THE HELEN HAMLYN TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Regislered Number. 4115082 Registered Charity Number: 1084839
THE HELEN HAMLYN TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Reference and administrative information Report of the Directors Independent auditors, report Statement of financial activities 12 Balance Sheet Cash flow statement 14 Note5 to the financial statements 15
THE HEIEN HAMLYN TRUST LEGAL AND ADMINISTRATIVE DETAILS Trustees and Directors Lady Hamlyn Dr Kate Gavron Dr Shobila Punja Ipassed away 28, June 20231 Brendan Cahill Margaret O'Rorke Dr Deborah Swallow Stephen Lewin Professor Dame Alison Peacock Professor the Lord Ara Darzi Baroness Rebuck Dr Sarah Thomas (appointed 21° September 20231 Director of Finance and Administration John Roche Director of Projects and Covordination Lucy O'Rorke egistered Office 66 Lincoln's Inn Fields London WC2A 3LH Principal Office The Helen Hamlyn Trust Unit l Drayton House Court Drayton St Lconard Oxford5hire OX10 7BG Auditors AZETS Regis House, 45 King William St, London EC4R 9AN Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Bankers National Westminstef Bank PIC St james and Piccadilly Branch PO Box 2DG 208 Piccadilly London W1A2DG Investment Managers LGT Wealth Management UK LLP 14 Cornhill London EC3V 3NR
THE HELEN HAMLYN TRUST DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Report of the Directors for the year ended 31 March 2024 The Trustees, who are also Directors of the company for the purpose of the Companic% Act, present their report and the audited financial statements for the year ended 31 March 2024 which are also prepared lo meet ihe requirements for a directors, report and accounts for Companies Act purposes. The information with respect to Trustees, Directors, Officers and Advisors Set out on page 1 forms part of this retx)rt. The financial statements comply with CUTrent statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom and the Statement of Recomniended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Finaricial Reporting Standard applicablo in the UK and Republic of Ireland IFRS 1021 leffective I january 20151, the Charities Act 2011 and the Companies Act 2006. Structure, Governance and Management Siructure The Trust 15 a charitable company limited by gu3rantee, incorporated on 27 November 2000 Ir.ompany registration number 41150821 and ro815tcred with the Charity Commissioners as a charity on 31 January 2001 (charity registration number 10848391. The Trust'5 governing document is the Memorandum and Articles of Association dated 15 November 2000. Governanc.e The Directors meet formally at least twice a year and informally throu8houl the year including by elpctronic means. The existing Director5 select members of the Board. At each AGM, one third of the Directors retire by rotation and are permitted to submit themselves lor immediate re-election. The process for the induction of new Truslee.s comprises an initial meeting with the Chair lo explain the history and strategic direction of the Trust. New Trustees are a150 providL,d with a crJpy of the Memorandum and Article5 of A55f)Liation of the Company, the latest Annual Report and Accounts, the Bud8Qt, in(ormation on the various Commiltees and copies of the most recent Board papers. TrusteL* are encouraged to attend relevant Truslee training events organisLsd by rL'PUtable ihird-party provider5. The Trustees agree the broad strategy and aieas of activity for the Trust, including consideration of grant makin& investmer5t, reservos, risk manage.ment and performance. All Trustees work on a voluntary basis and no remuneration was paid in the year. Details of Trustees, expenses and related party transaction5 afe disc105ed in Notes 19 and 20 to the Accounts. Trustees are required to disclose all relevant interests and register them annually with the Director of Finance and Administration and in accordance with the Trust's policy withdraw from decisions where a conllict of interest aiises. Management The Truslees have delegated certain responsibilities lo two Committees in accordance wilh the Trust's governing document. The Finance and Governance Committee consisting ol four Trustees has the authority to authorise unbudgeted expenditure of up to £100,000 in any one financial year. Additionally, the Committee reviews the financial and governance arrangements for the Trust and advises the Board accordingly on matters including financial management, human resources, staff remuneration, risk management and the financial audit. The Committee is responsible (or reporting to the Trustees on investment matters and directing the investment manager as appropriale.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 The Small Grants Committee consisting of the Chair of Trustees, the Director of Finance and Administration and the Director of Projects and Co-ordination, is responsible for considering and approvin& if appropriate, grant applications for amounts of up to £1 0,000 per project and up to a value of £1 00,000 in any one year based on the research and recotntnendations made by the Director of Finance and Administration and the Diieclor of Projects and Co-ordination and the grant making policies settled by the Trustee5. Occasionally Small grants are awarded to oveiseas charities and these are further approved by the Trustees. Day to day financial tnana8ement, risk management and governance issues are the responsibility of the Director of Finance and Administration. Pay w)licy for key management personnel All Trustees who are also Dircctor5 Of the charity give of their lime freely and no director received remuneration in the year. The pay of key managemcnt personncl and others is reviewed annually and normally increased in line with the increase in the Consumer Price Index each year and approved by the Finance and Govcrnance Committee. In setting pay scales lor roles the Trustees benchmark against pay levels in other similar grant making trusts. Risk management The Trustees have identified and reviewed the major strategiL, OPL'iational and financial risks to which the Trust IS exposed. The Trustee5 are also satisfied that the procedures, policies and systo.ms which are in place for risk management generally are reviewed regularly and mitigate exposure to these risks. This work has idL'ntified the major risks as,. the inappropriate or ineffectivc Use of grant monies,. and an inappropriate investment policy. To ensure thal 8rant mnnios are. spent appropriately and effeclively the Trust carefully reviews and runs chocks on grants before award and ha5 an ongoing 5yStem of monitoring and review which includes receiving progre55 fL'Pnrts (including financial accounting) cind visits to projects. In ordei to mitigatc thL' risks associated with an inappropriate investment policy, the policy is kept under constant review as arc, inve51ment rc'port5 from the investment managers. The Finance and GovernancL' Committee moels periodically with the investment managers to discuss the current investment pol ic.y and consider its appropriatenL'S5. Thc Cnmmittee make5 recomtnendations lo the Trustees following that mooting. The Committee reviews the investment management reports at least Iwice a year. Objectives and Activities for the public benefit The primary objects of the Trust, as stated in its governing document, are the goneral purposes of such charitable bodies or lor 5ULh charitable purposes as ihe Directors shall think fit in England and Wales or elsewherc. The Trustees together determine which projects to fund bL'ing mindful of, but unfettered by, the Trust's focus on the initiation by Lady Hamlyn of medium and long-term projects, funded by way grants, solely or with partners, linked to the shared interests of Lady Hamlyn atTrd her late husband, Lord Hamlyn. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting 8rant making policy for the year.