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2022-12-31-accounts

Structure, Structure, Governance
and Management		 Governance
and Management		 3to 6
Trustees' report 7to 18
Trustees' responsibilities in relation to the financial statements 19
Auditor's report 20 to 23
Audited annual accounts 24 to 44

Professional
 advisors
&		 agents
Auditors Bankers A~tM
Griffin Stone Moscrop &Co HSBC Brewin Dolphin
21-27 Lamb's Conduit Street 69 Pall Mall Floor
London WC1N 3GS London SW1Y5EY 5 Callaghan Square
Cardiff CF10BBT
NATWEST
9'" Floor, Bishopsgate
London EC2M 4RB
IT/IS Consultants Insurance
Consultants		 HR Consultants
Tier One
Admiral
House		 Marsh Commercial
1"Floor Gail House		 WorkNest
PO 1051
Fleet Lower Stone Street Horsham
Gu51 4YA Maidstone
ME15 6NB		 West Sussex RH12 9WN
Gallagher
7'" Floor
Temple Point
1 Temple Row
Birmingham
B25LG

F7,834,078 F10,461,903 E4,394,015 611,784,927
to local charitable to beneficiaries of to Campden to beneficiaries of
organisations pension
age		 scholars S.other working
age
young people

PARTN ERSHIP FUNDING 2022-23
E
Hestia Housing 8 Support 48,000
NOVA New Opportunities 68,000
Nucleus 86,995
Turning Point 44,000
Volunteer
Centre Kensington		 63,120
310,115

Al-Hasaniya
Moroccan		 Women's Women's Centre 4,500
Clement James Centre 7,500
Colville Primary School 6,000
Community
Projects 4 All		 40,500
Dalgarno
Trust		 9,000
Educational
Event		 1,500
Evolve Housing
and Support		 4,500
Field Lane Foundation 9,000
Home Start Westminster 1,500
Kensington
8 Chelsea		 CAB 7,500
Look Ahead
Housing		 8 Care 6,000
MINDS United
Football		 Club 1,500
Mongolian
Community		 Organisation 1,500
MO1YOUTHS
Limited		 10,500
Octavia Foundation 7,500
Progressay
Impact		 27,000
Response
Community		 Projects 7,500
Salvation
Army Housing		 Association 15,000
SMART (St Mary Abbots Rehabilitation and
training) 1,500
Shelter 1,500
St Giles Trust 1,500
The Persian Care Centre 1,500
The Space 1,500
West London Zone 1,500
177,000

Cumulative
15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23
J ~ ~ j ~
Individuals
who met basic criteria		 422 449 460 3,471
Initial home visits 309 261 227 2,281
Other home visits 367 341 608 3,080
No. ofgrants awarded to new 526 346 499 3,528
beneficiaries
No. ofnew applicants awarded a 287 250 259 2,104
grant
*Sustaining Employment 63 58 80 518
*Employment
Routes		 73 73 59 587
*Campden Scholarship 32 7 183
*Gateways —unable to work 65 37 50 518
*Gateways —preparing to work 15 96
*Young People's Grant 45 62 48 214
Programme
~ g ~ i ~
Individuals supported into 182 99 119 970
training/study
Individuals completing 75 38 93 450
training/study
~
~
Individuals supported into 19 20 127
voluntary
work
~
~ ~
New Scholars 41 30 40 298
Students who progressed to the 16 14 49
Scholarship Programme from YPG
Continuing Scholars 27 69 85 382
Scholars who graduated 19 24 18 169
~ ~ ~ ~ 4 ~ ~ ~ ~
New Students 49 64 52 229
Continuing Students 49 48 127
Progressed to Scholarship 16 14 49
Programme
15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 cttyttttlatitta
Total
~ ~ ~ ' ~
Actively looking for work ~ ~ 148 139 189 1,134
~
~
Gained employment 82 47 64 470
~
~
Progressed within the 62 21 44 333
programme
Achieved sustainable 16 17 89
employment
Progressed within the 84 63 574
programme
Grants approved 2,292 1s785 2s105 16y204
Individuals receiving a grant 1,218 1t244 1t110 9607
Total amount f1,912,487 f1,600,478 f'1,842,446 f12,876,788

