Ch•ryrd0n 1197950 BH TRusr ANNUALREPORT AND F1114NaALsfATfMENTS FOR THE PERIOD ENDED S APRIL2023 BUSINESS ADVISORS 6th Floor Kings Hguse 10 H¥ymarket London Unlted Klngdom SWIY 4BP
BH TRusr CONTENTS Cthnpany infr*rrnatlon Trustees. report Independent audknr's rep¢)rt statement of flnan¢ial actlvMes Statèmentof financlal posttion io Statement of cash flows li Notes to the finanual statements 12-18
BH TRusr LEGAL ANDADMINisfRATIVE INFORMATN)N J Un8wood JHam J Goe4Jma Charlty numb•r 1197950 iandseer5tuthos I0ACunnIarn Pla London NW8 8t[ Audltor TCGroup The Courtydrd Shoreham Road Upper Beddlng Steyrbln8 West 5u55 BN44 3TN InltMeNtAd¥I5OvS Rathbones ID¥e5tment Management Umitsd Port of Uverpool Building Pler Head Llverpool L3 INW
aHTRusr TRusfE£S' REPORT FOR IHEPERIODEPIDE05APRIL2025 The trustees presertthelr feportts8ether wlth the finanoHI ststements forThe BH Trtftsr thè pÈrl(xl ended 5 2023. The financlal stments have been prepared In accordance w5th the accountinKpolicie5 set out in nrjte i ttj thE Ibnandal ststements and ¢I)Mp with thè tharity's trust deed, the tharitie5 Art 2011 and "Accountlng ond Reponlng by Charftles: Ststement of Recommended Pnctice appllcable to charitles preparing thelr flnanclal statements In accordance wbth the Flnandal Reporting Standard appllcable In the LIK and Republk ¢f Iretand {FRS1021° leffertl¥e l January 20191. strUrtulO¥emaP and m?nagernent The Trust15 governed by a Trust deed and was re8lstered as a thartty by the Chartty Commlsslon for England and Wales on 17 February 2022, ao number 119750. The Trust was estsblished by an in131 Oft from Jane Hathn Sn 2022. Jane Harnlyn is the first member of the ¢harity and serves as Chèlrperson of the Btsard of Tru5t¢e%There ar• two addlUonal trustees. jonathan Goodman and James Llrwood. IUskffl•nynnt The Trustees have assessed the rlsks tts whlch the charlty Is £Yposed, In particular those relatlngto its fftnances and the operatlons of the organisatlonsts whlth It makés grdnts. The Trustees belleve that by ensuring controls existover its In¥ernents and through operatfj a pnmlert level of grant-maklngi there aré no sfignificant rlsb. ObJectl¥es and athltles The oblethve of theTrust are to fijrther SLth tharitsble purposes and ttj bEnefft$uth charitsbl• aciivits as the trLthes thlnk fft. GIant4nakI Polky At the annual tru5tee5' meetin& the trustees a8ree on the amountthe Trust 1[ 8rdntto or8an15atlon5 over the comlng year, and the or8anisation5 who will receive these grants. The adminlstrots'on gf Krants ts overseen by James L0d on behaw ofthe Tru5tee5. Grdnt5 are made to orBanisations ntsminated bythetntstees. TheTrust 15 not open to unsolicried applic4tr'ons. In the year tnded Aprti 5 2023. th? Trust madegrnnts to the folltswlng organlsathons; Bold Tendencles Clq Ldtsn. Bridewell Oryantc Garden5, Oxon; CarndÈn Art Cèntrè, London; Thè Fruitin8rket Gallery. EI[r8h,. Gery's Pompell. London; The Showroom Gallery, IA>ndon,' Southwark Day Centrefor Asylum SeekeTh, London,. and The Trussell Trust IUK wldel. In revlewn8 our èttittes fr•r the year and our plans for the future. we have had regard lo the Ch¥iwiy Q&mmlssfjon'sgenernl 8uidanee on publlt benefiL Fin•Dritil rW The Trust Is rellant on the Incomefrom Its Invests))ents managed by Rathbt)ne's. Thè totsl income In the year endlng 5 Aprll 2023 was £1,507,295. The balance sheet shov45 totsl funds of £l.S07.824. In¥èstm•nt pollcv The Trust's invèstrnent strdtegy Is to contlnue wlth the investments gifted by Jane Hamtyn. The oble¢Yve Is to maximise total return by invèstin8 In a medlum to low risk portFolio. The are no restrictlons on the charws power to irtv*st.
