Docusign Envelope ID." FD9808DE-68CC430F-A2C3-8FO6BB98B45C Registered Charlty number: 1155582 CHARLES AND JULIA HENRY FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
Docusign Envelope ID." FD9808DE4BCC430F-A2C3-8FOBBB98B45C CHARLES AND JULIA HENRY FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual report and financial statements of the charity for the year ended 31 July 2022. The firbancial statements have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 (effective l January 20151. as amended by Update Bulletin I leffective l January 20161. OBJECTS AND ACTIVITIES OF THE FUND FOR THE PUBLIC BENEFIT In accordance with the 8overning documents, the objective of the Henry Fund is to provide scholarships (Henry Fellowships) to UK and to American student5 to study for one academic year at the Universities of Haryard, Yale, Cambridge and Oxford. The Fellowships provide fLsI1 university and college tuition fees for the course of study approved by the Trustees and any requisite stLJdent health insurance, a stipend for living costs, and a grant for travel. They enable a small number of British and American University graduates to take advantage of particular educational opportunities and are awarded annually. In competition. In fulfilling their obligations, the Trustees have had regard to the guidance issued by the Charlty Commission on public benefit. ACHIEVEMENTS AND PERFORMANCE Henry Fellowshlps Scherne For 2021122, the Trustees pursued the Fund's objectwes by agreeing to use its funds to award five Henry Fellow5hip5 of good value.. one at Harvard and one at Yale. filled by competition from eligible students based in the UK, and three at Oxford or Cambridge at the preference of the candidate, one nominated by the Harvard Trustee5 and two nominated by the Yale Trustees. The Trustees determined that the level of maintenance grant for 2021122 should be.. $34.0(X) for the Henry Fellows at Harvard and Yale,. and £23,3C(I for the Henry Fellows at Oxford or Cambridge. The Henry Fund also met the tuition fees for the five Fellow5, and provided each with a travel grant of £2,5CK). UKstudents to Hanwrd und Yale, 2020ft1 The eligibility criteria for the Fellowships were, followin8 the Re501ution of December 2013 referred to above, were that candidates must be=_ lal enrolled as full-time students at universities in the British 151e5 including all universities and equivalent higher education institutions with degree-awarding powers in the United Kingdom of Great Britain and Northern Ireland and in the Republic of Ireland Ithe 'qualifying HEls' for the purposes of condition Ibl below): and either undergraduates of a quolifyin9 HEI who had completed at least two years undergraduate work on l January 2021 or lill graduates of a quolifying HEI
Docusign Envelope ID." F09808DE4BCC43OF-C3-8F06B898B4sc who were in their first year of postgraduate study in a qualifying HEI in the academic year 2020-21. and who were normally of not more than one year's standing from the time of taking their first degree or equivalent at the oualifving HEI. While a very high, and sustained. standard of academic achievement is required of successful UK candidates, the Trustees also attach importance to other attainment5 and personal qualities relevant to the Fourbder's intentions. Candidates are therefore required to provide evidence of full engagement in the broader intellectual life of their university, and of participation- and achievement- in relevant non-academic attivitie5, for instance in the wider cultural, social, and community life of their university. In e55ence, the Trustees wish also to consider the Fellow's potential for full involvement in the intellectual, social and tommunal life of the host American university, and their future promise to make a mark in public life or for leadership. Candidates must produce evidence of character and intellectual ability, and must also Submit a definite scheme of study or research to be carried out at the American universities. The Trustees must be satisfied that the proposed work falls wlthln ordinary university facilities. In February 2021, at a meeting of the Trustees, twelve outstanding candidates were called for intetview and two candidates selected for nomination to Henry Fellowships- one at Harvard and one at Yale. The Henry Fellows appointed for 2021122 were-. At Harvord: George Rosenfeld lex Trinity College. Cambridge) Rachel Tustin lex Peterhouse, Cambrid8el- also took up her deferred place from 2020121 Cerian Richmond Jones lex Balliol Colle8e, Oxford) Emil Sands lex Christ's College. Cambrid8el- also took up his deferred place from 2020121 At Yole: US students to Cambrldge or Oxford, 2021122 Nominations to Henry Fellowships to be held at Oxford or Cambridge universities by graduates of Harvard and Yale were made Separately by the two universities on the authority respectively of the Harvard and Yale Trustees, through the established Harvard or Yale open competition machinery for postgraduate visiting award5. The Henry Fellow5 appointed for 2021122 were: At Lucy Covendish College, Oxford= San8-O Park Ireading for the MPhil in Biological Sclence51. the nominee of Harvard University At Churchill College. Combridge- Keshav Raghavan Ireading for the MASt in Mathematics), the nominee of Yale University At Girton College, Cumbridge.. Henry Jacob (reading for the MPhil in World History), the nominee of Yale UnÉversity Prorter Fellowships (Princeton) The Henry Trustees made one nomination to the Princeton University authorities-. Lukas Freund (Corpus Christi College. Cambridge). The 2020121 candidates were Jonathon Turnbyll (King's College. Cambridge) and Luke Ilott IChri5t's College, Cambridge). Due to the pandemic Lukas, alongside Luke and Jonathon had to wait until August 2022 to be able to take up their places due to
