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|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|
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|||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|
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||||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|
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||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|
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|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|
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|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|
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|||Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|---|---|---|---|---|---|---|---|
|||Funds||2023|Funds||2022|
|||||8||||
|Portfolio|management|97,593||97,593|72,389||72,389|
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|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|
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|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|
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|||||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|
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|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|
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|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|
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|||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|
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|||2023|2022|
|---|---|---|---|
||||6|
|Trade|debtors|321,197|757,250|
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|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|
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|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|
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