OpenCharities

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

2023-12-31-accounts

ANNUAL REPORT OF THE TRUSTEE AND FINANCIAL STATEMENTS

F O R TH E YEA R TO 3 1 DECE M BER 2023

(Registered Charity No. 1187700)

CO N T EN TS

Page
Annual Report of the Trustee 1-11
Independent Auditor’s Report 12-15
Statement of Financial Activities (including Income and Expenditure 16
Account)
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19-34

ANNUAL REPORT OF THE TRUSTEE AND FINANCIAL STATEMENTS

T H E P R UD E N C E T R UST

A N N U A L R E P O R T O F TH E TR U S TE E

F O R TH E Y E A R TO 3 1 D E CE M B E R 2 0 2 3

The Trustee Directors present their report and independently audited financial statements of The Prudence Trust (“the Trust” or “the Charity”), for the year to 31 December 2023. These have been prepared in accordance with the accounting policies set out in note 1 and comply with applicable charity law.

1. REFERENCE AND ADMINISTRATIVE DETAILS

The Prudence Trust, (registered charity number 1187700) is based and administered in the United Kingdom. The registered address is 32 Sackville Street, London, W1S 3EA.

Trustee:

The Trustee of the Trust who held office during the period and continues to serve at the date of this report is:

The Trustee did not hold any beneficial interest in the Trust at 31 December 2023 or at any time during or since that period.

Key Management:

The Directors of the Corporate Trustee (“Trustee Directors”) are in charge of directing and controlling the Trust. Day to day operations of the Trust are delegated to the Director, Tara Leathers.

Trustee Directors:

The following persons act as Directors of the Trustee

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

1

2 . OB J E C T I V E S A N D A C T I VI T I E S F OR T H E P U B LIC B EN E F IT

The objects of the Trust are restricted specifically to the application of Trust funds, at such time or times and in such manner, for the public benefit, as the Trustee Director may in their discretion think fit for any exclusively charitable purposes in any part of the world. The Charity operates as a grantmaking charity, with a view to support charitable projects and organisations with grants of varying sizes and durations.

The Trustee Directors have defined a programme of grant-making to charities which will achieve one or more of the following:

During 2023 the Trustee Directors confirmed the funding priorities for its first years of operation. These are to:

The emphasis will be on young people in the UK aged 11-25 years, although this will not exclude support to other groups.

The Trustee Directors have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and conditions.

Statement of Public Benefit

As a grant-funder, the Charity’s activities will provide public benefit to the individuals and communities who are beneficiaries of the Charity’s funded projects. The Charity’s public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustee Directors are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Charity’s aims, activities and achievements in the areas of interest that the Charity supports, demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities.

Grant Making Policies

Updates to the grant making and social investment policy to guide the Trustee’s decisions in achieving the charitable objectives was approved by trustees on 9 February 2023. Grant-making is also guided by some further funding parameters (approved in November 2022) which allow Trustee Directors to properly select appropriate grantees and impose prudent terms on grants, including, as appropriate. monitoring and evaluation of the way in which funds are applied by grantees. The Trustees’

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

2

grant making policy was generally to consider making donations by way of direct funding and also by way of grants to charitable organisations recognised as such in their respective jurisdictions, for projects that are exclusively charitable under English law.

3. ACHIEVEMENT AND PERFORMANCE

The main aims during the period were to:

  1. Deliver a large-scale and high-quality grants programme which makes an impact on the charity’s strategic goals

  2. Deepen the charity’s organisational expertise and network within the sector

  3. Monitor the charity’s investments against the objectives

During this period, the following was achieved:

Build the grant-making activities of the charity

In 2023 the Charity considered a number of grants to advance the Charity’s funding priorities detailed in section 2. The total of grants awarded in 2023 was £7.1m (2022: £6.62m). A full list of grants is below.

The average size of individual grants increased, in line with plans, with a smaller number of larger grants being made than in the prior year.

Across the charity’s strategic aims, some of the key grant activities were:

Resilience-building to prevent mental illness

In 2023 the charity increased the grants it made to support the prevention of mental ill health.

Parents are often the first place that children turn when they are struggling with their emotional health. Many parents and other carers, however, find it hard to know what to do when their child has problems. In response to this the Prudence Trust ran a funding round which offered grants to charities supporting and advising parents and carers. Grants were awarded to Young Minds and Action for Children for the expansion of their parent support lines and to Kinship to boost the mental health dimension of their support for kinship carers (often grandparents or siblings).

To build awareness amongst young people about how to support themselves and where to go to for help, the trust made a grant for a second year to Place2Be for Children & Young People’s Mental Health Week in February 2024, and a grant to the Samaritans for their outreach work in schools.

The charity continues to see the youth club environment as vital for both building resilience and also, increasingly, as a place young people first seek help. On the resilience building, the trust made new grants to East London Dance, Young Vic and Winston’s Wish. The trust continued to monitor grants made in previous years to the Prince’s Trust and Onside Youth Zones amongst others, as important sources of support for the worries young people have about their feelings.

Improve young people’s access to support

As increasing numbers of children have had mental health worries and statutory services are finding it hard to keep up, children and adolescents have been turning to the adults at their youth clubs for help. The charity has heard about the rising pressure on youth workers and wanted to enable them to help young people more effectively, whilst also supporting this vital workforce. This round resulted in grants to Onside for training, supervision and counselling support for youth workers across 14 Youth Zones and to Oxfordshire Youth for mental health training and the facilitation of a youth worker peer network within Oxfordshire.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

3

Talking therapy, delivered in many settings, is still a foundation of support, and is under pressure to meet demand. The trust made grants to Open Door, the Listening Place, SWEDA and AT the Bus for their different approaches to therapeutic support.