Unrestricted Endowment Total Total
Funds Funds 2023 2022
Note f. E f F
Income and endowments from:
Donations
and legacies		 110 110
Charitable
activities		 122,861 122,861 43,976
Investments 4,038,561 4,038,561 3,356,038
Other 5,024 5,024 5,932
Total income and endowments 127,995 4,038,561 4,166,556 3,405,946
Expenditure
on:
Raising funds
investment
management		 costs 880,490 880,490 801,565
Charitable
activities		 2,898,471 2,898,471 2,675,534
Other costs 308,305 308,305 303,510
Total resources expended 3,206,776 880,490 4,087,266 3,780,609
Net income/(expenditure)
before
other recognised
gains and losses		 (3,078,781) 3,158,071 79,290 (374,663)
Net gains/(losses)
on investments		 13 (3,509,646) (3,509,646) 7,702,819
Net income/(expenditure) (3,078,781) (351,575) (3,430,356) 7,328,156
Transfer between
funds		 15 3,158,071 (3,158,071)
Other recognised
gains/(losses):
Gains/(losses)
on revaluation		 of
operating
premises
Net movement
in funds		 79,290 (3,509,646) (3,430,356) 7,328,156
Reconciliation
offunds:
Total funds brought
forward		 834,438 168,421,644 169,256,082 161,927,926
Total funds carried forward 913,728 164,911,998 165,825,726 169,256,082

2023 2022
E
Cash flows from operating
activities:
Net cash used in operating
activities		 (4,074,720) (3,587,046)
Cash flows from investing
activities:
Dividends,
interest and rents from
investments 4,015,054 3,166,821
Purchase
of property,
plant and equipment
Proceeds from sale of investments		 (77,996)
22,682,502		 (14,816)
38,577,767
Purchase of investments (22,704,446) (38,905,618)
Net cash provided
by investing
activities		 3,915,114 2,824,154
Cash flows from financing
activities:
Net cash provided
by (used in)
financing
activities
Change in cash equivalents
in the		 (159,606) (762,892)
period
Cash and cash equivalents
at f April		 1,277,124 2,040,016
2022
Cash and cash equivalents
at31March
2023		 1,117,5'I8 1,277,124
Reconciliation
ofcash flows from
operating
activities
Net incomel(expenditure)
for the year		 (3,430,356) 7,328,156
Adjust for:
Depreciation
charges
(Gains)/losses
on investments		 11,490
3,509,646		 9,524
(7,702,819)
Dividends,
interest and rents from
investments		 (4,038,561) (3,356,038)
Loss/(profit)
on sale of fixed assets
(increase)/decrease
in debtors
Increase/(decrease)
in creditors		 527
(181,419)
53,953		 127,563
6,568
Net cash used in operating
activities		 (4,074,720) (3,587,046)
Analysis ofcash and cash equivalents
Cash in hand		 105,720 66,640
Overdrafts
Cash equivalents
on deposits		 1,011,798 1,210,484
Total cash and cash equivalents 1,117,518 1,277,124

Analysis ofch anges
in n		 et debt
At 1 April Cash flows New Fair value Other At 31 March
2022 finance movements non-cash 2023
leases changes
E
Cash 66,640 39,080 105,720
Overdrafts
Cash equivalents on 1,210,484 (198,686) 1,011,798
deposits
1,277,124 (159,606) 1,117,518
Financial lease obligations
1,277, 124~159,606 1,117,518

Unrestricted Endowment Total
Funds Funds 2022
E
Income and endowments from:
Donations
and legacies
Charitable
activities		 43,976 43,976
Investments 3,356,038 3,356,038
Other 5,932 5,932
Total income and endowments 49,908 3,356,038 3,405,946
Expenditure
on:
Raising funds
Investment
management		 costs 801,565 801,565
Charitable
activities		 2,675,534 2,675,534
Other costs 303,510 303,510
Total resources expended 2,979,044 801,565 3,780,609
Net income/(expenditure)
before
other recognised
gains and losses		 (2,929,136) 2,554,473 (374,663)
Net gains/(losses) on investments 7,702,819 7,702,819
Net income/(expenditure) (2,929,136) 10,257,292 7,328,156
Transfer between funds 2,554,473 (2,554,473)
Other recognised gains/(losses):
Gains/(losses))
on		 revaluation of
Operating
premises
Net movement
in		 funds (374,663) 7,702,819 7,328,156
Reconciliation
of		 funds:
Total funds
brought		 forward 1,209,101 160,718,825 161,927,926
Total funds carried forward 834,438 168,421,644 169,256,082

