Charity nvmber: 265601 THE DENMAN CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021
THE DENMAN CHARITABLE TRUST ColENTs Page Refergnc• and admlnlstratfve detsils ot the Charlty. its Tte9$ and advlsers Trustses. report Independent examlnerfs r8port ststement of financlal act5vll Balance sheot 10 Notss to the flnancial statements
THE DENAIAN CHARrrABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARiff, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021 Truste P R Denman. Chief Executive Dr F M-C Denman C Denman Charfty rOgter•d nuMr 265601 prtnclpal office 45 Durarkd Gardens London SW9 OPS Independent Examlner M Hewett ACA DChA Peters E¥OrthY & Mcote Chartere(l Acciyjntants Salisbvry House Slalion Road Canbridge C812LA Bankers Natwest 23 Market Street Cambridge CB2 3PU Soll¢ltors Wither5 16 Okl Baiky London EC4M 7EG Investment Managers Quilter Chevpth LimitoJ 1 Undershaft London EC3A 8BB Page 1
THE DENIAAN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED S APFUL 2021 The Trustees present their annual report together with the financial statemnts of The Denman Charitable Twst for the year ended 5 Aplll 2021. The Trustees confirm that the Annual Report and financial statements of the Charity c(pIY wth the current statutory requ1Ments, the qUIrements of the Chanvs goveming document and the provisions of the Statement of Recommended Pr¥tice ISORP), applicable lo charities preparing their accounts in xcordanee wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 1021 (second edition of the Charities SORP IFRS102) October 2019. effectNe 1 January 20191. OBJECTIVES AND ACTIVITIES FOR THE PUBUC BENEFIT Policles and objectlves The Trustees have absolule discretion lo pay or appty the vthole or any part of the Trust income and capital of the TDJst Fund lo or for the benefrt of such exdusNety charitable objects and purposes as the Tnjslees in their absolute discretion think fft. In general, the TTUStees have set the main rnS of the Charity as assisting indivKluals, ol small means or in financial difficulties. and charitable organisations with the needs of or in the relief of, povety. education, heatth, housing. and disablement or disability or any olher dritable objeds and purposes. as the Trustees in their absUte discreti¢)n Ihink fft. The objectives for the year are shaped by these amns with a yie to distributing the Charitys income in full after expenses ltskin9 one year wth another). The Tnjstees may. in certain circurnstances. consbder it prudent to distllbute the income re¢eNed over a Imger period. Such ¢iUm$tanceS mMJht incIle the receipt of an exceplionalty large Company divKlend, which the Twstees may prefer to distribute over a nLSmber of years in orderto manage betterthe di5titJution of iruxne lo their benefttaries. b. Publk Benofft The Trustees confimi that they have referred to the Chaiity Commiss.$ guidance on Public Benefft when rewewing the Charivs arns and 0e(veS. wi planning frjture xtivÉtw arKt setting the grant making policy for the year. c. Grant Maklng Pollcy Appliotions for grant5 are considered from both indNhJuals and organisations whether made directty or supported in wriknng by an organisakn or a social wc¥kèr. The Truslees may make grants to organisations with sunitar aims. Detsils of to applyfr grants and the information required are available from the Chief ExeculNe. d. lfivèstment Pollcy Tho Tnjstees make att investrnent deCK5 after lull eonsultation with. and 4wroval from, their investmenl advisers who are instructed Its invest in a portfdh) to obtain an income sufficient lo meet the Charrtls grant making cbjectives whilst ensuring the Charitys long tem) Snty (taken in ils widest sense and including. for example, protection against inftation). The Trustees may purchase any investrnents arOr PTOFety as ttw. in their absolute dlscretion, think frt. as they wer8 absolute beneficial owners. Page 2
