## ## ## |||||Page| |---|---|---|---|---| |Reference and administrative||details ofthe Charity,|its Trustees and advisers|1-2| |Trustees' report||||3-7| |Independent|auditors'
report|on the financial statements||8-11| |Consolidated|statement
offinancial activities|||12| |Consolidated|balance sheet|||13| |Charity balance sheet||||| |Consolidated|statement
ofcash flows|||15| |Notes to the|financial statements|||16-38| |||Reference|and administrative|and administrative|details|ofthe Charity,|ofthe Charity,|its Trustees and advisers| |---|---|---|---|---|---|---|---|---| ||||For the|Year Ended 31 December||||2022| |Trustees|||Mr S P M Curtis, Chair of|||Trustees||| ||||Mr D BGenders|||||| ||||Mrs FJ Powell|||||| ||||Mr J Renshaw|||||| ||||Mrs A K Oliver|(appointed||15March 2023)||| ||||Mr A W Pepper|(appointed||15March 2023)||| |Charity registered||||||||| |number|||1190017|||||| |Registered||office|3rd Floor|||||| ||||12Gough Square|||||| ||||London|||||| ||||EC4A 3DW|||||| |Principal|operating||20 St.Andrew Street|||||| |office|||London|||||| ||||EC4A 3AG|||||| |Executive|director||Mr C Whitbourn|||||| |Independent||auditors|Sayers Butterworth||LLP|||| ||||3rd Floor|||||| ||||12Gough Square|||||| ||||London|||||| ||||EC4A 3DW|||||| |Bankers|||NatWest
Group|Plc||||| ||||36St Andrews|Square||||| ||||Edinburgh|||||| ||||EH2 2YB|||||| |Solicitors|||Cripps LLP|||||| ||||Number
22|||||| ||||Mount Ephraim|||||| ||||Tunbridge
Wells|||||| ||||Kent|||||| ||||TN4 8AS|||||| |Solicitors|||Russell-Cooke|LLP||||| ||||8 Bedford Row|||||| ||||London|||||| ||||WC1R 4BX|||||| |Investment||managers|CCLA Investment||Management||Limited|| ||||1 Angel Lane|||||| ||||London|||||| ||||EC4R 3AB|||||| |Investment||managers|Rathbones
Group||pic|||| ||||8 Finsbury
Circus|||||| ||||London|||||| ||||EC2M 7AZ|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Endowment|Unrestricted|Total|Total| |---|---|---|---|---|---|---|---| |||||funds|funds|funds|funds| |||||2022|2022|2022|2021| ||||Note|F||F|| |Income and endowments||from:|||||| |Donations
and legacies|||3|28,285,408|761,932|29,047,340|20,025,000| |Investments|||4||1,208,147|1,208,147|147,073| |Total income and|endowments|||28,285,408|1,970,079|30,255,487|20, '/72, 073| |Expenditure
on:|||||||| |Raising funds|||||372,091|372,091|60,544| |Charitable
activities||||25,373|131,072|156,445|35,158| |Total expenditure||||25,373|503,163|528,536|95,702| |Net income before|net losses on||||||| |investments||||28,260,035|1,466,916|29,726,951|20,076,371| |Net losses on investments||||(180,000)||(180,000)|| |Net income||||28,080,035|1,466,916|29,546,951|20,076,371| |Transfers
between|funds||19|17,630,368|(17,630,368)||| |Net movement
in funds before other|||||||| |recognised
gains||||45,710,403|(16,163,452)|29,546,951|20,076,371| |Other recognised|gains:||||||| |Gains on revaluation|offixed assets||13|365,000||365,000|| |Net movement
in funds||||46,075,403|(16,163,452)|29,911,951|20,076,371| |Reconciliation
offunds:|||||||| |Total funds brought|forward||||20,080,704|20,080,704|4,333| |Net movement
in funds||||46,075,403|(16,163,452)|29,911,951|20,076,371| |Total funds carried|forward|||46,075,403|3,917,252|49,992,655|20,080,704| ## |||||Consolidated|balance sheet|||| |---|---|---|---|---|---|---|---|---| |||||As at 31 December 2022||||| |||||||2022||2021| |||||Note||||E| |Fixed assets||||||||| |Intangible