Unrestricted Endowment Total Unrestricted/
Funds Funds Funds Total Funds
2023 2022
E E
Donations 110 110

Unrestricted Endowment Endowment Total Funds Unrestricted/
Funds Funds 2023 Total Funds
2022
F
Relief of Need
Returned grants 122,861 122,861 43,976
5
Investment		 income
Unrestricted Endowment Total Funds Endowment/
Funds Funds 2023 Total Funds
2022
E F E
Income from investment
properties
Income from listed		 investments 2,838,326
1,169,156		 2,838,326
1,169,156		 2,451,995
904,028
Interest income 31,079 31,079 15
4,038,561 4,038,561 3,356,038
Operating leases Not later than one
year		 Later than one
year and not later		 Later than five
years
than five years
Investment properties on leases 1,057,955 3,827,380 20,343,846

Unrestricted Endowment Total Funds Unrestricted/
Funds Funds 2023 Total Funds
2022
F
Charity discounts 5,024 5,024 4,000
Insurance and other claims 1,932
5,024 5,024 5,932

Unrestricted Endowment Total Funds Endowment/
Funds Funds 2023 Total Funds
2022
E
Property
management		 fees 120,525 120,525 123,193
Legal fees 2,468 2,468 8,343
Irrecoverable VAT 60,117 60,117 64,090
Property
management
expenditure		 508,791 508,791 388,881
Bad debt written
off		 13,801 13,801 10,425
Refurbishment of properties
Investment
management
administration
costs		 174,788 174,788 206,633
880,490 880,490 801,565

Grant Direct Support Total Total
funding
of		 Services costs 2023 2022
activities allocated allocated
f. E E E
Relief of Need 1,574,769 208,778 150,022 1,933,569 1,602,775
Advancement of Education 603,833 211,048 150,021 964,902 1,072,759
2,178,602 419,826 300,043 2,898,471 2,675,534
Direct Services costs Direct Services costs Relief of Advancement Total Relief of Advancement Total
Need of Education 2023 Need ofEducation 2022
E F F
Third party
Employment		 training
costs		 208,778 2,270
208,778		 2,270
417,556		 199,284 199,284 398,568
208,778 211,048 419,826 199,284 199,284 398,568
Support costs Relief of
Need		 Advancement
of Education		 Total
2023		 Relief of
Need		 Advancement
ofEducation		 Total
2022
F f. E E
Employment costs 107,787 107,786 215,573 90,213 90,213 180,426
Office expenses 39,362 39,363 78,725 27,677 27,677 55,354
Depreciation oftangible 2,873 2,872 5,745 2,381 2,381 4,762
fixed assets
150,022 150,021 300,043 120,271 120,271 240,542
Grant making Grants to
institutions		 Grants to
individuals		 Total
2023		 Grants to
institutions		 Grants to
individuals		 Total
2022
E E E F
Relief of Need 487,115 1,087,654 1,574,769 449,380 833,840 1,283,220
Advancement of Education 603,833 603,833 753,204 753,204
487,115 1,691,487 2,178,602 449,380 1,587,044 2,036,424

Unrestricted Endowment Endowment Total Unrestricted/
Funds Funds Funds Total Funds
2023f 2022
Governance costs:
Employment
costs		 165,681 165,681 193,296
Establishment
costs		 24,050 24,050 22,869
Office expenses 64,156 64,156 36,286
Irrecoverable
VAT		 30,484 30,484 17,194
Trustee expenses
Auditors'
remuneration		 8,000 8,000 7,500
Legal and professional costs 9,662 9,662 21,603
Depreciation
of tangible		 fixed 5,745 5,745 4,762
assets
307,778 307,778 303,510
Loss on disposals of
assets		 fixed 527 527
308,305 308,305 303,510
Operating
leases		 Not later than one
year		 Later than one year
and not later than		 Later than five
years
five years
Operating
equipment		 360 1,440

