**Charity number: 1145502** ## **THE ITHACA TRUST** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2021** ## **THE ITHACA TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 4| |**Independent Examiner's Report**|5 - 6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Notes to the Financial Statements**|9 - 16| ## **THE ITHACA TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021** |**Trustees**|R N Fiennes| |---|---| ||R J Midgley| ||J N R Wadham| |**Charity registered**
**number**
1145502
**Principal office**
6th Floor
2 London Wall Place
London
EC2Y 5AU
**Accountants**
MHA MacIntyre Hudson
6th Floor
2 London Wall Place
London
EC2Y 5AU
**Bankers**
Arbuthnot Latham
Arbuthnot House
7 Wilson Street
London
EC2M 2SN
**Investment Managers**
Tilney Investment Management Services Ltd
6 New Street Square
New Fetter Lane
London
EC4A 3BF|| Page 1 ## **THE ITHACA TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** The Trustees present their annual report together with the financial statements of the The Ithaca Trust for the year ended 31 December 2021. ## **Objectives and activities** ## **a. Policies and objectives** The principal objective of the Trust is to advance, promote and carry out charitable purposes of the Founder and other trustees. In shaping our objectives for the year and planning our activities and donations, the trustees are mindful of the Charity Comissions guidance on public benefit, including the guidance 'Public benefit- running a charity (PB2)'. The charity meets the criteria of the charity commission on public benefit in prevention and relief of proverty, advancements of health and other areas. Grants will be made to support:- - Humanitarian causes - Green, environmental and wildlife issues; and - Arts productions and students. ## **Achievements and performance** ## **a. Main achievements of the Charity** The Trustees have continued a policy of supporting other charities and UNICEF remains beneficiary for the relief of poverty and in answering appeals to help with natural disasters throughout the world. During the year under review, the trust supported a number of small charities where the Trustees believe a modest donation can make a significant difference. ## **b. Investment policy and performance** The Trustees have the general power of investment to invest the charity's assets as if they were entitled to the assets as conferred by the Trustee Act 2000. The trustees wish to achieve a moderate but increasing return, whether achieved by capital gain or re-invested income. The initial investment horizon is ten years. In managing the investments and making or varying the investments the Manager must have regard to the following: - The suitability to the Charity of the particular investment to be made, or retained as an investment. - The suitability of that particular investment as an investment of that kind. - The need for diversification of the investments of the trust so far as is appropriate to the circumstances of the charity. - The trustees wish to adopt the Tilney 'Growth' Risk Profile (as per the Tilney Investor Risk Profiles as at 31/8/16) to allow significant allocation to equities if and when appropriate. - No withdrawals of income, or capital, are anticipated in the first ten years. - The Manager is not to commit the trustees to any underwriting short positions or similar obligations. The Trustees will review the Investment Policy Statement on a regular basis at intervals of not less than two years and any amendments will be discussed and agreed with the manager at meetings to be held at least biennially. Page 2 ## **THE ITHACA TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **Achievements and performance (continued)** ## **c. Reserves** As at 31 December 2021 unrestricted reserves of the charity totalled £1,561,107 (2020: £1,376,302). ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **b. Reserves policy** The general fund accounts for all income and outgoings not designated as restricted. The trust does not have any restricted funds and no funds have been earmarked for specific grants. ## **Structure, governance and management** ## **a. Constitution** The Ithaca Trust is a registered charity, number 1145502, and constitutes an unincorporated charity.The trust is controlled by its governing document, a deed of trust dated 6 December 2011. The trust was established by a donation from the Founder. The trust does not actively fundraise but does from time to time receive donations from interested benefactors. ## **b. Methods of appointment or election of Trustees** Terms of appointment are as set out in the deed of trust: new trustees may be appointed in writing by the Founder during his lifetime and thereafter by a resolution of the Trustees. There shall be at least three individual Trustees holding office at any one time. ## **c. Trustees** The charity is managed by its trustees, who act in an honorary capacity. The trustees have the power to appoint or terminate the appointment of trustees. New trustees are required to attend appropriate training courses. The trustees in the year to 31 December 2021 were as shown in the Reference and Administrative details. The trustees give freely of their time and there are no employees. ## **d. Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have examined the major risks and confirm that systems have been established so that necessary steps can be taken to lessen these risks. Page 3 ## **THE ITHACA TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** ## **Plans for future periods** The trust will continue to make grant awards in accordance with its charitable objectives. ## **Statement of Trustees' responsibilities** The Trustees are responsible for preparing the Trustees' Report and the 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 & Wales 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ **R J Midgley** (Chair of Trustees) Date: 21 October 2022 Page 4 ## **THE ITHACA TRUST** **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** ## **Independent Examiner's Report to the Trustees of The Ithaca Trust ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021. ## **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 2015. 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 . Page 5 ## **THE ITHACA TRUST** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** 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. Signed: Dated: 31 October 2022 Helen Blundell ## **MHA MacIntyre Hudson** 6th Floor 2 London Wall Place London EC2Y 5AU Page 6 **THE ITHACA TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021** |**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net expenditure before net gains on investments**
Net gains on investments
**Net movement in funds before other recognised**
**gains**
**Other recognised gains:**
Gains on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**50,000**
**8,688**
**58,688**
**9,457**
**69,368**
**78,825**
**(20,137)**
**9,138**
**(10,999)**
**195,804**
**184,805**
**1,376,302**
**184,805**
**1,561,107**|**Total**
**funds**
**2021**
**£**
**50,000**
**8,688**
**58,688**
**9,457**
**69,368**
**78,825**
**(20,137)**
**9,138**
**(10,999)**
**195,804**
**184,805**
**1,376,302**
**184,805**
**1,561,107**|_Total_
_funds_
_2020_
_£_
_-_
_15,123_
_15,123_
_11,177_
_105,480_
_116,657_
_(101,534)_
_82,745_
_(18,789)_
_7,071_
_(11,718)_
_1,388,020_
_(11,718)_
_1,376,302_| |---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. In the current and previous year all income and expenditure was allocated to/from unrestricted funds. The notes on pages 9 to 16 form part of these financial statements. Page 7 ## **THE ITHACA TRUST** ## **BALANCE SHEET AS AT 31 DECEMBER 2021** |**Note**
**Fixed assets**
Investments
12
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
**Total funds**|**59,805**
**59,805**
**(5,581)**|**2021**
**£**
**1,506,883**
**54,224**
**1,561,107**
**1,561,107**
**1,561,107**|_119,265_
_119,265_
_(6,441)_|_2020_
_£_
_1,263,478_
_112,824_| |---|---|---|---|---| |||||| |||||_1,376,302_| |||||_1,376,302_| |||||| |||||_1,376,302_| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ ## **R J Midgley** Date: 21 October 2022 The notes on pages 9 to 16 form part of these financial statements. Page 8 **THE ITHACA TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. General information** The Ithaca Trust is an unincorporated registered charity. The charity number is 1145502 and the contact address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Ithaca Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 9 ## **THE ITHACA TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **2. Accounting policies (continued)** ## **2.3 Expenditure (continued)** Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **2.4 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. ## **2.5 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.6 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.7 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.8 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 10 ## **THE ITHACA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **3. Income from donations and legacies** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2021**|**2021**|_2020_| ||**£**|**£**|_£_| |Donations|50,000|**50,000**|_-_| ## **4. Investment income** |**Unrestricted**
