IM irwinmitchell THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 FINANCIAL STATEMENTS Forth• èar èndèd 5 A kll 2021 (Ref.. 461305471
THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Contents to Financial Statements for the ear ended 6 A ril 2021 Pa Annual Report of th8 Trustee8 Auditorfs Rer)ort Balance Sheet Slalernent of Financial Acbwties 14 Notes to Financial Statements 1&19 Schedule of Invesknents
ANNUAL REPORT OF THE TRUSTEES For th& year ended 5th April 2021 Full name of Charity: The lan M Foulerton Charitable Trust Nature of governing document: Will of lan Michael Foulerton dated 4 December 2009 Registration Number: 1164969 Trustees: John Francis McEvoy Duncan Bemard O'Kelly Thomas Eggar Trust Corporation Ltd Directors of Thomas Eggar Trust Corporation Ltd- Paula Caryn James Craig Alexander Marshall Darran Fawcell Sarah Phillips Caroline Shelton James Pavey Michael Taylor Registered Address- Thomas Eggar House. Friary Lane, Chichester, Wesl Sussex. P019 1UF Banker: Barclays Bank Plc, 74-75 East Street. Chichester, Wesl Sussex, P019 1HR Solicitors: ITwin Mitchell LLP, Thomas Eggar House. Friary Lane, Chichester. Wesl Sussex, P019 1 UF Independènt Audltors: Jones Avens Limited, Chartered Accountants, Piper House, 4 Duke Court. Bognor Road, Chichester, Wesl Sussex. P019 8FX Investment Managers.. Sanlam UK Limited, Sl Johns Street, Chichester, Wesl Sussex, P019 1UP Operating Restrictions.. Charitable objects according to the Law of England Specific investment powers.. Wide unrestricted powers given lo the Trustees in the Will dated 4 December 2009 GA.. 5257352 1
Objects of the charity The Trustees shall hold the capital and income of the Trust Fund upon trust lo applythe income and all or such part or parts of the capital al such lime or limes and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the workl as the Trustees mayin theirdiscrelion think fit or towards lal The preservation conservation protection and re8loralion for the public benefit of any building or buildings of historic archileclural or artistic or scientific interest and importance includin9 any ancillary land and buildings which are vesled in others or in respect of which the Charity shall have any interest orwhich shall or may al any time be vested in the Charity Ibl The preseNalion protection conseNatitsn and resloralion forlhe puUic benefit of all furniture pictures historic records books manuscripts munirrents amour porcelain silver and gold objects d'art and other items of historic artistic or scientifi¢ interest associated with or displayed in any such bUilg or buildings Icl The advancement of the education of the publi¢ in buildings and ancillary land and items of historic architectural artistic or scientific interest through the creation maintenance and funding of grants bursaries scholarships and prizes for edu¢alional and research purposes and to increase the public's knowledge appreciation and enjoyment of such buildings land and items Organisation The Trustees who seNed during the year and since the year end are sel out on page1. The Trustees met during the year lo consider the future of the Trust. The statutory power of appointment applies in connection with the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Grant making policies and activitiès The capital and income of the Trust is lo provide onlyforlhe assistanceor provision of funds as detailed in the Will of lan M Foulerton dated 4 December 2009. The TrLJStees have paid due regaid lo guidance issued by the Charity Commission in deciding what actNilies the Trust should undertake. Achievements and perfomiance During the year the trust made 16 {2020'. 51 donations tolalling £135,380.0012020.. £78.000.001. Finan¢lal review and investment policy . There are no reslriclions on the Charity's power to invest. The investment strategy is sel by the trustees for a period of five years and lakes account of demand for funds. The trustees ¢onsider the income requirements, the risk profile and the investment manager's view of the market prospecis in the medium term. This strategy is sel within an overall policy which slates that the fund is lo be invested in moderate risk investments with a view lo ensuring that capital appreciation of the fund exceeds inflation over each five year period. The funds may be invested in anytype of investment. Our strategy is reviewed with our investment managers annually. During the year incoming resources lolalled £43,804.64 {2020-£54.360.021, resources expended lolalled £159.420.72 12020- £101,928.90), and other recognised gainslllossesl lolalled £335.134.61.12020- 1£235,246.081 As a result the fund balance carried fOnard al 5 April 2021 was £1,881,995.3212020 - £1,642.476.79. The Trustees confim that they did not receive any remuneration during the year. nor were they reimbursed for any expenses. Reserves policy . It is the policy of the charityto maintain unreslrtcled funds, which are the free reserves of the charity, al a level which equates lo approximately six months expenditure. This provides sufficient funds lo coveT management and adminislralion and support costs and to respond lo emergency applications for grants which may arise. Unrestricted funds were maintained al this level throughout the year. GA.. 5257352 1
