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2023-06-30-accounts

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

REGISTERED COMPANY NUMBER: 06510777 (England and Wales) REGISTERED CHARITY NUMBER: 1123081

THE BULLDOG TRUST LIMITED

Report and Consolidated Audited Financial Statements for the Year Ended 30 June 2023

Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Contents of the Financial Statements for the year ended 30 June 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 9
Report of the Independent Auditors 10 to 12
Consolidated Statement of Financial Activities 13
Consolidated Balance Sheet 14
Company Balance Sheet 15
Consolidated Cash Flow Statement 16
Notes to the Consolidated Cash Flow Statement 17
Notes to the Financial Statements 18 to 31

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Reference and Administrative Details for the year ended 30 June 2023

TRUSTEES C M R Hoare Investment Banker R H Mcpherson Finance S Sacks (appointed 12.7.22) COMPANY SECRETARY Wilsons (Company Secretaries) Limited REGISTERED OFFICE Alexandra House St Johns Street Salisbury Wiltshire SP1 2SB REGISTERED COMPANY 06510777 (England and Wales) NUMBER REGISTERED CHARITY 1123081 NUMBER AUDITORS Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD SOLICITORS Wilson Solicitors LLP Alexandra House St Johns Street Salisbury Wiltshire SP1 2SB BANKERS C Hoare & Co 37 Fleet Street London EC4P 4DQ INVESTMENT MANAGERS Investec Wealth & Management 30 Gresham Street London EC2V 7QN PINCIPLE ADDRESS 2 Temple Place London WC2R 3BD

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

STRATEGIC REPORT

The Bulldog Trust

Trust activities have until this year been split into two distinct areas: Two Temple Place operations which include the cultural programme, commercial events, and maintenance and upkeep of the house; and the Trust’s support for the development of innovative charities and social enterprises through The Fore.

This has, however, been a year of significant change for the Bulldog Trust, with the hive off of the now fledged Fore forming a key part of the year’s strategic direction and operational activity. At the time of writing (autumn ’23), the Fore has secured separate charitable status and it is now a wholly new entity. This is testimony to the Trust’s extended support in funding and developing this innovative and visionary programme, matched with other corporate and Trust support, reaching into hundreds of growing UK micro-charities, and with millions distributed over the last six years.

Objectives & Activities

The objects of the Trust are "to support or promote such charitable institutions or purposes in such a manner and such propositions as the trustees may in their absolute discretion determine”. The trustees have regard to Charity Commission guidance on public benefit in formulating the Trust's approach to grant making and in relation to its other activities. Charles M R Hoare serves as Chairman of Trustees. The Bulldog Trust is privileged to be the owner of a remarkable building, Two Temple Place, in central London.

The following Mission Statement was agreed by the Trustees to support the Trust's work:

The Bulldog Trust will use its assets:

For the year of 2022-2023, priorities agreed by the Trustees were:

  1. To move to a full separation and ‘fledging’ of the Fore, to continue providing development support to early stage charities and social enterprises.

  2. To consolidate activities at Two Temple Place and its cultural programme, to continue to implement systems to ensure the smooth running of the organisation, and to maintain the building for the future.

  3. To expand the commercial activities within Two Temple Place in order to provide funds for charitable activities while mindful of achieving the right balance of use while protecting the fabric of the house.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

The Fore Trust

Since 2017, the Fore Trust has formed the key strand of the Bulldog Trust’s strategic grant making, offering a wraparound package of unrestricted, multi-year grant-funding, training, skilled volunteers, peer-to-peer networks and impact measurement tools. Targeting organisations working with people across the UK by funding innovative small charities at the heart of our communities, since 2017 the Fore Trust has distributed £8.6 million in grants to exceptional young charities and social enterprises. The Bulldog Trust is proud and delighted in 2023 to see the Fore move into the next stage of its evolution as a separate entity and registered charity.

It has been a year of growth. After London, the highest distribution of charities funded was split equally across Scotland, the South West and the North West, and in ‘22/23 the Fore has extended its impact:

“The impact course was really useful and has helped us to become stronger at bid writing. It made us think about the different approaches that can be used to demonstrate our effectiveness to funders…”

Tracy Sheppard, TalkFIRST

Softer non-financial provision included:

“Stephen our volunteer has been tremendous… his input has been incredibly valuable to us as an organisation as we move forward in our strategic development…”

Jessica Ortiz, Young Urban Arts Fund

The Fore is proud to report this year on its expanded reach into under-represented communities and sectors: grantees were 69% women; Black, Asian or Minority Ethnic grantees were almost three times the sector average; LGBTQIA+ grantees were almost double.

