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|Trustees'|annual<br>report|(incorporating|the director's report)|||
|Independent<br>auditor's||report to the members||||
|Statement|offmancial|activities (including||income and expenditure||
|account)|||||10|
|Statement|offinancial|position||||
|Statement|ofcash flows||||12|
|Notes to|the financial|statements|||13|





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||||YE|AR ENDED|31DECE|MBER 2022|MBER 2022||
|---|---|---|---|---|---|---|---|---|
|||||||2022||2021|
|||||||Unrestricted|||
|||||||funds|Total funds|Total funds|
||||||Note|K|||
|Income and|endowments||||||||
|Donations<br>and legacies|||||5|1,864,117|1,864,117|1,930,220|
|Investment|income||||6|104,086|104,086|278,756|
|Total incorn e||||||1,968,203|1,968,203|2,208,976|
|Expenditure|||||||||
|Expenditure|on raising funds:||||||||
|Investment<br>management|||costs||7|(72,389)|(72,389)|(56,141)|
|Expenditure|on charitable|activities|||8,9|(399,005)|(399,005)|(435,154)|
|Total expenditure||||||(471,394)|(471,394)|(491,295)|
|Net (losses)/gains<br>on investments|||||12|(1,418,699)|(1,418,699)|665,059|
|Net income|and net movement|||in funds||78,110|78,110|2,382,740|
|Reconciliation<br>offunds|||||||||
|Total funds|brought<br>forward|||||9,732,623|9,732,623|7,349,883|
|Total funds|carried forward|||||9,810,733|9,810,733|9,732,623|





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|||||2022||2021||
|---|---|---|---|---|---|---|---|
||||Note|||||
|Fixed assets||||||||
|Investments|||15||8,452,574||8,734,834|
|Current<br>assets||||||||
|Debtors|||16|757,250||423,311||
|Cash at bank|and in hand|||602,709||581,578||
|||||1,359,959||1,004,889||
|Creditors: amounts||falling due||||||
|within<br>one year|||17|(1,800)||(7,100)||
|Net current|assets||||1,358,159||997,789|
|Total assets|less current liabilities||||9,810,733||9,732,623|
|Net assets|||||9,810,733||9,732,623|
|Funds ofthe|charity|||||||
|Unrestricted|funds||||9,810,733||9,732,623|
|Total charity|funds||18||9,810,733||9,732,623|





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|||2022|2021|
|---|---|---|---|
|Cash flows from operating<br>activities||||
|Net income||78,110|2,382,740|
|Adjustments for:||||
|Net (losses)/gains<br>on investments||1,418,699|(665,059)|
|Other interest receivable<br>and similar income||(104,086)|(278,756)|
|Interest payable<br>and similar charges||390|492|
|Changes<br>in:||||
|Trade and other debtors||(333,939)|(288,553)|
|Trade and other creditors||(5,300)|5,300|
|Cash generated<br>from operations||1,053,874|1,156,164|
|Interest paid||(390)|(492)|
|Interest received||104,086|278,756|
|Net cash from operating<br>activities||1,157,570|1,434,428|
|Cash flows from investing<br>activities||||
|Purchases ofother investments||(1,524,93])|(2,662, 175)|
|Proceeds from sale ofother investments||388,492|1,228,151|
|Net cash used in investing<br>activities||(1,136,439)|(1,434,024)|
|Net increase<br>in cash and cash equivalents||21,131|404|
|Cash and cash equivalents<br>at beginning|ofyear|581,578|581,174|
|Cash and cash equivalents<br>at end ofyear||602,709|581,578|





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|DONATION|S<br>AND LEGACIE|S||||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds|2022|Funds|2021|
|Donations||||||
|Donations||925,000|925,000|951,]02|951,102|
|Endowment|—Investments|939,117|939,117|979,118|979,118|
|||1,864,] 17|1,864,117|1,930,220|1,930,220|



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||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|---|---|---|---|---|---|---|
||||Funds|2022|Funds|2021|
|Bank|interest receivable||437|437|38|38|
|Other|investment|income|103,649|103,649|278,718|278,718|
||||104,086|104,086|278,756|278,756|



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|7.|INVESTMENT MANAGEME|NT<br>COSTS||||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds|2022|Funds|2021|
||Portfolio management|72,389|72,389|56,141|56,141|
|8.|EXPENDITURE ON CHARITABLE ACTIVITIES BYFUND TYPE|||||



|EXPENDI|TURE ON CHAR|ITABLE ACTIVITIE|S BYFUND T|YPE||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds|2022|Funds|2021|
|Charitable|donations|396,555|396,555|432,600|432,600|
|Support costs||2,450|2,450|2,554|2,554|
|||399,005|399,005|435,154|435,154|





