The Ulana Trust Annual Report & Finaneial Statements for the Year Ended 5th April 2022 Currey & Co LLP, 33 Queen Anne Street, London WIG 9HY The Ulana Trust Page I Ann IRe ort for the Ye4rEnded 5th A 2022 LegAI and Administration Details ThL trustees are pleased to present their report together with the financial statements of the charity for the year ended 5th April 2022. The finllltcial ststem¢nts have been prepared in aceordancc with the accounting polici¢s sct out in the notes to the the accounts and comply with the charity's governing document. The Charities A¢t 201 l and Accounting and Reporting by Charities.. Stat¢ment of Reeomm¢nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irel￿d published OLtober 2019. The trustees acting throughout the year. who wcre not remunerated and received no expenses, were: William l.awrenc¢ Greenwell Swa Victoria F.lis2beth Sarah Macpherso Alemnder lan Maph¥rson Nrfr Swan is, how¢ver, a parther in CuTrey & Co I,LP. 33 Queett Anne Strc¢L London WICJ 9FIY. who provided secretarial, aecountancy and tax services. The inv¢5tment portfolio manag¢r5 are Rathbones Investment Management Ltd, Fiemies House, 32 Southgate Street. Winchest¢r S023 9EH. I'he indepcndent examin¢r is Ailsa Farey CA CTA. of Millbank finaniial S¢rYiccs Ltd. Fourth Floor, 7 Swallow Str¢et, London WIB 4D£. Strueture, Coveran¢e and Manugement The charity was establi.shed as a grant making trust by Deed ofTrust dated 3rd December 2019 and is rcgist¢r¢d with the Charity Commission No: 1187237. Thc charity's address is 33 Queen Annc Str¢eL London Wi(] 9HY. The training needs of the tTr￿tee5 reviewed on an annual basis. The training costs ineurred in the current year wer¢ £Nil {2020121.. £Nil). They have received appropriate brieting on their responsibilities under the18w relating to chariti¢s and their duty to ensurc that their charttable uctiYitie5 ar¢ for the public benefit. The selection of future trnste¢s will have ￿gard to the skills, knowledge 4trJd experien¢¥ nceded for the ¢ff¢ctive adJninistration of the charity- Related Partles No trAnsactions took place with relai¢d partics although expenses are charged for the services provided by Currey & Co LLP as disclosed abov¢. Risk Management Th¢ major risks lo which the charity is theoretically ¢xposed are the incompetence of its investmeTrt managors and the fraud or negligence ofthe trustees or their bankers. agents or nominees. Thg tmstees, having ass¢5scd these risks, are s&tisfied that systems are in plac¢ to mitigate the charity's exposur¢ thereto. The Ulana Tr Page 2 nnllal Re rt for the Year Ended 5th A ril 2022 Risk Management The trustees have satisfied themselve5 that the trust is a going ¢on¢ern and has adequate resources to continue in operational existence for the foreseeable future. Th¢ charitable activities are funded by the investment portfolio and has sufficient value to support continued grant making. Objeetives and Activities The objective of the trust is to seek to obtain a sustain2ble return from their investment portfolio and in particular an income increasing at least in line H'ith inflarion over the medium term. The charity is reliant on receiving neither additional funding from donors nor any particular level of income from its investments. The trustees nonnally only tnake orants or loafts lo other registered charities- the scope of their oiving is derennined only by the extent of their resources. it is not othern'ise restricted either geographicdly or by the type of activity carried on by prospective berjeficiaries or applicants. Publie Benefit The trustees confim] that they have complied with the duty in section 17 of the Charities A¢t 201 l and have r¢ferr¢d ro the guidance contained in the Charity Commission's general guidance on publi¢ benefit when reviewing the charity's aims and objectives and in planning furure activities and setting the donations policy for the year. The b¢nefii Ihat arises is the provision of funding to organisations that demonsrrate charitable purpose. Achievements and Perform2nce The trust¢cs consider that their principal objectives are beino achi¢v¢d. The