assets||||11||10,403||| |Tangible assets||||12||2,016||| |Investment
property||||13||45,065,000||20,005,000| |Investments||||15||1,000,000||| |||||||46,077,419||20,005,000| |Current assets||||||||| |Debtors||||16|328,424||93,594|| |Cash at bank|and|in hand|||3,758,330||63,093|| ||||||4,086,754||156,687|| |Creditors: amounts||falling|due within one|||||| |year||||17|(171,518)||(80,983)|| |Net current|assets|||||3,915,236||75,704| |Total assets|less|current|liabilities|||49,992,655||20,080,704| |Total net assets||||||49,992,655||20,080,704| |Charity funds||||||||| |Endowment
funds||||19||46,075,403||| |Unrestricted|funds|||19||3,917,252||20,080,704| |Total funds||||||49,992,655||20,080,704| ## ||||||2022||2021| |---|---|---|---|---|---|---|---| ||||Note||f.||| |Fixed assets|||||||| |Tangible assets|||12||2,016||| |Investment
property|||13||32,175,000||20,005,000| |Investments|||15||15,125,000||| ||||||47,302,016||20,005,000| |Current assets|||||||| |Debtors|||16|250,859||93,594|| |Cash at bank and in hand||||2,262,267||63,093|| |||||2,513,126||156,687|| |Creditors: amounts|falling|due within one|||||| |year|||17|(106,389)||(80,983)|| |Net current assets|||||2,406,737||75,704| |Total assets less current||liabilities|||49,708,753||20,080,704| |Total net assets|||||49,708,753||20,080,704| |Charity funds|||||||| |Endowment
funds|||19||47,300,000||| |Unrestricted
funds|||19||2,408,753||20,080,704| |Total funds|||||49,708,753||20,080,704| ## ||||||||2022|2021| |---|---|---|---|---|---|---|---|---| |||||||Note||| |Cash flows from operating
activities||||||||| |Net cash provided
by operating
activities||||||21|13,944,033|59,110| |Cash flows from investing
activities||||||||| |Dividends,
interest and rents from investment|||properties||||1,204,097|| |Proceeds from the sale of investment
properties|||||||1,020,000|| |Purchase oftangible
fixed assets|||||||(2,722)|| |Purchase
of listed investments|||||||(1,000,000)|| |Cash received on acquisition
of subsidiary||undertakings|||||1,399,444|| |Net assets received on acquisition
of subsidiary||||undertakings|net ofcash|||| |acquired|||||||(12,869,615)|| |Net cash used in investing
activities|||||||(10,248,796)|| |Change
in cash and cash equivalents|in|the||year|||3,695,237|59,110| |Cash and cash equivalents
at the beginning|||of|the year|||63,093|3,983| |Cash and cash equivalents
at the end|of||the|year||22|3,758,330|63,093| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||Endowment|Unrestricted|Total| |---|---|---|---| ||funds|funds|funds| ||2022|2022|2022f| |Donations||653,913|653,913| |Legacies|28,285,408|108,019|28,393,427| ||28,285,408|761,932|29,047,340| |Unrestricted|Total| |---|---| |funds|funds| |2021|2021| |20,025,000|20,025,000| ## ||||Unrestricted|Total| |---|---|---|---|---| ||||funds|funds| ||||2022f|2022| |Income|from investment|properties|1,204,097|1,204,097| |Interest|receivable||4,050|4,050| ||||1,208,147|1,208,147| ## ## ## |||||Unrestricted|Total| |---|---|---|---|---|---| |||||funds|funds| |||||2022|2022| |Property|management||costs||| |Repairs and||maintenance||218,472|218,472| |Property|management||and letting fees|64,352|64,352| |Other property