THE HELEN HAMLYN TRUST REPO1￿ AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20Z3 Reglstered Number: 4115082 Registered Charity NUm￿r. 1084839 THE HELEN HAMLYN TRUST REPORT A14D FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ￿R(H 2023 CONTENTS Reference and administrative information Report of the Dirertors Independent auditor5, report Statement of finanaal activitie5 12 Balance Sheet 13 Cash flow statement 14 Notes to the financial statements 15 THE MELEN HAMLYN TRUST LEGAL AND ADMINISTRATIVE DETAILS Trustees ènd Dlrector5 Lady Hamfyn Dr Kate Gavron Dr Shobita Punja Brendan Cahill Margaret ￿Rorke Dr Deborah Swallow Stephen Le￿n Alison Pe3c¢xk Professor the Lord Ara Darzl Baroness Retyjck lappointed 5, Jufy 20221 Dlrertor of Thnano and Admlnlstratlon John Rc(he Dlrertor of Proleas and Co-ordiftatK)n Luq IYRorke Reglstered Offl 66 ts'n¢oln's Inn Fidds London WC2A 3LH Prlnclpal Offlce The Helen Hamlyn Trust Unit l Or￿on House Court Drayton St Leonard Oxfordshi OXIO 7BG AudltOYS Haysmacintyre LLP 10 Queen Street Place London EC4R IAG SollcStofs Farrer & Co LLP 66 ￿n¢¢In'$ Inn Fields London WC2A 3LH 8ènkers National Westminster Bank PIC St Jamè5 and Pic(adilly Branch PO Box 2DG 208 Piccadilly London WIA 2DG Investment Mina8er5 Abrdn Bow Bells House l Bread St￿t London THE HELEN HAMLYN TRusr DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Report of the Directors for the year ended 31 March 2023 The Trustee5. who are also Ll"rectors of the company for the purpose of the Companies Act. present their report and the audited financial statements for the year ended 31 Marth 2023 which a￿ also prepared to n*et the requirements for a directors, report nd accounts f￿ Companiès Act purposes. The information with respect toTrustees. t*rertor5, Officers and Adviso￿ set out ￿ paBe Ifomis part of thi4 report. The f6nanaal statements comply current statutory requirements. the MefTKsrandum and Articles of Association, applicable Accountin8 Standards in the United Kirydom and the Statement of Recommended Practice ISORPI applicable to charilies preparin8 their accounts in accordance with the Financial Reportrng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I lanvary 20151, the Charities Act 2011 and the CompaNes Act 2(Q6. Structure. Governance and Management Structure The Trust is a charitable company limited by guarantee. incorporated on 27 November 2OJO (company registration number 41150821 and re8lStered with the Charity Commi55ioner% as è charity on 31 january 2001 (charity regtstration nurnbèr 10848391. The Trusys governing document is the Memorandum and Article5 of Association dated IS November 20CQ. GovernGTn¢e The Director5 meet formally at least twice a year and infomially throu8hout the year including by elertronic means. The existing Directors 5elert members of the Board_ At each AGM. one ihird of the Director5 retire by rotation and are pèrmitted to submit themsefve5 for immediate re-elettion. The proce55 for the induction of new Trustees compiises an initial mèeting wrth the Chair to explwn the history and strategic direction of the Trust. New Trustees are also provided with a copy of the Memorandum and Artides of Assooation of the Company. the latest Annual Report and Accounts. the Budget. information on thevarious Committees and copies of the most recent 8oard papers. Trustees are encouraged to attend relevant Trustee training events organised by ￿putable third-party pyoviders. The Trustees agree the broad strategy and areas of activity for the Trnst. includin8consideration of grant makin8, investment, reservès, risk management and performance. All Trustees work on a voluntary ba515 and no remuneration w35 paid in the year. Details of Trustees, expernses and related party tran5attions are disclosed in Notes 19 20 to the Accounts. Trustees are required to disc105e all relevant Interests and registerthem annually with the Directorof Finance andAdministration and in accordance with theTrust's policywithdraw from decisions Whe￿ a ¢Mfli£t of interest arises. Montsgemenr The Trustees have delegated certain resF)onsibih"ties to two Committee5 in aceordance with the Trust's governing document. The Finante aftd Governance Committee consisting of four Trustees has the authority to authorise unbudgeted expenditure of up to £ICQ,OLK) in any one financial year. Additionally. the Committee reviews the financial and governance arrangements for the Trust and athiises the Board according￿ on matters including finandal management. human resources. staff remuneration. risk management and the financial audit. The Committee is ￿SponSible for reporting to the Trustees on investment matters and direLting the investment manager as appropriate. THE HELEN HAMLYN TRUST DIREcfoRS' REPORT Icontlnuedl FOR ThE YEAR ENDED 31 MARCH 2023 The Sma15 Grants Committee ¢onsistin8 OF the Chair of Trustees. the Director of Finance and Administration and the th"rectoT of Projetts and Co-ordination, is responsible for considering and approvin& rf appropriate. grant applications for amounts of up to £IO,OW per project and up to a value of £ICK),Ck)) in any one year base(l on the research and recommendations made by the Director of Finance and Administration and the Director of Projects and Cwrdination and the grant making policies settled by the Trustees. Occasionally small grants are awarded to overseas charities and these are further approved by the Trustees. Day to day finanoal management, risk management and governance issues are the responsibility of the Dirertor of Finance and Administration. Pay polky for key mana8ement personnel All Trustees who are also Di￿¢1￿ of the charity wve of thwr time freely and no dire¢tOT Te¢eNed remuneration in the year. The pay of key rnanagement personnel and others is reviewed annualty and normally increased in line with the increase in the Consumef Price Index each year and approved by the Finance and Govemance Committee. In settin8 pay sca￿5 for roles the Trustees benchmark against pay levels in other