trusiees are pleased with the progress made in the financial year ended 5th April 202? and look fonvard to expanding thcir work with many other charities in the years to come. Financial Review On 5th April 2022 the investrrtent portfolio H'as worth £292,789 (2020121.. £261,579) and in the year ending on 5th April 2022 the investment irkcome was £8,911 (2020121-. £6,104). The expenditure on charitable activities totall¢d £Q (20?0121-. £4:000). The trnstees thre satisfied that th¢ charity's ass¢t5 are available and adequate to meet its obligaiions. Fixed Asset Investments Investments are a form of basic financial instrument and are initiall), recognised at their transaetion value and subsequ¢ntlJ measured al their fair value as at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net g2ins and losses arising on revaluation and disposals throuohout the year. The Ulana Trust Page 3 Annual Re ort for the Year Ended 5th A ril 2022 The main form of financial risk faced by the charity is that of volatiliry in equity m2rkets and investment markeis due lo wider economic conditions, the artitude of inv¢stors to investment risk, and changes in sentiment concerning cquilies and within particular sectors or sub sectors. Realffised Gatns and Losses All uains and losses ar¢ taken to the Statement of Financial Activities 2s they arise. Realised gains and1055es on investments are Calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subgequent to the first day of the financial year. Unrealised gains and logs¢s are calculated as th¢ difference between the fair N'alue at the year ¢nd and their carryinr¥ value. Realised and unrealised investment gains and losses are combined in the Siatement of Financial Activities. Employees The Charity employs no staff. Inv¢stn)ellt Policy Under the trust deed the trust¢¢s empow¢rcd to invest in any t)q)e of investh)ent whi¢h the tru5te¢s could make if they were absolutely and beneficially entitl¢d. The Investment Policy is monitored by regular investment reports and annual meeiinos with the investment manager. A breakdown of the investthents held at ihe ycar ended ith April 2022 can be seen on page 9. Reserves Policy It is the trustees, policy to aim to disrribute approximately one }'ear's worth of net investment income in ihe course of each financial year and to retain as a r¢s¢rvc only sufficient to be able to respond expeditiously and when appropriate to urgent appeals. At rhe Balance Sheet date the unrestricted reserves amounted to £462,715. Plans for the Future The trustees intend thal the principal objectives should be pursued in p¢rpetuity. The Ulana Trust Annual Re rt for the Year Ended 5th A ril 2022 Statement of Trvstees, ResponsibÉlitie5 The trustees are rcsponsihle for prepgring the truste¢s' report and the Pinan¢ial stat¢m¢nts in aecordance with appli¢abl¢ law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial vear in accordance with United Kingdom Generydlly Accepted Accounting Practice (United Kingdom Accounting Standards and applicable r¢gulatiOns). Under that law the trustees must nor appove the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming r¢sources and application of resources of the charity for that period. In preparing these financial st2temenrs, the trustees are required to= select suitable accounting policies and then apply theni conslstently,. observe the methods and principles in the Charities SORP (FRS 102); make jud(Yements and estimates that are reasonable and prudent- state whether applieable accountino standards have been followcd. subject lo any material deparnires disclosed and explained in the financial statements- and prepare the financial statements on the ooino concern basis unless it is inappropriaie to presume ihat the charity ￿,111 continue in business. Thc ttUStees are responsible for keeping adequate accounting r¢cords which are sufficient to sho￿, and explaill the chariiy'5 transaciions and disclose with reasonable accuracy at any tim¢ the tinan¢ial position of the charity. and enable them to ensure rhal Ihe finaRcial statements comply ivith the Charities Aci 201 I, the Charities (Aecounts and