Docusign Envelope ID." FD9808DE4BCC430F-A2C3-8FOBBB98B45C Princeton University's decision not to accept visitors during the pandemic. For personal reasons Jonathon is Still to take up his place. Choote Fellowship IHaMird) The Henry Trustees advised the University of Cambridge on a nomination to Haard for appointment to the Choate Fellowship: Isabelle George lex Newnham Colle8e, Cambridge). FINANCIAL REVIEW Flnanclal summary and performance For the year ended july 2022, The Henry Fund had a1055 before investment of £57,334, compared with a loss of £145,994 for the year ended 31 July 2021. The income from investments was £206,682 12021.. £174.7591 and there were net1055es on investment5 in the year of £30.48112021: £1,375,647 gain). Year end funds amounted to E9,067.50912021: £9,155,324). Detsils of the Henry Fund's financial activities and performance can be found in the accounts and financial statements of the charity for the year ended 31 July 2022, which were subject to an Independent Examination. Reserves PolScv The Trustee5 aim to maintain free resee5 in unrestricted funds at a level which equates to approximately six months of unrestricted charitable expenditure. The Trustees consider that this level will ensure that there are Sufficient funds available to meet their commitment to fund the Herbry Fellowships scheme, support and governance costs. Reserves include investments valued at £9,188,897 which are used to generate the income to allow the grant award5 to be paid. The Tru5tee5 review reserve levels annually when deciding how many Henry Fellowships to award at interview. Investment management The Fund's investments have been rnanaged by Cazenove Capital Management Ischroder & Co. Ltd) since April 2014. Investment Policy Cazenove Capital Management acts as investment adviser to the Henry Fund and mana8es its funds. There are no restrictions on the charity's power to invest. The portfolio aims to sustain the level of irbcome in real term5, whilst maintaining the capital value. This has been achieved through a balanced risk portfolio of pooled equity and fixed income funds. The portfolio allocates a high weighting to equity in order to 5UPPOrt the income requirements. The investment policy 15 reviewed annually. sTRUURE, GOVERNANCE & MANAGEMENT The Foundation The Charles and Julia Henry Fund (the 'Henry Fund'l is governed by the Will dated 7 February 1927 of Lady Julia Lewisohn Henry and was set up by her'in the earnest hope and desire of cementing the bond5 of friendship between the British Empire and the United State5 of America,. Income from the Henry Fund provides for Fellowships for British subjects to study for a year at Harvard or Yale Universities. and for American subjects to study for a year at Oxford or Cambrid8e Universities.
Docusign Envelope ID." FD9808DE-68CC430F-A2C3-8FO6BB98B45C By resolution dated 20 December 2013 the Trustees amended the purp05e5 of the Fund, specifically changing the references to nationality in Clause 11131 of the Will of Lady Julia Henry119271.' We. Ihe und¢r5igned Trustees of the Charles and Julia Henry Fund Henry Fund. in exercise of the power of amendment at Clause I1(91 of the Will dated 7 February 1927 of Lady Julia LewÈsohn Henry and being mindful of the specificaiion in Clause 11131 as to the relevant American and English universities. resolve 10 adopL with effect from 20 December 2013. the following revised wording aliering the putyoses, staled the coinm¢ncement of Clause I l of the Will. for which the income of the Fund shall be applicable with re5P¢Ct to providing Scholarships ai American and English Univ¢rsities= Scholarships ienable ai ihe Universiiies of Hatvard and Yale for students centlY enrolled ai universities in the Briiish Isles: Scholarships tenable at the Universitie5 of Oxford and Cambridge for Students ¢urrenily enrolled universities ID ihe United Ststes of America. For ihepurposes ofpuragraph (a). 'universiiie.f in ihe Brirish Islc*S' shall in¢lude all universilies und¥quivoleni high¢r ¥dcall0 inTiiluiion¥ wilh degree-uwardingpow¥rs in ihe Unilvd KAnxdvm uf Greai Briiain ond Norihern Ireland and in ihe Republie oflreland Charltable status Because of the nature of its activities and its connection with the universities of Oxford and Cambridge the Henry Fund has since it5 establishment been treated as an exempt charity. Durlng 2013114 the English Trustees sought re8iStration with the Charity Commission. The Henry Fund secured registration with the Charity Commission with effect from 31 January 2014: Registered Chaflty Number 1155582- Charles and Julia Henry Fund. Organlsatlon Structure The Will provides that the Fund shall be administered by twelve Trustees, three appointed by each of these four universities.. University of Oxford- UnNersity of Cambridge; HaNard University I'the Harvard Tru5tees'l.. Yale University I'the Yale Trustees'l. The six Trustees appointed by the universities of Oxford and Cambridge- referred to as'the English Trustees, are appointed as individuals for whatever period, if any, the appointing University determine5. They are nomally heads of Colleges, or senior professors or officers, and are appointed after consultation with the other English Trustees. so that an appropriate balance of disciplines can be assured for the selection of Fellows. The Harvard and Yale Trustees are normally appointed ex officio, being the President, the Dean of the undergraduate College or School, and the Secretary of each respective University. The six are referred to as 'the American Trustees,. The Chairman is one of the English Trustees. appointed by them. The Secretary is normally an officer of the University of Oxford or of the University of CambridgÈ. approved by the English Trustees. A Deputy Secretary may also be approved. Finance and Investment Because the Henry Fund is a UK foundation the twefve Trustees delegate financial and investment management to the six English Trustee5. The English Trustees appoint investment managers andlor investment advisers, and if necessary investment custodians. The English Trustees appoint the Independent Examiner annually (currently Peters. Elworthy and Moore. Cambridge). Routine
