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2023-06-30-accounts

THE VINEHILL TRUST (formerly THE HAMISH OGSTON FOUNDATION)

REPORT AND ACCOUNTS

YEAR ENDED 30 JUNE 2023

Charity number: 1185978

THE VINEHILL TRUST

I N D E X

Year ended 30 June 2023

Page
Report of the trustees 2
Auditor’s report 6
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12

1

THE VINEHILL TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 30 June 2023

The trustees present their report and financial statements for the year ended 30 June 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 12 to 14 and comply with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP FRS102).

The Vinehill Trust (“Trust”) is a Charitable Incorporated Organisation (CIO) registered on 24 October 2019 with the registered charity number 1185978. On 11 December 2023 the charity name was changed from The Hamish Ogston Foundation to The Vinehill Trust.

Structure, governance and management

The names of the trustees who served throughout the period are stated on page 4.

The Vinehill Trust is governed by a board of trustees who hold meetings at least four times a year to discuss the Trust’s strategy, including grant making, investment, risk management, policies and performance. The board currently comprises three trustees listed on page 4. The maximum number of trustees shall be 7 and new members of the board will be selected and appointed by existing trustees by the end of 2024. New trustees will be provided with a copy of the Constitution, the latest Trustees’ Annual Report and statement of accounts and guidance as to their responsibilities from existing trustees.

The Vinehill Trust is governed by a constitution dated 11 December 2023.

The income and property of the CIO must be applied solely towards the promotion of its objects.

Decisions are either made by majority of votes cast at a meeting of the trustees or by resolution in writing.

Objectives and activities for the public benefit

The object of the charity, as set out in the constitution, is to advance such charitable purposes (according to the law of England and Wales) for the public benefit.

The Vinehill Trust is a grant making organisation supporting projects in the UK relating to health, heritage and music

Heritage - To fund and create heritage skills apprenticeship and training programmes that build a conservation workforce for the future preservation of our historic buildings.

Music - To support and build the UK’s choral and organ traditions whether in the context of school, church, cathedral or the wider community.

Health - To support work involving overlooked and /or underfunded health problems or conditions, which could include research programmes, on-the-ground delivery, or projects aimed at supporting community or other initiatives.

The trustees, having regard to the Public Benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.

Grant making policy

The trustees aim to distribute the earned income from investments equally across the three focus areas. Applications will be considered from charities registered in the UK and grants will be in the region of £25,000 - £100,000 per year for a maximum of three years.

2

R E P O R T O F T H E T R U S T E E S

THE VINEHILL TRUST

Year ended 30 June 2023

Achievements and performance

Grants, before discounting, of £1,835,900 were awarded for Health, £28,496,068 for Heritage and £1,029,000 for Music in the year to 30 June 2023.

The trustees request six-monthly progress reports from all charities who are in receipt of funding. The progress reports are assessed by the trustees before the next scheduled grant payment is approved.

Health

To celebrate the Queen’s Platinum Jubilee grants were awarded to support early career health professionals. These £5,000 grants are being distributed at the discretion of funding partners: The London School of Hygiene and Tropical Medicine, The Liverpool School of Tropical Medicine and The Royal Society of Tropical Medicine and Hygiene.

Heritage

In 2022/23, several multi-year partner programmes helped deliver a significant enhancement of heritage skills training and capacity.

The Queen Elizabeth II Platinum Jubilee Commonwealth Heritage Skills Training Programme, administered by the Commonwealth Heritage Forum, provided practical training in manual heritage skills for disadvantaged people through a mix of conservation projects, internships, scholarships, workshops and online courses.

The continuing partnership with the Cathedrals’ Workshop Fellowship supports English cathedrals by providing, thus far, sixty-six traineeships in stonemasonry, joinery and other heritage skills.

A programme with the National Trust provides high-quality heritage skills training across National Trust properties in England, with apprentices guaranteed a one-year work placement with the Trust on completion of their training.

The Craft Your Career Programme, conceived in partnership with Historic Environment Scotland, will boost heritage skills training capacity in Scotland whilst also ensuring that those trained have the broad range of skills needed to function effectively in the workplace.

The Heritage Craft Skills Resilience Programme was signed on 30 June 2023 with English Heritage to provide up to 51 apprenticeships in the heritage and construction sector across East Anglia. After the period end the trustees and English Heritage agreed to terminate the programme.

Music

The Vinehill Trust is committed to the preservation of choral tradition and is providing funding to the National Schools Singing Programme to provide the opportunity for children and young people to receive expert singing tuition. In addition, the Trust is funding the expansion of the Keyboard Studies programme in the Diocese of Leeds, a precursor to developing the nation’s future organists.