similar grant making trusts. Rlsk management The Trustees have identified and reviewed the major strategic. operational and financial risks to which the Trust is exposèd. The Trustees are also satisfied that the procedures, policies and systems which are in Pla￿ for risk management generally are reviewed regularly and mitlgate exposure to these risk5. This work ha5 identified the major risks as.. the inappropriate or Ineffective use of grant monies. and an inappropriate investment poliry. To ensurethat grant monies are spent appropriately and effectively the Trust carefully reviews and runs checks on grants before award and has an ongoing system of monitoring and reviewwhich indudes recetving progress reports lincludingffinanaal accountingl and ViSTts to projects. In orderto mitiÈate the risks associaied with an inappropriate investment poli¢y, the policy 15 kept under constant review as are investment reports from the investment manaBer5. The Finance and Governance Committee meets periodically with the investment managers to discuss thecurrent investment policy and consider its appropriateness. The Committee makes recommendations to the Trustees following that meetin8. The Commtttee revie￿ the irwestment management reports at Itast twice a year. ObSectl¥es and Actl¥5tle5 for the pulASc benefft The primary objects of the Trust. a5 Stated in its governing document. are the general purposes of such charitable bodie5 or for such charitable purposes as the Directors shall think fit in England and Wales or elsewhere. TheTru5tees together determine which projerts tofund bein8 mindful of. but unfettered by. the Trusysfocus on the initiation by Lady Hamlyn of medium and long-term projects. funded by way of grants. solely or with partners, linked to the shared interests of Lady Hamlyn and her late husband. Lord Ham￿n. The Trustees confirm that they have referred to the 8uidance contained in the Charity Commission's general 8uidance on public benefit when reviewing the TrusV5 aims and objective5 arKI in planning future actTrvities and setting grant makin8 policv for the year. THE Hf LEN HAMLYN TRUST DIRECTORS, REPORT Icontlnued) FOR THE YEAR ENDED 31 MARCH 2023 Grant maklnB Polkv The Trust has wde power5 to make grants. Recommendations for projects are brought fonvard to the Trustees and these recommendations a￿ subjett to approval by the Board. The current stratègy for grant making is concentrated on the followin8 areas of activity.. Medical. the Arts and Culture, Education and Weware, Heritage and ConseNation in India. International Humanitarian Affairs and Healthy A8eing. Additional￿. small grants of up to £IO,CQO are made to a wide variety of small local and regional tharities where a grant of thi5 size can make a significant thfference. All small grants support the Trust's charrtable objectives. The Trust's core aim is to initiate and support innovative medium to long term projects. which will effect lasting changè and improve quality of life for the benefit of the public or 5ertions of the public. Individual projert5 aim to.. supwrt innovation in the men into its business plans. Salary costs are communicated to staff durin8 the formal annual review of salaries. Prices of materia15 purchased are subJÈrt to contraas with suppliers. based on current market prices. Credit risk Credrt risk on amounts owed to the charity by third parties is low, as there are no signifi.cant debtors. £lquidrty r15k The charity ha5 no borrowings. Interest mte coshfvw rtsk The charity is able to place Surplus funds on short term deposit account %wth the Trust's bankers. THE HELEN HAMLYN TRLIST DIREcfoRS' REPORT Icontlnued) FOR THE YEAR ENDED 31 MARCH 2023 In￿Stment Powers, Policy and Perforniance The Trusvs governing document defines the Trustees. investment powers as vnlimited. These powers have been delegated by the Trustees to the Finance and Governance Committee. which rÉvievts perfofmance of the investment portfolio and the investment manager and Considers any chanBes required to poli(v, reportinÈ to the Trustees as appropriate. The Trustees have delegated discretionary management to a 5peaali5t ptrrfdio M￿ager under an investment agreement. The Trust's investment strategy is desuibed as a cautious strategy and has the primary investment objectNe of preserving purchasing power relative io the rate of GBP inflation. while accepting a balanced IL*el of risk in order to generate income. The portfolio structure 15 diversified and has also been designed to ensure that cash is available to meet the Trust's current and future grant commitments. The composition of the investment portfolio excluding cash holding5 is shovm in Note 13 to the Accounts. Although the Covid-19 crisis and the resulting turbulence in finanaal market5 had a limited impact on the Trust's finances due to the Calrtious strategy thi5 fi'nancial year has proven to be a much more difFicult investment environment for cavtio portfolios such as the one held by the Trust. Despite the revaluation105ses incurred as described in note 13 to the accounts it is anticipated that this will not have a signrficant impact on the Trusys grant making unless further losses are incurred. It is further anticipated that the investment environment wll improve throughout 2023. Reserves Pollcv As a 8eneral policy 8rant$ are currentty accounted for in full in the year in which they are awarded, albeit payments in some circumstance are spread ovef a number of years. The eX￿ptionS to this general policy are described in Note 18 - Contingent in the notes to the Accounts. The Twst has accumulated unspent income 5uffiaent to fund its existlng commitments and its contingent liabilitie5 should the condition5 attached to those grants be met. The Trustees also have the discretion to disburse some or all of its Expendable Endowment. Having regard to thls the Trustees have r&examined the requirement to maintain free reserves and conduded that the l¥wel currently m3int3irted is appropriate to ensure that the Trust. in