BH TRLisr TALisfEES' REPORT ICONTINUEDI FOR THEPERIOD ENDEDSAPRIL2023 Reserve poll¢v I funds held bythe tharmy are (mrestrtrtèd. and notdeslgned ts5pe¢lfic purposes. The charlty makes don1cst0 a ran8e of charltle5 on an onnual basls and the trlee5 hav Indl¢ated tts some of these tharftles its Intentlon to make donation at a sImIr level forthe nexttwo year& The trustees, policy Is to manage fbnanclal resources In such a way as to provlde for the commltments made. and to malntsin free reseryes sufficlent to enable further commltmei)t to be made In Ilne wlth ihelr wrrent level of gIvI. Plans forthefviur• The plans for 2023n4 arg: To contlnue to support arts charltles In the UK To conilnue to support Charftles In the VK that allevlats poverty The tTU5tees in offitèdurtn4the period were asfomows." J knngwood l Hamtyn J Goodln The trustees are responslble for preparin£ the Trustees, Report and the financial statements in accordance wlth ppll(able law and United Klngdom Accounting Stsndards Iunlted Klngdom Generally Attepted A¢countlng Pratticel. The law appllcable tg chariiiES in En8laftd and Wales r4uires the trustees to prepare finala1 st3rements for each financlal year whith glve a true and falr eW of the state of affalrs of the charity artd of the iwnin8 re50uros and applkatlon of re50urcp5 of the tharrty forthat perlo¢t In preparlnK these financlal ststements, the trustee5 are requlred to: - select sultable accountln# pollcles and thèn applythem con51stenty: - observe the methods and prlndples in the Charities SQRP,. - make jud4ernents and èstlmates that are rea50nable and prudent; state whether applicable accguntfing standards have been followed, subjert to any materlal departures disclosed and explalned in the financiol ststernènts,. and prepare the financlal ststements on the goin8 concern bJs1s unless InapprGyrSJ* to prp5ume that the charltywill continue in OFeratlon. The trustees are rnsponslble fcf keepin8 5uffi¢lent accovntlng record5that dlsclose wth rpasmable a¢¢ura¢y at any time the financlal posltlon of the charity and enable them to ensurt that the flnanclal ststernents compty th the Chartties Act 2011, the Charty (Accounts and Reportsl Re8ulthn$ 2008 the P510n5 of the trust deed. They are also responslble for safeguarding the assets of the tharity 3nd hence for tskln8 reasonable step5 for the prevention and deteciion of fraud and other irrÈgularltiès.
BH 7Rusr audTrtiS1 to IhÈ tharaN& that the¥ be ¥PLknted wi• bÈ Nrt$t¥ GnTa1141È1 The Tntsltes. iepthx W4S#AWO¥ed bythel•wdofTf4Ne th4.. ioikeomèer2024
BH TRusr INDEPENDENT AUDifows REPOAT TO TrE7ftUSTEES OF BH TRUST Oplnlon We have audited the financlal statements of BH Trust Itht 'charltVI for the period endtd 5 April 2023 which comprisethe statement of ffinanciHI activities. the statement of finantlal posltlon. the statement of cash flows and the notes to the ftnandal Matements, includin8 a summary of 51gnificart attourrting po51citt. The flnanclal reportlng framework that has been applied in their preparatiL is appllcable law and United Kingdom Accountlng Stsndards. Induding Financial Reportin8 Standard 102 ThE Finunciul Reporting Standt7rdupplkable in the UKand Republlc oAkelandlUnlted Kingdom Generally Accepted Accountlng Prd¢ii¢e}, In our rtplnlon. the fknanclal staterrvants.. glve a true an¢J falr vlew of thè state of ihe charitvs offairs as at 5 April 2023 of bts Incomlng resources and applic•tion oFres0ur. for thè perlod In ended: have been propedy prep3red In accordance wlth Unlted ngdOM 6eneTally Attepttd Accountin8 Practi. arwj ha¥• been prepared in at¢ordance wlth the requlrements of the tharltlesAd 2011. Basisforopinion We ndUcted our audh In ¥cwdance with Internadonal Stsndards on Audltlng IUKI I1 IUKII and appllcable law. Ow responstbilltles ¢Jnderth05e Standards aro further deSbed In the Audjtorfs responslbllltlesfvr rhe oudlt of the finandol stotements sectlon ol our reporl Wè I Independent of the charlty In accordance wlth the ethlcal requirements that are relevant to our OLJdlt of thè financlal statèments in the UK including the FRC'S Ethical Stsndèrd, and