## 

|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|





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||||||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|`£`|<br>`£`|`£`|<br>`£`|<br>`£`|
|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|
||`£`|<br>`£`|
|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|





## 

## 



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## 



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## 



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## 



## 

## 

|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<br>Thisis statedaftercharging:|||
|---|---|---|
||2023|2022|
||Total|Total|
||funds|funds|
||£|£|
|Auditor'sremuneration|||
|.Statutoryauditservices|19,800|17,460|
|Depreciation|619,248|762,649|



## 

|Tangiblefixedassets||
|---|---|
||Freehold|
||landand|
||buildings<br>£|
|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<br>2021|Income|Expenditure|Transfer|31July<br>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<br>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|