the event of a significant reduction in the level of its incorne, would be able to continue it5 activitie5 whilst the Trustees consider how the income would be replaced or activities changed. The Trustee5 have detemiined that in future years the minimum level of reseNes should not be less than £2 million. This policy is being kept under review in light of future income expectations and planned charitable expenditure. The current level of free reserves is £5.167.37512022: £5,927.6151. Total reserves being £5,172,83312022.. £5,933,073), restricted ￿erVeS were £5,45812022.. £5,458). In order to support the Trust and to enable it to make commitments to longer tem) projects. there is a Deed of Guarantee dated 23 March 2006 from Lady Hamlyn 1.the Guarantorfl in favour of theTrust which is held to meet any claim made against theTrust for the payment of anygrant thattheTwst has undertaken to pay, rfand to the extent that the Trust has insufficient re5eryes to meet such è claim. The èmourt of the Guarantorfs lia￿'l1ty is limited to £5.CQO,CI)O. The Trust has an Expendable Endowment Fund as described in the Note 17 to the Financial Statements. Plans for the Futur• The key focus will be ort SllPPLYling existin8 projects in light of the Current crisis caused iw Covid-19 with a view to ensure th* as far as possible the levels of charitable benefit created a￿ maintained. The Trustees will continue to monitor the situatlon externally and adapt the Trust's strategy appropriatelv. It is anticipated that theTrust's existing projects. and new opportunities relatingto e￿$tIng projects, will fully utilisethe Trust's income for the next three years. No change in grant makin8 policy is envisaged at present. THE HELEN HAMLYN TRUST DIRECTORS, REPORT Icontlnuedl FOR THE YEAR ENDED JI MARCH 2023 STATEMEIU OF TRUSTEES. RESPONSl8iunES The trustee5. who are a150 directors of the chèritable company. are responsible for p￿paring their report and the financial statements in accordance with applicable law and re8ul31ions. Company law requires the trustee5 to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in ac¢ordance wth United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicablÈ lawl. The financial statements are required by law to give a true and fair view of the state of the affairs of the charitable company and the group and of the surplus or deficit for that period. In preparing these financial statements the trustees are required to-. Select suitable accounting poliaes and apply them consistently Obsèrve methods and principles in ihe Charities SORP Make judgements and estimates that are reasonable and Pfudent State whether applicable accounting standards have been followed. subject to any m*erial departu￿ disclosed and explained in the finantial statements Prepare the financial 5taternents on the going concern basis unless it is inappropriate to assume that the charitable company will continue in opÈration The trustees a￿ also responsible for keeping proper accounting ￿cordS that discltyse with reasonable accuracy at any time the financial position of the CharIta￿e company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence fur taking reasonable steps for the pr￿entIOn and detection of fraud and other irregularitie5. STATEMENT OF DISCLOSURE TO THE AUOITOR So far as the Board of Truslees are aware= al there is no relevant audit information of whith the Charity's auditors are unaware.. and l)) they have taken all steps that they ought to h￿e taken as Trustees and in order to make themselves aware of anv relevant audit information and to e5tsblish that the Charity's audltors are aware of that infoimation. Auditors A resolution proposing the reappointment of haysmacintyre will be put to the Trustees. By order of the board Lady Hamlyn Director Date: 22 June 2023 INDEPENDENT AUDITORS, REPORTTO THE HELEN HAMIYN TRUST OpSnlon We have audited the finanoal statements of The Helen Hamtyn Trust for the year ended 31 March 2023 which comprise the Statement of Financial Activities. Balance Sheet. Statement of Cash Flows. and notes to the financial statements, including a summary of significartt acwunting policies. The financial ￿porting framework th* has been applied in their preparation is applicable law and United Kingdom Accounti￿ Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Gerteral￿ Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the chantable company's affairs as at 31 Marth 2023 and of the charitable company's net movement in funds. including the income and expenditure. for the year then ended.. have been property prepared in accordance with United Kingdom Generalfy Accepted Accounting Practice,. and have been prepared in accordance the requirements of the Companies Act 2C¥)6. Basls for oplnfon We conducted our audit in atcordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our rèsponsibilities under those Standards are further described in the Auditor's responsibilities for the audit of the financlal statements Section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the finanoal statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our otherethical ￿spOnSibl11t1es in accordance with these requirements. We believe that the auditevidencewe have obtsined is sufficient and appropriate to priwide a basi5 for our opinion. Conclu51on5 relatlng to golng concern In auditing the financial statements, we have concluded that the trustee5' use of the going concem basis of accountin8 in the pmpaTation of the linanoal statements is appropriate. 8a5ed on the w(Yk we have performed. we have not identified any material uncertainties relatingto event5 or condltions that, individually or collectively. may cast slgnificant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilbties of the trU￿ee$ With respe¢ttO 80in8 concern are described in the ￿levant sertions of this report. Other inforniation The trustees are responsible for the other information. The other information comprises the information induded in the Trustees, Reptsrt. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise ex￿1C1tlY stated in our report, we do not exp￿$$ any form of assuran￿ conclusion thereon. In connection with our audit of the finantial ststelnents, our responsibility is to read the other information and, in dvin8 SQ, consider whether the other information is materialty inconsistent wth the finano31 statements or our knowledge obtsined in the audit or othewse appears to be materially misstated. If we identify Such material incon5i5tencies or apparent material misstatements. we are reqUI￿d to detemine whether there is a material misstatement in the financial statements or a material misstatement of the othèr informatitsn. If, based on the work we have performed, we con¢ludethatthere is a material misstatemènt of this other information. are required to report that fact. We have nothin8 to report in this regard. INDEPENDENT AUDtroRS' REPORT TO THE HELEN HAMIYN TRUST (Continued) Oplnlons on othef matters presrrfbed by the Companle5 Art 2006 In our opinion. based on the work undertaken in the of the audit.. the information given in the Trustees, Rep(xt Iwhich indudes the directors, rèport prepared for the purposes of company lawl for the financial year for which the financial statements a￿ prepared is ci)nsistent with the financial statements,. and the d1￿ctorS. report included wrthin the Trustee5' Report has been p￿pared in a¢cordartce with applicable legal requirements. Matter5 on whlth we are requlred to report by ex¢èption In the light of the knowledge and understanding of the charitable c(Thpany and its environment obtained in the course of the audit, we have I￿t identified material misstatements in the Tnjstees. Report (which irKorporates the directors. reportl. We have nothing to report in respect of the following matters in relaty.on to which the Companies Act 2CQ6 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the charitable company.. or the charitable company finanoal statements a￿ not in agreement with the accountin8 records and returns.. or certain disclosures of trustee5' remuneration spectfied by law are not made.. or we have not received all the information and explanatior6 we require for our audit," or the trustees were not entitled to prepare the finarKial statements in accordance wth the small companies. regime and take advantage of the small companies. exemptions in preparing the trustees. report and from the requirement to prepare a stratewc report. ResponslbllltSes of trustees for the flnanclal statements As explained more fulfy in the tru5tees' responsibilities statement as Set out on page 8. the tru5tee5 (who are also the directors of the charitable company for the pvrp05es of company lawl are respor6ible for the preparation of the financial statements and for being satisfied that they give a true and fair vièw. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to Continue as a 804n8 concern, disclosing. as applicable. matters relatedto g￿nE concem and u54n8 the going concern basi5 of accounting unless the trustees either intend to IiqLMdate Ihe charitable company or to cease operations, or have no realistic alternative but to do $0. Aud5torfs responsibilities for the audSt of the fman¢ial statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whde are free from material mi55tatement, whether due to fraijd or error. and to ￿sue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantèe that an audit conducted in accordan¢e with ISAS IUKI will always detect a material mis5tatemÈnt when it exists. Misstatements can arise from fraud or error and are consideied material if, individually or in the a88regate. they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 5tatemertts. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined ab￿e, to detect material misstatement5 in respect of ifregularitie5. incluthng fraud. The extent to which our procedures are capable of detecting iriegularitles. includin8 fraud is detailed below.. Based on our understanding of the charitable Company and the environment in which it opeiates. we identified that the principal risks of non-compliance with law5 and fegulations related to the Companies Act 21X)6 and the Charities Act 2011. and we considerèd the extent to which non-complian￿ might have a material effect on the financial ststements. We atso considered those law5 and regulations that have a dirèct impact on the preparation of the finarncial statements such a5 the Companles Act 21J)6 and the Charities Act 2011, and other fartors such as compliance with le￿.513t1Qn in relation to payroll tax and fundraising regulations as well as the accouniing for the heritsge asset acquired in the year. 10 INDEPENDENT AUDtroRS' REI¥JRTTOTHE HELEN HAMLVN TRUST IC¢)ntlnueO) We evalu*ed management's incenti¥e5 and ¢)PPNfunities for fraudulent manipulation of the financial statements lincludlng the risk of overrlde of controls), and dettrn14ned that the principal rt5ks were related io revenue recognitlon. Audit pforedures performed by tht engagement team in¢luded: InspectiTr8 corresp)ndence with re8ulators and taxauthorities. xussions with mana8ernent tncludin8 cwderntion of known orsuspected instances of nDn-compliarKe wlth laws and regulation and fraud.. Review of the acctyJnting treatment of the heritagt 355et acqui￿ in thè year.. Evaluatin8 Manageff￿nt,S controls dewgned to pre¥ent and detect irregularities: Identifying and testing iournals, in particular journal entrres (N)Sitd with unusual account combinations, postin85 bv unusual user5 or wth unusual descriptions.. an Challen8in8 assumption5 and judgemeftts made by management in their critical accountlng estimètts. Because of the inherent ￿mitationS of an audit, there is a risk that wlll not detett all irregularities, includine those leadln8 to a material misstatement in the financial statements or non40mpliance ￿￿th re8vlation. Thi5 risk increases the more that compliante with a law or re8ulation is remtwed from the events arTrd trnnsattions reflected in the