The charity monitors the grants made in its 2022 grant round to a number of other talking therapy services (both in person and digitally delivered) and also in the field of social activities for anxiety and depression (“social prescribing”).

Build the evidence of what works to prevent and treat mental illness.

The Charity continued to make a further investment in building the field of adolescent mental health researchers. During the year, grants were made to the charity’s four research partners (University of Bristol, University of Oxford, University College London and King’s College London) for further Prudence Trust Fellowships. This brings the total to eight Fellows who are pursuing their research in this field:

They join the 2022 Fellows - Naomi Warne at Bristol, Josefien Breedvelt at Kings, Lucy Foulkes at Oxford and Christina Carlisi at UCL.

The foundation has supported the work of two organisations who are researching broad themes within young people’s mental health. The Education Policy Institute is mapping the provision of nonclinical mental health support around the UK; MQ is undertaking a literature review on research into how the internet impacts the mental health of young people.

A further grant to MQ was to support the translation into practice of an improved referral process for the Child and Adolescent Mental Health Service (CAMHS) platform, alongside funding from the National Institute of Health Research.

The Pears Maudsley Centre for Children & Young People will be a research and clinical centre for mental health. The foundation awarded a grant to the capital costs of this important investment into advancing knowledge and practice.

Finally, the trust has funded the mental health strand of the new independent think tank, the Centre for Young Lives which is dedicated exclusively to improving the lives of children, young people, and families in the UK.

All grantees share half-yearly updates and meet with the staff team after each update. The trustees have an annual schedule of learning visits to current grantees to see the work, meet the team and learn about the needs and challenges which inform our future grant-making.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

4

The full list of grants made across the year is below. All grants were made to registered charities or community interest companies.

----- Start of picture text -----
Mental health: access to
support
AT The Bus Delivery of a new business plan £150,000
Open Door, Young People's Core costs £40,000
Consultation Service
Climbing Out Residential outdoor programme with £10,000
coaching
Somerset and Wessex Eating Continuation of Counselling £30,000
Disorder Association
The Listening Place Support for young people with suicidal £150,000
feelings
Mental health: prevention
OnSide Youth Zones Training and supervision for youth workers £252,180
Oxfordshire Youth Training and support for youth workers £264,600
Action for Children Expansion of parent help line services £535,000
Kinship Mental health support £505,490
YoungMinds Expansion of parent help line services £651,720
Young Vic Community programme for young people £30,000
East London Dance Youth programmes & staff wellbeing £225,000
Place2Be Children's Mental Health Week 2024 £34,210
Samaritans Online chat evaluation & relaunch £174,800
education resources
Winston's Wish Core costs £30,000
Mental health: research
University of Bristol Prudence Trust Fellow Cohort 2 - Laura Hull £600,000
King's College London Prudence Trust Fellow Cohort 2 - Stephanie £600,000
Lewis
University of Oxford Prudence Trust Fellow Cohort 2 - Tessa £600,000
Reardon
University College London Prudence Trust Fellow Cohort 2 - Sarah £600,000
Griffiths
University of Bristol Prudence Trust Fellow - Cohort 1 additional £75,000
research costs
King's College London Prudence Trust Fellow - Cohort 1 additional £75,000
research costs
University of Oxford Prudence Trust Fellow - Cohort 1 additional £74,266
research costs
University College London Prudence Trust Fellow - Cohort 1 additional £74,615
research costs
Education Policy Institute Research - Mapping mental health and £80,000
wellbeing services
Maudsley Charity Eye Tracking Suite at Pears Maudsley Centre £250,000
MQ Review of research on mental health and £35,888
the internet
MQ Improving Child and Adolescent Mental £357,031
Health referral process
The Centre for Young Lives c/o Centre for Young Lives mental health work £256,000
----- End of picture text -----

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

5

----- Start of picture text -----
Oasis Community Partnerships
Anna Freud Developing and promoting manifesto £44,916
Environment
Royal Welsh Agricultural Society Regenerative agriculture conference £15,000
Sustainable Food Trust Strategy advisor to support global advocacy £200,000
for regenerative agriculture
Global Canopy Core costs £75,000
£7,095,716
----- End of picture text -----

Deepen our knowledge and increase our network

The Trustee Directors have been supported in the early years of the foundation by a panel of experts who have supported the strategic direction and research grants. In 2023 it was decided to expand the scope and membership of the Advisory Panel with expertise from the research, mental health and youth sectors, alongside young people who have had experience of using services.

The enlarged panel met for the first time in September 2023 for a series of roundtable discussions on activities which build resilience; which mental health provision in schools is most effective; and, developing the children and young people’s mental health workforce.

The charity has taken part in a number of events and roundtables during 2023 and has increased its network and profile as a funder dedicated to adolescent mental health. In December 2023, the foundation brought together leaders from a number of grantees to encourage stronger connections and more informal sharing across the sector.

Monitor investments against the objectives

The Investment & Audit Committee oversee the charity’s investments, supported by an investment consultant, JT Financial Management Limited.

During the year, as part of diversifying the charity’s assets, the trustee directors appointed a fourth investment manager. The details are outlined in the Financial Review.