**funds**
**2021**
**£**
Dividends - equities
8,650
Interest received
38
8,688
_Unrestricted_
_funds_
_2020_
_£_
Dividends - equities
_15,006_
Interest received
_117_
_15,123_|**Total**
**funds**
**2021**
**£**
**8,650**
**38**| |---|---| ||**8,688**| ||_Total_
_funds_
_2020_
_£_
_15,006_
_117_| ||_15,123_| ## **5. Investment management costs** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2021**| ||**£**|**£**| |Investment management fees|9,457|**9,457**| Page 11 ## **THE ITHACA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **5. Investment management costs (continued)** ||_Unrestricted_|_Total_| |---|---|---| ||_funds_|_funds_| ||_2020_|_2020_| ||_£_|_£_| |Investment management fees|_11,177_|_11,177_| ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2021**
**£**
Humanitarian
64,368
Performing Arts
5,000
69,368
_Unrestricted_
_funds_
_2020_
_£_
Humanitarian
_76,880_
Education
_28,600_
_105,480_|**Total**
**2021**
**£**
**64,368**
**5,000**| |---|---| ||**69,368**| ||_Total_
_2020_
_£_
_76,880_
_28,600_| ||_105,480_| Page 12 ## **THE ITHACA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **7. Analysis of expenditure by activities** |Humanitarian
Performing Arts
Humanitarian
Education|**Grant**
**funding of**
**activities**
**2021**
**£**
61,487
5,000
66,487
_Grant_
_funding of_
_activities_
_2020_
_£_
_74,900_
_28,600_
_103,500_|**Support**
**costs**
**2021**
**£**
2,881
-
2,881
_Support_
_costs_
_2020_
_£_
_1,980_
_-_
_1,980_|**Total**
**funds**
**2021**
**£**
**64,368**
**5,000**| |---|---|---|---| ||||**69,368**| ||||_Total_
_funds_
_2020_
_£_
_76,880_
_28,600_| ||||_105,480_| ## **Analysis of support costs** |**Humanitaria**
**n**
**2021**
**£**
Governance costs - accountancy fees
2,881
_Humanitarian_
_2020_
_£_
Governance costs - accountancy fees
_1,980_|**Total**
**funds**
**2021**
**£**
**2,881**| |---|---| ||_Total_
_funds_
_2020_
_£_
_1,980_| Page 13 ## **THE ITHACA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **8. Analysis of grants** |Grants, Humanitarian
Grants, Performing Arts
Grants, Humanitarian
Grants, Education|**Grants to**
**Institutions**
**2021**
**£**
61,487
5,000
66,487
_Grants to_
_Institutions_
_2020_
_£_
_74,900_
_28,600_
_103,500_|**Total**
**funds**
**2021**
**£**
**61,487**
**5,000**| |---|---|---| |||**66,487**| |||_Total_
_funds_
_2020_
_£_
_74,900_
_28,600_| |||_103,500_| The Charity has made the following material grants to institutions during the year: Page 14 ## **THE ITHACA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **8. Analysis of grants (continued)** |**Name of institution**
UNICEF
Theatre Development Trust
SANE - The Mental Health Charity
The Felix Project
NHS Charities Together - COVID appeal
OPLAS - regional centre of dance
Conservation Collective - Argolic Gulf Project
Helping Dress Medics
The Quay Theatre
Pro Corda Trust
Protect the Gardens of Arnold Circus
Medicins Sans Frontiers
War Child UK
Other grants to institutions
**9.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner in respect of:
All other services not included above|**2021**
**£**
**45,000**
**-**
**-**
**-**
**-**
**-**
**8,737**
**-**
**5,000**
**-**
**-**
**1,500**
**1,200**
**61,437**
**5,050**
**66,487**
**2021**
**£**
**2,881**|_2020_
_£_
_15,000_
_25,000_
_15,000_
_15,000_
_12,550_
_9,225_
_-_
_5,100_
_-_
_3,600_
_2,000_
_-_
_-_| |---|---|---| |||_102,475_
_1,025_| |||| |||_103,500_| |||_2020_
_£_
_1,980_| ## **10. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ . During the year ended 31 December 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ . ## **11. Staff costs** There are no employees and no individuals receiving remuneration of more than £60,000. Page 15 ## **THE ITHACA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **12. Fixed asset investments** |**Cost or valuation**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021|**Listed**
**investments**
**£**
**1,263,478**
**203,694**
**(156,113)**
**195,824**| |---|---| ||**1,506,883**| ## **13. Creditors: Amounts falling due within one year** ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |Other creditors|**5,581**|_6,441_| ## **14. Related party transactions** A Trustee of The Ithaca Trust, R N Fiennes, is a director and sole shareholder of the company Lonely Dragon Limited. Lonely Dragon Limited made a donation of £50,000 to the charity in the year ended 31 December 2021 (2020: £Nil). Page 16