costs||||46,831|46,831| |Professional||fees||13,474|13,474| |Council tax||||188|188| |Property|insurance|||25,192|25,192| |White goods||||3,582|3,582| |||||372,091|372,091| |||||Unrestricted|Total| |||||funds|funds| |||||2021|2021| |Property|management||costs||| |Repairs and||maintenance||45,032|45,032| |Property|management||and letting fees|12,901|12,901| |Professional||fees||732|732| |Cleaning|fees|||652|652| |Council tax||||440|440| |Property|insurance|||364|364| |Electricity|fees|||227|227| |Gas fees||||120|120| |Water rates||||76|76| |||||60,544|60,544| ## ## ## ## ||||Endowment|Unrestricted|| |---|---|---|---|---|---| ||||funds|funds|Total| ||||2022
f|2022|2022| |Charitable|activities||25,373|131,072|156,445| |||||Unrestricted|| |||||funds|Total| |||||202'I|2021| |Charitable|activities|||35,158|35,158| |Analysis|ofexpenditure|by activities|||| |||||Support|Total| |||||costs|funds| |||||2022|2022| |Charitable|activities|||156,445|156,445| |||||Support|Tota!| |||||costs|funds| |||||2021|2021| |Charitable|activities|||35,158|35,158| ## ## ## ||Analysis of|governanc|e
co|sts|||||| |---|---|---|---|---|---|---|---|---|---| |||||||||2022|2021| ||Legal and professional||fees|||||36,423|17,618| ||Audit and accountancy||fees|||||40,306|17,540| ||Staff costs|||||||27,151|| ||Professional|fees on sale of||property||||24,427|| ||Computer costs|||||||11,884|| ||Consultancy|fees||||||6,712|| ||General expenses|||||||5,642|| ||Insurance|||||||1,218|| ||Amortisation|of goodwill||||||946|| ||Recruitment|fees||||||750|| ||Depreciation|||||||817|| ||Subscriptions|||||||80|| ||Bank fees|||||||89|| |||||||||156,445|35,158| |8.|Auditors'
remuneration||||||||| |||||||||2022|2021| ||Fees payable|to the Charity's||auditor||for the audit ofthe Charity's|annual||| ||accounts|||||||14,100|7,800| ||Fees payable|to the Charity's||auditor||in respect of:|||| ||All non-audit|services not included|||above|||27,980|9,200| ## |||Group|Group|Charity|Charity| |---|---|---|---|---|---| |||2022|2021|2022|2021| |||F|||| |Wages|and salaries|24,750||24,750|| |Social|security costs|2,401||2,401|| |||27,151||2?,151|| ## ## |Group|Group|Charity|Charity| |---|---|---|---| |2022|2021|2022|2021| |No.|No.|No.|No.| ## ## ||Goodwill| |---|---| |Cost|| |Additions|| |At 31 December 2022|11,349| |Amortisation|| |Charge for the year|946| |At 31 December 2022|946| |Net book value|| |At 31 December 2022|10,403| |At 31December 2021|| ## ## ## ||Office|Computer|| |---|---|---|---| ||equipment
f|equipment|Totalf| |Cost or valuation|||| |Additions||2,722|2,722| |On acquisition
ofsubsidiaries|8,903||8,903| |At 31 December 2022|8,903|2,722|11„625| |Depreciation|||| |Charge for the year||706|817| |On acquisition
ofsubsidiaries|8,792||8,792| |At 31 December 2022|8,903|706|9,609| |Net book value|||| |At 31 December 2022||2,016|2,016| |At 31December 2021|||| ## |||Notes to the financial statements|| |---|---|---|---| |||For the Year Ended 31 December 2022|| |12.|Tangible fixed assets|(continued)|| ||Charity||| ||||Computer| ||||equipment| ||Cost or valuation||| ||Additions||2,722| ||At 31 December 2022||2,722| ||Depreciation||| ||Charge for the year||706| ||At 31 December 2022||706| ||Net book value||| ||At 31 December 2022||2,016| ||At 31December 2021||| ## ## ## ## |||Freehold| |---|---|---| |||investment| |||property| |Valuation||| |At 1 January|2022|20,005,000| |Additions||13,005,000| |Disposals||(1,200,000)| |Surplus