financial statement5. as we will be less likely to become aware of tnstanC￿ of non-compliartce. The risk is also 8￿ater Tegarding irre8ularitles octurrin8 due to fraud ratherthan errw. as fraud irNd¥e5 intentlcffial tontealmenL foTeery, collus￿)ft. tsrnission or misrepresentation. A fvrther descrlptioft of our respon%bilitie5 for the audit of the financial 5tatemenr5 Is kjcated on the Financial Reportlng Councifs webstte at: VAVW.fTC.orB.uklauditoNesponybil￿￿s. This description forffls pan of our audttoe5 report. Ltse ofour Thos report is made solety to the charitsble comparf5 members. as a body, in accordance wlth Chapter 3 01 Part 16 of the CompèniesArt 2006. Ouraudit work has been undertaken sothat we mieht stale to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted bv law, we do not accept or assume re5pon5ibility to anyone other than the charitable company and the charitable company's membefs, as a body. for our audit worl forthis orfor the opinion5 t*e forrned. Rlchard Weaver (Senlor Statutory Auditwl For and behall of Haysmachityre LLP, StatuioryAudttfjT Date: 5 July 2023 10 Queen sirett Ptsce London EC4R IAG ThE HEiEN HAMLV14 TRUST STATEMENT OF FINANaAL AcnwnES INCWDING THE INCOME & EXPENDITURE KCOUNT FOR THE YEAR ENDED 31 MAPC+I 2023 Expendable Funds 2023 202 ICOME A14D ENfM)WMENTSIRO Donations and le8aC*S In¥estmeffls 1044.315 207.971 1014.315 207.977 2.041.868 173.096 5,183.612 oth￿ income Totsl IrKomt 2,252.292 2,252,292 7.398.576 EXPENDITURE ON Ra151nglwb lnvesrrnent m•na8ement costs Charitab￿arrivIlI*s 26.333 26.333 ,640 Grant ma*in8 afid other Charita￿e actiWtie5 1432.848 2.432,848 7.571,448 Totsl Expehdityr* 2.459,181 1459.181 7.601088 Net11055llyin on investments 13 1553.3511 1553,3$11 155,336 1760.2401 250.CV) 1760.2401 148.1761 17 1250,COJI Net mov•rnent In fw 1510.2401 1250.(J>II 17fn.2401 148,1761 R*to1￿1￿110fi of l￿d5 Total funds t￿o￿htfOfwarO 4.953.922 5,458 973,693 5.933.D73 5,981,249 TotalfibThds urfedfoThward 17 4.443,682 5.458 n3.693 5.172.833 S.933￿73 All income and expeThditureforthe year derive from continuing actiwties. All recr4ni5ed gaifts and losses a￿ included in the Statement of Finantsal Actiwties. The notes on pages 15 to 30 fomi part of these accounts. 12 THE HELEN HAMLYNTrUST Company Number. 4115082 BALANCE SHEET A5 AT 31 MARCH 2023 Notes 2023 2022 FIXED ASSETS Tangible fixed assets Heritagè Assets Investments li 12 13 1.475 18,452 6,591,915 7,070 16.300 7.266.532 6,611,842 7.289.902 CURRENT ASSETS Debtors Cash at bank and in hand 14 9.024 783,772 8,224 736.605 792.796 744,829 CREDITORS.. Amounts falling due thin one year 15 11,548,422) 11,196,891) NET CURREf4T ASSETS 1755.6261 1452,0621 TOTAL ASSETS LESS CURRENT LIABIUTIES 5,856.216 6,837￿40 CREOITORS: Amounts falling due after more than one year 16 1683.3831 1904,7671 NET A55ET5 17 5.172.833 5,933,073 FUNDS Copitol Funds Expendablè endowment fund5 723.693 973,693 723.693 973,693 Incomefunds General unrestricted fund 4,443.682 4.953.922 4.443,682 4,953.922 Restritted funds 5,458 5,458 5,172,833 5.933.073 The notes on pages 15 to 30 form part of these accounts. The financial statements werè approved and authorised for issue by the Board of Tru5tee5 on and wère si8ned below on its behalf bv.. Lady Hamlyn Director Date.. 2210612023 Kate Gavron Director Date.. 2210612023 13 THE HELEN HAMLYN TRusr CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flow5 from Opernt1￿ actl￿tIeS 1279.9241 {1,082.5411 1279.9241 11.082,5411 Cash flows from investlng actNities Dividends and interest 207.977 173,096 Purchase of tnvestments {459.1951 1172,9501 Movement in cash awaitin8 investment Pmceeds from sale of investments 580,461 330,441 Purchase of property, plant and equipment Enhancement of heritage asset 11.6381 16.3001 12.1521 Net cash lused inl investing activities 47,167 1759,8921 Change In c35h ¢ash equi¥alents In the reportl period Cash and cash equivalents at the beginnin8 of the reporting period 736.605 1.496,497 Cash and cash equivalents at the end of the reportin8 perlod 783,772 736,605 2022 Nèt movement in fund5 IGain%l/Losses on Investments Depreciation charges Dècrease/lincreasel in debtors Increase/ldecrea5el in creditors Interest and dividend5 1760.2401 553.351 5.595 18001 130.147 1207.9771 148.1761 1155.3361 5,877 7.793 1719.6031 1173,0961 Net tash provlded byllused In? operatlng 4rtlwt￿S 1279.9241 11.082.541> 14 THE HELEN HAMLYN TRusr NOTES 10 THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 ACCOUNTING POLICIES The financial statements have been prepa￿d in accordance ￿th Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charitie5 preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 leffertive l January 20151 (Charities SORP IFR510211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2QO6. The Helen Hamtyn Trust meets the definition of a public benefrt entity under FR5102. A55ets and liabilities are initiallv recognised at historical cost or transaction value unless otherwse stated in the relevant accounting policy notes. Goln8 Concern The accounts have been prepared on the assumption that the Charity is abk to carry on its activities as a going concern. In as5es5ingthe Charity's abilityto continve a5 a going concern. the Tnjstees have considered the Charit¢s liquiditv POSltion and reviewed cash flow fO￿ta$t$ for the foreseeable future. This indudes a detailed assessment by the trustees of the possible impact of the COVID-19 crisi5 on future operations. Given the charitable ¢ompanVs level of f￿e reserves available at the year end. the Trustees consider that the charitable company has adeqltate resources to continue in operational existence forthe foreseeable future. The Trustee5 are confident that the current level of donation from the Paul Hamtyn Foundation will be maintained in future years. Accordingly, the finantial statements have been prepared on a goiryg concern basis. Donatlons and 8lfts Donations are credited to revenue on a recervable basis. Listed bnvestments donated to the Trust are accounted for