2023-03-31-accounts - The Estelle Trust

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The trustees	The trustees	N A E Farrow (Chief Executive Officer)
		G R Ornstein
		D Wise
		R Lynch
		K M Farrow
		S Device
		I Abed
		W Ham
Principal	place ofbusiness	Office 3
		Book House
		261A City Road
		London
		ECIV1JX
Accountants		Fisher Phillips LLP
		Summit House
		170Finchley Road
		London
		NW3 6BP
Bankers		EFG Private Bank Umited
		12 Hay Hill
		London
		W1J 6DW
Solicitors		Wfisons
		Steynings House
		Fisherton Street
		Salisbury, Wiltshire
		SP2 7RJ

(incorporating an income For the year ended 31	and expenditu March 2022	re	acco	unt)
						2022	2021
			Note	Unrestricted f	Restricted f	Totalf	Totalf
Income from:
Donations and legacies			3	4,561		4,661	9,000
Investment income				104		1	69,332
Total income				67666		87 666	8»
Expenditure on:
Raising funds				14,567		14,667	15,864
Charitable activities:
Charitable donations				118,311	7,627	126,938	103,943
Admin costs				2,093		2,093	2,988
Salary costs				30,998		30,998	28,222
Other
Total expenditure				1668	82	173,68
Net income / (expenditure)	before net gains	/
(losses) on investments				(98,304)	(7,627)	(106,931)	(72,685)
Net gains / (losses) on investments				218829		18829	60982
Net Income / (expenditure)	for the year			120,626	(7,627)	112,898	(11,703)
Transfers between funds
Net Income / (expenditure)	before other
recognised gains and losses				120,626	(7,827)	112,898	(11,703)
Other gains / (losses)
Net movement In funds				120,626	(7,627)	112,898	(11,703)
Reconclllagon offunds: Total funds brought forward				2,00,800»		013,433
Total funds carried forward			11	21»	-	1 6»	13433

For the year ended 31	March 20	22
				Note	2022	2022	2021	2021
								f
Net cash provided by / (used In) operating			activities	13		55,843		(182,246)
Cash flows from Investing	activities:
Interest/rent/dividends from	investments				63,104		69,332
Proceeds from sale offixed	assets
Purchase of fixed assets
Proceeds from sale of investments					743,574		628,095
Purchase of investments					(580,320)		(543,379)
Cash provided by /(used	in) Investing	activities				226,358		154,048
Change in cash and cash	equivalents	In the year				282,201		(28,198)
Cash and cash equivalents	at the beginning		ofthe year			15,050		43,248
Cash and cash equivalents	at the end	of	the year	14		297,261		15,050

2	Detailed comparstlves	for	the statement		offinancial	activities	activities	2021	2021	2021
								Unrestrictedf	Restricted f	Totalf
	Income from:
	Donations snd legacies Investment income							500 59,332	8,500	9,000 69,332
	Total income							32	00	78332
	Expenditure on: Raising funds							15,864		16,864
	Charitable activities:
	Charitable donations							103,070	873	103,943
	Admln costs							2,988		2,988
	Salary costs							26,222		28,222
	Total expenditure							1 4	873	161017
	Net income / expenditure (losses) on investments		before gains	/				(80,312)	7,627	(72,686)
	Net gains / (losses) on investments							60,982		60,982
	Net Income / expenditure							(19,330)	7,627	(11,703)
	Transfers between funds
	Net income / (expenditure) before other recognised gains snd losses							(19,330)	7,627	(11,703)
	Other gains / (losses)
	Net movement In funds							(19,330)	7,627	(11,703)
	Total funds brought forward Total funds canted forward							136 3,0 000»		2 026,136 013,
3	Income from donations	and legacies							2022	2021
					Unrestricted f			Restrictedf	Totalf	Total f
	Gifts & donations					4,561			4,661	9,000
	Legacies
						4	1		401	0
4	Income from Investments								2022	2021
					Unrestrictedf			Restrictedf	Totalf	Totalf
	Interest Dividends from listed Investments Dividends from unlisted investments					21,994 24,419 15,691			21,994 24,419 18,691	28,370 24,271 16,691
						031	4		03104	69»2