Reports) Reoulations 2008 and th¢ provisions of the trust deed. They ￿e also responsibl¢ for safeouarding the assets of the charity and hence for taking reasonable steps for the prevention and dete¢tion of fraud and other irreoularities. MrWLGSwan on behalf of the Trust¢es IL- 20?3 The Ula a Trust Page 5 Ststement of Fina cial Aetivities For the Year ended 5th A ri12022 Notes 2022 2021 Income from Gift Aid Donations Investments Capital introduc¢d Total 156,250 8,911 6,104 10 6,114 165,161 Expenditure on Charitable activities Raising funds Total Resources Expended (5,737) (3,403) (9,140) (8,269) (2,606) (10,875) Net incomel(eipendAtllre) 156,021 (4,761) Gainsl(losses) on investment assets Net movement in funds 27,201 183,222 22,528 17,767 Reeonciliaton of funds Fund balances brought forward 279,493 261.726 Fund balances carried forward 462,715 £ 279,493 Page 6 The Ulana Trust Balance Sheet as at 5th A ril 2022 Notes 2022 2022 2021 Fixed Assets Investments at curr¢nt value ?92,789 261,579 Current Assets Cash at bank and on deposit Debtors 142,773 31,250 174,023 21,691 21,691 Creditors: Amounts due within one year AccruaIs 10 4,097 4,097 3,777 3,777 Net cu￿ent assets Total Net Assets 169,926 462.715 25,468 287,047 The Funds of the Charity Unrestricted funds.. Total Charity Funds 462,715 462,715 287,047 287,047 Approved by the Trustees and signed on its behalf by: (Trustee) .2023 Notss to the ACCO￿ll t&A ortbey l Aetounting Poli¢ies a) Basfis of ThDaneial Ststsllk¢nts Prepa]YtioD The fmancial ststements of the ch*rity, which is a public benefit entity, have been prepared in accordance wffith the Charities SORP (PRS 102)'Accounting and Rewrting by Charities.. Statement of Recommended Practice applicabl¢ to chAriti¢s prep&ring their accounts in accordancc with the Finan¢iai Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019),, the FinanGial RetNirting St2ndard applirablc th¢ United Kingdom and Republic of Ireland and the Chariti¢$ Act 2011. Th¢ financial statements have bten prepar¢d under th¢ hislorifj￿ GQSt Conventio Th¢ fin￿¢1￿1 statements have been prepared to we a and view and have departed from the Chariiies (Accounts and Rep)rts) Regulations 2008 only to the extent required to give a'true amd fairf view. This deptrlure has involved following Accounting and Reporting by Charities preparing their accounts in ac¢ordance with the Financial Reporttng Standard applicable in the UK and Republi¢ of Ireland (FRS 102} (effective l January 2019) Tather tha the Ac¢ounting and Reporting by Charities". Statsment of Reoommended Practice effectiv¢ from 1st April 2005 which has since been removed. b) Ngtllre of Funds All funds held ar¢ ￿￿trIcted and the trystees are free to use them in acwrdance wtth the charitable objects. el Fixed knset Invesbnents Investments th ststed at market value at the Baiance Sheet dat¢. OveTse&8 investsnents are translated into sterling at the rat￿ ruling at the year end. The Ststement of Finattoial Activities (SOFA) in¢ludes the net gains and losses on revaluation and disposals throughout th¢ year. d) Invest￿¢￿* Income Investment income is accounted forwhen r￿e1vable and is stated gross of any reclaimable taxation reli¢f. ¢) R#isfi4g Fund5 Expendiknre is accounted foron an accrual basis and has been classified undcr headin88 that aggtegate all costs related to that category and are shown in the notes to the financial fj Ch4rltable Gr&tsts Grants payable ￿e recognised in the SOFA when they atE approved by the trn￿tee5 and th¢ r¢cipi¢nt has been infornied of the amount to be patd. s) Foreigtt Currencles Transactions denomtnated in a foreign currency are translated into stèrltng at the rats of CXGhange rnling at the dAte of the trart5action. At the Balan¢¢ Sh¢¢t date monetary assets and liabsliues denominated in a foreign currency #rè trAnslAtsd at the rntc nJlin8 &t that dats. All e￿hange differences are dealt wilh in the SOF The Ulana Trnst llnts for th Year Ended 5thA Page 8 to the 2 Remuneration of Trustees In the financial year to 5 April 2022 the trwqtees did not receive any r¢muneration {2020121 £Nil) but did r¢eeive reimburscm¢nt for ¢xperLses incurred in the year. 2022 3 1nv¢8tDTrtnt Income UK Dividendg - Quoted Fixed Interest Unit Tn￿t tnt¢r¢st ProFtty kncome Overseas Income 2021 5,431 383 1,243 372 1,482 8,911 Support costs (see note 6) 3,485 195 1.066 306 1,052 6,104 4 Charitable ActivitAes Dkrect costy (see note 5) Total CÈwitable cxp 5,737 5,737 5 Direct Costs The charity undertook no dI￿t ¢lwitablc activities but awarded grants to a numbeT of institutions in furtherattce of its cbaritable objectives. Th¢sc ar¢ as follows.. 