Charlty number: 208491 SIR HALLEY STEWART TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 SIR HALLEY STEWART TRUST Referènce and administrative deta115 of the charity. Its Trnstees and advisers Tru5tees' report 3-14 Independent audltors. report on tho financlal statèments 15-18 statement of financial a¢tivities 19 Balanco shggt Statement olcash flows 21 Notes to the flnanclal statements 22-40 SIR HALLEY STEWART TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR ThE YEAR ENDED 31 MARCH 2021 Trustées Mrs Theresa Ba￿ett Bse IHon$l. (Chair) Ms Celia Atherton BA (HMs>, casw, OBE Dr James 8unn M8BS. Msc. DTM&H, MRCP, FRCPCH Mrs Louisa Ekler IA4 Carttab. Chair) Ms Vmonne Evans OBE (appointed 25 Febnjary 2021) Ms Kate Garbers Iwppoint•J 25 February 20211 Prof Jar* Gilliard W CQSW Mr Andr8w Grays10￿ BA. PGCE. MA Mr Paul Harrod 0xC￿ (reshjned 25 June 20201 Mrs Amy Fh)kroft BA IHLMS). Oip.L8w ICPEI. D￿.LaW ILPC), CIPPIE Dr mzWandi￿ A m￿hala MFPH, FRSPH, FRSM (appointed 25 February 2021} Mr Hugh Richardson (apFointed 8 Odober 20201 Dr Duncan Ste4¥art MB, BS. D.Obst. RCOG. (President) Mr Andrew WaucFKJpe BA, FCISI, (H￿orary Treasurer from 25 June 20201 Prof Philip Whrtfiekl BA. MA. Pho Prof G￿d(￿ K Wlcock OM Oxon. FRCP Revd Prof Day￿ Will(inson BSC. PhD. MA. PhD, FRAS Mrs Joanna M. Womth MA, (Honorary Treasurer and Trust88) (resigned 25 June 20201 Prot John Wyatt FRCP, FRCPCH Charity registered number 208491 PrfncSpal office 8M Sir Hal* Stewart Trust Lond WC1N 3XX Mana9em•nt Ms Vieky Chant &4 (Honsl (Chrector) Ind•p•nd8nt auditors Peters E￿Y & Mfy)re Chartered Accountants Salisbury House Slation Roaj Cambridge CB1 2LA Page 1 SIR HALLEY STEWART TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Bankers Bar￿￿ Bank 1 Church Stre Peterborough PE1 1XE CAF Ba)k Lintsj 25 Kings Hill Avenuè King Hdl Wesl M￿ling Kent ME19 4JQ Inv8Stm8nt Manag•rs CCLA Investment Management Limited Senator House 85 Queen Vthia Street London EC4V 4ET Page 2 SIR HALLEY STEWART TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 PIARCH 2021 CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2021 The impact of the CovNJ-19 pandém￿ has been felt all over the worfd. and the Sir Halley Stewart Trust (the Trust} is no exception. I want lo begin Ihis yearfs reFQrt by ccthmerKliTrJ our Grantees for their work during thi5 chalenging time. The commrtmenl. c￿al￿￿ty an(1 resilience they have shown has been nothing short of exiraordinary We continue lo be humbled aKI full of adMitst}￿ for their excelbent work in the face of extreme difficul circumsta￿@S. inclL*Jing many of our Med￿1 Grantees who have deferred Ihair projects to help wilh frontline medical suwcrf( dunng the We were plea$ed lo be ab￿ to wowde addits.onal support during the year for our Grantees where ne￿Ssary, due lo th8 impact of Cowd-19 on their prqects. We so in a number of ways, from establishing a specific Covid- 19 Emergency Support Grants programme. to approvw n(￿t exiensions and awarding ad h¢x extra funds rf appropriate. We have also fU￿led projects that were devdopgj in dirgcl response to the pandemic. which are (Jelailed in my Col￿a9ue$, reports over￿af The Trust's operations Iwe cry)tsnued throughwt the jear. wih our Board Sub£onwnittees meeting remotely lo conduct their valuable wort for the Tiusl. As wth all organisations during the various l¢xkdowns. this has presented challenges to the way that we nomwlty do things, bul il has also presented ￿me positive opportunities. For example. our Board memteTS are q￿￿e spread out across the UK and one of OUT Madical Trustees is currentty based in Sierra Leone. so w￿kIng logeiher via ¥Kle￿OnferenCe has ￿tUallY been somewhat easier than scheduling our usual faCe-t￿fXe meetings. We are fortunale Ihal the Trust was able to continue our grant-W￿kIrNj at the usual level during 2020121, wf(h over £1millK>n awarded in tolal durirw3 the year. This is in no small part thanks lo the dedicalion and expertise of our Finance Sub£ommittee and InVestn￿nt managers CCLA. We are very grateful for their wise counsel. Parti￿larty during these diffieult times. WhiL8t * We￿ assessing the potenlkal impact of the pandemic on the Trusfs finances and operations. we deLiyed our usual June grant award cycle and Inste￿ held a double lunding round in October as well as our usual grant round in February. My colleagues from the Medical. Religious and Social s￿￿cOmMrtteeS report overleaf on the fur¥JirKJ provided to projects in Iheir specific grant ealegories over the course of Ihe ￿ar. Whilst operating remotely, the Trust also erntsa￿ed on a perK*J ol Twstse recrurtmenl fOll￿•ng the relirement of our form8r Hon. Treasurer and one of our &Kial Trustees. Foll(r•ving an cpen recruitment process. we were very pleased to app￿nI bjr new Trustees io our Board during the year - VN Evans. Kate Garbers and Andi Mabhala lo our Socrdl SU￿0mmitt￿ arKI Hugh Richardson to our Finance SU￿CoMmittee. Three of our new appoinlees already know the Trust well as they are fornEr Grantees themselves. We were also delighted to appoint one of our existing Trustees. Andrew Wauchy. as ¢)ur new Hon. Treasurer. All of our new appointees bring a wealth of expe￿nCe * experttse thai vrill ￿1p u$ to further the Trust's mission and we are delighted to have them on board. During the year we a150 apwnled a second member of staff to join our Director, Vtky Chant In running the Trust's operations Lorraine Faires iryned the Trusl as our new Grants Manager shcrtly after the end of the financial year. and we all very much kjok f0Th￿r￿ to working hgr. The Trust Partngrship will continue to wo with us lo provKJe infrastruclure support. Page 3 TRiK￿8, REPORT (coimNuED) FOR YEAR EIKJED 31 MARCH 2021 I wthjld Ilk& by o)nv•str¥ my lh￿ to Ihg Tntsts Board m*mb8rs. 8taff and c¥JnsLllart8 for Ilw havg for th¢ Twst tho C4ffSO eX￿rdinary sw. EV¢rp￿ h99 gong Ihg oxtra rnle for the Trust. wh￿10r d￿nStra￿l gyaot and poknp as adapted to nty tec*Th)W8 and of Mxklr¥J. K18 thwJh evorjw's ¢ol8cfva h8rd w)rk that th& Twst h•s been obl8 to prn￿dIng much noaded fuThJiry to proJert6 alm&1 att￿ prewnlon ol hunw suffwing- many olwhlch Ch•lr /0& d•L/ . SIR HALLEY STEWART TRUST TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 MARCH 2021 A BRIEF SUMMARY OF THE TRUST'S ETHOS During the course of his life our fourKler, Sir Halley Stewart, was a Non-confomiist Christian Minister. a Member of Parfiament. a pioneering w￿U$tri￿Isl and a Phi￿nthr0￿$t. In 1924. w￿n ￿ founded th8 TnJsL he specified four objects.. lo advance religion and 8ducatson. lo rel￿e poverty and to promote other charitable purposes beneficial lo the community. mind of Chrisl is lo be expressed in the prèvention and removal of human misery and in Ihe realisation of natr)n￿ wOrk￿e brotherh￿d. Sir Halley slated that he wished the Trustees to have the fullest discretion io appty the in¢fft of ihe Trust wthin its c+&jects. Ihough not for dogm81ic theological purposes Until his death in 1937, Sir HaN8y continued to take a keen personal interesl in the Trust and acted a5 Chaimian of the Trustees ftom 1924 10 1933. A tradit￿n of SUpp￿ting medvl research was estsblished during this period. In 1933 S¥ Ha15ey on record guidan￿ for adM￿￿tratIOn of the Trust "It is primarily for research to prevent human suffenng". not for rt$ rel￿1, and not for granting ￿4) to charrtable inslilutions. The TNSI aims at promling and as5isbng pioneer research activit*s wrth a to m*ing sueh work self-SUPPOrting at the earliest possiblè moment." The wde range of areas in which we are involved in grant-making necessrtates a Board of Trustees which possesses a diversity of skills and 8Jxperience. Trustees are appotnted from wf(hin Ihe Slewart family Iwilh four Trustees In thL8 category