THE DENMAN CHARITABLE TRUST TRUSTEES. REPORT (CQNTINUEDI FOR THE YEAR ENDED S APRIL 2021 ACHIEVEMEKfs AND POUCY a. Grant Maklng Perfomwnce During the year 44 (2020.. 49) applicalK)ns for assistan were received arKI the Tnjstees made grants totalling £23,00012020: £48,500) to no indwiduals and 12 charÈfable organisation$12020'. 1 individu81 and 10 eharitable organisatKJns}. Trjtsl grants made represent 69%12020: 110%) of ineoming reStyj less am adminkstration costs. At the year end no ¢onttngent grants were outstandwig {2020.' nil}. b. Investment Perfonn•nce When setting investment P8rfomiance objectives relation to quoted investments. the Trustees use total return as the ba51$ of investment perfoThnance and compare aclual perfomance wth a benchmark by taking an average of the FTSE Al Share Index and the FTSE World ex UK Index Following consuttalion with their investment advise. the Trustees set a target rate of retum for the year of 5%. The investment retum for 2021 wa8 an increase of 38.2% (2020: 14% decrease). This compares wrfh an increase Ui the benchmark of 40.2% 12020: 18.7% decrease). FINANCIAL REVIEW . Revlew Total income during the year was £40.063 (2020: £50.555) and after payment of grants to beneficiaries of £23.000 12020.. £48.5(M)l. investsnent management costs of £1,004 {2020.. £665). support eosts of £319 12020: £9301, govemance costs of £5.156 {2020: £5.0441 and nel gains on investments of £745.41412020'. net losses £386,081), there wa5 net income of £755.998 {2020". net expenditure £390,665). The mathet value of quoted investments at the yew e1 was £2.633.488 (2020.. £1.922.832}. Page 3
THE DENPAAN CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2021 b. Resepies Pollcy The Charity is relrant income from its investhnts. Tthng one year with another. the Truslees, intention is to distribule the Charitys inco in full after expenses. The Trustees consider it prudent to maintan a target level (rf free reserves in unrestricted funds. which is no lower than 10% and no greater than 100% of the total net income. prior to deducting costs relating lo charitable ities. as shown in the Statement of Financial Actswit$ of the preceiling yearfs annual accounts. The Trustees consÈder that this level will provide suffwt funds lo wspond to applicatKJn$ for grants and to cover the Charitys expenses. The Trustees may. in Certa cÈrcumstanc8s. consMJer it pnKlent to distribLrte the income received ¢)ver a longer period. Such circumstances might include the receipt of an exceptionaNy large cornpany dividend, which the Trustees m8y prefer to distrJuie over a number of yeats in order to manage better the distribution of income lo their beneficiaries. The actual kvel of free reseNes (exdudiNJ invesknents} at 5 April 2021 was £24.331 (2020: £13.748), which falls thin the Trustees, specffd parameters for 2020f2021 of £3.358 and £33.584. The Reserves Policy is consistent with the Twstees'-kyKJ terni securitf approach to investing. its gfant making policy, and with the duty to appty the in¢orY of the Charity wthin a reasorbable time. In oddiÉion. it allows for any variation in diwdend receipts over the year. PLANS FOR FUTURE PERIODS AND Cov119 The Trustees considerthat the Covid-19 Pandem will continup to cause an increase in the number and ufgency of apPIatiOnS for assistan as the oulbreak exacethates and dTiYes more into hardship. The Tnjslees will continue lo respond lo these applÉealK)ns but wll addrtionalty consider bcal Covid-19 appeals. The Trustee$ consider Ihal the detrimental effect on the UK econwly and the very substantial increase in Government debt will lead to even greater need in future yeaTS. The Trustee5 monitor the situation as it evolves and act accordingly. The TAte¢S are also awarg that. for a wxyj, the wdemic affed the of dtvidends that Companies pay, and in tum, this will impact on the dividend inc(Y receivabbe by the TrusL In this Tegard. the Trustees have tsken the athce of their tnvestment advisers who have esttmated that the Trusys income for the year ended S April 2022 should be in the region of £41,fK). Thlts, whilst maintaining the )ove stated cjectives and 1¥116. it is anttopated that the Trustees will have approximatety £39,000 ailable for charitable grant making for the year to 5 April 2022. This repsents 96% of available re$erves and antipated net incm ieceipts for the year to 5 April 2022. The Trustees wll Close monitor the receipt of dNidend income during Ihe year under review arKd may increase or de¢re8se the level of grant making accordingty. Page 4