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT Icontinued) FOR THE YEAR ENDED 31 MARCH 2024 Grant making Policy The Trust has wide powers lo make grants. Recommendations for projecls are brought forward to the Trustees and these recommendations are subject lo approval by the Board. The current strategy for grant making is concentrated on the lollowing areas of activity: Medical, the Arts and Culture, Education and Welfare, Heritage and Conservation in India, Inlernational Humanitarian Affairs and Healthy Ageing. Additionally, small grants of up to £1 0,000 are made to a wide variety of small local and regional charities where a grant of this size can make a significant difference. All small grants 5UPPOrt the Trust's charitable objectives. The Trust's core aim 15 to initiate and support innovative medium to long term project5, which will erfect lasting change and improve quality of life lor the benefit of the publ ic or sections of the public. Individual projects aim to: support innovation in the medical arena. increase acce55 to the arts and support the professional development of artists from the field5 of music and the performing arts. increase interculiural undersLindin& provide opportunities for young people to develop new interests and practical skills which will contribute to their education and their future livcs and to create opportunities for youn8 offenders to aLquirc practical skills which will support thL'IT personal development for their future lives. conservL. horitage in India for public access and cultural activities. support examples of good Practice in the humanitarian sector. provide practical support to enable the elderly to mainLiin their independence for as long as possible. The principal objective lor the year was to support existing projects and develop new projects in line with the Trust's objectives. Example5 of how ihe objectives lui thL' year were achieved are summarisLd as follows.. LSO Endowment Trust- Endowment for Young Composers Scheme IndowmL'nt £2,500,000 The Trust has agreed a £2,500,000 endowment to sustain and develop the legacy of the LSO Panufnik Cotnposers Scheme. SincL' its inception in 2006 this programme has offered over l 00 early-career c()Tnposers vital opportunities, mentoring and supporting them while on the programme and a5 they build their professional experience by writing for a world-class symphony orchestra. ThL, Scheme has a firmly established international reputation as thL' most prestl8lOUS development programme for early-career coniposers, and feeds directly into the LSO'S artistic strategy, with recent major commissions awarded to ParTrufnik alumni Donghoon Shin, Eloise Gynn, Ayanna Witter-johnson, Cassie Kinoshi and Daniel Kidane. The endowmenl will allow the Scheme to grow and develop, ensuring that it5 le8ary continues and that it remains an incubator for innovation in Loniemporary orchestral music, providin8 Opportunities for Lomp05ers from all walks of life and with a diverse range of stylistic and cultural backgrounds. The Royal Opera House, Covent Garden, london Paul Hamlyn Christmas Treat - The Nutcracker £150,000 over l year Following the success of previous programmes that the Trust has run in partnership with the Royal Opera House, the TrLtst agreed lo fund a Christmas performance for families of The Nutcracker with additional activities, in memory o Paul Hamlyn. The aim of the Trust's support for this performance was to enable those who have not previously experienced a performance al the Royal Opera House to do so. This grant is part of a condilional 3-year grant awarded in 2023. The remait5ing balance on this grant of £150,000 is a contingent liability as described in Note 18 to the financial statements.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 British Library - Helen Hamlyn Legacy Project The Helen Hamlyn Trust Young People's Programme £297,479 over 18 months As part of a phased approach to the Helen Hamlyn Trust Legacy Project, the British Library will create an 18-monih pilot programme. Working with a group of 20 young people, they will support them to explore their collections, learn from curators, and connect with international experts to create two themed strands of disilal conlenl, designed by young people and for young people. These films will be shared on social media to a global audience, showcasing colloction items and inspiring young people around the world to explore the BL collections further. Alongside the films, a programme of cultural events - onsite and online - will engage even more young people. Driven by the ideas and voices of young people, the programme will be coordinated and delivered by an expert team at the British Library. University Of Oxford _ Oxford Institute of Population Ageing EPIC Networks £505,812 over 2 years The Elderly People's Integrated Care System IEPICSI was initiated by the Helen Hamlyn Foundation (The forerunner of the Helen Hamlyn Trust) in the 19805. Through a previous grant from the Trust, the Oxford Institute of Population Ageing have built upon the legacy of EPICS to develop the model in light of current approaches to healthy ageing, which emphasizc the importance ol susta ined community connections. The previous grant has facilitated a shift towards EPIC Networks and this grant will support tho roll out of EPIC Networks iri Oxfordshire and then nalionally. The Helen Hamlyn Centre for Design at the Royal College of Art Core funding £250,000 over l year This grant fepresentS a Lontinuation of the Trust 5 on-goin8 SLlPPQrt for the Hplcn l-lamlyn Centre for Design IHHCDI and is part of a conditional l O-year grant nf £2..5 milli()n awarded the year ended 31 March 2023. The remaining balance on this 8rant 01 £2,000,000 is a contingeni liability as described in Ne 18 to the financial statements. Core funding Irom the Helen Hamlyn Trust has to date enabled HHCD to develop an internatiollal reputatiori and a distinctive real world research profile based on extensivL industrial Lollaboidtion in the areas of design for agein& healthcare and access to the Workplace and built LnvironmL'nt. This on-going support will help build HHCD's ktsowledgc and impact in two key areas in the next phase of their development. First, it intends to dL'epen the Lixpertise of its threL) risLarch labs.. A8e & Ability, Health & Patient safety and Work & City. Second, il intends to L'nhanLe foul important knowledge exchange mechanisms within the RC4 community= businessp govornment, design practice and design research. The Chartered College of Teaching Rethinking curriculum: Designing for the future £190,091 over l year Rethinking Curriculum is a long-term curriculum development project that is focussed on building knowledge and skills within the English primary sector. It has grown out o( the Trust's Open Futures initiative, which ran from 2003- 2017 with SLhoo15 acros5 England atbd became a powerful pedagogical framewurk lor learning and teaching in Primary SLht)01s. Rethinking Curriculum aims to Support and equip leachers atFd schi)ol leadcr5 Wlth the knowledge and skills to identify, plan and implement curriculum developmenl work in a su5taiDable, context-specific and impactful approach. Thi5 will mean ihat all pupils will have access to an expansive, inspirin8 curriculum thal connects them with local communities and enables them to lead healthy, fulfilled lives. CCT will study all the Open Futures resources identifying the key principlos. The findings will be used lo begin a proces5 of expert Co-design to develop resources and prolessional development opportunities. Working with 5 partner pilot schools to develop their curriculum over the next year, they will access expert support for the areas each school requires and engage in a co-design process lo develop resources and professional development opportunities. The pilot year will be evaluated and this will inform further resources for all primary schools to access in their own curriculum journey. The grant forms the second part of a 2-year conditional grant of £380,182 awarded in the year ended 31 March 2023. The balance on this grant of £190,091 at 31 March 2023 was a contingent liability as described in Note 18 to the financial slatements.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT Icontinued) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance The Trust continues to monitor the performance of a range of existing medium and long-term projects across the spectrum ol Ihe Trust's grant making activitie5. All the projects undertaken by the Trust are considered lo meet the requirement for public benefit. However, in certain cases, such as the funding of medical research programmes, it is not possible at this stage to quaniily the number of potential beneficiaries. All beneficiaries of grants provided by the Trust are required to Submit at least one report in a standard lormat annually to allow the Trustees to assess progress and measure results. Financial Review Income generation The Trust was awarded a grant of £2,000,00012023-. £2,000,000) by the Paul Hamlyn Foundation in respect of the year to 31 March 2024. The Trustee5 are confident of receiving further funding from the Paul Hamlyn Foundation in future years. During the year Lady Hamlyn made a donation to the Trust of £2,950,659 to enable ihe Trust to award Ihe £2.5 million ondowment to the LSO EndowmL'nt Trust and to make a grant to Fordham University for the Helen Hamlyn Humanitarian Fellow. It is anticipated that Lady Hamlyn will mako further donations to ftjrther enable the Trust to award further strategic grants which it would otherwise nnt have the resources to provide. Fundraising The Trust doe5 not fundraise from the public and does not use the services ol a lundrai5er or similar. The Trust receives donations from the Paul Hamlyn Foundation, which are not the result of active fundraising. It is not anlicipated that thi5 Sltuation will change, however should the Trust ever choose to actively fundraise it would comply with all statutory quirementS and the best fundraising practices in force at that time. Financial risk management The following statements 5ummari5e. the charity's pol icy in managing identifiL.d forms of fin¢incial risk= Price risk The chdrity nL'goliate5 8rants awarded to finance the charity'5 activitie5 and incorporates this information into ils business plans. Salary costs are Lommunicated to staff during the formal annual review of salaries. Prices of materials purchased are subject to contracts with supplic'rs, based on current market prices. Credit risk Credit risk on amuunls owed to the charity by third parties is low, as there arL' no 5i8nificant debtors. Liquidity risk The charity has no borrowings. Interest rate cash flow risk The charity is able to place surplus funds on short term deposit account with the Trust's bankers.