at market value on the date of donation. Gifts in kind ¥re valueil at a reasonable estimate of their value to the Trust. Grants re8 agreement were negotiated with Imperial College and for accounting purposestheTru5t has reco8ni5ed the value of ihe capital gain as income1£5.183,612 at 31 March 20221 and the release of this to agreed new and existing grants is shown in grants awarded1£4,183.6121 with £1 million beinE used to 5UPPOrt the Hamfyn Chair of Surgery. thereby reducing the £lmillion credTrtor for this project to nil. 18 THE HELEN HAMLYNThUST NOTES TO THE FINANCV4L STATEMENTS Icmtlnued) FOR THE YEAR ENDED ai MARCH 2023 EXPENDMJRE ON RAISING FUND5 2023 2022 Investment managers fees 26,333 30,640 26,333 30.640 CHARITABLE EXPENOITURE The charity undertook management of the Setubal Music Festival. howtwer the main focus of the charity remains thè awarding of grants to a number of instrtutions in the furtherance of its tharttable objertive5. 2023 Dlrect Charitsble Grant funded Actfvlties Supwt costs Total Medical The Arts and Culture Education and Welfarè Heritage and Conservation in India Healthy AgeinB International Humanitarian Affai 67.5 689,1 1.268,037 18.868 95,909 189,255 10.502 11.617 10,502 86.368 811,313 1,457,292 10,502 20,617 10,502 26.304 Governance cost5 Adjustment for discount of grant reditor 49,377 49,377 113,1231 113,1231 75.681 2.020.514 336,653 2,432,848 2022 Dlrert Charftable ArtNities Grant funded artivity Support Costs Totrl Medical The Arts and Culture Education and Weware Heritage and ConseNation in India Healthy Ageing International Humanitarian Affairs 4.183.612 448,889 1,999.664 146,513 24,347 142,257 9.663 24.3 9,990 4,330.125 S17,881 2,141.921 9.663 471,782 19,990 44,645 447.482 iO,(KJO Governance costs Adjustment for discount of grant Creditor 53.501 53,501 26,584 26y4 98,146 7,116,231 357,070 7,571,447 19 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENT51Continued) FOR THE YEAR EfrJDED 31 MARCH 2023 CHARITABLE EXPENDITURE I￿￿ntInUed) The split of supw)rt C05t5 and 8overnance costs is show in the table below.. Support Costs Governance Costs 2023 2022 2023 2022 Staff costs Depreciation Bank charges Travel Legal fees Office rental and ass¢xiated costs Consultancy fees A£countancy/Professional feès Office expenses Sundry Exchange gain Audit fees 231.592 5.595 1,117 3.961 9,221 32.035 21.594 11.622 18.(J)7 1.909 218.117 5.877 1.914 9,030 3.812 29.117 70.251 36.148 34,079 2.004 2.729 4.186 6,740 17.829 1.123 8,496 8,496 336,653 357.070 49,377 53.501 Basis of allocation.. Salaries. consvttancyfees. marketin& project materials and exchan8e rate garbs and losses are Ilocated to the charitable activity to which they relate. thher SLtpport costs attributable to charitable activities ale apportioned pro-rata to the value of grants awarded pre-discount value180%1. and eovally across the main giant making Categories for which support actiwties have occurred during theyear. to reflect the ongoin8SUPPOrt of existif￿ 8rants120%1. ANALYSIS OF GRANTS Grants to Insllt4rt1Ms: 2023 2022 Thè Arts and Culture International National Trusts Or8ani5ation Royal Opera House, London (Paul Hamlyn Christmas Treat) Associacao Festival da Musica. Setubal. Portugal LSO PanLrfnik Future5 concert The National Portrait Gallery New Diorama Theatre V&A Museum University of Oxford ARCHIOX Project Royal Botanical Gardens. Kew Grants of £3,(￿ or less 399,500 150,000 78,5CQ ioo,c(Jo 76.664 4.71)) 4,500 220,000 4,325 3,400 20 THE HELEN HAMLYN TRUST NOTE5 TO THE FINANCIAL STATEMENTS Icontlnwl) FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF GRANTS {contlnuedl Educatlon & Welfare Chartered College of Teaching Science Mu5eum- Early yeaTS lèarning The Hden Hamlyn Centre for Design at the RCA Gar5ington Opera- Learning and Partiopation ani Foundation- Venice Cultural Heritage Centre, UCL Institute of Education- Centre P.H.O.E.B.E. En81ish National Opera Arts at the Old Fire Station Animal Antiks Youth On The Move ILondonl The Royal College of Art-to support HHCD un￿er$Ity of Oxford Bodleian knbraries Pegasus Theatre Trust MIND- Empowerin8 Young People RAW Workshop Parenting Mental Health Oxford5hire Youth Living Paintings Darbar Art5 Culture Heritage Trust Autism Bedfordshire Grants of £3,000 or less 190.091 312,403 250,OCX) 225,OCX) 177,CKX) 72.168 9.842 250.00) 177.Cll) 7,OCM) 6.250 3,5(KJ 1,000.000 466.977 30.IX(J 22,345 10,000 7,500 5,000 5,000 5,000 4,000 7.000 9,625 Heahh The Spit2 Charitable Trust University of Oxford- Oxford Institute of Population A8ein8 Dyscover Limited Grants of £3.000 or less 5,0 439,482 5.000 3,0 International Humanitarian Affairs DEC Ukraine Appeal 10,000 Herlts and cOnser￿tIon In India Me l year released Discount for grants payable 2023 > l year 8.416 35.000 121,5391 18,4161 2.020.514 2,383.380 THE HELEN HAMLYN TRUST NOTESTO THE FINANCIAL STATEME14TS IContlNedl FOR THE YEAR ENOED 31 ￿RCH 2023 EMPLOYEE INFORWITION 2023 2022 Staff costs Wa8es and salaries Wages and salaries- donated Social security costs Social securty costs- donated Pension costs Pen5ton costs- donated 197.081 27,974 24,740 3.573 13.845 527 187,212 26.000 22.225 3,103 13,131 525 267.740 252.196 The average monthly number of persons employed by the Trust during the year was 2.512022.. 