4. FINANCIAL REVIEW

The Statement of Financial Activities on page 16 shows total incoming resources for the period of £14,595,619 (2022: £13,427,941) and expenditure on charitable activities of £7,583,136 (2022: £7,088,383). Direct charitable expenditure of £7,085,716 (2022: £6,624,846) was incurred in the year by way of awarding grants. Governance costs amounted to £18,674 (2022: £19,227) and are included within charitable activities. The balance of charitable activities comprised support costs totalling £478,746 (2022: £444,310). The increase in support costs was primarily driven by an increase in staff, office and administrative costs.

The Trust spent £1,194,038 (2022: £965,672) on investment management fees. The total reserve at 31 December 2023 amounted to £196,852,333 (2022: £177,159,827).

During 2023 the Charity held its investments across three portfolios. At 31 December 2023, 51.5% was held with Brown Advisory, 26.2% with Meridiem Investment Partners (UK) Limited and 22.3% with Ruffer LLP.

The investment managers operate under a discretionary mandate with advice provided by JTFM Limited.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

6

As at 31 December 2023 the funds held with Brown Advisory appreciated 9.1% over the year on a time weighted return basis, Meridiem Investment Partners (UK) Limited appreciated 17.8% over the year on a time weighted return basis and Ruffer LLP depreciated by 6.5% over the year on a time weighted return basis. The total investment income for the year across all portfolios increased to £2,347,705 (2022: £1,992,483) as more interest yielding investments were held throughout the year.

The benchmark of inflation as measured by the UK Consumer Price Index (“CPI”) plus 4.0% totalled 8.1% for the year, of which both Brown Advisory and Meridiem were able to outperform against a relatively high inflationary environment. The Trustee Directors have reviewed the performance of the portfolios and are satisfied with the returns to date given the wider economic volatility.

A fourth investment manager, Pantheon Ventures (UK) LLP was appointed in October 2023 with the Trust committing to invest £30m into a Luxembourg domiciled fund with this manager over the next 13 years. As at 31 December 2023 no investments were held with this manager and it is expected the total investment with this manager will not exceed 10% of total investment holdings over the long term.

Reserves policy and going concern

The Trustee Directors have examined the Charity’s requirement for resources in light of the main risks to the organisation and have no outstanding commitments or cash demands which are not adequately covered by existing resources. The net unrestricted assets of the Charity are regarded as free reserves and the funds at 31 December 2023 will be retained to make grants in accordance with the Charity’s charitable objects and any policies. The Trustee Directors consider that the freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in future years. The Trustee Directors have agreed that at least £10m of reserves is held in cash and/or liquid investments that can be realised and their settlement proceeds are available within 5 business days.

The geo-political and macro-economic effects of the war in Ukraine and the Middle East, rising costs, high interest rates and inflation continued to impact the Charity throughout 2023. Despite this backdrop, the Charity benefited from the US technology equity rally in the fourth quarter of 2023, contributing to an appreciation in the valuation of the Charity’s investments of £13,814,632 (10.97%) during the year to 31 December 2023. The Trustee Directors consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Investment Policy

The investment objective is to maintain and grow the real value of the assets and to generate stable, sustainable, distributable returns (capital and income), sufficient to at least maintain the purchasing power of those distributions.

The long-term total return objective is to achieve inflation as measured by UK Consumer Price Index (“CPI”) plus 4.0% per annum to be measured over 5 year rolling periods.

Remuneration Policy

The Trust aims to ensure that staff are paid appropriately according to the nature of the work and the experience, knowledge and skills needed to carry out their job.

The Trust aims to remunerate at a median level or above when benchmarked against similar organisations in the sector. The charity is committed to principles ensuring that pay and conditions of employment do not discriminate unlawfully and are free from bias.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

7

The Trustees determine the salary for the Director and seek to pay a fair salary to attract and retain a skilled and expert senior leader for the organisation taking into account the median range for similar organisations in the UK Charity sector. Trustees ensure that the Director’s performance is reviewed and reported at least annually by the Chair of the Board of Trustees. The Director is responsible for determining the salaries of other staff in line with the remuneration policy above and as approved in the budget.

5. PLANS FOR THE FUTURE

The Trustees do not propose to deviate from the current objectives and activities of the Charity as detailed in Section 2 of this report. Trustees have approved a grants plan to deliver on the areas of focus and a schedule of grant rounds until December 2024.

This year will be the last of the charity’s first strategic period. During 2024 the trustees will reflect on the impact of the 100+ grants made to date and consider the changing needs of young people and the sector. Together with an examination of the funding landscape in children and young people’s mental health, trustees will determine the strategic direction for the next four years. That process will involve the charity’s grantees and the advisory panel and young advisers.

In February the charity announced its second open round, “What’s Working for Young People’s Mental Health”. This funding round is available to front line charities who want to improve the evaluation of their support for young people and where they can act upon the findings. Shortlisted charities will be supported by NCVO Consulting with their applications and successful grantees will receive training and mentoring support from an evaluation specialist.

The charity will be making grants on harnessing digital tools for mental health in April 2024. These charities will also be offered specialist support to implement their project successfully. Later in the year, the charity will be considering how it can advocate for and support the systematic roll out of mental health hubs in the UK which offer drop-in support to address the first sign of problems. The charity is also interested in understanding and supporting community-based activities (such as clubs and groups) which give young people positive support and structures as they navigate adolescence.

The charity will ensure that the trustee board is appropriate informed and supported, by reviewing the composition and skills of sub-committees. The Mental Health Advisory panel will provide regular guidance on both strategic direction as well as grant-making.