Docusign Envelope ID." FD9808DE4BCC430F-A2C3-8FOBBB98B45C financial administration under the direction of the Trustees is undertaken by the Finance Division of the University Offices, the University of Cambridge. on payment of an annual charge. Payments and other tran5actiorbS from the Henry Fund are made on the instructions of a Trustee or the Secretary lor the Deputy Secretary): no such person can outhorise a payment to himself or herself. Fellowship5 Scheme Henry Fellowship5 held ot Horvord ond Yole Nominations to Fellowships to be held at HaNard and Yale by 8raduates of UK universities are made collectively by the English Trustees after national advertisement and competition. Each Fellow nominated must be accepted by the University authorities concerned at HaThard or Yale. The Harvard and Yale Trustees respectively use their best endeavours to ensure acceptance. Henry Fellow5hip5 held at Oxford and Combridge Nominations to Fellowships to be held at Oxford and Cambridge by graduate5 of Hatvard and Yale are made separately by the latter two universities on the authority respectively of the Harvard and Yale Trustees, throu8h the established Harvard or Yale selection machinery for p05tgraduate visiting awards. Each Fellow so nominated must be accepted by a College in Oxford or Cambridge, and if necessary by the University authority concerned (for example, in the case of postgraduate courses). The English Trustees use their best endeavours to ensure acceptance. Prlnceton Unlverslty, Graduate School- Prorter Fellh1ps By arrangement with the universities of Oxford and Cambridge. the English Trustees recommend- as part of the national competition referred to above- candidates for nomination (formally, by the two universitiesl to the Graduate School of Princeton University for appointment to Jane Eliza Protter and William Cooper Procter Fellowships I'Procter Fellowships'l held in the Graduate School. The final appointment is made by Princeton University, after review and approval by the appropriate academic department of the University. Harvard Unlverslty, Joseph Hodges Choate Memorlal FellowshSp The Choate Fellowship was established in 1919 by membefs of the Harvard Club of New York City in memory ofjoseph Hod8es Choate, US Ambassador to the UK 1899-1905. It 15 awarded each year by Harvard University on the recommendation of the Vice-chancellor of the Unwersity of Cambridge. for study in any Department of Harvard UnFversity,' under the terms of the Harvard trust only candidates from the University of Cambridge are in prartice eligible. By arrangement with the Univer51ty of Cambridge, the English Trustees on occasion recommend- as part of the national competition referred to above, a candidate for nomination to the Harvard authorities. Coronavirus potential impact The Coronavirus pandemic ha5 undoubtedly affected the charitys financial investments and charitable activities going fonvard. As the charitvs investments are actively managed by professional investment management company. this should minimize the impact of the financial downturn. As for its charitable artivities, the application process for student award5 proceeded as normal in 2021 and 2022. However. the fellows have been impacted by the pandemic- particularly due to problems with travelling- several fellows had to defer their fellowships. The Trustee5 will consider how the charity can help existing and future awardees, either with additional funds or with flexibility in the timing of their awards.
Docusign Envelope ID." FD9808DE-68CC430F-A2C3-8FO6BB98B45C Annual meeting The English Trustees hold an annual meeting, which considers in particular matters concerning finance and investment, and the Henry Fellowships scheme. A governance statement is reviewed annually by the English Trustees and re-adopted. following any necessary changes. STATUS & ADMINIStRATION The Foundatlon of the Henry Fund The Charles and Julia Henry Fund (the 'Henry Fund'l is governed by the Will dated 7 February 1927 of Lady Julia Lewisohn Henry and was set up by her in order to provide lil Fellowships for British subjects to study at Harvard and Yale universlties and lill for American subject5 to study at Oxford and Cambridge universities. The Trustees The Trustees who served during the year were= University of Combridge.. Lord Smith of Finsbury, Master of Pembroke Colle8e (Chairman) Dame Fiona Reynolds, Master of Emmanuel College Ms Bridget Kendall, Master of Peterhouse University of Oxford.. Ms Dinah Rose QC, President of Magdalen College Mr Tom Fletcher CMG, Principal of Hertford College Baroness Royall of Blaisdon PC. Principal of Somerville College Harvord University.. Mr Lawrence S. Bakow, President of Harvard University Mr Marc Goodheart, Vice President and Secretary of Harvard University Professor Rakesh Khurana, Danoff Dean of Harvard College Yale University.. Profe550r Peter Salovey, President of Yale University Ms Kimberley Goff-crews, Secretary and Vice President for Student Life, Yale University Professor Marvin M. Chun, Dean of Yale College Secretaries Ms Jessica Barrick, Deputy Head Finance and Studentships, University of Cambridge (Secretary) The day-to-day running of the Trust 15 managed by the Secretary. Prlnclpal Address The Charles and Julia Henry Fund University of Cambridge Student Funding and Fee Policy Team Student Seryices Centre Bene't Street Cambridge CB2 3PT Website.. htt www.hen rocter-choate.fund.cam.ac.uk
Docusign Envelope ID." FD9808DE4BCC430F-A2C3-8FOBBB98B45C Independent Examiner Mrs K Bretherick FCA Peters, Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CBI 2LA Bankers Barclays Bank plc 9- 11 St Andrew5 Street Cambridge CB2 3AA Accountancy Ser¥lces Flnance Division - Treasury & Investment5 University of Cambridge Greenwich House Madin8ley Road Cambridge CB3 OTX Investment Managers Caienove Capital Management Schroder & Co. Limited l London Wall Place EC2Y SAU ststement of Trustees, ResponsSbSlltles The Trustee5 are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the Trustees to prepare financial 5tatement5 for each financial year which gNe a true and fair view of the state of affairs of the charlty and of the incoming resources and application of resources of the charity 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 in the Charities SORP- make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards and Statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements: prepare the financial statements on the going concern basis unless 5t is inappropriate to presume that the charity will continue in operation.