The perfect storm of the pandemic legacy of social and mental health issues, combined with the cost of living crisis, has meant that most of the Fore’s supported charities have been met with a staggering and unprecedented demand for their services on the ground. Key statistics show that funded charities have worked fantastically hard to meet this demand, supporting more people than ever.

Key statistics also show that funded charities, on average, have successfully expanded their teams to try to meet demand, though recruitment and retention in the sector has been challenging. For many, volunteers remain critical for both service and operational delivery, and their importance will only grow as demand continues to rise.

While Fore-funded charities have expanded both their restricted and unrestricted income, improving financial resilience continues to be a challenge, and the wider grant funding landscape has become more challenging, with many charities disappointed by other funders’ shifting priorities and much grant funding now restricted or project based. This leaves charities with very little resource for vital core staff activities, let alone with the time to develop business and income strategies that could help them become more self-sustaining. Many charities are trapped in a catch 22, without the time and resource to diversify income streams, and so remaining reliant on restrictive grants.

By autumn 2023, the Fore Trust has fully fledged as a separate entity with its own charitable status, testimony to the Bulldog Trust’s investment into the Fore’s enlightened grant-making since 2017. In ‘23/24 the Bulldog Trust continues to fund the Fore, keenly supporting its continued progress and its growing impact on the small charity sector.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

The Fore Trust (continued)

The Fore would like to thank the partners who have enabled the Trust to support the charities. Alongside those who wish to remain anonymous, these include:

UBS

BlackRock C. Hoare & Co. The Bulldog Trust Rothschild & Co National Lottery Community Fund Moody’s PIMCO Postcode Local Trust Garfield Weston Brand Advance The Lovington Foundation LCM Family Aeonian Foundation The Tye Foundation The Helvellyn Foundation Four Acre Trust Lightbulb Trust LCCP Foundation LGT Wealth Management Netherby Trust

The Hadley Trust February Foundation Michael and Sarah Spencer Foundation Imagine Foundation Steve and Heather Tudge Power to Change AOK Trust EQ Investors Charlie Jacobs London Borough of Havering James Findlay Inthallo The Netherby Trust Lord Jim O’Neill The Mumme-Ackford Charitable Trust Bridget and Justin Barton The Lyon Family Charitable Trust Henry Oldfield Charitable Trust Mike Orsborn Anthea Daunton

Two Temple Place

Two Temple Place remains the operational hub of the Bulldog Trust, continuing to combine cultural and community programmes that open the building to the public for free with an active commercial hire function that generates vital income for the charity’s work. Both serve to reimagine the house into a huge variety of guises for major exhibitions, participatory community residencies and special events. Alongside the annual flagship spring exhibition, a growing programme of community projects has invited artists and facilitators to use the house as inspiration for activities, working over the last year with local groups specialising in support for a wide variety of areas of continuing social deprivation: mental health support; combating social isolation; and providing opportunities for socio-economically disadvantaged young people. All staff are employed by the Bulldog Trust, and form a small but strong, committed and highly effective team across all areas of its operations, and in recruiting the Trust tries to create professional opportunities for promising talent and people who will make a real difference to the future of the sector.

Measured by its annual footprint in free events, visits and longer projects, the Trust’s impact averages £15 spent per head to reach its target beneficiaries. As ever, the Trust is mindful of its responsibility to the building’s long term preservation, and commercial activity generates funds for public opening and the free programme in the house, while also ensuring the house’s maintenance needs are well served. The conservation of Two Temple Place is a significant part of charity’s activities, with a multi-year schedule of significant projects ahead to ensure that the Bulldog Trust stewards the house for future generations.

Commercial Outputs

An investment in the commercial hire team this year with a third staff member has helped to spread the pressure and absorb complex events’ delivery, and the team’s impressive standards of customer service continue to be consistently commented on by clients. Commercial hire income reached a record 70 days of events, to be ploughed back into the life of Two Temple Place in order to support the charity’s wider objectives.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

Cultural & Community Programme

For the first time, the Trust produced not one but two exhibitions over the established spring 2023 slot, generating audiences of around 10,000, many of them first time visitors. Meanwhile, a further 12,000 people saw our 2022 exhibition Body, Vessel, Clay: Black Women, Ceramics & Contemporary Art on tour at York Art Gallery over the summer.

The first of the spring exhibitions was Inside, a partnership with emerging curators Thorp Stavri. Inside was developed from a summer 2022 research residency at Two Temple Place, showcasing 10 contemporary artists working in sculpture, installation, painting, photography, VR and film. Each produced a brand new body of work in response to the architecture and complex historic narratives of Two Temple Place, using the artists’ responses to the building and its ideological challenges to shape work for its rooms.

