2023-04-05-accounts - The Underwood Trust

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Contents		Pages
Trustees'	annual report	2 —9
Auditor's	report	10-13
Statement	offinancial activities	14 - 15
Balance sheet		16
Statement	ofcash flows	17
Notes tothe financial statements		18-25

		Unrestricted	Expendable	2023	2022
		Income	Endowment	Total	Total
	Notes	Fund f	Fund f	Fundsf	Funds f
Income
Legacy income					16,316,655
Investment income	2	791,566		791,566	1,346,078
Total income		791,566		791,566	17,662,733
Expenditure
Raising funds:
Investment management casts		600			601
Charitable activities:
Grant expenditure	3	1,524,658		1,524,658	1,317,198
Grant related support costs		25,221		25,221	25,269
Governance costs	5	14,904		14,904	14,555
Cost ofgrant making		1,564,783		1,564,783	1,357,022
Total expenditure		1,565,383		1,565,383	1,357,623
Net income / (expenditure)		(773,817)		(773,817)	16,305,110
Transfer between funds	6	773,817	(773,817)
			(773,817)	(773,817)	16,305,110
Netgains/(losses) on
investments
Unrealised	7		(880,277)	(880,277)	690,113
Realised	11		69,852	69,852	593,825
			(810,425)	(810,425)	1,283,938
Net movement in funds			(1,584,242)	(1,584,242)	17,589,048
Reconciliation offunds
Totalfunds brought forward			35,337,626	35,337,626	17,748,578
Total funds carded forward			33,753,384	33,753,384	35,337,626

Comparative year information		Unrestricted	Expendable	2022
Year ended 5April 2022		Income	Endowment	Total
	Notes	Fund	Fund	Funds
		f	f	6
Income
Legacy income			16,316,655	16,316,655
Investment income	2	1,346,078		1,346,078
Totalincome		1,346,078	16,316,655	17,662,733
Expenditure
Raising funds:
Investment management		601		601
costs
Charitable activities:
Grant expenditure	3	1,317,198		1,317,198
Grant related support costs		25,269		25,269
Governance costs	5	14,555		14,555
Cost ofgrant making		1,357,022		1,357,022
Total expenditure		1,357,623		tp357,623
Net income / (expenditure)		(11,545)	16,316,655	16,305,110
Transfer between funds	6	11,545	(11,545)
			16,305,110	16,305,110
Net gains / (losses) on
investments
Unrealised	7		690,113	690,113
Realised	11		593,825	593,825
			1,283,938	1,283,938
Net movement in funds			17,589,048	17,589,048
Reconciliation offunds
Total funds brought forward			17,748,578	17,748,578
Total funds carded forward			35,337,626	35,337,626

		Unrestricted	Expendable	2023	2022
		Income	Endowment	Total	Total
	Notes	Fund	Fund	Funds	Funds
		E	f	6	E
Fixed assets
Unlisted investments	7		16,316,655	16,316,655	16,316,655
Listed investments	7		16,838,357	16,838,357	17,665,093
Total fixed assets			33,155,012	33,155,012	33,981,748
Current assets
Debtors		14		14	380
Cash		6,524	598,372	604,896	1,361,556
Total current assets		6,538	598,372	604,910	1,361,936
Liabilities
Creditors: amounts
falling due within one	9	(6,538)		(6,538)	(6,058)
year
Net current assets			598,372	598,372	1,355,878
Total assets less current liabilities			33,753,384	33,753,384	35,337,626
Creditors: amounts
falling due after one
year
Net assets			33,753,384	33,753,384	35,337,626
The funds ofthe
charity
Expendable endowment fund			33,753,384	33,753,384	35,337,626
Unrestricted income
fund
Total charity funds			33,753,384	33,753,384	35,337,626

Notes tothe financial statements	Notes tothe financial statements	Notes tothe financial statements	Notes tothe financial statements
Forthe	year ended 5April 2023
2	Incoming resources						2023	2022
							E	E
	Legacy income							16,316,655
	Investment income
	Listed investments						556,335	500,921
	Unlisted investments			(UK)			234,364	845,055
	Other interest						867	102
							791,566	17,662,733
3	Grant expenditure						2023	2022
							E
	Grants payable brought		forward
	Grants paid during the		year				1,524,658	1,317,198
	Grants payable carried		forward
	Grant expenditure during			the year			1,524,658	1,317,198
	Medicine and Health
	Bristol Speech and Language Therapy				Research	Unit	300,000
	Bristol Children's Hospital			(Cardiac 3D	printing		98,158
	programme)
	Living Paintings Trust						25i000
	Dorothy House Hospice						25,000
	The British Stammering		Association				25,000
	Julia's House Hospice						25,000
	Wiltshire Air Ambulance						25,000
	Animal Free Research	UK					25,000
							548,158	439,698
	Education and The Arts
	Farms for City Children						25,000
	Stage One						25,000
	Music for Youth						25,000
	National Opera Studio						25,000
	Separate Doors						21,500
	Pimlico Opera						15,000
							136,500	90,000

Grant expenditure	(continued)		2023	2022
			f	f
Social Welfare
The British Red Cross			125,000
Swindon Women's	Aid		50,000
Community First (youth Action Wiltshirej			50,000
Windmill Hill City	Farm		50,000
James' Place			25,000
NSPCC			25,000
Switch182			25,000
Wiltshire Community Foundation			25,000
Ebony Horse Club			25,000
Living Paintings Trust (Coronation		project)	25,000
Separated Child Foundation			15,000
			440,000	362,500
The Environment	and Wildlife
Wiltshire Wildlife	Trust		225,000
Greenpeace			100,000
The Brooke			25,000
Wilts &Berks Canal Trust			25,000
Campaign to Protect Rural England			25,000
			400,000	425,000
Total grants expenditure			1,524,658	1,317,198

			Basis of	Grant		2023	2022
			apportion-	making	Governance	Total	Total
			ment	6	f.	6	6
Management		fee	Work done	24,300	8,100	32,400	32,400
Subscriptions			Actual	274	91	365	348
Auditors	remuneration		Actual		6,480	6,480	6,120
Web site	costs		Actual	594	198	792	851
Sundries			Actual	53	35	88	105
Total				25,221	14,904	40,125	39,824

		2023	2022
			6
Net movement in funds		(1,584,243)	17,589,048
Deduct interest income		(867)	(102)
Deduct legacy income			(16,316,655)
Deduct dividends and interest from investments		(790,699)	(1,345,976)
Deduct (gains) / add back losses on unrealised	investments	880,277	(690,113)
(Gains) / losses realised on sale ofinvestments		(69,852)	(593,825)
Decrease / (increase) in debtors		366	584,562
Increase / (decrease) in creditors		480	721
Net cash used in operating activities		(1,564,538)	(772,340)