**Ref: H18**
Registered Charity Number 1086811
## **THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
REPORT AND FINANCIAL STATEMENTS
For the year ended 5 April 2022
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and Administrative Information|1|
|Trustees’ Annual Report|2 - 4|
|Report of the Independent Examiner|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 - 15|
**THE ROBERT FLEMING HANNAY FLEMING MEMORIAL CHARITY**
## **REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2022**
The Robert Fleming Hannay Memorial Charity was established under a Trust Deed dated 1 August 2000, which determined the objects and powers. The Robert Fleming Hannay Memorial Charity is registered with the Charity Commission for England and Wales as Charity Number 1086811.
## **TRUSTEES**
Fiona Elizabeth Hannay Geoffrey Adrian Richards Christian Alison Kathleen Ward
## **PRINCIPAL OFFICE**
The Robert Fleming Hannay Memorial Charity c/o RFT Management Services Limited 14 Buckingham Street London WC2N 6DF
## **INDEPENDENT EXAMINER**
N Finlayson FCA Moore Kingston Smith LLP 9 Appold Street London EC2A AAP
## **SOLICITORS**
Bircham Dyson Bell LLP 50 Broadway Westminster London SW1H 0BL
## **REGISTERED CHARITY NUMBER**
1086811
Page 1
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**TRUSTEES’ ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2022**
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the Charity’s Trust Deed, the Charities Act 2011, as amended, and the reviewed Statement of Recommended Practice – Accounting and Reporting by Charities (SORP 2015).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Trustees who held office throughout the year are shown on page 1.
The Trust Deed stipulates that there shall be no less than two Trustees. New Trustees, when required, are selected by the serving Trustees and are appointed by a Resolution of existing Trustees. New Trustees undergo an induction to acquaint them with the activities of the charity.
No Trustee receives a fee for the service they provide to the charity, all time spent is donated free of charge.
The Trustees meet a minimum of two times a year.
RFT Management Services Limited provides the charity with charity administration and financial reporting services.
## **OBJECTS AND ACTIVITIES**
The Charity’s objects are the support such institutions and purposes which are charitable according to the law of England and Wales, in such manner and such proportions as the Trustees shall from time to time at their discretion decide.
The Trustees have been granted wide powers in furtherance of the Charity’s objects.
## **GRANT MAKING POLICY**
The Trustees consider applications and make grants they receive from various sources at the Trustee meetings. However, due to constraints on income, unsolicited applications can no longer be considered. Although some donations may be made to the same charities each year none shall be either promised or guaranteed.
The Trustees have considered the Charity Commission’s general guidance on public benefit including the guidance ‘public benefit: running a charity (PB2)’. In particular, the Trustees consider how grants can be made to ensure maximum benefit flows through to the intended ultimate beneficiaries.
Page 2
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**TRUSTEES’ ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **ACHIEVEMENTS AND PERFORMANCE**
During the year the Trustees made donations totalling £129,000 (2021 - £144,000) to other charitable organisations, as detailed in note 6.
In addition, the Trustees made donations totalling £184,000 in respect of ongoing grants agreed in prior years (and accrued in prior year accounts) to other charitable organisations.
The Trustees look forward to being able to continue their charitable work in the coming years in accordance with the grant making policy.
## **FINANCIAL REVIEW AND INVESTMENT POLICY**
The Charity’s principal source of income is from its investments which totalled £33,933 (2021 - £53,295). During the year the Trustees spent £138,326 (2021 - £152,605) on charitable activities and the governance and administration of the Charity.
The Trustees have an agreed an investment policy for the Charity’s investment portfolio and have instructed the investment managers that the portfolio is to be invested to produce a suitable mixture of income and capital growth. The Trustees continue to monitor the performance of the portfolio with regular investment reports
To meet these objectives, the Charity’s investments are managed across a range of asset classes, maintaining diversification, to produce an appropriate balance between risk and return.
## **FUTURE PLANS**
The Trustees do not envisage any material changes to the operation of the Charity.
## **RESERVES POLICY**
The capital is an expendable endowment, and, at this time, the Trustees do not consider a specific Reserve Policy necessary. However, to ensure there is cash available for any emergency the Trustees have instructed that £50,000 of the investment portfolio is held as “cash not for investment”. At the Balance Sheet date, the reserves of the charity, including the expendable endowment, amounted to £2,142,342.
## **RISK MANAGEMENT**
The Trustees have reviewed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate those risks. The principal risk faced by the Charity is an investment risk. This risk could be the reduction in the capital value of the investments and the income derived from the investments, required by the Trustees in meeting their charitable objectives. This risk has been addressed by the appointment of professional advisors to monitor investment performance and to decide on acquisitions and disposals
Page 3
THE ROBERT FLEMING HANNAY MEMORIAL CHARITY
TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2022 ICONT'DI
KEY MANAGEMENT PERSONNEL
The Trustees aiE conbidered to be l.he Key Manageent Personnel of thc. chaity- 'fhe Trustees are not
remunerat¢.d for their services and there are no paid staff emploved. RFT Management Services
Limited prowdes the Trustees with charity adtninistrabon and finaNcial reporting Servi$.
