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|TRUSTEES|Ms. Diana Hargreaves|
|---|---|
||Payne Hicks Beach Trust Corporation Limited|
||Ms. Clare Matthews|
|PRINCIPAL ADDRESS|10 New Square|
||Lincoln's Inn|
||London VVC2A 3QG|
|CHARITY REGISTRATION NUMBER|1148440|
|Independent Examiner|Paul Davis FCA|
||Bright Grahame Murray|
||Emperor's Gate|
||114a Cromwell Road|
||Kensington|
||London SVV7 4AG|
|INVESTMENT MANAGERS|Investec Wealth & Investment Management Limited|
||2 Gresham Street|
||London EC2V 2QN|
|SOLICITORS AND ADMINISTRATORS|Payne Hicks Beach LLP|
||10 New Square|
||Lincoln's Inn|
||London VVC2A 3QG|





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> Page 9 

## **THE DERRILL ALLATT FOUNDATION** 

## **INDEPENDENT EXAMINER'S REPORT - 5 APRIL 2023** 

## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DERRILL ALLATT FOUNDATION** 

I report to the Trustees on my examination of the accounts of The Derrill Allatt Foundation ('the Charity') for the year ended 5 April 2023. 

## **Responsibilities and basis of report** 

As the Trustees of the Trust 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 Trust's accounts carried out under Section 145 of the 2011 Act. In carrying out my examination I have followed all 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 financial statements in accordance with Accounting and Reporting by 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of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. 

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with General 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 my cause to believe that in any material respect: 

1. accounting records were not kept in respect of the trust as required by Section 130 of the 2011 Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements 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 financial statements[to][ be][ reached.] 

Paul Davis FCA 

Independent Examiner Bright Grahame Murray Chartered Accountants 114a Cromwell Road Kensington London SW7 4AG 

> Dated: 21 February 2024 



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|2022||Notes|2023|
|---|---|---|---|
||INCOME FROM:|||
||Investments|||
|10,830|Investment income and interest receivable|2|9,238|
||Voluntary income:|||
||Voluntary income legacy|1|108,000|
|10,830|TOTAL INCOME||117,238|
||EXPENDITURE ON:|||
||Raising funds|||
|3,844|Investment management costs||2,596|
||Charitable activities|||
||Promoting and enhancing|||
|177,126|charitable work|3|207,228|
|180,970|TOTAL EXPENDITURE||209,824|
||NET (EXPENDITURE)/INCOME BEFORE|||
|(170,140)|INVESTMENTS GAINS||(92,586)|
||Investments gains/(losses):|||
|6,761|Realised|7|(4,283)|
|7,844|Unrealised|7|(18,803)|
|30|Currency gain on foreign exchange|||
||NET (EXPENDITURE)/INCOME AND NET|||
|(155,505)|MOVEMENT IN FUNDS||(115,672)|
||RECONCILIATION OF FUNDS|||
||Total funds brought forward|||
|503,265|at6 April 2022||347,760|
|347,760|||232,088|
||Total funds carried forward|||
|347,760|at5 April 2023||232,088|





Pa
è 11
THE DERRILL ALLATT FOUNDATION
BALANCE SHEET ASAT5 APRIL 2023
2023
FIXED ASSETS
Inveslments
317,095
Lisled Inv&slmttnls
231,563
CURRENT ASSE
65,745
1,205
Cash al bank ènd in hand
Oeblois
23,49S
583
56,950
Total current assets
24,078
LIABILITIES..
c￿ dilors.. Amtsunis lalling due
wilhin one yèar
126.2B51
10
123,5531
NET CLIRRENT ASSETS
525
347.760
TOTAL ASSETS LESS CURRENT LIABILITIES
232,088
Creditors.. Amounts falling (Jue
after ont year
347,760
NET ASSETS
232.088
TOTAL FUNDS OF THE CHARITY
Unr88lricled Income Fund
Gelleral Fund
347,760
232,088
Approved by
hè Iru8lees'.
ruslee
Trustee
Dale of Approval..
02fioQ