Risk management . The Iruslees have examined the major slralegic, business and operational risks which the charily laces and confirm that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. Trnstees, responslbllltles In relatlon to the financial statements . Lawapplicable lo ¢harilies in England and Wales requires the Iruslees lo prepare financial siatemenls for each financial year which give a true and fair of the charily's financial activities during the yearand of ils financial position al the end of the year. In preparing those financial slalements, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the melhLYJs and principles in the Charities SORP., slate whether applicable accounting standards and slalemenls of recommended pracli¢e have been followed subject lo any departures disclosed and explained in the financial slalements,. and prepare the financial statements on the going concern basis unless it is inapproprialeto presume that the charity will continue in business. The Iruslees are responsible for keeping accounting records which disclosewilh reasonable a¢cura¢y at any lime the financial position of the charity and enable them to ensure that the fi'nancial stalemenls comply with the Charities Act 2011. 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. The Trustees confirm that the accounts comply with the governing document. The slalulory power of appointment applies in connection wlh the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Oknoldl D O'Kelly Director For and on behalf of Thomas Eggar Trust Corporation Ltd GA.. 525735LI
Page 4 THE IAN M FOULERTON CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE IAN M FOULERTON CHARITABLE TRUST Oplnlon We have audited the financial statements of The lan M Foulerton Charitable Trust Ithe 'eharity'l for the year ended 05 April 2021 which comprise the statement ol finaneial activitie5, the balance sheet and the notes lo th6 financial st8tements, including a 8ummary of significant accounting policies. The finan1 reporting framework that has b8en applied in their preparation is applicable law and United lfj'ngdorn Accounting Standards, including Financial Reporting Standard 102 The FinanGial Reporting Standard applicable in the UK and RepublK of Ireland (United Kingdom Generally A¢pted Aceounling Pr8Ctieel. In our opinion. the financial statements.. giv8 a tru& aF)d fair view of the stale of the charity's affairs as al 05 April 2021 and of its incoming resourees and spplieation of resources, for th& y88rthen ended.. have been propedy prepad in accordan vAth United Kingdom Generally A¢pted Accounting practi.. and have been prepared in 8CCOTdance wth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in acran th International Standards on ALKlrting IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Audbtofs responsibilities for the audit of the account5 section of our report. W8 are ind8pend8nt of the charity in aceordanee with the ethical requirements thal are relevant to our audit of the accounts in th8 UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical spOnsIbl11eS in accordance With th988 r8quiremenls. We believe that the audit eviden we have obtained is suffiaent and appropriat6 to provide a basis for our opinion. Conclu$lon$ relatlng to golng eone•rn In auditing the financial statements, we have concluded that the Trustees, use of the going COnM basss of accounting in th6 preparatlon of thè financi81 stat8m8nts is Sppropriata. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that. indimdually or collectively, may cast significant doubt on the charity's ability to ctsntinu8 as a goin9 conc8m lor a p8ri0d of at 8St Iwelve month5 frorn wh8n th8 financial 5t818ments ar8 8Uthorised for i88Ug. Our responsibilities and the spOnSibl11t1eS of the Tnjstees wth respect to going eoncern are describèd in the rel8vant sections ol this report. Other inforniation The other Information comprises the information included in thè annual report other than tha financi81 statements and our auditorts r8POrt th8r8on. Th& Trustees are r8sponsible for the other information contained within the annual r8porL OLJr opinion on the finanrial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inlorrnation and, in doing so, consid&[ whether ihe other information 15 m8t8rially inconsistent wth the fin8n¢i81 stslem8nt$ or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements. we are reqUId to determine whether this gives rise to a material misstatement in the Iinancial statements themselves. If, based on the work we have pertormed, we conthde that there is a material rnisststemenl of this other illforrn8I'on, we are required to report that fact. We have nothing to report in this regard.