al present} and from petsons in sympathy th8 broaj aim of the Trust who Can conlribule from personal expertise to rts management or areas of Interest. The composition of the present 8oard includes members wlh special experience sn the rdyws. social and n*dical fields. and members with financial 8xp8rienc0 appropriate io the administralion ofthe c*1 endtrth￿. In ling Wrth the general wwples set oul in The Trust Deed and the Subsequent guidance by the found8r, and wf(h re9ard to public benefrt, granl-giving by the Trust fa115 into three main areas". Relwjious, Sctial. and Medical. Education Is a theme that runs *1 three gr8nt-making areas. Three s￿￿coMmIttee$ ￿¢0Mmend policie$ in each field and their that fdkyw dp5cribe the wide range of appk.catl(￿ supported during the financial year 2020121. The Trust eontinualty monitors the effectiveness of preV￿$ty made grants. All grants are givan on the basis defined by our founder. that is. lo prevent human suffering.. The deh"berations that lead lo the grant of awards for re1￿lOUS. social or medical pU￿OSe5 e￿￿￿lY test appIl￿t￿)n$ in the context of thi5 aim. In particular Trustees rhe￿ lo be convinced that the outcomes prcfjosed by applicants will, if &hieved, generale actual benèfits to people in the short lo ￿dIUM temi ratherthan providing theoretical insights that will lake many years before they can be translated inlo such benefrts. In am three areas of our grant-giviThJ. this guiding principle means that our a￿1v￿leS are carried out 'for Ihe publ￿ benefit". The pth)lic in our context is sometimes the population of the United KIn￿10M bul on other occasicffls poPU￿￿n$ groups in other countries. partiGularfy in Africa. The Trusl aims to maintain personal and informal con￿1 writh applicants as appropriate. lo keep paperv4ork lo the minimum consislenl wth effK+enl adminislratKn, and to make decisions on applications within four months if possible. As ways of kee￿.n9 in personal oThJ monitoring the outcomes of the Trust'$ granl-giving, the Trustees and our Direclor visit funded projecls and grantee events where possible. and also frorn time lo lime meet with grant holders before Board meeting5. STRUCTURE. GOVERNANCE AND MANAGEMENT CONSTITUTIOM Th& Sir Halley Stthvart Trust was established under a trust d88d dated 15 December 1924 by the settby, Sir Halley Stewart. and is a registered t￿ty No. 208491. The oiiginal trust deed was varTred by thr08 furth8r deeds in 1933, in 1960 and in 1997. The objects of the Trust we, in general.. To advance Christian religi¢)n- To advance edu&*ion'. To relieve P¢)Verty; and Page 5 SIR HALLEY STEWART TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 To prorr*Jte other tharitabl8 purt4)sos bgnefvial lo the conmunity. The Trusl Deed gNes three prirKiples to which the Trustees shoubj have regard in admintstering the Trust income.. To furthering for every indiwdual such favcyjrale oppwtunities of ed￿t￿, and leisure as shall enable him or her most perfeelty lo develop the ￿)dy. mnd and spirit: In all social life whether domestic, industrial ￿ national. to securing a just enwwment.. and In international relationships lo fostering wN)d wil bdween all rxes. tsibgs, peoples and nations as lo secure the fU￿lment of hope of 'Peace on Earth.. There have been no Changes in the obiKtives since the kst •)nual repjrt. METHOD OF APP01t￿MENT OR ELECTION OF TRUSTEES New Trustees are sdected when V￿ncES arise. TnBtees are sought from Mèdical, Religk)us, &tial and Financial fields where their 8XP8rbse would be of most use lo the Tiu$l, and applications are re￿IVed in response lo public advertisements n appropriate res￿rceS and via relevant ne￿orkS The Chair and Trustees from r&l8vanl Sub-committees revw applications and shortlist suIt￿le cand￿aleS. who are then in￿led to an interview a small pand of Truslees. The pand makes recommendations to the full Board, which makes final decisions orb whether lo appoint the reconunended candidatelsl as TNstees. The ralevant governance paperwork is then conyleted and successful candidates are formally 4)poinled at the following Board meeting. Internal appointments lo Off￿er roles we made by asking for interested parties prior to a relevant Board nReling. and then conducting a nominati(￿. secondiig 8fKI voting process at that fomial ￿￿etIng. ORGANISATIONAL STRUGTURE AND DECISION MAKING Tru8tee Me•tlngs The Trustees meet three limes @￿h year to approve grants. receive worts and eondu¢t the busingss of the Trust. Trustees The P￿Sent TTUStees are set oul on page 1. Chair The Chair Is el￿ted by Ihe Twstees and sil$ as a n￿nber of all c￿nMItiees Ther8sa Bartlett is the current serving Chair. Trust Staff The day lo day runnmg of the Trusl business is eonducaed by the Trust Direcior la part-lime employee) and a Grants Manager (a part-knme errplojee). wrth infrastructure suppjrt prowdad by The Trust Partnership. Pay pollcy for senlor staff The Trust cons¥Jers that its key management [e￿Or￿e1 comprise the Bowd of TTuslees. the Trust DireGtor and Grants Mana9er. Be￿en Ihem, they are in charge of direCt￿￿j and controlling. runnry and operaling the Trust on a day to day basis. All Trustees give of their time freety and no Trustee r￿e1Ved remuneration in the year. The pay of Ihe Trust Director and Grants Manager are revIev￿d by Il* Trustees annually. The level of salary is periodulty benchmarked lo ensure that the r8muneratwJn s8t is fair and in line wrth that generally Pa￿ for similar rol8S. Page 6 SIR HALLEY STEVIART TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Treasuief The Honorary Treasurer oversees th8 fina￿la1 records of the Trust. presents financial reports for th8 Trustees, meetings together with the Annual Acc(￿nts. and Chaits the Finance Sub£omiittee. TRUSTEES. ANNUAL REPORT The Trustees present their annual report I(￿etr￿ wilh the audi￿ financral stslements of the Sir Halley Stthvart Trust Ilhe Trusll. for th& year ended 31 March 2021. The Trustees confim that the annual report and financial slalemenls ol the Trusl comply with the cuffenl statuw requiraments. the reouirwnerts of the Trust's governing document and the prcwi￿on5 of the Statemeni of Recommended Prxlice {SORPI. applicab￿ to charities preparing their accounts in accordan￿ wth Ihe Financial ReportirBJ Standard applKable in the UK and Repubhc of Ireland {FRS1021 (second ediiion Octobef 2019. effectivè 1 January 2019). OBJECTIVES ANO ACTIVITIES PUBUC BENEFIT The whote of the Trust's grant expendilure is for the publ￿ beneh"i. The Trustee5 have assessed the disclosures made in Ihe Tnjstees. and Chairfs report and consider these sufficient lo detail the significant actNilies undertaken in order lo carry oul the Ch8ntVs ain$ for the public benefit When plannirwJ the Charivs aciivilies, the Trustees have regard lo the Charity knmtssh)n's gupyance C￿ publ￿ benef GRAKf MAKING POLICIES The Trust provides grants to suppJrt innovatrw and PkYWiryJ Medical. Religious Srxial projects lo enable human flourishing and lo prevent suffering. The Twst funds a wde range of organisalions to achieve this goal, wrth grants normalty ranging from one to three Yea￿ in duration and up lo circa £60.0￿ per project (wlh a £30,000 h'mil per year), akhough in exceptkmal wJes up lo £80.