“All I hear from children is how much they love their time with you. I was in for one lesson last term, and it was amazing to see how the children just got stuck in straight away and were clearly confident with the repertoire. The children were all so engaged with big smiley faces and obviously thoroughly enjoying themselves” Headteacher, Archdiocese of Liverpool.

Financial review and investment policy

The charity received donations of £35,247,798 (2022 - £1,584,219) and expenditure on charitable activities amounted to £29,100,939 (2022 - £10,160,098).

There have been no significant events affecting the financial performance and the financial position of the charity in the reporting period. The trustees have considered the principal risks and uncertainties facing the financial performance of the charity and are satisfied that the charity is well placed to provide grant funding in future periods.

3

THE VINEHILL TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 30 June 2023

Grant expenditure committed to at the period end and recognised as creditors is £35,925,692 (2022 - £12,609,553). At the balance sheet date, the unrestricted funds were at a surplus of £5,655,095 (2022 – deficit of £545,094).

The trustees’ principal resources arise from donations to the charity and during the period the trustees continued to receive donations from the founding trustee and other related parties. The investment policy is to invest in a broad range of asset classes which collectively offer diversification of risk and the preservation of capital, whilst still targeting positive long-term real returns. The charity is undertaking a review of the investment policy.

Reserves policy

The trustees’ intention is to maintain a level of reserves sufficient to match the expenditure as and when it falls due. All funds are unrestricted and the reserves at the period end were in a surplus of £5,655,095 (2022 – deficit of £545,094).

The trustees will meet all existing grant commitments and will seek to distribute income earned on investments over the next 3-5 years. This is estimated to be around £1.5 - £2 million per annum. The charity aims to distribute grants equally across the three areas of health, heritage and music and anticipate that grans will be awarded to a maximum of £100,000 per year for three years.

Risk management

The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and have established procedures and systems to manage those risks.

Plans for future periods

In October 2023 the Board of Trustees changed and following discussions with the existing grant beneficiaries a number of grants were terminated, further details of which can be found in note 13 of these accounts. The charity will continue to provide grants and support in the three main areas in future periods. Each funded project will continue to be monitored every six months to ensure they are delivering in accordance with the project plan.

Grant applications are open and criteria are defined on The Vinehill Trust website. It is the intention of the trustees to build a broad portfolio of projects that support children and young people in our three focus areas.

Reference and administrative details

Trustees

H Ogston CBE (resigned 20 October 2023) I Ogston (resigned 20 October 2023) Dr John Rutter CBE (appointed 20 October 2023) Paul Finch CBE (appointed 20 October 2023) Robert Bargery (appointed 05 October 2023)

Registered office

22 Chancery Lane London WC2A 1LS

Charity number

1185978

4

THE VINEHILL TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 30 June 2023

Objects Such charities or for such exclusively charitable purposes as the trustees may determine Bankers UBP Seymour Mews House 26-37 Seymour Mews London W1H 6BN Auditors Dixon Wilson Audit Services LLP 22 Chancery Lane London WC2A 1LS Lawyers Bates Wells 10 Queen Street Place London EC4R 1BE

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity 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:

The Trustees are responsible for keeping accounting records, which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Constitution. 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 report of the trustees was approved by the trustees on

29 April 2024 and signed on their behalf by:

DR JOHN RUTTER CBE Trustee

ROBERT BARGERY Trustee

5

THE VINEHILL TRUST

A U D I T O R ’ S R E P O R T

Year ended 30 June 2023

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE VINEHILL TRUST

Opinion

We have audited the financial statements of The Vinehill Trust (the ‘charity’) for the year ended 30 June 2023, which comprise the statement of financial activities, balance sheet, statement of cashflows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of 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 the 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 trustees’ 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.

6

THE VINEHILL TRUST

A U D I T O R ’ S R E P O R T

Year ended 30 June 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require 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 5, 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 the Act and relevant regulations made or having effect thereunder.

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 financial statements.

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:

We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that 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.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act 2011.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of third parties.

7

THE VINEHILL TRUST

A U D I T O R ’ S R E P O R T

Year ended 30 June 2023

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 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 anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS 30 April 2024

Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

8

THE VINEHILL TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 30 June 2023

Unrestricted Unrestricted
Fund Fund
2023 2022
Note £ £
Income and endowments from:
Donations 2 35,247,798 1,584,219
Investments 162 -
Total income and endowments 35,247,960 1,584,219
Expenditure on:
Charitable activities 3 29,100,939 10,160,098
Total expenditure 29,100,939 10,160,098
Net gains on investments 9 53,168 225,819
Net movement in funds 6,200,189 (8,350,060)
Reconciliation of funds:
Total funds brought forward at 1 July 2022 (545,094) 7,804,966
Total funds carried forward at 30 June 2023 5,655,095 (545,094)
All amounts are in respect of continuing activities.