we have fuKllled our tsther ethlcal ponsIbIlIeS In accordante wlth these requlrements. We bekeve that the audlt evidence we have obtsinèd is suffldent and approprfate to prode a basis for our oplnion. ColusIOnS rn1all toncern In audltlng the financlal statements, we have concluded that the tru5tees' use of the Bolng conc•m basls of accounting in the preparatlon of the flnanclal ststements Is approprfate. Based on the work we havè performed, we have not Identified any material un¢¢rtalntles relatlng to events or ¢}tIonS tha¢ IndfviduaNy or collectivèly. may cast sl8nificant doubt on the charivs #bil to ¢ontinue as a golr£ concern for a pemd of at leastVe Months from when the financlal statemerrt5 are atrthori5ed for i55ue. Our SpOnSIbIlIeS and the responslbiiftles Df the twstees wlth respect to Rolng ¢oncern are descrlbed In the relevant sections oftNs re<. Othov Inforfflatlon The trustees are re5pon51ble foi the gther inloimatlcffl. The other Information comprises the Informatlon Included In the annual rewJr( other than the financiHI st4tements and our ador,5 report thereon. Our q)Inlon on the ftnanclal ststsments does not cover the vther Informati and we do not express any fom of assvran¢e c{MK5Jn thereon. In coDnrftkn wlth our audlt of thefinanclal statsments. our respon51bllMy is to Tead the Dther information and. in doing 50, 0)n5ider whether the other Informatlon 15 materlally lftconslstent wlth the financlal ststements or our knowledge obtsined in the audk or otherwlse appears to be materially misststed. If we Identlfy suth materfal inconsistencles or apparent materiol rnisstatements. we are requlred to determlne whether there is a material mosststsment in the ftnanclal statements or o matertal mistement of the other Informathort. If, based on the wk we have performed, we ¢onclude that there 15 a materfal m1$5tatsment of thls other Inforniatlon, we are requwed to report thatfacL We hm n(Khlnito report in thls regard.
H TRusr INDEPENDENT AUDrroRS REPORT ICOMllNUEDI TO THEYRiISTEES OF BH TRusr matte on whlth we are r¢qulred to report by •x<•ptl We have nothing to report In respect of the following rnètt¢ts in retron ts which the Charltles IAcctyJnts and Reporrsl Re8vlatTons 2(M)B requlre usio reportto you ff, In our q>lnion.' the Informatlon 8lven In the fmancial statements Is inGDn515tent in any material wpect with thE Trustees, pryt,. or suffident accountin8 records have not been kept; or the finandal statements are not In agreement wlththe accounting records: or havè not received all the Infom)ation arnl explanatrlns we require for our audll. R•spon&billtl•s oltrwt•es A5 explained more fvlly In the statement of Trustees, re5ponslbllMies, the trustee5 are respOlbIe for the preparaon of the financial statements aTrJ for beln8 SatIsfd that they glve a true and falr vbew and for such Internal cortrol as the trurtee5 determlne 15 nece55ary to enable the preparation of tlnan¢lil statements that are freefrom matèrlal mrAtat4mgnL whether due to frdud or error. In preparSng the flnandal 5tstements. the trustees are ponSIble for assessln8 the charws abiirty to contlnue as a g¢lng ¢on¢em. dtsclosing, as appllcable, matters relatsd to go1 toncern and uslng the golng cc41cem basls of attountln8 unless the trustees eher innd to 4$e Qpeth"or. or have no reallstkc alternative but to do 50. Alit0$ respons1)1lltlès forthe au(Wt olthe fiMnci?I ststernents We have been appointed as audltor under sertlon 144 of the Charitles A¢t 2011 and report In accordance wlth regulation5 made under sertion 154 of thatA¢i. Our ¢blertlves are to obtsin reasonable assurance abo whether the finandal statements 05 a %thole are free fmm materlal m555tatement, whèthèr due to fraud Qr error. and lo su an audltor's report that Includes our oplnion. Reasonable assuran Is a h*h level of èssurano. but Is not a guarantee that an aud[¢ ¢onducted In a¢¢ordan¢e with ISAS IUKI wlll always detect a materlal mtsstatement when It exlsl& Mlsstatements can ¥rlse from fraud or error and are considered rnaterlal if. individually or In the aggregate, they could reasonably be