OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-06-30-accounts

THE SEQUOIA TRUST Reglstored Charity No: 1163457 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th June 2021

The Sequoia Trust Trustees Report for the year ended 30th June 2021 The trustees present thelr report along ￿ the finarrial statements of the Trust for Ihe period lo 30 Jurke 2021. The Trust is a CIO ICharTiable Incorporated Organisation} and is registered with the Charrty Commission for England and Wales vJilh regierod ¢haitty number 1163457. Trustso$ P.R.C. Marshall S.M.C.P. Marshall D. Afdhal C. Musgrave The trust88s. as shown above. were apkN)inte(I by the TnJst Deed. and subsequent trustees can be appoint8d by them. Al the trustses receive regular UFthtes on the charity sector. Prln¢lpal Offl¢e George House 131 Sloane Streel London, SW1X 9AT Bankers Nafvlesl Bank P Cty of London Office 1 Princes Street London EC3P 3AR Audltors McKJre Kingston Smith LLP Chartered Accountants Devonshire House 60 Goswell Road London EC1M 7AD Solicitors Macfarlanes 20 Cursf(or Street London EC4A 1LT Objects and A¢tivitios The objects of the Trust are for such excfusivety charitsbfe purposey for the benefft of Ihe public in any part of the Wortd as the Trustees may in their absolute discretion think fft. The Trustees cofifirm that they have complied wth the dity in secb.on 17 of the Charities Act 201110 have due regard to the Charity commiss￿.$ general guidarKe on pUb￿C benefil. Achievements. Performance and Flnanclal Rwlow During the period the Trust received £32.465.270 donations {2020.. £51.875.otIO} from trustees including grft aid of £2,500,00012020.' £9,175,000). The Trust T￿e1ve￿ grft aid relating to a historic gift aid daim in the prior period lolalling £9,175,000. The Trust was gifted investments of £19,965.27012020: £6,000,000) from trustees. The Trust donated £5.419.24412020: £4,721,719) to various other charities around the World as detailed in note 3 to the accounts. awards and donations have been made in keeping wth the Trust guidelines and objèctives of the CIO Consb"tution. Grants Policy The Trustees discuss each wtenfial grant before a deLa5ion is taken to support a Charitab￿ ¢xganisalion. Th8 grants are given al arms length, for use in on-WiNJ taritsbb activities of an organisation, and are generally requested to remain confidential. Page.. 1

The Sequoia Trust Trustees Report for the year ended 30th June 2021 {Continued) Inv¥$tment Policy The Investment policy of the Trust is to achieve low volatilty. absoKrte relums, whilsl seeklng lo maintain the capital value. The inv&slm8nts donated do not pay a diwd&nd and therefore th8 onfy Sour￿ of income wou be on disposal. Resorves Poll¢y The Trustees ensure the Tnjst holds sufficient working capital for the ongoing grant commitments. Reserves have beon bulk up to fijnd future grant adivities. The current capitsl value of the investments currenljy stands al £347,592,056 and the current bank balance stands at £18.957,158. Unrestricted fvnds currenvy show surplus of £372,671,014. The trustees review this poli￿ an annual basis. Risk Managom•nt The major risks to which the Trust is exposed. as identified by the trustees. have Lwn rewewed and the trustees are satisfied that the processes are in place mitigate those risks. . Ther8 is a risk we will not attract suffiaent phil8nthTOp￿ capital to continue to meet the Trusvs commitments. Mitigation.. The Trust continually assesses il's bvel of reserves before committing to grants payable to 8nsure the Trust a￿vayS has sufficient reserye5 to continuo operations. . There is a risk that the investments will not yeld sufficient ￿tUrnS lo lund the Trusfs commthgnts. Miligalion.. The Trustg8s revlew the investments mad8 by the Trust from time to time and would take appropriate slep5 in the event there were insufficient retums on the Trusvs investment pOrtr￿t0. K•y management and remuneratlon policy The Trustees are not remunerat8d and the Tn￿1 has no empk)yees. Appointm8nt of Trust¢•s Ngw trustees may be appointed by the existing trustees. to fill a vacancyor act as an additional trustee. The Trust shall select appropriate trustees and provide them with an induction to acquaint them wlh kne govemance and policies of the Trust as well as wh81 is expected of Ihem in their new role. Additional training andlor inforniabon will be provthd to the trustees on an ongoing basis. Future Plans The trustees pLgn to pursue a policy of continuity over the ￿MI￿j months. vthh no major operational changes forecast for the coming year. stat8mont of Trustses. Responsibilitigs The trustees are responsible for preparing the Annual Rewrt and the finanual statements in accnrdance wth ap￿1¢able law and regulations. Charty law requires the trustee5 to prepare financial statements for each financial year in accordance United Ki'ngdom Generalty Accepted Accounting Practice {United Kingdom Acwunting Stsndards and applicable lawl. The financial slatemenis a￿ required by law to give a true and fair wew of the state of affairs of the TrLbsI and of the income and expenditure of the Trust for that period. In preparing these financial statements, Ihe trustses are required to: select suitable aC￿LInting poliaes and then apply them consistenuy. observe the methods and prinapjes in tho Charitigs SORP., make judgments and estimatss that are reasonable and prudent- State whether applicable UK Ac￿u￿b.Trg Standards have been followed. subiocl to any material departures disclosed and explainfjd in ts financial statements- prepare the financial statements on the going con¢em basis unless it is inappropriate to presume that the Trust hwll continue in businESS. Page 2