Docusign Envelope ID." FD9808DE-68CC430F-A2C3-8FO6BB98B45C The Trustees are responsible for keeping proper accounting records that 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 Art 2011, the Charity IAccounts and Report51 Regulation5 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. For and on behalf of the Trustees of the Charles and Julia Henry Fund Lord Smith of Finsbury Chalrman Date: 13 13
Docusign Envelope ID." FD9808DE-68CC430F-A2C3-8FO6BB98B45C INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2022 Indopendent Examinerfs Report tr* th• Trtt of The Charles and Julia Hgnry Fund (the 'Charity'l l port to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2022. This report is made solely to the Charity's Trustees. as a kxxly. in accordance with Part 4 of the chanlies (Accounts and RerA)rts} Regulations 2008 My work has been undertaken so that I might state lo the Charity's Trustees those matters l am required lo stale lo them in an Independent examinerfs 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 Charles and Julia Henry Fund and the Charity's Trustees as a body, for my work or for this reFort. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of The Chades and Julia Henry Fund you are resF#)nsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 ACVI. I report in resp8cI of my examination of the Charity's ac¢ounls Carried out under section 145 of the 2011 Act and in carrying out my examinab'on I have followed all the applicable Direcbons given by the Charity Commission under section 145{5llb} of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn to the f8¢1 that the ChaTrty has prepared the accounts In accordance with Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounbng and Reporting by ChaTilies'. Slalemenl of Recommended Practice issued on 1 April 2005 which Is referred to in the extant regulations but has been wrthdrawn. l understand that this has been done in order for the ountS to provide a true and fair vW in accordance with the Generally Accepted Accounting PractKe effectsve for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come lo my attention in connection with the exarninalion giving me cause to believe that in any material respect,. accounting records were not kepl in SpeCt of the Charrty as reqUId by section 130 of the 2011 Act, or the accounts do not accord with those re¢ords,' or the accounts do not comply with the applicable requirnents conceming the fomi and content of accounts set out in the Charilies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which Is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn In this reFort in order to enable a proper understsnding of the accounts lo be reached. Mrs K Br8th•rick FCA for and on bèhalf of Peterg Ethrthy & Moore Chartered Accountants Cambrid Date". 2gMay 2023
Docusign Envelope ID." FD9808DE-68CC430F-A2C3-8FO6BB98B45C CHARITY COMMISSION FOR ENfjLAt4D AND YIALES Charles and Julla Hen Fund Annual accounts for the To 1155582 eriod PerwJd date dale 31Jul-22 Section A Statement of financial activities Restrfc¢e Income fund5 Recornrnended categorles by actlvlty Unre5trkted funds Endowment funds PrSor year fund5 Total funds Incoming resources (Note 31 Income and endowmonts Irom= F01 F02 F03 F04 F05 othei tradlno athvitsei ID¥eslmeni8 2.682 206,682 174,759 Sepaiatv rnaleil olknEon Olhei Total R&$our¢es expended (Note 61 Expendllvr• on: Raising luTrds chllillqb actsvil 44.591 219.425 44,591 219.425 42.244 278.509 8epai•t¥ ffiaTl •m oloxp•rAe othei S10 S11 Total 812 Ngt Incomellexpendlturel belore Inv•8tment galnJlllosBe¥l S13 57.334 .481 57,334 30,481 87,815 145.994 1,375.647 29.653 Nel ggin$ll1opJeEI on Inv••trn•n S14 Net In¢omellexpendlturel Extraordlnory Item$ Transfers between lunds Other r•cognls•d galnsllbo¥8esl- S15 S16 S17 Gain# énd ¢h¥V• $18 othti unin{111 S19 Net movemenl In lunds ,81 29. Reconclllatlon ollunds.. Tolal lunds broughl Iward S21 9.155.324 9,155.324 9,067,509 7,925,672 Total fund$ carrled forward
Docusign Envelope ID." FD9808DE4BCC430F-A2C3-8FO6BB98B45C Section B Balance sheet Restricted incomtr funds Unrestricted funds Endowrnent Total th1$ funds year Total last year Fixed assets Inlangible assets Tangible assels Heritage assets Investments F01 F02 F03 F05 (Note 15) (Note 14) (Note 16) (Note 171 Total fixed assets 9,188.897 9,188,897 9,078,480 Current assets Stocks (Note 18) Debtors (Note 19) Investments (Note 17.4) Cash at bank and In hand {Note 24) Total currnnt assa¢s 120,747 120.747 355.206 10 Creditors: amounts falling due within one year (Note 20} Bll 242,135 242.135 278,361 Net current assets/(Ilablllllos) B12 Total assets less current Ilabllftles B13 Creditors: amounts falling due aft•r one year (Note 20} Provisions for liabilitiès B14 815 Total net assets or Ilabllltles Net incomel(expenditure) Endowment funds (Note 271 Restricted incorne funds (Note 2n Unrestricted funds Revaluation reserve 9,067,509 9,067,509 9,1 $5,324 B17 B18 Blg 9,067.509 9,067.509 9,155,324 Total funds 821 Signed by one or Nvo Irustee8 on behalf of all the trustees Date of approva ddlmrnl SvJnabJre Print Name CC17a (Excell 1fj10512023
DocuSign Envelope ID: F09808DE-6BCC-430F-A2C3-8F06BB98B45C
Section C Notes to the accounts
Note 1 Basis of preparation
This section should be completed by all charities .