expectedto Influence theeconomlc declslon5 of users tskeD on the basis ofihese financial 5tststNents. Ifreeularitles, Includin8 fraud. are knstsnces of non-compllance wlth laws and regulatlons. We desl8rs procedures in line th our responsibil"e$, outlined above. tts drte¢t material mlssiatements In respect of Irregularkles. Includlng fraud. The extent io %thich procedure5 are capable of detecting lrregularrti, indudin8 fraud Is detsiled below. HowÈvÈr the prlmary responsibility for the preventlon and detectlon ol rests with lyjth those charged with 8ownance of the entity and mana8ement Extenttowhlth thè audltVAS consklertd capable of detecllni Irwul•rft1•9, In¢ludtn8fvud The oblectlves of our audiL in respect to fratsd, are= to identify and assess thè rlsks of materlal mlsstètement of the fina11 Statements due to fraud,. to obtaln suffident appropdate audit ewdèntè re8ardlng the assèssed risks of material mi5Statement due to fraud, through deslgnln8 and Implementlh8 approprlate responses,. and io respcffid approprfately tofraud or 5usperted fraud identified éurin8 the audit. However. the prlmary responslblllty for the preventlon and detertlon of fraud rests th both those charged with 8ovemancÈ of the entity and its management,
OM TRUST IPIDEPENDEpifAUOttORS REpoiir(COMTINUED) TO ThETRusfEES OF BH TRusr Our approxh wa5 as bllm: Vle Idertffied areas of laws and regulatiorbs that could reasonab be expetted to have a rnaterlal effect on the fvianclal ststements from our general commercial and sertor e¥perienc¢, and through dIscuon wbth the trustees and other mana8ement la5 requlred by audttlng siandard51, and discussed the trUee$ and othw management the polkles and procedures regardl wmplIan WTth l•ws d regulatSons: We consldered the leBal and r•8ulatr)ry frameworks drectly applIcae to th• financial Statements reportlng framework IFRS 102 and the tharitles Art 20111 and thè relefit tax compllance re8ulaUons In the UK: We consldered the nature of the industry, the control enylronmèrt and buslness performance. InCIling the key drir5 for mana8ernent'5 rernuneration" We communlcated Id?rrtlfied 14w5 and regulatlons thrnu8hout our tèam and remalned alert to any Indlotlons of non-cijmpllancethroushoutthe •udlt: We consldered the procedures and controts that the charlty ha5 establlshed to address rtsksldentlfied. or that otherwise prevent, deter and detect fraud: and how senior managemem monltors those proÉRmmes and grtrols. Based OD thts UndeandIng we deslgt)ed our audit procEdvrEs to identrfy noTrtompIlan vlth suth laws and regulatlon5. Where the risk cun5idEred to be hl8her. we perfoTmed audit procedures to address each Idèntffled fraud rfsk. These procedwe5 included.. testin8 manual Joumals: revlewinB th fina1?1 statement di#dtssures and testlng to supportln6 dDcumentslion,' performinB analytScal proceduYe5: and ewuirin8 of rnana4emenL and were de51gned t() provlde reasonable as5uroncE th* the financial statements were free from fraud or qrror. Owlng to the Inherent IlmltWons of an auth¢ there15 an unavddable rlsk that we may not have deterted 59me materlal mlsstaternents In thé fftnandal statements, even thou8h we have prr planned and performed our udit In Ordance 7•rith audltlng Standards. For ey2mple. the fvrther removed non-tompllance laws and regulations Ilrre8ulJrltits) Is frornthe eveftts and transadons refiected In the finandal 5tstements, the less likely the Inherentty Ilmited procedures required by audltlng stsndards would Identlfy SL The risk is a150 greater re8arding irregUlarleS occurrtn8 due to fraud rather than error, as fraud Involves Intenwonal concealmen¢ for8ery, coliu5ion, ¢mlsslon or mlsrewesentstion. We are not responslble for preventln8 non<ompllarKe and annot be experted to detert non<ompllance wlth all law5 and regulatlons. A further des¢rlpilon of our respon51bllttles Is awdllable on the Flnanclal Reportlng CounclY5 websME atr. htt Iw.Irc or Stan(f3rd5-And-&uidfi.'Ico. IEtan ,.k,O r-IVork,AiiditiAisdit-?nd 355iiranceL Irds and Eu'dBnce-lor- auditors ,ludito.'s-, TNS des¢riptyon fom)s part of our audr¢or's reptyt.