The Sequoia Trust Trustees Report for the year ended 30th June 2021 (Continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Audit Information

So far as each of the trustees at the time the trustee's report is approved is aware:

Auditors

Moore Kingston Smith LLP continued to be the auditors during the period.

On behalf of the Trustees:-

.................................................. Trustee

Date: 28 April 2022

Page: 3

Independent Auditors Report to the Trustees of The Sequoia Trust

Opinion

We have audited the financial statements of The Sequoia Trust for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page: 4

Independent Auditors Report to the Trustees of The Sequoia Trust

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page: 5

Independent Auditors Report to the Trustees of The Sequoia Trust

Auditor’s responsibilities for the audit of the financial statements (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Date: 29/04/2022

Devonshire House Moore Kingston Smith LLP 60 Goswell Road Chartered Accountants and London Statutory Auditors EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Page: 6

The Sequoia Trust Statement of Financial Actlvltles For the year ended 30th June 2021 Y•ar ended 30 Y•ar •nd•d 30 June 2021 Jun8 2020 Ineom• from: Donations." Don8tk)ns r￿1Ved 32,465,270 51,875.1MJ) Invè5trnent income 2.316 32.467,586 63,761 51.938,761 Total Exp•ndlturt on: Charitable Actrrfibes." Grants and Donati¢Ms paj in furtherance of ¢)bj {5.431.510) (4.731.732) Total 5.431,510 4,731,732) N81 gain on investsnents GaIn￿ (Losses) on fmh3n •xc*ange 90.801,4(K) 11.845,0291 10,398,337 72.108 N•1 rnov•mMt in fundB 115.992.447 57.6TI.475 Total funds brought forwanl 2%,678.566 199.001.091 Totttl funds ¢arTied forward 372,671.014 256.676,566 AJI 9akns and kjsses alr￿￿ in th9 sear are #i ts Slatgment of Finar￿1 aThJ Wisa from conty'nuing operaiMs. JI income and expenditure wa5 unreskncted in Ihe ￿rIod. The notes on pages 10 10 14 fom part ofthe fwwKial StateM￿ts. Page.. 7

The Sequoia Trust Balance Sheet at 30th June 2021

Note
Fixed Assets
Investments
8
Current Assets
Debtors
9
Cash at bank
Creditors: Amounts falling due
within one year
Creditors
10
Net Current Assets
Total Assets less current liabilities
Creditors: Amounts falling due after
more than one year
Grants payable
Total Net Assets
Funds
Unrestricted Funds		 2021
£
347,592,056
11,675,000
18,957,158
30,632,158
(5,533,200)
25,098,958
372,691,014
(20,000)
372,671,014
372,671,014		 2020
£
229,882,218
9,175,000
18,074,014
27,249,014
(442,666)
26,806,348
256,688,566
(10,000)
256,678,566
256,678,566

The notes on pages 10 to 14 form part of the financial statements.