1.1 Basis of accounting These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities • and with preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 • and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) • and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.* * -Tick as appropriate
1.2 Going concern
If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:
An explanation as to those factors that support the conclusion that the charity is a going concern; Disclosure of any uncertainties that make the going concern assumption doubtful; Where accounts are not prepared on a going concern basis, please disclose this fact together with the basis on which the trustees prepared the accounts and the reason why the charity is not regarded as a going concern. 1.3 Change of accounting policy The accounts present a true and fair view and the accounting policies adopted are those outlined in note { }. Yes * -Tick as appropriate No Please disclose:
(i) the nature of the change in accounting policy; Net income/(expenditure)
(iii) the amount of the adjustment for each line affected in the current period, each prior period presented and the aggregate amount of the adjustment relating to periods before those presented, 3.44 FRS 102 SORP.
1.4 Changes to accounting estimates
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No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
Yes
No * -Tick as appropriate
Please disclose:
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(i) the nature of any changes; (ii) the effect of the change on income and expense or assets and liabilities for the current period; and (iii) where practicable, the effect of the change in one or more future periods.
1.5 Material prior year errors
No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP).
Yes No Please disclose:
(i) the nature of the prior period error;
(ii) for each prior period presented in the accounts, the (iii) the amount of the correction at the beginning of the earliest prior period presented in the accounts.
CC17a (Excel)
16/05/2023
3
DocuSign Envelope ID: F09808DE-6BCC-430F-A2C3-8F06BB98B45C
Section C Notes to the accounts (cont)
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Note 2 Accounting policies
2.2 INCOME
This standard list of accounting policies has been applied by the charity except for those ticked "No" or "N/a". Where a
different or additional policy has been adopted then this is detailed in the box below.
Recognition of income These are included in the Statement of Financial Activities (SoFA) when:
the charity becomes entitled to the resources;
· it is more likely than not that the trustees will receive the resources; and Yes No N/a
the monetary value can be measured with sufficient reliability.
Yes No N/a
There has been no offsetting of assets and liabilities, or income and expenses, unless required or
Offsetting permitted by the FRS 102 SORP or FRS 102.
Yes No N/a
Grants and donations are only included in the SoFA when the general income recognition
Grants and donations criteria are met (5.10 to 5.12 FRS102 SORP).
In the case of performance related grants, income must only be recognised to the extent Yes No N/a
that the charity has provided the specified goods or services as entitlement to the grant
only occurs when the performance related conditions are met (5.16 FRS 102 SORP).
Legacies Legacies are included in the SOFA when receipt is probable, that is, when there has Yes No N/a
been grant of probate, the executors have established that there are sufficient assets in
the estate and any conditions attached to the legacy are either within the control of the
charity or have been met.
Yes No N/a
Government grants The charity has received government grants in the reporting period
Gift Aid receivable is included in income when there is a valid declaration from the donor.
Tax reclaims on Any Gift Aid amount recovered on a donation is considered to be part of that gift and is Yes No N/a
donations and gifts treated as an addition to the same fund as the initial donation unless the donor or the
terms of the appeal have specified otherwise.
Yes No N/a
Contractual income and This is only included in the SoFA once the charity has provided the related goods or
performance related services or met the performance related conditions.
grants
Yes No N/a
Donated goods are measured at fair value (the amount for which the asset could be
Donated goods
exchanged) unless impractical to do so.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
Yes No N/a
the fair value of those gifts at the time of their receipt and they are recognised on receipt.
Net income/(expenditure)
In the reporting period in which the stocks are distributed, they are recognised as an
expense at the carrying amount of the stocks at distribution.
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
Yes No N/a
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Yes No N/a
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
Yes No N/a
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
Yes No N/a
Donated services and Donated services and facilities are included in the SOFA when received at the value of
facilities the gift to the charity provided the value of the gift can be measured reliably.
Donated services and facilities that are consumed immediately are recognised as income Yes No N/a
with an equivalent amount recognised as an expense under the appropriate heading in
the SOFA.
Yes No N/a
Support costs The charity has incurred expenditure on support costs.
Yes No N/a
The value of any voluntary help received is not included in the accounts but is described
Volunteer help
in the trustees’ annual report.
Yes No N/a
Income from interest, This is included in the accounts when receipt is probable and the amount receivable can
royalties and dividends be measured reliably.
Yes No N/a
Income from membership Membership subscriptions received in the nature of a gift are recognised in Donations
subscriptions and Legacies.
Membership subscriptions which gives a member the right to buy services or other Yes No N/a
benefits are recognised as income earned from the provision of goods and services as
income from charitable activities.