Immediately after that, State-less 無國界 was a collaborative exhibition with Kakilang (formerly Chinese Arts Now), forming part of Kakilang’s annual Londonwide cross-artform Festival. Two Temple Place has worked in collaboration with Kakilang since 2021, when the partnership was a radical digital arts encounter between contemporary British Chinese artists and Astor’s Two Temple Place architectural fantasia in the form of an award-winning virtual exhibition in the Two Temple Place building. Now, in the 2023 exhibition State-less 無國界, curated by Hong Kongese artist Ling Tan, 10 internationally acclaimed Southeast and East Asian artists examined the world through photographic and digital works. State-less 無國界 asked what it might mean to have a complex identity, influenced by background as well as country of origin, how Southeast and East Asian heritage might engage politically to challenge a wider public. From Vietnamese refugees’ historical migration routes, the urban sounds of Taiwan, post-Tsunami Japan, through to permaculture in Hong Kong, works presented aspects of the region rarely explored by Western audiences. Featured artists’ cultural identities were a diverse mix including Vietnamese, Taiwanese, Hong Kongese, Chinese and Singaporean.

In a year of more firsts, the Two Temple Place-Kakilang online co-production Every Dollar is a Soldier With Money You’re a Dragon won an Arts Council Digital Award, with a resultant album released in 2023. Each of these cultural partnerships brought different models for producing, working with artists, and reach into new audiences.

Wider charitable outputs outside the intensive exhibition period saw thousands of visitors over 60+ days of public opening, guided tours, workshops and special installations. Periodically, London arts festivals drive inquisitive new audiences to explore the building, with events such as Open House, Craft Week, London Design Festival, London Architecture Festival and other city-wide offerings bringing new visitors. Particular events this year included family craftmaking Days of Clay, a partnership with Thames Festival (a site-specific olfactory installation and sell-out talk), family open days, and the launch of our binaural sound installation, which ‘lives’ site-specifically in the Great Hall. The Dragon Hall community project visited weekly over the summer in a house residency with facilitated creative workshops for older people. Other collaborations with community groups and specialist organisations included ongoing work with Westminster City Lions and new relationships with a range of projects such as the Central & North West London NHS Trust and a nascent partnership with Dream Arts for young people. The Trust was also able to invest in new marketing assets for public opening with external posters, a house history leaflet, summer What’s On and commercial events’ marketing flyers, and revised house history posters for open days.

As ever, the building’s Volunteers – who now number 200 – remain indispensable and are a vital ingredient of our public opening. Their infectious enthusiasm, warm welcome and generous knowledge is passed on yearly to visitors, and we have also been delighted in recent years to introduce our longer serving returnees to new faces, in particular young and overseas recruits, as well as new neurodiverse members and those with additional needs.

In the next year, environmental sustainability will form a key strategic aim for the building’s operations, working across commercial and cultural activity to reduce our carbon footprint and introduce better practice throughout all our outputs. In the past year, we have refreshed our approved commercial suppliers with an enhanced emphasis on sustainability targets and employment practices, and we have robust policies of re-use/reduce/recycle across all our cultural and community work, with materials re-purposed wherever possible.

Following a difficult period over the pandemic and strong recovery, the Bulldog Trust retains a secure operational resource, with the trading arm of Two Temple Place in a strong enough year end position to supply a further £289,889 surplus into the charity.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

Statutory Obligations and Building Maintenance

The building is fully compliant with all legal requirements and statutory regulations, and an ongoing five plan of maintenance works is in place, with a contingency included in the annual budget and designated reserve. Major works in the year included a significant piece of work of refurbishment to the Library floor where the mahogany was deteriorated beyond recognition, and preparatory work towards a significant conservation project to the Great Hall floor.

Financial Review

Total income for the year was £2,909,909 (2022: £2,057,648). Total expenditure for the year was £2,733,277 (2022: £2,277,332). The aggregate funds surplus for the group for the year was £124,013 (2022 deficit £405,279).

Of the income funds of the charity, unrestricted funds are received from income from the commercial activities (private hire of the house and retail) and investment income, and may therefore be used for the general furtherance of the charity's objects. Income received for the Fore is all designated to be spent on the Fore’s activities and is ringfenced in separate bank accounts from the rest of the Bulldog Trust’s activities. Certain income – such as grants – for the cultural programme is restricted and is managed accordingly. Across all areas of activity, the Trustees remain satisfied that the charity's assets are available and adequate to fulfil the obligations of the charity.

Future Plans

Looking ahead, exhibition plans are underway for spring 2024 and spring 2025. In 2024 the Trust will work with freelance curator Antonia Harrison on The Glass Heart: Art, Industry & Collaboration, a major new reading of 170 years of glass in the UK, bringing together rarely seen works from key regional public collections. Beginning in the mid-19th century, and plotting key moments through glassmaking history and creative achievement, glass will be presented as an experimental art form for today alongside work from those collections that have grown out of the heartlands of a historic industry. Works in the exhibition will also shine a light on some of the now endangered traditions of working in glass, leveraging wider sector impact for the art form.