￿0 may be consklered. The Trust Is unde￿inned by Christian values. bul welcomes apPI￿￿On$ othef fath and non-failh projects. Three Sub- Committees meet regularly lo con¥ider fvkdKal. Rdigh)us and Scnal granl-making poI￿les. Grants are usualy in the fom) of sal*y conlnbutscffbs and Trustees prefer lo support innovalwe aTh imaginative people - often promising yourwj researchers - wtth whom they ¢an ¢*velop a direct relationship. Sometimes a conlribulb)n t¢Jwards the eynses of a prw is given. In general. Ihe Trustees do not favour grant-giving lo enable the com*lion of 8 pr￿￿t initiated by other brJJies. The Trust maintains a website sirhalle ewart.or .ukl that sets out the ￿nciPl￿ on wh￿h rt select5 successfijl appI￿an1$." provides clear applicatK)n crttwia", and gNe5 exarnples of the kinds of grants that hava prewously been gwen. Potential applicants are encouraged to ma(e an Initial informal approach lo the Trust's Grants Manager to discuss their pr(iects before C(ynme￿1ng an applicatK)n, so that unsuitable projects can be deflecled wilhoul w8sling the valuable Iwne and resources of Ihe appI￿nts themselvas the Trust. The Trust's online 4)plication f(Km, ￿rnbined w*h these consullalons, swJnificanlly redu￿$ Ihe number of ineligibl8 applications in e￿h grant round. However. the Trust is still very over-$ubscr*)eil wrilh applicatb)n$ and so the assessmenl and grant awards pr(tess r￿￿InS extrem8ty coryebb"ve. The Trust has several assessment phases in e&h grant r￿nd. unSuc￿$fU[ applicants ar8 sent a personali5ed "decline" noti￿all0￿. either expLqinin9 the reasc¥) for reiects.on or offering a personalised feedback call. Projects judged as possibty S￿￿le for a grant wrthin the btjdgetsry Imil are considered by members of the Trust's Sub-committees, using thar specialised k￿. At Ihis stage queries a￿1 possible modrfieations of the applicalK)n are dealt wrth by personal contact %Mlh the applIC￿tt. Final Main Grant decisions are made by all Trustees, after detailed and informed discussKI). al th￿1 m*tings held three times each year. Small Grant awards, maximum of £5,01)O, may be made throughout the year via Trustee consensus. Pagè 7 SIR HALLEY STEWART TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTMTIES During the year Trustees set out to a range of innovats.ve research and development projects that meet the Trusl's Medical, Religious and Socid critaia.. to manage the existing grants portfolio effectively., and to continue and develop the ongcrfng operations of the Trust. The TNstees are please(I lo have achieved all three of these objective5. which are detadeil further in the Cha¢s Statement above arvJ the folltrwing Sub¢ommitlee Chair rep)rts. GRANTS An analysis of the major grants committed by the Trust duriro the financial year is set out in rh)te 7 of Ihe Accounts. The Chairs of the three g￿t sut¢uNnrtlees report: Medi¢al Giants- Chair: Professor John Wyatt 2020121 has been an extraordinary twne in the medical world. The rapid ¢knbpmenl of new vaccines. treatments and delivery programm8s during Ihe pand*￿￿ has high1￿hled the remartable vision. hard work and innovative approaches of those worting in the heallhcare sector5. Her8J at the Trust we were pleased to prti￿ts over £420.1)tKJ (2020 - over £285.0001 of grani fvnding trmards projects under the Medical category. As ever, the sheer of hgh qualty of proigct proposals we wéré ceived made ourfunding decisions very challenging. We supported a number of projects in the pregnarry, neonatal arKI childhood health fields. These ranged from nutril*)nal Survey on pregnancy induced sickness aNJ h￿ereme$ls, to a project on how coaehing might improve the ￿mMun￿ation cl unexpected news in Obstetr￿ uttra50und. We als9 fvnded a prcyect focussed on movement behawours in earfy childh(xrfJ in Malawi, and Wa￿ in the UK on geneiK and enwronmental influences on mental illness in young people with d￿en￿ Language discthr. One of our largest grants was a p￿neering emergency preseTh*ion arKI resuxilalion innovation project that has the potenti* to signth"canlty improve outc(Mnes for seriOU￿Y injurgj paiienls and the wcdd of pre-hospital care. We also awarded Small Grant funding lo several diverse projecis. induditvj in vitro screening of novel hydrogen SUlph￿e thèrapeut￿ for Parkinson's disease. arKI eworing patient and carer perceptions of aids for improving medication ccffnplianc8. Palliative care continues to be a key interest for the Trust We were delighted lo award a Main Grant l¢Jwards the develokxmenl and evaluation of a novel initiatNe to provMJe awss lo high qualrty edLThlional materials for global leader5 in palliatNe car8. This builds on the VIS￿ of Dame Cicely SaundeF5. the founder of the hospice movement. wh￿￿ the Sir Halley Stewart Trust is proud to have fund8d at the Start of her pioneering ￿reer. We also awarded iwo Small Grants towards a palliative care training and implementation programm& in Sierra Leone and a palliative cafe toolkit video series here in the UK. Tropical diseases also continue to be one of our prhxrty areas. and we were pleased lo award a Main GTanl towards a project focussed on the use of Azolla {an 4uatK plantl in managing mosquito populations, as well as a Small Grant lowaids the validat￿n of gaI￿0k1na$? as drug target against Leishm8nk75iS_ Our core Modical Pri￿111e$ remain fccussed on praeltsl innovalp4e prc4ects that aim lo prevent human suffering and are capable of dinical 8pplicalb)n wrfchin fve to len years. We are open to applications for pioneering work focussed on improving the quality of hfe for okler peop￿ suffering from physical or psychological disorders." the prevention of di$ease and disa)ilty in children, disadvantèJed groups and those affected by Iropieal infectk)US and parasitic disea￿., and innovations in any diseyline that &e likely lo improve health care. We look forward lo supporting many more such proittts in yearahead. Page 8 SIR HALLEf STEWART TrUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Rellglous Grants- Chair: Revd Profgssor Davkl Wllkjnson During 2020121 the Trust provided just under £175.C￿0 (2020 - over £360.0001 of Religious grant$. The projects we Supported demonstrate the diverse nature of this frjnding category. and the valuable impact of faith-based work on a wide variety of topts. For example. ￿ fvndgd a Icol to support the Integrati￿ and inclusion of the LGBTQ+ cornmunty in failh-sedor organisations, in order lo reduce the rate of LGBTa+ suicide in churches. and supported a pioject regarding the experiences of freedcKn of religion or belief violations for women in Mexico. Education and disserninating 18arnir¥J have thays been p￿rit￿5 for the Trust, and this year we funded a project to share the wisdom of monaslK communities and practu - lo h* a conlemkX)rary a￿d￿n￿ engage in a rhythm of prayer Ihal leads lo flrAJri%hing. We aL80 SUPPOrted online scErKe fath CPD trainiThJ for Church of England primary SC￿01 lexhers natKJnalty. and a proiecl to create and di5seminale a new resource about Muslim life for use by church congr8galions a￿1 Christian gr￿p$. in order to counteract Mts￿ading sources af infomation. inThse understandirvJ and inprove rdatKJnship5 Within local communitses. This abilty lo fund such diversty is a key ￿reryth of the Trust. as is ￿r fiexibilsty to respcfftd to new crises as they ernerge. One of our largest grants was l(ywwds a project to bring chaP￿in$ together to Buttwate human flourish￿9 and spiritual resilience in reSpc￿Se to CovKI.reiated kn5ses for year 7 pupils. The impact of the pandemic will continue to be felt lor many yews. arKI we are pleased lo be playing a part in aiming to mitigat8 the impaci on young people at sueh a critical juncture of ￿"T dev8lopment. We also funded a project lo chart the changing relationships behveen Iccal authorilj.es and fwth groups in Tespondw)g to the inpads of Coronavirus. As well as supporting work aristsw from the parthnic as approw*. our core fvnding priorities remain the advancement of Christian rel￿10n. thr(wh innovative and practical ecun*nical projects. We fund grouNi- break¥ig inspirational wojects. which include wth dissemin*k)n lo share leaming with others working in simit8r fields. In particular. we pr*)ritise