STAI'EMENT OF TRUSTEES, RESPONSIB TLTIES FOR THE FINANCIAL STATEMENTS
lThe Trustees are re.sponsible for preparing the Trnstees, Report and the financial statement5 in
acLra3 with applicable law and United Kinsdom Accounting Standards (United Kingdom
Generally Acpted Accounting PraLticc).
The law applicable to charities in England and Wales requires the Trustees to prepare Einancial
statements for each Einanaal y&ir which give a tswe. and fair view of the statc of affaiis of the Charity
and of the incoming resources and application of resourw for that period.
In prepwing those financial statements the Trustees are reqUa to..
lect suitable accounting policies and then apply thern LOnS15tently,'
Observe the methods and principles in the CharKties SORP,.
Make iudsments and estiinates that are reasonable and prudent,.
Prepare the fiTkninaal statemcnts on a going concern basis unless it is inappTOPTiate to presume
that the charity will continue itl business.
The Trustees are Te5ponsible for keepins proper accouThtin8 record5 that disclose with reas(Jnable
aLLracY al any time the financial position of the charity and to enablc them to ensuTe the financial
btatements comply with the Charities Act 2011, the Charitieb SORP and the provisions of the trust
deed5. They are also respi>nsible fot safeguarding the abbets of the Charity and hence for taking
reasonable steps for the prevention and detection of traud and other irre.gularities.
Approved by the Trustees and signed on their behalf by..
C A RICHARDS
Trustee
Dated
Page 4
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
## **INDEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES OF THE ROBERT FLEMING HANNAY MEMORIAL CHARITY FOR THE YEAR ENDED 5 APRIL 2022**
I report to the trustees on my examination of the accounts of the Robert Fleming Hannay Memorial Charity for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Neil Finlayson**
Moore Kingston Smith LLP, Chartered Accountants 9 Appold Street London EC2A 2AP
Date:
Page 5
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|NOTE
**INCOME**
Investment Income
3
Rental Income
3
**TOTAL INCOME**
**EXPENDITURE**
Cost of Generating Funds
4
Charitable activities
5
**TOTAL EXPENDITURE**
Gains on investments
Realised
9
Unrealised
9
**NET INCOME/(EXPENDITURE)**
**BEFORE TRANSFERS**
Gross transfers between funds
8
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**BALANCE CARRIED FORWARD**|Expendable
Endowment
£
Income
£
2022
Total
Unrestricted
Funds
£
-
32,746
32,746
-
1,187
1,187|2021
Total
Unrestricted
Funds
£
51,795
1,500|
|---|---|---|
||-
33,933
33,933|53,295|
||15,348
-
15,348
8,346
129,980
138,326|24,970
152,605|
||23,694
129,980
153,674|177,575|
||9,091
-
9,091
72,461
-
72,461|28,943
317,210|
||57,858
(96,047)
(38,189)
(96,047)
96,047
-|221,873
-|
||(38,189)
-
(38,189)
2,180,531
-
2,180,531|221,873
1,958,658|
||**2,142,342**
**-**
**2,142,342**|**2,180,531**|
## **CONTINUING OPERATIONS:** all of the charity’s activities relate to continuing operations.
**TOTAL RECOGNISED GAINS AND LOSSES:** the charity has no recognised gains and losses other than those shown in the statement of financial activities.
Page 6
THE ROBERT FLEMING HANNAY MEMORIAL CHARITY
BALANCE SHEET AS AT 5 APRIL 2022
NOTE
2()22
2021
FIXED ASSE.TS
Investment property
vestments
225,002
1,937,342
2,162,344
225.002
1014,981
2,239,983
CUIIRENT ASSETS
Debtors
Cath at Bank
io
10,846
I6,s
27.084
31,(X)6
31.006
LIABILInES
Creditors.. Ealling due wthin one year
li
{26,IX)8)
1615361
NET CURRENf ASSETSI ILIABILITXESI
4,998
(3£4521
Creditors- falling due after one year
125,WOI
125.0001
NET ASSETS
12
2.142J42
2.180531
ReFre5enting'.
UNRE5TR1CTED FUNDS
Endowment lund
Income
2,142,342
2,180.531
2,142,342
1180,531
Approved by the Twstees and sisned on their behalt by..
G A RICHARDS
Trustee
Dated
Pa8e7
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. ACCOUNTING POLICIES**
## **(a) Basis of Preparation**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and a registered charity and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), and Charities Act 2011, as amended. The financial statements are prepared in sterling, which is the functional currency of the Charity and rounded to the nearest pound.