Even further ahead, in 2025, curator Samantha Manton will explore the overlooked richness and diversity of working-class culture and creative expression in post-war British art in Lives Less Ordinary. This exhibition will present surprising and unknown works from key UK archives and public regional collections to offer a nuanced and authentic reflection on working-class experiences. Looking beyond the usual narratives of crisis and struggle, works will express complexity and humour, brought together within an architectural setting that both manifests and interrogates wealth and privilege. Across a wide range of artforms, Lives Less Ordinary will challenge the enduring misrepresentation of the working-classes on the walls of UK institutions, showcasing artists who define working-class culture and identities on their own terms. A vital advisory network will provide external advice to interrogate the curatorial process.

Major building projects ahead will take the house out of use for periods of time in 2024 and inevitably have an impact on income in the year, and the Trustees are careful to factor that into risk assessments and future budgeting. 2024 will see significant conservation work on the Great Hall floor – a vital strand of work towards preserving Two Temple Place for future generations, and as a crucible for the Trust’s activities – while more prosaically in the Trust’s eccentric and unique building, a major repair refurbishment of the lift will ensure continuity of commercial operations and public access.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Trust is a limited company, limited by guarantee, as defined by the Companies Act 2006. It is governed by its Articles of Association that were last revised in September 2011.

Recruitment, appointment and training of trustees

Trustees are recruited and appointed by consensus of the existing trustees of the Bulldog Trust Limited. A new Trustee refreshed the Board in ‘22, and the range of skills across the Trustees are a strong fit for the Bulldog Trust’s strategy and operations, with finance, risk management, arts and charity sector experience all represented. Trustees meet separately with the Director to discuss specific areas of work, with fortnightly meetings between the Chair and the Director to maintain a Board-level overview of the organisation’s ongoing health.

Organisational structure

There are currently three trustees, who are also members of the Board of Management. This Board meets four times a year, and more frequently if required, to direct the charity. The Director of Two Temple Place has delegated authority for Two Temple Place and provides administrative support to the Bulldog Trust.

Related parties

The Bulldog Trust Limited owns the entire share capital of trading subsidiary Two Temple Place Limited. The Company was established for the provision of function rooms for private and corporate entertaining.

Risk management

The Trustees have considered the major risks to which the Trust is exposed, regularly reviews those risks, and ensure robust systems and procedures to manage them. An organisation-wide Risk Register is in place and was reviewed in summer ’23. This complements the Health and Safety and Fire Risk Assessments. The Safeguarding Policy is reviewed annually and was ratified by the Trustees on 26 October 2023.

The key risks the Trust is exposed to are the variability of investment returns and volatility in the global stock market, dependency on commercial income, and the impact of global climate depredation on the building. Substantial management effort is devoted to maintaining and increasing income.

Financial Management

The charity has completed migration from a number of disparate systems and processes to an integrated multi-system setup using cloud-based finance services, giving the organisation increased financial rigour and improved controls, with an ability to audit internally when required.

The charity has engaged with an external firm of accountants who look after payroll and book-keeping. The charity has produced a series of Standing Financial Instructions policies including: delegation of financial authority; fraud; expenses; compliance; and budget controls.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

RESERVES POLICY, INVESTMENTS AND PROPERTY

Reserves Policy

This policy sets out the strategy for the Trust’s free reserves, which are defined as unrestricted funds. These free reserves include short-term investment balances, cash, and other working capital balances.

Reserves ensure that the Trust is protected against future contingencies and sudden unforeseen reductions in funds across any area of its vision and mission, while ensuring that income is not retained for longer than required. The level of reserves is that which the Trustees believe is appropriate at the time in order to enable the charity to withstand fluctuations in income and to meet its charitable objectives. The level is reviewed annually as part of the Trust’s ongoing risk assessment, and in setting the level the Trustees review a broad range of evidence including five year budgetary projections and cashflows in order to confirm the going concern of the organisation.

The Trust holds a fixed asset reserve of £5m, which is not a liquid asset. The Trustees have designated an appropriate reserves range for the organisation of £1.75m, which is broken down as:

Investments & Property

Investec Wealth and Management manage the Trust’s funds and the Trustees thank them for their work during a difficult and turbulent year in which investment performance was disappointing. Looking further ahead, it is evident that even with adjustments to the portfolio, headline inflation continues to indicate uncertainty, with rates not coming down until at least mid-2024 and the global geopolitical framework continuing to create uncertainty. The Trustees continue to take a cautious approach, with portfolios prudently positioned and risk spread across short and longer term investments and industry sectors.