projects that break d(Avn religious and secular divides, ￿v0fve the vocational development of key people. and inili81ives that are unlesled and have the potential to be gam￿hange[S. We Cufrenlly have five Specif￿ priority areas for awarding Reiighws granls: To encouRge ChrislÉan people to uphold, engage and communicate their faith in the public domain. To erKourage dialojue behveen Christian faih and contemporary issues in a secular soci8ty. To encL)ura9e closer working relationships tthen Christian denominations, and l or lo improve inter-faith relationships by facililaling a belter urKlerslanding tr*￿ften faiths. A particular ar8a of interest is improving dialogue and mutual urKl&rstanding between Christian and Muslim failhs. To supp￿1 and encourage the innovalive education and communThlK)n of Christianty within the UK and also inlernalionally. To encourage specific groups of people to expknre their experierté of spirilualily aThJ their spiritual need$ and slreThJlhs. and to help others to understsnd these. We had planned to hokl a r0yr￿able event durirKJ 2020 ft)cus5ed on the broad areas of faith. gender. sexuality and sexual exploitation. bul ha lo postpone thi% due lo the impacl of the pandemic. We were pleased lo rearrange Ihis as a virtual event for 2021, and we continue to explore new ways to bring our Granlees logelher lo share their valuable leaming and explore potential Comab￿a￿ns. Page g SIR HALLEY STEWART TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Soclal Grants- Chall: Ms Cella Atherton This year the Trust awarded 14 grants worth £449.IXKI12020 - over £350.0001 in total. Our grants focussed on pract￿81 on-the-giound projects and research projects thal concern themselves with di1￿1 impad for disadvantaged people. We ore interested in ways of tsckliThJ problems where the results will be diss8minaled widdy and Ihe leaming used kY)siINety by others. We ICK* projects that irNolve benefi'ciaries as both creators and recikwents of the serwce5 of research. Whilè th8 majorty of our grants are for woth in the UK, a few are intemalional. Three of our grants were in the Small Gwls group of £5.(MJO or les$. We are delighted impressed to see how much can be achieved wih such a relatNety small iryec1￿ of funds. The other eleven grants were wthin our Main Grant prc*Jranwne ranging from £27,C4X) 10 £60.000 aThJ las1*￿ from one to three years. Two of our grants demonstr*e OUT concem for those try to find sh81ter in the UK.. one lo $upport LGBTQ+ refugees as Ihey seltle into new lives here,. and the other to provide supp(xt and assistance to vulnerable migrnnls who lack mental capacrty lo eng4e wlh the immbJr*M)n system. Two grants foeus on support for people who have been sexually exploit&Y. a peer-support forum for women who are Survivors of commercial Sexu￿ ewoitation.. and the devekfypment of an online arm lo existing in-person support for parents caring for a child who has been sexualty abused. Anclher online-focussed grant enables evaluation of the impact of online supwt to pewe intemationalfy with a Dual Diagnosis Ilhose wth severe ment818nd 8ddietive disorderl - this devek)Fod b￿aUse of Cov•l-19 restrKtions bul p&haps opens up new ways of re￿hing and SUpp￿tIng partthlarly vulnerable p&We. Two of Lwr grant5 focus on a0Jpt￿. one. Joinlty wilh the Med￿￿ Sub£ommrttee. provides for the anatysis and dissemination of the part of a longitudinal study examining eaTty arbd late adq)led children fare in adolescence, from their and their adcoters, perspèctives: the second supported the development of a preparation pack for related carers oveTsea$ w￿e to have Loc&ed After Chibjren from the UK placed with them. While kn of the atr￿ grants related to pecple Imng beyorKI the UK we also funded three proj8Cts focussed entirely on work in Africa. One. in Ghana, supports youro unemployed people lo become primary school teachers in a very poorty-Tesourced area and lo locus principany on Inclus￿)n, especially of girfs and th08e wi(h disabilities.. another. in Tanzania. seeks lo improve the health and wellbeirs of mothers and babies affected by albinism., and the third, based (m woth in Uganda, wll use an onlire pL4lfomi to equip educators and caregivers acfOSS the deveknping wortd to ulilise plaY￿￿ed methods to h8lJ children learn effedively through play. Over the year we have seen hrya¥ d￿lts1 platfomis are able to offer more and more. We want to encourage posilive use of the digital world. especially social media. for ￿ng wple aThJ so provided a grant lo promote young people's critical digilal literacy. One of wr 9rants will enable the developnent of longer-temi surwl for ex-offenders who have graduated from a targeted resewement prOgr￿me. Another grant will study the Thpacl of hoarding bthaviour on the altitudes of vulnerable people lo moving into support8d accunmcthtK)n. At)d we gave one giant to a Scheme to encourage primary school children to use ccryassw)n as a way lo deal with confiict and b8come kinder citizens. Throughoul this year we have seen (wr grantees stnwle and to Iheir Covid-19 environment and have been impressed wth their cornmitmenl lo continue workiThJ haré for their benefiCiar￿S. whi￿ much of the impact of Covid-19 is terrt)le, we are also seeing some valuable developments in service proviS￿n whith we think could increase access and Indusic￿ for many. Page 10 SIR HALLEY STEWART TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REVIEW INVESTMENT HISTORY POLICY AND PERFORMANCE The Trust's work 15 entirety reliant on inccffi& and irwestrmenl returns fr¢)m its enfb)vments. which are invested on a total relum basis. The Charity received a cakytal sum in 1924 from the settlor. Sir Halley Stewart, lo be kept in pefpeluity. In 1997 Ihe Trustees were required by the Charity Commtssion to split the Endowment Fund to distinguish be￿en unspent income and ce¢*ilal. The &cumulaled unspenl income at that Stage was labelled the Unrestricted Fund, ￿tIm)ugh this term is no kNbger used in the Accounts. which n¢Y•V refer lo Unapplied Total Return. A furthèr donation wa5 received in 1999 by way of a legacy from the Estala of Mrs. E.E.N. Pear¢e. The combined Funds generate rggular annual retums. whth we used to ffinar￿e grant8 in furtherance of th& Chartys objectives. On the total return basis of investing. it Ihe Tnjslees. poky lo extract as incom& vp to 3.5 per cent. of the value of the relevant inveslmenls. However. to smcoth mc*Jerale the ￿0vnIS withdrawn, this is calculated on the average ol the year*nd values in each of the precediThJ fve years. £1,092,000, being the equivalenl of such 3.5 per cent. of the value of the investments. was taken as income in the year. The Trustees keep the level of income withdrawn under revivw to balance the needs and Inte￿$ts of current and future beneficiaries of the Trust's aclivilies. From 1 April 21)08 the invesln)enl management has been carrie(l on a diserelionary basis. Tho Trust's investment portfolio is curfenlly invested wilh fijnd manager CCLA, in its COIF Charrties Investment Fund, which is an adively managed long-temi mLrfIi-assel fvnd design&l to help meet the grovrth and income requirements of a wde range of charities. through a htyJhty diversi￿ and wellthlanced spread of inveslmentg. whrfsl keeping risk levels sensibty undef control. The Fund invests largety in real assets equit￿$. both in the UK and overseas. atKI property as well as infrastructure. priv*e equty. bonds and other assels, offering diversir￿d sources of income which shcMJld rise over tTh8. The equities ccmprise well managed global companies wth sound financès and resilient businesses. The Fund is managed on a total retum bas￿. The objective is lo maintain the capital value of the portlolio