## **(b) Going Concern**
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and risk management sections of the Trustees’ annual report for more information).
## **(c) Fund Structure**
Unrestricted Funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.
The Expendable Endowment Fund represents those assets which are held for the longer term for the Charity, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As an Expendable Endowment Fund can be used in accordance with the objects of the Charity and is included in the unrestricted funds, capital can also be spent in certain circumstances in fulfilment of the Trust’s objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.
## **(d) Income**
All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:
## _**Investment Income**_
Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief.
## _**Rental Income**_
Rental income is accounted for when receivable and is stated gross of any reclaimable taxation relief.
Page 8
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **1. ACCOUNTING POLICIES (CONT’D)**
## **(e) Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:
## _**Costs of generating funds**_
The costs of generating funds consist of investment management and related costs.
## _**Charitable Activities**_
Costs of charitable activities include grants made and support and governance costs. Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.
## _**Support & Governance Costs**_
Support and Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include expenses related to the independent examiner’s fee, professional fees, and support costs.
## **(f) Investment Property**
Property is stated at market value at the balance sheet date. It is the policy of the trustees to revalue the property every 5 years, where they believe that a significant difference to carrying value has arisen.
## **(g) Fixed Asset Investments**
Investments are valued at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
## **(h) Foreign Currencies**
Transactions in foreign currencies are recognised at the rate of exchange at the date of transaction. Monetary assets and liabilities are translated into sterling at the rate of exchange on the balance sheet date. Exchange differences are recognised through the statement of financial activities.
## **(i) Realised and Unrealised Gains and Losses**
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
## **(j) Critical accounting estimates and areas of judgement**
In preparing financial statements, it is necessary to make certain adjustments, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Page 9
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **1. ACCOUNTING POLICIES (CONT’D)**
## **(k) Cash and cash equivalents**
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
## **(l) Financial Instruments**
The charity has elected to apply the provisions of Section 11 Basic Financial Instruments of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **2. INFORMATION REGARDING TRUSTEES AND EMPLOYEES**
In the financial year ended 5 April 2022 none of the trustees received any remuneration for their services in the year (2021- Nil). The Charity has no employees.
In the financial year ended 5 April 2022 one trustee had expenses totalling £580 reimbursed by the Charity in respect of meeting costs (2021 £nil).
The trustees are considered to comprise the Charity’s key management.
## **3. INVESTMENT INCOME**
|Income from Investments
Interest on cash deposits
Rental Incomee
**4.**
**COSTS OF GENERATING FUNDS**
Investment Management Fees (after rebates)
Custody & Administration Fees
Investment Advisor Fees|2022
£
2021
£
32,715
51,763
31
32
1,187
1,500|
|---|---|
||**33,933**
**53,295**|
||2022
£
2021
£
(68)
(41)
3,416
4,731
12,000
20,280
**15,348**
**24,970**|
Page 10
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **5. CHARITABLE ACTIVITIES**
The charity undertook no direct charitable activities but awarded donations to in furtherance of its charitable activities as follows:-
|Cobbe Collection
Holy Trinity Church, Brompton
Hampshire Medical
Macmillian Cancer Support
The Children Society
The Purcell School
Downs Sydrome Association
Help Musician UK Hardship Fund
The Klosters Apline Concerts Verin
We hear you Why
Anti-Slavery International
Christian Aid
N.S.P.C.C
Tear Fund
(The) Save the Children Fund
UNICEF -UK
**Support and governance costs (see note 7)**|2022
£
25,000
20,000
10,000
10,000
10,000
10,000
5,000
5,000
5,000
5,000
4,000
4,000
4,000
4,000
4,000
4,000|
|---|---|
||**129,000**
**9,326**|
||**138,326**|
## **6. ANALYSIS OF DONATIONS MADE**
|The prevention of relief of poverty
The advancement of religion
The advancement of education
The advancement of health or the saving of lives
The advancement of the arts, culture, heritage or
science
The advancement of human rights, conflict resolution
or reconciliation, or the promotion of religious or
racial harmony or equality or diversity
The relief of those in need by reason of youth, age, ill-
health,
disability,
financial
hardship
or
other
disadvantage|2022
No.
2021
No.
