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2022-12-31-accounts

Sylvia Waddilove Foundation UK Trustees’ Report and Accounts For the year ended 31[st] December 2022

84 Eccleston Square London SW1V 1PX

Ref: 09360/0071

Sylvia Waddilove Foundation UK Year ended 31[st] December 2022

CONTENTS
Trustees' annual report 1
Independent Examiner’s report 10
Statement of financial activities 12
Balance sheet 13
Principal accounting policies and Notes to the Accounts 14

Sylvia Waddilove Foundation UK

Year ended 31[st] December 2022 The Trustees’ Annual Report

The Trustees present the annual report and financial statements of the Sylvia Waddilove Foundation UK for the period ended 31[st] December 2022.

The financial statements have been prepared in accordance with the accounting policies set out on pages 14-16 and comply with the Foundation’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102) (effective 1 January 2019).

Name: Sylvia Waddilove Foundation UK Charity Registration Number: 1118097 Principal Address: 84 Eccleston Square London SW1 1PX Trustees: Gerald Kidd Peter Spencer Christopher Perkins (appointed 12.07.2022) Bankers: CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Solicitors: Pothecary Witham Weld 84 Eccleston Square London SW1V 1PX Independent Examiner: Stephen Tanner Kreston Reeves LLP Second Floor 168 Shoreditch High Street London E1 6RA Investment Managers: Standard Bank Melville Douglas 47-49 La Motte Street St Helier Jersey JE4 8XR Evelyn Partners 45 Gresham Street London EC2V 7BG

1

Structure, Governance and Management

Miss Sylvia Hermione Waddilove died in Switzerland in 2001. Although she lived abroad, she supported many charities carrying on activities in the United Kingdom.

The Executors of her Will established the Foundation by a Trust Deed dated 12 April 2006. The objects of the Trust Deed reference the charitable purposes expressed in Miss Waddilove’s Will and have regard to those purposes she favoured during her lifetime.

The Foundation’s income, and also capital when appropriate, is applied in making grants in pursuance of the Foundation’s objectives which are set out in the Trust Deed and also summarised below.

The Trustees engage Pothecary Witham Weld to administer the Foundation on a day to day basis, whilst retaining control of all final and financial decisions.

Trustees are nominated and appointed by the serving Trustees.

Objectives and Activities

The Trust Deed provides that the Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable purposes in any part of the world as the Trustees may in their absolute discretion think fit in particular but without prejudice to the generality of the foregoing for the following purposes:

a) The advancement of education through:

2

medical care to and the relief of suffering in animals; and the protection of animals; and

The Foundation operates as a grant-making charity and the Trustees’ policy is to seek to distribute the income arising each financial year, together with capital where appropriate.

The Trustees have regard to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and determining the recipient of grants.

Grant-making policy

The Foundation’s Main Fund programme seeks to provide grants to charities, CIC’s, Registered Societies and individuals undertaking medical research. The Trustees set a series of income thresholds from £500,000 to £3,000,000, depending on the charitable purpose to which the application relates.

The Foundation distributes grants in the following funding categories which are based on the objectives set out in its Trust Deed:

During 2022 the Trustees met four times to consider Main Fund applications. Grants awarded at these meetings ranged from £500 to £5,000.

The Trustees favour innovative projects that are less than 5 years old. Applicants must demonstrate that their projects are of a capital nature to ensure that the Foundation delivers lasting public benefit.

Project costs can be significantly higher than the grant awarded by the Trustees. The Trustees need to be satisfied that a project is realistically deliverable before they award a grant. Applicants who can demonstrate a successful history of projects and have fundraised will be favoured. The Trustees may decide to award a pledge if they feel that an applicant has not raised sufficient funds or if there is a risk that a project will not be delivered. In these cases, the grant is subject to fulfilment of specific criteria.

3

As well as lasting benefit, applicants must demonstrate that a reasonable number of beneficiaries will benefit from the project. The beneficiaries must be primarily in the UK.

Applicants for grants must follow the application process, which is detailed on the Foundation’s webpage. The process requires applicants to complete an online application form detailing their charitable objectives, project aims, budget and financial means. The Trustees only consider applications that have been submitted within the application window which is usually opened in the month preceding a meeting.

The Trustees will not generally consider applicants who have applied within two years of a previous application. However, the Trustees determined that this would not apply to those organisations which had applied for Emergency Fund Grants in 2020 and 2021.