in real terms and to generate a sustainable level ot dislributsble cash to support current charitable actNilies. CCLA urrenlly assesses Ihe desirable average k)ng-twm totsl retum al 7% per annum. The Fund adopts a 'respon&ble wweslmeny apwoxh. lo prolecl the ffinancial interests and reputation of unitholders. The Fund's policy is to eXcI￿je investment in.. Companies that have any invofvement in the w￿￿u¢l￿)n ol indiscriminate weaponry Ilandmines or cluster bombs, including Cri￿al parts)., Companies wrfch 'signrficanl invdv￿enl. li.e.. more than 10% of tumover) in th8 production of pornography or online gaM￿Ing., and T¢Jbxco wjucers. The Fur￿ also benefrts from CCLA'S aciNe stwrdship programff*". CCLA votes at aN inveslee companies, AGMS and engages on a range of topical issues includin9 d¥nate change, modem $￿very, mental health. corporate govemance (including executive reMunerat￿n). nutntion, akohol marketing and the use of plastics. The Trust's Finance sut￿cOMMIttee meels quartety with represefttatNe$ of CCLA to ￿ceIve investrnent updates and lo rewew perfomiarKe. The Trust's investment objective is to manage its invesknents so as to be fair to presanl and future beneficiaries. and the Finance SU￿MrrUttee believes that investment in th8 COIF Charities Investment Fund is an 4propnate way to ?thiev8 this. The Truslees have considered they apwoxh to investr￿t risk. They acc8Pt Ihat risk cannot be completely eliminated al an e£ceptable cost and that risk levels Can alter. e¥)ecialty over any short-lerm p8riod. They reccijnise Ihal volatility of str￿k Markets arKI unpredthbilty of earnfftgs eypectations wdl requiTe them to exercise judgement in order to give appropriate wevJhl to future and cur￿nt needs. and that in some Page 11 SIR HALLEY STEWART TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENOED 31 MARCH 2021 iT￿m51anCes rt wll not be possible to dernor￿rate compliance with both. In making these judgements. the Trusl8es will be informed through the appffjved mOnitr￿r￿j pr￿e$S and Specialist advice when appropriate. The'risk profile" r￿0MMen￿ by the FIna￿e S&pConwnillee i5'Mcthra18-. This means that the Trustees are ¢omfortable with inveslmenls that to some fluctuatHJn$ in Ihe value of the portfolio in ?xchange for the opportunty lo achieve above average increases in vdue in the medium lo bng run. CCLA aims to achieva consistent and competitrve returns over multiple lime pericds with volatility wthin the risk budget of 75•h of UK equity market risk. P8rfomiance of COIF Charities Investment Fund over fnancial year was reasonably good. At the end of March 2021. the value of the Trust's holding was £39,883,159, compared lo a value of £33,043,CE9 in March 202D. The fund relumed 24.31% over the year compared lo a 24.01% retum in the ARC Steady Gr0￿h Charity Index. which cokcts together performance dats from peer grcwjp charrties. It was ahead of the market comparator la weighted "basket" of 45% nonvUK equities, 30% UK equilie5. 15% UK 9overnmenl bonds. 50A UK conNmercial property and 5% cash) which retumed 22.￿% and Iherefofe vftll ahead of Ihe target benchmark of CPI plus 5%. Ass81 All￿tIOn in the FuThJ at the end ofthe financial year was as bglw. UK Equths Ovetseas Equilie5 Infraslruclure and Operalirvj Assets Property Conlra¢tual and Other Inecthe Private Equity and Other Fixed Interest Cash and near cash 9.89% 67.23% 9.12% 2.68% 2.01% 0.34% 4.83% Responsible Investment The Sir Halloy Stewart Trust is a resp¢)nsfde inveslcv. We do not manage our investments in-house but aim lo select investrnent man4ers who reffect our values aTrJ a￿ committed to integrating environmental. social and governance considerations into thgir investment processes. We pay ￿t￿ular alt￿tIOn lo our investment managerfs approa¢h lo invesliry in line w￿(h our Charitab￿ aims. We also seek lo be an adive owner of the companies held within our portlolio as we believe that this can delivar demonstrable, positive changes in Co￿Orate behavI￿r. For this reason, we encour4e our investment managers lo vote and eng￿e with the companies in cyjr portfolio on their behalf. For examplg. we cUr￿nItY support CCLA'S engagwnent programme that encouwes conwanies to develop policies and processes for improving employee wellbeir¥J and mental health. As part of our commitment to reSp￿S￿le investment, we expecl our managers to be a signatory to the United Nations backed Principles of Resp¢)nsible Investment and to ￿￿￿$trate best practice by achieving above average ratings for 'Respon$iblg Invesfment Strategy and Govemance,. 'Liste(l Equty Incorporation. and 'Listed Equty Active Ownership. in the annual PRI Assessment pr¢X￿. The Trust's Finance Sub-commrttee monrtOTS and eval￿ our investment managers. approach lo re$pon$ible investment and r￿e1￿ a full rep)rt ￿ al *i¥ity at least ¢)rtt per year. Page 12 SIR HALLEY STEWART TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 RESERVES POLICY The Boa￿ of Trustees aims lo maintain re•Jity available free re5er¥es in unrestricted funds at a level equivalènt to six months of the hwJher of prqected gross inwne or gross expenditure for the next financial year. The Trustees consid9r that this level would pwde fiexl)ilty should unforeseen ¢￿uMstanceS arise lo give an urgent need for addth'onal grnnts or cther expendrture ¥) ddNering the Trust's obje¢tive$ regardless of short-temi fluctuations of income and expeNJiture or unforeseen ffinarKial burdens. The free re58rvas requirement will be ealculaled and monitored on a quarterty basts. Extsss reserve5 li.e. above the upper level of the tsrget rangel may be used lo fund In￿a$a$ ￿ expendilure in ordgr to athwe the Trust's objectNes subject lo agreement by the Board of Trustees. The target amount￿ to £600,0￿ as al 31 st Mareh, 2021 and the Trust's unreslricled general funds of £{39.WOI were bglow this figure. 11 is hoped to eslablish the ¢argeted reseNe over a number of years. PLANS FOR THE FUTURE The Sir Halley Stewart Trust is a lasting tostimny lo the generosty and ch￿table concems of the donors, Sir Halley Stewart and Mrs Pearce Tr Trustees, aFry)roach ￿11 remain in xcordanee wrth the wishes of Sir Halley Stewart and we will conbnue to work wrth potential and exi5tir¥J grantee5 to pursue these core purposes. To this end. the Trusts policies and practices are revthved fe9utsrty. In 2024 the Trusl will be marking the centen8ry of ils foundab.on and plans for this are being made. RISK ￿NAGEMENT The TruSt￿S carry out regular as5essrnents of the major risks to wh￿h the charity is exposed. In particular, those related lo the operations and finances of the charty. and are satisfied that systems and proceduras are in ace lo mibgale thw exFQ$u￿ lo the major nsks. The Risk Regtster and Scheme of DelegalK)n are review annually by the Finance Sub£ommiltee, whth makes any necessary Changes arKI reports lo Ihe Trustees as ¥propriale. The Trustees consider that the major risks to which th8 char.ty is exposed relate to governance and management. operations. finances. exlernal f*ors and ccmmpl￿nCe. The Trusys Risk Register oullin8s k8y risk5 within each of Ihese areas and how the Trust acts lo m*KJale those risks. inclLwJirKJ assessing the Ik*elihoc*l of occurrence and severity of impacl, control wo¢edu￿, and the Monit￿'rrfj process for each identffied iisk and mit￿alKIn aclkjn. The top five r￿kS identi￿d by the Trustee5 are.. Loss of key personnel Failure to manage the Trust's inveStr￿ts effectivety Failure lo rneel sector slandwds and Obl￿alK)n$ Failurè to idantify or lo protact th& Trust against cyber crime Ch￿geS in the regulatory framewofk which athiersety affect the Trust or its 9ranlees. CoMprehenSTr￿ controls are in p￿￿ to enable the Trust to respond lo. and as far