2023-07-31-accounts

Reports
Referenceandadministrativedetailsofthe
charitablecompanyanditstrusteesand
advisors	1
Trustees'report	3
Independentauditor'sreport	13
Financialstatements
Statementoffinancialactivities	18
Balancesheet	20
Statementofcashflows	21
Principalaccountingpolicies	22
Notestothefinancialstatements	26

Trustees	MrPAiers
	ProfJAndersonCBE
	DrNBhatti
	SirNBoardman
	MrMTBurnyeat
	MrADFlower
	DrCGallagher
	MrSGhosh
	ProfCJHinds
	ProfSMarino
	DrVMuirhead
	DrPLloyd
	MrSJThorleyKC
	MsCPWaugh
Secretary	MrJEMaloney
Address	TheMedicalCollegeofSaintBartholomew's
	HospitalTrust
	66Lincoln'sInnFields
	London
	WC2A3LH
Website	www.barts-londonschooltrust.org.uk
Companyregistrationnumber	05861679
Charityregistrationnumber	1115519
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Solicitors	Farrer&CoLLP
	66Lincoln'sInnFields
	London
	WC2A3LH

Investmentmanagers	InvestecWealthandInvestmentLimited
	2GreshamStreet
	London
	EC2V7QN
	TroyAssetManagementLimited
	BrookfieldHouse
	44DaviesStreet
	London
	W1KSJA
	EvelynPartners
	45GreshamStreet
	London
	EC2V7BG
Bankers	CHoareandCo.
	7FleetStreet
	Temple
	London
	EC4P4DQ

					Total	Total
		General	Designated	Restricted	funds	funds
		fund	funds	funds	2023	2022
						(restated)
	Notes	£	£	£	£	£
Incomefrom:
Donations	1	600			600	9,620
Investments	2	554,644			554,644	464,639
Charitableactivities
.Rent		63,411			63,411	88,188
.Otherincome		968			968	88,789
Totalincome		619,623			619,623	651,236
Expenditureon:
Raisingfunds
.Investmentmanagementcosts		85,796			85,796	91,524
.Exchangeratelosses
Charitableactivities	3	800,189	619,248		1,419,437	2,241,959
Totalexpenditure		885,985	619,248		1,505,233	2,333,483
Net(expenditure)beforegains
(losses)		(266,362)	(619,248)	-	(885,610)	(1,682,247)
Net(losses)gainsoninvestments	6	(502,725)		-	(502,725)	(664,671)
Gainsonrevaluationoffreehold
landandbuildings		-	-	-	-	11,324,970
Transfersbetweenfunds		1,000,000	(1,000,000)	-	-	-
Net(expenditure)incomeandnet
movementinfunds		230,913	(1,619,248)	-	(1,388,335)	8,978,052
Reconciliationoffunds:
Fundbalancesbroughtforward
at1Augustaspreviouslystated		1,224,792	81,924,750	-	83,149,542	74,171,490
Priorperiodrestatement	14	-	1,450,000		1,450,000	1,450,000
Fundbalancesbroughtforwardat
31Augustasrestated		1,224,792	83,374,750	-	84,599,542	75,621,490
Fundbalancescarriedforward
at31July2023		1,455,705	81,755,502	-	83,211,207	84,599,542

					Total	Total
		General	Designated	Restricted	funds	funds
		fund	funds	funds	2022	2021
					(restated)	(restated)
	Notes	£	£	£	£	£
Incomefrom:
Donations	1	9,620			9,620	150,402
Investments	2	464,639			464,639	501,613
Charitableactivities
.Rent		88,188			88,188	48,890
.Otherincome		88,789			88,789
Totalincome		651,236			651,236	700,905
Expenditureon:
Raisingfunds
Investmentmanagementcosts		91,524		-	91,524	89,753
.Exchangeratelosses			-	-	-	3,730
Charitableactivities	3	1,314,549	673,370	254,040	2,241,959	2,393,368
Totalexpenditure		1,406,073	673,370	254,040	2,333,483	2,486,851
Net(expenditure)beforegains
(losses)		(754,837)	(673,370)	(254,040)	(1,682,247)	(1,785,946)
Net(losses)gainsoninvestments	6	(664,671)			(664,671)	2,906,274
Gainsonrevaluationoffreehold
landandbuildings		-	11,324,970		11,324,970
Transfersbetweenfunds	10	(8,959)		8,959
Net(expenditure)incomeandnet
movementinfunds		(1,428,467)	10,651,600	(245,081)	8,978,052	1,120,328
Reconciliationoffunds:
Fundbalancesbroughtforward		2,653,259	71,273,150	245,081	74,171,490	73,051,162
at1Augustaspreviouslystated
Priorperiodrestatement	14		1,450,000		1,450,000	1,450,000
Fundbalancesbroughtforwardat
31Augustasrestated		2,653,259	72,723,150	245,081	75,621,490	74,501,162
Fundbalancescarriedforward
At31July2022		1,224,792	81,924,750	-	83,149,542	75,621,490