Final decisions to award grants will normally be made at Trustee meetings. Before any grant is paid, applicants are subjected to a financial and web-based assessment. Recipients of grants are required to sign a formal receipt. For grants over a set value, successful applicants are required to accept specific terms which ensure that the grant will be used for the intended purposes. Almost all applicants will be monitored using the Foundation’s standard reporting form. Where relevant, the Trustees request copies of receipts for expenditure. In some cases, the payment of a grant may be subject to the recipient first meeting certain conditions.

During 2022 the Trustees also ran the Allocated Grant Programme (“AGP”). The Trustees allocate a separate budget to advance one of the charitable purposes of the Foundation. The Trustees decide which charitable purpose to favour and then research potential applicants.

During 2022 the Trustees invited a series of medical research charities to submit applications for grants valued between £25,000 - £30,000. In 2022 the Trustees awarded a total of £105,000 to four medical research charities operating within the UK.

Achievements and Performance

The Trustees received 143 (2021:50) Main Fund applications during the year, made 58 (2021:26) Main Fund grants and two pledges (2021:1). The Trustees received 10 (2021: 9) applications for the AGP during the year and made four (2021:4) AGP grants, three of £25,000 and one of £30,000.

The Trustees made provision for grants totalling £231,795 (2021: £252,500) and grants totalling £5,000 (2021-£nil) were withdrawn as no longer required.

In relation to the Main Fund the Trustees supported a diverse range of organisations with most applications in the Visual and Performing Arts funding Category.

4

What the beneficiaries say

The Trustees continued to monitor grants paid in 2021 as well as those paid in the reporting year. Selected comments from 2021’s grant making cycle and the 2022 cycle are reported below:

“our deepest thanks to the Sylvia Waddilove Foundation UK for helping our research get to this exciting next stage”

One performer said “I’ve enjoyed doing it and made lots of friends doing it as well” another anonymous comment said “It is amazing to see how far so many of the cast have come along in their confidence, memory and comedic timing skills. A pleasure to watch”

"Side by Side is a safe space where I don’t fear judgement. It saved my life and I’m so thankful." and “For me there is nothing like this place online."

5

The Trustees’ strategy to spend income and capital (of up to 5% a year) continued in this year and is set to continue for the following year.

Performance to date

----- Start of picture text -----
Value of grants awarded in 2022
AGP Education Visual and Performing Arts
Medical Research Relief of Disability Preservation of buildings
Accommodation of those in need
----- End of picture text -----

----- Start of picture text -----
Portfolio Value
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
2019 2020 2021 2022
YE value £
----- End of picture text -----

6

----- Start of picture text -----
Income vs Grants awarded
300000
250000
200000
150000
100000
50000
0
2019 2020 2021 2022
Income Grants Awarded
----- End of picture text -----

----- Start of picture text -----
Number of Applications and Grants Awarded
300
250
200
150
100
50
0
2019 2020 2021 2022
No Applications No Grants awarded
----- End of picture text -----

Financial Review/Reserves Policy

The Trustees have presented the Statement of Financial Activities with the total of unrestricted funds split between capital and income.

During the year, the Trustees continued to invest funds in the Foundation’s portfolios with Standard Bank and Evelyn Partners (formerly Tilney) whilst also retaining an account with the Epworth Investment managed Affirmative Deposit fund, which has performed well to date.

7

The unrestricted ‘capital’ fund represents the total capital available at the start and end of the year. The ‘income’ fund represents the income and expenditure throughout the year, except for those costs directly attributable to, and paid directly out of capital funds such as investment management fees. At the year end there are unrestricted reserves of £2,253,446 (2021: £2,839,117).

Incoming resources totalled £40,807 in the year (2021: £115,451). Resources expended totalled £337,610 (2021: £362,355). £280,000 has been transferred (2021: £300,000) from capital to balance the deficit arising on the income account and enable payment of the awarded grants.

The Trustees are of the opinion that the current liquidity of the Foundation’s funds provides sufficient flexibility to cover temporary shortfalls in incoming resources and meet its objectives adequately.

The Trustees are satisfied that the Foundation’s objectives have been met during this period and the use of the Foundation’s funds towards its charitable purposes is appropriate.

Investment Policy

There are no restrictions on the Foundation’s power to invest. The investment strategy is set by the Trustees and takes into account income requirements, the decided risk profile and the appointed investment managers’ advice on market prospects in the medium term. The overall investment policy will be to maximise total return through diversified portfolios, aiming to provide the level of income required by the Trustees and, at the same time, with a view to ensuring that capital appreciation of the funds exceeds inflation in the medium term.