as possible m(Éigate. these risks. These indude.. regularly ￿dating and adhenry lo policEs s￿h as Anlibribery, Scheme of Delegation. Safeguarding, Dats Protection. Privacy NotKe. Confidenti* Infomat40n, and Truste8 Code of Conduct.. detailed succeS￿On planning". fdlchving Charity Commtssion gU￿13n¢e on retrubting and good governance for Trustee and staff appointments,. scrutinising the management of Trust inveslm8nts: appointing suitable investment managers. finance and aCCc￿ntancY providers and olher advisofs as required," fequiiing declarations of any possible conflicts of interest at Board meetirva5 arKI &kn"ng accordingty to avoid such conflicts. obtaining appropriate insurance eover. maintaining approprote electron￿ and hard copy record storage.. prowding clear communication. rigoTOUS review and oversight processes for all Trust activiti8s", and holding regular strategic reviews. Page 13 SIR HALLEY STEWART TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 TRUSTEES. RESPONSIBILITIES STATEPAENT The Tru$tees are wponsible for preporiNJ the Tru$lees' report and the finawal slalements in ￿Lordan￿ wf(h applicabl8 Law and Uni18d Kingdcffi AcC￿Jn￿"ry StarKlards (United ￿'n￿10M Generally Aecepled Attounting PraclKel. The law appl¢able to charities ui Engl* & Wa* requres the Truslees to prepare ffinancial slatements for 8ach financial year wh￿h give a true fair v78w of the stata of affairs of the charty and of the incoming resources and application of resources of the chanty for that perit>J. In preparing these financial statements, the Trustees are wuired lo". se1￿1 surtable accounting pohcm and then apply them conS￿tent￿.' observe the methc*Js and princyle$ in the Chant* SORP., mak8 judg8menls arKf accounting estrnates that are reasonab￿ and prudent.. prepare the financial sLitements on the wing COr￿ern basis unÈ5S t is inappropriate to preS￿￿e that the charty will continue in cyeralion. The Trustees arè resp)nsibk for kèepty prw aeeounting records thal are suffic￿1 lo Sh￿ and explain the Charity's Iransaclions and d￿CloSe with reawiabSe ¥curacy at any time the financial position of the Charity and enable them to ensure th* the financial stslements ccxnpty wilh the Charf(ies Act 2011. the Chorily {A￿ount$ and Reports) Regulat￿Th5 2008 and the provis•)ns of the trust deed. They are also rèsponsible for safeguarding the assets of the charity and hence for L*ing reasonable steps for the preVent￿)n and detection of fraud and other irregularrties. Approved by order of the rnembers of the bowd d Tru51ee5 and sgned on their behaw by." ¢NJ(thp- Mr Andrew Wauchope Honorary Treasurer Dale.. Itl,.1204 Page 14 SIR HALLEY STEWART TRUST INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF SIR HALLEY STEWART TRUST OPINION We have audrted the financaal statement5 of Sir Halley St￿rt Trusl (tt)e 'chariVI for the JEar ended 31 March 2021 whKh comprise the Ststement of financpl ac*v((Es. fv Ba￿ce sheet. the Slalemenl of cash flows and the related notes, Inch￿￿9 a surrThary ol significant accounting pol￿*$. The financial reportiNJ framework that ha5 been applied ￿ Ihar Prepar?￿n is applicab￿ Law and Unrted Kingdom Accounting Standards, including Financial Reportir4J Standard 102 The Financ￿1 Reportry Standard 4)plICab￿ In the UK and Republ"c of Irelanrf (United Kingdom Generalty Accepted Accourting Praclicel. The financial statements ha* been prepared in accordance wth Aecounling and Reporting ty Charities p￿paring their accounts in accordance with Finaroal Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Acetsjnting and Reporting by Charitie5-. Slalemenl of Recommended Practice issued on 1 April 2005 which is referred to n the extant regulat￿n5 bul has been wit￿11aWn. This has been done in ￿le[ for the accounts to provKle 8 In￿ and fair view in xcordance w'rth the Generally Accepted Accounting Practice effectnie for reporting pericds teginnmg on or after 1 January 2015. In our oynKJn the financol slatemenls. give a Irue and fair Mew of the state of the charitys affairs as at 31 March 2021 and of ils incoming resources and appl￿11(￿ of resources for the year then ended.. have been property prepared in accorda￿8 ￿th Unrted Kingdom Generalty Accepted Accounting Practice, atK1 have been prepared in accorda￿ with the wuirements of the Charilies Act 2011. BASIS FOR OPINION We ¢￿d￿cted our audit in a¢￿dance with InlematNJnal Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibiif(ies for the audit of the financial statements section of our report We we iThJependent ofthe chanty in xcordance wilh the ethical requirements that we rekvanl to our athjrt of the finarttal s&￿ementS in the Unrted Kingdom. Including t Financial Reporting Council's Elhtal Standard. and we have fulfilled our other ethical responsibilities in accordan￿ wrth these requirements. We believe that the 3￿JIt evidenee we have rt)la￿d is sUff￿lent aTrJ appropr￿te lo provide a basis for our cyn*￿. CONCLUSIONS RELATING TO GOING CONCERN In audrting the financial statements. ￿ have concluded Ihal the Trustees, use of the going concem basis of accountt.ng in the preparation of the finanryal slalements is appropriate. Based on the work we have perfonned, have Mt Fd¥btsfied any material uncertainties relaiing to events or onditions that. indmdually or c￿leCtr¥ety. may cast S￿nI￿an1 dovbt on the eharitls abilty to continue as a going concern for a penod of al least tWa￿e months fr[￿ when Ihe ffinancial statements are authorisetl fof issue. Our responsibilrties and the reswitmlrties of the Trustees wryth resFo¢t to corbcem are described in the relev￿1 sects.ons of this report. P￿815 SIR HALLEY STEWART TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR HALLEY STEWART TrUST (CONTINUED) OTHER INFORMATION The Trustees are responsible forthe other infom7at￿ The other information comprises the infomialion I￿luded in the Annual repoiL other than the financial statwwils and our Audttors, rerL)rt there￿. Qur opinion on the financial statements d￿S not cover Ihe olher infomption a)d V•E do not express any form of assuran concltJ&on Ihefeon. In connection byrth our audrt of the financial slalemenls, our responsibilrty is lo read the other informalKJn and, in doing so. ¢onsider whether the other informat1C￿ 15 malenaly inconststent the financial slatements or our knowledge oblainod in Ihe audit or otknise appears to be materdly rnisslaled. If we Klenlrfy such material inconsistencies or 4pafent material misslalements. are required to detemiine whether there is a material misstatement in the fmancial statements or a mateital misstatement of the other infomialion. If, based on the work we have performed, we ¢crtlude that there 1$ a materol misststem￿t of this other information, we are required lo rep)rt Ihal fact. We have nolhing to rewl in this ￿ard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing lo report in respoct of the folkn*ing matters where the Charities lAc￿nts and Reports) Regulalions 2008 requires us to report lo if. in our opinK)n". the information gwen in ￿ Trust￿. repNI is incon&stent i) any material respect with the financial stalemenls. or sufficient accounliig records have not been kept". or the financial statements a￿ not In agreerrEnt ¥￿h the accounting records and returns,. or we have not receNed all the infom)atKK) and expLgnations we require for our audil. RESPONSIBIUTIES OF TRUSTEES As explained morg ftjlty in the Trustees. responsI￿lIrtieS slalemenl. the Tru$tee5 are reSpons￿le for the preparation o! the ffinanCI￿ 51atement5 whth gNe a true and fair vith¥. and for s￿h internal eonlrol as the Trustees delemiine is neeessary lo enab￿ the prepar*K)n of financial stalemenls that a¢ free from material misslalement. whether duo lo fraud or