**THE ROCKSPRING CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** **THE ROCKSPRING CHARITABLE TRUST** ## **REPORT AND ACCOUNTS for the year ended 31 December 2023** ||**Page**| |---|---| |**Administrative details**|**1**| |**Report of the trustees**|**2**| |**Independent Examiner’s report**|**5**| |**Statement of financial activities 2023**|**6**| |**Statement of financial activities 2022**|**7**| |**Balance sheet**|**8**| |**Statement of cash flows**|**9**| |**Notes to the financial statements**|**10**| ## **THE ROCKSPRING CHARITABLE TRUST** ## **ADMINISTRATIVE DETAILS for the year ended 31 December 2023** |**CHARITY REGISTERED No.**|1175442| |---|---| |**TRUSTEES**:|R.M. Plummer (Chairman)| ||F.J. Plummer| ||G.H. Carter| ||S.E. Floyd| |**INDEPENDENT EXAMINER**:|Geoffrey Cox BA FCA| ||Dafferns LLP| ||One Eastwood| ||Harry Weston Road| ||Binley Business Park| ||Coventry| ||CV3 2UB| |**BANKERS**:|Handelsbanken| ||Leamington Spa Branch| ||Myton House| ||40 Holly Walk| ||Leamington Spa| ||CV32 4HY| |**INVESTMENT MANAGERS**:|a) Close Brothers Asset Management| ||8thfloor| ||10, Exchange Square| ||Primrose Street, London EC2A 2BY| ||b) Baillie Gifford and Co Ltd| ||Carlton Square| ||1, Greenside Row, Edinburgh EH1 3AN| ||c) Canaccord Genuity Wealth Management| ||88 Wood Street, London EC2V 7QR| |**INVESTMENT ADVISOR:**|Henry Denne, Canaccord Genuity Wealth Management| ||88 Wood Street, London EC2V 7QR| |**SOLICITORS**:|RWK Goodman LLP| ||Godstow Court| ||Minns Business Park| ||5 West Way| ||Oxford| ||OX2 0JB| |**CORRESPONDENCE ADDRESS:**|RWK Goodman LLP| ||Godstow Court| ||Minns Business Park| ||5 West Way| ||Oxford| ||OX2 0JB| 1 ## **THE ROCKSPRING CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES for the year ended 31 December 2023** The trustees present their report together with the unaudited financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Legal and administrative information set out on page 1 forms part of this report. ## **STRUCTURE AND GOVERNANCE** ## **Governing document** The trust is governed by a deed executed by the settlors, Mr. R.F. Plummer & Mrs. F.J. Plummer on 5 October 2017 and is registered as a charity number 1175442. During the first period the trustees agreed to change the charity’s registered name from The Richard and Fiona Plummer Charitable Trust to The Rockspring Charitable Trust. ## **Trustees** The trustees are nominated and appointed by other trustees. Suitable training is given to new trustees. ## **Organisational structure** The trustees consider grant applications on a regular basis. Preference is given to charities whose causes are local in nature or those that are less well supported than higher profile projects. The day to day administration of the charity is outsourced. ## **Risk management** The trustees have assessed the major risks to which the charity is exposed, in particular those related to the activities and finances of the charity, and are satisfied that systems are in place to mitigate those risks. A risk assessment register is maintained, and reviewed annually. ## **OBJECTS OF THE CHARITY** The objects of the charity as set out in the trust deed are the advancement of any charitable purpose as the trustees, in their absolute discretion, think fit. ## **GRANT MAKING POLICY, AIMS, OBJECTIVES AND PUBLIC BENEFIT** Grants are made in accordance with the trustees’ wishes. The trustees have agreed principally to concentrate on one or two geographical areas where there is local knowledge on the part of the trustees. This will enable the trustees to consider carefully and be aware of those charities which they wish to support, both immediately and over the longer term. Additionally, the trustees intend to create guidelines for which of the charitable sectors they would like to support and whether or not there was a particular social demographic e.g. young people. The policy of the trustees is that they are committed to promoting equal opportunities in the consideration of applications for Grants or Funding. All applicants will receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation. The charity only makes grants to other charities as it considers that, as they are established for public benefit, they are best placed to be partners in support of its charitable objectives. The Trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting grant making policies. 