| Page | |||||
|---|---|---|---|---|---|
| Trustees' | annual report | (incorporating | the director's report) | ||
| Independent auditor's |
report to the members | ||||
| Statement | offinancial | activities (including | income and expenditure | ||
| account) | 10 | ||||
| Statement | offinancial | position | |||
| Statement | ofcash flows | 12 | |||
| Notes to | the financial | statements | 13 |
| YE | AR ENDED | 31DECE | MBER 2023 | MBER 2023 | |||
|---|---|---|---|---|---|---|---|
| 2023 Unrestricted |
2022 | ||||||
| funds | Total funds | Total funds | |||||
| Note | 8 | ||||||
| Income and endowments | |||||||
| Donations and legacies |
5 | 4,670,653 | 4,670,653 | 1,864,117 | |||
| Investment income |
6 | 180,717 | 180,717 | 104,086 | |||
| Total income | 4,851,370 | 4,851,370 | 1,968,203 | ||||
| Expenditure | |||||||
| Expenditure on raising funds: |
|||||||
| Investment management |
costs | 7 | (97,593) | (97,593) | (72,389) | ||
| Expenditure on charitable |
activities | 8,9 | (566,917) | (566,917) | (399,005) | ||
| Total expenditure | (664,510) | (664,510) | (471,394) | ||||
| Net gains/(losses) on investments |
12 | 1,325,259 | 1,325,259 | (1,418,699) | |||
| Net income and net movement | in funds | 5,512,119 | 5,512,119 | 78,110 | |||
| Reconciliation offunds | |||||||
| Total funds brought forward |
9,810,733 | 9,810,733 | 9,732,623 | ||||
| Total funds carried forward | 15,322,852 | 15/22,852 | 9,810,733 |
| 31DECEMBER2023 | 31DECEMBER2023 | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Note | ||||||
| Fixed assets | ||||||
| Investments | 15 | 14,465,131 | 8,452,574 | |||
| Current assets | ||||||
| Debtors | 16 | 321,197 | 757,250 | |||
| Cash at bank | and in hand | 538,324 | 602,709 | |||
| 859,521 | 1,359,959 | |||||
| Creditors: amounts | falling due | |||||
| within one year | 17 | (1,800) | (1,800) | |||
| Net current | assets | 857,721 | 1,358,159 | |||
| Total assets | less current liabilities | 15,322,852 | 9,810,733 | |||
| Funds ofthe | charity | |||||
| Unrestricted | funds | 15,322,852 | 9,810,733 | |||
| Total charity | funds | 18 | 15,322,852 | 9,810,733 |
| STATEMENT OF CASH FLOWS | |||
|---|---|---|---|
| YEAR ENDED 31DECEMBER2023 | |||
| 2023 | 2022 | ||
| Cash flows from operating | activities | ||
| Net income | 5,512,119 | 78,110 | |
| Adjustments for: | |||
| Net gains/(losses) on investments |
(1,325,259) | 1,418,699 | |
| Other interest receivable and similar income |
(180,717) | (104,086) | |
| Interest payable and similar | charges | 561 | 390 |
| Accrued income | (1,800) | ||
| Changesin: | |||
| Trade and other debtors | 436,053 | (333,939) | |
| Trade and other creditors | (3,500) | ||
| Cash generated from operations |
4,442,757 | I 053 874 | |
| Interest paid | (561) | (390) | |
| Interest received | 180,717 | 104,086 | |
| Net cash from operating activities |
4,622,913 | 1,157,570 | |
| Cash flows from investing | activities | ||
| Purchases ofother investments | (7,950,233) | (1,524,931) | |
| Proceeds from sale ofother | investments | 3,262,935 | 388,492 |
| Net cash used in investing | activities | (4,687,298) | (1,136,439) |
| Net increase in cash and cash equivalents | (64,385) | 21,131 | |
| Cash and cash equivalents | at beginning ofyear | 602,709 | 581,578 |
| Cash and cash equivalents | at end ofyear | 538,324 | 602,709 |
| DONATION | S AND LEGACIE |
S | |||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| 8 | g | ||||
| Donations | |||||
| Donations | 500,000 | 500,000 | 925,000 | 925,000 | |
| Endowment | -Investments | 4,170,653 | 4,170,653 | 939,117 | 939,117 |
| 4,670,653 | 4,670,653 | 1,864,117 | 1,864,117 |
| INVE | STMENT | INCOME | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2023 | Funds | 2022 | |||
| f. | ||||||
| Bank | interest receivable | 2,532 | 2,532 | 437 | 437 | |
| Other | investment | income | 178,185 | 178,185 | 103,649 | 103,649 |
| 180,717 | 180,717 | 104,086 | 104,086 |
| Unrestricted | Total | Funds | Unrestricted | Total | Funds | ||
|---|---|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||||
| 8 | |||||||
| Portfolio | management | 97,593 | 97,593 | 72,389 | 72,389 |
| EXPENDI | TURE ON CHAR | ITABLE ACTIVITIE | S BYFUND T | YPE | |
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| 6 | g | 6 | |||
| Charitable | donations | 564,340 | 564,340 | 396,555 | 396,555 |