THE OENAIAN CHARITABLE TrUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2021 GOING CONCERN AND COVID-19 The Trustees have rewewed thg financial posit)n of the Charty, induding the potentk?l impacl of Covid-19, and have a reasonable expectation th the Chanty has adequate resour lo continue in operational existence for the foresee8bfe fvture. Accordingly. Ihe financial 5tateffnts eontinue to be preparad on the going concem basi8. STRUCTURE. GOVERNANCE AND MANAGEMENT a. Constltutlon The Charity is an unincorporated t1. c(mstituted under a Iwst deed dated 22 February 1973 and is a re9iStere(I charity. number 265601. The Charity vras established by an initial gift from MTS C M Denman in 1973. The Charity does not activety fundraise ar seeks to continu8 rt$ work through the careful stewaTdship of its exisling resources. b. Methods of appolntment or el8¢tlon of Tn There is an annual rewevakiatiM of Trustees unlil such tAne as they Tesign. The Board of Trustees appoints new Trustees and the induction process for any appointed Trustee comprises meeting wiÉh the Board and Chief Executive who eyplain the Charitls pob¢i¢s eoncemirrfj investments, grant making and tho powers and responsibilities of the Trustees. All Trustegs are regularly provwjed with reknnt nvwsletteF5 and technical subscriplions and are notified of changes in govemance etc. published on the Charity Ccrfnmission's website which they afe encoLtraged lo visit. The Trust Deed does not provide for the appcrfntrnenl of 8 minHnum or maximum number of Trusteès. However, the pre¥enl Trustèes, policy is that there SI1 never be less than Iwo or mcwe than four TTuslees. The Truslees meet quarterty arKI agree the broad strategy and areas of actiwty for the Charity. including onwderation of grant making, investmen( re5eNes and risk management policies and perform8n¢e. The day to day administration of grants 8nd the processing and handling of applications piior lo consideration by the Trustees is delegatod to the Cht Executive. The Chf Execthwe provides his time and expertise on a voluntary basis and deals with al day to day matters. except for investment management advice and professtonal services which are 050r¢ed. The ch Executive monilrxs inforMan relating to grant5 and make5 reCommendatn$ to the Board of Trustees who make all deeisK)ns. The Trustees (yerate a Priw Poky. the frjll delals ofwhth can be obtsinwj by vffitsng to the Trustees al th8 Trusfs principal office. There were no emplrtyees in the current or preceding year. Page S
THE DENMAN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 STATEMENT OF TRVSTEES. RESPONS181LmES The Truste¢$ are responsible for prepartrtg the Trustees. report and the financia statements in accordance with applicable and United Kingdom Accwnting Stsndards (United Kingdom Generalty Accepted Accounting Praclicel. The law applicable to charities in England & Wales rEquires the Trustees lo prepare financial ststements for each financial year which give a true and fair Viff4Y of the stale of affairs of the Charity and of rts incoming resources and application of resources, induding its aThJ expenditure, for Ihat period. In preparing these financial statements, the Trustees are required to: select suitable lntIng polt¢ies aThJ then applythem consistenty, observe the methods and principles of the Chariknes SORP IFRS 102); make judgments and accounting gstimates