error. In p￿parIng the financial slalemenls. the Trustees are resportst•le for assessing the charilws abilty lo continue as a goiNJ concem. d1￿10$1ng. as applThble. matters reLaled lo gc¥ng concern an(J using the going concarn basis of accounting unless the Tn￿lee$ wlher Inte￿ to IK4uid*e Ihe charty or lo cease operations, or have no realislc atternatNe bul to do so. Page 16 SIR FL4LLEY STEWART TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SIR HALLEY STEWART TRUST (CONTINUED) AUDITORS. RESP(hYSIBIUTIES FOR THE AUDrr OF THE FINANCIAL STATEMENTS We have been apwinted as auditor under section 144 of the Charit* Ad 2011 and report in accordance with the Act and relevant regulations made or having effect thereurKler. Our obj8Ctives are to obtain reasonable assurance aknt whether the financial statements a$ a whole are free from material misslalement. whether due to frawj or err￿. aThl to issue an Audrtors. report that In¢1￿￿e5 our opinion. Reasonable assurance is a hvJh levd of ￿urance, bjl is not a guarantee Ihal an audit conducted in accoidance wilh ISAS (UK) ￿11 a￿ayS deteci a material misstalemenl when k exists. Mtsslatemen15 can arise from fraud or efror and are considered Materi￿ il, indNtyJu*ly or in the agg￿ate. they could reasonably be expected to influence the econom￿ decis￿nS of Lwrs taken on thg b￿$ of these financial slatem8nls. IrregUlarit￿e$, ind￿ling fraud, are instances of non-complkgnce with l&vs and Te9ulalions. We design procedures in line wlh our responsibilitie5. outlin￿ above. to detect material misststeffents in resF*ct of irregulaiities. including fraud. The extent lo which our Pr￿edureS are cap*le of detecting if￿gUlarities, including fraud is detaded below.. Our approach lo iden11￿.ng arbd 8ssessirKJ the risks of matenal missL*mènl in respecl of irregularities, including fraud and non4ompliano with law5 arKI reguktiws. was a5 follows.. the engagement partner ensured that ts eryagement team collectNely had the 4propriate competence, capabililies and skills to ￿entIfy or recognise nonns." The charty makes e51irna18s and as$uiWK)n5 conceming thg fvlure. The resutting accountirHJ estimates and assunwtions will. by deffniticffl, seWc¥n byual the related xtual results. The estimates and assumptions that have a sNJnrfKanl risk of causing a malerial adjustment to the carrying amounts of assets and li*Jilifres wihin the ngxt financ￿ year are discussed bebw. The most signfjcant areas ol ￿lUStrnenI and key assunwb.ons that affect the items in the accounts are to do wih estimating the ￿"abIlIty from multi-ygar grant commttments. With respect to the noxt reporting period. the most signthcanl areas of uncertainty that affect the carrying va￿e of assets held by the Trust are the level of investment retum a￿1 the performarice of investment markets. INVESTMENT INCOME Endowment funds 2021 £000 Total funds 2021 £000 T￿al funds 2020 £000 Or￿dendS reeeiv?ble 1.315 1,315 1.291 TOTAL 2020 1.291 1.291 Pa9e 25 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 INCOME FROM CHARITABLE ACTMTIES Unrestricted funds 2021 £000 Total funds 2021 £000 Total funds 2020 £Tr)o Royatties I￿oMe TOTAL 2020 OTHER INCOhllNG RESOURCES Unrnstricted nds 2021 £000 Total funds 2021 Total funds 2020 £cK)o Slalulory maternity pay recoverab TOTAL 2020 INVESTMENT MANAGEMENT COSTS Endowment funds 2021 Total funds 2021 £000 Total funds 2020 £000 Investment management fees 73 73 73 TOTAL 2020 73 73 Page 26 SIR HALLEY STEWART TRLIST NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ANALYSIS OF EXPENDITURE BY AcThvmES Activitles Grant undertaken fundlng of directly xtiviti•s 2021 2021 £000 Support costs 2021 £0 Total funds 2021 £000 Tol funds 2020 £000 Grants payab 83 1,247 1.129 TOTAL 2020 134 1,129 Supp￿1 costs are all(￿ted to granls payable on the basts of the total nunknr of grants awarded. In 2020 all expenditu￿ on charilabfe acbviltes was attributabfe to unr￿ricted funds. Analysls of dlreet costs Total funds 2021 £000 Total fund8 2020 £LKJO Activitles 2021 £fy)o Commissioned research into lon9er4emi outcomes and npact 83 83 Page 27 SIR HALLEY sfEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAKH 2021 ANALYSIS OF EXPENDITURE BY ACTMTIES (CONTINUED Anatysls of support costs Total funds 2021 £000 Total funds 2020 £000 Acthiities 2021 £000 Staff costs Me81ings Telepfw)ne Computer Publications Miscellaneous Aceounlancy Audrt Insuran Secrelarial Trustees. travel 25 26 16 25 25 78 72 TOTAL 2020 134 134 Induded in support costs are g)veman¢e costs loL41irg £8k12020 - £12k). thi5 relates to audil of £8k {2020- £7kl and trustees. travel expenses of £nil (2020- £Sk}. ANALYSIS OF GRAKrs Grants to Instltutions 2021 £OOD Total funds 2021 Total funds 2020 £000 Grants awarded 1,092 995 TOTAL 2020 995 995 Page 28 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 The Charity has made the folk>wing matenal grants to institutTCffi$ during the lear. 2021 2020 £000 Grants of £10.000 and over: University of Keele London's Air Ambulanee Charity LandWork$ University of Pl￿￿)lh University of Lèeds Teach2Teach Intemalionaj C￿elY Saundefs Inlernathjn University of York Islington Mind Univetsrty of StrattKlyde Mosa Canterbury Christ Church Unrftrsty Slanding Voi Migrants OrgatNse Northern Baptist Colkge Play Action Intemalional NorthumbTia Universty Nat￿nal Lrteracy Trust csw God an(1 the Bu 8ang Anna Freud National Centre for Chikjren and Famil Discovering Prayer Commonwealth Pharmacist Asset￿￿n (CPA) Th8 Trussell Trust Standing Voice ICovid-19 Charty Supp(wt Granll Universlty of Stirting University of Bath Church ACt￿n on Poverty Adfam 60 60 60 59 57 57 52 49 49 45 35 32 28 28 28 27 16 10 10 10 119 67 63 60 Subtotal clf 1.024 369 Page 29 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Grants of £10.OIXI and over Iconfjnu•dD: 2021 £0 2020 £000 Subtotal b The Good Farth Partnership LLP Visible Minislnes NATRE Gather Imperial co1￿8 of London Youthsc4e Horse and Bamboo Thealre Bnghlon & Sussex Universty Hospitals Universrty ofAberdeen The Surgical Foundation Vision Care for Horneless People Th8 CofTwneela Community School-Home SLPPOrt Herriot.Watt UnNersity King's College London University of Chester Grants uTrJer £10,000 lird. grants to ll)divhJuals) Grants retumed 1,024 369 60 60 60 60 60 56 51 45 40 39 20 19 17 14 10 10 93 {251 141} 1,092 995 AUDITORS. REMUNERATION 2021 £000 2020 £000 Fees payable to the tharitls auditor for the audit of the chariV$ annual accounts Fees payable lo the chantys auditor in respe￿ of. All non-audil $efvKes not included atrf)ve Page 30 SIR HALLEY STEWART TRUST NOTES TO THE FINANCthL STATEMEMTS FOR THE YEAR ENDED 31 hlARCH 2021 STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2021 £o(y) 2020 £000 Wages aNI sakries Social security ¢ost$ OtFEr pensi￿ costs 21 24 17 The averaje number of persons employed by the thaity during the year was as follows". 