THE HELEN HAMLYN TRUST REPORT AND FINAKIAL STATEMENTS FOR THE YEAR ENDED 31 KIRCH 2022 Registered Number: 4115082 egistered Charity Nunknr. 1084839 THE HELEN HAMLYNTRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Referen￿ and administrative infomialion Report of the DiTectOTS In(kpendent audiiors, report Statement of (inancial activilies Balance Sheet Cash Ilow State￿Ent 14 Notes to the financial slaternents THE HEIEN HAMIYN TRUST LECAL AND ADMINISTRATIVE DETAIiS Trustees and Directors Lady Hamlyn Dr Kate Gavron Dr Shobita Punja Brendan Cahill Margaret O'Rorke Dr Deborah Swalk)w Stephen Lewin Alison PeaciKk Professor the LoTd Ara Darzi Director of Finance and Administration hn R(￿he DiTeclor of Projects and Coryordination Lucy O'Rorke Re8i51ered Office 66 Lincoln's Inn Fiel(k London WC2A 3LH Principal Office The Helen Hamlyn Trust Unit l Drayton House Court Draylon St Leonard Oxfordshire OXIO 7BG A￿litorS Haysmacintyre LLP l O Queen Street Place London EC4R IAG Solicitors Far￿￿ & Co LLP 66 Lincoln'5 Inn Field5 London WC2A 3LH Banker5 National Westminster Bank plc St james and Piccadilly Branch PO Box 20G 208 Piccadilly London WIA2DG Investment Managers Abrdn Bow Be115 House l Bread 5treei London THE HELEN HAMLYN TRUST DIRKTORS. REIYORT FOR THE YEAR ENDED 31 MARCH 2022 Report of the Directors for the year ended 31 March 2022 TFE Tr￿1￿5, who are also Directors of company for the Purr￿ of Corrpanie5 Act, present their rew)rt and the audited financial slatements lor ￿ar enthd 31 March 2022 which are akn prepared to ft￿t ihe requirerrEnt5 for a directors, report arKI accounts (or Compan>es Act purFK)5es. The information with respect to TTUStees. Directors. O￿lCerS and A(fvi￿￿ sd our on page I form5 part of this rqx)rt. The financial statements comply with current stalutory requlreft￿nts, the MenK)randum and Articl￿ of A550ciation, applicable Accounling Standards in the United Kin8th)m and the Statement d KecomnEnded Pracfice ISORPI applicable to charities preparing their accounts in accordance with the Financial Rg)ortin8 Standard applicable in the UK and Replblic d Ireland IFRS 1021 (effective I january 20151. the Charit>es Act 2011 and rhe Conwanies Act 21KI6. Structure, Governance and Managemenl Sirui"Éuie The Trusi is a charitable company limitd by guaranlee, incorwbraled on 27 Novernber 2000 (company registration number 41150821 and registefed with the Charity Commissioner5 as a charity on 31 january 2001 Icharily re81slralion number 10848391. The Trust's 8overning (k)cun*nt is the MenK)randum and Articles of Association dated 15 November 2txx). Governance The Direciors meet formally at least Iwice a year and infomially throu8hoth the year includin8 by electronic means. The existing Directors select members of the Board. Ai each AGM, one ihird of the DI￿￿Or5 retire by rotation and are permilled to submit themselves for im¥v*diaie ￿ele￿lon. The process for the ir¢duclion of new Tru51ees cortyrises afi initial meeting With the Chair lo explain the history and strategic direction of the Trust. New Trusiees are also provTrded Wbth a copy ol Memorandum and Articles of Association of the Company. Ihe laiest Annual ReFX)rt and Accounls. the Budget. information on the various Commiiiees and copies of the m05t recent Board papeTS. Trustees are encouraged to atterKI re￿vant Trustee training events OY8anised by reputable third_party provi(krs. The Trustee5 agree the bruad Siraiegy and a￿a$ of activity for the TrusL includin8 consideration ol grant makin8, Investment, reserves, risk rnanagewnent and performance. All Trustees work on a voluntary basis and no Temuneration was paid the year. Detai15 of Tru5tees' expenses and related party Iransactions are di5c105ed in Notes 18 and 19 to Accounts. Trustees are required to disclose all relevant interests and registe¥ Ihem annually with the Director of Finance and Adminislration and in accordance with the Trust's policy withdraw from (kci5i0ns Whe￿ a conflict of interest arises. Management The Trustees have delegated certain responsibilities to two Committees in accordance with the Tiust's governing (kjcumenl. The Finance and GOverftan￿ Committee consisting of four Trustee5 has the authority to auihorise unbudgeted expenditure of up to £1 00,000 in any one (inancial year. Addilionally. the Commirtee ￿vIewS the (inancial and governance arrangements foT the Trijst and advises the Board accordingly on mailers including financial management, human resources. staff remuneration. risk management and the financial audit. The Committee is iesponsiblc for rep)rting io the Trustees on investment matters and dlrecting the investn￿l manager a5 appropriate. THE HELEN HAMLYN TRUST DIRECTORS. REPORT (Contin4￿ FOR THE YEAR ENDED 31 MARCH 2022 The Small Grants Committee cons1Stin8 of the Chair crf Trust￿, the D1￿ctOr of Finance and Administration and the Director of Projects and Co-ordination. is responsible for considerin8 and approvin& if appropriate. grant applications for arw¥)unls of up lo £1 0,000 per PToject and up to a value of £1 00.O(YJ in any one year based on the research and recommendations ma¢k by the Direclor of Finance and Administration and the Director of Projects and Co-ordination and the grant making policies settled by the Trustees. Occasionally Small grants are awarded to overseas charitie5 and these are further approved by ihe TTusiees. Day to day financial managemenl, risk managewnent and goVerna[￿e i55L*5 are the responsibility of the Director of Finance and Administration. Pay p)licy for key management Per￿n￿e[ All Trustees wlK> are also Directors of charity glve of their time freely and no diwlor received ￿M￿neratiOn in ihe year. The pay of key management personnel and others is reVIe￿d annually and nomally InC￿aSed in line with the increase in the Consijrner Price Index each yeaT and approved by the Finance and Governance Committee. In setting pay scales for roles the Trustees ￿nchmark a8ainst pay levels in other similar 8rant making ITUSts. Risk management The Trustees have i&ntilied and reviewed the major strate8ic. operational and financial risks to which the Trust is exposed. The Trustees are also satisfied that the procedures. w>licies and systems which are in place for risk management generally are reviewed ￿8￿larlY and mitigate exP)Su￿ to these risks. This work has i&ntified the major risks as,. the inappropriate or ineffective use of grant monies- and an inappropriate investment policy. To ensure that grant monies a￿ spent appropriately and effectively the Trust carefully reviews and runs checks on grants before award and has an ongoing syslem of monitoring and review which includes ￿CeiVIng progress reports lincluding financial accounting) and visiis io projects. In or(kr 10 miligate the risks associated wilh an inappropriaie investrnent policy, the policy is kept ￿r￿r conslanl ￿v￿w as a￿ Inve51ment rewrts from the investmenl managers. The Finance and Governance Committee rTttts periodically with the investment managers to discuss the current investment policy and consider its appropriateness. The Committee rnakes recomrnendations lo the Trustees following that meeting. The Committee reviews the investment management reports at least twice a year. Objecli¥e5 and Activities for the public benefit The primary object5 01 the Trust. as stated in it5 governing thxument. are the generdl purw)se5 ofsuch charitable bodie5 or for such charitable purposes as the D1￿ct(M5 shall think fit in En8land and Wales or elsewhere. The Trustees together determine which projects to fund being mindful of, but unfettered by, the Trus1'5 focus on the initiation by Lady Hamlyn of medium and long-temi projects. funded by way of grants, solely or with partners, linked to the shared interests of Lady Hamlyn and Trtr late husband, Lord Hamlyn. The Tru5tee5 confirm that they have ￿ferred io the guidance