that are reasonable and pent stsle whether applicable UK Accounting Stsndards IFRS 1021 have been fotl(Aved, subject lo any material departure8 disck)sed and explained the ffinancial statements.. prepare the financial statements on the go* concem basis unless rt Is inappropriate to presume that the Charity will continue in business. The Trustees are responsbi te for keeping adequate ae¢ountiThJ records that are sufficient to show and explain the Charitys IransadK)ns and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensu that the financial ststements compty wÉth the Charities Act 2011. the Charity (Accounts and Reports) ReguLat$ 21)08 and the provisions of the Ttust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preverktion and detection of fraud and other irregularities. )proved by order of Ihe merrthrn of the board of TrLtslees ar sed on their behall by. P R Denman Trustee and Chief Executive Date: Page 6
ThE DENMAN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2021 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DENMAN CHARITABLE TRUST {Ih• Charlty'l I report lo the charityTrust gn my oxamination ofthe accounts ofthe Charity kn the year ended 5 April 2021. RESPONSIBILITIES AND BASIS OF REPORT As the Twstees of the Charty you are respmsible for the preparation of ts xcounts in aTanCe with Ihe requirements of the Charities Act 2011 Ilhe 2011 Acf). I report in pect of my examination of the Charitys accounts carried out under Section 145 of the 2011 Act and in carrying out my examinatKJn I have folltyved the applicable Directions gNen by the Charty Commission under se¢lÈon 145151{b) of Ihe 2011 Act. INDEPENDENf EXAMINER'S STATEMENT Your attention is drawn to the fact that Ihe ChaTity has prepared the &counts in aceoTdance wtth Accounting and Reporting by Charitses: Statement of Recommended practi applicable to charities preparing their accounts in a¢¢ordance th the Finanual Reporting Standard applicab wt the UK and Republic of Ireland {FRS 1021 in pteference to the Accounting and Reporting by ChitIes". Statement of Recommended Pradice BSLted on 1 April 2005 whKh is rderred to in the exlant regulatB)ns but has been wrthdrawn. l Undeland that thi$ has been done in Order for the xcounts to Pvide a tn and fair Vie¥ in aceordan¢& wilh the Generalty Accepted Accountiry Pradice effedNe for rewing perKyJs beginning on or after 1 JanL¥ary 2015. I have completed my exInation. I confimi thal Th) mattets have come to my attention in conr¢1* with the examinatv)n gNing me cause to believe that in any material resFfjrt counting records were not kept n resFwt of thg Charity as required by seclion 130 of the 2011 Act.. or the accounts do not accord wth those Teccvds" or the aeeount$ do not c(ryly with the aPpcable requiremenls coneeming the fonn and content of accounts set out in the Charities (Accounts and Reports) RegLFlations 2008 other than any requirement that the accounts 9ive 8 Irue and fairf view which is not a matter considered as part of an independent examination. I have no eoncems and hove come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enab a prcs>er understanding ol the accounts lo be reached. Page 7
THE DENMAN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 Unrestrfcted lund$ 2021 Total funds 2021 Total fvnds 2020 INCOME FROM: Investsnents 40.063 50,555 TOTAL INCOME EXPENDITURE ON: Raising fvnds Charitsble tiViti8$ 40,063 40,063 50.555 28A75 28,475 54.474 TOTAL EXPENDtWRE 29,479 29.479 55.139 NET INCOMEIIEXPENDITURE) BEFORE NET GAINSI(LOSSESI ON INVESTMENTS Nd gainsl(lossesl on investments 10.584 10.584 14,S841 {386,081) 7444f4 745.414 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brou9M foiward Net nKsvemenl in fvnds 755.998 755,998 1390,665) 2.079.034 755.998 1079.034 755.998 2,469,699 {390.665} TOTAL FUNtIS CARRIED FORWARD 2.835,032 2,835,032 2,079,034 All In¢om&, expendÈture and funds in the crn1 armj prevh)us are unrestricted. The notes on pages 11 to 18 fomi part of these ffinanaal sthteThEnts. Page 9
