##
|||Page|
|---|---|---|
|Trustee's
Annual
Report||1-4|
|Independent
Auditor's|Report|5-7|
|Statement ofFinancial|Activities||
|Balance Sheet|||
|Cash Flow Statement||10|
|Notes to the Financial|Statements||
|Dates ofDeeds|Dates ofDeeds|Declaration ofTrust - 23rd December 2009|Declaration ofTrust - 23rd December 2009|Declaration ofTrust - 23rd December 2009|Declaration ofTrust - 23rd December 2009|||
|---|---|---|---|---|---|---|---|
|||Deed ofAmendment
- 5th January|||2011|||
|Trustee||Messrs. Hoare Trustees||||||
|Directors of|Messrs. Hoare Trustees|A SHoare||||||
|||VEHoare||||||
|||SM Hoare||||||
|||BS Hoare||||||
|||A RQ Hoare||||||
|||RR Hoare (appointed|||10May 2022)|||
|||N IMacpherson|(resigned
10May 2022)|||||
|||A new Trustee or director may||be appointed||at any time and notwithstanding||
|||that the total number ofTrustees may exceed four.||||||
|||Training
is provided to the Trustee(s) on an||||on going basis.||
|Nature ofTrust||A registered
charity, registered||with the Charity Commissioners|||for England|
|||and Wales as number 1139904.||||||
|Nicholas||Messrs. Hoare Trustees||||||
|||37Fleet Street||||||
|||London||||||
|||EC4P 4DQ||||||
|Independent|Auditors|Moore Kingston
Smith LLP||||||
|||9Appold Street||||||
|||London||||||
|||EC2A 2AP||||||
|Bankers||C.Hoare &Co.||||||
|||37Fleet Street||||||
|||London||||||
|||EC4P 4DQ||||||
|Solicitors||Bates Wells LLP||||||
|||10Queen Street Place||||||
|||London||||||
|||EC4R IBE||||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||||||IA|00|||||c'n|ID||||||||CII|||00||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||cd
0|M
m
g|~
cD||||QO
C&
QO|'CP
QO
00|00
Ctl
IA
QO
00||||Ctl
QO
QO
IA|Ctl
IA|Ctl||Ctl
cD||CI|IA
IA||IA
cn
'ct||QO|QO
Ch
cn||
||||||||||||cn|||00|||Ctl|||||CI
QO|IA|IA|||Ch||
|||||cd|V||||cD
QO||QO||||||cD||QO||cD|QO|IA|||Ctl|ID||
|||||||||||||||Ctl|||||||||||||||
|||||C|||||cD||CI||||||t||cn||||||||||
||||0
5NA||||||QO||QO||||||QO||IC&|||||IA
IA||cD
QO|||
|||||||||||00|00|||||Ctl|IA||||||IA|cD
CI|||||
|||caV
O|||V
0
OD|||||QO
QO|QO
QO||||00
00|Ctl
00
QO
IA|QO
ID
ID
IA|||||QO
ID
IA|Ctl
IA
LD
IA|IA||QO|||
|||||||||||||||||c'n|||||||||||OO||
|||||||||||||||||CII||||||||||ID|||
||||||||||cD||cD||||||||||||||||||
||||||||||IA||IA|||||||||||||IA||Ch|||
||||||||||||||||||||||||LD||||||
|||||||||||QO|Vl|||IA||||||||00||00||QO|c4I||
|||||||||||QO||||||cCS
00||||||||||QO|CI||
||||cd
0|d0
t0
g|oc
O||||CI|Ctl||||00
cn|QO|cn
Vl|'ct
Vl||QO
C&||cD
00|||||Ch
IA|t||
|Q P|SO|||||||||||||||||||||||||||cd
O|
||||||||||00||00|||QO|IA||Vt|||I|||LD|||Ctl
cD||at|
||||||||||||||||IA||'ct'|||||||00|||||
||M||||||||IA||Vl||||00||Cct
Ctc||||QO|O|||||VS|0|
||||||||||ID||'ct'||||||00||ID||I|||||||V|
|||||||||||||||||||||||||||||E|
|Ogg
~0&|||Ott
Q|||||||QO
QO|00
00
Ctl||||IA|Vt|'ct'
'ctt||||||Ch
00|Ctt
'cl'||IA|00
t
00O|M
V|
||||||||||||||||Ch
IA|Ch
VS|E|||||||||||'a
V'0|
|||||||||||||||||||||||||||||O0|
||||||||||ID||||||||||||||||||||
||||||||||||Vl|||||||||||||||||V|
||0||cd
g|I
0|||||||Vl|||||||||||||||||at
0|
|||||||||||||||||||||||||||||0|