		2023	2022
	Notes	£	(restated)
Fixedassets
Tangiblefixedassets	5	61,305,502	61,924,750
Investments	6	24,535,427	25,818,553
Investmentproperties	6	1,450,000	1,450,000
Programmerelatedinvestment	7	10,715	7,215
		87,301,644	89,200,518
Currentassets
Debtors	8	197,108	91,416
Cashheldbyinvestmentmanagers	6	411,410	316,190
Cashatbank		271,967	443,892
		880,485	851,498
Creditors:amountsfallingdue
withinoneyear	9	(2,063,200)	(2,457,915)
Netcurrentliabilities		(1,182,715)	(1,606,417)
Totalassetslesscurrentliabilities		86,118,929	87,594,101
Creditors:amountsfallingdueaftermorethanoneyear	9	(2,907,722)	(2,994,559)
Totalnetassets		83,211,207	84,599,542
Thefundsofthecharity:
Restrictedfunds
Restrictedfund	10
Unrestrictedfunds
.Designatedfunds	11	81,755,502	83,374,750
.Generalfund	12	1,455,705	1,224,792
Totalunrestrictedfunds		83,211,207	84,599,542
Totalfunds		83,211,207	84,599,542

		2023	2022
	Notes	£	£
Cashflowsfromoperatingactivities:
Netcashusedinoperatingactivities	A	(1,411,750)	(1,354,937)
Cashflowsfrominvestingactivities:
Investmentincome		554,644	464,639
Proceedsfromthedisposalofinvestments		3,586,150	2,680,766
Purchaseofinvestments		(2,805,749)	(2,232,823)
Netcashprovidedbyinvestingactivities		1,335,045	912,582
Changeincashandcashequivalentsintheyear		(76,705)	(442,355)
Cashandcashequivalentsat1August2022		760,082	1,202,437
Cashandcashequivalentsat31July2023	B	683,377	760,082

Reconciliationofnetmovementinfundstonetcashused	inoperatingactivities
	2023	2022
	£	£
Netmovementinfunds(asperthestatementoffinancialactivities)(1,388,335)		8,978,052
Adjustmentsfor:
Depreciationcharge	619,248	673,370
Gainsonrevaluationoffreeholdlandandbuildings	-	(11,324,970)
Lossesoninvestments	502,725	664,671
Investmentincome	(554,644)	(464,639)
Increaseinprogrammerelatedinvestments	(3,500)
(Increase)decreaseindebtors	(105,692)	225,172
(Decrease)increditors	(481,552)	(106,593)
Netcashusedinoperatingactivities	(1,411,750)	(1,354,937)

Analysisofchangesinnetdebt
	Asat1
	August	Movement	Asat31
	2022	inyear	Ally2023
	£	£	£
Cashatbankandinhand	443,892	(171,925)	271,967
Cashheldbyinvestmentmanagers	316,190	95,220	411,410
Totalcashandcashequivalents	760,082	(76,705)	683,377

Incomefromdonations
	Total	Total
	unrestricted	unrestricted
	funds	funds
	2023	2022
	£	£
Donations	600	600
Legaciesreceivable	—	9,020
	600	9,620

2	Incomefrominvestmentsandinterestreceivable
		Total	Total
		unrestricted	unrestricted
		funds	funds
		2023	2022
		£	£
	Investmentincomefromlistedinvestments	554,644	464,639
		554,644	464,639
3	Expenditureoncharitableactivities
		Total	Total
		funds	funds
		2023	2022
		£	£
	Unrestrictedfunds
	Grantsawardedtoindividuals
	.Undergraduatescholarships	181,500	195,000
	.Postgraduatestudentships	614,529	860,005
	Undergraduatesummerbursaries	15,000	15,000
	Electivebursaries	3,750	3,750
	Conferencebursaries	5,000	5,000
	Intercalatedbursaries	15,000	15,000
	Unrestrictedfundstotal	834,779	1,093,755
	Restrictedfunds
	Willoughbyfundgrants	-	254,040
	Totalgrantsawarded	834,779	1,347,795
	Releaseofgrants
	.Unrestrictedfunds	(234,256)
	Totalgrantsreleasedorrepaid	(234,256)	-
	Totalgrantexpenditure	600,523	1,347,795
	Unrestrictedfunds
	Depreciationonfreeholdproperty	619,248	673,370
	Legalandprofessionalfees	176,328	200,055
	Sundryexpenses	3,538	3,279
	Governancecosts	19,800	17,460
		1,419,437	2,241,959

