Refr. H18 Re8iStered Charity Number 1086811 THE ROBERT FLEMING HANNAY MEMORIAL CHARrrY REPORT AND FINANCIAL STATEMEwrs For the year ended 5 Apiil 2023 THE ROBERT FLEMING HANNAY MEMORIAL CHARITY CONTENTS Page Referen￿ and Administrative Inforn￿tiOn Trnstee5' Annual Report Report of the Independent ExamineT Statement of Financial Act3vities Balance Sheet Notes to the Firwiaal Statements 8-15 THE ROBERT FLEMING HANNAY FLEMtNG MEMORIAL CHARITY REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APIUL 2023 The Robert Flemins Hannay Memorial Charity was established under a Twst Deed dated l August 2Q(N). which detern)ined the objects and power& The Roberl Fleming Hannay Memorial Charity 15 registered with the Charity Commission for England and Wales as Charity Number 1086811. TRUSTEES Fiona Elizabeth Hannay GeoEfrey Adrian Richard$ Chribtian AIison Kathleen Ward PRINCIPAL OFFICE The Robert Fleming Hannay Memorial Charity clo RFT Management Servi￿8 Limited 14 Buckinsham Street London WC2N 6DF INDEPENDENT EXAMINER N Finlayson FCA Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP SOLICITORS Bircham Dyson Bell LLP 50 Broadway Westminster London SWIH OBL REGISTERED CHAIUTY NUMBER 1086811 Page I THE ROBERT FLEMING HANNAY MEMORIAL CHARITY TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 5 APIUL 2023 The TTUStees present their report alon8 With the financial statements ol the charity for the year ended 5 April 2023. The financial statements havebeen prepared in accordance with the Charitys Trust Deed, the Charities Ad 2021 as amended, and the reviewed Ststernent of Recommended Practice - AccouThtins and Reportins by ChaTities {SORP 20151. STRUCTURE GOVERNANCE AND MANAGEMENr The Trustees who held office throughout the year are shown on page l. The Trust Deed stipulates thal there shall be no less than two Trustees. New TTU$tee$. when require are selected by the servins Trustees and are appointed by a Resolution of existin8 Trustees. New Trustee5 undergo an induction to acquaint them with the activities of the charity. No Trnstee re￿iVeS a fee for the seThTice they provide to the d￿rity, all tinie spent is donated free of charge. The Trustees rneet a minimum of two times a year. RF[ Management Se￿1￿$ tllmited provides the charity with tharity administration and financial reporting servitt6. OBJECTS AND AcrivrriES The Charity's i)bieets 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 fvom time to time at their discretion decide. The Trustees have been sranted wide powers in furtherance of the Charitys objecLs. GRANT MAKING POLICY The Trustees consider applications and make grants they receive fr(mi various sources at the Trustee meetings. However. due to constraints on income, unsolicited applications can no longer be considered. Although Some donations maybe made to the same charities each year none shall be either pron)ised or guaranteed. The Trustees have considered the Charity Commission's general guidance on public benefit including the 8uidarn￿ 'public benefitr. runnins a tharity (PB21'. In particular, the Trustees consider how yants can be made to ensure maximum benefAt flows throush to the intended ultimate beneficiaries. Page 2 THE ROBERT FLEMING HANNAY MEMORIAL CHARITY TRUSTEES. ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2023 (CONVD) ACHIEVEMENTS AND PERFORMANCE During the year the Trustees made donations totallin8 £174,0(XI {2022 - £129,0(KJ) to other charitable orsanisations, as detailed in note5 5 and 6. In additiory the T￿Stee5 made donations of £20,c￿ in respect of ongoing grants a8reed in prior years {and accrued in prior year accounts) to other charitable organisations, as detailed In note 5 The Trustees look forward to being able to continue their charitable work in the comins years in accordance with Ihe grant making