9

THE VINEHILL TRUST

B A L A N C E S H E E T

At 30 June 2023

Note
2023
£
Fixed assets
Investments
6
38,354,308

Current assets
Debtors
7
41,938
Cash at bank and in hand
3,249,341
3,291,279
Liabilities
Creditors: amounts falling due within one year
8
(14,752,085)
Net current liabilities
(11,460,806)
Creditors: amounts falling due after one year
8
(21,238,407)
Net assets
5,655,095
Represented by:
Unrestricted Fund
5,655,095
Total
5,655,095		 2022
£
11,489,267
82,415
499,977
582,392
(5,550,283)
(4,967,891)
(7,066,470)
(545,094)
(545,094)
(545,094)

The financial statements on pages 9 to 17 were approved by the trustees on 29 April 2024 and signed on their behalf by:

DR J RUTTER CBE Trustee

R BARGERY

Trustee

10

THE VINEHILL TRUST

S T A T E M E N T O F C A S H F L O W S

Year ended 30 June 2023

Note
Net cash generated by/(used in) operating activities
9
Cash flows from investing activities
Interest from investments
Proceeds from sale of investments
6
Purchase of investments
6
Net cash (used in)/generated by investing activities

Change in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2023
£
26,218,656

162
5,266,041
(28,375,495)
(23,469,292)
2,749,364
499,977
3,249,341		 2022
£
(1,676,282)

-
1,877,417
(186,720)
1,690,697
14,415
485,562
499,977

11

THE VINEHILL TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 30 June 2023

1. Accounting policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. There are no significant areas of adjustment and key assumptions that affect items in the accounts.

The financial statements are presented in Sterling which is the financial currency of the trust and rounded to the nearest pound.

(b) Funds structure

Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.

(c) Income recognition

All income is recognised in the statement of financial activities when the trust has entitlement to income, it is probable that the income will be received and the amount of the income can be measured reliably.

Donations are recognised when the trust has been notified in writing of both the amount and settlement date.

Donated services provided in the form of support on governance and carrying out the charitable activities from Milton Magna Limited personnel have been recognised as income in the SOFA based on a share of the payroll costs, with an equivalent amount recognised as an expense under the appropriate heading.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the trust to the expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. This is accrued in full once the recipient has been notified of the grant award, subject to any termination clause.

The provision for multi-year grants is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit it to avoid making the future payments, settlement is probable and the effect of discounting is material. The discount rate used is regarded by the Trustees as the most current available estimate of the opportunity cost of money and is based on the expected rate of return on funds if they were to be held on deposit.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, for further information on the allocation and apportionment of support costs across these categories refer to note 3 below.

(e) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

12

THE VINEHILL TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 30 June 2023

(f) Charitable activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 3.

(g) Support and governance costs

Support costs incurred for the advancement of an activity are allocated directly to that activity. Other support costs are apportioned based on the ratio of resources expended in respect of each charitable activity.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs relate to charitable activities.

(h) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The charity does not acquire put options, derivatives or other complex financial instruments.

(i) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

(j) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

(k) Financial instruments

Financial instruments are recognised in the charity’s Balance Sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include receivables and cash at bank, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

(l) Taxation

The Trust is a registered charity and as such is exempt from tax on its income to the extent this is applied for charitable purposes.

13

THE VINEHILL TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 30 June 2023

Grant liabilities

The initial liability is based on actual amounts awarded, but as the awards are paid out over a number of years, noncurrent liabilities are discounted based on expected future rate of return of funds if they were held on deposit. This is considered by the Trustees to be the most current available estimate of the opportunity cost of money to the charity.

2.
Donations
Cash donations
Donations in specie
Donated services		 2023
£
31,866,413
3,342,419
38,966

35,247,798

 2022
£
1,584,219
-
-
1,584,219

3. Analysis of charitable expenditure

Charitable activities
Health
Heritage
Music
Analysis of support costs
Consultancy fees
Bank charges
Advertising
Governance costs (see note 4)		 Grants
Support
awarded
costs
£
£
1,748,972
36,900
25,984,763
238,983
1,024,505
66,816


28,758,140
342,699
Health
Heritage
£
£
23,120
40,336
1,050
1,050
6,922
107,444
5,808
90,153


36,900
238,983
 Total
Total
2023
2022
£
£
1,785,872
(98,963)
26,223,746
9,346,004
1,091,321
913,057


29,100,939
10,160,098
Music
Total
£
£
58,631
122,087
1,050
3,150
3,880
118,246
3,255
99,216