•HTftUST INDEPENDENfAUDITOWSREPORTiOXmNUEDI TOThETRU5TffS OF BHTIILisr Umolour rnpwt Thls reportls rnade 5detytothtdwWstruJtees. as a body, lft arcordaKewlth part 4 the {Ants and Rwrtsl Re8ulatth5 21rn Our aLMRt fthk be4n ur¥J•rtèkni 50 th•t lyè iW stste to the thtsge we are required to stat¢ to them in audftots. r4port and f¢Y no other purpose. To the full&t •xtert pprmthd by do not x<ept or assurne responslbllity to ¢Jth¢rthan the charlty and thttharws+Je$4$a body, OuraUtht f#rthts ieport orforthe oplnlan5WtwefomthL TC ¢roup is •llBlblekn•ppolnknent as I101 of the thuity Df its elbiiityfor •ppolntmon ouoltor of aciThpany UDd¢rdse¢ion J212 olthe thmpar4•5 kt200S
BHTrusr
srATEMENTOF FINANCIALAcnviTIES
114CWDING INCOME AND EXPENDITUREACCOUNT
FOR THEPERIOD EPIDED 5APIUL2023
fund5
Donatlons
Investments
1,485.900
21,395
Total Ino)me
1,507.295
dIts on:
arltable a¢vIlle$
Total
OIITriST 18JJWI vorosirtted tunts. yneBI W*Z4 24 -io-
BH TRUST srATEMENT OF C4SH FLOWS FOR THEPERIOD ENDEDSAPRIL 2023 2023 Note5 Cashflowsfrom operathg •clMtI•s Cash generatad frornllab50rbpd by) opewations 15 1,425344 In¥w¥ni xthltles PUh4$¢ of Investments Proceeds on dtsposil of Investments Interest received 12,629,702) 1,183.063 21395 Net tash us•d In knv¢stlw athftl•s {1,425,2441 Net f45h used In flnendnÉ acuvsths P4& Inuem In o5h •d tash •qUiTAl•nts Ca$h and cash equlvalents at tsnnIng of ptri¢d Cash and osh •wl*l•nts at tnd of p•rlod 11
BHTrU NOTESIOTHE FINANCIALSFATEMENTS FOR 7IIEPERIODENDEDSAPRIL2023 thailty Irknymatlon 8H Trust Is a thadtable Incorporated Organlsation rÈ8lswÈd In England and Wales. The re¢lstered address IS Landseer StudS0s, IOA Cunningharn Place, London. NW8 8JT. The CIO was incorporated on 17th February 2022 and this is the first period of accountsto 5th Aprfl 2023. Details of the prfnclpal are recorded In the Trustees ReporL 1.1 A¢wynlhywnvertlon The finandal statements been prepared in arcordance Mth the charny'$ constStution, the Charlties A¢1 2011 and "kcounting and Reportin8 by Chartties: Ststement of Recomrnended PTrrtKe appficable to chae$ preparlng thelr accounts In acconlance wlth the Hnandal RepOrtIr Standard applicable In the UK and Wublic of Ireland IFRS 1021. leffeCtI l January 20191. Thè tharity Is a Publlt Benefft Entltyos dellned by FFiS 102. The flnanclal 5tatèfftents are prepared In sterfln& whlch Is the functional CUncY of the tharty. Monetsry amounts In these financial statements arè rounded to thè nearest £. The finan¢ial 5tatment5 ha¥e been prepored under the hi5toriral cost Gonvention, The princwal ac(ountln8 polKS adopted are Set out below. 1.2 GOI concern At the tlme of appmln8 the financlal statements, the trustees have a rea$8b1¢ expertation that the has ad4ue resources to contlnue In operatbonal eXIsten for the foreseeabte firture. Thjs the tr415tee5contlnueto adopt the golng con¢em basls of acCwnn@ In preparlngthefinanclal statements. 1.3 thariiabl• fvnds Unrestricted funds are avallable for usè at thè distrttion of thè truslees in ffiJrthÈrnn of thelr charitsble obp£tNès 4thlÈss thè fvnds have l>een desl8nated for otr purpo IA Incornln8 resou Incomè 15 rÈcognised when the charity is leealty entltled to bt after any performan conditlons have been met the amounts can be measured rellably and It Is probable that Income AIII be recelved. Inc41mè is dthved from donatiorts and investment income. Cash domtlons are recognlsed on recelpt other donatlons are retogntsed oncè the drity has bèeh notlfied of thè donatlon, unlÈss pÈrformantè toThthtlons requlre deferrdl of the amtsufftt. Inctsme tsx recoverable in relèts.oii to donations recelved der Grft Ald or deeds of covenant is recognlsed at the time of the donatlon. lThtsre5t and dividend inclyne is included when receivable bythe Charitsble Incorporated 0ron. 12-