Settlement of insurance Insurance claims are only included in the SoFA when the general income recognition Yes No N/a
claims criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other
income in the SoFA.
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DocuSign Envelope ID: F09808DE-6BCC-430F-A2C3-8F06BB98B45C
| 2.4 ASSETS Intangible fixed assets Heritage assets Current asset investments The charity has has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due. Debtors Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. Stocks and work in progress Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realisable value. Goods or services provided as part of a charitable activity are measured at net realisable value based on the service potential provided by items of stock. Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. They are valued at cost. Investments Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments Grants with performance conditions Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output. Grants payable without performance conditions Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised. The charity has intangible fixed assets, that is, non-monetary assets that do not have physical substance but are identifiable and are controlled by the charity through custody or legal rights. The amortisation rates and methods used are disclosed in note 9.5 They are valued at cost. The charity has heritage assets, that is, non-monetary assets with historic, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture. The depreciation rates and methods used as disclosed in note 9.6.1.4. This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. 2.3 EXPENDITURE AND LIABILITIES Liability recognition Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Investment gains and losses The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP. Tangible fixed assets for use by charity The depreciation rates and methods used are disclosed in note 9.2. Governance and support costs Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. They are valued at cost. These are capitalised if they can be used for more than one year, and cost at least Redundancy cost The charity made no redundancy payments during the reporting period. Deferred income No material item of deferred income has been included in the accounts. Creditors The charity has creditors which are measured at settlement amounts less any trade discounts Provisions for liabilities A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date Basic financial instruments |
Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a Yes No N/a |
|---|---|
DocuSign Envelope ID: F09808DE-6BCC-430F-A2C3-8F06BB98B45C
They are valued at fair value except where they qualify as basic financial instruments. POLICIES ADOPTED ADDITIONAL TO OR DIFFERENT FROM THOSE ABOVE
DocuSign Envelope ID: F09808DE-6BCC-430F-A2C3-8F06BB98B45C
Section C Notes to the accounts (cont)
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Note 3 Analysis of income
Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Donations Donations and gifts - - - - -
and legacies: Gift Aid - - - - -
Legacies - - - - -
General grants provided by government/other
charities - - - - -
Membership subscriptions and sponsorships
which are in substance donations - - - -
Donated goods, facilities and services - - - - -
Other - - - -
Total - - - - -
Charitable
activities: - - - - -
- - - - -
- - - - -
Other - - - - -
Total - - - - -
Other trading
activities: - - - - -
- - - - -
- - - - -
Other - - - - -
Total - - - - -
Net Interest income 1,504 - - 1,504 82
income/(expe Dividend income 205,178 - - 205,178 174,678
nditure) Rental and leasing income - - - - -
Other - - - - -
Total 206,682 - - 206,682 174,759
Separate - - - - -
material item - - - - -
of income: - - - - -
- - - - -
Total - - - - -
Other: Conversion of endowment funds into income - - - - -
Gain on disposal of a tangible fixed asset held
for charity's own use - - - - -
Gain on disposal of a programme related
investment - - - - -
Royalties from the exploitation of intellectual
property rights - - - - -
Other - - - - -
Total - - - - -
TOTAL INCOME 206,682 - - 206,682 174,759
Other information:
All income in the prior year was unrestricted except for:
(please provide description and amounts)
Where any endowment fund is converted into income in the
reporting period, please give the reason for the conversion.
Within the income items above the following items are
material: (please disclose the nature, amount and any prior
year amounts)
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Section C Notes to the accounts (cont)
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Note 6 Analysis of expenditure
Restricted
Unrestricted income Endowment
funds funds funds Total funds Prior year
Analysis £ £
Expenditure on Incurred seeking donations - - - - -
raising funds: Incurred seeking legacies
- - - - -
Incurred seeking grants
Operating membership schemes and
social lotteries
Staging fundraising events
Fudraising agents
Operating charity shops
Operating a trading company
undertaking non-charitable trading
activity
Advertising, marketing, direct mail and
publicity - - - - -
Start up costs incurred in generating
new source of future income
- - - - -
Database development costs - - - - -
Other trading activities
Investment management costs: 44,591 - - 44,591 42,244
Portfolio management costs - - - - -
Cost of obtaining investment advice
- - - - -
Investment administration costs
- - - - -
Intellectual property licencing costs
- - - - -
Rent collection, property repairs and
maintenance charges - - - - -
Total expenditure on raising funds 44,591 - - 44,591 42,244
Expenditure on British Fellows in USA 135,960 - - 135,960 137,586
charitable American Fellows in UK
68,070 - - 68,070 130,891
activities
Independent Examination Fee
2,734 2,734 2,934
CU fee
9,731 9,731 7,098
Rail Travel
- - - - -
Bank Charge - - -
Communications
- - -
Hospitality/Entertainment/Courtsey 2,930 - - 2,930 -
Total expenditure on charitable
219,425
activities - - 219,425 278,509
Separate material - - -
item of expense
- - - - -
- - - - -
- - - - -
Total - - - - -
Other
- - -
- - - - -
- - - - -
- - - - -
- - - - -
Total other expenditure - - - - -
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TOTAL EXPENDITURE
264,016 - - 264,016 320,753
Other information:
Analysis of expenditure on charitable activities
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Grant
Activity or funding Support Total this Total
Activities undertaken directly
programme of Costs year prior year
activities
£ £ £ £ £
Charitable expenditure 204,030 15,395 219,425 278,509
- - - -
Activity 2
Activity 3 - - - -
- - - -
Activity 4
- - - -
Activity 5
Other - - - -
Total 204,030 15,395 219,425 278,509
Prior year expenditure on charitable activities
2021: Grant Funding £268,477 - support costs £10,031
can be analysed as follows:
Within the expenditure items above the
following items are material: (please disclose
There were five appointed scholars
the nature, amount and any prior year
amounts)
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Section C Notes to the accounts
Note 10 Details of certain items of expenditure
10.1 Fees for examination of the accounts
Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box(es).
| Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner Independent examiner’s fees Audit Fee for 2018 and 2019 Tax advisory fees |
This year Last year £ £ 2,734 2,934 |
|---|---|
Net income/(expenditure)
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Section C Notes to the accounts (cont)
Note 13 Grantmaking
Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken.
13.1 Analysis of grants paid (included in cost of charitable activities)
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Grants to Grants to
Analysis institutions individuals Support costs Total
Fellowships 204,030 15,394 219,424
Activity or project 2 - -
Activity or project 3 - -
Activity or project 4 - [ - ]
Total - 204,030 15,394 219,424
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Please enter “Nil” if the charity does not identify and/or allocate support costs.
13.2 Grants made to institutions
| 13.2 Grants made to institutions | |
|---|---|
| No No TOTAL GRANTS PAID Purpose Names of institution My charity has made grants to particular institutions that are material in the context of its grantmaking. Details of the institution supported, purpose of the grant and total paid to each institution is available on the charity's web site. Other unanalysed grants Total grants to institutions in reporting period Net income/(expenditure) |
Please provide details of charity's URL. Provide details below Total amount of grants paid £ - - - - - - - - - - |
| - | |
| - - |
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Section C Notes to the accounts (cont)
Note 17 Investment assets
Please complete this note if the charity has any investment assets.
17.1 Fixed assets investments (please provide for each class of investment)
| Carrying (fair) value at beginning of period Add:additions to investments during period Less:disposals at carrying value (proceeds £5,040,396) Less:realised loss Less: impairments Add: Reversal of impairments Add/(deduct):transfer in/(out) in the period Add/(deduct):*net gain/(loss) on revaluation Carrying (fair) value at end of year |
Cash & cash equivalents Listed investments Investment properties Social investments Other Total 170,119 8,908,361 - - - 9,078,480 535,863 4,645,431 - - - 5,181,294 - 5,241,005 - - - - 5,241,005 - - - - - - - - - - - - - 170,128 - - - 170,128 |
|---|---|
| 705,982 8,482,915 - - - 9,188,897 |
*Please specify additions resulting from acquisitions through business combinations, if any.
Please note that Fair Value in this context is the amount for which an asset could be exchanged between knowlegable and willing parties in an arm's length transaction. For traded securities, the fair value is the value of the security quoted on the London Stock Exchange Daily Official List or equivalent. For other assets where there is no market price on a traded market, it is the trustees' or valuers' best estimate of fair value.
17.2 Please provide a breakdown of investments shown above agreeing with the balance sheet row B04 differentiating between those held at fair value and those held at cost less impairment.
| Analysis of investments Cash or cash equivalents Investment properties Net income/(expenditure) Social investments Grand total (Fair value at year end+Cost less impairment) Other investments Total |
Cost less impairment 8,482,915 - Fair value at year end £ - £ 705,982 - - - - - - |
|---|---|
| - 9,188,897 |
17.3 If your charity holds investment properties, please complete the following note:
(i) Explain the methods and significant assumptions in determining the fair value of investment property held by the charity (ii) Name or independent valuer, if applicable, and relevant qualifications
(iii) Provide details of any restrictions on the ability to realise investment property or on the remittance of income or disposal proceeds (iv) Explain any contractual obligations for the purchase, construction or development of investment property or for repairs, maintenance or enhancements
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17.4 Please provide a breakdown of current asset investments, if applicable, agreeing with the balance sheet.
| Analysis of current asset investments Cash or cash equivalents Investment properties Social investments 17.5 Guarantees Listed investments Please provide details and amount of any guarantee made to or on behalf of a third party Name of the entity or entities benefitting from those guarantees Please explain how the guarantee furthers the charity's aims 17.6 Concessionary loans Amount of concessionary loans made (Multiple loans made may be disclosed in aggregate provided that such aggregation does not obsure significant information ). Other investments Total Terms and conditions eg interest rate, security provided Value of any concessionary loans which have been committed but not taken up at the reporting date Amounts payable within 1 year Amount of concessionary loans received (Multiple loans received may be disclosed in aggregate provided that such aggregation does not obsure significant information). Amounts receivable after more than 1 year Amounts payable after more than 1 year Amounts receivable within 1 year |
Total Total |
- - - £ - This year - Las |
This year £ Last year £ This year £ Last year £ - - - - - - t year £ |
|---|---|---|---|
- |
|||
| Description Description |
17.7 Additional information
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Please provide information about the significance of investments to the charity's financial position or performance eg. terms and conditions of loans or the use of hedging to manage financial risk.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and openended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Charity's investments are mainly traded in markets with good liquidity and high trading volumes The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides a medium degree of diversification of holdings and within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives or similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular year period will normally be corrected.