The Prudence Trust profile and networks will be built further with the aim of attracting high quality applications for open rounds and to identify opportunities for collaboration with other funders.

6. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a trust governed by its declaration of trust dated 20 May 2019 and is registered as a charity with the Charity Commission for England and Wales.

The Charity is controlled by its sole corporate trustee, the Prudence Trust Company Ltd. The charity resolved to appoint the Prudence Trust Company Ltd as sole corporate trustee in June 2020. Charity Commission approval for this appointment was received in September 2020.

The Trustee Directors liaise regularly and meet at least quarterly to discuss and develop the Charity’s goals and strategy and to review grant proposals and general grant requests.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

8

In the reporting period the Trust appointed an investment and audit sub-committee with oversight of investment, audit, risk management and financial performance. The committee meets at least twice a year.

The number of Trustees shall be a minimum of three at any one time, or one Trustee if said trustee is a Trust corporation, and new Trustees shall be appointed in writing by the Founding Trustee. The range of skills represented on the Trustee Board will be kept under review as the Charity develops over time.

Induction and Training

As part of their training, Trustee Directors are given an information pack which includes the Charity's Constitution. Trustee Directors are offered training on the Charity Commission guidance on Trustees' Responsibilities. All Trustee Directors are aware of their legal duties and obligations in respect of the management of the Charity, including in relation to the protection of its assets.

Statement of Trustees’ Responsibilities

The Trustee Directors are responsible for preparing the Annual Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustee should follow best practice and:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time 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 the provisions of the trust deed. 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 Trustee Directors have signed fit and proper declarations in line with HMRC guidance.

Charity Governance Code

In addition, each alternate year the Trustee Directors give due consideration to Good Governance – A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

9

The Trustee recognises that good governance plays an essential part in securing the future of the Charity and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Charity.

No Trustee Director received any remuneration during the year to 31 December 2023.

The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators. The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. As such, we have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.

Internal Controls

The Trustee has overall responsibility for ensuring that the Charity has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Trustee is also responsible for the Charity safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Risk Management & Corporate Governance

A risk assessment has been performed during the preparation of this report and the Financial Statements. The risk assessment undertaken comprises of:

This continuing process will identify risk areas to which the Charity is vulnerable and highlight any necessary safeguards that will need to be put in place. The current version of the Charity’s Risk Register was approved by the Board of Trustee Directors in January 2024.

The risk register is reviewed every six months by the Board. Mitigation plans are in place for all risks and are overseen by the Investment & Audit Committee.

Principle risks for the Charity were identified as:

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

10

Related Party Transactions

The Trust has no subsidiary undertakings and has not entered into any co-operation agreements with other Charities in pursuit of its charitable objectives. Where the Trust engages in a transaction with which one of the Trustee Directors is connected, the conflicted Trustee Director recuses themselves from the decision making process. Any related party transactions are disclosed in note 13 to the Financial Statements.

Approved by the Trustee and signed on their behalf by:

Guy Elliott

Director of the Prudence Trust Company Limited (Trustee)

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

11

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE THE PRUDENCE TRUST

Opinion

We have audited the financial statements of The Prudence Trust (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 the Financial Reporting Standard applicable in the UK and 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 trustee’s 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 Prudence Trust'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 trustee 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 trustee’s annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information contained within the annual report. 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. 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 course of the audit or otherwise appears to be materially ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS 12

misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

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 requires us to report to you if, in our opinion:

Responsibilities of trustee

As explained more fully in the statement of trustee’s responsibilities set out in the trustee’s annual report, the trustee is 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 trustee determines 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 trustee is 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 trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

13

Auditor’s responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

14

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available 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 trustee as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest e xtent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Date: 14 June 2024

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

15

THE PRUDENCE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 DECEMBER 2023

Note Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Income from:
Donations 2 82,800 12,148,675 12,231,475 11,424,408
Investments 3 989,447 1,358,257 2,347,704 1,992,483
Charitable activities 16,440 - 16,440 11,050
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Income 1,088,687 13,506,932 14,595,619 13,427,941
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Expenditure on:
Charitable activities 4 6,677,800 905,336 7,583,136 7,088,383
Raising funds: investment management 6 440,269 753,769 1,194,038 965,672
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Expenditure 7,118,069 1,659,105 8,777,174 8,054,055
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income/(expenditure) before
gains/(losses) on investments (6,029,382) 11,847,827 5,818,445 5,373,886
Net gains/(losses) on investments 7 8,852,414 4,962,218 13,814,632 (18,655,708)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income/(expenditure) 2,823,032 16,810,045 19,633,077 (13,281,822)
Other recognised gains/(losses) (101,142) 160,571 59,428 188,106
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net movement in funds 2,721,890 16,970,616 19,692,505 (13,093,716)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Reconciliation of funds:
Total funds brought forward 66,134,894 111,024,933 177,159,827 190,253,543
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total funds carried forward 68,856,784 127,995,549 196,852,333 177,159,827
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

All of the above results are derived from continuing activities. There were no recognised gains and losses for either period other than those stated above. Movement in funds are disclosed in Note 15 to the Financial Statements. A comparative Statement of Financial Activity is included as Note 17.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