Other external income streams included rent from the Lower Ground floor of Two Temple Place to independent tenants. Wessex House, the Trust’s property in Newbury, was put on the market with commercial estate agents retained to market the property in 2023.

Financial Processes

Financial processes are reviewed by the Trustees and refreshed on an ongoing basis.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Report of the Trustees for the year ended 30 June 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Bulldog Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Xeinadin Auditing, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 7 / 3 /2024

.......................................................................... C M R Hoare - Trustee

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

Report of the Independent Auditors to the Members of The Bulldog Trust Limited (Registered number: 06510777)

Opinion

We have audited the financial statements of The Bulldog Trust Limited (the parent 'charitable company') and its subsidiary (the ‘group’) for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the group financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

Report of the Independent Auditors to the Members of The Bulldog Trust Limited (Registered number: 06510777)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company and charitable groups ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

Report of the Independent Auditors to the Members of The Bulldog Trust Limited (Registered number: 06510777)

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hazel Day BSc (Hons) FCA DChA (Senior Statutory Auditor) for and on behalf of Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD

1 3/3/2024

Date: .............................................

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DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Consolidated Statement of Financial Activities (Incorporating an Income & Expenditure Account) for the year ended 30 June 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable Activities
Other trading activities
3
Other activities for generating funds
4
Investment income
5
Total
EXPENDITURE ON
Raising funds
6
Commercial trading activities
Charitable activities
7
Exhibition expenses
Grants for charitable purposes
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
9,979
14,352
1,041,466
122,127
1,187,924
17,621
636,477
145,772
320,314
1,120,184
(52,619)
15,121
27,000
42,121
8,632,592
8,674,713
Restricted
fund
£
1,708,018
13,131
-
836
1,721,985
-
1,613,093
1,613,093
-
108,892
(27,000)
81,892
505,687
587,579		 2023
Total
funds
£
1,717,997
27,483
1,041,466
122,963
2,909,909
17,621
636,477
145,772
1,933,407
2,733,277
(52,619)
124,013
-
124,013
9,138,279
9,262,292		 2022
Total
funds
£
1,045,187
47,344
772,190
192,927
2,057,648
15,655
569,865
191,236
1,500,576
2,277,332
(185,595)
(405,279)
-
(405,279)
9,543,558
9,138,279

The notes form part of these financial statements

Page 13

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Consolidated Balance Sheet 30 June 2023

Notes
FIXED ASSETS
Tangible assets
14
Investments
Investments
15
Investment property
16
CURRENT ASSETS
Stocks
17
Debtors
18
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
5,119,579
2,477,155
850,000
8,446,734
29,738
159,119
365,882
554,739
(326,760)
227,979
8,674,713
8,674,713
Restricted
fund
£
-
-
-
-
-
67,618
917,388
985,006
(397,427)
587,579
587,579
587,579		 2023
Total
funds
£
5,119,579
2,477,155
850,000
8,446,734
29,738
226,737
1,283,270
1,539,745
(724,187)
815,558
9,262,292
9,262,292
8,674,713
587,579
9,262,292		 2022
Total
funds
£
5,145,714
2,501,728
850,000
8,497,442
31,560
156,370
1,044,926
1,232,856
(592,019)
640,837
9,138,279
9,138,279
8,632,592
505,687
9,138,279

7 / 3 /2024

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. C M R Hoare - Trustee

The notes form part of these financial statements

Page 14

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED (REGISTERED NUMBER: 06510777)

Company Balance Sheet 30 June 2023

Notes
FIXED ASSETS
Tangible assets
14
Investments
Investments
15
Investment property
16
CURRENT ASSETS
Debtors
18
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
5,061,000
3,302,157
850,000
9,213,157
443,639
29,907
473,546
(40,832)
432,714
9,645,871
9,645,871
Restricted
fund
£
-
-
-
-
67,618
917,388
985,006
(397,427)
587,579
587,579
587,579		 2023
Total
funds
£
5,061,000
3,302,157
850,000
9,213,157
511,257
947,295
1,458,552
(438,259)
1,020,293
10,223,450
10,223,450
9,645,871
587,579
10,223,450		 2022
Total
funds
£
5,061,000
3,326,730
850,000
9,237,730
380,085
876,642
1,256,727
(385,019)
871,708
10,109,438
10,109,438
9,603,751
505,687
10,109,438