THE DENPIAN CHARrrABLE TRUST BALANCE SHEET AS AT 5APRIL 2021 2021 2020 Note FIXED ASSErs Investments 1810,701 2.065.286 1810.701 2,065,286 cuRREP ASSETS Oebtors Cash at bank and in hand 8.593 21,923 7.946 11.115 30.616 19,061 Creditors" amounts falling due within ¢)ne 16,185) {5.313} NET CURRENT ASSETS TOTAL ASSEfs LESS CURRENT UABIUTIES 24.331 13,748 2,835,032 2.079,034 TOTAL NET ASSETS 2.835.032 2,079.034 CHARITY FUNDS UnStrtéd fvnds 2.835.032 2,079,034 TOTAL FUNDS 2,835.032 2.079.034 The financi4 ststements were approved and aLrthorised for issue by the Trustees and signed on their behaw by.. P R Denman Trustee and Dale= ief Executive The notes on pages 1110 18 form part of these financial stalements. Page10
THE DENIAAN CHARITABLE TRVST NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 ACCOUNTING POUCIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial staterrnts havg been prepared to give a Irue and fairf viert and have departed from the Charities {Acwunls and Repts) Reg¥Jlations 2008 only lo the extent required lo provide a 'lrue and faiv wew. This departure has Inved followng the Charities SORP {FRS 1021 second edstion effective January 2019 rather than the Accounting and Reporting by Charittes: Statement of Recormiended PractKe effedive from 1 April 2CK)S whth has since been withdrawn. The financial statements have been prepared under the historic81 cost conventÈon with items rpcognised at cost or transaction value unless othemse $Led in the relevant notes lo these attounts. The finarrial statements have been prepared Ni accordance with the Statement of R8¢omm8nded Prnctte.. ArJnting and Reporting by Chariti8s preparing their accounts in accordance with the Financial Reporting Standard applicabk in the UK and Republic of Ireland IFRS 102)15econd edition of the Charitks SORP IFRS102) October 2019, effective 1 January 20191 and Financial ReF¥)rting Standard applicable in th8 United Kingdom and Rewblic of Ireland IFRS 102) and the Charities Act 2011. The Oenman Chitable Trust constliutes a publ benefft entity as defined by FRS 102. There were no significant esiirnes or judgements made by management In preparing these financ¢al StatntS except the vJuation of investments as Ca1lated by Quilter Chemol Limited. 1.2 G0114G CONCERN The Trustees have remvwed the fmancial posilton of the Charity, incltsding the potential impact of Covid-19, and have a reasonable expeclakn.on that the Charity has adequate resources to continue i operational existence for the foreseeabte ffiJture. Accordingly. the finarrial statements Continue lo be prepared on the going concern basis. 1.3 FUND ACCOUNnNG General funds are unrestricted funds whth are available for use at the disuetion of the TTU$tees in fvrtherance of the general objectives of the Charity and which have not been designated for other purposes. 1.4 INCOME RECOGNITION All ineome is recognised once th8 Charty has entitlerrwl to the income. it 1$ probable that the i1)me will be receNed and the amount of income receivth can be measured reliabty. Income fft>rn funds hej on derthit k8 indud¢d when reeervable and the amount can be measured reliabty by the Charity, this ts upon not1rknn of the interest paid or pay*sle by the bank. The payment of Teportable overseas inttffiè Can be subject lo delays of up to 12 months and therefore the Charty may not have beers advised about this irkwme before the signing of the accounts. For this reason portab[e overseas Inco is recognised when received. Dmdends are recogntsed once ts diwdernl has been declared and notification has been re1Ve of the dividend due. Ex dNhlends that have been not[r lo the Charity but not yet received by 5 April are induded as debtors. Page 11