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT {continuedl FOR THE YEAR ENDED 31 MARCH 2024 Investment Powers, Policy and Performance The Trust'5 governing document defines the Trustees, investment powers a5 unlimited. These powers have been delegated by the Trustees to the Finance and Governance Committee, which reviews performance ol the investment portfolio and the investment manager and considers any changes required to policy, reporting to the Trustees as appropriate. The Trustees have delegated discretionary management to a specialist portfolio manager under an investment agreement. The TrLtsl's investmenl strategy is described as a cautious strategy and has the primary investment objective of preserving purchasing power relative to the rate o( GBP inflation, while accepting a balanced level of risk in order to generate income. The portfolio structure is diversified and has also been designed to ensure that cash 15 available to meL* the Trust's current and future grant commitmonts. The composition of the investment portfolio excluding cash holdings is shown in Note 13 to the Account5. 2023 wa5 a difficult investment environment for cautious portfoliD5 such 35 the one held by the Trust and as a result the Trust incurred revalvation10sses alihou8h these were not of a magnitude which would significantly affect the Trust's grant making. Early 2024 saw a recovery in the Trust's investment environment resulting a modest revaluation within the year. It is further hoped that ihe investment environment will improve throughout 202412025. Reserves Policy As a 8eneral policy grants are currently accoLJnted for in ful l in the year in which they ale awarded, albeit payme.nts in some circumstance are spread over 3 number yoars. The exceptions to this general policy are described in Note 18 Contingent Liabilities - in the note5 to the Accounts. The Trust has accumulated unspent income sufficient to fund its CX15ting comtnitments and its contingent liabilities should the. conditions attached to those grants be met. The Trustees als() have the discretion to disburse some or all of its Expendahlc Endowtnent. Having regard to thi5 thc. TrustL'CS have re-examined the requirement to maintain free rL5efves and concluded that the level currently maintained is appropriate lo ensure. that the Trust, in thc event of a significant reduction in the level of its income, would be able to conlinue its activitlL'5 whilst the Trustees consider how the income would bL' replaced or activities changed. The Trustees have determined that in future years the minimum level of reSL'rve5 Should not be less than £2 million. This policy is being kept unde.r review in light of future income expeclations and planned ch3ritablc L'xpenditurc. The current Icvel ol free reserves is £.3,874,245 12023= £5,167,375). Total reserves being £3,879,704 1202.3= £5,172,833), rcstricted reserves were £5,45812023: £5,4581. In order to support the Trust and to enable it to make commilmerkt5 to longL'I term projects, there is a Deed of Guarantee dated 23 March 2006 from Lady Hamlyn I'the Guarantor'l in favour of the Trust which is held io nieet any claim made against the Trust lor the paymont of any grant that the Trust has undertaken to pay, il and to the exte.nt that the_ Trust has insufficient reserves to meet such a claim. The amount of the Guarantor's liability is limited to £5,000,000. The Trust has an Expendable Endowment Fund as described in the Noie 17 to the Financial Statements. Plans for the Future Thi. key focus over the next year will be on supporting existing projects and developing new opportunities relating lo existin8 projects with a view to ensure that as far as possible the levels of charitable bL'nefit created are maintained. The Trustees will continue to monitor the situation externally and adapt the Trust's strategy appropriately. It is anticipated Ihat the Trust's existing projects, and new opportunities re131ing to existing projects, will lully uli lise the Trust's income for the next three years. No change in grant making policy is envisaged at psent. During the year the Trustee5 held a meeting to discuss the Trust's long-term slrate8y and the legacy of ihe Trust. The Trustees made the decision that the Trust would continue for a limited number of years following Lady Hamlyn's passin8. Over the coming years the legacy strategy for the Trust will be further developed, focusing on the Trust's core areas of interest in order to ensure that Trust is well positioned to leave a legacy of lasting charitable benefit.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees, who are also directors of the charitable company, are responsible for preparin8 their report and the rinancial statements in accordance with applicable law and regulations. Company law requires the Iruslees to prepare financial statements for each financial year. Under that law the trustees have elected to propare the (inancial statemcnt5 in accordance with United Kingdom Generally Accepted Accounling Pr3CticÉ, (United Kingdom Accounting Standards and appl icable lawl. The linancial 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 or that period. In preparing these financial statements ihe Irustees are required to: Select suitable accounting policies and apply them consislenily Observe methods and principles in the Charities SORP Make judgement5 and estimate5 that are reasonable and prudent State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unle55 it Is inappropriate to assume that the charitable company will continue in operation The trustees are a150 responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the. financial posilion ol the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardin8 the asse.ts of the charitable company and hence (or taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT OF DISCLOSURE TOTHE AUDITOR So far as the Board of Trustees are aware: al Ihere is no relevant audit information of which the Chality's auditors are unaware- and bl they have taken all steps that thL'y ought to have taken as Trustees and in order to make themselves aware of any relLvant audit information and to establish thal the Charity's auditors are aware of that information. Auditors A re501ution propusing the reappointment of Azets will be put to the Trustees. By order of the board Lady Hamlyn Director 3.J 2024
INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST Opinion We have audited the financial statements ofThe Helen Hamlyn Trust Ithe 'charitsble company'l for the year ended 31 March 2024 which comprise the Statement ol Financial Activities, Balance Sheet, Sialement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irelarjd (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and appl ication of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been piepared in accordance with the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI 11SAs IUKII and applicable law. Our rL'Sponsibilitie5 undor those standards are lurther described in the auditor responsibilities for the audit of the financial 51ale.ments section of our report. We are independent of the charitable company in accordance with the ethical requireincnts that are. relevant to our audit ol the linancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with thLI5e requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statemcnts, we havc concludcd that ihe trustees, use of the going concern basis of accounting in the preparation of the financial 5tatemLints 15 appropriate. Based on the work we have performed, we have not identilied any material uncertainties relating to events or condilions that, individually or colloctively, may cast significant doubt on the charitable cnmpany's ability to continue as a going concern for a peri()d of at least twelve months fTom when the linancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in thL. trustees, annual report, oiher than the financial statements and our auditor's report thereon. The trustees are responsible for the othL'r information. Our opinion on the fitiancial Statements does not cover the other information and, except to the extent othenvise explicitly stated in our rL'port, we do not exprL'55 any form of assurance Lonclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other irlformation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or oiherwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statL'ments thL'msL.IvL'S. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that act. We have nothing to report in this regard.
INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST (Continued) Opinion5 on other matter5 prescribed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, reF)orl, which includes Ihe directors, report prepared for the purposcs of company law, for the financial year for which the financial slatements are prepared is consistent with the financial statements- and the directors, report included within the trustee5' report has been prepared iri accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and underslanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report includod within the truslee5' report. We have nothin8 to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion= adwuate accounting records have not been kept, or returns adequate for our audit have not been received froni branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,- or certain disclosures of trustees, remuneration specified by Saw are not made,. or we have not received all the information and explanation5 we require for our audil. Responsibilities of trustees A5 explained morc lully in tho trustees, rc5pDrFsibilities Statement set out on page 8, the trusteos Iwho are also the dirL'Ltors of the charitable LC)mpany for the purposLS ol Lompany lawl are fespc)nsible for thL' prc'paratiotk iho financi21 statL'mL'tits and for bL'ing satisfied that they give a true and fair view, and for such internal control as thL. trustees determinL' IS neLes5ary to enable the prLparation of linancial statements that are free from material misstatement, wheiher due to fraud or error. In preparing the financial statements, the trustees are responsible for cissessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls i)f accounting unle55 the trustec5 Qither intend to liquidatL thL' Lharitable company or to LeasLTr Dporations, f)r have no Icalistic alternatlVL. but to do so. Auditor responsibilities for the audrt of the financial statements Our objectives are to obtain reasonable assurance about wtheiher the financial slalements as a whole are free from 3terial mi55tatement, wheiht)r due lo fraud or oiror, and to issue an auditor's report that includes our opiniotk. Reasonable assurance is a high lovel of assuranco, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mis51atefnetSt5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infsuence the economic deci5ion5 of u5er5 taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outl ined above, to deteci material mi5Statements in respect of irregularities, including fraud. The extenl to which our proc¢Ylures are capable of detecting irregularities, including fraud is detailed below= Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We desi8n procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 10
INDEPENDENT AUDITORS, REPORT TO THE HEIEN HAMLYN TRUST Icontinuedl enquiry ol nianagemeni and those charged with govcrnance around actual and potential litigation and claim5 as well as actual, suspected and alleged fraud-, reviewing minutes of nieelings of those charged with governance,. asse55ing the extent ol compliance with the laws and regulations considered to have a direct material effecl on the financial stalement5 or the operati(Ins of the company through enquiry and inspection,. reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- perforrr>ing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rational of significant transactions outside the normal course of business and reviewing accounting estiTnates for indicators of potential bias. Because of the inherent limitations of an audit, Ihere is a risk that we wil I not detect all irregularities, including those leading to a mateiial misstatemenl in the financial stalements or non-compliance with regulation. This risk increases the morc that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to bccome aware of instances of non-compliance. The risk is also greater regarding irregularilies occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. further description our responsibilities is available on the FRC'S websile https=l/www.frc.(Irg.ukllibraiy/standards-codes-policylaudit-assurance-and-ethics/auditors-responsibilities-for-the- audit/. This description lorms part of our auditor's report. at.. Use of our report This report is ade 501ely to the charitable company'5 members, as a bodyi in accordance with Chapler 3 of F¥rt 16 of the Cnmpanies Act 2006. Our audit work has beon undertakL'n 50 that we might state to the charitable cotnpany'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 by law, we do not accept or assume responsibility lo anyone other than thc charitahle company and the LharitablL' cumwdny's ml'mbi'rs as d bodyi for our audit work, for this report, or for the opinions we have lormed. A.LT John Howard (Senior Statutory Auditor) For and behalf of Azots Audit SeFvices Statutory Auditor, Chartered Accountants 2. FI(r, Re8is House 45 King William Street London EC4R 9AN Date: o.f
THE HELEN HAMLYN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Expendable Restricted Endowment Unreslricted Fund5 Funds 2024 2023 INCOME AND ENDOWMENTS FROM Notes Donations and legacies Investments Other income 4,996,917 249,711 4,996,917 249,711 2,044,315 207,977 Total Income 5,246,628 5,246,628 2,252,292 EXPENDITURE ON Raising funds InvestmeTrt tnaniigement costs Charitable activities Granl making and other charitable activities 26,023 26,023 26,333 6,813,652 6,813,652 2,432,848 Total Expendilure 6,839,675 6,839,675 2,459,181 Net Ilossllgain on invcstmcnt5 13 299,918 299,918 1.553,-3511 Net expenditure Transfers beeTh funds 11,293,129) 250,0(X) 11,293,129) 1760,2401 1250,0(K)I Nel movement in funds 11,043,1291 1250,0001 11,293,129) 1760,2401 Reconciliation of funds Total funds brought loThvaTd 4,443,682 5,458 723,693 5,172,833 5,933,073 Tolal fund5 tarried foTward 3,4(X),553 5,458 473,69.3 3,879,704 5,172,833 All income and expenditure for the year defive from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pages 15 to 30 form part of these accounts. 12
THE HELEN HAMLYN TRUST Company Number: 4115082 BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible fixed assets Heritage Assets Investments 409 18,452 9,559,097 1,475 18,452 6,591,915 9,577,958 6,611,842 CURRENT ASSETS Debtors Cash at bank and in hand 10,045 822,993 9,024 783,772 833,038 792,796 CREDITORS: Amounts falling due wiihin one year 15,173,722) 17,548,422) NET CURRENT ASSETS 14,340,684) 1755,6261 TOTAL ASSEfs LESS CURRENT LIABILITIES 5,237,274 5,856,216 CREDITOR5: Amounts falling due afier mole than one year 11,357,5701 1683,3831 NET ASSETS 3,879,704 5,172,833 FUNDS Capilal Funds Expendable endowment funds 473,693 723,69.3 473,693 723,693 Income funds General unrestricted fund 3,400,553 4,443,682 3,400,553 4,443,682 Restricted funds 5,458 5,458 3,879,704 5,172,833 The notes on pages 15 to 30 form part these accounts. The financial statements were approved and authorised for issue by the Board of Trustees on J and were signed below on its behalf by: - Z-f. Lady Hamlyn Director Dr Kate Gavron Director 13