Page 5 THE IAN M FOULERTON CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE IAN M FOULERTON CHARITABLE TRUST Matters on which we are required to report by exception We have nothing lo report in respect ol the following matters in relation to which the Charrties (Aecounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any rnaterial respect with tha trustees, report., or suffiuent a¢countyng records have not been kept,. or the financial Statements are not in agreement with the accounting records,. or we have not r1Ved all the information and explanations we require for our audit. R88pon81bllltle8 of tru$tee$ As explaSned mor8 fully in th8 statemént of tru5te68' responsibilities. the Iruslee8 8re responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vw, and for such internal Control as the trustee8 determine is necessary to enable the preparation of financial staternents that are free from material misstatement, whether due to fiaud or error. In preparing the financial stat8m8nts, th8 trustees are responsible for assessing the charity s ability to continu8 8S 8 going concern, disclosing. 8S applicable, matters related to going conrn and using the going conrn basis of accounting unless the trustees either intend to cease operations, or have no realistic allernalive but to do so. AudIt08 responslbllltles for the audlt of the flnanclal statements We have b88n 8ppoint8d as auditors under s8clion 145 of th& Charili&s Act 2011 and r8Wrt in accordance wth the Act 8nd relevant regulations made under sedion 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frorn materi81 mis$tat8rn8nt. whether due to fraud or error, and to Issue an auditors report thal includes our opinion. Reasonable assuran is a high level ol assurance. but Is not a guarantee that an audit condu¢ted in accordan with ISAS IUKI will a5ways detect a material misstatemenl when il exists. Misstalem&nis can arise from fraud or error and ar& consider8d material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis ol these financial statements. Idenllflcatlon and a$$e$8ment of Irreyularltlgs Includlng fraud Irr8gu18rits'es, including fr8ud. are ins18nces of non-complian with laws and regulations. We designed procedures in line wth our responsibilities, outlined above, to detect material misstatements in SpeCt ol irregularities, including fraud. The extent to which our pyoUreS were capable of deteclino irr8gulaiities, including fraud 15 d8tail8d below. we fo¢used on 8pe¢ific laws and r8gulations which we considered may have a direct rnaterial efferl on the financial statements or the operation5 of the as8oriation, induding Th8 Compani88 Act 20(. we obtained an understanding ol the legal and gUlatOry framework applicab18 to the entity and how the entity is complying with that framework by making appropriate enquiries of man8g8ment as wel18s considering the internal controls in place to mlligate risks of fraud and non-eomplianeè wth laws and regulations,. W8 made 8nquiii8s of thosa charged 1th governanca and manag8m8nt conceining.. the risks ol fraLKI-, instances of non-complianc8 Wlth laws and regulations or krwiledge of actual, suspected, or alleged fraud is docum8nted during th8 period., we alloca18d an eng898m8nt team that we consKJer8d cd18cIIv81y had th8 appropriate CompetCe and capabilit$ to eTht1fy or recognise non-compliance with laws aThJ regulations. Audlt response to the rl$k of lffegularltles Includlng frauil Based on the results of our risk sssessment, our procedures incjuded, but were not limited to.. performing analyti1 prodUreS to identify any unusual or unexpected relationships. evaluating whether the selection and application of accounting policie5 by the entity that m8y b& indicative ol fraudubnt financial reportirvj resulting from management's effort lo manage earniws.