on revaluation||365,000| |On acquisition|ofsubsidiaries|12,890,000| |At 31 December 2022||45,065,000| ||Freehold| |---|---| ||investment| ||propertyf| |Valuation|| |At 1 January 2022|20,005,000| |Additions|13,005,000| |Disposals|(1,200,000)| |Surplus
on revaluation|365,000| |At 31 December 2022|32,175,000| ## ## |||||||Fair value|Fair value|| |---|---|---|---|---|---|---|---|---| ||||||Book value|adjustments|f|Fair value
f| |Fixed Assets||||||||| |Investment|properties||||5,100,000|95,000||5,195,000| ||||||5,100,000|95,000||5,195,000| |Current Assets||||||||| |Debtors|||||34,233|||34,233| |Cash at bank and|||in hand||76,041|||76,041| |Total Assets|||||5,210,274|95,000||5,305,274| |Creditors||||||||| |Due within|one year||||(49,866)|||(49,866)| |Total Identifiable|||net assets||5,160,408|95,000||5,255,408| |Goodwill||||||||(155,408)| |Total purchase||consideration||||||5,100,000| |The results|ofW.J.R.Properties|||Limited since acquisition|are as follows:|||| |||||||||Current| |||||||||period since| |||||||||acquisition| |Revenue||||||||74,760| |Profit for the period since acquisition||||||||61,886| ## ## ||||||Fair value|| |---|---|---|---|---|---|---| |||||Book value|adjustments|Fair value| ||||||E|| |Fixed Assets||||||| |Investment
properties||||7,575,000|120,000|7,695,000| |Tangible fixed assets||||111||111| |||||7,575,111|120,000|7,695,111| |Current Assets||||||| |Debtors||||43,332||43,332| |Cash at bank and||in hand||1,323,403||1,323,403| |Total Assets||||8,941,846|120,000|9,061,846| |Creditors||||||| |Due within one year||||(48,195)||(48,195)| |Total Identifiable||net assets||8,893,651|120,000|9,013,651| |Goodwill||||||11,349| |Total purchase|consideration|||||9,025,000| |The results ofWest End Securities|||Limited since acquisition|are as follows:||| |||||||Current| |||||||period since| |||||||acquisition| |Revenue||||||105,097| |Profit for the period||since acquisition||||67,554| ## ## ## ||||Listed| |---|---|---|---| ||||investments| |Group|||| |Cost or valuation|||| |Additions|||1,000,000| |At 31 December 2022|||1,000,000| |Net book value|||| |At 31 December 2022|||1,000,000| ||Investments||| ||in||| ||subsidiary|Listed|| ||companies|investments|Total| |Charity|F|2|| |Cost or valuation|||| |Additions|14,125,000|1,000,000|15,125,000| |At 31 December 2022|14,125,000|1,000,000|15,125,000| |Net book value|||| |At 31 December 2022|14,125,000|1,000,000|15,125,000| ## ## ## ## |Names|||Income|Expendituref|Profit for
the period|Net assets| |---|---|---|---|---|---|---| |W.J.R.Properties|Limited||134,487|(23,174)|111,393|4,120,374| |West End Securities||Limited|187,560|(157,577)|179,651|6,937,461| |Debtors||||||| |||Group|Group|Charity|Charity| |---|---|---|---|---|---| |||2022|2021|2022|2021| |Due within one year|||||| |Trade debtors||63,611|||| |Other debtors||237,111|93,594|237,111|93,594| |Prepayments|and accrued income|27,702||13,748|| |||328,424|93,594|250,859|93,594| ## ## ## |||||||Group|Group|Charity|Charity| |---|---|---|---|---|---|---|---|---|---| |||||||2022|2021|2022|2021| |Trade creditors||||||1,144|2,592|1,144|2,592| |Other