contained in the Charity Commis5ion's general guidance on public benefit when ieviewing the Tiust's aims and (￿lectIveS and in planning future activities and setting 8ranl making policy for the yeaT. THE HELEN HAMLYN TRUST DIRECTORS, REPORT lc0ntirn￿dj FOR THEYEAR ENDED 31 MARCH 2022 Grant making Policy The Trust has wide powers to make 8rants. Recommendation5 for projects are broughi forward io the Trustees and these recommendation5 are subjeci to approval by the Board. The currenl Strategy for grant making is concentrated on the following areas of auivity.. Medical. the Arts and Culture, Education and Welfare. Heritage and Conservation in India. Internarional Humanitarian Affairs and Healthy A8ein8. Additionally, small grants of up to £1 0,000 are ma(k to a wick variety of sm311 local and re8ional charitie5 where a grant of this size can make a signifTrcant difference. All Small gTant5 5UPPOrt the Trust'5 chaiiiable objectives. The Trust's core aim is to initiate and support inrK)vative medium to long tem) projects, which will effect lasting change and improve quality of life lor the benefit of the public or sections of tF￿ public. Individual projects aim to.. supw)rt inrK)vation in the medical arena. inC￿aSe access to the arts and SUPFK)rt the professional devel(pmenl of 3rt1sls from ihe fields of music and the perfoTming arts. Inc￿aSe intercultural UnderSta￿ling- provide OPPN)rtunities for young people lo develop new interests and practical skills which will contribute 10 their education and their future live5 and to create opportunities lor yoiJn8 offenders to acquire practical skills which will support their ￿rSOnal development for Iheir future lives. conserve heritage in India for public access and cultuial activities. supKM)rt exaryles o(8(K>d practice in the humanitarian sectOF. provide practical supwrt to enable the elderly to maintain theii Inde￿[￿lence for as long as possible. The principal objective for ihe year was to support existin8 projects and develop rw projects in Ibne with the Trust's d)jectives. Although the current Covid-19 pandemic has had a limited impact on the finances of ihe Trust il has had a significant impact on the w(brk of the Trust's partners. The ￿StrIct￿on5 which have IRen in place peTiodically over the last twelve mnth5 have meant that many of the projects that the Trus1 funds have been unable to Tun as planned. The vast majority ol rhe projecis that the Tr4JSt funds are reliant or partially reliant on face-to-face interaction, performances or visits lo venues by the ultimate beneficiary groups. whe￿ possible the Trust's partner5 ha¥E able lo use electionic means lo continue io deliver charitable benefits in line wth tlKbse originally planned or airan8ed no-cost extensions of the 8rant where activities have had to delayed. Exaryle5 of FKTrw rhe objectives frjr the year were achieved are 5ummari5ed as follows.. University Of Oxford_ Bodleian Libraries Education and Public En8a8emenl Programme Educational Activities £466,977 oveT 3 years The Trust ha5 agreed 3 lears of (urther funding foi the Education arKI Pil>lic Engagernent PTogramme which it initiated al Ihe Bodle>an Libraries. The Programme is designed to enable local communities and young people to engage with it5 world-leading collections thiou8h a pr08ram￿￿ of events bringing new audiences inlo the Bodleran, schools outreach work, community partnetships and digital OFVOrtunilies allowing a wide audience to engage wilh the collertions. This new 3-year commitment b¢Jild5 on success of the previously piloted work with the Bodleian Libraries, Md)ich is now lirmly established, by continuing with existing Strands o( work and developing new creative learning activitie5 as well as the creation of a learning space wihin the 8odleian. THE HELEN HAMLYN TRUST DIRECTORS, REPORT (contin￿d) FOR THEYEAR ENDED 31 MARCH 2022 University Of Oxford _ Bodteian Libraries ARCHIOX Educational Activities £220.(X)O over l ypar Following from the Trust's initiation of and slJPWrt foT the ARCHiVe project at the Cini Foundation la digital collaboration belween the Cini Foundation. Factum Foundation and EPFL (Lausanne, Switzerlandll, the Trust has initiated a pilot projecl with the 8odleian LibT3ries. The ARCHIOX pilot Proje￿ is a research and development collaboration between the Faclum Foundation and the Bodleian Libraries of University ol Oxford, to enable ihe practical transfer of knowledge and technology from the Factum Foundation to the Libraries. It includes the permanent Iransler ol equiprr*nt and Softwa￿ io the Libraries. while providing access to the ARCHiVe slructure established by Factum Foundation in Venice with the Cini Foundation and EPFL. Thi5 pilot project is (k5igned to provide a free exchange of knowledge aml approaches between the academic and technical team at the Bodleian and Factum Arte as characterized by the work of ARCHiVe as it seeks to explore and demonstrate the potential of aFTlyin8 non-contact di8ltal technolo8ies to the study of materials held by the Bodleian LibraTies. Imperial College, London Approved purFX)se5.' £4.183.612 In the year ended 31 March 2021 ihe Tru5tee5 became aware that ihe income generated on the £5 million endowment provided to Imperial College in 2￿8 to supwrt the Hamlyn cent￿ for Robotic Centre had N)t been fully called upon to SUPPOrt the Centre due to the Centre having been very successful in raising funds. Additionally, capilal 8ains on the endowment had been sd)stantial, with the total Wall￿ of the capilal gains ￿Ing £5,183,612 as at 31 March 2022. Followin8 discussions with lry)erial College it was mutually agreed the Trust would alter the teTms of the endowment such thai £1,000,000 of the Fund could be used Io sUPPOrt the Hamlyn Chair ol Surgery and £4,183,612 to be used for the agreed purp(￿e5 listed below. The Trust has recognised the £5,183,612 as income. The £1 million lo the Hamlyn Chair of Surgery reduced the Creditor balance to nil on thi5 gTanl. Although agreement on thi5 was reached before year- end the formal agreen￿nI was rmx execuied until May 2022. Approved purp05e5: (a) the purw5es ofthe Centre a5 Set ¢￿t in the original a8￿ment for the award 01£5 million (bj furtheran￿ of the de%elopment of.- (i) the healthca￿ desi8n concept at HELIX. which undertakes a p)rt[ol￿ of healthcare innOVat￿n proFcts. to include imw)rtant emerging area5 ol innovation such a5 End of Life care, and (li) ro￿ticS platlorms In a￿a5 olas515five roknis tin elderly and social Ca￿.. and (c) support ofthe Pdul Hamlyn Chair of Surgery at the College. The Helen Hamlyn Centre for Design at the Royal College ofArt Core funding £I,000,(M)O grant This grant rep￿sents a coniinuation of the Trust¥ on-goin8 SUPFK)rt foT the Helen Hamlyn Centre lor Design IHHCDI. The purp)se of the giant is to support of ihe intelleaual grovAh. design creativity and operational effectiveness of i Centre in new premises on ihe Battetsea &)Lrth campus as a core part of the College's creative community. The Helen Hamlyn Centre for Design occupied its new office within ihe Battersea ￿)Lrth campus in the first quarter 012022. THE HELEN HAMLYN TRUST DIRECTORS, REPORT (contin￿d) FOR THEYEAR ENDED 31 MARCH 2022 Achievements and Performance The Trust continue5 to rrKJnitor ihe performance of a range ol existing medium and long-temi projects across the spectrum ol the Tru5t'$ grant making 3Ctivitie5_ All the project5 undertaken by the Trust are conSide￿d to meet the requ1reff￿nt for public benefit. However. in certain cases. such as the (undin8 of rnedical research programffEs, it 15 not possible ai this stage to quanti(y the nUM￿r of wenlial beneficiarie5. All beneliciarie5 of grants provided by the Trust a￿ required to SLlimit at least one ￿￿)rt in a slandard format annually to allow the Trustees to assess progre55 and measure ￿suIts. Financial Review Income generatAon The