|||||||||||||||||||||||||||||cct|
||||||V0|||||||||||||||||||||||8
cd
Ott|
|||||||||||||||||||||||||||||V|
|||||||||||||||||||||||||||||0|
|||||||||||||||||||||||||||||0
O|
|||||||||||||||||||V)|||||||||||
||||||||0||||||||||Clz|M
CA0|||||||||||
||||||||||||||||||||||0||||||||
|||||||V
8
0|04 .V
ROIS
4
M
g 0
0'9
Q
g||'o
E|V
E
8
DV
E||0
g4
CII
IÃ|4
&8
ccl
0
O
U|0
O
C
E
Ott
cd
E
v
D|ch
')
o
cct
V
at
+
ccl
CJ||0
Q
0|z
Q0
0|5CV
E
V
0
H
Fl00
0|V
rn
0|Oal
ccl
O
gV
I
O
0
at
at0
WD|4
I4
0|JD
~V
al
0|A
CI|4Z
z0|dD
P
0||Oat
Qtt050
0
O0
V
0
E
at|
##
|||Notes|2022|2021|
|---|---|---|---|---|
|FIXEDASSETS|||||
|Listed Investments||8|159,867,653|138,372,354|
|Unlisted
Investments||8|949,689|868,795|
|Programme
Related Investments||9|228,198|238,298|
|Tangible fixed assets||10|15,150|17,675|
||||161,060,690|139,497,122|
|CURRENT ASSETS|||||
|Cash at Bank|||152,295,914|96,423,258|
|Sundry Debtors|||235,880|2,906,365|
||||152,531,794|99,329,623|
|CURRENT LIABILITIES|||||
|Creditors - falling due within one year||12|521,468|2,067,457|
|NET CURRENT ASSETS|||152,010,326|97,262,166|
|Total assets plus current assets|||313,071,016|236,759,288|
|NET ASSETS|||313,071,016|236,759,288|
|UNRESTRICTED FUNDS|||||
|General Endowment|Fund|14|351,586|394,628|
|Giving Funds|||||
|Expendable
Endowment||14|312,510,712|236,172,091|
|Income Funds||14|208,718|192,569|
||||313,071,016|236,759,288|
##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|||
|Cash flows from operating||activities||||||||
|Net cash provided
by operating
activities|||||||15|78,266,296|14,96],090|
|Cash flows from investing||activities||||||||
|Dividends
and interest from||investments||||||2,229,788|1,488,148|
|Proceeds from sale offixed||asset investments||||||82,625,597|41,630,514|
|Proceeds from sale ofprogramme
related investments||||||||6,211|679|
|Purchase offixed asset investments||||||||(105,928,880)|(59,315,162)|
|Purchase ofprogramme
related investments||||||||(1,445,673)||
|Redemption ofprogramme|related investments|||||||1,469,317||
|Net cash (used in) investing||activities||||||(21,043,640)|(16,195,822)|
|Cash flows from investing||activities||||||||
|Movement
on loan||||||||(1,350,000)|1,550,000|
|Net cash (used in) investing||activities||||||(1,350,000)|1,550,000|
|Change in cash and cash equivalents|||in the|reporting|period|||55,872,656|315,268|
|Cash and cash equivalents||at the beginning||ofthe reporting||period||96,423,258|96,107,990|
|Cash and cash equivalents||at the end|ofthe|reporting|period|||152,295,914|96,423,258|
|Net debt||||||||||
|||||||||Other||
|||||At start ofyear|||Cash flows|movements|At end ofyear|
|Cash and cash equivalents|||||96,423,258||55,872,656||152,295,914|
|Loan|||||(1,550,000)||612,000|738,000|(200,000)|
|Net debt|||||94,873,258||56,484,656|738,000|152,095,914|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||2022|2021|
|---|---|---|---|
|Investment|income|2,058,270|1,231,089|
|Interest on|cash deposits|164,316|2,413|
|Interest on|loan notes||252,255|
|Income cash currency gain/(loss)||7,202|2,391|
|||2,229,788|1,488,148|