Netexpenditurebeforegains Thisis statedaftercharging:
	2023	2022
	Total	Total
	funds	funds
	£	£
Auditor'sremuneration
.Statutoryauditservices	19,800	17,460
Depreciation	619,248	762,649

Tangiblefixedassets
	Freehold
	landand
	buildings £
Valuation
At1August2022andat31July2023	61,924,750
Depreciation
At1August2022
Chargeforyear	619,248
At31July2023	619,248
Netbookvalue
At31July2023	61,305,502
At31July2022	61,924,750

Investments
	2023	2022
Listedinvestments	£	£
Marketvalueat1August2022	25,818,553	26,931,165
Additions	2,805,749	2,232,823
Disposalsatopeningbookvalue(proceeds:£3,586,150realisedloss:
£232,716)	(3,818,866)	(2,706,773)
Unrealised(loss)gainsonrevaluation	(270,009)	(638,662)
Marketvalueat31July2023	24,535,427	25,818,553
CashheldbyUKinvestmentmanagersforreinvestment	411,410	316,190
Costoflistedinvestmentsat31July2023	22,728,033	23,598,317

Listedinvestmentsheldat31July2023comp	risedthefollowing:
	2023	2022
	£	£
UKfixedinterest	1,487,804	1,135,223
UKequities	3,646,479	4,160,775
Overseasfixedinterest	2,736,459	667,608
Overseasequities	2,633,998	6,672,825
Commoninvestmentfunds	11,431,574	11,968,307
Other	2,599,113	1,213,815
	24,535,427	25,818,553

thatdate:
	Market
	valueof
	holding	%oftotal
Holding	£	portfolio
TrojanEthicalIncomeFund(InvestmentFund)-SIncome	2,349,788	10%
TrojanGlobalIncomeFund-SIncome	2,584,757	11%
TrojanEthicalFund-SIncome	6,497,029	26%
	2023	2022
Investmentproperties	£	(restated)
		E
Marketvalueat1August2022andat31July2023	1,450,000	1,450,000

Programmerelatedinvestments
	2023	2022
	£	£
ConcessionaryLoan	10,715	7,215
	10,715	7,215

8	Debtors
		2023	2022
		£	£
	Accruedincome	197,108	91,416
		197,108	91,416
9	Creditors
		2023	2022
		£	£
	Grantspayable(seebelow)	1,724,837	2,075,023
	Righttolightprovision	287,084	287,084
	Accrualsanddeferredincome	51,279	95,808
		2,063,200	2,457,915

	2023	2022
	£	£
Grantspayableat1August2022	5,069,582	5,216,604
Grantspaidduringtheyear	(1,037,546)	(1,494,817)
Grantscommittedintheyear(seenote3)	834,779	1,347,795
Grantsreleasedintheyear(seenote3)	(234,256)	-
Grantspayableat31July2023	4,632,559	5,069,582
	2023	2022
	£	£
Grantsfallingduewithinoneyear	1,724,837	2,075,023
Grantsfallingdueaftermorethanoneyear	2,907,722	2,994,559
	4,866,815	5,069,582

10	Restrictedfunds
		At				At
		1August				31July
		2022	Income	Expenditure	Transfer	2023
		£	£	£	£	£
	TheWilloughbyTrust

	At				At
	1August 2021	Income	Expenditure	Transfer	31July 2022
	£	£	£	£	£
TheWilloughbyTrust	245,081	-	(254,040)	8,959
	245,081		(254,040)	8,959

	At	New/
	1August	(released)		31July
	2022	designation	Utilised	2023
	(restated)	£	£	£
	£
BuildingFund	63,374,750		(619,248)	62,755,502
InvestmentsFund	20,000,000	(1,000,000)	-	19,000,000
	83,374,750	(1,000,000)	(619,248)	81,755,502
	At	New/		At
	1August	(released)		31July
	2021	designation	Utilised	2022
	(restated)	£	£	£
	£
BuildingFund	52,723,150	11,324,970	(673,370)	63,374,750
InvestmentsFund	20,000,000	-	-	20,000,000
	72,723,150	11,324,970	(673,370)	83,374,750