THE HELEN HAMLYN TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities 2,456,774 1279,9241 2,456,774 1279,9241 Cash flows from investing aclivities Dividends and inleresl 249,711 207,977 Purchase of investments 14,076,264> 1459,1951 Donation of investments 12,950,659) Proceeds from sale of investments 4,359,659 580,461 Purchase of property, plant and equipment Enhancement of heritage asset 12,1521 Net cash lused inl investing activities 39,221 47,167 Change in cash and cath equivalents in Ihe reporting peri(bd Cash and cash equivalents al the be8inning of the reporting period 783,772 736,605 Cash and cash equivalents al the end of the reporting period 822,99_3 783,772 2024 2023 NL.t movL'ment in funds IGain5llLosses on investments Depreciation charges Decrease]lincreasel in debtors Increa5e/ldecreasel in creditors Interest and dividends 11,293,1291 1299,9181 1,066 11,0211 4,299,487 1249,7111 1760,2401 553,351 5,595 18001 130,147 1207,9771 Net cash provided byllused in) operating activities 2,456,774 1279,9241 14
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Siatemisnl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicablo in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20151- (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Helen Hamlyn Tru meets the definition of a public benefit entity under FRSI 02. Assets and liabilitie5 are inilially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy notes. Going Concern The accounts have been prepared on the assumption that the Charity is able to carry on its activitie5 a5 3 goir5g concern. In as5e55ing the Charity's ability to continue as a going concern, the Trustees have considered the Charity's liquidity position and reviewed cash flow forecasts for the foresccablo future. Given the charitable company's level of free reserves available at the year end, the Trustees consider that the charitable company has adequate resources to continue in operational existenci, lor the loreseeable future. The Trustees are confident that the current level of donation from the Paul Hamlyn Foundation will be maintained in future years. Accordingly, Ihe financial statements have been prepared on a going concern basis. Donations and gifts Donations are credited to revenue on a receivable basis. Listed investments donated to thc Trust are accounted for at market value on ihe date of drjnation. Gifts IT> kind are valued at a reasonable e.stimate of their value to the Trust. Grants receivable Uncnnditional grants receivable are credited to the ststement of financial activities in full in the year in which they are receivable. Expenditure All expenditure is accounted for on an aLLrua15 ba515 and has bL'en Llassilied under headin£s that aggregate all costs rL.lated to each iateg()ry. Where C05ts cannot be directly attiibuled to particular headings, they have been allocatLd to activitics on a bas15 conslstent with use ol the resources. Grants payable Grants payable are recognised when a constructive obligation arises. For unconditional grants, a conslrurtive obligation 15 deemed to arise whL'n the grantec is informLd of the award of a grant. For conditional granls, a constructive obligatiun 15 deemed to arise only when the conditions have been met. A contingent liability (Note 181 is disclosed for these grants, which do not re.present liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or MO uncertain future events not wholly within the tTUStees' Lontrol. Granl Lommitments for awards with expected payments exceeding twelve months have beLTrn discounled using markd lates for cash matching the term of the liabilities and return on investments calculated to be 2.97010 p.a. 15
THE HELEN HAMLYN TRUST NOTESTOTHE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Allocation of overhead and support costs Overhead and support costs have been allocated first between charitable activity and governance. Consultancy fees and expenses, overhead and support costs relating to Charitable Activities have been apportioned based on the value of individual grant awards made in recognition of the administrative burden of awarding, monitoring and assessing grants. Consultancy fees and expenses have been allocated to the charitable activity to which the consultant's work related. The analysis of overhead and support costs 15 Shown in Note 6. Governance costs Governance costs include audil and accounting fees, board costs and other c0515 directly attribulable tr) the governance of the Trust. Fixed assets The cost of fixed assets is their purchase cost, together with any incidcntal costs of acquisition. Depreciation is calculated so as to write off the cost of tan8ible fixed assets over the expected useful economic life of the assets concerned. The principal annual rates used for this purposc are= ComputL'r equipment 25 % straight line basis Other equipment 25.10 straight line basis Website 25°/o Straight linL. basis Only those tangible fixed assets exceedin8 £1,000 value are capital ised, all assets under this value are expensed in the yL'ar of purchase. Fixed Assets - Heritage assets The Trust holds the 'Bernard Npvill Collcction,, which is a tangible fixed asset of hist(Irical and educBtii)n31 imprJrtance and 15 held to advance the educational objectives of ihe charity specially within the field o( design. This collection was purchascyl in the year ended 31 March 2021 and capilalised. The very Ion8 expected life of this heritage asset, due to its nature, value and need to be protected dnd preserved means that depCIatIOn is not material and is, thcrefore, not provided. Operating Leases C05t5 in respect ol operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. Oper8tin8 lea5e5 arL, described in Note 21 to the financial statements. Fixed asset investments Listed investments are stated at their market value at the year end. The realised and unrealised gains and losses arising on revaluations and disposals are included in the Statement of Financial Activities in the year in which they arise. Realised gains and losses All gains and losses are taken to the statement of financial activities as they afise. Reali5ed gains and 1055es on invL'stments are calculated as the di*terencc between sale proceeds and opLining market value Ipurchase date if later). Unrealised gains and losses are calculated as the difference between the mafket value at the year end and opening market value (purchase date if later). Theie were no realised gains and losses in the year. Investment Income Recognition Investment income is rccognised on an accruals basis where certainly ol receipt can be established at the year e.nd. Income arising on investments held in the No.1 Expendable Endowment Fund is allocated to the Unrestricted Fund. 16