2022
£
3
3
12,000
3
1
45,000
1
4
20,000
4
3
28,000
4
5
15,000
1
1
4,000
1
1
5,000|2021
£
12,000
15,000
50,000
18,000
40,000
4,000
5,000|
|---|---|---|
||**17**
**18**
**129,000**|**144,000**|
Page 11
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **7. SUPPORT AND GOVERNANCE COSTS**
|Independent
Examiner’s
Fee-
Current Year
Independent Examiner’s Fee -prior
year under accrual
Legal and Professional Fees
Travel Expenses
Bank Charges|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2022
Total
£
4,000
-
4,000
(220)
-
(220)
4,566
-
4,566
-
580
580
-
400
400|2021
Total
£
4,000
(340)
4,563
-
382|
|---|---|---|
||**8,346**
**980**
**9,326**|**8,605**|
## **8. FUND TRANSFERS**
The Trustees made a transfer of £96,047 (2021 - £91,087) from the Expendable Endowment Fund to the Income Fund in respect of the charitable activities.
## **9. FIXED ASSET INVESTMENTS**
## **Investment property**
|**Value brought forward**
**Value carried forward**|2022
£
2021
£
225,002
225,002|
|---|---|
||225,002
225,002|
The Charity owns a 50% share of the property known as 10 Home Farm, Heddington, Wiltshire, from which rental income is receivable (note 3). The valuation of the property represents 50% of the initial purchase price paid in December 2013. The Trustees are of the opinion that the current market value is not materially different from the cost shown above.
Page 12
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **9. FIXED ASSET INVESTMENTS (CONT’D)**
## **Movement in fixed asset investments**
|Market Value Brought
Forward
Acquisitions at Cost
Less Disposal Proceeds
Realised gain on disposals
Net (loss)/gain on
revaluation
**Market Value Carried**
**Forward**
_Historical Costs_
**Geographical Analysis**
United Kingdom
investments
Overseas investments|Unquoted Investments
Quoted Investments
Total
2022
£
2021
£
2022
£
2021
£
2022
£
21,158
28,583
1,993,823
1,816,661
2,014,981
-
(1,224)
103,000
44,243
103,000
(10,277)
-
(251,914)
(219,435)
(262,191)
837
-
8,254
28,943
9,091
(8,118)
(6,201)
80,579
323,411
72,461|Total
2021
£
1,845,244
43,019
(219,435)
28,943
317,210|
|---|---|---|
||**3,600**
**21,158**
**1,933,742**
**1,993,823**
**1,937,342**|**2,014,981**|
||_34,433_
_45,587_
_1,811,097_
_1,885,180_
_1,845,530_
35
7,951
1,886,910
1,914,152
1,886,945
3,565
13,207
46,832
79,671
50,397|_1,930,767_
1,922,103
92,878|
||**3,600**
**21,158**
**1,933,742**
**1,993,823**
**1,937,342**|**2,014,981**|
The following investments comprise in excess of 5% of the value of the portfolio:
||**Holding**|**Value**|
|---|---|---|
|||**(£)**|
|Thesis Unit Management Ltd Northern Lights|1,377,710|1,723,766|
|TM Stonehage Fleming GBL Equities A INC|27,036|113,144|
## **10. DEBTORS**
|Rent Due
Income Due|2022
£
2021
£
-
1,813
-
9,033|
|---|---|
||**-**
**10,846**|
Page 13
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **11. CREDITORS**
## **Creditors Falling Due within one Year**
|Accruals
Grant Creditors
Accruals
Grant Creditors|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2022
Total
£
6,008
-
6,008
-
20,000
20,000|
|---|---|
||6,008
20,000
26,008|
||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2021
Total
£
6,536
-
6,536
-
55,000
55,000|
||6,536
55,000
61,536|
**Creditors falling due after one year**
|Grant Creditors
Grant Creditors|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
-
25,000|2022
Total
£
25,000|
|---|---|---|
||**-**
**25,000**|**25,000**|
||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
-
25,000|2021
Total
£
25,000|
||**-**
**25,000**|**25,000**|
Page 14
**THE ROBERT FLEMING HANNAY MEMORIAL CHARITY**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONT’D)**
## **12. ANALYSIS OF CHARITABLE FUNDS**
|Investments
Cash at bank
Creditors
Investments
Debtors
Cash at bank
Creditors|Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2,162,344
-
16,616
14,390
(36,618)
(14,390)|2022
Total
£
2,162,344
31,006
(51,008)|
|---|---|---|
||**2,142,342**
**-**|**2,142,342**|
||Unrestricted
Expendable
Endowment
£
Unrestricted
Income
£
2,239,983
-
10,846
-
9,756
6,482
(80,054)
(6,482)|2021
Total
£
2,239,983
10,846
16,238
(86,536)|
||**2,180,531**
**-**|**2,180,531**|
## **13. FUTURE COMMITMENTS**
The Trustees have indicated an ongoing pledge of £15,000 per year to Holy Trinity Church, Brompton for the foreseeable future. This will be recognised each year as the amounts are paid.
## **14. RELATED PARTY TRANSACTIONS**
Mr G A Richards is a member of the Council for The Royal College of Music to whom donations totalling £nil were paid during the year (2021: £30,000).
Page 15