Page 6 THE IAN M FOULERTON CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE IAN M FOULERTON CHARITABLE TRUST assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indbeats.ve ol potential bias. agreeing financial statement discbsures lo underlyino supporting documentstlon. rè8ding th8 minutes of rneetings ol those charged with governan. reidewing the correspondence with levant regulatory bodies. testing oljournal entries to address the risk of fraud through management override. incorporating an element of UnpredtabIlitY in the selection ol the nature, timing. and extent ol our audit procedurès. corroborating the business rationale for transactions outswje the normal course of buslness. Concluslons regarding the rf8k8 of Irr8gularltl•s Includlng fraud The are inherent 15milations in our audit procedures described abov8. Th8 more r8rn0ved that laws and regulatlons are from finaricial transactions, thé less lik81y it is that would becorne aware ol non- compliance. Material misstatements that an5e due to fraud can be harderto detect than thos8 that aris8 frorn error as they may involve dèlibèrate concealmènt or Collusion. We considered our audit was capable of detecting irregularities due to.. the effectiveness of the entity's internal controls", the nature. timing and extent ol audit procedures perfomed.. and the abseTr oftradiOry 8VKlen¢e. A further description of our Sponsi111tieS for the audlt of the financlal statements Is located on ihe Financial Reporting Couneil's website at.. http.'Ilwthw4.fr¢.org.uklauditorsresponsibilities. This description forms part of our suditois rèport. Usè of our r8POrt This report is made solely to the charity's trustees, as a Ey)dy, in acctsrdance wth part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight state to the charity's trustees those m8tl8rs we ar8 required io stste to them in an auditors. port and for no other purpose. To the fullest extent peimitted by law, we do not accèpt or assum8 responsibility to anyone other than the charity and the ¢harily's truslees as a body, for our audit work, for this r8port. or for the opinions we h8V8 foim8d. Clalre Noood BS¢ FCA ATII Isenlor Statutory Audltorl for and on behalf of Jonos Avons Llmitad 0210212022 Charter8d Accountants ststutory Audltor Piper House 4 Oukes Court Bognor Road Chichester West Sussex P019 8FX Jones Avens Limited is 81igible for appointment 88 auditor of the charily by virtLJe of ils elvJibility for appointment as auditor of a company urder ol section 1212 of the compleS Acl 2006
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Page 8 THE IAN M FOULERTON CHARITABLE TRUST GISTE ED CHAR TY NO. 1164969 Statement of Fi ancial A tivi lès for thè èar endad S A rll 2021 General Unrestrictèd Funds in Incomé and Ex ènditura Account Year endod 5.4.21 Year ended 5.4.20 No INCOME & EXPENDrruRE Incoming Resources Gross invesimenl income 43.804.64 54.057.98 Balance from San M Foulerton Portfolio 302.04 Total Incoming Resources 43.804.64 54.360.02 Resources expended Charitable Activiiies (151.106.001 (93,684.001 Cost of generating funds Investment management costs Total Resources Expended {8,314.721 (159,420.721 18,244.901 {101,928.901 Nat ILossesllGains on Investments Realised gainslllossesl on sale of investments Unrealised gainsl{losses) on inveslmenls ILossesllGains on foreign exchange Gains from non-reporting funds Nat movement In funds 94,158.01 241,198.87 1227.521 5.25 219.518.53 15,147.981 {230,787.871 669.77 (282,814.961 FLJnd balance brought foNard 1,642.476.79 1.925,291.75 Fund balanco carried fobV4ard 5.4.21 1,861,995.32 1.642,478.79 None of the Charity's acliwlies were acquired or discontinued during Ihis fiscal period. The Charity has no recognised gains or losses othèr than those dealt wilh in the Statement of Financial Activities. The notes on pages 9-14 form part of these accounts.
Page 9 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Notes to the Accounts for the earended 5th A 21 1 ACCOUNTING POLICIES The lan M Foulerton Charitable Trust is an unincorporated charity. registered wlh the Charity Commission number 1164969. The registered address is Thtjnas Eggar House. Friary Lane, Chichester, West Sussex, P019 1 UF 1.1 ACCOUNTING CONVENTION The financial slalemenls have been prepared in accordance with Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" {as amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Entity as defi'ned by FRS 102. The accounts are prepared in sterling. which is the functional currency of the charity. The accounts have been prepared on the hisloTi¢al cost convention modified for the revaluation of inveslmenls. The principal accounting policies adopted are set out below. 1.2 GOING CONCERN Al the time of approving the 8ccounls, the trLJStees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees, continue lo adopt the ooing concern basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use at the discretion of the trustees in furtherance of their chari18ble objectives unless the funds have been deswJnated for other purposes. Incoming Resources Incoming resources include8 investment income, which is recognised when the charf(y has a legal right lo the income. The gain or loss arising on the disposal of an asset is determined as the differen between the sale proceeds and the Carrying value of the asset, and is recognised in net incomel{expendilurel for the year.