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 MARCH 2024 Irrecoverable VAT Any irrecoverable VAT is charged to the statement of financial activities, or capilalised as part of the cost of the related asset, where appropriate. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historic31 experience and other factors, including expectalion5 of future events that are believed to be reasonable under the circumstances. There are no such critical accounlin8 eslimates and assumptions to report. Pensions The Trust is a member of the Pensions Trust Flexible Retirement plan, a defined contribution money purchase plan. The Trust contribute5 lo the personal pension plan5 06 staff. Contributions payable for the period are charged in the Statement of Financial Activitie5 on the accrua15 basis. Recognition of liabilities Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. Debtors Trade and other debtors are recognised al the settlement amDuni duc after any trade di5counl offered. Prepayments are valued at the amount prepaid net of any Irade discount5 due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments. Cred>tors and provisions Creditors and provisions are reci)gni5ed where thc charity has a prtsent obligation resulting from a past event that will probably result in the transfer of (unds to a third party and the amount due to settle the obligation can be measure.d or eslimaled re.liably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any Irade di5courit5 due. Employee benefits Short term benefits Short term benefits including holiday pay are recognised as an expense in thl PLriod in which the service is received. Employee termination benefits Termination benefits arL' accountLd for on an accrual basis and in line with FRS 102. Fund accounting Unrestricted funds are those funds which are available for use ai the discretion of the TrUStel in furtherance of the general objectives of the charity and which have not been desi8naled for othL'r purposos. De518nated funds are unrestricted funds that are available for use against specilic projects as identified by the Trustees in furtherance of the general objectives of the Trust. Restricted funds are those funds which must be used in accordance with the wishes of the donor. The Trust has an Expendable Endowment Fund as described in Note 17 to the accounts. Foreign Currencies Assets and liabilities in foreign currencies are translated at rates of @xchange ruling at the balance sheet date. Transactions iti foreign currencie5 undertaken during the year have been trans5ated al the average rate for the month in which the transaction occurred. Currency differences are written off in the Statement of Firiancial Activities. 17
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND LEGACIES 2024 2023 Donations From individuals From individuals - in kind lo*fice costs including rentl From iridividuals - in kind (seconded employee) From other charitable bodies 2,950,659 12,240 34,018 2,000,000 12,240 29,628 2,000,000 4,996,917 2,044,315 INCOME FROM INVESTMENTS 2024 2023 Dividends Bank intL'rest Othcr intcrc5t 22.5,049 24,662 204,285 3,692 249,711 207,977 OTHER INCOME 2024 2023 Other income 18
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON RAISING FUNDS 2024 2023 Investment managers fees 26,023 26,333 26,023 26,333 CHARITABLE EXPENDITURE The charily undertook management of the Setubal Music Festival, however the main focus of the charity remain5 the awarding of granls to a number of institutions in the furtherance of its charitable objective5. 2024 Divect Grant funded Charitable activity Actbvlties Support costs Total Medical The Arts and Culture Educalinn and Welfare Heritage and Conservation in India Healthy Ageing International Humanitarian Affairs 11,307 154,513 84,969 11,307 32,900 -54,060 11,-307 3,506,162 1,727,293 11,307 538,712 994,060 5,003 78,000 3,346,646 1,564,324 505,812 940,000 Governance costs Adjustme.nt for discount of grant creditor 59,837 59,837 135,0261 135,0261 142,840 6,-321,756 349,056 6,813,652 2023 Direct Grant funded Charitable activity Activities Support costs Total Medical The Arts and Culture Educalion and Welfare Heritage and Conservation in India Healthy Ageing International Humanitarian Affairs 67,500 689,100 1,268,037 18,868 95,909 189,255 10,502 11,617 10,502 86.368 811,313 1,457,292 10,502 20,677 10,502 26,304 9,000 Governance costs Adjustment for discount of grant creditor 49,377 49,377 113,1231 113,1231 75,681 2,020,514 336,653 2,432,848 19
THE HELEN HAMIYN TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THEYEAR ENDED 31 MARCH 2024 CHARITABLE EXPENDITURE (continued) The split of support costs and governance costs is show in the table below.. Support Costs 2024 2023 Governance Cosls 2024 2023 Staff costs Depreciation Bank charges Travel Legal fees Office renlal and associated costs Consultancy fees Accountancy/Professional fees Office expenses Sundry Exchange gain Audit lees 251,571 1,066 1,337 21,187 8,490 27,638 9,846 7,008 20,189 724 231,592 5,595 1,117 3,961 9,221 32,035 21,594 11,622 18,007 1,909 38,796 36,148 3,242 4,695 2,004 2,729 13,104 8,496 349,056 3_36,6.53 59,8.37 49,.377 Basis of allocation= Salaries, con5ultaricy fee5, marketing, project materials and exchange rate gains and losse.5 are allocated to the charitahle activity to which they relate. Other support costs attributable to charitable activities are apportioned pro-rat.I to the value of 8ranls awardpd pre-discounl value180°/ol, and equally across the main grant making Ciltegories for which support activitie5 havc occurred during the year, to ieflect the ongoing 5UPPOrt of cxisting grants120'/o1. ANALYSIS OF GRANTS Grants to Institutions: 2024 2023 The Arts and Culture London Symphony Orchestrcl Endowment Trust British Libarary- HHT Legacy Project University of Oxford ARCHIOX Project Royal Opera House, London (Paul Hamlyn Christtnas Treat) The Factum Foundation London Associacao Festival da Musica, Setubal, Portugal V&A Museum Royal Botanical Gardens, Kew Internalional National Trusts Orsanisation LSO Panufnik Futu5 concert The National Portrait Gallery New Diorama Theatre Gfants of £3,000 or less 2,500,000 297,479 223,668 150,000 86,900 75,000 4,700 4,325 150,000 78,500 4,700 399,500 40,000 5,000 5,000 6,400 4,574 20
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 MARCH 2024 ANAL YSIS OF CRANTS (continued) Education & Welfare Cini Foundation 'Venice Cultural Heritage Centre, UCL Institute of Education - HH Centre The Helen Hamlyn Centre for Design at the RCA Charlered College of Teaching International Foundation for Research and Education (Ashoka Universityl British Museum Family trails Reprint RCA- Creative Leadership in Education Pitt Rivers Museum - Discover and Create Programtne The Clement James Centre Ashmolean Museum- Mughal Indian Miniature Display University of Oxford Bodleian Libraries Science Museum - Early years learning Garsington Opera - Learning and Participation P.H.O.E.B.E. English National Opera Arts at the Old Fire Slation Animal Antiks Youth On The Move ILond()nl Grants of £3,000 or IL'SS 512,000 395,231 250,000 230,591 202,800 90,000 19,713 9,400 4,000 3,520 1168,2821 177,000 72,168 250,000 190,091 312,403 225,000 8,000 7,000 7,000 6,250 3,500 9,625 15,351 Health A ein Oxford Institute of Population Ageing EPICS- 2024126 The Spitz Charitahle Trust Grants of £3,000 or less 505,812 5,000 4,000 International Humanitarian Affai Fordham University- Helen Hamlyn Humanitarian Fellow Fordham University- Helen Hamlyn Senior Fellow World Heart Beat 450,000 450,000 40,000 Herita e and Con rvation in India Medical Imperial Health Charity 67,500 6,356,782 2,033,637 Discouni for grants payable 2022 > 1 year released Discount for grants payable 2023 > 1 year 21,539 8,416 156,5651 121,5391 6,321,756 2,020,514 21