66,816
342,699
4.
Governance costs
Fees payable to the charity’s auditor for the audit of the charity’s financial statements
Fees payable to the charity’s auditor for accountancy services
Legal and professional fees
Administrative fees
 2023
£
13,200
29,160
8,890
47,966

99,216
 2022
£
7,200
11,604
18,882
-

37,686

14

THE VINEHILL TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 30 June 2023

5. Analysis of grants awarded

Grants to institutions
Cathedral’s Workshop Fellowship No 4
Cathedral’s Workshop Fellowship No 5
Commonwealth Heritage Forum
Diocese of Leeds Grant
English Heritage
Global Snakebite Initiative
Historic England Foundation
Historic Environment Scotland
Liverpool School of Tropical Medicine – Early Career Grants
London School of Hygiene & Tropical Medicine – Platinum Jubilee Health Training
Programme
London School of Hygiene & Tropical Medicine – Early Career Grants
National Trust
Royal Society of Tropical Medicine and Hygiene – Early Career Grants
University of Oxford
Venoms and Toxins Conference
Effects of discounting
Donations and grants of less than £1,000
Grants awarded to individuals
Total grants		 2023
£
-
534,768
11,503,150
1,029,000
11,202,016
100
50,000
5,206,134
110,000
1,500,000
110,000
-
110,000
-
1,200

31,356,368
(2,602,728)
-
4,600

28,758,240
 2022
£
2,284,923
-
781,700
869,304
-
95,738
-
-
-
-
-
6,172,700
-
(217,705)
61

9,986,721
-
5,507
-
9,992,228
2022
£
12,954,145
186,720
(1,877,417)
225,819
11,489,267
2022
£
82,415
6.
Fixed asset investments
Listed investments
Valuation at 1 July 2022
Additions at cost
Proceeds on disposal
Net gain on revaluation
Market value at 30 June 2023		 2023
£
11,489,267

32,077,914
(5,266,041)
53,168

38,354,308
7.
Debtors
Other debtors		 2023
£
41,938

15

THE VINEHILL TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 30 June 2023

8.
Creditors
Amounts falling due within one year
Grants payable
Trade creditors
Accruals
Amounts falling due after more than one year
Grants payable		 2023
2022
£
£
14,687,285
5,543,083
31,800
-
33,000
7,200


14,750,085
5,550,283
21,238,407
7,066,470


35,990,492
12,616,753
2023
2022
£
£
6,200,189
(8,350,060)
(3,342,419)
-
(162)
-
(53,168)
(225,819)
40,477
(72,417)
23,373,739
6,972,014


26,218,656
(1,676,282)
9.
Reconciliation of net movement in funds to net cash flow
Net movement in funds
Deduct donation of in specie investments
Deduct income from investments
Gains on investments
Decrease/(increase) in debtors
Increase in creditors
Net cash generated by/(used in) operating activities		 2023
£
6,200,189

(3,342,419)
(162)
(53,168)
40,477
23,373,739

26,218,656

10. Related party disclosures

During the year the charity received donations without conditions from Milton Magna Limited, a company in which a trustee during the year has a controlling interest, amounting to £34,999,144 (2022 - £910,418).

During the year the charity received donations of services without conditions from Milton Magna Limited, a company in which a trustee during the year has a controlling interest, amounting to £38,966 (2022 - £nil).

During the year the charity received donations without conditions from Trustees amounting to £167,750 (2022 - £500,000).

No trustees received remuneration or reimbursement of expenses during the period (2022 – none). The charity has no staff.

R Bargery, a trustee of the charity appointed after the year end, received £32,336 in the year (2022 - £34,612) for consultancy services provided to the charity and there were no amounts outstanding at the year end (2022 - £nil).

11. Contingent liability

At the Balance Sheet date, the charity had recognised three months of grants payable subject to a termination clause. The additional payments agreed under the contracts, contingent to the termination clause not being exercised for the next seven years, totals £2,273,000 (2022 - £3,137,000).

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THE VINEHILL TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 30 June 2023

12. Financial assets and liabilities

The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price:

Financial assets 2023 2022
£ £
Quoted investments 38,354,308 11,489,267

13. Non-adjusting events after the reporting period

Following the year end English Heritage and Historic England terminated agreements in place at 30 June 2023 and returned funds that had been donated of £666,677 and £50,000 respectively. The grant with the London School of Hygiene and Tropical Medicine was also terminated after the payment of the next instalment.

The effect of this will be a reversal to the grants of £15,007,577 and the unwinding of the discount of £1,393,505 on the payments due in more than one year. The total impact on the Statement of Financial Activities will be £13,614,072 and Creditors will be £13,564,072.

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