7 / 3 /2024

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. C M R Hoare - Trustee

The notes form part of these financial statements

Page 15

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Consolidated Cash Flow Statement
for the year ended 30 June 2023
2023
Notes
£
Cash flows from operating activities
Cash generated from operations
1
100,163
Net cash provided by/(used in) operating activities
100,163
Cash flows from investing activities
Purchase of fixed asset investments
(537,470)
Purchase of tangible fixed assets (3,360)
Sale of fixed asset investments
482,015
Interest received
2,519
Dividends received
84,476
Rentals received 110,001
Net cash provided by investing activities
138,181
Change in cash and cash equivalents in the
reporting period
238,344
Cash and cash equivalents at the beginning
of the reporting period
1,044,926
Cash and cash equivalents at the end of the
reporting period
1,283,270		 2022
£
(359,588)
(359,588)
(67,143)
(33,460)
78,959
19
83,493
109,415
171,283
(188,305)
1,233,231
1,044,926

The notes form part of these financial statements

Page 16

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Cash Flow Statement for the year ended 30 June 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation
Losses on investments
Interest received
Dividends received
Rentals received
Decrease/(increase) in stock
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by/(used in) operations		 2023
£
124,013
29,493
80,030

(2,519)
(84,476)
(110,001)
1,822
(70,367)
132,168
100,163		 2022
£
(405,279)
35,419
185,595
(19)
(83,493)
(109,415)
3,740
(57,853)
71,717
(359,588)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£ £ £
Net cash
Cash at bank and in hand 1,044,926 238,344 1,283,270
1,044,926 238,344 1,283,270
Total 1,044,926 238,344 1,283,270

The notes form part of these financial statements

Page 17

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements for the year ended 30 June 2023

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements consolidate the results of the charity and its wholly owned subsidiary Two Temple Place Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

TANGIBLE FIXED ASSETS

The freehold property is stated at the trustees' valuation. The paintings are included at costs and are not depreciated as the residual value is considered to be higher than the carrying value. Assets with an initial cost of £1,000 or more are capitalised.

Depreciation is not charged on the freehold property because the length of the useful life is such that depreciation would not be material. An annual impairment review is carried out.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to property - 15% on cost Plant and machinery - 15% on cost

INVESTMENT PROPERTY

The investment property is included in the financial statements at its open market value. The property has been valued by the trustees.

TAXATION

The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions

continued...

Page 18

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements for the year ended 30 June 2023

1. ACCOUNTING POLICIES continued

arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 19

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

2. DONATIONS AND LEGACIES

Group only
Donations received
Grants
Grants received, included in the above, are as follows:
The Moody Foundation
The Tides Foundation
LGT Vestra LLP
UBS
Bridget Barton
Steve & Heather Tudge
Suzie Mumme
Aeonian Foundation
Black Rock
Bulldog Trust
Four Acre
Imagine Foundation
Netherby Trust
The Golden Bottle Trust
The Hadley Trust
The Fore Partners
The Lyon Family Charitable Trust
Tye Foundation
Other donations
3.
OTHER TRADING ACTIVITIES
Group Only
Fundraising events
4.
OTHER ACTIVITIES FROM GENERATING FUNDS
Group Only
Events
Grant income
Museum Tax Relief		 2023
£
9,979
1,708,018
1,717,997
2023
£
108,302
-
170,000
73,000
67,500
48,000
70,500
250,000
56,300
150,000
36,000
60,000
335,000
110,000
-
100,000
72,000
1,416
1,708,018
2023
£
27,483
2023
£
638,884
334,020
68,562
1,041,466		 2022
£
9,263
1,035,924
1,045,187
2022
£
97,032
249,988
120,435
-
-
-
50,000
-
-
-
-
-
-
300,000
-
168,469
50,000
-
-
1,035,924
2022
£
47,344
2022
£
626,561
102,000
43,629
772,190		 2022
£
9,263
1,035,924
1,045,187
2022
£
97,032
249,988
120,435
-
-
-
50,000
-
-
-
-
-
-
300,000
-
168,469
50,000
-
-
1,035,924
2022
£
47,344
2022
£
626,561
102,000
43,629
772,190

continued...

Page 20

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

Notes to the Financial Statements - continued
for the year ended 30 June 2023
5.
INVESTMENT INCOME
Group Only
Rents received
UK Listed investments
Deposit account interest
6.
RAISING FUNDS
Group Only
INVESTMENT MANAGEMENT COSTS
Portfolio management
Exchange difference
Support costs		 2023
£
35,001
84,476
3,486
122,963
2023
£
14,570
639
2,412
17,621		 2022
£
109,415
83,493
19
192,927
2022
£
15,655
-
-
15,655

continued...

Page 21

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

7. CHARITABLE ACTIVITIES COSTS

Grants for charitable purposes
8.
GRANTS PAYABLE
Grants for charitable purposes
9.
SUPPORT COSTS
Investment management costs
Grants for charitable purposes		 Grant
funding of
activities
(see note
7)
£
1,190,502
Management
£
2,412
716,593
719,005		 Support
costs (see
note 8)
£
742,905
2023
£
1,190,502
Governance
costs
£
-
26,312
26,312		 Totals
£
1,933,407		 Totals
£
1,933,407
2022
£
941,367
Totals
£
2,412
742,905
745,317

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation		 2023
£
5,000
29,494		 2022
£
12,275
35,419

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.

continued...