Trust was awarded a grant of £2.0(X).0001202 1.. £2,0cKJ.o￿l by the Paul Hamlyn Foundation in respect ol the year to 31 March 2022. The Trustee5 are confident o( receiving further funding from the Paul Hamlyn Foundation in futu￿ years. Fundraising Tlie Trust d(ts r￿t (undraise from the public and does not use the service5 of a (undrai5er or similar. The Trust receives dunations from the Paul Hamlyn Foundafion. which Is not the ￿$￿It of active (undr3+sin8. It is not anticipated that this silvalion will change, however Should the Trust ever ch{X￿ to acti￿lY fundraise it will endeavour to comply with all statutory requbrements and the IRst fundraising prattices in force at ihal lime. Financial risk managemenl The following State￿￿nIS summarise the charity's policy in managing identified foims o( financial risk: pri￿ risk The chaTily negotiates grant5 awaTded io finance the charity's aciivities and incoirx)rate5 this information into its business plans. Salary cosls are communicated io staff durin8 the formal arhfiual review o( salaries. Prices of materials purchased are subject to conlracts wTrth suppliers. based on curTent market prices. Credit risk Credit risk on arTK)unts owed to ihe charity by third parties is k)w. as there a￿ no si8nificant debtors. Liquidity risk The charity has no borrowings. Interesl ratè cash flow risk The iharily is able to place surplus funds on short term deposit 3CCOLhnt with the Trust's bankers. THE HELEN HAMLYN TRUST DIRECTOR5, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022 Investment Powers, Policy and Performance The Trust's governing document defines the Trustees. investment powers as unlimited. These poMer5 have been delegated by the Trustees to the Finance and Crf)vernance Committee. which review5 performance of the investment portfolio and investment mana8er and consithrs any changes required to policy, rewrting to the Trustees as appropriate. The Trustees have &le8ated discretionary management to a Sp￿laI>st wjrtfolio manager under an investment agreement. The Trust'5 investment strategy 15 described as a caulious Strategy and has the prilnary investmer7t objective of preserving purchasi ng power ￿latiVe lo the rate of GBP inflation. while accepting a balanced level ol risk in order to generate income. The portfolio strucfure is diversified and ha5 also been designed to ensure that cash is available to meet the Trust'5 current and future grant commitmenls. The corTWSition of the invesiment portfolio excluding cash holdings is shown in Note 13 to ihe Accounts. The current Covid_19 crisis and the resultiri8 turt)ulence in financial Ma￿ets has had a limited impact on the Trust's finance5 due to the cautlOUS Strategy. Unle55 further losses are 5UStained the impact of the crisi5 on the Trust's investment portfolio will not have an impacl on the Trust's future forecast expenditu￿. L(x)kin8 ahead, the TTUStees will continue to monitoi market conditions and adapt policy to chan8in8 circumstances as appropriate. Reserves Policy A5 a general wlicy grants a￿ cuT￿n(lY accounted for in full in the year in which they are awarded, albeit payments in son￿ circumstance are spread over a number of years. The exceptTrons to this general policy a￿ described in Note 16 Contingent Liabilitie5 - in the notes to ihe Account5. The Trust has accumulated unspent income sufficient to fund it5 exi51ing commitments and its contingent liabilitie5 Should ihe condilion5 attached to tIM)se grants be met. The Trustees a150 have ihe discrelion to disburse Some or all of its two Expendable Enik)wments. Havins regard to this the Trustees have re-examined the requirement to maintain f￿ re5erve5 and concluded thal the level currently maintained is appropriate to ensure that the Trust. in the event of a significant reduction in the level of its income, would be able to conti nue its activities whilst the Trustee5 consider how the income would be replaced or activities changed. The Trustees have determined that in future yeafs the minimum level of reserves should not be less than £2 million. This )licy is bein8 kept under review in light of futu￿ income expectations and planned charitable expenditure. The current level of free reserves is £5.927,615 12021.. £5,975,791). Total reserves being £5,933,073 12021: £5,981,249), stricted ￿serveS were £5,45812021: £5.4581. In order to support the Trusi and to enable it to make commitmenls to lon8er lerni projects. there 15 a Deed of Guarantee dated 23 March 2(X)6 from Lady Hamlyn l-the Guarantor") in favour of the Trust which is held to meet any claim made against the Tru51 lor the payment of any grant that the Tru51 has undertaken to pay. i( and to the extent that the Trust has insufficieni ￿serveS lo meet such a claim. The anxjunt of the Guarantorfs liability is limited to £5.OtXJ.(K)o. The Trust has an Expendable Endowmeni Fund a5 de5crikd in the Note 17 to the Financial Statements. Plans for the Future The key (ocus will be on supporting existing projects in light of the C￿r￿nt crisis caused by Covid-19 with a view to ensure that a5 far as possible the levels of charitable benefit created are maintained. The Trustee5 will continue to monitor the situation externally and adapt the Trust's strate8y apprcpriately. It 15 anlicipaled that the Trust's existing projects, and new opwrtunilies relating io existing projects, will fully utilise the Trust'5 income for the next three ￿ar$. No change in grant making policy is enwsaged at pwesent. THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF TRUSTEESI RESPONSIBILITIES The trustees, who a￿ also difeclors of the charitable cowny. a￿ re5wn5ible for p￿Paring their ￿port and the financial Staten￿nts in accordance wilh applicable law and regulatior￿. Company law requir￿ the trust￿5 to p￿Pa￿ financial State￿nts for each financial year. Under that law the tru5tee5 have elected to prepare the financial state[￿ntS in accordance wth Uniled Kingdom Generally Accepted Accountin8 Practice (United Kingdom Accounting Standards and applicable lawl. financial statements are required by law 10 g￿ve a irue and fair view ol the slate of the affairs of the charitable company and the group and ol the surplus or de(icit for that period. In prwaring these linancial statements the trustees are required to= Select suitable accounting p)licies and apply them cons1Stently serve methods and principle5 in the Charities SORP Make judgements and estimates ihat are reasonable and pru&nt State whether applicable accounting standards have been (ollowaj. subject io any material departures disclosed and explained in t1￿ (inancial statements Prepare the financial statements on the grbing concern basis Un￿$5 It is inappropriaie to assume that the charitable company will continue in (per31ion The Iru5tees are a150 responsible for keepin8 proper accounting iecords that di5c105e with reasonable accuracy at any time the financial position of ihe charitable company and enable them to ensu￿ that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the a55e15 0( the charitable company and hence for takin8 reasonable Steps (or the pie¥ention and (knection ol fraud and other irTe8ularities. STATEMENT OF DISCLOSURE TO THE AUDITOR far as the Board ofTrustees are aware= al there 15 no felevant audit infomation of thich the Charity's auditors a￿ unaware.. and bi they have taken all steps thai they ought to have taken a5 Trustees and in to make themselves aware ol any relevant audit bn(omiation and to establish ihat the Charity's audito[5 are aware of that information. Audilors A resolution protx)sin8 the reapwintment of haysmacintyre will be put to Trusiees. By order of the board Lady Hamlyn Director 61 2022 INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST Opinion We have audited the financial statetrEnts ofThe Helen Hamlyn Trust lor the ￿aT ended 31 March 2022 which comprise the