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||2022||||2023|
|---|---|---|---|---|---|
||||Legacy -|||
||||The charity received the following distribution from the Estate of Derrill Allatt|||
||||on 16 September 2022:||108,000|
|2|INVESTMENT|INCOME AND INTEREST RECEIVABLE||||
||2022||||2023|
||1,873||UK equities and unit trusts||1,411|
||1,739||UK unit trust interest||1,845|
||3,166||UK fixed interest securities||1,680|
||(105)||UK Accrued Interest Income||0|
||||Overseas:|||
|||3,847|Equities|3,408||
|||309|Interest|687||
||||Excess Income|24||
||4,156||||4,119|
||1||Bank interest||183|
||10,830||||9,238|
|3|PROMOTING|AND ENHANCING CHARITABLE WORK||||
||2022||||2023|
||154,557||Grants payable to institutions||176,229|
||20,510||Grant and other administration costs||24,613|
||2,059||Governance costs (note 4)||6,386|
||177,126||||207,228|
||The grants payable to institutions are detailed in the Appendix (page 24) to these accounts.|||||





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|2022||2023|
|---|---|---|
|24,241|Grant commitment at 6 April 2022|8,545|
|154,557|Grants agreed during the period|176,229|
|178,798||184,774|
|(170,254)|Grants payments paid during the period|(184,774)|
|8,545|Grant commitments at 5 April 2023||



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|2022||||2023|
|---|---|---|---|---|
|||LISTED INVESTMENTS|||
|||Movements in listed investments during the year were as follows:|||
|502,622||Market value at 6 April 2022||317,095|
|42,709||Additions atcost||91,913|
|(236,080)||Disposals at book value||(158,642)|
|||(proceeds: £154,359; realised losses (£4,283))|||
|7,844||Net unrealised gains/ (losses) in period||(18,803)|
|317,095||Market value at 5 April 2023||231,563|
|275,617||Cost of listed investments 5 April 2023||230,420|
|||All investments were dealt in on a recognised stock exchange:|||
|2022||||2023|
|||Listed investments held at 5 April 2023 comprise the|||
|||following investments all listed on a UK stock exchange:|||
|38,752||UK equities and unit trusts||39,221|
|106,887||UK government and fixed interest securities||70,356|
|145,639||||109,577|
|||Overseas investments|||
||132,717|Equities|68,239||
||38,739|Fixed interest|53,747||
|171,456||||121,986|
|317,095||||231,563|





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||At 5 April|2023 the following were considered of material value.||
|---|---|---|---|
||Units|||
||18,000|Barclays Bank Plc||
|||5.75% Sb Mtn 14/9/2026 Gbp'105(Var)|18,275|
||20,000|Goldman Sachs||
|||StIg Lqd Reserves(Instl)nav|20,000|
||8,000|HICL Infrastructure plc||
|||Ordinary 0.0001p Shares|12,448|
||77|Invesco Physical Markets||
|||Secured Gold Linked Notes 31/12/2100 GBP|12,045|
||23,000|Royal London Asset Management||
|||Sterling Credit Instl Inc Z|22,135|
||2,939|'shares ll plc|14,770|
|||USD Tips Ucits Etf GBP Dis Hedged||
||23,000|Fil Investment Services(Uk)limited|18,423|
|||Money Builder Income I GBP Dis||
|ASH AT BANK AND IN HAND||||
|2022|||2023|
|51,541|Investec Wealth & Investment Management Limited||3,213|
|4,204|Payne Hicks Beach LLP||20,282|
|55,745|||23,495|





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|11|UNREALISED GAINS||
|---|---|---|
|||2023|
||Unrealised gains on listed investments|1,144|
||Reconciliation of movements in||
||unrealised gains on investment assets||
||Unrealised gains at 6 April 2022|41,479|
||Adjusted in respect of disposals in year|(21,532)|
|||19,947|
||Add: Net gain/(loss) arising on||
||investment revaluation in year|(18,803)|
||Unrealised gains at 5 April 2023|1,144|





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|Institution|E||
|---|---|---|
|Mud House Children's Foundation||16,000|
|Independent Arts||30,000|
|Greatwood||20,000|
|Enham Trust||15,000|
|Speech and Language UK||15,000|
|Step by Step||15,000|
|Ability Dog 4 Young People||10,000|
|National Theatre||10,000|
|Cambridge Africa||10,000|
|Help Age International||10,000|
|Primary Robins||10,229|
|Oxford Centre for Life Writing||5,000|
|The Therapy Garden||5,000|
|South Bank Sinfonia||5,000|
|||176,229|