|The charity undertook
no direct cha
charitable
activities.|ritable
act|ivities but|award|ed
|donati|ons to a number o|finstitutions
in furtherance|ofits|
|---|---|---|---|---|---|---|---|---|
||||||||2022|2021|
|Grants made during the year|||||||45,335,450|58,183,436|
|Support costs (see note 6)|||||||655,082|565,557|
|Realised loss on lease ofWarren Farm|||||||825,215||
||||||||46,815,747|58,748,993|
|The total comprised
grants to the following:|||||||||
|The prevention
or relief ofpoverty|||||||4,921,615|4,774,552|
|The advancement
ofeducation|||||||6,336,483|13,695,443|
|The advancement
ofreligion|||||||401,943|487,760|
|The advancement
ofhealth or the saving oflives|||||||6,398,245|10,141,625|
|The advancement
ofcitizenship
or|community|development|||||9,699,276|10,690,567|
|The advancement
ofthe arts, culture, heritage||or science|||||8,395,247|9,955,351|
|The advancement
ofamateur
sport|||||||381,320|450,057|
|The advancement
ofhuman
rights,|conflict resolution
or||reconciliation|||or the|||
|promotion ofreligious or racial|harmony|or equality|and diversity||||385,791|131,321|
|The advancement
ofenvironmental|protection|or improvement|||||1,261,459|1,006,892|
|The relief ofthose in need, by reason ofyouth, age, ill-health,||||disability,|||||
|financial
hardship
or other disadvantage|||||||2,429,689|4,636,572|
|The advancement
ofanimal welfare|||||||377,750|318,594|
|The promotion ofthe efficiency of|the armed|forces ofthe Crown,|||orofthe||||
|efficiency ofthe police, fire and|rescue services or ambulance||||services||76,120|124,820|
|Any other charitable
purpose|||||||4,270,512|1,769,882|
||||||||45,335,450|58,183,436|
##
##
|CHARITABLE ACTIVITI|ES (continued)||
|---|---|---|
|||2022|
|Institutional
Donations off250,000 and over|||
|Royal Academy ofArts||5,014,000|
|Prince's Trust||3,143,758|
|Centrepoint
Soho||3,000,350|
|UK Youth||2,771,435|
|Charities Aid Foundation||1,764,619|
|National
Portrait Gallery||1,500,607|
|Shai Fund, Inc.||1,200,763|
|Duke ofEdinburgh's
Award||970,000|
|Substance Abuse Foundation||904,270|
|One Small Thing||888,500|
|Governors For Schools||884,024|
|Forward Trust||773,672|
|Strategic Resource Group Inc.||700,000|
|National
Gallery Trust||655,800|
|The Branch Trust, Chipping|Norton|650,500|
|Cancer Research UK||644,465|
|Woolf Institute||500,000|
|British Red Cross||436,100|
|Stanhill Foundation||420,000|
|Institute for Cancer Vaccines|and Immunotherapy|400,000|
|Kindred
Squared||400,000|
|Disasters Emergency
Committee||387,672|
|Roundhouse
Trust||375,000|
|ShelterBox||356,000|
|Stowe School Foundation||355,000|
|Barnardo's||325,000|
|Greenhouse
Sports||306,950|
|Canine Partners For Independence||300,000|
|Kensington
&Chelsea Foundation||300,000|
|Synchronicity
Earth||300,000|
|The Big Give Trust||266,500|
|Boston Children's
Hospital||266,000|
|Christian
Aid||250,450|
|||31,411,435|
##
##
|RELATE|D PARTY TRANSACTIONS||||
|---|---|---|---|---|
||||2022|2021|
|Donations|received from aDirector ofthe Trustee||62,500|50,000|
|Donations|received from other charities where||||