28 April 2022

The accounts were approved by the Trustees and authorised for issue on: …………………….. and signed on its behalf by:

......................................................................... Trustee

Page: 8

The Sequoia Trust Statement of Cash Flows Statement and Notes 2021 2020 Cash g•nerat¢d from operating activities: Net cash providedllused in) by op&rab"ng activities 9,803.716 27,729,562 Cash flow5 from investing activltes: Investment income 2.316 63,761 Cash flows from flnan¢lng actl¥ltles: Cost of purchasing fixed asset investments Proceeds from sab offix8(l asset irwestrnents 124,922,888) 16,IJIK),000 (50,000,505) 248,871 {8,922,888) (49.753,6341 Change in cash and cash equivalents in the re￿rtiThJ period 883,144 (21.960,3111 Cash and ¢ash equivalents at 30 Jun8 2020 18.074,014 40,034.325 Cash and cash oquivalonts at 30 Juno 2021 18.957,158 18.074,014 Nol• {11 Reconciliation of net income to net cash flow frorn 0 ratin actlvltl•$ 2021 2020 Net income las pef the ststement of financial actiVit￿s) Investmènt income Investment gains Foreign exchange {gainslAosses (non cash movement) Gifted investments (non movement) Increase in dgbtors Increaselldecreasel in credrtors 115.992.447 57,677.475 {2.3161 19),801,4001 1.979.720 119.965,2701 12,500,000) 5,100,534 163,7611 110.398,3371 1485,344) 16.000,0001 16,544,761) 16,455.7101 Net cash providedllused inl by operatirwj a(Jivi 9,803,716 27,729,562 Anal sl$ of ¢a$h and Cash e utvalents 2021 2020 Cash in hand 18,957,158 18,957,158 18,074,014 18,074,014 Total ¢a$h and cash equivalents Anal sl of ha I net debt At 0110712020 Cash Flows Al 3010612021 Cash 18.074,014 883,144 18,957,158 Page.. 9

The Sequoia Trust Notes to the Accounts For the year ended 30th June 2021 Accountlng pollcles Basls of a¢¢ountlng The financial slalements have been prepared in accordarTrce wtth the Flnancial Reporbng Standard applicable in the UK and Republic of Ireknd IFRS 1021. including Update Bulletin 1. The Trust is a public benefit entity for the purposes of FRS 102 and therefore the TNst a150 prepared its financial statements in acwrdance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab￿ in the UK and Republic of Ireland {The FRS 102 Charities SORPI and the Chariis Acl 2011. The financial stat8ments are prepared in sterfing. which is the fiJnctional Curren￿ of th8 company. Monetary amounts in these financial statements are rounded to the nearest poun¢J. The principle accounting ￿1cleS adopted in Ihe preparalion of the financial 5tatsments are sel out bglow. Golng Con¢•m Basls The trustees have assessed whether the use of the going concem basis is appropriate and have wnsidered possible events or condrbons that might cast signrficant doubl on the ability of the Trust to oJnlinue as a going concem. The trustees have matje this assessment for a perK)d of at least one year from trse date of approval of the financial stslements. In particular the trusl8es have ¢onsiderod the TrusV5 forecasts and projections and hav8 tsken a¢¢ount of pressures on donation and investment income. Aft8r making enquiri8S the trustees have concluded that there is a reasonable expectstion that the Trust has adequate resources to conts'nue in operational existence for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparirvJ ils financial ststements and there are no material uncertainits.es at Ihe date of Sl9ning. Incom Income is credited to the Statement of Financial A¢tMlJes on an accruals basis when there is en1￿9ment lo the funds, tho recelpl is Probab￿ aNJ the amount can b8 measured reliably. Expenditure Expenditure is Charged on an accruals basis. Grants payable are included in the Stslemenl of Financial Activities when approved by trustees and offered lo the grantee. Foreign curren¢ie5 Transactions denominated in for8tgn currgncb&s are translated into Sterling al th8 oxchange rat9 rullng al the dale of the Ir8nsactions. Assets and liabilrlies in foreign currencies are translated into Steding at the rates of exchange ruling al the end of the finanoal pgrul. AJI exchange differences are dealt with in the Ststement of Financial Activities. Investments Investments are Included in the acLunts al market value. Realised 8nd unrealised gains and losses on Investments are induded vAthin Ihe fvnds. Cash and Cash Equlvalents Cash and cash equivalents include cash at banks and in hand arKJ short term deposits V￿th a maturity dale of three months or less. Grants payable Contractual arrangements 8re recognised as gLy)ds and s8rvices are supplied. Other grant Pa￿￿ents are recognised when a constructwe obligation arises. Page.. 10