ThE DENMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 AccouKnNG POUCIES {CONTINUED) 1.$ EXPENDrruRE RECOGNMON Expenditure is acnted for an accnjals basis arKI has been included under expense categoTÉes that aggregate all costs for al1(Xatk to activitiss. Where costs cannot be directly attributgd to particular aclNities tw been alkxated on a basis fJ)n$istenl with th& use ofthe resources. Costs of raising funds consist Ofllmnag tees charyed by Quilter Chevk)t Limited. Charitable activities include grants payth and supporf costs induding govomance costs. Grants pae are charged in the year when the offer is made except in those cases where the offer is condOnal, such grants being recognised as expenditure vthen the condilKJns attaching are fU11ed. Grants offered subject to conditions which have not been mot at the year end are noled as a rtmitmenL but not actd as expenditure. Support costs have been alloced beh¥een govern and ¢ther supwt costs. Govemance Gosts eomprise all costs nvolving the publ accountability ol the Charity and its compliance with regulation and g¢>)d practice. These costs include costs relating to th& Independent Examination and legal fees. Additions to office equi)trnnt are accnted kn and wriiten off in the year of purchase. I reurceS exponsed are irKIusNe of 1C0V1e VAT. 1.6 GAINS AND LOSSES All galns and losses are laken to th& Stemart of FilncIal Activities as they arÉse. Realtsed gains nd 1035es investments are calculated as the difference befvleen sales proceeds and their cpening carryng valuo or Purchase date rf aquired subsequent to the first day of the financial year. Unreah'sed g&ns and losses are ealculaled as the drfference btheen the fair value at the year end and their carying Yue. Realised arKI unrealised gw'ns and losses are combined in the Statement of Financial AVItIes. 1.7 INVESTMENTS Fixed asset investments are a fomi of financiat instrument and are initialty recognised al their transaction Cost and subsequenuy measured at fair value al the Balance sheet date, unless the value cannot be nSred reliably in which case ii is m&2sured at Cost less impaimient. 1.8 DEBTORS Traje and other debtors are recognised at the setuement amount after any trade discount offeTed. Prepayments ar& valued at the amount prepaij net of any trade discounts due. 1.9 CASH AT BANK AND IN HAND Cash at bank and in hand indudas cash and short4emi hsghty liquid tnvestments wlh a short matLtrrity of three months or less from the date of xquisrtion or opening of the deposit or sunilar account. Page 12
THE DENMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 ACCOUNTING POUCIES ICONnNUED 1.10 CREDITORS AND PROVISIONS Creditors and provisions are reccgnlsed wtwe the Charity has a present obligation resutting from a past event that wil probably result in the transfer of funds lo a third party and the amount due lo settle the oblvJalion can be measured or e5timaled re1kly. Creditors and prowsions are nonnally recognised at lhr setuement amount after alhmng for any trade discounts due. 1.11 FINANCIAL INSTRUMENTS The Charity only has financtd assets and financial liabrfities of a kind that qualify as bas financial instruments. Basic ffinancral instruments are initlally recognised at trnnsadtron value and 5ubsequentty measured at fair value at the Balance Sheet date. un$ fair value cannot be meaSUd reliably in which se it is measured at cost less impairmenL INVESTMENT INCOME Unrestrlcted fvnds 2021 Total funds 2021 Totsl funds 2020 UK investment funds Interest on cash deposits Overseas fvnd$ 36.280 36,280 47,904 170 2.481 3.783 3.783 40.063 50,555 TOTAL 2020 50,555 50.555 INVESTMENT MANAGEMEKf COSTS Unrostrlcted funds 2021 Totsl funds 2021 Total funds 2020 Investment managem8nt costs 1,004 1.004 665 TOTAL 2020 665 665 P8ge 13