2 ## **THE ROCKSPRING CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES for the year ended 31 December 2023** ## **ACHIEVEMENTS AND PERFORMANCE** 3 grants were awarded (2022: 6) to organisations totalling £57,000 (2022: £82,140). These grants were made to local charities established in the UK. ## **FINANCIAL REVIEW** ## **Accounts** The detailed accounts of the charity are set out on pages 6 to 13. In the year to 31 December 2023 Mr & Mrs Plummer donated £0 (2022: £372,530) to the charitable trust and investments generated income of £90,767 (2022: £75,593). Investments are managed by 3 investment managers, in 2019 trustees invested two tranches of £1 million each in the Baillie Gifford Managed Fund, and Canaccord Genuity Wealth Management on a five-year plan. Investment comprising the Patrizia shares settled on the charity are lodged with Close Brothers. The charity’s initial holding was 62,841 Patrizia shares. Up to 50% of this holding (31,420 shares) could be tendered for sale in 2022. On 24 March 2022 31,420 Patrizia shares were sold, and on 7 March 2023 29,300 shares were donated by Mr Plummer. The balance of cash is currently deposited with Handelsbanken, Leamington Spa. By a Deed of Appointment dated 2 August 2023, Mrs M D Plummer’s 2003 Discretionary Trust donated the Trust Fund comprising 1 share in Misrimuna Investments Limited and cash in the bank account to the charity. ## **Investment policy.** The trustees’ powers of investment are wide and governed by the Trust Deed. The trustees have engaged Canaccord Genuity Wealth Management to advise on an investment strategy to produce medium term capital growth. Canaccord Genuity carried out a risk assessment and the trustees agreed on Balanced Growth approach which means: **Objective** : This strategy aims to preserve the Trust’s invested assets above the rate of inflation. Given this target, it also attempts to generate balanced growth returns through diversified investments with a maximum equity weighting of 70%. **Return Expectations** : The strategy aims to generate a balanced growth-oriented return in-line with or slightly in excess of inflation (CPI) + 3.5% per annum over the medium to long term. **Risk Tolerance** : Investors in the balanced growth category are prepared to accept some risk of capital loss in the short and medium term, in order to achieve a sustained real (above inflation) increase in capital growth over the long term. The current investments in the Baillie Gifford Managed Fund and Canaccord Genuity Wealth Management Discretionary portfolio are consistent with this approach. The Trustees also have a holding in Patrizia AG shares which are shares gifted by Richard Plummer. As single shareholdings they are not consistent with the Trustees stated attitude to risk so the Trustees plan to sell down the holding as and when possible. ## **RESERVES** The whole of the charity’s endowment is expendable. The Trustees aim to maintain approximately £20,000 in the general fund to ensure there are sufficient funds available to cover the support and governance costs. The Trustees have the flexibility to use the expendable endowment fund to make grants and donations as required. At the 31 December 2023 the charity had total funds of £4,984,877 (2022: £5,097,450) and unrestricted funds were £22,143 (2022: £20,485). 3 ## **THE ROCKSPRING CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES for the year ended 31 December 2023** ## **FUTURE PLANS** The original amount donated to the charity was just over £4,000,000 and further gifts have been donated in subsequent years valued at approximately £2,670,000. The original settlors may gift further shares in subsequent tax years. The Trustees have the discretion to make grants to charities even if this results in a decrease in the value of the original amounts donated to the charity. ## **FUNDRAISING REGULATOR STATEMENT OF COMPLIANCE** The charity has not appointed a fundraiser and does not undertake to raise funds from the general public. Hence, we have received no fundraising complaints during the year. Approved by the Trustees on 19 April 2024 and signed by:- R.M. PLUMMER F.J. PLUMMER G.H. CARTER S.E. FLOYD 4 **THE ROCKSPRING CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROCKSPRING CHARITABLE TRUST** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023, which are set out on pages 6 to 13. ## **Responsibilities and basis of report** As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Geoffrey Cox BA FCA Dafferns LLP One Eastwood Harry Weston Road Binley Business Park Coventry CV3 2UB Date 19 April 2024 5 ## **THE ROCKSPRING CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023** ||||Expendable||| |---|---|---|---|---|---| |||General|endowment|2023|2022| |||fund|fund|Total|Total| ||Notes|£|£|£|£| |**INCOME AND ENDOWMENTS:**|||||| |Settlements||-|-|-|1,426,885| |Investment income|2|90,767|-|90,767|75,593| |Other income||-|-|-|-| |||________|________|________|________| |**TOTAL INCOME AND ENDOWMENTS**||90,767|-|90,767|1,502,478| |||`═══════`|`═══════`|`═══════`|`═══════`| |**EXPENDITURE ON:**|||||| |Raising funds|||||| |Investment management fees||13,436|-|13,436|14,482| |||`═══════`|`══════`|`═══════`|`═══════`| |Charitable Activities|||||| |Grant expenditure|3|57,000|-|57,000|81,140| |Grant related support