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 EMPLOYEE INFORMATION 2024 2023 Staff costs Wages and salaries Wages and salaries - donated Social security costs Social security costs - donated Pension costs Pension costs - donated 215,755 29,870 25,665 3,620 14,929 528 197,081 27,974 24,740 3,573 13,845 527 290,367 267,740 The average monthly rFumbe¥ of person5 c'mployed by the Trust during ihe year was 2.5 12023.. 2.51. The above fi8ure5 also include the value of staff time donated by Lady Hamlyn, the average monthly number of persons during the year being 0.412023 0.41. ThL'se persons provide support services lo charitable activitios and in respect of governance Isee Note 61. The numbcr ol omployces whose salary and benefits in kind lell within the followin8 scales is as follows= 2024 Number 2023 Number £60,000- £70,000 £70,001 £80,000 £80,001 £90,000 £90,001- £100,000 £100,001- £110,000 No Trustee received any remuneration from the Trust during the period. The group employs two key management personnel= the Director of Projects and Co-ordination, and the Director of Finance and Administration. The empl()yee benefits (salary and pension contributions) of the key managemenl personnel o( the charity after rccharges shown above were £221,241 12023: £206,091). 22
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEI(EXPENDITURE) 2024 2023 Net incoming resourc¢Js 15 stated after charging.. Depreciation Profit on exchange Auditor's remuneration - Audit fees Auditor's remuneration - Other services 1,066 5,595 13,104 8,496 10. TAXATION The Trust is a registered charity, and as such is entitled io certain tax exemptions on income and profits from investments, 2nd surpluses on any trading activities carried on in furtherance of the Trust s primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Trust is not registered for VAT and accordingly all of its expenditure 15 recorded inclusive of any VAT incurred. TANGIBLE FIXED ASSETS 2024 Other Equipment Computer Equipment Website Total VALUATIONICOST At l April 2023 Additions Disposals 32,99.5 7,730 19,240 59,965 At 31 March 2024 7,730 79,240 .59,96.5 DEPRECIATION At l April 2023 Disposals Charge year 32,621 6,629 19,240 58,490 374 692 7,066 At 31 March 2024 32,995 7,321 19,240 59,556 NET BOOKVALUE At Jl March 2024 409 409 At 31 March 2023 374 1,101 1,475 23
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Iconlinued) FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS (Continued) 2023 Other Equipment Computer Website Equipment Total VALUATION/COST At 1 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 BOOKVALUE At 31 March 2023 374 I,ioi 1,475 At 31 March 2022 749 1,511 4,810 7,070 12. Heritage Assets In year ended 31 March 2021 the Tfust purchased the Bernard Nevill Colleclion of fabric samples, sketches and reference materials by this important fabric dc'signer for £1 0,000. During the previous year and partly in this financial year thL' Collection was professionally reviewed and organi5ed by an archivist to bring it into a statL' Sultable for charitable USL. The cosls of this work were £8,452 and thL'5e have been included within the total value of the Collection which is £18,452 as at 31 March 2024 12023: £18,452). Professor Bernard Nevill studied and taught at St Martin's College of Art and the Royal College of Art in London. In 1960 he became consultant designer for Liberty & Co. and he revilalisi,d their traditional prints, ensuring that they became a major influence on internalional fashion. His Islamic prints, in particular, introduced Eastern design lo fashion, and other Art Deco-inspired ranges led to a revival of interest in the Art-Deco peiiod. He also achieved great success designing furnishing fabrics and designs for the theatre. 24
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THEYEAR ENDED 31 MARCH 2024 2024- Listed Investments 2023 - Listed Investments 13. FIXED ASSET INVESTMENTS Valuation Brought forward Additions Gift Disposals Unrealised revaluation110ssesl18ains 6,002,971 1,254,481 2,950,659 14,359,659) 299,917 6,780,519 356,264 1580,4611 1553,3511 Carried forward Cash included within investments 6,148,369 3,410,728 6,002,971 588,944 Total Valuations 9,559,097 6,591,915 Net Book Value al 31 March 2023 6,591,915 7,266,532 2024 2023 Historical cost 8,870,681 6,311,914 All investments are held in the UK, managed by LGT Wealth Managemenl IJK LLP and are primarily to provide an investment return for the charity- Investments at tnarket value compTOTniscd: 2024 2023 SLW multi asset iTILome fund Volare IprevioLJsly SLWI non-govt bond unds UK fixed interest government bonds Non-govt and UK corporate bonds UK Corporate bond funds Liquidity Funds Alternatives 4,047,452 331,789 3,769,003 626,992 201,689 193,829 66,590 431,556 915,000 1,032,956 534,484 Cash 3,410,727 588,944 9,559,097 6,591,915 Investments making up 50/0 or more of the Trust's portfolio at 31 March 2024 were as follows.. Voltaire Offshore Sterling Fixed Int Fund Z 10.81°/. Volare Offshore Income Fund Z Inc 42.24 % A5 at l O" lune 2024 the net book value of the Trust's portfolio stood at £6,716,300. 25
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAI STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS 2024 2023 Amounts falling due within one year Trade debtors Prepayments 4,238 5,807 3,972 5,052 10,045 9,024 15. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors Holiday pay accrual 11,855 5,300 2,76_3 2,814 Grants payable Accrua15 OthL'T Lrcditor5 Other tax and social security 5,127,7.38 18,286 1,.503,821 31,214 10,043 7,810 5,173,722 1,548,422 16. CREDITORS: Amounts falling due alter more than one year 2024 2023 Grants payable 1,357,570 683,383 Movement in grant commitments Brought fOard Released in year Additional commitments Discount Adjustment for grants payable > 1 year 2,187,204 12,023,6521 6,356,782 135,0261 2,005,864 11,839,174) 2,033,637 113,1231 Cairiod fonvard 6,485,308 2,187,204 26