16

THE PRUDENCE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2023

THEPRUDENCE TRUST
BALANCE SHEET
AS AT 31 DECEMBER2023
Note 2023 2022
£ £
Fixed assets
Investments and cash under management 7 200,310,491 181,412,789
Tangible Assets 8 4,735 6,313
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total fixed assets 200,315,226 181,419,102
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Current assets
Debtors 9 747,703 23,171
Cash at bank 5,930,893 3,291,835
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Current Assets 6,678,596 3,315,006
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Current liabilities
Creditors - amounts falling due within one year 10 (6,187,756) (3,905,606)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net current assets/(liabilities) 490,840 (590,600)
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Total assets less current liabilities 200,806,066 180,828,502
Non-current liabilities
Creditors – amounts falling due in more than one year 11 (3,953,733) (3,668,675)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total net assets 196,852,333 177,159,827
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
The funds of the charity:
Unrestricted funds 68,856,784 66,134,894
Restricted funds 127,995,549 111,024,933
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total charity funds 196,852,333 177,159,827
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

The financial statements were approved and authorised for issue by the Trustee and were signed on their behalf by:

Guy Elliott

Beatrice Hollond

Director of Prudence Trust Company Limited Director of Prudence Trust Company Limited (Trustee) (Trustee)

13th June 2024

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

17

THE PRUDENCE TRUST STATEMENT OF CASH FLOWS

FOR THE YEAR TO 31 DECEMBER 2023

Note 2023 2022
Net cash flow from Operating Activities £ £
Net movement in funds for the year 19,692,506 (13,093,716)
Less: Investment income and deposit interest (2,347,704) (1,992,483)
Depreciation charge 8 1,578 1,578
Net (gain) / loss on investment assets (13,814,632) 18,655,708
(Increase)/Decrease in debtors (724,532) 76,188
Increase in creditors 2,567,208 4,049,173
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
5,374,424 7,696,448
Cash flows from investing activities
Investment income 3 2,347,704 1,992,483
Purchase of tangible assets - (5,846)
Purchase of investments (61,063,939) (193,724,775)
Proceeds from sale of investments 7 55,162,255 186,112,442
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
(3,553,980) (5,625,696)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Change in cash and cash equivalents in the year 1,820,444 2,070,752
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Reconciliation of net cash flow to movement in net funds
Net cash resources at 1 January 2023 14,573,045 12,502,293
Net increase in cash 1,820,444 2,070,752
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net cash resources at 31 December 2023 16,393,489 14,573,045
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Analysis of net funds:
Cash held in investment portfolio 7 10,462,596 11,281,210
Cash at Bank 5,930,893 3,291,835
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
16,393,489 14,573,045
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

18

THE PRUDENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of Preparation of Financial Statements

The Prudence Trust (“the Trust”), registered charity number 1187700, is based and administered in the United Kingdom. The registered address is 32 Sackville Street, London, W1S 3EA. The nature of the Trust’s operations and principal activities are set out in the Trustees’ Annual Report.

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 (FRS 102) (“Charities SORP FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and where relevant, the Charities Act 2023, 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by Charities SORP FRS 102.

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.

In applying the financial reporting framework, the Trustee has made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Incoming Resources

Investment income is derived from interest and dividends receivable from investments and is accounted for in the period in which the Trust is entitled to receipt. Interest from deposit accounts are included as and when received only. All incoming resources are included in the SOFA when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy.

Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Interest from deposit accounts are included when received.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

19

Resources Expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustee to the expenditure. Irrecoverable VAT is charged against the activity for which expenditure was incurred.

Charitable activities include governance costs made during the period and are expended through the SOFA when the offer is conveyed to the recipient.

Cost of raising funds relate to the costs incurred by the Trust in managing its investment portfolios.

Governance costs relating to the general running of the Trust, as opposed to the management functions inherent in generating funds.

Grants payable

Grants payable are made to third parties in furtherance of the Trust's objects. Single or multi- year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustee has agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Trust.

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. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/ (losses) on investments” in the statement of financial activities. The Trust does not trade in options, derivatives or other complex financial instruments. However the Trust’s investment managers may trade in such financial instruments as part of their investment portfolio management.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Tangible fixed assets are included at their cost value and depreciated using the straight line method over 5 years.

Status of funds

Restricted funds are to be used for specific purposes as laid down by the donor. Income arising from the investment of those funds and expenditure which meets the criteria set out by the donor is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Foreign currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are converted at the rate of ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS 20

exchange ruling at the date of the transaction. All translation differences are taken to the statement of financial activities as they arise.

Taxation

The Trust is not subject to any taxes on its charitable activities.

Debtors and creditors receivable / payable

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 as expenditure.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Provisions

Provisions are recognised when the Trust has an obligation at the Balance Sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern

The Trustee Directors consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

21

For the year ended 31 December 2023

For the year ended 31 December 2023
Total
2. INCOME FROM DONATIONS Unrestricted Restricted 2023
£
Donations received 82,800 12,148,675 12,231,475
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
82,000 12,148,675 12,231,475
For the year ended 31 December 2022
Total
Unrestricted Restricted 2022
£
Donations received 390,940 11,033,468 11,424,408
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
390,940 11,033,468 11,424,408
For the year ended 31 December 2023
Total
3. INCOME FROM INVESTMENTS Unrestricted Restricted 2023
£
UK quoted securities income 35,878 103,100 138,978
Overseas quoted securities income 781,114 1,002,897 1,784,011
Bank interest 172,455 252,260 424,715
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
989,447 1,358,257 2,347,704
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
For the year ended 31 December 2022
Total
Unrestricted Restricted 2022
£
UK quoted securities income 140,386 167,719 308,105
Overseas quoted securities income 570,694 1,031,034 1,601,728
Deposit interest 30,781 51,869 82,650
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
741,861 1,250,622 1,992,483
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