Analysis of expenditure
			Charitable		SCUSIUSS
		Cost of	Charitable	Admln			Support	Governance
		raising funds	donations		costs	Salary costs	costs	costs	2022 Total	2021 Total
		E			E	E	E	E	E	E
Investment management fees University for Creative Arts tera Unlvsrsrty of Brighton Queens Cogege Cambridge Commonwealth EducaUon )rust Shelly Power Uterery Agency Ltd		12,471	10,000 5,000						12,471 10,000 6,000	13,118 1,000 758 3,340 1,569
Corporate EducsUon )rust Bans Tsndizo Foundation The Mandarin )rust Psgsnt House GSUery 3Peaks DEC - Ukraine Appeal Rudolph Ihlse Subsidy Histonc BCUdlngs fl Monument Bank charges and interest Exchange gain/ (loss)	Commission		89,592 500 500 10,000 8,250		(3)				89,692 600 600 10,000 8,260 (3)	SO,S45 873 3,014 130 8
Travel snd subsistence Consultancy fees Webslle coats Balmy costs						28,902	8,384		6,384 28,902	10,001 104 25,476
		12,471	123,842		(3)	28,902	8,364		173,696	151,017
Support costs		2,098	2,098		2,098	2,096	(8,364)
Governance costs
Total expenditure 2022		14,687	'f26,938		2,093	30,998			173,688	151,017
Total expenditure 2021		15,884	103,943		2,088	28,222			151,017

Analysis ofstaff costs, trustee	Analysis ofstaff costs, trustee	remuneration	and expenses, and the	cost of key	management	management	personnel
Staff costs were as follows:								2022f	2021f
Salaries and wages								28,902	25,476
Social security costs									25,476
The fogowlng number	ofemployees	received employee	benefits (exduding	employer	pension)	during	the year	between:
								2022	2021
								No.	No.
E60,000 —f69,999
E70,000 - F79,999
E80,000 - E89,999
f90,000 - f99,999

2022	2021
No.	No.

Investments
				2022	2021
Investments	at fair	value:		f	F
Listed investments				1,139,127	1,283,551
Unlisted investments				900,000	700,000
Movements	on Unlisted Investments
Market value	st the	start ofthe year		700,000
Additions at	cost
Disposals at carrying value Gains/ (Losses) on investment				200,000
Market value	at the	end ofthe year		900000
The trustees	have revalued the investments		as at 31 March 2022.
Movements	on Listed Investments
Market value Additions at	at the cost	start ofthe year		1,283,551 580,320	1,307,286 543,379
Disposals at carrying value Gains/ (Losses) on investment				(743,574) 18,829	(628,095) 60,982
Market value	at the	end ofthe year

Creditor	s: am	ounts falling due within one year
			2022	2021
			E	E
Taxatlon	and social security
Other creditors		—Scolsr Fine Art Limited	17,053

Analysis of net assets between funds
	General			Total
	unrestricted	Designated	Restncted	funds
	E	E	E	E
Investments	2,039,127			2,039,127
Net current assets	87,204			87,204
Net assets at the end of the year

For	the year ended 31 March 2022
13	Reconciliation ofnet Income /(expenditure)	to net cash flow from operating	activities		2022	2021
					E	E
	Net income / (expenditure) for the reporting	period			112,898	(11,703)
	(as per the statement offinancial activities)
	Depreciation Interest and dividends from investments				(63,104)	(69,332)
	(Gates) / losses on investments				(18,829)	(60,982)
	Loss / (profit) on the sale of fixed assets
	(Increase) / decrease in stock (Increase) /decrease in debtors increase / (decrease) in creditors				7,825 17,053	31,168 (71,398)
	Net cash provided by/(used in) operating	activities			3	~1246
14	Analysis ofcash and cash equivalents	At 1 April			Other	At 31 March
		2021	E	Cash flows E	changes f	2022
	Cash at bank and in hand	15,050		82,201		97,261
	Total cash and cash equivalents			01		97,261