grant of £0.25m for The Helen 14amlyn Centre for Design, Royal College of ArL London. The Trustees agreed that any future grantq tc) The klelen Hamlyn Centre for Oesign should be met with transfers from ihe No.1 Expendable Endowment Fund to Unre5fricted funds. Restricted funds 5etubal Children's In5truments- In 2015 Lady Hamlyn indicated that rather than re￿1ve gifts from those attending hei birihday party she would prefer for ihem lo consider making a dcinalion towards providing musical instruments for the children of Setub31. Porlugal. This reslricied fund represents the balance of ihose donalions which will be used over time lo replace musical inslruments Used by the children of Setul)al. 28 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2021 17. CONTINGENT LIABILITIE5 In certain circumstances the Truslees award grants where each inslalmenl is condilional uwn the beneficiary mpeting certain requirements. At each point the award is reconsidered and the TIu5tees confimi Ihat sufficient progress has been made in relation lo M￿ling the requiremenvprecondiiions. Accordingly a constructive ubligyaiion does not exi51 until such confirmation is given. 2021 Balance as at 1 April 2020 ContKngent liability created in year Confirmed Balance of instalments tontin8ent in the year liability a5 at 31 March 2021 Cini Foundation Royal Opera House Imperial College Royal College of Arl Universily College London 531,000 i 00.000 I,000,(NJO 500.(XJO 1.223,210 177,000 I00.O(K) 1,000,000 250.000 291,175 354,000 250.000 932,035 3,354.210 1.818,175 1,536,035 1 & TRANSACTIONS WITH TRU5TEE5 In 2020 La(ty Hamlyn donaied ihe space occupied by the Helen Hamlyn Tnjst al 129 Old Church Stieet. The value ol this donalion in kind was calculaied at £12.245 12020= £12.2451 and recogmised in the financial statements. Travel costs 3nd other expenses Incurr￿ by Truslees in the year totalling £0 were paid on the¢r behalf or re-imbursed 12020: £10,828), of which £0 was in creditors at the year*nd12020: £01 RELATED PARTY TRANSACTIONS Lucy O'Rorke (Director of Projecls and C(HYdinalionl, the daughter of one of the Director5, was paid a salary (including benefits) of £77,681 durin8 the year12020: £76,720). This amount was consistenl with the role for which shp was ernploy&. Lady Hamlyn's personal as5iStanl was engaged in TnJsl malteTS and a pr(y*rtional amount of her salary was recognised as a donalion in kind. The amount Tecognised as a donation in kind during this period totals £29,623 12020-. £27,708) and i5 includd within employee costs in Ni Ote 7 to the accounts. The Trusl charge5 Lady Ilamlyn a proportion of Ihe lime of the assi5tanl to the Direclor of Finance and Administraiion and ihe Director of Finance and Admitlistration for time spent by Ihese individuals working for Lady Hamlyn's private office and also charges Lady Hamlyn for use of mobile phones by Lady H3mlyn and her personal assis￿nI. The amount charged to Laty Hamlyn for the secondmenl ol personnel and mobile phone usage during the year was £45.031 (rf which £7,584 was in debiors al the year-end 12020.. £8841. There were no other r￿a￿d paty transactions in ihe year. 29 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS {Contin￿) FOR THEYEAR ENDED 31 MARCH 2021 20. OPERATING LblSES On 12, lune 2021 Ihe Trust entered into an operating lease 10 IKcupy an additional office f(K 8 years Iwiih a break clause ￿ery 2 years which has been exercised), with a rent review after 4 years, the lotal outslanding commilments under this lease a8feemenl are £89.000 over eighi years. 21. CAPITAL The Trust is a company limited by guaranlee. Each member h,as undertaken to contribute £1 to the assels of the. company lo m￿1 its liabilities if called on lo do so. The iotal iimounl guaranteed by members at 31 March 2021 is £9 12020= £91. 22. Post Balance Sheet Events During the year ihe Trust￿ becaffE aware thal the income generaied on the £5 million endowment provided io Impt¥ial College in 2008 to support rhe Ilamlyn Centre ior R()bolic Centre had noi fully been called upon to SUPFX)rt Ihp Centre due. lo the Centre having ￿￿en very successful in raising funds. Additionally. cap*tal gains on ihe endowment had been substantial with the total value of the income and capital gains king £5,756,361 Itotal value of endowmenl including originril £5 million - £10,756.361 l as al 3 Imarch 'Tr021. Ai the lime of si8ning ihe accoutTrLs the Trust was entering into discussions with lrnpp.rial College to examine ihv 5x)ssibility of uiilistng the accumulated funds over and above the original £5million endowmenl for other suitable charitable projects through Imperial College. 30