OH Trusr NOTE5TO THE ANANCIAL STATEMENTS ICOPrnNUED) FOR 711EPERIODFIIlIsApR112o2s ArUntIn poli11•s ICvrrtlTruEd) L5 R*Sr(S expend Expendlture Is recognlsed once there is a legal or construalve obllgadon to transfer economlc beb)efft to thlrd party. It Is probable that a transfer of tconomk bèneffts wlll be requlred In stttlement. and the arnount irfthe obli8ation and be measured reliably. Resources expended are recognlsed in the perfod In whlth they are Incurred and accountsd for on an accruals basls. SerTrance costs are those inojrred in connectlon with admlnlstrntlon of the charSty and compjlance whh cOnttUtIOnal and statutory requlrements. Indudlng legal, audltfees and the costs of board meetlngs. Where posslble costs are allocated dlre¢dy to the •ctlvitles to whlth they relate. Svpport eosts are allotètsd between charltable actmtles based on the apportlonment of dlrect costs. Grant expenditLre 15 reci)zni5ed when committed. L6 Flx•d ass•t In¥•strn•b d asset Invesknents are InAlal measured ot tran5acllon prlce exclvdlnK transactlon c{5. and are subsequently measured at falr value at each reportin8 date. Chan8es In falr value are recognlsed In net Incomellexpenditure) ftsrt year. Transacilon costs are expensed as Incurred. L7 Cash and rJ5h equlvaleTrts Cash and cash equivalents Indude cash In hand. deposlts held at call wth banks, other short-temi Ilquid Investments with orlglnal maturltyds of threè months or less, and bank ovèrdrafts. Bank ¢)vèrdrafts art shown wthln borrovAnB5 In current Ilabl1les. 1.8 Anandal InstNm•nts The thartty has elerted to apythe provtslon$ of Sectlon Il'Basl¢ Flnandal Instrumenw. Fmancial Instrum are re<>Jgnised in the charftys balance sheet V&then the charlty tocemes patty to the Conttsclual prtriisiQN5 of the Instrument. Fknandal assets and Ilablllties are offseL wlth the net armunts presented In the finandal statements, when therè is a legally enfable right to set off the reco8ni5ed #mounts and ihere i5 an intEntion to settle C a net basls or to reallse the a55et and settle the liabllity sirnultoneousty. Baslt financlal assèts. ¥thlth IndudÈ debtors ond cash and bank bal•nces. a InlalIV measured at trnnsactlon price indudlng trènsathon tosts and are subsequently ¢arried at amortksed cost usin8 the èffèttive intÈre5t mèthod unless thè arrdngÈment conttitutes a financtn¥ trartsaction, where the tyan5artion Is measured at the presert value of the future receipts dlscounted at a market rate of Interest. Hnancial ets dassified 85 ce1vab wlthln on•yaar are not amOrted. 13-
NOTES TO HNANCIAL STATEMENTS {coriTINUEO)
FOR THEPERIODENDED5APRIL2023
polld•s
ICi¥ntlnuedl
kllnandolHoblllts
Basic financial liabllhles, Including credltots and bank loans are Inltlally rernsnbed at transartlon prlce vnless
the arrangement conststute5 a financing tran5aCtlon. whère th¢ debt instrument measured at ihe presènt
VBlue of the future payments discounted at a market rate of Interest. Flnanual Iiabllttles dassffied as Paydble
thin one year are not amortlsed.