For all investments measured at fair value, the basis for determining the value, including any assumptions applied when using a valuation technique. Where a charity has provided financial assets as a form of security, the carrying amount of the financial asset pledged as security and the terms and conditions relating to its pledge.
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Section C Notes to the accounts (cont)
Note 19 Debtors and prepayments
Please complete this note if the charity has any debtors or prepayments.
19.1 Analysis of debtors
Trade debtors Prepayments and accrued income Other debtors
| Total | This year Last year £ £ - - - - 45,257 24,594 75,490 330,612 |
|---|---|
| 120,747 355,206 |
Please complete 19.2 where a material debtor is recoverable more than a year after the reporting date.
19.2 Analysis of debtors recoverable in more than 1 year (included in debtors above)
| Prepayments and accrued income Other debtors Total Trade debtors |
This year Last year £ £ - - - - - - - - |
|---|---|
| - - |
Net income/(expenditure)
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Section C Notes to the accounts (cont)
Note 20 Creditors and accruals
Please complete this note if the charity has any creditors or accruals.
20.1 Analysis of creditors
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Amounts falling due Amounts falling due after
within one year more than one year
This year Last year This year Last year
£ £ £ £
Accruals for grants payable 235,692 258,789 - -
Bank loans and overdrafts - - - -
Trade creditors - - - -
Payments received on account for contracts or
performance-related grants - - - -
Accruals and deferred income 6,443 19,572 - -
Taxation and social security - - - -
Other creditors - -
Total 242,135 278,361 - -
20.2 Deferred income
Please complete this note if the charity has deferred income.
Please explain the reasons why income is deferred.
Movement in deferred income account This year Last year
Net income/(expenditure) £ £
Balance at the start of the reporting period - -
Amounts added in current period - -
Amounts released to income from previous periods - -
- -
Balance at the end of the reporting period
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Section C Notes to the accounts (cont)
Note 24 Cash at bank and in hand
| Note 24 Cash at bank and in hand | |
|---|---|
| Other Cash at bank and on hand Total Short term cash investments (less than 3 months maturity date) Short term deposits |
This year Last year £ £ - - - - |
| - - |
Net income/(expenditure)
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Section C Notes to the accounts (cont)
Note 25 Fair value of assets and liabilities
25.1 Please provide details of the charity's exposure to credit risk (the risk of incurring a loss due to a debtor not paying what is owed) , liquidity risk (the risk of not being able to meet short term financial demands) and market risk (the risk that the value of an investment will fall due to changes in the market) arising from financial instruments to which the charity is exposed at the end of the reporting period and explain how the charity manages those risks.
The charity has very few debtors and cash forecasts are provided to determine any potentional shortfalls. The charity is exposed to market risk through its investments owned. The risks are managed by investing through a fund manager who reports directly to the charity each month.
25.2 Please give details of the amount of change in the fair value of basic financial instruments (debtors, creditors, investments (see section 11, FRS 102 SORP)) measured at fair value through the SoFA that is attributable to changes in credit risk.
Net income/(expenditure)
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Section C Notes to the accounts (cont)
Note 27 Charity funds
27.1 Details of material funds held and movements during the CURRENT reporting period
Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds'. The 'Total funds' figure below should reconcile to 'Total funds' in the blanace sheet.
* Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
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Fund Fund
balances balances
Type PE, EE
Purpose and Restrictions brought Gains and carried
R or UR
forward Income Expenditure Transfers losses forward
Fund names £ £ £ £ £ £
Unrestricted fund UR Transfer fellowships across the UK and US 9,155,323 206,682 - 264,016 - - 30,481 9,067,508
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Other funds N/a N/a - - - - - -
Total Funds 9,155,323 206,682 - 264,016 - - 30,481 9,067,508
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Net income/(expenditure)
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Section C Notes to the accounts (cont)
Note 28 Transactions with trustees and related parties
If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.
28.1 Trustee remuneration and benefits
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (True or False)
TRUE
In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.
| Name of trustee Legal authority (eg order, governing document) |
Last year Remuneration Pension contribution Redundancy (including loss of office)/ex gratia Other TOTAL £ £ £ £ This year Amounts paid or benefit value |
|---|---|
Please give details of why remuneration or other employment benefits were paid.
Where an ex gratia payment has been made to a trustee, provide an explanation of the nature of the payment.
28.2 Trustees' expenses
If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".
| No trustee expenses have been incurred (True or False) Net income/(expenditure) Subsistence Travel Accommodation Other (please specify): Please provide the number of trustees reimbursed for expenses or who had expenses paid by the charity |
TOTAL | £ This year - |
Last year TRUE £ - |
|---|---|---|---|
28.3 Transaction(s) with related parties
Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.
| 'true' in the box provided. | 'true' in the box provided. | 'true' in the box provided. | 'true' in the box provided. | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| There have been no related party transactions in the reporting | period (True | or False) | TRUE | |||||||
| Amounts | ||||||||||
| Name of the trustee or related party |
Relationship to charity |
Description of the transaction(s) |
Amount | Balance at period end |
Provision for bad debts at period end |
written off during reporting |
||||
| period | ||||||||||
| £ | £ | £ | £ | |||||||
In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.
For any related party, please provide details of any guarantees given or received.
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Section C Notes to the accounts (cont)
Note 29 Additional Disclosures
The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts. If there is insufficient room here, please add a separate sheet.
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