2.51. The above figures also include the value of staff time donated by Lady Hamlyn. the average monthly number of persons durin8 ihe year bein8 0.412022 0.41. These persons provide support services to charitable actNib"es and in ￿spect of gcwernance (see Note 61. The number of employees whose salary and benefrts in kind fell within the following scales is as follow5: 2023 Numbèr 2022 Number £60,CMJO- £70,OC(I £70.001 - £80.000 £80.001- £90,000 £90.001- £IIXJ,O(M) No Trustee ￿CeIved any remuneration from the Trust during the period. The group empl￿5 two key management personnel.. the Director of Projects and Co-ordination. and the Direttor of Finance and Administration. Thè employee benefit5 (salary and pension contributions) otthe key management personnel of the charity after recharges sho*m ab￿e were £183.80412022". £174,3251. THE HELEN HAMLYN TRLIST NOTESTO THE FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 MARCH 2023 NET INCOMVIEXPENDITURE) 2023 2022 Net incoming resources 15 Stated after chargin8= Dep￿CiatIon Profit on exchange Auditor's remuneration- Audit fees Auditor's remuneration- Other services 5.595 5,877 8,496 8,496 io. TAXATION The Trsjst is a registered charity, and as such is entitled to ￿rtain tax exemptions on income and profits from investments, and surpluses on any trading attivitie5 carried on in furtherance of the Trust's primary objectlves, if these profits and surpluses are applied Sole￿ for charitable purposes. The Trust Is not registered for VAT and according￿ all of its èxpenditure is recorded inclusive of ary VAT incurred. ii. TANGIBLE FIXED ASSETS 2023 Other Equlpment Computer Equlprnent Webslte Total VALUATIONICOST At l April 2022 Additions Disposals 32.995 7,730 19,240 59.965 At 31 March 2023 32,995 7.730 19.240 59,965 DEPRECIATION At l April 2022 Disposals Charge for year 32,246 6.219 14.430 52,895 375 410 4,810 5,595 At 31 March 2023 32.621 6,629 19.240 58,490 NET BOOK VALUE At 31 March 2023 374 i.ioi 1,475 At 31 March 2022 749 1,511 4,810 7,070 23 THE HELEN HAMLYN TRusr NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THEYEARENDED31 MARCH 2023 ii. TANGIBLE FIXED ASSEfs {Contlnued) Other Equlpment Computer Website Equipment Total 2022 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 Disposals 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 BOOK VALUE At 31 March 2022 749 1.511 4,810 7.070 At 31 March 2021 1.124 565 9.620 11.309 12. Herila8e A55et5 In year ended 31 March 2021 the Trust purchased Ihe Bernard Nevill Collectioii of 13bric sanii)ks. sketches and ￿ference materials by ihis imwrtani labrii ￿l8￿er for £1 o,onn. nurin8 ihe previous year and partly in thi5 financial year rhe Collection was pTo(essionally reviewed and Ordered by ali archivist to bring il into a slote suiiable for charitable use. The ¢0sts ol this work were £8,452 and these have been included within the total value of the Collection which is £18,4.52 as at .31 Marih 2023 12D22: £16.3001. Professor Bernard Nevill studied and taught ai ￿ Martin's College ol Art and the Royal College of Art in Lon&)n. In 1960 he be(an￿ consultant (ksigner (or Li￿rtY & Co. and he revitalised their traditional prinls. en5urin8 that t￿Y beCaff￿ a majoi influence on international (ashion. In particular, his Islamic prinis introduced Eastern de518n to fashion, and other Art Deco-inspired range5 led to a revival ol interest in the Art-Deco ￿riOd. He a150 achieved g￿al success ￿Signing furnishing13brics and designs for the iheatre. ?4 THE HELEN HAMLYN TRUST NOTE5 TO THE Fif44NCIAi STATEMEpifs Icontlnued FOR THE YEAR ENDED 31 fvIARCH 2023 2023. L￿ed InN*stments 2022- L15ted Investments 13. FIXED ASSET INVEsfMENTS Valuation At l April 2022 Additions Gift DisposaL% Unrealised revaluation Ilossesll8alnS 7.266.532 459,195 7.268.687 172,950 1580,4611 1553.3511 1330.4411 155,336 Net Book Value at 31 March 2023 6.591.915 7,266.532 Net Botsk Value at 31 March 2022 7.266.532 7,268,687 2023 X122 Historical cost 6.311.914 6,475,343 All investments are held in the UK, managed ￿ Aberdeen Standard Capital and are primarity to provide an irwestrnent retum for the charity. Investments at market value compromised.. 2023 2022 SLW multi asset incthne fund SLW non-govt bond funds UK fixed interest government bonds Non-Éovt and VK corporate bond5 UK Corporate bond funds quidity Funds 3.769.(￿3 626,992 193,829 66.590 431.556 915,0th) 4.IX)9,109 721,759 477,878 142.056 510,217 919,500 Cash 588,944 486,013 6,591,915 7,266,532 As at 19, June 2023 the net book value of the Tntst's portfolio stood * £6.566,080. 25 THE HELEN HAMLYN TRUST NOTÉS TO THE FINANCIAL sfATEMENTS Icontlnued) FOR TrIE YEAR ENDED 31 WRCH 2023 14. DEBTOAS 2023 Z022 Amounts lalllng due withln one v Trade debto Prepawnents 3.972 5.052 4,715 9,024 8.224 15. CREDtWORS: Amounts fallw¥due withSn on¢ year 2023 Z022 Trade creditois Holiday pay accrual 2,763 2,814 48.259 3.521 Grants payatde Accruals Other creditor5 Other tax and $0(ial security 1.503.821 31.214 I.101,IYJ7 36,843 7,810 7,171 1.548.422 1.196,891 16. CREDifoRS: AM9￿ fall•ng due after more than one year 2023 2022 Grants payable 683,383 904.767 Movement In 8rant commitm•nts Brought forwar(I Released in year Ad(Kitional commitmènts Oiscount Adjustment for grants payable > I year 2.(M)5,864 11.839.1741 2,033,637 113.1231 2.791.467 17.901.834) 7.089,647 26.584 Carried forward 2.187,204 2,LX)5,864 26 THE HELEN HAMLYN TRUST NOTES TO THE FIWINCIAL STATEMENTS Icorfinued) FOR THEYEAR ENDE031 MARCH 2023 17. FUNDS 2023 Baiano at I Aprl 2022 kncome Expendlture Transfers between funds Investment Profitsl Ilossesl Balance at 31 Ma￿h 2023 CHARITY Capltal fund No. l expendable endowment 973.693 1250.(WI 723,693 Income funds Unresirirtedfunds General reserve 4.953.922 2.252.292 12,459.181} 250,CD) 1553,3511 4,443,682 Restricredfund5 Setubal Children's Instrument5 5,458 5,458 5,933,073 2,252.292 12,459,18111 1553.3511 5,172,833 FUNDS 2022 Balance at I Aprll 2021 IrKome Expenditu Transfers In¥*stment Balance at Profits1 31 Mar¢h (losses) 2022 funds CHARITY Capital fund No. l expendable endowment 1.223.693 1250,CKJOI 973,693 Income funds Unrestrictedfvnds General reserve 4,752,(r38 7,398,576 17,602,088) 250,CD) 155,336 4,953,922 Restrictedfunds Setubal Children's Instruments 5.458 5,458 5.981.249 7.398,576 17,602,088) 155,336 5,933,073 27 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAI STATEMENT5 (Continued) FOR THE YEAR ENDED 31 MARCH 2023 17. FUNDS (contlnued) FUNDS ANALYSIS 2023 UnrestTiCted funds Re5trkted Expendable fthds endowmènt funds Total Tangible fixed assets Heritage asset5 Investment5 Current a55ets L￿a￿￿'tIeS 1.475 18.452 5.868.222 787.338 12.231.805) 1.475 18.452 6.591,915 792,796 12.231,8051 723.693 5.458 Total lurbd5 4,443,682 5,458 723,693 5,172.833 FUNDS ANALYSIS 2022 Unrnstrlrted funds Restrirted funds Expendable endowment funds Total 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 12,101.6581 973.693 5.458 Total fund5 4,953,922 5,458 973.693 5,933,073 The Trust has one Expendable Endowment Fund..