Generalfund
	£
At1August2022	1,224,792
Netexpenditurefortheyear	(769,087)
Transferfromdesignatedfunds	1,000,000
At31July2023	1,455,705

13	Analysisofnetassetsbetweenfunds
		General	Restricted	Designated	Total
		fund	funds	funds	2023
		£	£	£	£
	Fundbalancesat31July2023
	arerepresentedby:
	Tangiblefixedassets	-	-	61,305,502	61,305,502
	Fixedassetinvestments	5,535,427	-	19,000,000	24,535,427
	Investmentproperties	-		1,450,000	1,450,000
	Programmerelatedinvestments	10,715	-	-	10,715
	Netcurrentliabilities	(1,182,715)	-	-	(1,182,715)
	Creditors:fallingdueafteroneyear	(2,907,722)	—	—	(2,907,722)
	Totalnetassets	1,455,705	-	81,755,502	83,211,207
		General	Restricted	Designated	Total
		fund	funds	funds	2022
		£	£	£	(restated)
					£
	Fundbalancesat31July2022
	arerepresentedby:
	Tangiblefixedassets	-	-	61,924,750	61,924,750
	Fixedassetinvestments	5,818,553	-	20,000,000	25,818,553
	Investmentproperties	—	—	1,450,000	1,450,000
	Programmerelatedinvestments	7,215	-	-	7,215
	Netcurrentliabilities	(1,779,258)	172,841	-	(1,606,417)
	Creditors:fallingdueafteroneyear	(2,821,718)	(172,841)	-	(2,994,559)
	Totalnetassets	1,224,792	-	83,374,750	84,599,542

Thetotalunrealisedgainsat31July2023constitutesmovement follows:	onrevaluation	andareas
	2022	2021
	£	£
Unrealisedgainsincludedabove:
Ontangiblefixedassets	40,272,242	40,891,490
Oninvestments	1,807,394	3,502,753
	42,079,636	44,394,243
Reconciliationofmovementsonunrealisedgains:
Unrealisedgainsat1August2022	44,394,243	32,806,695
Less:depreciationinrespecttorevaluedamounts	(619,248)	(673,370)
Inrespecttodisposalsintheyear	(1,192,634)	1,600,618
Add:net(losses)gainsarisingoninvestmentrevaluationsintheyear	(502,725)	(664,670)
Add:gainsarisingonfreeholdlandandbuildingsrevaluations	-	11,324,970
Totalunrealisedgainsat31July2023	42,079,636	44,394,243

Impactonthevalueofnetassets	2022	2021
	£	£
Asoriginallystated	81,761,207	83,149,542
Impactofadjustment:
Increaseininvestmentproperties	1,450,000	1,450,000
Asrestated	83,211,207	84,599,542

Thispagedoesnotformpartofthestatut	oryfinancial	statements.
	2023	2023	2022	2022
	£	£	£	£
Income
Securitiesandunittrusts		550,441		464,639
Rentalincome
.Telephonemast
.CharterhouseSquare		33,250		33,250
.QueenMary(NonSMDuse)		13,609		7,287
.Prioryearsunderaccrualreceivedin22-23		16,552		47,651
Otherincome—Leasepremium				87,500
Exchangerategain		968		1,170
Voluntaryincome		600		600
Interestincome		4,203		119
Legaciesreceivable				9,020
		619,623		651,236
Expenditure
Investmentmanagers'fees	85,796		91,524
Exchangeratelosses
Grantspayable	834,779		1,347,795
Grantsreleased	(234,256)
Depreciation	619,248		673,370
Professionalfees	176,328		200,055
Otherexpenses	3,538		3,279
Governancecosts
.Auditandaccountancy	19,800		17,460
		1,505,233		2,333,483
Netexpenditurebeforeinvestmentasset
movementsandlandandbuildings
revaluationgains(losses)		(885,610)		(1,682,247)
Realisedgains(losses)onlisted		(232,716)		(26,008)
investments
Unrealised(losses)gainsonlisted
investments		(270,009)		(638,663)
Unrealisedgainsonfreeholdlandand
buildings				11,324,970
Netmovementinfundsfortheyear		(1,388,335)		8,978,052