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 17. FUNDS 2024 Balance at 1 April 2023 Income Expenditure Transfers between fund5 Inveslmenl Profits/ (losses) Balance at 31 March 2024 CHARITY Capital fund No. l expendable endowment 723,693 1250,0001 473,693 Income funds Unrestricted funds General rcservc 4,443,682 5,246,628 16,839,674) 250,000 299,918 3,400,553 Reslricied lunds Setubal Children'5 Instruments 5,458 5,458 5,172,833 5,246,628 16,839,67411 299,918 3,879,704 FUNDS 2023 Balance at 1 April 2022 Income Expetiditure Transfers between funds Investment Balance at Profitsl 31 March (losses) 2023 CHARITY Capital fund No. l expendable endowment 973,693 1250,0001 723,693 Income funds Unrestricted funds General reserve 4,953,922 2,252,292 12,459,181) 250,000 1553,351 } 4,443,682 Restricted funds Setubal Children'5 Instruments 5,458 5,458 5,933,073 2,252,292 12,459,18111 1553,3511 5,172,833 27
THE HELEN HAMIYN TRUST NOTES TO THE FINANCIAL STATEMENTS IContiTrued) FOR THE YEAR ENDED 31 MARCH 2024 17. FUNDS (continued) FUNDS ANALYSIS 2024 Unrestricted funds Restricted funds Expendable endowment funds Total Tangible fixed a55ets Heritage assets Investments Currcnt 855ets Liabilities 409 409 18,452 9,08.5,404 827,580 16,530,292) 18,452 9,559,097 833,038 16,530,292) 473,693 5,458 Total funds 3,400,553 5,458 473,693 3,879,704 FUNDS ANALYSIS 2023 Unresttictod funds Restricted funds Expendable endowment funds Tolal Tangible fixed assets Hcritage assets Investments Current a_ssets Liabilities 1,475 18,452 5,868,222 7117,338 12,231,8051 1,475 18,4.52 6,.597,915 792,796 12,231,8051 723,693 5,458 Total funds 4,44.3,682 5,458 723,693 5,172,833 The Trust has one Expendable Endowment Fund-. - The No.1 Expendable Endowment Fund of £0.474m rp.presents the halance of the donations of investments and cash from Lady Hamlyn to the Trust made in the years ended Irom .3 l MarLh 2004 to 31 March 2023. The Trustees have discretion to expend somc or all of the Lapital of the Expendable Endowment Fund in circum51ances which they consider would justify it, having IL'gard to the need to maintain an appropriate balance betwL?n the interests of present and luture beneficiaries. In 2013 the Truslees a8reed that £0.25m of the Fund should be transferred to Unrestricted funds to meet the grant of £0.25m for The Helen Hatnlyn CLinlre for Design, Royal College of Art, London. The Trustee5 agreed that any future grants to The Helen Hamlyn Centre for Design should be met with transfers from the No.1 Expendable Endowment Fund to Unrestricted fLtnds with the exception of the £1 millioft grant awarded in the year ended 31 March 2022. Restricted funds Setubal Children's Instruments- In 2015 Lady Hamlyn indicated that rather than receive gifts from those attending her birthday paty she would prefer for them to consider making a donation towards providing musical instruments lor the children of Setubal, Portugal. This restricted fund represents the balance of those donations which will be used over time to replace musical instruments used by the children of Setubal. 28
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Conlinued) FOR THE YEAR ENDED 31 MARCH 2024 18. CONTINGENT LIABILITIES In certain circumslances the Trustees award grants where each instalmerit 15 conditional upon the beneficiary meeting certain requirements. At each point the award 15 reconsidered and the Trustees confirm that suff icienl progress has been made in relation to meeting the requiremenLlpreconditions. Accordingly a constructive obligation does not exist until such confirmation is given. 2024 Balance as al 1 April 2023 Contingenl liability created in year Confirmed Balance of instalments contingent in the year liability as at 31 Maich 2024 Royal College of Art University College London Royal ope.ra House Chartered College of Teaching 2,250,000 859,867 300,000 190,091 250,000 395,231 150,000 190,091 2,000,000 464,636 150,000 3,599,958 985,322 2,614,636 19. TRANSACflONS WITH TRUSTEES In 20241.ady Hamlyn donated the space OCLUPIL¥J by the Helen Hamlyn Trust at 129 Old Church Sireet. The value ol this donation in kind was calculated at £12,24012023= £12,240) and recognised in the finarkcial statement5. Travel costs and other expenses incurred by Trustees iri the year totalling £1 0,809 were paid on their behalf or re- imbursed 12023: £1,7641, of which £0 was in creditors at the year-end 12023- £01. The number of Trustees incurring expen5cs in the year total led 512023-. 21. 20. RELATED PARTY TRANSACTIONS Lucy O'Rorke (Director of Projects and Co-ordination), the daughter of one of the Directors, was paid a salary lincluding benefits) of £90.254 during the year12023= £84,000). This amount was consistent with the role for which she was employod. Lucy O'RDrkL S husband, Aurelian Koch, was paid £200 in the yoar lor dL'sign work, a fee consistent with the work undertaken, this transaction was approved by th& Finance 2nd Governance Committee. Lady Hamlyn's personal assistsnt was Èngaged in Trust matters and a proportional amount of her salary w35 recognised as a donation in kind. The amount recognised a5 3 donation in kind during this period totals £34,01812023.. £32,075) and 15 included within employee costs in Note 8 to the accounts. The Trust charges Lady Hamlyn for the use of mobile phones by Lady Hamlyn and her personal assistant. The amount char8ed to Lady k43mlyn for the above items during the year was £4,877 of which £1,238 was in debtors at the year-end12023'. £01. Lord Darzi who is a Trustee of the Trust is also the Paul Hamlyn ChaiT of Sur8ery ai Imperial College London, which 15 a role funded by the Helen Hamlyn Trust, and as described in these accounts Imperial College London is also in receipt of grant monies for the Hamlyn Centre of which he is Co-director. Imperial College is also in receipt of grant monies for other agreed projects. As is consislenl with the Trust's conflicts policy he wag not involved in the Trustees, decision regaTding ihe variation to the 2008 38reement as described elsewhere in these accounts. 29
THE HELEN HAMLYN TRUST NOTESTOTHE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 20. RELATED PARTY TRANSACTIONS (continued) During the year the Trust awarded a grants to the Chartered College of Teaching and Fordham University as outlined in note 7 to the accounts. Alison Peacock, a Trustee of the Trusl, is an employee of the Chartered College of Teaching and Brendan Cahill is an employee of Fordham University. Neither of these Trustees were involved in the decision to award grants to the orgaDi5ations of which they are employees of and neither benefitted personally from the grants awarded. There We no other relaled party transactions in the year. 21. OPERATING LEASES On 12 June 2021 the Trust entered into an operating lease to occupy an additional office for 8 years (with a break clause every 2 year5 which has riot been exercisedl, with a rent review after 4 years, the total outstanding commitment5 under this lease agreement are £55,000 over five years. 22. CAPITAL The Trust is a company limited by guarantee. Each member has undertaken to contributo £1 to the assets of the company to meet its liabilities il called on to do so. The total amount guaranteed by members at 31 March 2024 is £1012023- £101. 30