- The No.1 Expendable Endowment Fund of £0.724m ￿preSentS the balance of the donation5 of investment5 and cash fiom Lady Hamlyn to the Trust made in the years ended frcffi) 31 March 2LXM to 31 March 2023. Thè Trustees have discretion to expend some or all of the capital of the Expendable Endowment Fund in circurystances %thich they consider would Just￿ it. having regard to the need to maintain an appropriate balance between the interests of present and future beneficiaries. In 2013 the Trustees agreed th￿ £0.25m of the Fund should be transferred to Unre5tritted funds to meet the grant of £0.25m for The Helen Hamlyn Centre for Design. Royal College of Art. London. The Trustees agreed that any future grants to The Helen Hamlyn Centre for Oesign should be met with transfeis from the No.1 Expendable Endowfflent Fund to Unrestricted funds with the exteption of the £1 million grant awarded in the year ended 31 March 2022 and described in the Trustee5' Report 2022. Restritted funds 5eiubal Children's Instruments - In 2015 Lady Hamlyn indicated that rather than receNe gifts from those attendin8 her birthday party she would prefer for them to consider Maki￿ a donation towards providing musical instruments for the children of Setubal, Portugal. This restrirted fund rewesents the balance of those donations which will be used over time to replace musical in51ruments used by the children of 5etubal. 28 THE HELEII HAMLYN TRUSI NOTES TO THE FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 MARCH 2023 18. CONThNGENT LIABIUTIES In certaTn clrcumstances the Tnjstees award grants where each instalment is conditional upon the beneficiary meetin8 certain requirements. At each point thè award is reconSide￿d and the Trustee5 confirm that suffiaent pro8ress has been made in relation to meetinBthe requirementlpreconditborts.Accordin8ly a constructive obligation does not exSst untll such confirmation is given. 2023 Balance as at I April 2022 Contlngent liability ¢￿ated In Conftrn*d Oalance of stalments contingent In the ¥ear Ilabllity as * 31 March 2023 Cini Foundation Royal College of Art Ilnstitute of Education) Royal Opera House Chartered College of Teachin8 177, 177.OCQ 250,OCA) 72,168 150,DC 190.091 2.500.C 2.250,C() 859,867 3W.C(JO 190.091 932,035 450.CQJ 380.182 1.109,035 3.330.182 839,259 3,599,958 19. TIIANSAcfioNS WITh TRUSTEES In 2023 Lady Hamlyn donated the space occupied by the Helen Hamtyn Trust at 129 Old Church Street. The value of this donation in kind was calculated at £12.24012022.' £12.2401 and recognised in the financial statements. Travel costs and other expenses incurred ￿ Trustees in the year totalling £1.764 We￿ paid ¢)n their behaw or ￿-1MbUr5ed 12022.. £7,0681, of which £0 was in crethtors at year-ènd12022.. £0) RELATED PAKfYTRANSAclloNS Luty O'Rorke (Director of Prolects and &>ordinationl, thè daughter of one of the Dirertors, was paid a salary lincluding benefits) of £84.01]O during the year12022.. £79,668). This amount was ¢onsistent wtth the role for which she was employed. Lady Hamlyn's Fersonal assistant was engaged in Trust matters and a proportional amount of her salary wa5 ￿cOgnised as donation in kind. The amount recognised as a donation in knnd during thi5 period tota15 £32,07512022: £29,6281 and is Included within employee costs in Note 8 to the accounts. The Trust char8es Lady Hamlyn for the use of mobile phones by Lady Hamlyn and her personal a5SiStant. The amount charged to Laty Hamlyn for the abcNe Items durlng the year was £3.294 of which £0 was in debtors at the year*nd12022.. E2.7701. Durin8 thè year Brendan Cahill was repaid £2,103 fortravel Costs. Lady Hamlyn wa5 re-imbursed £1.012 for travel costs incwred on behalf of Shoblta Punia. Margaret ￿R0rke,S partnerjames Crabbe was re4mbursed £483 for travel Costs he incurred on her beha￿. 29 THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED al MARCH 2023 RELATED PARTY TRANSACTIONS {U>ntin￿d1 Lord Darzi who is a Trustee of the Tfusl is a150 the Paul Harn￿n Chair of Sur8ery at Imperial Colle8e London, which is a role funded by the Helen Hamlyn Trust. and as described in these accounts Imperial College London is a15¢ in receipt of grant monies for the Hamlyn Centre of which he is Cctdirector. Imperial College is also in receipt of grant monies for other agreed projects. As is consistent with the Trust's conflicts policy he was not involved in the Trustees. decision regarding the variation to the 2008 a8reement as described elsewhere in these accounts. There were no other related party transactions in the year. 21. OPERATING LEASES On 12, June 2021 the Trvst entered into an operating lease to occupy an additional office for 8 years Iwith a break clause every 2 years which has not been exercised), with a rent T￿l*W after 4 yea￿. the totsl outstanding commitments under this lease agreement are £66.000 ￿er six years. 22. CAPITAL The Trust is a company limited by guarantee. Each member has undertaken to contribute £1 to the assets of the ¢ompany to meet its liabilities if called on to do $0. The total amount guaranteed by member5 3t 31 March 2023 is £1012022., £91. 23. POST BALANCE SHEET EVENT On 17th April representatives from the Trust met with Bodlevs Librarian to discuss the Èducation project which the Trust awarded a giant to f(Ind in the year ended 31 March 2022. At this meeting it was suggested that changes to be made to the grant and in May 2023 the Trust and the Bodleian Library Mutual￿ agreed that the final year of 8rant funding would not be paid. At the balance sheet date £329,822 of thi5 grant remained in creditors of which £168,282 related to the final year of the grant and this amount will be credited back in the Trusys financial statements for the year ended 31 March 2024. 30