Page 22

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

12. STAFF COSTS

12.
STAFF COSTS
2023 2022
£ £
Wages and salaries 699,178 577,306
Social security costs 96,999 73,964
Other pension costs 32,719 57,344
828,896 708,614
The average monthly number of employees during the year was as follows:
2023 2022
Charitable & Support 19 16
The number of employees, whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2023 2022
Employees earnings £60,000 - £100,000 1 2

continued...

Page 23

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable Activities
Exhibitions
Other activities for generating funds
Investment Income
Total
EXPENDITURE ON
Raising funds
Commercial trading activities
Charitable activities
Exhibition expenses
Grants for charitable purposes
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
fund
£
9,263
47,344
772,190
192,927
Restricted
fund
£
1,035,924
-
-
-
Total
funds
£
1,045,187
47,344
772,190
192,927
2,057,648
15,655
569,865
191,236
1,500,576
2,277,332
(185,595)
(405,279)
-
(405,279)
9,543,558
9,138,279
1,021,724 1,035,924
15,655
569,865
191,236
203,672
980,428
(185,595)
(144,299)
72,312
(71,987)
8,704,579
8,632,592		 -
-
-
1,296,904
1,296,904
-
(260,980)
(72,312)
(333,292)
838,979
505,687

continued...

Page 24

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

14.
TANGIBLE FIXED ASSETS
Group
Plant and
machinery
£
COST OR VALUATION
At 1 July 2022
1,178,195
Additions
3,360
At 30 June 2023
1,181,555
DEPRECIATION
At 1 July 2022
1,093,481
Charge for year
29,495
At 31 June 2023
1,122,976
NET BOOK VALUE
At 30 June 2023
58,579
At 30 June 2022
84,714
Parent
COST OR VALUATION
At 1 July 2022 and 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Freehold
property
£
5,000,000
-
5,000,000
-
-
-
5,000,000
5,000,000
Freehold
property
£
5,000,000
5,000,000
5,000,000		 Paintings
£
61,000
-
61,000
-
-
-
61,000
61,000
Paintings
£
61,000
61,000
61,000		 Totals
£
6,239,195
3,360
6,242,555
1,093,481
29,495
1,122,976
5,119,579
5,145,714
Totals
£
5,061,000
5,061,000
5,061,000

continued...

Page 25

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

15.
FIXED ASSET INVESTMENTS
Group
MARKET VALUE
At 1 July 2022
Additions
Disposals
Revaluations
Exchange differences
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022
Parent
MARKET VALUE
At 1 July 2022
Additions
Disposals
Revaluations
Exchange differences
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Listed
investments
£
2,411,564
247,496
(288,588)
(52,619)
-
2,317,853
2,317,853
2,411,564		 Listed
invesments
£
2,411,564
247,496
(288,588)
(52,619)
-
2,317,853
2,317,853
2,411,564
Unlisted
investments
£
825,002
-
-
-
-
825,002
825,002
825,002		 Cash and
settlements
pending
£
90,164
289,974
(220,197)
-
(639)
159,302
159,302
90,164
Cash and
settlements
pending
£
90,164
289,974
(220,197)
-
(639)
159,302
159,302
90,164		 Totals
£
2,501,728
537,470
(508,785)
(52,619)
(639)
2,477,155
2,477,155
2,501,728
Totals
£
3,326,730
537,470
(508,785)
(52,619)
(639)
3,302,157
3,302,157
3,326,730

The unlisted investment represents the charity's 100% interest in Two Temple Place Limited.

Of the £2,317,853 listed investments held at 30th June 2023, £728,012 are held in the UK and £1,589,841 are held in vehicles with overseas holdings. All other investment assets are held in the UK.

Investments that are material to the investment portfolio are detailed as follows:

Guinness Asset Management Global Equity Income Fund
Brown Advisory Fds BA Beutel Goodman Us
Blackrock World Mining 0.05		 2023
£
203,917
128,200
119,900
452,017		 2022
£
192,469
-
-
192,469

All investments are held to generate an investment return for use in the activities of the charity. The historical cost of investments held as at 30th June 2023 was £1,945,937 (2022: £1,979,639)

continued...