costs|4|18,673|-|18,673|15,826| |||________|________|________|________| |**TOTAL EXPENDITURE**||89,109|-|89,109|112,448| |||`═══════`|`═══════`|`═══════`|`═══════`| |**NET (EXPENDITURE)/INCOME**|||||| |**BEFORE OTHER RECOGNISED**|||||| |**GAINS & LOSSES**||1,658|-|1,658|1,390,030| |**NET (LOSSES)/GAINS ON INVESTMENTS**5||-|(114,231)|(114,231)|(1,420,610)| |**TRANSFERS BETWEEN FUNDS**||**-**|-|-|-| |||________|________|________|________| |**NET MOVEMENT IN FUNDS**||1,658|(114,231)|(112,573)|(30,580)| |**RECONCILIATION OF FUNDS**|||||| |Fund balances brought forward||20,485|5,076,965|5,097,450|5,128,030| |||________|________|________|________| |Fund balances carried forward||22,143|4,962,734|4,984,877|5,097,450| |||`═══════`|`═══════`|`═══════`|`═══════`| All operations of the charity continued throughout the period and no operations were acquired or discontinued. All recognised gains and losses during the year are included within the Statement of Financial Activities. The accompanying notes form an integral part of this Statement of Financial Activities. 6 ## **THE ROCKSPRING CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022** ||||Expendable|| |---|---|---|---|---| |||General|endowment|2022| |||fund|fund|Total| ||Notes|£|£|£| |**INCOME AND ENDOWMENTS:**||||| |Settlements by Mr & Mrs Plummer||-|1,426,885|1,426,885| |Investment income|2|75,593|-|75,593| |Other income||-|-|-| |||________|________|________| |**TOTAL INCOME AND ENDOWMENTS**||75,593|1,426,885|1,502,478| |||`═══════`|`═══════`|`═══════`| |**EXPENDITURE ON:**||||| |Raising funds||||| |Investment management fees||14,482|-|14,482| |||`═══════`|`══════`|`═══════`| |Charitable Activities||||| |Grant expenditure||82,140|-|82,140| |Grant related support costs|4|15,826|-|15,826| |||________|________|________| |**TOTAL EXPENDITURE**||112,448|-|112,448| |||`═══════`|`═══════`|`═══════`| |**NET (EXPENDITURE)/INCOME**||||| |**BEFORE OTHER RECOGNISED**||||| |**GAINS & LOSSES**||(36,885)|1,426,885|1,390,030| |**NET (LOSSES)/GAINS ON INVESTMENTS**||-|(1,420,610)|(1,420,610)| |**TRANSFERS BETWEEN FUNDS**||40,000|(40,000)|-| |||________|________|________| |**NET MOVEMENT IN FUNDS**||3,145|(33,725)|(30,580)| |**RECONCILIATION OF FUNDS**||||| |Fund balances brought forward||17,340|5,110,690|5,128,030| |||________|________|________| |Fund balances carried forward||20,485|5,076,965|5,097,450| |||`═══════`|`═══════`|`═══════`| All operations of the charity continued throughout the period and no operations were acquired or discontinued. All recognised gains and losses during the year are included within the Statement of Financial Activities. The accompanying notes form an integral part of this Statement of Financial Activities. 7 ## **THE ROCKSPRING CHARITABLE TRUST** ## **BALANCE SHEET as at 31 December 2023** |**INVESTMENT ASSETS**
Investment
Cash awaiting investments
**CURRENT ASSETS**
Debtors and prepayments
Cash at bank
**LIABILITIES**: Amounts falling due
within one year:
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS OF THE CHARITY:**
Expendable endowment fund
General fund
**TOTAL CHARITY FUNDS**|Notes
£
5
8,443
367,926
________
376,369
6
(8,563)
________|2023
2022
£
£
£
4,520,244
4,539,797
96,827
114,184
________
________
4,617,071
4,653,981
9,355
480,007
________
489,362
(45,893)
________
367,806
443,469
________
________
4,984,877
5,097,450
`═══════`
`═══════`
4,962,734
5,079,965
22,143
20,485
________
________
4,984,877
5,097,450
`═══════`
`═══════`| |---|---|---| The financial statements on pages 6 to 13 were approved by the trustees on 19 April 2024 and signed by:- R.M. PLUMMER F.J. PLUMMER G.H. CARTER S.E. FLOYD The notes on pages 10 to 13 form part of these financial statements. 8 ## **THE ROCKSPRING CHARITABLE TRUST** ## **STATEMENT OF CASH FLOWS for the year ended 31 December 2023** |Notes
**Cash Flow from Operating Activities**
8
**Cash Flow from Investing Activities**
Payments to acquire investments
Interest received
Dividends received
Receipts from disposal of investments
**Net Cash Flow from Investing Activities**
**Net Cash Flow from Financing Activities**
**Net increase in cash and cash equivalents**
**Cash and cash equivalents at 1 January 2023**
**Cash and cash equivalents at 31 December 2023**
**Cash and cash equivalents consists of:**
Cash at bank
Cash awaiting investment|31 December 2023
£
(125,528)
(279,416)
4,257
86,510
184,739
________
(3,910)
`════════`
________
-
`════════`
(129,438)
594,191
________
464,753
`════════`
367,926
96,827
_________
464,753
═══════|31 December 2022| |---|---|---| |||£
1,298,771
(1,616,077)
602
74,991
174,322
________
(1,366,162)
`════════`
________
-
`════════`
(67,391)
661,582
________
594,191
`════════`
480,007
114,184
________
594,191