po]icy. FINANCIAL REVIEW AND INVESTMENT POLICY The Charity's principal source ofincome is from its investments which totalled £47,349 (2022- £33,933). During the year theTrusteesspent£181,440 (2022- £138,326) ontharitableacbvities and the8ovemance and admirLiStra*ion of the Charity. The Trnstees havè an asreed an investment policy for the Charity's investment portfolio and have instructed the investment manageTS that the portfolio is to be invested to Produ￿ a suitable mixture of incorne and capital growth. The Trustees continue lo monitor the perforniance of the portfolio w7th Tegular investment reports To meet these objectives, the Charitys investments are manased across a range of asset dasses. maintaining diversificatiory to produce an appropriate balance between risk and return. FufuRE PLANS The Trustees do not envisage any ll￿terial changes to the Operation OE the Charity. RESERVES POLICY The capital is an expendable endowrnen¢ and, ?t this time, the Trustees do not consider a specifie Reserve Policy necessary. However, to ensure there is cash available foT any emergency the Trnstees have instructed that £50,(X)O of the investment portfolio is held as "cash not for investment". At the Balan￿ Sheet date, the reserves of the charity, including the expendable endowment, amounted to £1,$84,861. IUSK MANAGEMENT The Trustees have reviewed the major risks to which the Charity is exposed and are satisfied that sy5tell￿ are in place to mitigate those risks. The principal risk fa￿a by the Charity is an invesknment risk. This risk could be the reduction in the capital value of the investments and the income derived from the investmenls, required by theTrustees in meeting their d￿ritable objectives. This riskhasbeen addressed by the appoinhnent of professional advisors to monitor investment PerfOrnian￿ and to decide on acquisitions and dtsposals Page 3 THE ROBERT FLEMING HANNAY MEMOIUAL CHARITY TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 5 APRIL 2023 Icowr'DI KEY MANAGEMEwf PERSONNEL The Trustees aTe considered to be the Key Management PersoJ)nel OE the dwity. The TTUStees are not remunerated for their servi￿S and there are no paid staff employed by the Trust. RFT Manasement 5eTYices Limited provides the Trustees with charity administration and financlal reporting Servi￿$. STATEMENT OF TRUSTEES. RESPONSIBILTIES FOR THE FINANCIAL STATEMENTS The Trustees are responsible for preparin8 the Trustees, Report and the Einancial statements in accordance with applicable law and United Kingdom Accountin8 Standards {Urrited Kingdom Generally Accepted Accounting Practice). The law applieable to dwittes in England and Wales Tequires the Trnstees to prepare Einancia] statements for each financial year which give a true and fair vtew of the state of affairs of the Charity and OE the incoming Tesource& and application of resour￿5 for that peTiOd. In preparing those financial statements the TTUStees are requiTrd to: Select suitable accounlin8 policies and then apply them consistently; Observe the methods and prlnciples in the Charities SORP; Make judgments and estimate5 that are reasonable and prudent,. Prepare the finanoal statements on a 8oin8 concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accountAng records that disclose with reasonable accuracy at any time the financxal position of the charity and to enable them to ensure the finanoal statements comply with the Charities Act 2021 the Charities SORP and the provxsions of the trust deeds. They are also responsible for sateguarding the assets of the Charity and hence for taking reasonable steps lor the PTevention and detection of fraud and other iTregularities. Approved by the Trustees and signed on their behalf by: G A RICHARDS Trustee Dated l Q) Pase 4 THE ROBERT FLEMING HANNAY MEMORIAL CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROBERT FLEMING HANNAY MEMORIAL CHARrrY FOR THE YEAR ENDED 5 APRIL 2023 J report to the trustees on my examination of the accounts of the Robert Flemins Harnthy Memorial Charity for the year ended 5 April 2023. Responsibilities and basis of reporl As the trustees of the tharily you are responsible for the preparatiim of the accounts in accordantt with the requirements of the Charities Act 2011 {'the ACY). I report in respect ofrny examination ofthe Charity's accounts carried out undez sertioTr 145 of the 2022 Act and in carryin8 Out my examinati¢)n I have followed all the applicable Directions siyen by the Charity Commission under section 145{511bl of the Act. Independent examinerfs statement I have completed rny examination. I confirm that no rn3terial matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting Te(ords were not kept in respect of the Charity as required by seclion 130 of the Art,'or 2. the ac¢ounts do not accord with those records,. or the accounts do not comply with the applicable requirements concernins the foLTh and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts sive 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 conneclion with the examination to whith attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J.A LLP Neil Finlayson Moore Kingston Smith LLP, Chartered Aeeountants 9 Appold Street London EC2A 2AP Date.. 1 November 2023 Pase 5 THE ROBERT FLEMING HANNAY MEMORIAL cHAR￿y STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 Total Total Unrestrirted Unrestricted Funds Funds Expendable NOTE Endowxnent Income INCOME Investment Income Rental Income TOTAL INCOME 45,849 1.500 47.349 45.849 1,500 47,349 32,746 1,187 33,933 EXPENDTfLIRE Cost of Generatins Funds Charitable activilies TOTAL EXPENDITURE 15,046 7,042 22,088 15,046 181,440 196,486 15,348 138,326 153,674 174,398 17£398 (Losses)IGains on inve8tments Rea]ised Unrealised {9.1251 {99.2191 (9,125) (99,219) 9,091 72.461 NET EXPENDITURE BEFORE TRANSFERS (130A321 {127,049) I￿7,481) {38.189) Gross transfeis between funds (127,0491 127,049 NET MOVEMENf IN FUNDS (257,4811 {257,4811 (38,189} RECONCILIATION OF FUNDS Totsl fund5 brou8ht Eorward 2,142,342 liQ342 2,18￿,531 BALANCE CARIUED FORWARD IW4861 1,884.861 2.141342 CONTINUING OPERATIONS: all of the tharity's artivities relate to continuing operations. TOTAL RECOGNISED GAINS AND LOSSES: the charity has no recosnised sains and losses other than those shoTrm in the statement of finanaal activities. Page 6 THE ROBERT FLEMING HANNAY MEMORIAL CHARITY BALANCE SHEET AS AT 5 APRIL 2023 NOTE 2023 2022 FIXED ASSETS Jnve5tmenl property lTrveslments 225,002 1,691,219 1,916,221 225,(X)2 1,937,342 2,161344 CURRENf ASSErs Debtors Cath at Bank io 12 39,5(K> 41,188 31,(KJ6 31,006 LIABILITIES Creditors.. falling due within one year li (37,548) (26,IK18) NEf CURRENT ASSETS 4,998 Creditors.. falling due after one year li 135,(X)O) 125,(XlO) NET ASSETS 12 I￿￿661 2,141342 Representin%. UNRESTRICTED FUNDS Endowment fund Income 1,684,861 2,142,342 I￿84,861 1142,342 Approved by the Trustees and signed on their ￿half by: G A RICHARDS Trustee Dated l L4)L3 . Pase 7 THE ROBERT FLEMING HANNAY MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2023 Accouf+rriNG FOLICIES lal Basis 0£ PTeparatton The financial ststements have been prepared in accordance with the Financial Reporting StamdaTd applicable in the UK and Republic of Ireland (FRS 102). The Charlty is a public benefit entity for the puwses of FRS J02 and a registered charity and therefore has atso prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland Cthe FRS 102 Charities SORPI, and Charities Art 2021 as amended. The finanoal statements are prepared in sterlin& whi¢h is the functional eurrency of the Charity and rounded to the nearest pound. (bl Goins Concern The TTuslee$ consider that there are no material uncertainties about the Charitys ability to continue as a soing concern. The most St￿1(1Canl areas of uncertainty that affect the carrying value 0£ assets held by the Charity are the level of investment retutn and the perforniance of investment maTkets18ee the investment policy and risk manasement section5 of the TLVStee annual report for more information). 