Net expe nditu re
is state		 d after charging:
2023 2022
E E
Auditors' remuneration -audit services 8,000 7,500
Depreciation of owned assets 11,490 9,524

2023 2022
No. No.
Grant making and advice to beneficiaries 11 11
Management and administration ofthe charity 4 4
15 15
The aggregate payroll costs of these persons were as follows:
2023
F		 2022f
Wages and salaries
Social security
Other pension costs		 668,572
65,081
65,157		 686,569
55,581
30,140
798,810 772,290
2023 2022
No. No.

2023 2022
No. No.
670,000 - F80,000
F90,000 - F100,000
F170,000 — F180,000

3
Gains/(l		 osses)
on in		 vest ments
Unrestricted Endowment Total funds Endowment/
Funds funds 2023 Total funds
2022
Gains/(losses) on disposal of
investment
properties
Gains/(losses) on disposal of 668,787 668,787 1,808,804
investments
Gains/(losses) on revaluation (3,530,626) (3,530,626) 3,320,250
of investments
Gains/(losses) on revaluation (647,807) (647,807) 2,573,765
of investment properties
(3,509,646) (3,509,646) 7,702,819

5 Transfer between funds
Unrestricted Endowment
Funds funds
E
Allocation of the unapplied total return 3,158,071 (3,158,071)

16
Tangible fixed assets
Long leasehold Plant and Total
and other interests machinery
in land and including motor
buildings vehicles
E
Cost or valuation:
As at 1 April 2022 2,241,693 100,911 2,342,604
Revaluation
Additions 53,877 26,373 80,250
Disposals (46,095) (46,095)
As at 31 March 2023 2,295,570 81,189 2,376,759
Depreciation:
As at 1 April 2022 87,604 87,604
On disposals (45,568) (45,568)
Charge for the year 11,490 11,490
As at 31 March 2023 53,526 53,526
Net book values:
As at 31 March 2023 2,295,570 27,663 2,323,233
As at 31 March 2022 2,241,693 13,307 2,255,000

Investment Listed Total
properties investments
E
Market value:
As at 1 April 2022 95,571,738 71,078,467 166,650,205
Revaluation (647,807) (3,530,625) (4,178,432)
Additions 1,606,997 23,442,061 25,049,058
Disposals (24,297,995) (24,297,995)
As at 31 March 2023 96,530,928 66,691,908 163,222,836
Net book value
As at 31 March 2023 96,530,928 66,691,908 163,222,836
As at 31 March 2022 95,571,738 71,078,467 166,650,205

Movements
in the Total Return
Fund		 for the yea r:
2023 2022
Opening
value of permanent
endowment
Less: amount
maintained
in permanent		 endowment fund 168,421,644
25,028,740		 160,718,825
25,028,740
Unapplied
total return as at 1 April 2022		 143,392,904 135,690,085
Investment
return —net income/(expenditure)		 (351,575) 10,257,292
Allocation of unapplied
return		 (3,158,071) (2,554,473)
Revaluation
of operating
premises
Unapplied
total return as at 31 March 2023
Add: amount
maintained
in permanent
endowment		 fund 139,883,258
25,028,740		 143,392,904
25,028,740
Permanent
endowment
fund including
unapplied		 total return
as at 31st March 2023 164,911,998 168,421,644
Statement of Unapplied
Total Return		 since March 2009
Unapplied
total return
brought
forward
Total return
for the year		 99,091,414
(351,575)		 91,388,595
10,257,292
Less: total return
applied
for the year		 (3,158,071) (2,554,473)
Revaluation
of operating
premises
Unapplied
total return as at 31 March 2023		 95,581,768 99,091,414
18
Debtors
2023 2022
F E
Other debtors 355,934 194,048
Prepayments
and accrued income		 120,622
476,556		 140,169
334,217
19
Current assets investments
2023 2022
E
Cash equivalents
on deposits		 1,011,798 1,210,484