Statement of Financial Activities. Balance sh￿1. Statement of Cash Flows. and notes to the financial statements. including a sijmmary of significant accountin8 wlicies. financial reporting fra￿￿work that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 Financial ReFM)rting StandaTd applicable in the UK and Republic of I￿land (United Kingdom Generally Accepted Accountin8 Practice). In OUT opinion, financial stalen￿nts. give a true and fair view of the state of the charitable conyany's affairs as at 31 March 2022 and of the charitable company's r￿t tTh)vement in lund5. including the income and expenditure. for the year ihen ended: have been properly prepared in accordance with United King(k)ffl Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basis for opinion We condtjcted our audit in accordance with International Standafd5 on Audtting (UK) IISAS (UK)) and applicable law. Our ￿SPonsIbl lities under those standafds are (urther described in the AuditOT'S ￿￿)nSIbIlitieS for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that a￿ relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other whical Tesponsibilities in accordance with these requI￿n￿nts. We believe that the audit evidence we have obtail￿d 15 sufficient and appr(priale to pThide a basis for our opinion. Conclu5iOn5 relating to going concern In auditin8 the financial statements, we have concluded that the tru5tee5' Use of the going concern basi5 of accounting in the preparation ol the financial staiefflents is 41propriaie. Based on ihe work we have perf0rrr￿, we have not identified ar¢y material uncertainties ￿lating to events or conditions that, individually (K collectively. may cast signilicant doubt on the charitable company's ability to continue as a going concern for a period of at least fftlve month5 from when the financial slatements are authorised for i55LIe. Our responsibilitbe5 and the resFX)nsibilitie5 of ihe irustees with respect to goin8 concern are described in the relevant sections of this rewrt. Other In(￿matIOn The trustees are reswnsible for the other infom7ation. The other information comprises the infomiation included in the Trustees, Report. Our opinion on the financial statements d(￿5 not cover the other information and. except to the extent otherwise explicitly stated in our report, we do tM)t express any form of assurance conclusion thereon. In connection with our audit of the financial State￿ents. our responsibility is to ￿ad other infomation and. in doing so, consider whether the other infomiation is materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise apF￿arS to be maleTially misstated. If we identify such material inconsTStencies or apparent material misstatements. we are required to determine whether there is a material misstatement i n the financial statements or a material mis51aten￿nt of the oiher informaiion. If, based on the work we have perfo￿, we conclude that the￿ is a mateiial mi55talemenl of Ihis oihei information, ￿ a￿ required lo ieport Ihat fact. We have nothin8 to report in this regaTd. INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST (Contin￿dI Opinion5 on other matters prescrilkd by the Companies Ad 2006 In our opinion. based on the v4ork undertaken in the course of the audit.. the information 8iven in the Truslees, Report Iwhich includes the diredors. report prepared for the purposes of company lawl for the linancial year for which the financial statefnents are prepared is consistent with the linancial statements.. and the directors, rerx)rt included within the Trustees, Report has been pTepared in accordance with applicable le8al requirements. Matters on which we are required io re￿rt by exception In the lighr ol ihe knowledge and un&wstand¥n8 01 the charitable coryany and ils environrnenl obtair*d in the course of the audit, we have not identified material misstatements in the Tru5tee5' Rewrt (which incorwraies the directors. report). We have noihing lo report in respect of the followirvg matters in relalion lo which the Companies Act 2006 requires us Ii) ￿pOrt lo you if, in our opinion= adequate accountin8 records have not kept by charitabfe coryany.. or the charitable coryany (inancial slatements are r￿t in agreement with the accountin8 records and returns.. or certain disc105ures ol trusiees, remuneration specified by law are not made.. or we ha¥e not received all the inlorwnation and explanation5 we requi￿ for our audit., or the trustees were mt entitled to prepare the financial staiements in accordance with the small companies, regime and take advantage of the sm311 companies, exery)tions in preparing the trustee5' Itport and from the requiren*nt lo prepare a Strategic repN)rt. Responsibilities of trustees for the financial ststen*nts As explained more (ully in the tru51ees' responsibililie5 Statement as set out on page 8, the trustees (who a￿ also the directors of the charitable company for the p￿￿oSe5 o( company lawl are responsible for preparation of the (inancial statement5 and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of fir)ancial staternents that a￿ (ree from material misslatemenl, whether di* to fraud or eiTOr. In preparing the financial statement5. the trust￿ are responsible for assessing the charitable companVs ability to iontinue as a going concem, disc105in& a5 applicable. matters ￿lAted to goin8 concern and using the going concern l)Jsis of accounlirhg unless the trustee5 either intend to liquida￿ ihe chaTitsble company or to cease operalions. or have nu realistic aliernatbve but to (k) so. Auditor s responsibilities for tht a￿•t of the financial thien￿ntS Our objectives are to obtain ￿aSOnable assurance about whether the financial staterf*nts as a whole are free (rom material misstatewEnl, whether due to fraud or error. and io issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarant￿ that an audit conducted in accordan￿ with ISAS IUKI wll alwa￿ detect a material Migsiate￿￿nt when it exisls. Misstatements can arise from fraud or error and are considered maierial if. individually or in the aggregate. tFw could ￿3$onablY be expecied to inflLEnce the economic decision5 of users taken on the basis ol these financial statements. Irregularities, including Iraud, are instsnces of rK)n-coryliance with laws and fegulaiions. We design procedures in line wilh our responsibilities. outlined aEK)ve. lo detecl material rni5StaierT*niS in respect ol irregularities. including fraud. The exteni io which our procedure5 are capable of detecting irregularities. including fraud is delailed below.. Based on our ￿n(￿rStandIng of the charitable company and the environn*nt in which it operates. ￿ identi(ied that the principal risks ol non-compliance with laws and Tegulations ￿ lated to the Conpanies Act 2006 and the Charities Act 2011, and Cons1th￿ ihe extent to which non-compliance mighi have a material effect on the financial staiements. We also considered those laws and regulaiions ihar have a direct impact on the preparation of the financial statemenis such as the Companie5 Act 2006 and the Charities Act 2011, and other lactors such as compliance with legislation in relation to payroll tax and fundraising regulations as well as the accounting lor the heritage asset acquired in the year. 10 INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST Iconlinued) We evaluated management's in￿ntiveS and op￿rtUnitieS for fraUdU￿nt manipulation of the financial statements lincludin8 the risk of override of controls). and determined that the principal risks ￿re rela￿d to ￿VenUe recognition. Audit pro￿du￿$ perforn*d by the en8a8emeni team inclu&d: Inspectin8 correswjndence with re8ulators and tax aLrthorities: Discussions with manage￿￿nI includin8 consi&ration of krnwn or suspeLled instances of non-compliance wilh laws and ￿8￿latiOn and (Taud.. Review of the accounting I￿almeN of the heriiage asset