The Sequoia Trust Notes to the Accounts For the year ended 30th June 2021 Accounting pollcies (contlnuod) Flnan¢lal Instruments The trust has e￿cted to apply the prowsions of SectKJn 11 'Basic Finanual Instnjments, and seeb.on 12 '0ther Financial Instmments Issues. of FRS 102 to all of its financial instmments. Financial instrurnenls are recognised in the companls balance sheet when the company becomes party lo the contractual provisions of the instrument. Financial assets and li8biltti6s are offseL with the net amounts presented in the finanaal stst8m8nts, when therè is 8 legalty enforceable right to set off the recognised amounts and there is an intention lo sett6e on a nel basis or lo realise the asset and sgtmo the liability simultaneousty. With the exceptions of prepayments and d&f&rred Income all other debtor and credttor balance5 arè considered to be basic financial instruments ￿￿leT FRS 102. Crltlcal accountlng estlmat8s and aro0$ of ludg¢m•nt In the view of the trustees in appI￿n9 the a¢¢ounting policie5 adopted. no critical accounting estimates and udgements were r8quir&d that have a signifjcanl effect on the amounts recognised in Ihe financial stalernents nor do any estimates or assumptions made cary a significant risk of mattrrial adjustment in the next financial year. 2 Donation$ r•c•lv•d 2021 2020 Individual donations Donatèd invèstments Gift aid 10,000.1)XI 19.965,270 2,500,000 36.700,000 6.000,000 9.175,000 32,465,270 51.875,000 Pag6.' 11

The Sequoia Trust Notes to the Accounts

For the year ended 30th June 2021

3
Grants and donations payable in furtherance of objects
Grants
ARK
Donations
City of David
CRT
Education Policy Institute
Holy Trinity Brompton
Holy Trinity Hastings
Italian Hospital
MIND
NHS
Policy Exchange
Princess Trust
Quilliam Foundation
Quintessentially Foundation Society - Childhood Trust
Quintessentially Foundation Society - The Felix Project
Society for Community Organization
The Elephant Group
The Haven
The Project for Modern Democracy
University of Jewish Chaplaincy
War Child
West London Zone
WSH Foundation
Governance costs (see note 7)		 2021
£
2,750,002
2,750,002
-
1,700,000
200,000
-
60,000
-
10,000
-
340,000
-
10,000
12,500
12,500
15,242
-
10,000
50,000
25,000
-
24,000
200,000
2,669,242
12,266
5,431,510		 2020
£
1,165,000
1,165,000
28,445
800,000
350,000
1,500,000
-
2,000
-
636,000
50,000
40,000
20,274
-
-
30,000
-
-
-
50,000
50,000
-
3,556,719
10,013
4,731,732

4 Transactions with Trustees

No trustee received any remuneration for services as a trustee (2020: £nil), nor any reimbursement of expenditure (2020: £nil).