1¢) Fund Structure U￿eStrICted Funds compribe those funds which the Trustees a￿ free to use in accordance with the diaritable objects. The Expendable Enduwrynent Fund represents those assets which are held for the lonser tem) for the Charity, in accordance with the terms OE the Trnst Deed. Income arisins on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As an Expendable Endowment Fund canbe used in accordance with the objects ofthe Charity and is included in the unrestricted funds, ¢apitat can also be spent in certain cireuthstances in Eulfilment OE the Tmst's objects. Any capital gains or losses artsing on the investments held in the Expendable Endowment Fund fonn part of that Fund. Idl Ineome All income is recosnised in the Statement of Financial Acti￿lieS (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a dtiim for repayment OE income tax has or will be made such income is grossed up for the tax recoverable. The foJ]owing accountin8 policies are applied to different categories of income.. lttvestmeftt INcome Investment income is accounted for when re￿1Vable and is Staled gro$s of any reclatmable taxation relief. Rento1 Income Rental income is accounted for when receivable and is stated sross of any reclaimable taxation relief. Page 8 THE ROBERT FLEMING HANNAY MEMOIUAL CHARITY NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 5 APIUL 2023 ICONTD) Accour￿ING POLICIES IcofwD) lel Expenditure Liabilities are recosnised as soon as there is a legal or construrtive obli8ation committing the charity to the expendituie. All expendlture is accounted for on an accruals basis and has been classified under headings that asgregate all costs related to the catesory. The following accounting polioes are applied to the different catesories of eXpendi￿re. Costs ofgeMeratingfvnA5 The costs of 8eneratin8 (unds c¢)nsist of investrnent management and related eosts. Choritrtble Activities Costs of tharitable arti￿￿ties include grants made and support and governance costs. Donations payable are recosnised when they are approved by the trustees and the recipient vf the 8rant has been informed of the amount to be paid. Support & Governonce Costs Support and Governan￿ c05ts comprlse all costs involving the public accountabi]ity of the charity and its Complian￿ with regulation and good practi￿. These cost5 indude expenses related to the independent examinerfs fee, professional feeiD, and support costs. (fi Investment Propeyty Property is stated at market value at the balaTh￿ sheet date. It is the policy OE the t￿SleeS to revalue the property every 5 years, where they believe that a si￿LfiCant difference to carrying value has aEisen. Igl Fixed Asset Investments Investments are valued at market value at the balance sheet date. The SOFA includes the net gains and luss(% on revaluation and disposals throughout the year. th) Forei￿ Currencies Transactions in foreign currencies are recognised at the rate of exchange at the date of tran5artion. Monetary assets and liabilities are translated into sterling at the rate of exthanse on the balaft￿ sheet date. Exchange diffeienees are recogniged through the statement of finan(llal activities. Realised and Unrealised Gains and Losse6 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 openins rnarkel value {oE purthase date if later}. CTttical attountin8 estimates and areas ot judgement In preparins financial