acquired in the ￿ar, Evaluating mana8ementS controls designed to prevent and detect irregularities: Identifying and lesling journals, in particular journal entries wsled with unusual account combinations, postin85 by unusual users or with unusual descriptions.. and Challen8in8 assumption5 and jLKl8ements made by manage￿￿nI in their critical accountln8 estimates. A further description of our responsibilities lor the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or8.ukJauditorsresponsibilities. This description forms part ol our auditor's report. Use of our report This report is made 501ely to the charitable company's member5. as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matter5 we are required to state to them in an Auditor's rewrt and lor rK) other purpose. To the ful lest extent permitted by law, we do f￿1 accept or assume responsibility lo anyone ot￿¥ than the charitable company and the charitable company'5 members, as a boty. lor our audit work, for this report. or for the opinions we have formed. Richard Wewer Isenior Statutory Auditor) For and on behalf of Haysma(intyrt LLP, Statutory A￿ltOr Date: 19 July 2022 10 Queen Street place London EC4R 1AG THE HELEN HAMLYN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 ExpeNlable Unregtrirled Restrictsd Enduwment Funds F￿d5 Furn 2022 2021 INfOME AND ENDOWMENIS FROM fr&)t Donatiofts legacie5 Inweslment5 (Xher income 2,041,868 173.0 2,041,868 173,096 5.183,612 2.041,868 150,288 5,183.612 To¢al Income 7.398.576 7,398.576 2,192.156 EXPENDITURE ON Raising lunds Invesiment Manage￿nI costs Charitable activities Granl making arKI other chariiable activilies 30.640 29,564 7.571.448 7.571.448 2,695.189 Total ExpeThJiture 7,602,088 7,602,088 2.724,753 Nei11055118ain on invesimenls 155.336 155.336 751.139 Net expend•ture Transfers between 148,1761 250.tMxJ 148.1761 218,542 1250,(th1 Net rnovement in fund$ 201.826 1250.CMX)I 148,1761 218,542 Reco￿lI1atiOn of funds T￿01 funds bfOU8ht forward 4.752.098 5.458 1,223.693 5,981,249 5,762,707 Total hnds carried forward 4,953.922 5,458 973.693 5.933,073 5,981,249 All income and expenditure lor the ￿ar derive from continuing activities. All ￿cOgNised gains and losses are incllsded in ihe Statement ol Financial Aciivilie5. The notes on pages 15 10 30 form part of tFEse accounts. 12 THE HELEN HAMLYN TRUST Company Nunthr: 4115082 BALANCE SHEET AS AT 31 MARCH 2022 Note$ 2022 2021 FIXED ASSETS Tangible fixed a55ets Heritage Assets Investments 7,070 16,300 7.266.532 11.309 i o,tK)O 7.268.687 12 13 7,289,902 7,289.996 CURRENT ASSETS Debtors Cash al bank and in hand 8.224 736,605 16.017 1.496,497 744.829 1,512,514 CREDITORS: Anx>unts falling di within one year 15 11.196.891) 11,189,188) NET CURRENT ASSETS 1452,0621 323,326 TOTAL ASSETS IESS CURRENT LIABILITIES 6,837,840 7,322,147 CREDITORS: Amunts falling due after more than one year 16 1904,7671 11.632.073) NET ASSETS 5.933.073 5,981,249 FUNDS Capital Funds Expendable endowrrEnt funds 973.693 1.223.693 973,693 1.223,693 Income lunds General unrestricted fund 4.953,922 4.752,098 4,953,922 4,752,098 Reslricfed funds 5.458 5,458 5.933.073 5.981.249 The notes on page5 15 10 30 forTn part of these accoLtnts. The financial statements were approved and authorised for is5￿ by the Board of Tnjstees on 0510712022 and were signed below on its behalf by: Lady Hamlyn Director Dr Kale Gavron t*"rector 13 THE HELEN HAMLYN TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flows fjrom operating activilies 11.082,5411 567,466 11,082.5411 567,466 Cash flows from imie5tin% aclivities Dividends and interest 173.096 150.288 Purchase ol investments 1172,9501 1216.0001 Movement in cash awaiting investment Pmceed5 from sale of bnvestments 330,441 95.155 Purchase of property, plant and equipment Enhancemeni ol heritage assel 11,6381 16.300) 11,5001 11 0.0001 Net cash lused inl bn¥e5tin8 aclivitie5 1759,8921 585.409 Change in cash and cash equivalents in the rew)rting pefi Cash and cash equivalents ai Ihe I￿ginnIng 0( ihe reporting period 1.496,497 911.088 Cash and cash equivalents at the eNI of the ye￿rI1￿5 period 736,605 1,496,497 2022 2021 Net [￿Ve￿ent in funds IGainsl/Losses on investments Depreciation charges Decrease/lincreasel in debtOTS Increase/idecreasel in creditors Interest and dividends 148,1761 1155,3361 5.877 7.793 1719.6031 1173.0961 27tl.542 1751.1391 6.266 15.4181 1.249,503 1150,2881 Net cash pr(ryided byllu5ed in) operatin8 activities 11,082.5411 567,466 14 THE HELEN HAMIYN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2022 ACCOUNTING K)LICIES The financial statements have been prepared in accordance with Accounting and Reportin8 by Charitie5= Statement of Recommended Practice applicable to charities p￿paring ihe>r accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 lef(ective I january 20151- Icharities SORP IFRSI 0211, the Financial Rep)rting Standard applicable in UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Helen Hamlyn Trust meet5 Ihe definition of a public benefit enlity under FRSI 02. Assets and liabililie5 are initially reco8nised at historical cost or transaction value unless otherwise stated in the ielevant accounting policy notes. Going Concern The accounts have prepared on the assumption that the Charity is ableto carry on its activities as a going concern. In assessing the Charity's abilily to continue as a going concern. the Trustees have considered the Charity's liquidity POSltion and ￿vieWed cash flow forecasts for the foreseeable future. Thi5 includes a detailed a55essrnent by the tTUStees of the possible impact of COVIO-19 crisis on future operations. Given the charitable company'5 level of free ￿Se￿ available at the year end, the Trustee5 consider that the charitable company has adequate resources to continue in operational existence lor the fore￿able future. The Trustees are confident that the current level of donation from the Paul Hamlyn Foundation will be maintained in future years. Accordin8ly. the financial statements have been prepared on a going concem basis. Donations and gifts Donations are credited to revenue on a receivable basis. Listed investments donated to the TrLt5t are accounted lor at market value on the date of (hjnation. Gift5 in kind are valued at a reasonable estimate of their value to the Trust. Crants receivable Unconditional grants ￿CeiVable are credited to Staten￿nI of financial activities in full in the year in which they a receivable. Expendilure All expenditure is accounied lor on an accruals basis and has been classified under headings that aggregate all costs related to each category. Where costs cannot be directly attributed to particular headings. they have been allocated to activities on a basis consistent with Ltse of the Te50urces. Grants payable Grants payable are recognised when a constructive obligation arises. For unconditional gtan15, a conslmctive obligation is deemed to arise when the grantee is infomied of the awacd of a grant. For conditional grants, a constructive obligation is deemed to arise only when the condltions have been met. A contingent liability (Note 181 is disclosed for these grants, which do not represent liabilities. where the FX)ssible obligation. which arise5 froTll past e￿nIs, will only be confirmed by the occurrence ol one or MO￿ uncertain fulure everrts rw)t wholly within the trustees, control. Grant commitments lor awards with expected Pay￿entS exceeding twelve mnihs have been discounted using market rates for cash maiching the term of the liabilities and retum on inv&tments calculated to be 2.1 % p.a. 15 THE HELEN HAMIYN TRUST NOTES TO THE FINANCIAL sfATEMENTS (Contin￿d) FOR THE YEAR ENDED 31 MARCH 2022 Allocation of overhead and support cos15 Overhead and sUPPOrt costs have allocated fitst between charitable aciivity and governance. Consultancy lees and expenses, overhead and supF￿ C0515 relating io Charitable Activities have bven aF4)orlioned based on the value ol individual grant awards made in recognilion of the administratt.ve burden of 3wardin8, monitoring and assessin8 granls. Consultancy lees and expense5 have ￿￿en all￿ated to the charitable auivily to which the consultant'5 work related. The analysis of overhead and SUFV>rt cosis is shown in Note 6. Governance costs Governance cosis include aLKlit and accouniin8 fees. board costs and other costs d1￿cl1Y attfibutable to the governance of the Trust. Fixed assels The c05t of fixed assets is their purchase cost. toget￿[ with any incidental costs 0( acquisition. Depfeciation is Liilculated so as to write off the cost of tangible fixed awls over ihe expected useful ecoTh)mic life ol the a55et5 cr)ncerned. The principal annual rate5 used for this purp(￿ are: Coryuler equipry*nt 25°/o Straight line basis Other equipTneni 25°/o sirai8ht line basis Web5iie 25 /cs Strai8ht line ba51S Only those tarEible fixed assets exceedin8 £1.