22

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Grants payable:

The Trust awarded grants totalling £7,095,716 to twenty four UK registered charities and four UK Universities during the year to 31 December 2023 (Current year list is shown in the Annual Report of the Trustees) (2022: £6,624,846 to thirty eight UK registered charities (note 18)). The grants awarded were in the following areas of focus of the Trust with the cumulative amount per area shown:

Total Total
2023 2022
£ £
Mental Health: Research 3,722,716 2,226,564
Mental Health: Access to support 380,000 3,897,667
Mental Health: Prevention 2,703,000 490,615
Environment 290,000 10,000
Cancelled Grants – Mental health: Research (10,000) -
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Grants payable 7,085,716 6,624,846
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Grants have been awarded restricted and unrestricted funds as follows:
Restricted 904,516 3,259,282
Unrestricted 6,181,200 3,365,564
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
7,085,716 6,624,846
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Support Costs:
Staff costs (note 5) 282,686 270,493
Office and Admin costs 125,053 97,910
Professional fees 70,473 64,085
Travel, Events and Subsistence 534 11,822
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Support costs 478,746 444,310
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Support costs are allocated between restricted and unrestricted funds as follows:
Restricted 820 409
Unrestricted 477,926 443,901
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
478,746 444,310
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

23

Total Total
2023 2022
£ £
Governance Costs:
Legal fees 7,814 5,187
Audit fees 10,860 14,040
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Governance costs: 18,674 19,227
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Governance costs are allocated to unrestricted funds.
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Charitable activities 7,583,136 7,088,383
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

Auditor remuneration in respect of their audit of the Financial Statements for the year to 31 December 2023 totalled £11,000 excluding VAT. (2022: £9,750 excluding VAT)

5. STAFF COSTS

During the year to 31 December 2023, the average number of employees was 4 (2022: 4). The associated costs of employment are as follows:

employment are as follows:
Total Total
2023 2022
£ £
Gross Salaries 229,005 204,925
Employers Social Security 26,582 25,731
Employers Pension contribution 24,626 23,001
Staff benefits and insurance 2,473 16,836
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
282,686 270,493
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

The total amount of benefit received by key management personnel was £142,623 (2022: £134,698). Key management personnel represent the Trustees and the Foundation Director. One employee earned between £110,000 and £120,000 during the year (2022: 1 earned between £100,000 and £110,000)

6.

For the year ended 31 December 2023
Total
EXPENDITURE ON INVESTMENT MANAGEMENT Unrestricted Restricted 2023
£
JTFM Limited – Financial consultant 45,900 - 45,900
Meridiem Investment management fees 261,782 121,598 383,380
Ruffer LLP Investment management fees - 443,801 443,801
Brown Advisory investment management fee 132,587 188,370 320,957
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
440,269 753,769 1,194,038
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

24

For the year ended 31 December 2022
Total
Unrestricted Restricted 2022
£
JTFM Limited – Financial consultant 30,900 - 30,900
Meridiem Investment management fees 218,392 99,446 317,838
Ruffer LLP Investment management fees - 232,764 232,764
Brown Advisory investment management fee 150,284 233,886 384,170
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
399,576 566,096 965,672
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Ruffer LLP was appointed in June 2022. The fees shown above represent a seven month period.
7. FIXED ASSET INVESTMENTS 2023 2022
£ £
Quoted investments 189,847,895 170,131,579
Cash held as part of portfolios 10,462,596 11,281,210
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total investments and cash under management 200,310,491 181,412,789
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ
Net gain/(loss)on investments 13,814,632 (18,655,708)
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ
Market value at 1 January 170,131,580 181,174,953
Additions at cost 61,063,939 193,724,775
Disposals (55,162,255) (186,112,442)
Net realised investment (loss) (1,897,319) (3,351,609)
Net unrealised investment gain/(loss) 15,711,951 (15,304,099)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Market Value at 31 December 189,847,896 170,131,578
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

The Trust has unaccrued investment commitments of £28m at 31 December 2023 (2022: Nil).

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

25

8. TANGIBLE FIXED ASSET 2023 2022
£ £
Fixtures, fittings and equipment at cost
Balance at 1 January 8,402 2,556
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Purchases of fixtures, fittings and equipment
Computer equipment - 5,846
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Balance at 31 December 2023 8,402 8,402
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Accumulated depreciation
Balance at 1 January 2,089 511
Charge for the year 1,578 1,578
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Balance at 31 December 2023 3,667 2,089
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Net Book Value at 31 December 2023 4,735 6,313
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

Tangible fixed assets are depreciated over a five year period using the straight line method.

The fixed assets are still being used by the Trust.