The Trustees meet with both the investment managers twice in 2022.

Risk Management

The Trustees have identified and recorded in their annual risk assessment the risks to which the Foundation is exposed and have implemented systems to mitigate those risks. The principal risk faced by the Foundation is the under-performance of investments.

The Trustees consider the major financial risk to be the variability of returns on their investments. This is mitigated by retaining expert investment managers and having a diversified portfolio.

The major operational risk faced by the Foundation is the misuse of grant funding by recipients. The Trustees manage this risk by their phased assessment of applicants and by scheduled monitoring.

Future Plans

The biggest associated risk to the Foundation continues to be a drop in income and a reduction in the value of its investments. At the time of signing the accounts, the

8

Foundation’s investment advisers are cautiously monitoring the markets with a view to preserving and growing the Foundation’s investments.

Trustees’ Responsibilities in relation to the financial statements

The charity trustees are responsible for preparing the trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period.

In preparing accounts that give a true and fair view, the Trustees are required to:

  1. Select suitable accounting policies and then apply them consistently;

  2. Observe the methods and principles in the applicable Charities SORP;

  3. Make judgements and estimates that are reasonable and prudent;

  4. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy, at any time, the financial position of the Foundation and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Foundation and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the Foundation’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Signed on behalf of the Trustees by Gerald Kidd (Trustee)

Dated: 27[th] October 2023

9

Independent Examiner's Report

Trustees of the Sylvia Waddilove Foundation UK

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022 set out on pages 12 to 25.

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 2011 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

I have completed my examination. I confirm that no 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 2011 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.

10

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Stephen Tanner BSc (Econ) FCA Kreston Reeves LLP Second Floor 168 Shoreditch High Street London E1 6RA

Dated: 30 October 2023

11

Sylvia Waddilove Foundation UK

Statement of Financial Activities Year ended 31 December 2022

Notes
Income and endowments
from:
Bequests and legacies
Investment income
1
Total
Expenditure on:
Raising funds
2

Charitable activities
3, 4

Total
Net gains/(losses) on
investments
Net income/(expenditure)
Transfers between funds
Net movement in funds

Reconciliation of Funds:
Total funds brought
forward
Total funds carried
forward		 Notes
Income and endowments
from:
Bequests and legacies
Investment income
1
Total
Expenditure on:
Raising funds
2

Charitable activities
3, 4

Total
Net gains/(losses) on
investments
Net income/(expenditure)
Transfers between funds
Net movement in funds

Reconciliation of Funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted Funds
Income
Capital
£
£
-
-
40,807
-
40,807
-
-
21,995
315,615
-
315,615
21,995
-
(288,868)
(274,808)
(310,863)
280,000
(280,000)
5,192
(590,863)
6,863
2,832,254
12,055
2,241,391		 Unrestricted Funds
Income
Capital
£
£
-
-
40,807
-
40,807
-
-
21,995
315,615
-
315,615
21,995
-
(288,868)
(274,808)
(310,863)
280,000
(280,000)
5,192
(590,863)
6,863
2,832,254
12,055
2,241,391		 Total funds
£
-
40,807
40,807
21,995
315,615
337,610
(288,868)
(585,671)
-
(585,671)
2,839,117
2,253,446		 Prior year
funds
£
70,811
44,640		 Prior year
funds
£
70,811
44,640		 Prior year
funds
£
70,811
44,640

115,451
20,440
341,915
362,355
285,852
38,948
-
38,948
2,800,169
2,839,117

12

Sylvia Waddilove Foundation UK

Balance Sheet As at 31 December 2022

Notes
Fixed assets
Investments
5
Total fixed assets
Current assets
Debtors
6
Cash at bank and in hand
7
Total current assets
Creditors:
Amounts falling due within
one year
8
Net current assets
Total assets less current
liabilities
Total net assets
Funds of the Charity
Unrestricted funds
9
Total funds		 -
-
-
187,672		 Total funds
£
2,212,603
2,212,603
-
-
-
-
40,843		 Total funds
£
2,212,603
2,212,603
-
-
-
-
40,843		 -
-
-
146,223		 Prior year
funds
£
2,783,708		 Prior year
funds
£
2,783,708
2,783,708
-
-
-
-
55,409
187,672
146,829
-
-
-
-
-		 146,223
90,814
-
-
-
-
-
2,253,446 2,839,117
2,253,446
2,253,446		 2,839,117
2,839,117
2,253,446 2,839,117

The Financial statements were approved by the Trustees on 27th October 2023.