creditors||||||653||653|| |Accruals||||||64,713|27,958|43,193|27,958| |Deferred|income|||||105,008|50,433|61,399|50,433| |||||||171,518|80,983|106,389|80,983| |||||||||Group|Charity| |||||||||2022|2022f| |Deferred|income at||1 January 2022|||||50,433|50,433| |Resources deferred|||during|the year||||105,008|61,399| |Amounts|released|from previous|||periods|||(50,433)|(50,433)| |||||||||105,008|61,399| ## ## |||||||Group|Group|Charity|Charity| |---|---|---|---|---|---|---|---|---|---| |||||||2022|2021|2022|2021| |Financial||assets|||||||| |Financial||assets measured||at fair value|||||| |through|income and expenditure|||||46,065,000|20,005,000|33,175,000|20,005,000| |Financial||assets measured||at amortised|cost|4,059,051|156,687|2,499,377|156,687| |||||||50,124,051|20, /61,687|35,674,377|20,161,687| |||||||Group|Group|Charity|Charity| |||||||2022|2021|2022|2021| |||||||Z|||E| |Financial||liabilities|||||||| |Financial||liabilities|measured|at amortised|||||| |cost||||||16,032|10,958|15,009|10,958| ## ## ||||||||Balance at| |---|---|---|---|---|---|---|---| |||Balance at 1|||||31| |||January|||Transfers|Gains/|December| |||2022
'E|Income|Expenditure|in/outf|(Losses)|2022| |Unrestricted|||||||| |funds|||||||| |General|funds|20,080,704|1,970,079|(503,163)|(17,630,368)||3,917,252| |Endowment|||||||| |funds|||||||| |Endowment
funds|||28,285,408|(25,373)|17,630,368|185,000|46,075,403| |Total of|funds|20,080,704|30,255,487|(528,536)||185,000|49,992,655| ## |Statement
of|funds - prior year||||| |---|---|---|---|---|---| ||||||Balance at| |||Balance at|||31| |||1January|||December| |||2021|Income|Expenditure|2021| |Unrestricted|funds||||| |General funds||4,333|20,172,073|(95,702)|20,080,704| |Analysis|of net assets between
funds - curr|ent year||| |---|---|---|---|---| |||Endowment|Unrestricted|Total| |||funds|funds|funds| |||2022|2022|2022| |Tangible|fixed assets||2,016|2,016| |Goodwill||10,403||10,403| |Fixed asset investments||1,000,000||1,000,000| |Investment
property||45,065,000||45,065,000| |Current|assets||4,086,754|4,086,754| |Creditors|due within one year||(171,518)|(171,518)| |Total||46,075,403|3,917,252|49,992,655| ## ## |||||||||||Group|Group| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||2022f|2021
E| |Net income|for the year (as||per|Statement|||of|Financial|Activities)|29,546,951|20,076,371| |Adjustments|for:||||||||||| |Depreciation|charges|||||||||817|| |Amortisation|charges|||||||||946|| |Dividends,
interest and||rents|from||investment|||properties||(1,204,097)|| |Increase
in|debtors|||||||||(157,263)|(92,344)| |Increase/(decrease)
in||creditors||||||||(7,528)|80,083| |Investment|properties
received|||from||legacies||||(13,005,000)|(20,005,000)| |Loss on disposal of ir,vestment||||property||||||180,000|| |Goodwill
on|acquisition|of subsidiary||||undertakings||||(11,349)|| |Cash received on acquisition|||of|subsidiary|||undertakings|||(1,399,444)|| |Net cash provided
by||operating|||activities|||||13,944,033|59,110| ## |||Group|Group| |---|---|---|---| |||2022|2021| |Cash|in hand|3,758,330|63,093| |Total|cash and cash equivalents|3,758,330|63,093| ## |||||||At 1||At 31| |---|---|---|---|---|---|---|---|---| |||||||January||December| |||||||2022|Cash flowsf|2022f| |Cash|at|bank|and|in|hand|63,093|3,695,237|3,758,330| |||||||63,093|3,695,237|3,758,330| ## ## ## ##