| Support costs | 2,577 | 2,577 | 2,450 | 2,450 | |
| 566,917 | 566,917 | 399,005 | 399,005 |
| EXPENDI | TURE ON CHARI | TABLE ACTIVITIE | S BY ACTIVI | TY TYPE | |
|---|---|---|---|---|---|
| Grant | |||||
| funding of | Total funds | Total fund | |||
| activities | Support costs | 2023 | 2022 | ||
| Charitable | donations | 564,340 | 564,340 | 396,555 | |
| Governance | costs | 2,577 | 2,577 | 2,450 | |
| 2,577 | 566,917 | 399,005 |
| Legal and | ||||||
|---|---|---|---|---|---|---|
| Bank charges | Accountancy | professional | ||||
| and fees | fees | fees | Total 2023 | Total 2022 | ||
| Finance costs | 561 | 561 | 390 | |||
| Governance | costs | 1,800 | 216 | 2,016 | 2,062 | |
| 561 | 1,800 | 216 | 2,577 | 2,452 |
| ANALYSIS OF GRANTS | |
|---|---|
| 2023 | |
| Grants to institutions | |
| Royal Opera House Covent Garden Foundation | 250,000 |
| Royal Ballet School | 100,000 |
| Royal National Lifeboat Institution | 30,000 |
| The Pepper Foundation | 25,000 |
| Other grants not more than 625,000 | 159,340 |
| 564,340 |
| The grants to | institutions to support the ch |
arity's objectives are as follow |
s: |
|---|---|---|---|
| 2023 | |||
| Advancement | ofthe arts, culture, heritage | and science | 390,100 |
| Advancement | ofeducation, health and saving lives | 150,240 | |
| Advancement | ofreligion | 20,000 | |
| Advancement | for the relief ofpoverty | 4,000 | |
| Total Grants | 564,340 |
| NET GAINS | /(LOSSES) ON INVESTMENTS | /(LOSSES) ON INVESTMENTS | |||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| 8 | |||||
| Gains/(losses) | on revaluation of | ||||
| investments | 1,292,571 | 1,292,571 | (1,317,106) | (1,317,106) | |
| Gains/(losses) | on disposal of | ||||
| investments | 32,688 | 32,688 | (101,593) | (101,593) | |
| 1,325,259 | 1,325,259 | (1,418,699) | (1,418,699) | ||
| AUDITORS | REMUNERATION | ||||
| 2023 | 2022 | ||||
| Fees payable | for the audit ofthe financial | statements | 1,800 | 1,800 |
| Listed | ||
|---|---|---|
| investments | ||
| Valuation | ||
| At I January 2023 | 8,452,574 | |
| Additions | 7,950,233 | |
| Disposals | (3,230,247) | |
| Fair value | movements | 1/92,571 |
| At31December 2023 | 14,465,131 | |
| Carrying | amount | |
| At 31December 2023 | 14,465,131 | |
| At 31December 2022 | 8,452,574 |
| 2023 | 2022 | ||
|---|---|---|---|
| 6 | |||
| Trade | debtors | 321,197 | 757,250 |
| CREDIT | OR | S: amou | nts falling due within one yea |
r | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| f. | |||||
| Accruals | and | deferred | income | 1,800 | 1,800 |
| 18. | ANALYSIS | OF C | HARITA | BLE FUND | S | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | funds | |||||||||
| At | At | |||||||||
| 1 January | Gains and | 31December | ||||||||
| 2023 | Income | Expenditure | losses | 2023 | ||||||
| 8 | ||||||||||
| General funds | 9,810,733 | 4,851,370 | (664,510) | 1,325,259 | 15422,852 | |||||
| At | At | |||||||||
| 1 January | Gains and | 31December | ||||||||
| 2022 | Income | Expenditure | losses | 2022 | ||||||
| General funds | 9,732,623 | 1,968,203 | (471,394) | (1,418,699) | 9,810,733 | |||||
| 19, | ANALYSIS OFNET ASSETSBETWEEN FUNDS | |||||||||
| Unrestricted | Total Funds | |||||||||
| Funds | 2023 | |||||||||
| Investments | 14,465,131 | 14,465,131 | ||||||||
| Current assets | 859,521 | 859,521 | ||||||||
| Creditors less |
than | 1year | (1,800) | (1,800) | ||||||
| Net assets | 15,322,852 | 15,322,852 | ||||||||
| 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 | ||||||||
| 20. | FINANCIAL | INSTRUMENTS | ||||||||
| The carrying | amount for each category offinancial | instrument | is as follows: | |||||||
| 2023 | 2022 | |||||||||
| Financial assets measured | at fair value through | income and | expenditure | |||||||
| Investments | 14,465,131 | 8,452,574 |
| FINANCIAL INSTRUMENT | S (continued) |
||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Financial assets that are debt | instruments | measured | at amortised | cost | |
| Current assets | 859,521 | 1,359,959 | |||
| Financial liabilities measured | at amortised | cost | |||
| Current liabilities | 1,800 | 1,800 | |||
| ANALYSIS OF CHANGES IN NET DEBT | |||||
| At | At | ||||
| l Jan 2023 | Cash flows | 31Dec 2023 | |||
| Cash at bank and in hand | 602,709 | (64,385) | 538,324 |