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|EXPENDI|TURE ON CHARI|TABLE ACTIVITIE|S BYACTIVI|TY TYPE||
|---|---|---|---|---|---|
|||Grant||||
|||funding of||Total funds|Total fund|
|||activities|Support costs|2022|2021|
|Charitable|donations|396,555||396,555|432,600|
|Governance|costs||2,450|2,450|2,554|
|||396,555|2,450|399,005|435,154|



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|ANALYSIS||OF SUPPO|RT|COS|TS|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||Legal and||||
||||Bank charges|||Accountancy||||professional||||
|||||and|fees||||fees|fees|Total|2022|Total 2021|
|Finance costs|||||390|||||||390|492|
|Governance|costs||||||||1,800|260||2,060|2,062|
||||||390||||1,800|260||2,450|2,554|
|ANALYSIS|OF GRANTS|||||||||||||
||||||||||||||2022|
|Grants to institutions||||||||||||||
|Royal Opera|House Covent|||Garden Foundation|||||||||250,000|
|Royal Ballet|School||||||||||||50,000|
|Royal National||Lifeboat|institution||||||||||50,000|
|The Pepper Foundation<br>Heiford River Children's|||Sailing Trust||||||||||20,000<br>11,000|
|Other grants|less than 610,000||||||||||||15,555|
|Total grants|||||||||||||396,555|
|The grants to||institutions|to|support the||charity's|||objectives are as follows:|||||
||||||||||||||2022|
|Advancement||ofthe arts,|culture,||heritage||and||science||||300,000|
|Advancement||ofeducation,||health|and|saving||lives|||||92,555|
|Advancement||for the relief||ofpoverty|||||||||4,000|
|Total Grants|||||||||||||396,555|



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|NET (LOSSE|S)/GAINS ON|INVESTM|ENTS||||
|---|---|---|---|---|---|---|
||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Funds|2022|Funds|2021|
|Gains/(losses)|on revaluation|of|||||
|investments|||(1,317,106)|(1,317,106)|635,895|635,895|
|Gains/(losses)|on disposal of||||||
|investments|||(101,593)|(101,593)|29,164|29,164|
||||(1,418,699)|(1,418,699)|665,059|665,059|
|AUDITORS|REMUNERATION||||||
||||||2022|2021|
|Fees payable|for the audit ofthe financial||statements||1,800|1,800|



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|||Listed|
|---|---|---|
|||investments|
|Valuation|||
|At<br>1 January<br>2022||8,734,834|
|Additions||1,524,931|
|Disposals||(490,085)|
|Fair value|movements|(1,317,106)|
|At 31 December 2022||8,452,574|
|Carrying|amount||
|At 31December 2022||8,452,574|
|At 3l December 2021||8,734,834|



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|||2022|2021|
|---|---|---|---|
|Trade|debtors|757,250|423,311|





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|CREDITORS: amou|nts<br>falling due within<br>one ye|ar||
|---|---|---|---|
|||2022|2021|
||||f|
|Accruals and deferred|income|1,800|1,800|
|Other creditors|||5,300|
|||1,800|7,100|



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|Unrestri|cted<br>funds||||||
|---|---|---|---|---|---|---|
|||At||||At|
|||1 January|||Gains and 31|December|
|||2022|Income|Expenditure|losses|2022|
|General|funds|9,732,623|1,968,203|(471,394)|(1,418,699)|9,810,733|
|||At||||At|
|||1 Januaty|||Gains and 31|December|
|||2021|Income|Expenditure|losses|2021|
||||||f.||
|General|funds|7,349,883|2,208,976|(491,295)|665 059|9732 623|



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||||Unrestricted|Total Funds|
|---|---|---|---|---|
||||Funds|2022|
|Investments|||8,452,574|8,452,574|
|Current assets|||1,359,960|1,359,960|
|Creditors|less than|1 year|(1,800)|(1,800)|
|Net assets|||9,810,734|9,810,734|
||||Unrestricted|Total Funds|
||||Funds|2021|
|Investments|||8,734,834|8,734,834|
|Current assets|||1,004,889|1,004,889|
|Creditors|less than|1 year|(7,100)|(7,100)|
|Net assets|||9,732,623|9,732,623|





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|20.|FINANCIAL<br>INST|RUMENTS|RUMENTS|RUMENTS|RUMENTS||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||The carrying<br>amount|for each category offinancial||||instrument|||is as follows:||||
||||||||||||2022|2021|
||||||||||||f.||
||Financial assets measured||at|fair value through||income and|||expenditure||||
||Investments|||||||||8,452,574||8,734,834|
||Financial<br>assets that are||debt|instruments|measured||at amortised|||cost|||
||Current assets|||||||||1,359,960||1,004,889|
||Financial liabilities|measured||at amortised|cost||||||||
||Current<br>liabilities||||||||||1,800|1,800|
|21.|ANALYSIS OF CHANGES IN NET DEBT||||||||||||
|||||||||At||||At|
||||||||1|Jan 2022||Cash|flows|31Dec 2022|
||Cash at bank and in hand|||||||581,578|||21,131|602,709|