Gerald Kidd

13

Sylvia Waddilove Foundation UK

Principal Accounting Policies and Notes to the Accounts

Accounting Policies

The accounts have been prepared under the historical cost convention modified to include the revaluation of fixed asset investments.

a) Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the accounting policies set out on pages 14-16 and comply with the Foundation’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102) (effective 1 January 2019). The financial statements are prepared in British Pounds and are rounded to the nearest Pound.

The trust constitutes a public benefit entity as defined by FRS102.

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management section of the trustees' annual report for more information).

b) Funds structure

The charity funds are wholly unrestricted and comprise an income and capital fund. The capital fund is expendable and is invested to provide income which the Trustees are free to use in furtherance of the charitable objects.

c) Incoming recognition

Incoming resources are recognised in the period in which the Foundation has entitlement, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Dividend income is taken into account by reference to the date on which the charity is entitled to receipt. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation as a result of a past event, it is more than likely that settlement will be required and the amount of the obligation can be measured reliably.

14

All expenditure is accounted for on an accruals basis.

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which had not been met at the year-end are noted as a commitment, but not accrued as expenditure.

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs also relate to statutory audit and legal fees. Support costs relating to the cost of grant making have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing grants across all categories is broadly equivalent. The allocation of support and governance costs is analysed in note 4.

e) Costs of raising funds

The costs of raising funds consist of investment management costs.

f) Fixed asset investments

Fixed asset investments are initially recognised at the transaction value and subsequently at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities include the net gains and losses arising on revaluation and disposals throughout the year.

Realised and unrealised gains (or losses) are credited (or debited) to the Statement of Financial Activities in the year in which they arise.

g) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investment with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Creditors

Creditors are recognised where the Foundation has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

i) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening value or their purchase value if acquired after the

15

first day of the accounting year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

j) Taxation

The Foundation is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the exemptions available to registered charities.

k) Foreign Currency Accounting Policy

The Foundation adopts Sterling as its base currency. Investments and funds held in other currencies are converted into their Sterling equivalent at quarterly valuation dates using exchange rates agreed by the Foundation’s investment managers. Exchange rate variances are taken to the statement of financial activities on the date when the transaction takes place.

l) Related party transactions and trustees' expenses and remuneration

The trustees all give their time and experience freely to the Foundation without any form of personal remuneration. One of the trustees, Gerald Kidd, is a partner in the firm Pothecary Witham Weld which provides legal advice and administration services to the Foundation. Chris Perkins, another trustee, is a Senior Associate at Pothecary Witham Weld. Fees during the year totalled £70,722 incl VAT (2021: £78,388) and there were no fees outstanding at year end (2021: £15,154).

There were no expenses paid to trustees in the year (2021: £Nil). There were no other related party transactions in the year.

16

1. Incoming Resources

1. Incoming Resources
2022 2021
£ £
Dividends and interest from listed investments 39,809 44,616
Bank Interest 615 24
Tax reclaimed 383 -
Legacies - 70,811
40,807 115,451

2. Cost of generating funds

2022 2021
£ £
Investment management fees & exchange losses 21,995 20,440

3. Analysis of expenditure on charitable activities

Grants payable

Grants payable
2022
£		 2021
£
Grant commitments at 1stJanuary 2022 73,500 -
Commitments made in the year 231,795 252,500
Grants no longer required/ withdrawn (5,000) -
Grants paid in the year 159,795 179,000
Grant commitments at 31stDecember 2022 140,500 73,500
Commitments payable in less than one year 140,500 73,500
Grants payable in more than one year and in the year Nil Nil
Cost of Charitable Activities
Grants awarded less cancelled/withdrawn 226,795 252,500
Support costs (note 4) 88,820 89,415
Charitable activities 315,615 341,915

17

Analysis of grant making programme

Institutional
Grants
£		 Support
Costs
£		 Total 2022
£		 Total 2021
£
Allocated Grant
Programme		 105,000 15,410 120,410 112,729
Education 9,000 1,321 10,321 10,709
Visual and
Performing Arts		 39,500 5,798 45,298 31,000
Medical Research 30,500 4,476 34,976 56,365
Relief of disability
and severe illness		 32,795 4,813 37,608 57,492
Preservation of
buildings		 12,000 1,761 13,761 11,837
Accommodation of
those in need		 3,000 440 3,440 4,509
231,795 34,019 265,814 284,641

Support costs relating to the cost of grant making are allocated between programmes proportionally based on the value and number of grants made.