slatement5, it is The￿sary to make ￿rtain adjustments, estimates and assumptions that affect the amounts recosnised In the flnanoal 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 noK do any estimates or assumptions made carry a significant risk of material adjustment In the next financial year. Page 9 THE ROBERT FLEMINC HANNAY MEMOIUAL CHARITY NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APIUL 2023 ICONfDI ACCOUNTING POLICIES IcoNr'D) Ikl 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 OT le5S. Financial Instruments The charity hab elected to apply the provisii)ns of Sertion 11 Basic Finanaal Instwmenls of FRS 102 to all of its flnancial instrurnents. Financial instwments are recognised in the charity's balance shÈet when the charity beeomes party to the contrartual provisions of the instrument. Financial assets and liabilitieb are offset, with the net amounts presented in the Einancial statements, when there is a legally enforceable risht to set off the recognised amounts and there is an intention to sett]e on a net basis or to realise the a55et and settle the liability simultaneously. INFORMATION REGARDING TRUSTEES AND EMPLOYEES En the finanaal year ended 5 April 2023 none of the tNstees retrived any remuneration for their services in the year {2022- Nil). The Charlty has no employees. In the financial year ended 5 Apri] 2023 no trustee had expenses totalling £NIL reimbursed by the Charity in respect of meeting costs (2022 £580). The tntstees are considered to comprise the Charity's key management. INVESTMENT INCOME 2023 2022 tncome from Investments Interest on cash deposits Rental Income 45,519 32,715 31 1,187 33.933 1,51X) 47,349 COSTS OF GENERATING FUNDS 2023 2022 tnvestment Managernent Fees (after rebates) Custody & Administration Fees tnvestment Advisor Fees 600 2,446 12,000 15AY46 1681 3,416 12,000 15J48 Page 10 **THE ROBERT FLEMING HANNAY MEMORIAL CHARITY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 (CONT’D)** ## **5. CHARITABLE ACTIVITIES** The charity undertook no direct charitable activities but awarded donations to in furtherance of its charitable activities as follows:- |The Princes Foundation
Holy Trinity Church Brompton
Macmillan Cancer Support
Supporting Wounded
The Children’s Society
The Purcell School
The Royal College of Music
Downs Syndrome Association
Help Musicians UK
Klosters Alpine Concerts
The Church in Need Support Ukraine
Anti-Slavery International
Christian Aid
NSPCC
Save Children Fund
Tear Fund
UNICEF UK
**Support and governance costs (see note 7)**|2023
£
60,000
20,000
10,000
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| |---|---| ||**174,000**
**7,440**| ||**181,440**| Donations made during the year in respect of ongoing grants agreed in prior years (and accrued in prior year accounts) to other charitable organisations. |Aid to the church in Need
Armagh Robinson Library
Charterhouse Summer School of Music
Cobbe Collection
**Total**|2023
£
5,000
5,000
5,000
5,000| |---|---| ||**20,000**| Page 11 THE ROBERT FLEm￿G HANNAY MEMOIUAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 (CO￿rD) ANALYSIS OF DONATIONS MADE 2023 2022 2023 2022 The prevenlion of relief of poverty The advancement of relision The advancement of education The advancement of health or the saving of lives The advancement of the arts, ￿]￿re, heTltage or scien The advancement OE human rights, confiict resolution or reconciliation, or the promotion of religious or raaal harniony or equality or diversity The relief of thobe in need by reason OE youtL age, iJi- health, disability, financial hardship or other disadvantase 17,tx)o 20,￿0 12,1)00 45,000 20,000 28.000 15,000 4,0(M) 5.000 17 17 174,0 129.000 SUPPORT AND GOVERNANCE COSTS Unrestricted Expendable Unrestricted Endowment orne 2023 Total 2022 Total Independent Current