See note 9. for related party transactions in the period under review.

Total aggregated donations received from Trustees during the accounting period amounted to £36,700,000 (2020: £nil). This amount disclosed is gross of Gift Aid received on donations of £9,175,000 (2020: £5,000,000). Trustees gifted £19,965,270 (2020: £6,000,000) of investments during the year as shown in note 8 to the accounts.

5 Employees

The Trust has no employees.

6 Fund Accounting

The unrestricted fund consists of those funds which the Trust may use in furtherance of its charitable objectives at the discretion of the trustees.

Page: 12

The Sequoia Trust Note5 to the Accounts For the year ended 30th June 2021 Governance costs 2021 2020 Audit fees Legal and professional fees Bank and cuslody c8rges M8rktrt dats Consultancy Fees 3,550 5,614 234 78 537 2.550 15 78 235 12,266 10,013 Inv•$tm•nts 2021 2020 Hedge Funds Opening baL4n¢e as 8t 1 Juty 2020 Additions in the perv)d Grfted investrnents al £Nil conshleration Redemptlon proceeds in the pericl Realised gainslllossesl on redemption of investments Unrealisgd gains on investment Foreign exchange gainsl{losses) 229.882,218 24,922,888 19,965,270 (16,000,000) 3,597,574 87.203,826 (1,979.7201 163.244.905 50.000.505 6,000,000 1246.871) 1.543 10.396.794 485,341 Market Valu• at 30 June 2021 347,592.056 229,882,218 Histollcal Cost 238,325.807 209,437.649 Significant Investment hoklings bas8d on market valug at 30 June 2021 were: Original cost at 30 June 2021 Market value at 30 June 2021 Investmont funds MW Eureka Fund Class C1 USD MW Market Neutral Fund Class C1 USO MW Eureka Plus Fund Class C1 GBP MW Eureka Fund Class C1 GBP MW Eureka Fund Class A1 GBP Kingsway Capital Invesknent USD 30,106,197 2,107,054 123,664.930 57,826,470 4,352,598 20,268,558 238 325 8 35,513,894 4,058,542 204,375,148 75,303,581 4,883,971 23,456,920 347 592 056 Debtors 2021 2020 Accrued income 11.675,ot)o 9,175,000 10 Craditors.. Amounts falllng duo wlthln one y•ar 2021 2020 Other payab Grants payabk A¢¢ruals 5.067,140 460,000 6.060 5.533.200 440,ODO 2.666 442,666 Page.. 13

The Sequoia Trust Notes to the Accounts For the year ended 30th June 2021 11 Ralatad Partia$ During the period the Trust made donations of £2.750.00012020.. £1,165,000) to ARK, a charity of which P.R.C. Marshall is a Irustee. The tsu5t r￿1ved donations of £29.965,27012020'. £42,700,000) from P.R.C Marshall. Induded in this donation was a gtft of shares with a market value of £19.965.270 12020: £6,000,000). At the period end there were unpaid grant commtbments lo ARK of £30.000 12020-. £80,000). C. Musgrave is the Chair of the Finance and Risk Committee of ARK. The Trust made donations of £Nil12020: £1.5￿.000Tr lo HO￿ Trinity Brompton. This charity was founded by the Churd) Revltalisation Trust. a charity of which P.R.C. Marshall is a Trustee. The Trust made donations of £1,7{￿.000 {2020". £800.0001 to The Church Revitalisation Trust, a charity of which P.R.C. Marshall is a Trustse. The Trust made donations of £Nil (2020.. £636.000.0001 to The Eureka Charitable Trust in support of the MealForce initsative whi¢* prowded meals lo NHS staff during the Cowd-19 pandemic, a charity of which P.R.C Marshall and C.Musgrave are Trustees. 12 Financlal and Capltal ¢ommllm¢nts The Trust has no outstsnding financh?l or capital commitments. Page.. 14