|Messrs. Hoare Trustees is aTrustee:|||||
|The Golden Bottle Trust (Charity Commission||no. 327026)|20,000|41,000|
||||82,500|91,000|
##
|ANALYSIS OF|SUPPORT COSTS||||
|---|---|---|---|---|
||||2022|2021|
|Bank charges|||783|757|
|Cost ofprinting|voucher books||2,760|2,532|
|Depreciation of|tangible fixed asset||2,525|2,525|
|Legal fees|||12,404|26,123|
|Administration|||38,349|28,360|
|GOVERNANCE
COSTS|||||
|Trustee Administration
Fee (including||VAT)|577,821|482,415|
|Independent
Auditor's
Remuneration|||28,825|25,500|
|(Over)/Under|provision ofprevious|years audit fee|(8,385)|(2,655)|
||||655,082|565,557|
|INVESTMENT|RELATED FEES||||
|Investment
Management
fees|||290,865|283,343|
|Custody Fees|||45,500|8,334|
|Enhance Investment
Review Fees|||1,750|1,500|
||||338,115|293,177|
##
##
|FIXEDAS|SETINVESTMENTS|||||
|---|---|---|---|---|---|
|Movement|in fixed asset investments|Listed|Unlisted|Total||
|||||2022|2021|
|Investments||||||
|Market Value Brought Forward||138,372,354|868,795|139,241,149|85,013,811|
|Investments|gifted in|19,105,003||19,105,003|10,212,383|
|Add:|Acquisition
costs|105,928,880||105,928,880|59,315,162|
|Less:|Disposal proceeds|(82,625,597)||(82,625,597)|(41,630,514)|
|Realised (losses)/gains
on disposals||(4,883,538)||(4,883,538)|7,458,171|
|Unrealised|(losses)/gains|(16,029,449)|80,894|(15,948,555)|18,872,136|
|Market Value Carried Forward||159,867,653|949,689|160,817,342|139,241,149|
|Historical cost as at 30th September 2022||159,184,370|47,570|159,231,940|114,314,473|
##
||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|
|Unlisted||programme
related investments|||||||||
|Value|brought
forward||||||||238,298|238,298|
|Programme
related investments
Acquired:|||||||||||
||||Land at Warren Farm||||||1,445,673||
|Programme
related investments
Redeemed:|||||||||||
||||Mustard Seed Maze equalisation||payment||||(6,211)|(679)|
|||40,000|Adoption
UK Charity 5%Fixed Rate Unsecured||||Loan Notes 2021||(53,607)||
|||813|Herddle
Group Limited||||||(50,039)||
||||Land at Warren Farm leased to|Surrey Wildlife Trust|||||(1,365,673)||
|Gain on||investments|||||||19,757|679|
|Value|Carried||Forward||||||228,198|238,298|
|Historical cost as at 30th September 2022|||||||||221,539|238,469|
|All ofthe programme
related investments
were||||held in the United|||Kingdom|and are unlisted.|They have therefore been valued||
|at par,|||||||||||
|Unlisted||programme
related investments
held|||||||2022|2021|
|||0|Adoption UK Charity 5%Fixed Rate Unsecured||||Loan Notes 2021|||40,000|
|||25,000|CW Renewable
Energy EISFund||||||25,000|25,000|
|||1|EcoPower Indian Ocean Ltd||||||23,165|23,165|
|||0|Herddle
Group Limited|||||||50,040|
|||10,000|Mission Housing Limited 1.25%||Loan 30/11/2024||||10,623|10,623|
|||50,000|Mustard Seed Maze Social Entrepreneurship|||Fund|||44,410|44,470|
||33.33333||Oikocredit GBPDepository
Receipts||||||5,000|5,000|
|||39|Relational
Analytics
Ordinary|f.1|Shares||||39|39|
|||14,961|Relational
Analytics
Preference|Shares ofKl|||||14,961|14,961|
|||25,000|Relational
Analytics