Year Independent Examiner's Fee -prior year underl(over) accrual Le8al and ProEessional Fees Travel Expenses BaDk Charges Examinerfs 3,0(J) 3,IKJO £000 80 (220) 3,962 3.962 4,566 398 398 7A40 400 9J26 398 FUND TRANSFERS The Trustees made a transfer of £127,04912022- £96,047) from the Expendable Endowment Fund to the Income Fund in respect 0£ the charitable activities. FIXED ASSET INVESTMENTS Inveslment pIoperty 2023 2022 Value brought fonyard Value ¢arried forward 225.002 225JJ02 225,002 225,002 The Chaiity owns a 50% share of the property known as 10 Horne Farm, HeddtTrgt0￿ Wiltshire, from which rental income is receivable (note 3). The valuation of the propety represents 50% of the Anillal purchase Pri￿ paid in De￿rnber 2013. The TTUbtees are ofthe opinion that the current market value is not mAterially different Erom the cost shown above. Pase 12 THE ROBERT FLEMING HANNAY MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ICONTDI FIXED ASSET INVESTMENTS ICONTD) Movement in fixed asset inveslments Unquoted Investments 2013 2022 Quoted Investments 2023 2022 Total 2023 Total 2022 Market Value Brousht FoTwaTd Acquisitions at Cost Less Disposal Proceeds Realised gainl{loss} on di$posalg Nct Ilo$s118ain on revaluation Market Value Carrled Forward 3,600 21,158 1,933,742 1,993,823 1,937,342 2,014,981 103,(M)O 97,700 103,(X)O 1233,255) 1251,914} 1235,479) 1262,191) lJl243) 19,125) 9,(Y)I 11224) IlJ8 110.2TII 837 (416) (8,1181 (981￿3} 80579 ISY219) n,461 3.078 3.600 Jh88,141 1.933,742 I￿91219 J.937J2 Htslorical Costs 32,144 1.814.882 1.811,097 1.847,IY26 1,845,530 Geographiul Analy8A8 United Kingdom investments Overseas investments 1,663,008 1,886,910 1,663,042 1%86.945 3,565 3,600 25,133 1.688,141 46/32 28,177 1.933,742 1.691319 1.937J42 3,078 The following investments comprise in excess of 5% of the value of the portfolio.. Holdin8 Value Thesis Urrit Manasement Ltd Northern Lights TM Stonehage Fleming GBL Equities A INC 1,002,333 358,312 1,188.767 424,241 10. DEBTORS 2023 2022 Rent Due Income Due 1,5(X) 1,688 Page 13 THE ROBERT FLEMING HANNAY MEMOIUAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ICONVD) 11. CREDITORS Creditors Fallin8 Due within one Year Unrestrlcted Expendable Endowment Unrestricted Income 2023 Total Accruals Grant Creditors 7.548 7%8 30,000 37548 30,000 30XIOO 7W8 Unrestricted Expendable Endowment Unrestricted Income 2022 Toial AccTuaJs Grant Creditors 6,008 20,1K)O 26AJ08 20,O¢X) 20,OIKI 6,008 Creditors fallin8 due after one year Unrestricted Expendable Endowment 2023 Total Unrestricted Income Grant Creditors 35,0(K) 35.¢)00 35.1XK) Unrestricted Expendable Endowrnent 2022 Total U￿eStricted Income Grant Creditors 25,0 25￿ Pa8e 14 THE ROBERT FLEMING HANNAY MEMOIUAL CHARITY NOTES TO THE FINANCIAL STATEMEt+trs FOR THE YEAR ENDED 5 APAUL 2023 (CONT￿) 12. ANALYSIS OF CHAIUTABLE FUNDS Unrestricted Expendable Unrestrlcted Endowment Income 2023 Total tnve5trnents Cash at bank Debtor5 Creditors 1,916,221 23.847 1,916,221 15,653 1,688 1,688 {17,341) (72.548) 1,88U61 155,207) I￿84.861 Unrestricted Expendable Unrestrieted Endowment In￿rne 2022 Totsl Investments Cash at bank Creditors 2.161344 16,616 136,618} 1142.342 1161344 14,39) 31,006 (14390) (51,008) 2.J42J42 13. FLrruRE COMMITMENTS The Tru5teeb have indicated an ongoing pled8e 01 £15,000 per Ye￿ to Holy Trinity ChuTCh, Brompton for the foreseeable future. This will be recognised each year as the amounts are paid. The Trnstee5 have indicated an onsoins pledge of £5,(XK) per year to Charterhouse Summer School of Music for the £oreseeable future. This will be recosnised eath year as the amounts tyre paid. 14. RELATED PARTY TRANSAcfioNS Mr G A Rithards is a member of the Couneil for The Royal College of Music to whom donations totalltng £10,000 were paid during the year (2022: £nil). Page 15