Page 26

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

15. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 June 2023 is represented by:

Valuation in 2023 Listed
investments
£
2,317,853		 Cash and
settlements
pending
£
159,302		 Totals
£
2,477,155

The company's investments at the balance sheet date in the share capital of companies include the following:

Two Temple Place Limited

Registered office: 2 Temple Place, London, WC2R 3BD Nature of business: to hire out for events

%
Class of share:
holding
ordinary
100
Aggregate capital and reserves
(
Profit for the year
16.
INVESTMENT PROPERTY
Group and parent
FAIR VALUE
At 1 July 2022
and 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022
17.
STOCK
Group
Stock
18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Trade debtors

Other debtors		 2023
£
902,597)

68,561
2023
£
29,738
29,738
2023
£
157,690
69,047
226,737		 2022
£
(971,158)
131,866
£
850,000
850,000
850,000
2022
£
31,560
31,560
2022
£
97,133
59,237
156,370

continued...

Page 27

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR continued
Parent
Amounts owed by group undertakings
Other debtors
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
Parent
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
20.
MOVEMENT IN FUNDS
Group
Net
movement
At 1.7.22
in funds
£
£
Unrestricted funds
General fund
8,632,592
15,121
Restricted funds
The Fore
505,687
108,892
TOTAL FUNDS
9,138,279
124,013		 2023
£
488,786
22,471
511,257
2023
£
31,383
65,540
394,753
232,511
724,187
2023
£
1,269
24,515
394,754
17,721
438,259
Transfers
between
funds
£
27,000
(27,000)
-		 2022
£
380,084
-
380,084
2022
£
81,395
22,658
354,560
133,406
592,019
2022
£
-
22,658
354,560
7,801
385,019
At
30.6.23
£
8,674,713
587,579
9,262,292

continued...

Page 28

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
The Fore
TOTAL FUNDS
Parent
Unrestricted funds
General fund
Restricted funds
The Fore
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
General fund
Restricted funds
The Fore
TOTAL FUNDS		 Incoming
resources
£
1,187,924
1,721,985
2,909,909
At 1.7.22
£
9,603,750
505,687
10,109,437
as follows:
Incoming
resources
£
496,030
1,721,985
2,218,015

Resources
expended
£
(1,120,184)
(1,613,093)
(2,733,277)
Net
movement
in funds
£
15,121
108,892
124,013
Resources
expended
£
(428,290)
(1,613,093)
(2,041,383)

Gains and
losses
£
(52,619)
-
(52,619)
Transfers
between
funds
£
27,000
(27,000)
-
Gains and
losses
£
(52,619)
-
(52,619)		 Movement
in funds
£
15,121
108,892
124,013
At
30.6.23
£
9,645,871
587,579
10,223,450
Movement
in funds
£
15,121
108,892
124,013
re

continued...

Page 29

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Group
At 1.7.21
£
Unrestricted funds
General fund
8,704,579
Restricted funds
The Fore
838,979
TOTAL FUNDS
9,543,558
Comparative net movement in funds, included in the above are a
Incoming
resources
£
Unrestricted funds
General fund
1,021,724
Restricted funds
The Fore
1,035,924
TOTAL FUNDS
2,057,648
Parent
At 1.7.21
£
Unrestricted funds
General fund
9,807,603
Restricted funds
The Fore
838,979
TOTAL FUNDS
10,646,582		 Net
movement

in funds
£
(144,299)
(260,980)
(405,279)
s follows:

Resources

expended
£
(980,428)
(1,296,904)
(2,277,332)
Net
movement

in funds
£
(276,165)
(260,980)
(537,145)		 Transfers
between
funds
£
72,312
(72,312)
-
Gains and
losses
£
(185,595)
-
(185,595)
Transfers
between
funds
£
72,312
(72,312)
-		 At
30.6.22
£
8,632,592
505,687
9,138,279
Movement
in funds
£
(144,299)
(260,980)
(405,279)
At
30.6.22
£
9,603,750
505,687
10,109,437


Comparative net movement in funds, included in the above are as follows:

This page does not form part of the statutory financial statements

Page 30

DocuSign Envelope ID: A441FE4A-3F4A-48E7-AD06-5B9600CE2BC1

THE BULLDOG TRUST LIMITED

Notes to the Financial Statements - continued for the year ended 30 June 2023

20. MOVEMENT IN FUNDS - continued

Unrestricted funds
General fund
Restricted funds
The Fore
TOTAL FUNDS		 Incoming
resources
£
202,190
1,035,924
1,238,114		 Resources
expended
£
(292,760)
(1,296,904)
(1,589,664)		 Gains and
losses
£
(185,595)
-
(185,595)		 Movement
in funds
£
(276,165)
(260,980)
(537,145)

21. RELATED PARTY DISCLOSURES

The Trust has taken exemption from disclosing related party transactions with Two Temple Place Limited on the basis that it is a 100% owned subsidiary and consolidated financial statements are prepared.

This page does not form part of the statutory financial statements

Page 31