THE DENMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ANALYSIS OF EXPENDMJRE BY ACTMTIES Grnnt lunding of actfvlties 2021 Support Totsl funds 2021 Tot81 funds 2020 2021 Chari18ble activrties 23.000 5.475 28,475 54,474 TOTAL 2020 48.500 5,974 54,474 Anatysls of Support costs Support & govemance Total funds 2021 Total funds 2020 2021 Public8bon subscriptK)ns Filing cabinets Postsge Travel & Parking Accountanry fees (govemancel Independont examinets fees Igovemance) Legal fees Igovemancel stati¢ery 215 215 215 303 11 401 3,000 3,600 1.556 3.600 1.556 480 104 5.475 5,475 5.974 TOTAL 2020 5.974 5.974 Govemance costs as Sh above tclaued £5,156 in 2020r21 and £5,044 in 2019120. Page 14
THE DENhlAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 ANALYSIS OF GRANTS Grants to Grants to Institut¥ons Indiylduals 2021 2021 Total funds 2021 Total fund8 2020 Grants 23.000 23,0(KJ 48.500 TOTAL 2020 45.1))O 3,500 48,500 GRApifs TO INDIVIDUALS No grnnts payments r9 lo indwthls in 2020r21: one grant of £3.500 wa$ made lo an individu31 in 20190 and this grant vras made frc4n unrestricled funts. Page 15
THE DENMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 GRANTS TO INSTrruTIONS 2021 2020 ACtn Medical Rarch Age UK (CoronarUS Appea Blind Veterans UK Brainwave British LNgr Trusl Brtti5h Wireless for the Blind Cambridge Psychotherapy Assistance TrSt Compliments ofthe House Fc4)d Ltfeline Footsteps Foundati Huntingdon's Disease A8soc¢alion Lennox Children's Cancer Fund M¢)orfield$ Eye Charity Multiple Scler05i5 Society Northwich MusportS Royal Nation81 Institute of Blind Pecgle Soft UK Space4AulÉsm Spencer Conta 4.000 10.000 1000 4.000 1,000 2,000 3,000 1.000 500 3,000 3.SOO 4,000 3,000 1.000 3.000 1,500 1,500 1,000 3.000 3,000 Total 23.000 45,000 AU grant payThenls were nwde from unrestrLted funds in 2021 and 2020. FIXED ASSET INVESTMENTS Lbted Investm•nts Cash at broker Total COST OR VALUATION At 6 Apfil 2020 Addilk)ns Disposals Net realised and unrealised gwnslllosses) Movement in cash at broker 1.922.832 164.138 1198,896) 745.414 141454 2.065.286 164.138 1198.896) 745.414 34,759 34,759 AT 5 APRIL 2021 2,633A88 177,213 2,810.701 Page 16
THE DENMAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 FIXED ASSET INVESTMENTS {CONTINUED) l investments are carried al their fair vaue. Investment in equities and fixed interest securities are all traded in quoted publ¢c markets. prniarity the London Sltxk Exchange. Hc4dings in common investment lunds. vnil trusts and Opennd investment c(rynies are at the bKI pri. The basis of fair value for quoted investments is equivdent lo the market value. using the bid pite. Asset sales and purchases are regnIsed at the date of trade at cost {that ts their transadion value). When consKlerit)g the charis InVestrrnI poly, Trustees take the adwce of Quitter Cheviol Limited. The Charity operates an investment pdicy that includes prowsion for a degree of diverstfiealton of holdings wthin drfferent investment trusts and unrt trust investments. The Charity has invested in a number of these inve8trrnts in order to better protect the Chartys exposure to volatilty in the Maet and seek low risk investments wherever p05sfole. The Charity does not mare use of derivabves and similar complex financial instNments as it takes the ow that investments are hekj forlheir longer temi grrAvth and annual income. The Charity has no materta investsnwrt holdinp in markets subject to exthange controls or trading restri¢tions. DEBTORS 2021 2020 DUE WITrIIN ONE YEAR Other deblofs 8,593 7.946 8,593 CREDITORS: AMOUNTS FALUNG DUE WH1N ONE YEAR 2021 2020 Other credrtor5 6,185 5.313 KEY MANAGEMENT PERSONNEL TRUSTEES. REMUNERATION AND EXPENSES The Chanty considers its key m8nagement personnel to be the Trustees. The Trustees 811 gtve their lime and expérti8e without any ft>rm of remuneratmjn or ther benefft in kind (2020.. £niS1. During tho year ended 5 April 2021. no expenses were incufred by or any Teimbursement made lo any of the Trustees <2020: the Truslees - £4011. There were no Trustee expenses settled direclty to a third party {2020: £nil) Page 17
ThE DENIAAN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 10. RELATED PARTY TRANSACTIONS Thefe were no related party tr8nsadions during the current or Pfioryear. Page 18