Subordinated||Loan Notes||||25,000|25,000|
||||Land retained at Warren Farm||||||80,000||
||||||||||228,198|238,298|
##
|10|TANGIBLE FIXED|AS|SETS||||
|---|---|---|---|---|---|---|
||||||2022||
||||||Motor vehicles|Totals|
||Cost||||||
||At 1stOctober 2021||||25,250|25,250|
||Additions||||||
||Disposals||||||
||At 30th September|2022|||25,250|25,250|
||Depreciation||||||
||At 1st October 2021||||7,575|7,575|
||Charge for year||||2,525|2,525|
||At 30th September|2022|||10,100|10,100|
||Net book value||||||
||At 30th September|2022|||15,150|15,150|
||At 30th September|2021|||17,675|17,675|
|11|DEBTORS||||2022|2021|
||Cash due from donors|||||400|
||Gift Aid tax reclaim||||142,500|1,293,524|
||Investment
income/interest||due||7,396|66|
||Recoverable tax on investment|||income|997|64,612|
||Donations to be repaid/to||be received|||30,000|
||Loan to Herddle Limited|||||5,000|
||Other Debtors and prepayments||||84,987|1,512,763|
||||||235,880|2,906,365|
|12|CREDITORS||||2022|2021|
||Due within
one year||||||
||Loan||||200,000|1,550,000|
||Trustee Administration|Fees|||164,206|357,216|
||Independent
Auditor's|Remuneration|||29,340|48,555|
||Investment
Management||Fees||68,253|59,767|
||Custody fees||||10,361|8,782|
||Other creditors||||49,308|43,137|
||||||521,468|2,067,457|
##
##
|14|ANALYSIS OF NET|ASSET|S BETWEEN FUNDS|——————-Unrestricted|Funds ————|—--|
|---|---|---|---|---|---|---|
||||General||||
||||Endowment||Expendable||
||||Fund|Income|Endowment|Total Funds|
||||2022|2022|2022|2022|
||Fixed Assets||||||
||Listed Investments||333,556||159,534,097|159,867,653|
||Unlisted
Investments||||949,689|949,689|
||Programme
Related|Investments|||228,198|228,198|
||Tangible fixed assets||||15,150|15,150|
||Current Assets||||||
||Cash||31,224|208,718|152,055,972|152,295,914|
||Sundry Debtors||425||235,455|235,880|
||Creditors
due within one year||(13,619)||(507,849)|(521,468)|
||Total||351,586|208,718|312,510,712|313,071,016|
|||||——————-Unrestricted|Funds —————--||
||||General||||
||||Endowment||Expendable||
||||Fund|Income|Endowment|Total Funds|
||||2021|2021|2021|2021|
||Fixed Assets||||||
||Listed Investments||349,145||138,023,209|138,372,354|
||Unlisted
Investments||||868,795|868,795|
||Programme
Related Investments||||238,298|238,298|
||Tangible fixed assets||||17,675|17,675|
||Current Assets||||||
||Cash||47,022|192,569|96,183,667|96,423,258|
||Sundry Debtors||||2,906,365|2,906,365|
||Creditors
due within one year||(1,539)||(2,065,918)|(2,067,457)|
||Total||394,628|192,569|236,172,091|236,759,288|
|15|RECONCILIATION|OF OPERATING SURPLUS TO NET CASH|||2022|2021|
||INFLOW FROM OPERATING ACTIVITIES||||||
||Net operating
income||||95,247,903|29,549,663|
||Investment
income||||(2,229,788)|(1,488,148)|
||Investments
gifted||||(19,105,003)|(10,212,383)|
||Gains on Currency transactions||||1,876,161|(443,080)|
||Depreciation||||2,525|2,525|
||(Increase)/decrease
in|Debtors|||2,670,485|(2,695,919)|
||Increase/(decrease)
in|Creditors|||(195,989)|248,431|
||Net cash inflow from operating||activities||78,266,296|14,961,090|