2022 Grants made to IDJtitutions 2021 5 ADatysis of Grants made Grxnts to institutions Grants to individuals Total Advancement of: Any other charitable purposes 6 Support Costs Cuney & Co LLP Bank charges MFS Ltd 2022 2021 5.520 20 197 5,737 2022 3.600 669 4,269 2021 7 ￿￿endItuTe on RAising Funds Inveslmeni Management fees 3,403 3,403 2.606 2,606 Theul ATrnt Notes to tbe Accounts for the ril 2022 Page 9 ear Ende 8 Inve$tment$ hèld at 5th April 2022 harehol 5.42022 ket Vtlue 2,500.00 31 Group plc 73 19f22p Ord 80.00 AstraZ£neca plc USSO.25 Ord 700.00 Blackrock Ass¢t Man2g¢rs ￿) Gold & Genernl D tnc 1500.00 City of London Investsnent Trust plc 25p Ord 190.00 Coca-cola Co US$O.25 2,000.00 380.00 Fund$mith LLP Equity I Inc 4,500.00 Guinness Asset M￿ageMent Global Equity Z Inc £ HICL Infrastructure Co Ltd Ip Ord 7.500.00 Invesco Funds Monthly Income Plus (UK) Z Inc 10,000.00 Janus Henderson Investments Strat¢gi¢ Bond I Inc 15,000.00 JPMorgan Asset Managers (UK) US Equity tncume K In 50.00 Microsoft Corporation USSO.00000625 Common Sto¢k 8.000.00 Primary Health Properties plc 12.5p Ord 550.00 120.00 Prud¢ntiaJ pl¢ 5p Ord Ho.00 REckÈtt Benckiser Group plc lop Ord 200.00 Relx ple 14.44p Ord Rio Tinto pl¢ l Op Ord 30.00 Roche Holdings AG Genusscheine NPV 12.000.00 320.00 Sequoia Economic Infrastru¢trJre NPV Ord 650.00 Sevcrn Ttent plc 97.89p Ord 7,000.00 SmÉths Group plc 37.5p Ord 3,000.00 Treasury 118Q/o Ind¢x Linked Stock 221312029 190.00 Treasury 2.5 /0 Index Lithd Stock 171712024 50.00 UJ)Alever pl¢ 3 119p Ord Visa Inc USSO.0001 Common Stwk 34,950 8,267 9,518 10,538 9.039 11.153 9,971 8.100 15,673 13,320 22,800 12,080 6234 7,15Q 10,758 12240 9.481 12.288 10,214 9,029 11.603 11.217 6,719 8.609 £292,789 2021 9 Debtors 2022 31250 £31,250 2022 £0 10 Aecruab Currey & Co LLP fees MFS independent examination fe¢ 2021 3.900 197 £4,097 3.600 177 £3,777 INDFPENDENT EI XAMINER>S REPORT TO THE TRUSTEEI S OF THE ULANA TRUST FOR THE YEAR ENDED 5 APRIL 2022 l i'eporf lo the charity tiustees on my examii?ation of the acwunts of the charity foi. the yeai. cnded 5 Api'il 2022 whi¢li ￿'e set out on pa&TCS 5 to I l. Responsibilities and ba$is of rcport As the charity's tI￿SteeS you al'e i'esponsible for the pi'eparation of the accounts in accordance with the requirements of the Chai'ities Act 2011 ("the Act"). I report in i'e,%pect of Iny examination of. tlie cl￿rIty,S accounts carried out under section 145 of the Act and in carryin8 Out my examination I have followed all the applieablc Dii'ectiOTTr. given by the Chai-ity Comi￿lSSion undei. sectioii 145(5)(b) of the Act. Independent Exftminer's Statement I have completed my examiiiation. I confii'm that no malci'ial mallei's have coine lo my atlenlioii in connection with th¢ ¢xamination giving me cause lo believc tlial in any matei'ial i'esp¢ct.' accouiiling records were not kept in i'especl of the charity as required by section 130 of tlie Act. oi. 2. Ilie accounts do not accoi'd with those records. oi. 3. the accounts do not comply with the applicable irquiremenls conc¢rnii)g Ilie form and conteiit of accounts set out iii the Chai'ilies (Accounts and Reports} Regiilatioiis 2008 othei. tlian any i'equirenieiil that Ihe aceounts give a 'true and falr view, which is not a Inallei. considei'ed as i)art of an iiidependent exainination. I have no eonceriis cind Iiave Come ari￿sS no oilier maitei's in connection with Ihc exaniinatioii to wliicli attention sliould be di'awii in this i'epoit iii ordei. to cnable a propci, undei'sianding of the aecounts to be reachcd. Ailsa Farey CA CTA 4, Floor 7 Swallow Sts'ect London WIB 4DE DATED tlii5 6 day of April 2023.