From time to time the trustees authorise certain grants which are subject to the recipient fulfilling certain conditions. These pledges are ‘active’ for 4 years from the date they are issued. Two pledges were made in 2022 to Strength and Learning through Horses for £5,000 and Bedfordshire Opportunities for Learning for £5,000. The total amount authorised but not accrued as expenditure at 31 December 2022 was £31,000. This amount was constituted as follows:

(£)
Strength and LearningThrough Horses 5,000
Bedfordshire Opportunities for LearningDisabilities 5,000
Meanwood ValleyUrban Farm 5,000
Bourne Foundation 3,500
Hearth Historic Buildings(Riddles Warehouse)AGP 12,500
Total 31,000

18

Grants awarded during the period ended 31 December 2022 but not paid out as a result of paperwork delays:

(£)
The Fforest Uchaf Horse and Pony Rehabilitation Centre and Pit Pony
Sanctuary		 2,500
Stepney Bank Stables 1,500
Muscular Dystrophy 2,500
Box of Tricks Theatre 1,000
JDG 1,000
Kabosh 1,000
Spinning Wheel Ltd 1,000
Sudden Productions 1,000
Asthma and Lung UK 3,000
Kidscan Childrens Cancer 3,500
Urology Foundation 3,000
Maha Devi Yoga Centre 3,500
North London Music Therapy 1,500
Wildgoose Rural Training 3,000
The Bluecoat 3,500
Off the Streets 3,000
Stroke Association 25,000
Antibiotic Research UK 30,000
Crohns and Colitis 25,000
RNID 25,000
Total 140,500

The Foundation made the following grants (by category and grant type) in the reporting period:

Education in organic farming and animal husbandry Main
programme
(£)
Harper Asprey Wildlife Rescue 1,500
Here4Horses 1,500
Paddington Farm Trust Limited 2,000
The Fforest Uchaf Horse and Pony Rehabilitation Centre & Pit
Pony Sanctuary		 2,500
Stepney Bank Stables 1,500
Total 9,000

19

Visual and performing arts Main
programme
(£)
Theatre Alibi 1,000
Tyne Theatre & Opera House Preservation Trust 2,500
Ink (from Pen to Performance) 1,000
RADA 6,000
The Old Vic Theatre Trust 2000 6,000
The Gramophone Theatre Company CIC 1,000
Diamond Productions CIC 500
Liminal Stage Productions Ltd 1,000
The Telling 1,000
Iris Theatre 1,000
Homos and Houmous 1,000
Invisible Circus 2,500
Hospitalfield Trust 1,000
Blue Apple Theatre 1,000
Big Brum Theatre in Education Company 1,000
Aldeburgh Jubilee Hall 2,000
Tron Theatre 1,000
The Folkestone-Hythe Dramatic and Operatic Society 2,000
Stumble Trip Theatre 1,000
Box of Tricks Theatre 1,000
JDG 1,000
Kabosh 1,000
Spinning Wheel Ltd 1,000
Sudden Productions 1,000
Fifth Word 1,000
Total 39,500
Medical Research Main
programme
(£)
The Brain Tumour Charity 3,500
Fight for Sight 3,500
University of Reading 2,500
Great Ormond Street Children’s Hospital 2,500
Wellbeing of Women 4,000
School of Life Sciences 5,000
Asthma and Lung UK 3,000
Kidscan Childrens Cancer Research 3,500
The Urology Foundation 3,000
Total 30,500

20

Relief of disability and illness Main
programme
(£)
Special Stars Foundation 1,000
Wakefield Hospice 2,000
Soundabout 750
Airedale Hospital and Community Charity 2,000
Computers for the Disabled 2,500
Bucks Vision 1,295
Muscular Dystrophy Support Centre 3,000
Perkisound CIO 2,500
Nancy Oldfield Trust 2,000
Equipower Central Scotland RDA 3,000
St Peter St James Charitable Trust 750
St John’s Hospice 4,000
MahaDevi Yoga Centre 3,500
North London Music Therapy 1,500
Wildgoose Rural Training 3,000
Total 32,795
Preservation of buildings Main
programme
(£)
The Brunel Museum 4,000
The Kenelm Youth Trust 3,000
The Merchant’s House (Marlborough) Trust 1,500
The Bluecoat 3,500
Total 12,000
Accommodation for those in need Main
programme
(£)
Off the Streets 3,000
Total 3,000
Allocated Grant Programme (£)
Stroke Association 25,000
Antibiotic Research UK 30,000
Crohn’s & Colitis 25,000
RNID 25,000
Total 105,000