(KMI in value are c3pitalbsed, all assets under thi5 value a￿ expensed in the year ol purchase. Fixed Assets - Heritage a55ets The Trugt holds the 'Bernard Nevill Collection,. which is a tangible fixed asset of hislorical and edijcational imFK)rtance and is held to advan￿ the educational objeclives of the charity $￿iallY within the field of (ksign. This colkclion was Purchased in the year ended 31 March 2021 and capitali5ed. The very long expected life ol this herita8e asset. due lo its nature. value and need io be protected and preserved means thai depreciation is not material and is. therefo￿. ￿t Pfovided. Operalin8 Leases Costs in respect ol operating lease5 are charged to Siatemeni of Financial Activities on a slraighi-line basi5 over the lease tem). Operating lea5e5 a￿ (kscribed in Note 21 to the financial statements. Ftxed asset in¥estmentS Listed investments afe slated al their market value at the year end. The ￿alIsed and unrealised net gains and losses arising on revaluatiorFs and disw)sals are inclu(kd in the ￿ate￿nI of Financial Activilies in the year in which they arise. Realised gains and losses All gains and losses are iaken 10 the slatement ol linanci31 activities as they arise. Realised gains and losses on invesiments are calculated as the difference bet￿n sale proceed5 and openin8 maikd value (purchase date if later). Unfealised gains and losses are calculated as the difference l*tween rhe market value at the yeaf end and opening market value Ipurcha5e date if later). There ￿Te Th) ￿aliSed gains and k>sse5 in the year. Investment Income Recognilion Invesrment income 15 recognised on an accruals basis where certatrrty of rec￿Pt can be established at the year end. Income arising on investments held in the No. l Expendable En(k)wment Fund is allocated to the Unrestricted Fund. 16 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Conlinuedl FOR THEYEAR ENDED 31 MARCH 2022 Irrecoverable VAT Any irrecoverable VAT is char8ed to the State￿nt of financial activities, or capitalised as part of the cost ol the related asset, where appropriaie. Critical accounting estimates and areas of It￿gement Estimates and judgen￿￿t5 are continually evaluated and a￿ based on hisioTical experience and other facto￿, including expectation5 01 future evenls that are belie￿ to be reasonable under the circumstances. There are no such critical accounting estimates and assumplior)s to rewrt. Pensions The Trust is a member ol the Pensions Trust Flexible Retirement plan. a defined contribution money purchase plan. The Trust conlribules lo the personal pension plans ol slaff. Contribulions payable (or the F￿riod are charged in the Statement of Financial Activit>es on the accnjals basis. Recognition of liabilities Liabililies are recogni5ed when an obligation ari5e5 lo Iran5fer economic benelits a5 a result of past transaction5 or events. Debtor5 Trade and other debtors are recognised at the settlement amunt due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash ai bank and in hand Cash at bank and cash in hand inclu(ks cash and sFK)rt term highly liquid investments. Creditor5 and provision5 Creditor5 and provisions a￿ recognised where the charity has a present obligation resultin8 from a past event thal will probably result in the transfer of funds to a thiTd party and the anK)unt due to settle the obligation can be measured or estimated reliably. c￿ ditors and provisions are nomally reco8nised at their settlement amount after allowing lor any trade discount5 due. Employee benefits Short term benefits Short term berEfit5 inclLKling holiday pay are recogni5ed a5 an expense in the period in which the service is received. Employee termination benefits Termination benefits are accounted for on an accrual basis and in line with FRS 102. Fund accounting Unrestricted fund5 are those funds which are available for use at the dISc￿lon of the Trustees in furtherance of the general objeciives of rhe charity and which have ry)t been (ksi8natsd for (Aher purw)ses. Designated funds are unreslricted funds that are available for use a8ainst specific projects as identified by the Tru5tee5 in furtheran￿ of the general objecti￿S of the Trust. Reslricled fund5 are those fun& which musi be used in accordance with the wis1*s of the (lonor. The Trust has an Expendable En(kiwmerbt Fund as described in Note 17 to the accounts. Foreisn Currencies A5set5 and liabilitie5 in foreign currencie5 are translated at rate5 of exchange fulin8 at the balance Sheet date. Transactions in foreign currencies undertaken during the year have been translaied at the average rate for the month in which the transaction occurred. Currency differences a￿ ￿lttell off in the Statement of Financial Activiti￿. 17 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022 INCOME FROM DONATIONS AND IEGACIES 2022 2021 Donations FTOM individuals From individuals in kind lolfice costs including ￿nts From individuals - in kind (seconded employee) From other charitable bcM4ies 12,240 29,628 2,tKK),(K)O 12,245 29.623 2.0(K),000 2,041.868 2,041,868 INCOME FROM INVESTMENTS 2022 2021 Dividends Bank interest Other interes1 172.950 146 150,199 89 173,096 150,288 OTHER INCOME 2022 2021 UnaF4)lied Capital Gain on Inyrial College EndowrrEnt 5.183,612 5.183.612 As (kscribed in the Trustees Report, the Trust agreed with Imperial College durin8 Ihe year to release the capital gain on the £5million en(k)wment and apply it (or agreed activities. The original en(k)wment from the Trust to Imperial College wa5 to SUPFKkrt ihe Hamlyn Centre for Robotic Surgery. However. the capital and income held by the College gubject to the term5 01 the 2008 Agreement were in excess of what is required to meet the original purposes, and the Trust considered that the fund5 could usefully be applied in furtherance of additional chaTltable purp05e5. The terms of ihe variation to the origin312008 agreement were negotiated with Imperial College and lor accounting purposes the Trust has Tecognised the value ol the capital gail) as inc¢)me (£5,183,612 at 31 March 20221 and the ￿ lease of Ihis to agreed new and existing grar)ts is shown in grants awarded IE4.183,6121 with £1 million bein8 used to support the Hamlyn Chair ol Surgery, the￿bY reducing the £1 million c￿dItOr for this project to nbl. 18 THE HELEN HAMLYN TRUST NOTES TOTHE FINANCIAL STATEMENTS (contin￿d) FOR THE YEAR ENDEO 31 hiARCH 2022 EXPENDITURE ON RAISING FUNDS 2022 2021 Investment mana8ers fees 30,640 29,564 30.640 29,564 CHARITABIE EXPENDITURE The charity undertcM)k management of the Setubal Music Festival. however the main focus of the chaTity remains the awardin8 of grants to a number ol institution5 in the furtherance o( its charitable &Jjectives. 