═══════| 9 **THE ROCKSPRING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023** ## 1. **ACCOUNTING POLICIES** ## 1.1 ## **Basis of accounting** The Rockspring Charitable Trust is an unincorporated charity registered in England. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are recorded on page 2. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## 1.2 ## **Income** - All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. ## 1.3 ## **Expenditure** - All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: - Costs of raising funds; - Expenditure on charitable activities; and - Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. ## 1.4 ## **Support costs** - These comprise administration and accountancy costs. The majority of these costs support the grantmaking activity and are so allocated. A small proportion of support costs is allocated to governance costs. The allocation of support costs is made on an estimate of time spent on the two activities. 10 ## **THE ROCKSPRING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023** ## 1. **ACCOUNTING POLICIES (continued)** ## 1.5 ## **Governance costs** Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. ## 1.6 ## **Fund accounting** As the trustees have the power to distribute both income and capital the funds of the trust are all unrestricted and comprise: ## **Expendable endowment fund** The fund represents monies allocated by the trustees as capital. The normal policy of the trustees is to retain capital in an endowment fund in order to generate income from which grants are made. The fund is represented by the capital investments included in fixed assets less any appropriate creditor. ## **General fund** The general fund represents the balance of any settlement not allocated to the endowment fund together with investment income less expenditure and grants awarded. ## 1.7 **Fixed asset investments** Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. ## 1.8 **Debtors and creditors receivable / payable within one year** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## 1.9 **Going concern** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. ## 2. **INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||2023|2022| |||£| |Quoted investment|86,510|74,991| |Interest on cash deposits|4,257|602| ||_______|_______| ||90,767|75,593| ||══════|══════| 11 ## **THE ROCKSPRING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023** ## 3. **GRANTS** |**RANTS**
e following grants were awarded during the year.
Kensington and Chelsea Foundation for:
West London Action for Children
Nucleo Project
SMART|£
24,000
15,000
18,000
______
57,000
______| |---|---| The following grants were awarded during the year. ## 4 `.` **ALLOCATION OF SUPPORT COSTS** |2023
£
**Grant Making**
Legal and professional fees
4,044
Accountancy and advisory
10,246
Independent examination fee – governance cost
1,950
Bank charges
604
Advertising costs
-
Foreign exchange rate difference
917
Reduction in donations receivable
912
______

18,673
═════
═|2022
£
5,814
8,682
1,850
255
750
(1,525)
-
______
15,826
════| |---|---| No Trustee or person with family or business connections with the Trustees received any remuneration or expenses during the year (2022: £Nil). |5.
**INVESTMENT**
Market value at 31 December 2022
Acquisitions
Disposals
Dividend reinvested
Revaluation
Market value at 31 December 2023|Quoted
£
3,494,797
255,357
(184,739)
24,060
(114,231)
_________
3,475,244
_________|Unquoted
Total
£
£
1,045,000
4,539,797
-
255,357
-
(184,739)
-
24,060
-
(114,231)
_________
________
1,045,000
4,520,244
_________
`═══════`| |---|---|---| Unquoted investments represent one share in Misrimuna Investments Limited, which was donated to the charity by Mrs M D Plummer’s 2003 Discretionary Trust by a Deed of Appointment dated 2 August 2022. 12 ## **THE ROCKSPRING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **for the year ended 31 December 2023** |6.
**CREDITORS**
Within one year:
Accruals
Grant accruals

═|2023
2022
£
£
8,563
7,393
-
38,500
______
______
8,563
45,893
════
═════| |---|---| ## 7. **ANALYSIS OF NET ASSETS BETWEEN THE FUNDS** |||Expendable|| |---|---|---|---| ||General|endowment|| ||fund|fund|Total| ||£|£|£| |Fixed asset investments|-|4,617,071|4,617,071| |Other net assets|22,143|345,663|367,806| ||______|________|________| ||22,143|4,962,734|4,984,877| ||`══════`|`═══════`|`════════`| ## 8. **RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** |Operating income / (expenditure) for period
Dividends received
Interest receivable
Losses on investments
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities|2023
£
(112,573)
(86,510)
(4,257)
114,230
912
(37,330)
________
(125,528)
________|2022
£
(30,580)
(74,991)
(602)
1,420,610
(9,339)
(6,327)
________
1,298,771
| |---|---|---| ## 9. **RELATED PARTY TRANSACTION** During the year Mr R. M. Plummer and Mrs F. J. Plummer settled £nil on the charity. ## 10. **CONTROLLING PARTY** The charity is controlled by its Trustees. 13