Oebt Instruments are subsequV carried at amortysed ¢OSL uslnl the effeCte Intsrestfate method.
Trade credltor5 are obllBatlons to payfor goods tsrservlces that been acqulred In the ordlnary course of
operations from 5uppllers. Amounts payable are classjned as current Ilabllitles Lf payment Is within one
yèar or less. If noL they are presented as non
OH TRLr PX)TESIO THE FINANaAL sfATEMElllS IcoKfiNU£DI FOR 7HEPERIODEND£D5APRIL2023 Unrestrftted funds Kenerdl 2023 DlvldèAd incomefrom listed sn¥e5tments Interest recefvable from listed Investments 13,704 7.691 21.39S ChJrttsbl• artmti Charttabl• Expendlture 2023 Glantfunding of artlvth5 (see note 61 Share Lrfsupport costs (see Thote 71 50,1)(KI 18.656 68.656 Charltable Expendire Grants to Instttutions18 grantsl: eTnsell Trust Bold Tenderles- CIC Camden Art CentrÈ The Fwltmarket Gallery Gerrfs Pt¥Th)eli CIO The Showroom Gallery Llm6ted SDUthwark Day cent for Seeknr5 Brldwell Or8anlcGardens 5,000 5,000 2500 200 50,IY)O 15-
BH TRUST N(YTESTO THE FINANCIAisfATEMENTS ICOIfflNUEDI FOR THEPERIODEI4DEDSAPRIL2 pporta>stS Support <09ts Ac¢owhts and audTifees Legal and profes51onal Investment management fees 8XJOO 2.718 7,938 2,718 7,938 18,656 18.656 AlySed between Charitsble athvltles 18,656 1&656 The audito5 TemunernJon constltuted an audit fee of ÉSXIO NÈ of the tru5ttre5 lor ary On$ COMect•d wlth theml recdyed any remunera0 or benefft5 from the charityduring the perfod. Durfng the pertod expenses were relmbutsed to the Trustees amounts to £nil in respect of travewin $ub51stencÈand other expenses. 10 ETh1•$ There were no enylvyee5 duTln8 the perlod. 11 Net 8a1ns1llog) on Irw•slrn•nts Unrestrirt•d fd5 gnAI 2023 Revaluitlon of investments Gainll105sI on sale of inve$tments 61,378 7.807 69,185 18-
BH Trusr NOTES TO ThE FINANCiAISTATEMEIIIS {CONTINUEDI FOR ThEPEftIOD ENDEOSAPRIL2tY23 12 Flxod assetlnwstrnents L5rtad In¥estments C•5hln PDrtft*llo Totsl Cost or Ydluètlon At 17 Febrry 2022 Additions Valuatlon ¢han8es Cash In portfollo Dlsposals 2.629,702 61,378 2.629.702 61,378 216.987 {1,392.243} 216,987 11.392,2431 At 5 Aprll 2023 1.298,837 216.987 1.515.824 CBrrylnÉ amount At05 Ipril 2023 1,298.837 216,987 1.515A24 13 Credltofs: alMtsfa1I1n du• wlthln ¢)n•y•ar Z023 Accruals 14 R•lal•d partytransacllons Transactlons ¥Ath rel¥ted partlÈs DyrinB the period the Charltsble In¢orpffated OryanSsatlon re£ebd Income donatlons of £1,485,9 from J Hamlyn. a trustee of BH Tru5L -17-
OHTRUST NOTES TOTHE ANANCIAL STATEMENTS (CONTh)IUEI>) FOR 7HEPERIOD ENDEDSAPRIL 2ff23 15 Ca$h genernt•d from operatl•)ns Surplus forthe perfod IW7A24 Adjustments for: Investment Inccwne recognlsed in statemènt of finond31 artIvleS Gain on disposal of investments Fairvalue 8alns and lossÉ% on Investrnents 121.395) 17,807) 161.3781 P4knvements in worklng caplial.. In¢xea5e in credltors Cash yn*at•d from/(absorbed by) operntlons 1.425244 16 AnJfy¥Ts of ¢han8os In net Idebt)Ilunds The charity had no debt durin£ the aT. -18-