9. DEBTORS 2023 2022
£ £
Investments Awaiting Settlement 716,670 -
Accrued Income 18,990 -
Prepayments 12,043 23,171
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
747,703 23,171
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
10. CREDITORS - amounts falling due within one year 2023 2022
£ £
Accounts payable 310,517 320,105
Accruals 18,825 50,303
Grants payable 5,141,743 3,535,198
Investment commitment 716,670 -
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
6,187,755 3,905,606
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
11. CREDITORS - amounts falling due in more than one year 2023 2022
£ £
Grants payable 3,953,733 3,668,675
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

26

12. GRANTS PAYABLE

During the year the Trustee awarded twenty four new multi-year commitments. The following amounts outstanding as at 31 December 2023:

Organisation

Organisation
Amount falling due
Amount falling due in more than one
within one year year Total £
Anna Freud Centre 100,000 - 100,000
Body & Soul 85,512 - 85,512
Bristol University 263,441 - 263,441
Bristol University Fellowship 100,000 100,000 200,000
Comics Youth 30,000 30,000 60,000
Core Arts 45,000 - 45,000
Create 58,445 - 58,445
Dalai Lama Centre for Compassion 10,000 - 10,000
Designs in Mind 30,000 30,000 60,000
Dose of Nature 50,000 50,000 100,000
Empire Fighting Chance 96,590 96,590 193,180
Groundwork London 65,939 65,938 131,877
Jigsaw4u 105,448 - 105,448
Kings College London Fellowship 125,000 125,000 250,000
Ormiston Families 50,000 - 50,000
OTR Bristol 64,405 66,337 130,742
Oxford University 97,077 - 97,077
Place2Be 152,000 - 152,000
Raw Material Music and Media 61,503 156,215 217,718
Roundhouse Trust 15,000 - 15,000
Student Minds 50,000 - 50,000
The Mix 75,000 - 75,000
The Music Works 91,255 92,682 183,937
The Wave Project 100,000 100,000 200,000
University College London 300,000 146,467 446,467
University College London Fellowship 200,000 - 200,000
University of Oxford Fellowship 125,000 125,000 250,000
Young Roots 82,831 - 82,831
Youth Access 50,000 - 50,000
AT The Bus 75,000 - 75,000
Bristol University Fellowship 158,720 441,280 600,000

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

27

Kings College London Fellowship
OnSide
Oxfordshire Youth
University College London Fellowship
University of Oxford Fellowship
YoungMinds
Sustainable Food Trust
Action for Children
Kinship
The Listening Place
East London Dance
Climbing Out
MQ
Open Door, Young People's Consultation Service
Samaritans
Global Canopy
The Centre for Young Lives c/o Oasis Community Partnerships
Winston's Wish		 200,000
78,355
88,200
400,000
150,000
217,240
100,000
178,333
145,328
50,000
112,500
10,000
143,487
40,000
174,800
25,000
85,334
30,000
5,141,743		 400,000
83,057
88,200
200,000
400,000
217,240
-
178,333
164,684
50,000
112,500
-
213,544
-
-
50,000
170,666
-
3,953,733		 600,000
161,412
176,400
600,000
550,000
434,480
100,000
356,667
310,012
100,000
225,000
10,000
357,031
40,000
174,800
75,000
256,000
30,000
9,095,476

13. RELATED PARTY TRANSACTIONS

During the year two donations totalling £264,916 (2022: £420,000) were paid to Anna Freud Centre where the spouse of one of the Trustee Directors, Julia Samuel, is the Chair. Julia recused herself from the decisionmaking process related to these grants.

No Trustee Director received any remuneration or reimbursement of expenses during the year to 31 December 2023 (2022: £nil).

Trustee Liability insurance of £6,186 was paid by the Charity on behalf of the Trustee Director (2022: £2,462)

A Trustee Director, Beatrice Hollond is a Non-Executive Director of Brown Advisory. Beatrice Hollond recused herself from any decisions made in relation to Brown Advisory. Fees payable to Brown are disclosed in note 6.

During the year, a Trustee received the services of one of the employees of the Trust. The terms and provisions of these services were agreed by way of a consultancy agreement with fees charged to the Trustee that are above the cost incurred by the Trust in providing these services and agreed with the Trustee and the Trust at arm’s length. The fee income for the Trust for the year was £16,440 (2022 £11,050).

Aggregate donations from related parties were £Nil (2022: £260,000).

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

28

14. ULTIMATE CONTROLLING PARTY

The Trustee Directors consider that the Trust is jointly controlled by the Directors of The Prudence Trust Company and therefore there is no one ultimate controlling party.

Balance Income Expenditure Balance
15. FUNDS brought and and carried
forward Gains Losses forward
£ £ £ £
For the year ended 31 December 2023:
Unrestricted 66,134,894 9,941,101 (7,219,211) 68,856,784
Restricted 111,024,933 18,629,721 (1,659,105) 127,995,549
ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ
177,159,827 28,570,822 (8,878,316) 196,852,333
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ
For the year ended 31 December 2022:
Unrestricted 77,693,436 1,095,911 (12,654,453) 66,134,894
Restricted 112,560,107 12,477,431 (14,012,605) 111,024,933
ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ
190,253,543 13,573,342 (26,667,058) 177,159,827
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ
For the year ended 31 December 2023
Total
Analysis of net assets between funds: Unrestricted Restricted 2023
£ £ £
Fixed assets 75,083,505 125,231,721 200,315,226
Debtors 747,703 - 747,703
Cash at Bank 848,934 5,081,959 5,930,893
Creditors (7,823,358) (2,318,131) (10,141,489)
ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ
Total Funds 68,856,784 127,995,549 196,852,333
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ
For the year ended 31 December For the year ended 31 December 2022
Total
Unrestricted Restricted 2022
£ £ £
Fixed assets 70,016,987 111,402,115 181,419,102
Debtors 23,171 - 23,171
Cash at Bank 500,324 2,791,511 3,291,835
Creditors (4,405,588) (3,168,693) (7,574,281)
ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ
Total Funds 66,134,894 111,024,933 177,159,827
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ

Restricted funds are to be used for specific purposes as laid down by the donor and must be used to furthering the charitable objectives and not for day to day operations of the Trust.