2022 Direct CTaTrt funded Charitable activity Activities SuppoTt costs Total Medical The Arts and Culture Education and Welfare Heritage and Conservation in India Healthy Ageing International Humanitarian Affair5 4,183.612 448.889 1.999,664 146.513 24.347 142,257 9.663 24.300 9.990 4.330,125 517,881 2,141,921 9,663 471.782 19,990 44,645 447.482 10.OtK) Goveinance costs Adjustment for discount of grant creditor 53,501 53,501 26,584 26.584 98.146 7.116.231 3S7.070 7,571,447 2021 Direcl Grant funded Charitable activity Aclivitie5 ToLIl Medical The Arts and Culture Education and Welfare Heritage and Conseryation in India Healthy A8eing International Humanitarian Affairs 1.020.(XX) 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 discount of grant creditor 43,773 43.773 95,0001 135.(KJOI 50,640 2.383,380 261.169 2.695,189 19 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Contin FOR THE YEAR ENDED 31 MARCH 2022 CHARITABLE EXPENDITURE (continued) The 4)lit of supp)rt costs and governance costs is show in the iable beh)w. Support co￿5 2022 2021 Governance Cost5 2022 2021 Stafl costs Oepreciation Bank charges Travel Legal lees otlice rental and ass(Kiated costs Consultancy lee5 Office expenses Sundry Exchange gain Audit fees 218.117 5.877 1.914 9.030 3,812 29.117 70,251 17.829 1.123 192.896 6.266 1,852 595 690 30.225 11.359 16,517 34.079 29,776 4,186 6.740 1,925 3,972 769 8.496 8,100 357.070 261.169 53,501 43.773 Basis of allocation: Salarie5, consultancy fees. marketTrn& project maierials ar)d exchange rate gains and losses are allocated to the charitable activity to which they relate. Othef 5UPF)Ort costs attributable to charitable activities are apFY)rtioned pro-rata to the value ol grants awarded pre-discount value18￿/01. and equally acr05S the main 8fant making caiegories for which support activities have occurred during the year, to reflecl the ongoing supwrt of existing 8rants120%1. ANAL YSIS OF GRANTS Grant5 to Inslilyliorn&" 2022 2021 The Arls and Culiure University of Oxford ARCHIOX Projecl Royal (l)era House, Lon(k)n IPaul Hamlyn Christma5 Treati A55ociacao Festival da Musica. Seiubal. PortU831 LSO Panufnik Futures concert V&A fvluseum Royal Botanical Gardens. Kew LSO Discovery Panufnik Young Corwrs kheme World Heart Beat Music Academy CAPA College Municipality 015etubal _ Re5toraiion ot Albarq￿l Fort Grants of £3,000 or less 220,000 I tK),O(K) 76,664 40,(YJ) 4,5(M) 4,325 i 00.000 40,000 4,5(X) 4,325 235,783 40,000 4,000 1.716 3,4 20 THE HELEN HAMIYN TRUST NOTES TOTHE FINANCIAL STATEMENTS (Contin￿) FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF GRANTS {continuedl ucation & Welfa The Royal Colle8e of Art - Io SUPTX)rt HHCD University (rf Oxford Bodleian Libraries The Helen Hamlyn Centre for Design at the RCA Cini Foundation - Venice Cultural Heritage Centre. Pegasus Theat￿ Trust MIND - Empowering Young People RAW Workshq) scien￿ Museum - Early years learning Pa￿ntIng Mental Health Oxlordshire Youth Living Paintin85 Dat6ar Arts Culture Heritage Trust Autism Bedfordshire Grants of £3,000 or less UCL Institute of Education- HH Centre Sireei Survivors India Chartered College of Teaching Royal StKiety of Medicine - sch￿15 Conference The Courtauld Institute Manorfield Charitable Foundation University of Oxford _ Bodleian Genera5 Fund I,(KM),O(K) 466.977 250,000 177.000 30.0(K) 22,345 10,0(M) 9.842 7.5(M) 5,IK)O 291,175 108,367 250.000 177,000 4.(K)O 7,IM)O 5,900 291.175 14,000 10.000 10,000 i o,o(x) 5,0 5,000 Health A in University of Oxford _ Oxford Institute of Population Ageing Dyscover Limited Grants of £3.000 or less 439,482 s,￿0 3.000 5.000 International Humanitarian Affairs DEC ukraine Appeal Fordham University- HH Senior Fellow Fordham University- HH Education Fellow 10,000 346,488 1248,9741 Herita and Conservation in India INTACH - Reis Magos Fort Heritage Education 120,91X)I Medical Imperial Colle8e- Approved purposes Imperial College - Paul Hamlyn Chair of Surgery Facin8 The World MIND 4,183,612 1.000,000 10,000 i 0,000 7.089.647 2,418,380 Discount for 8rants payable 2021 > 1 year ￿leaSed Discount for 8rant5 payable 2022 > 1 year 35.000 18,4161 135,0001 7.116,231 2,383,380 21 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Iconlinued) FOR THEYEAR ENDED 31 MARCH 2022 EMEiOYEE INFORMATION 2022 2021 Staff costs Wages and salaries Wage5 and Salaries - donated Social security COSIS S(Kial security costs - donated Pension cost5 Pension costs - (h)nated Wages and salaries charged to Private (Nfice Social security cosis charged to Private Office Perbsion costs charged to Private Offi 187.212 26,(K)O 22,225 3.103 13,131 525 197,635 26,000 23,593 3,098 13.810 525 135,5491 13,9521 12,4881 252,196 222,672 The average monthly number of per50n5 enyloyed by the Trust durin8 the year was 2.5 12021.. 2.51. The above figures also include the value of Staff tiFne th)nated by Lady Hamlyn. the avera8e mnthly number vf persons duTin8 the year being 0.4 12021 0.41. DuTtn8 Ihe year ended 31 st March 2021 the Trusiees a8reed a secondment agreemenl between the Trust and Lady Hamlyn relating lo the Assistant to rhe Director ai)d Finance and Administration. The charges 1£28,8161 were on a total cost of employrnenl basis only. so no benefit accrued to Lady Hamlyn and no profit was rna￿ by the Trust. Thi5 arrangernent en￿d in january 2021. T￿re was w such tran5adion in the year ended 31 March 2022. The D1￿ctOr of Finance and Admini5tralion was seconded for a short period during ihe year ended 31 March 2021 to Lady Hamlyn's Private Office. No bene(it accrued to Lady Hamlyn under this arrangement and no profit was made by the Trust as the full cost5 of employment were charged i£i1,7011. The￿ was no such transaction in the year ended 31 March 2022. These persons provide 5UPFN)rt services to charitable activities and in re4)ect of governancelsee Note 61. The nun4)er of empk)yee5 S￿$e salary and berfits in kind lell within the folbwing 5cale5 is as follows". 2022 Number 2021 Number £60.0(X) - £70.000 £70.001 - £80.CM)O £80,001- £90,(K)O £90,001- £100,O No Trustee reCeI￿d any remunerntion from the Trust during the period. The group enwloys two key managemer)i personnel-. the Direcioi of Projects and Co-ordination, and t Director ol Finance and Administration. The employee benefits (salary and pension conlributionsl ol ihe key marbagement personnel of the charity after recharges shown above were £174,325 12021.. £158,172). 22 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Conlin FOR THE YEAR ENDED 31 MARCH 2022 NET INCOMEIIEXPENDITURE) 2022 2021 Net incoming resources IS stated a(ler charging- Depreciation Profit on exchange Auditor's remuneraiion - Audit fees Auditor's remuneration - (Xher servi 5,877 6.266 8.496 8,100 10. TAXATION The Trust is a regIste￿d charity. and as such is enliiled io certain tax exemptions on income and profits from investments, and gurpluses on any trading activities carried on in furtherance of the Trus1 s primary objectives, if these profTrt5 and surpluses a￿ applied 501ely for charitable purposes. The Trust is not wislered forVAT and accordingly all of it5 expendilure 15 recorded inclusive of any VAT incurred. 