2021 No. 2020 No. Administrat￿￿ No wnpwee receNed ￿M￿nentIon amounting to rnre than £60.000 in either year. The key managemerbt personnd of the Trust ¢￿PriSe the Trustee$ and Ihe Trust Director. No tru51ees rtteived any remuneration (K benefits in kind fr(¥n the charily12020 - £nil). The total empbyee benefits of tho key management personnel of eharty were £24.000 12020- £17.OQM)I. During the year. O {2020 - 151 Trustees received reimbursemenl of expenses for travel totalling lo £nl 12020 - £5,000). Page 31 SIR HALLEY STEWART TRUST NOTES TO THE RMANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. TANG18LE FIXED ASSErs Computer equlpment COST OR VALUATION At 1 April 2020 At 31 March 2021 DEPRECIATION Al 1 April 2020 Al 31 March 2021 NET BOOK VALUE Ai 31 March 2021 At 31 Ma￿h 2020 Page 32 SIR HALLEY STEWART TRUST NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11. FIXED ASSET INVESTMENTS Llstod Invèstments £000 COST OR VALUATIOM At 1 April 2020 Revaluations 33.044 6,839 AT 31 MARCH 2021 39,883 NET BOOK VALUE AT 31 MARCH 2021 39,883 AT 31 MARCH 2020 33.044 All listed investments ar* ltsted on recognised stixk exchanges. Day-to48y management of the inveslmenls was delegated by the trustees during the year to CCLA. INVESTMENT RISK MANAGEMENT All inveslmenls are carried al Iheir fair value. Inve5tm8nt in equrties and fixed interost $ecurit*s are all traded m quoted public markets. Hokdings in common investment fvnds, unit trusts and open-ended inveslménl companies are 5n¢lud8d at the bKI price. The basis of fair value fL¥ quoted investments is equwalenl lo the market value, the bwj pite. Assel sales and purchases are recognised al the date of trade at cost Ithat is Ihwr tr￿Sact￿n value). The Signif￿an￿ of financial instrumenls to the ongoing financial sustainability of the charty is considered in the financial reviv4V and Investment poly and perfomiance sectK)ns of the Truslees, Annual Report. The main risk to the charty from firkwbcial Inslrumenls I￿S in tr* combination of uncertain inveslmenl mathels and volatilty. Wuidty risk is antupaled to be bw as ￿1 assels are Ifaded and the commitment lo intervention by Central banks and markel regulatc￿S has continued to provide for orderty trading in the ma￿etS and 50 the abilty lo buy and sell quoted equilies and stock is anlicipaled to continue. The ¢harty's inveslments we mainty traded In markets vAlh liquidity and high tradtng volum8$. The charty has no materd investment hoklings in mathets Subject to exchange eonlrols or trading reslriclions. The charity manages these investment risks by retaning expert advisors and operalng an investment policy that provides for a high degree of diversffieat￿ of holdings wthin investment asset classes that are qu¢Xed on reccgnised stock exchanges. Th8 charty does not make use of derivatwes and similar complex finanaal instruments as it tskes the vw that investments are held for their longer term weld totsl return and histor￿ stud￿S of quotad financial instruments have shNn that volatilty n any particular 5 year period will nomialy be corrected. Page 33 SIR HALLEY STEWARTTRUST NOTE8 TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11 DEBTORS 2021 2020 £000 DUE WITHIN ONE YEAR Tax repaYal￿e on nvestrnenl irKcrfne 22 22 13. CREDITORS: AMOUNTS FALLING WE WITHIN ONE YEAR 2021 £000 2020 £000 Accruals and deferred income Grants awued - inslituliona {see note 7) 12 934 85B 942 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £000 2020 £000 Grants ￿￿jY- Institulwjnal (see note 7) 740 575 P4e 34 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMETr¥rs FOR THE YEAR ENDED 31 IIARCH 2021 16. STATEMENT OF FUNDS STATEME1￿ OF FUNDS - CURREMT YEAR Balance at 31 March 2021 £000 Balance al 1 Aprll 2020 £000 Transfers inlout £000 Gainsl (Losses) £000 £000 UNRESTRICTED INCOME FUNDS DESIGNATED FUND The Centenary Fund 100 (411 59 GENERAL FUNDS Gengral Funds 1,167 11.2471 41 (391 TOTAL UNRESTRICTED FUNDS 100 1.167 {1247) 20 ENDOWMENT FUNDS Permanent EndcN4menl Fund 32,284 148 6,839 39,198 TOTAL OF FUNDS 31384 1.315 11.320 6.839 39.218 P8ge 35 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2021 IS. STATEMENT OF FUNDS {CONTINUED STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2020 £000 Balance at 1 April 2019 Transfers I￿olrt £000 Gansl {Lossesl £000 Ir￿oMe Exwditu £￿0 UNRESTRICTED INCOME FUNDS DESIGNATED FUND The Centenary Fund 1C(I 100 GENERAL FUNDS General Funds (1,1291 1,125 TOTAL UNRESTRICTE D FUNDS 100 {1.1291 1.125 100 ENDOWMENT FUNDS Pemianenl Endchvmenl Fund 1.291 (731 (1.1251 11,157) 32.284 TOTAL OF FUNDS 33,448 1.295 11.202) 11,1571 32.384 The Centenary Fund has been established ty the Trustees to mark the Tru$l's centenary in 2024. The transfer comprises the total retum M •JMnent funds ￿ppl￿d for th# purposes of the charty (see not6 171. Page 36 SIR HALLEY STEWART TRUST NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. ANALYSIS OF NET ASSETS BET%YEEN FUNOS ANALYSIS OF NET ASSETS BEtWEEN FUNDS - CURRENT YEAR End¢)wment Unr8strlcted funds funds 2021 2021 £000 Total funds 2021 Fixed asset inVeSt￿ts Current assets Credrtors due ￿thIn ￿e year Credrtors due in more ye 39.783 100 145 1208) 117) 39.883 933 18581 17401 {650) (723) TOTAL 39,198 20 39,218 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR En(kn¥Thent Unrestricted lund5 funds 2020 2020 £oc £ODO Total funds 2020 £000 Flxed assei Investments Current assets C￿di1￿6 due ￿thin one year Credit￿5 due in mL¥e than ￿ y 32,944 857 (9421 (5751 100 33,044 857 19421 15751 TOTAL 32,284 100 32,384 Pagé 37 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 17. TOTAL RETURN INVESTMEfrIF The investment power ol tctsl retum was gfanled by a Charity Commission Order on 22 Ma￿h 2005. At the time the pwr was granted the trLtsl*s byenltfied the value of the gifts of p8mianent endowment receNed up until 22 March 2005. The dffterence betsveen the total of endowment funds as at 22 March 2005 and the value of the gift cffj)onent represented the opening balancè crf unapplied totsl return. The Fwjwer of lolal ￿urn pemiits the trustees to invest perMar￿tlY end(hved funds to maximise total retum and lo apply an appropriate portion of the unapplied total return lo Ir￿Me each year. Until the p¢)wer is exercised lo transfer a mhjn of unapplied total retum to income, the unapplied total rturn rémains investthj as part of thè Femianent endCrw￿L The power allows the tnjstees lo decwje in each year hch¥ nMJch of the unapplEd lotal relum is transferred to income fiJnd5 and so available for e￿endrtUre. The investment r8tum lo be applied as income is calculated as up to 3.$ per cent. of the average of each of the preceding 5 years, yearond mark81 valuations ol the endryoffnent. Unappli•d Total Return 2020 £000 Total Endow- Total ment Endowment 2021 2020 £000 £000 Trust for Investment 2021 £ooD At the beginning of the year: Grfl componenl of the pemwb8nt endtrrnt Unapplied totsl retum 15.322 15.322 15,322 15.322 16,962 32,284 33,348 M¢vements in the year. Investment retum.. dividends and interest Investment retLm'. unrealised gainsllkJssesl Le5s'. Investrnenl management costs Allocated lo the Trust for application for purposes of the charty Net movements in the reporting pèriod 1,315 6.839 1731 1.315 6.839 1731 1.291 {1,1571 1731 6.914 6,914 11.0641 Atth• end of they•ar: Grft comwnent ofthe pemenant endo*1￿ 15322 15J22 15,322 Unapplied total retum Total endowrn•nt 15,322 23.876 39,198 32.284 Page 38 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 RECONCILIATION OF NET MOV&MENT IN FUNDS TO NET CASH FLOW FROM OPERAMNG ACTIVITIES 18. 2021 £000 2020 £000 Net incompjexpenditure the y (as per StateM￿t of Financial Aclivrties) 6.834 (1,Cfj41 ADJUSTmE￿s FOR: IG8inslAosses on investments Divid8nds. interests and rents from mvestments D8cr8as&llincreas8} in debtors Increaselldecrease) in cYedit(ys 16,839) 11,315) 1,157 11,291} 12} 1105} 81 NET CASH USED IN OPERATING ACTMTIES 11.237) (1.305) 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 £000 913 2020 £000 835 Cash in hand TOTAL CASH AND CASH EQUIVALENTS 913 835 20. ANALYSIS OF CHANGES IN NET DEBT At 1 ￿)rI1 >)20 Ca$h flows £000 At 31 March 2021 £000 £000 835 Cash at bank and in hand 78 913 835 913 21. PENSION COMMITMENTS The charity contributes l¢yw*ds a pensK)n plan for its soè eMpl￿e and the perbsion charge represents the amounts payable by the charty lo fvnd amounted to £2.IYJO12020- £3.(MX)) Page 39 SIR HALLEY STEWART TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 RELATED PARTY TRANSACTIONS The Trustees have not idènisf*d any tra1￿cl￿￿￿ with r81aled part￿. Page 40