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

29

Income arising from the investment of those funds and expenditure which meets the criteria set out by the donor is charged to the fund.

16. FINANCIAL INSTRUMENTS 2023 2022
£ £
The carry amounts of the Trust’s financial instruments are as follows:
Financial assets
Measured at fair value through SOFA:
-Fixed asset quoted investments 189,847,895 170,131,579
-Tangible Fixed assets 4,735 6,313
-Cash under management 10,462,596 11,281,210
-Cash at bank and in hand 5,930,893 3,291,835
Financial liabilities
Measured at amortised cost
-Creditors 10,141,489 7,574,280
════════════════════ ════════════════════
The net gains attributable to the Trust’s financial instruments are
summarised as follows:
Income and expense
Measured at fair value through SOFA:
-Net gains (including changes in fair value) 13,874,060 (18,467,602)

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

30

17. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Funds Restricted Total
2022 Funds Funds
2022 2022
£ £ £
Income from:
Donations 390,940 11,033,468 11,424,408
Investments 741,861 1,250,622 1,992,483
Charitable activity 11,050 11,050
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Income 1,143,851 12,284,090 13,427,941
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Expenditure on:
Charitable activities 3,828,692 3,259,691 7,088,383
Raising funds: investment management 399,576 566,096 965,672
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Expenditure 4,228,268 3,825,787 8,054,055
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income before gains on investments (3,084,417) 8,458,303 5,373,886
Net gains on investments (8,469,137) (10,186,571) (18,655,708)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income (11,553,554) (1,728,268) (13,281,822)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Other recognised losses (4,988) 193,094 188,106
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net movement in funds (11,558,542) (1,535,174) (13,093,716)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Reconciliation of funds:
Total funds brought forward 77,693,436 112,560,107 190,253,543
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total funds carried forward 66,134,894 111,024,933 177,159,827
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

31

18. GRANTS AWARDED IN PREVIOUS REPORTING PERIOD

----- Start of picture text -----
Mental Health: Research
University College
London Research- Increasing social prescribing referrals £896,467
University of Bristol Research- Improving Sleep £790,322
Research – Adolescent parents, depression and
University of Oxford parenting £439,775
MQ Core costs £100,000
Mental Health: Access to Support
Jigsaw4u Therapeutic support for young people £310,176
Expansion of remote schools early intervention
Anna Freud Centre for pupils, parents and teachers £300,000
The Wave Project Sustainability of the surf therapy project £300,000
Empire Fighting
Chance Expanding the Boxing Therapy programme £289,770
Evaluation and sustainability for the music
The Music Works programme £273,807
Groundwork London Support to expand the support at the Nest £263,755
Body & Soul Online mental wellbeing courses £256,537
Raw Material Music
and Media Music and media programme £252,858
The Mix Expansion of digital counselling £250,000
Personalised support for refugees and asylum
Young Roots seekers £248,493
YoungMinds Review of digital mental health support £200,000
OTR Bristol Community partnership programme £193,271
Talking and creative therapy sessions for
Ormiston Families children of those in prison £150,000
Dose of Nature Therapeutic nature walk programme £150,000
Youth Access Core costs £100,000
Comics Youth Creative programme for young people £90,000
Designs in Mind Artistic programme for young people £90,000
Kent Community
Foundation Youth mental health projects in Kent £34,000
Focus Bath Counselling support in Bath schools £30,000
Student Minds Enhancing University Mental Health Day £30,000
PROMISEWorks Core costs £30,000
AT The Bus Developing a growth plan £25,000
----- End of picture text -----

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

32

----- Start of picture text -----
Gingerbread Wellbeing workshops for single parents £15,000
Somerset and Wessex
Eating Disorder Children & young people’s early intervention
Association counsellor £15,000
Mental Health: Prevention
Student Minds Core costs £150,000
Creating an animation on trauma for children
Anna Freud Centre and young people affected by conflict £120,000
Amber Foundation Team leader at a new centre in Kent £50,000
Enhancing Children & Young People’s Mental
Place2Be Health Week 2023 £30,615
Oxfordshire Youth Building Resilience programme £30,000
Dalai Lama Centre for
Compassion Compassion Matters course in schools £30,000
Oxfordshire Youth Mental Health Ambassadors £30,000
Gardening with
Disabilities Trust Access to gardening for disabled young people £15,000
Carefree Breaks for Young Carers £15,000
James' Place Charity Scoping for targeted marketing project £10,000
Development of UKTC animation on trauma for
Anna Freud Centre CYP affected by conflict and war £10,000
Environment
Royal Welsh
Agricultural Society Da Byw 2023 £10,000
Total Grants £6,624,846
----- End of picture text -----

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

33

19. KEY SERVICE PROVIDERS

Bankers:

C Hoare & Co 37 Fleet Street, Temple. London, EC4Y 1BT

Investment Managers:

Meridiem Investment Partners (UK) Limited Riverside House, 2a Southwark Bridge Road, London, SE1 9HA

Brown Advisory 18 Hanover Square, 1[st] Floor, London, W1S 1JY

Ruffer LLP, 80 Victoria Street, London SW1E 5JL

Solicitors:

Womble Bond Dickinson 4 More London Riverside, Greater London, SE1 2AU

Accountants:

Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ

Independent Auditor:

Sayer Vincent LLP 110 Golden Lane, London, EC1Y 0TG

ANNUA L RE PO RT OF THE TRU S TEE AND F INANCIAL S T A TEMENTS

34