Page 10 1.4 GRANTS PAYABLE Grants payable are debited lo expenditure wlhin the Slalement of Financial Activities in the period to which they relate. 1.5 INVESTMENTS AND INVESTMENT INCOME All investments are slated at fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments Ilogether with provisions for diminution in value), are credited or debited lo the Slalemenl of Financial Activities, and subsequently transferred lo Unreslricled Funds. 1.6 CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. 1.8 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and ils compliance wlh regulation and good practice. These costs include costs related lo slalulory audit and legal fees together with other overhead and support costs. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments" and section 12 °Olher Financial Instruments Issues" of FRS 102 to all of ils financial inslrumenls. Financial assols and liabilities are offset. with the nel amounts presented In the financlal statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to selue on a nel basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction pri¢e including transaction costs and are subsequently carried al amortised cost using the effective interesl method unless the arrangement conslilules a financing Iransaclion. where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impalrment of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impaimienl al each reporting dale. Financial assets are impaired where there is objective evidence that. as a result one or more events that occurred after the initial recognition of the financial asset, the eslimaled future cash flows have been aflecled.
Page 11 If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the eslimaled cash flows discounted at the asset's original effective interest rate. The impairment loss is lecognised in nel incomellexpenditurel for the year. If there is a dacrease in the impairment loss arising from an event occurring after the impairment was recognised. the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been. had the impairment previously been recognised. The impairment reversal is recognised in nel incomellexpendilurel for the year. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised al transaction pri unless the arrangement conslilules a financing Iransaclion, where the debt instrument is measured al the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade payables are obligations lo pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not, ihey are presenled as non-currenl liabilities. Trade payables are recognised initially al transaction price and subsequently measured al amortised Cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the chority's conlraclual oblKJalions expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Iruslees are required lo make judgements, eslimales and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision affects only that period, or in the period of the revision and future periods where the rewsion affects both current and future periods.
Page 12 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY N 64969 Notes to the Accounts for the d5A ril 2021 3. FIXED ASSET INVESTMENTS (Summary ofpagès 15 to 191 Year ended 5.4.21 Year ènded 5.4.20 Quoted investmènts Brouoht forward 6.4.20 1.633,078.47 1,881,486.64 Additions IncreasellDecr8asèl in portfolio cash Disposals Net unrealisèd gain$lllo$sesl 528.782.72 12.500.47 (575,066.811 241,198.87 1,840,493.72 783,685.87 (160,764.891 {640,561.281 <230,767.87 1,633,078.47 Quoted UK Investments Quoted Non UK Investments Cash held on portfolio 1.299,837.03 521,795.07 18,861.62 1,840,493.72 1,286,107.11 36Q,610.21 6.361.15 1,633,078.47 Historic cost of quoted investments 1,586,5g1.80 1,703,729.86 Invèstmènts that represent greater than 5% of th8 portfollo by Market Value Royal London Coip Bond Investec Gbl Tol Rln Lionlrusl Strategic Bond Man GLG Strategic Bond isharès Physical Gold Sanlam Universal Mullislral 155,529.63 100,788.89 144,403.83 146,051.37 86,471.67 131,fj87.30 129,098.44 93,432.85 93,316.07 4. DEBTORS HM Rèvenue & Customs 403.61 340.45 S. CASH Barclays Bank Pl¢ 24,536.84 11599.11 6. CREDITORS Other edItorS Jones Avens- Audit fee Sanlam UK Limited- Investment Manag6ment ehargès 1,284.00 2,154.85 3,438.85 1,242.00 1,299.24 2,541.24
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Page 14 THE IAN M FOULERTON CHARITABLE TRUST REGISTERED CHARITY NO. 1164969 Notes to the Accounts for the ear ended S A ril 2021 10. GOVERNANCE COSTS Irwin Mil¢hell LLP Jones Avens- Audit fee 14.400.00 1,326.00 15,726.00 14,400. 1,284. 15,684.(KJ Basis of Allocation-. All of the governance costs are allocated lo the charitable activity of grant making. totalling £15,726.00 in 20211£15,684 in 20201 11. COST OF GENERATING FUNDS Sanlam UK Limited 8,314.72 8,244.90 12. EMPLOYEES There were no employees during the yè8r12020..nill 13. TRANSACTIONS WITH RELATED PARTIES Thom88 Eggar Trust Corporation Limited ITrusteel is a trust company wholly owned by Irwin Mitchell LLP. During the year In1n Mitchell LLP provided professional services to Ihe Charity amounting to £14.400 12020." £14,400). At the balance sheet date, nil12020.' nil) was outstanding in respect of these lees. 14. TRANSACTIONS WITH TRUSTEES There were no paymen15 to Iruslees during the year.
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