11. TANGIBLE FIXED ASSETS 2022 Other Equipment Computer Equipment Website Total VALUATIONICOST At l April 2021 Additions Disposals 32.995 6.092 1.638 19,240 58,327 1,638 At 31 March 2022 32.995 7.730 19,240 59,965 DEPRECIATION At l April 2021 Disw)sals Charge for year 31.871 5.527 9,620 47,018 375 692 4,810 5,877 At 31 March 2022 32,246 6,219 14,430 52,895 NET BOOK VALUE At 31 March 2022 749 4,810 7,070 At 31 March 2021 1.124 565 9,620 11,309 23 THE HELEN HAMLYN TRUST NOTES TOTHE FINANCIAL sfATEMENTS {ConliTr￿dI FOR THE YEAR ENDED 31 MARCH 2022 TANGIBIE HXED ASSETS (Contimed) 2021 Other EqUiP￿nI Comwter Website- under EquiFwneni development Tolal VAIUATIONICOST At l April 2020 Additions Disposals 36,679 1,51JO 15,1841 6.092 19,240 62,011 1,500 15.1841 At 31 March 2021 32.995 6,092 19.240 58,32 7 DEPRECIATION At l April 2020 Di5wsals Charge for year 35.881 15, 1841 5,245 4.810 45,936 15, 1841 6.266 1,174 282 4,810 Al 31 March 2021 31.871 5,527 9,620 47.018 NET BOOKVAIUE At 31 March 2021 1,124 565 9,620 11.309 Ai 31 March 2020 798 847 14.430 16,075 12. Heritage Assets In year ended 31 March 2021 the Tfust purchased the Bernard Nevill Collection of fabric samples, sketches and reference materiab by this imw)rtani fabric designer for £1 O,IMX). Durin8 the year the Collection was professionally revieived and orde￿d by an archivist to bring it into a slate suitable for charitable use. The cosis of this work We￿ £6.300 and these have been included within the tolal value of the Collection which is £16,3(K) as al 31 March 2022. Professor Bernard Nevill studied and taught at Si Martin's College ol Art and the Royal Colle8e of Art in London. In 1960 he consultant &si8ner for Lil￿rtY & Co. and he revitalised their Iraditional prints, ensuring that they a majoT influence on international fashion. Irk particular, hig Islamic prints introduced Eastern &sign to fashion. and other Art Deco-inspired ranges led to a revival ol interest in the Art-Deco period. He also achieved greal success designing furnishing fabTics and designs lor the theatre. 24 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (contin￿0) FOR THEYEAR ENDED 31 MARCH 2022 2022 - Listed Investments 2021 Listed Investments 13. FIXED ASSET INVESTMENTS Valuation At l April 2021 Additions Gift Disposals Realised revaluation110ssesllgains ilnreali5ed revaluation (Ios5esl/gains 7,268,687 172,950 6,396,703 216.000 1330,4411 195,1551 35.629 715,510 155.336 Nei Bwkvalue at 31 March 2022 7,266,532 7,268,687 Nel Book Value at 31 March 2021 7.268.687 6.396.703 2022 2021 Historical cost 6.475,343 6,633.964 Al l investments are held in the UK. managed by Aberdeen Standard Capiial and are primarily to provide an in*stmenl return for ihe charily. In￿stmentS at market value compromised: 2022 2021 5LW multi asset incoFrE lund SLW non-govt iy)nd lund5 UK fixed interest 8overnment bonds Non-govt and UK corporate bonds UK CorFxJrale bond funds Liquidity Fund5 Cash 4,009,109 721,759 477.878 142.056 510.217 919.500 3,712,437 792,874 497,775 149,707 552,890 919,5(Kl 486.013 643.504 7.266,532 7,268.687 As at 13, lune 2022 the net trxjok value of the Trust'5 Portfolio stth)d ai £6,898,858. 25 THE HELEN HAMLYN TRUST NOTES TO TrIE FINANCIAL STATEMENTS (Continuedl FOR THEYEAR ENDED 31 MARCH 2022 14. DEBTOR5 2022 2021 Amounts falling due within one ￿ar Trade debtors PrepaY￿ntS 3,509 4.715 10.584 5,433 8,224 16.017 CREDITOR5: AnJ)unts fall•ng due within one year 2022 2021 Trade creditors Holiday pay accrual 48.259 3,521 3.328 3,894 Grants payable Accruals Other creditors Oiher tax and social ￿￿TItY 1.101.097 36.843 1.159,394 15.693 45 6,834 7.171 1,196,891 1.189,188 16. CREDITORS: Amount5 falling dut after TN)Te than one yEar 2022 2021 Grant5 payable 904,767 ,632.073 Movement in gTant commitments BroLTrght forward Released in ypar Additional commitments Discount Adjustn￿t for grants payable > l year 2,791.467 17.901,8341 7,089.647 26,584 1,534.226 1,327.8561 2.620,097 135,(XK)I Carried forward 2,(K)5,864 2.791.467 26 THE HELEN HAMLYN TRUST NOTE5 TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022 17. FUNDS 2022 Income Expenditwe Transfers between funds Investment Profitsl 00s$es1 Balance at 31 March 2022 2021 CHARITY Capital fut No. l expendable enck)wment 1,223.693 1250,ThJII 973,693 Income funds Unrestricted lunds General reSe￿e 4.752.098 7.398.576 17,602,088) 250,(K)O 155,336 4,953,922 Restricted funds Setubal Children s Instruments 5,458 5,458 5.762,707 2,192.156 12.724.753) 751.139 5,933,073 FUNDS 2021 Balance at 1 April 2020 Income Expenditure Transfers bethween fund5 Investment Balance at PTofitsi 31 Marth 11055esl 2021 CHARITY Capiial No. l expendable en(k)wment .473,693 1250,OLK)I 1,223,693 Income fund5 Unrestricted lunds General rese 4.283,556 2,192,156 12,724,753) 250,(K)O 751,139 4,752,098 Restricted funds Selubal Child￿￿,9 Instruments 5,458 5,458 5.762,707 2,192,156 12.724.753) 751,139 5,981,249 27 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Iconlinueo) FOR THEVEAR ENDED 31 MARCH 2022 FUNDS (continued) FUNDS ANALYSIS 2022 Unrestricted (unds Restricled nds Expendable endowmenl fund5 Totsl Tangible fixed assets Heritage assets Investments Current assets Liabilities 7,070 16.300 6.292,839 739.371 12.101.658) 7,070 16.300 7.266.532 744,829 12,101,658) 973,693 5,458 Total funds 4,953.922 5,458 973,693 5,933,073 FUNDS ANALYSIS 2021 Unrestricted funds Restricted funds Expendable endowment funds Total Tangible lixed a55eis Heritage assets Investments Current assets Liabilities 11.309 10. 6,044.994 1.507,056 12.821.261) 11.309 I O,OQK) 7,268.687 ,512,514 12,1121.2611 1.223.693 5.458 Total lurn4$ 4.752.098 5,458 1.223,693 5,981,249 The Trusi has one Expendable Endowment Fund: . T1￿ No. l Expendable En(￿Wn￿nI Fund ol £0.974m ￿PreSents the balance of donations of investmenls and cash from Lady Hamlyn to the Trust made in the yeaT5 ended from 31 March 2(K)4 to 31 March 2022. The Truslees have discretion to expend some or all of the capital of the Expendable En&Mment Fund in circutTLslances which they consider would justify it. havin8 regard to the need to maintain an aFvr(yriate balance ￿￿tween the interests of P￿Sen[ and future benef1ciaries. In 2013 theTrustees agreed ihat £0.25m Fund sknuld be transferred to Unrestricted funds to meet the 8Tant of £0.25m for The Helen Hamlyn Centre for Design. Royal College of Art, Lon¢*in. The Trustees agreed that any future grants to The Helen Hamlyn cer)1￿ for Design 5hoiJld be met with transfers from the No.1 Expendable Endowment Fund to Unresiricted lunds with ihe exception of ihe £1 million grant awarded in Ihe year ended 31 March 2022 and described in the Trustees, Report. ReslTiCted 6und5 Setubal Childrerf5 Instruments- In 2015 Lady Hamlyn indicated that rather than ￿ceIve gilrs from ihose attending her birthday party she would preler fof them to considei makin8 a dor)ation iowards pioviding musical instruments for the child￿￿ ol Setubal. Portugal. This ￿tr1ded fund represents the balarKe of those donations which wll be used over time to replace rnusical instruments Used by children ol Setubal. 28 THE HELEN HAMLYNTRUST NOTES TO THE FINANCIAL STATEMENTS (Contin￿d> FOR THE YEAR ENDED 31 MARCH 2022 IB. CONTINGENT IIABILITIE5 In certain circumstances the Truslees award grants where each instalment is conditional UFX)n the beneficiary meelin8 certain ￿qUirements. At each p)int the award is TeconsideTed and the TriJstee5 confirm that Sufficient progress has been made in relation to meeting the requiremenvpreconditions. Accordingly a constructive obligation does not exist until such confimiation is given. 2022 Balance as at 1 April 2021 Contingent Confirmed Balance of instalments contingent in the year liability as at 31 March 2022 created in Cini Foundation Royal College of Art University College London 354,￿XI 250.(K￿l 932.035 177.000 250,IY)O 177.000 932,035 1,536,035 427,000 1.109.035 19. TRANSACTIONS WITH TRUSTEES In 2022 Lady Hamlyn donated the space occupied by ihe Helen Hamlyn Trust at 129 Old Church Sireel. The valle of this donation in kind was calculated at £12.24012021'. £12.2451 and recognised in the financial statements. Travel costs and other expenses incurred by Trustees in the ￿al totallin8 £7,063 were paid on their behalf or re- imbursed12021.. £01, of which £0 was in credilors at the ￿ar￿nd(2021'. £01 20. RELATED PARTY TrANSAcfioNS Lucy O'Rorke (Director of Projects and Co-ordination), the daughter o( one of the Directors, wa5 paid a salary (including benefits) of £79,668 during the year12021.. £77,681). Thi5 arTh)unt wa5 consistent with the role for which she was employed. Lady Hamlyn's perwnal ass1Stanl was engaged in Trust matters and a pro￿10n31 amount ol her salary was recognised as a