21

4. Analysis of support costs 4. Analysis of support costs
Institutional Total 2022 Total 2021
grants £ £
£
Cost of grant making 34,019 34,019 32,141
4. Analysis of support costs 4. Analysis of support costs 4. Analysis of support costs 4. Analysis of support costs 4. Analysis of support costs 4. Analysis of support costs 4. Analysis of support costs
Institutional
grants
£		 Total 2022
£		 Total 2021
£
Cost of grant making 34,019 34,019 32,141
Governance costs (see
below)		 54,326 54,326 57,168
Other professional costs - - -
Other Costs 475 475 106
88,820 88,820 89,415
Governance Costs:
Pothecary Witham Weld fees 51,775 54,804
Independent examination fee 2,408 2,160
Trustee meeting expenses - -
Bank charges 143 204
54,326 57,168
5. Fixed Asset Investments
Listed
investment
£		 Cash Held
£		 Total
£		 2021
£
Carrying value at
beginning of year		 2,748,725 34,983 2,783,708 2,708,257
Additions to investments
at cost		 88,823 - 88,823 554,146
Disposals at market value (340,696) (30,364) (371,060) (762,374)
Net gain/ (loss) on
revaluation		 (288,868) - (288,868) 283,679
Carrying value (market
value) at end of year		 2,207,984 4,619 2,212,603 2,783,708
Historical Cost 1,683,798 4,619 1,688,417 1,872,228

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Material Investments

Included in the above is the following investment, which represents greater than 5% of the total market value.

Cost Market Value
Invesco £156,775 £163,232

Investments at market value comprise:

2022
£		 2021
£
Listed investments 2,207,984 2,748,725
Cash 4,619 34,983
2,212,603 2,783,708

Cash is also invested in the Epworth Deposit fund, detailed at note 7 below.

6. Debtors

2022 2021
£ £
- -
- -
2022
£		 2021
£
Other debtors - -
- -
7. Cash at bank and in hand
2022
£		 2021
£
Standard Bank (Melville) earnings account - -
Deutsche Bank (Tilney) earnings account 117 205
Pothecary Witham Weld Client Account 4,017 18,057
CAF Bank 144,951 89,815
Epworth Affirmative Deposit 38,587 38,146
187,672 146,223

23

8. Creditors

2022
£		 2021
£
Pothecary Witham Weld fees - 15,154
Investment manager’s fees 4,029 -
Independent Examination fee 2,300 2,160
Grants approved not yet paid (awaiting bank details) 140,500 73,500
146,829 90,814

9a. Summary of funds – Current Year

Brought
forward		 Incoming
resources

Resources
expended		 Gains /
(losses)

Transfers		 Carried
forward
Unrestricted
capital fund		 2,832,254 - (21,995) (288,868)
(280,000)		 2,241,391
Unrestricted
income fund		 6,863 40,807
(315,615)		 - 280,000 12,055
2,839,117 40,807
(337,610)		 (288,868)
-		 2,253,446

9b. Summary of funds – Prior Year

Brought
forward		 Incoming
resources		 Resources
expended		 Gains /
(losses)		 Transfers Carried
forward
Unrestricted
capital fund		 2,796,031 70,811 (20,440) 285,852 (300,000) 2,832,254
Unrestricted
income fund		 4,138 44,640 (341,915) - 300,000 6,863
2,800,169 115,451 (362,355) 285,852 - 2,839,117

10a. Net assets- Current year

Investments Bank &
cash
balances		 Creditors
falling due
in 1 year		 Net assets
Unrestricted
capital fund		 2,212,603 32,817 (4,029) 2,241,391
Unrestricted
income
fund		 - 154,855 (142,800) 12,055
2,212,603 187,672 (146,829) 2,253,446

24

10b. Net assets-Prior year

Investments Bank &
cash
balances		 Creditors
falling due
in 1 year		 Net assets
Unrestricted
capital fund		 2,783,708 139,360 (90,814) 2,832,254
Unrestricted
income
fund		 - 6,863 - 6,863
2,783,708 146,223 (90,814) 2,839,117

25