2023 2022
f.
Bank loans and overdrafts
Grants payable 573,396 579,439
Other creditors 257,412 226,468
Accruals and deferred income 478,647 446,774
1,309,455 1,252,681
Deferred income reconciliation 2023 2022f
Balance at 1 April 367,778 277,349
Amount released to income 367,778 277,349
Amount deferred in the year 404,130 367,778
Balance at 31 March 404,130 367,778

2023 2022
E E
Multi-employer pension scheme deficit charges 4,962 7,783

At1 April Total income Total Net gains/ Other Transfer At 31 INarch
2022 and expenditure losses recognised between 2023
endowments gains/ funds
losses
E F E E E
Unrestricted
Funds
Unrestricted
income fund 834,438 127,995 (3,206,776) 3,158,071 913,728
Endowment
Funds
Permanent
endowment 168,421,644 4,038,561 (880,490) (3,509,646) -~3,158,071 184,911,998
169,256,082 4,166,556 (4,087,266) (3,509,646) 165,825,726
25
Unrestricted		 Funds
2023 2022
F F
General Reserves
At 1 April 2022 834,438 1,209,101
From Advancement of Education 525, 113 77,677
To Pensions and Relief of Need (445,823) (452,340)
79,290 (374,663)
At 31 March 2023 913,728 834,438

2023 2022
f.
Pensions
and Relief of Need
At 1 April 2022
Moiety surplus
for		 the year 1,128,946 830,880
1,128,946 830,880
Less: Expenditure on Pensions and
Relief of Need 1,574,769 1,283,220
(445,823) (452,340)
Transfer
from general reserve		 445,823 452,340
At 31 March 2023
Advancement
of		 Education
At 1 April 2022
Moiety surplus
for		 the year 1,128,946 830,881
1,128,946 830,881
Less: Expenditure on Advancement of
Education 603,833 753,204
525,113 77,677
Transfer to general reserve (525,113) (77,677)
At 31 March 2023
Summary
of Revenue Reserve
At 1 April 2022 834,438 1,209,101
Profit/(loss)
for the		 year 79,290 (374,663)
At 31 March 2023 913,728 834,438
Trustees
have designated		 the uses ofthe
Revenue Reserves to be:
Contingency
against loss of income		 833,728 754,438
Sinking
fund for equipment		 replacement 80,000 80,000
At 31March 2023 913,728 834,438

Unrestricted Endowment Total Funds
Funds Funds 2023
F E
Tangible assets 27,663 2,295,570 2,323,233
Investments 163,222,836 163,222,836
Current assets 2,200,482 (606,408) 1,594,074
Creditors: Amounts falling due
within one year (1,309,455) (1,309,455)
Creditors: Amounts falling due
after more than one year (4,962) (4,962)
Net assets 913,728 164,911,998 165,825,726
Unrestricted Endowment Total Funds
Funds Funds 2022
E
Tangible assets 13,307 2,241,693 2,255,000
Investments 166,650,205 166,650,205
Current assets 2,081,595 (470,254) 1,611,341
Creditors: Amounts falling due
within one year (1,252,681) (1,252,681)
Creditors: Amounts falling due
after more than one year (7,783) (7,783)
Net assets 834,438 168,421,644 169,256,082

2023 2022
F
Financial assets that are debts instruments measured at fair
value:
Listed Investments 66,691,908 71,078,467
Financial assets that are debts instruments measured at
amortised
cost:
Other Debtors 355,934 194,048
Financial assets that are debts instruments measured at cost:
Current Asset Investments in Cash 1,011,798 1,210,484
Cash at bank and
in hand		 105,720 66,640
Financial assets that are debts instruments measured at cost 1,117,518 1,277,124
Financial
liabilities measured
at amortised		 cost:
Grants Payable 573,396 579,439
Other Creditors 257,412 226,468
Total financial
liabilities
measured		 at amortised cost 830,808 805,907
Income, expense, gains or losses, including changes in fair
value, recognised
on:
Financial assets measured at fair value (1,692,683) 6,033,082
Interest income 31,079 15
Total income, expense, gains or losses, including
fair value		 changes in (1,661,604) 6,033,097