Charity Number: 268124 THE IDLEWILD TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 RPG CROUCH CHAPMAN LLP Chartered Accountants 5th Floor 14-16 Dowgate Hill London EC4R 2SU
THE IDLEWILD TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 December 2020 Trustees The following are the Trustees who served during the year and are appointed by the Trustee body as and when necessary. Mr J.A. Ford O.B.E. (Chair) Mr J. Gittens Ms T. Mayhew Mrs H. Mccabe Dr T. Murdoch Mr J. G. Ouvry (resigned 31 January 2021) Director Mrs R.T. Oglethorpe Address Marshall House 66 Newcomen Street London SE11YT Auditors RPG Crouch Chapman LLP Chartered Accountants 5th Floor 14-16 Dowgate Hill London EC4R 2SU Solicitors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Bankers Cafcash Limited Kings Hill West Malling Kent ME19 4TA Stockbroker Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Charity Number 268124
THE IDLEWILDTRUST REPORT OF THE TRUSTEES The Trustees present their annual report and financial statements of the Charity for the year ended 31 Dember 2020. The financial statements have been prepared in accordan with the accounting policies set out in Note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. Constitution The Trust was founded in 1974 by Mr Peter Brissault Minet and is governed by a Trust Deed dated 23 July 1974 and a Scheme of 15 Dember 1998. Objects of the Trust 1. The advanment of education and learning and the encouragement of music, drama and the fine arts. 2. Preservation for the benefit of the public of lands, buildings and other objects of beauty or historic interest. Grant-making Policy In 2015 the Trustees reviewed the Trust's grant-making policy. For a trust the size of The Idlewild Trust, its remit within the fine arts and heritage sector had been broad. The Board of Trustees adopted what it felt was 'best practice, for The Idlewild Trust and decided to focus its grant-making on two clearly defined areas, increasing clarity for both applicants and the Trust. Following a period of research, alongside internal and external discussions with a range of stakeholders, Trustees agreed to focus on the following areas within the objects of the Trust in which The Idlewild Trust believes its grants can make a differen and deliver public benefit: 1) Conservation Fund: Objects and Works of Art: to support the conservation of historic or artistically important objects and works of art in museums, galleries, plaS of worship, historic buildings or their grounds. 2) Arts Fund: Nurturing Early Stage Professionals: to support programmes that improve opportunities for young professionals working creatively within the arts, at an early stage in their career. It remains the policy of the Trustees to make grants to registered charities (not individuals) in the United Kingdom only. Full information on funding guidelines and exclusions can be found on www.idlewildtrust.org.uk. Distribution Policy The Trustees, policy is to distribute the net income of the Trust annually by way of grants for the purposes described. Net income means the gross income of the Trust less salary and administration costs. The Trustees also decided that from January 2014 investment costs will be paid from capital funds of the Trust thereby increasing the amount available for its grants programme. Investment Powers Under the Trust Deed, the Trust has the power to make any investments which the Trustees see fit. Organisational structure The Trustees consider the Board of Trustees and the Director as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the Director and in accordan with the Trust's policy withdraw from decisions where a conflict of interest arises. The pay of the Charity's Director is reviewed annually and normally increased in accordan with average earnings.
THE IDLEWILD TRUST REPORT OFTHE TRUSTEES Trustee Recruitment & Training The Trustees keep the number of Trustees under regular review. During the year Trustees are offered training courses and events appropriate to their individual needs and interests. The Board of the Trustees has the power to appoint new Trustees as and when it sees fit to a maximum of seven. However, no single Trustee has the power to appoint any other. New Trustees are offered induction training. Ms Tessa Mayhew, Trustee and Chair Designate, was elected as Chair on 17 November 2020 SUCeding Mr J A Ford. Ms Mayhew resigned as Chair on 10 Dernber 2020 and as a Trustee on 31 January 2021 due to a change in circumstances, and Trustees agreed that Mr J A Ford should be re-elected as Chair until a new Chair was chosen. Review of Activities and Future Plans 138 appeals were considered during 2020 (2019 - 192). The Trustees met twice during the year, awarding grants in June 2020 and November 2020. The total grants paid amounted to £125,255 (2019: £184,196) and totalled 32 grants (2019 - 47). The breakdown of the number of grants made and amounts given is as follows: No. 1. Conservation Fund: Objects and Works of Art 31,405 25% 2. Arts Fund: Nurturing Early Stage Professionals Dance Music Theatre Visual Arts/Museums Other Total Arts Fund 5,000 42,350 24,500 22,000 11 34% 20% 18% 23 93,850 Total: 32 £ 125,255 The Idlewild Trust intrOdUd the Conservation and Arts Funds and its new website in July 2016 and made its first grants, decisions within the new scheme in November 2016. The two new specific areas of the Trust's new grant-making programme have resulted in more focused applications being submitted and have enabled Trustees to make decisions based on clearer and more relevant infomiation provided. The Idlewild Trust will continue to monitor the funds carefully and make any adjustments neSSary to ensure there is clarity for applicants and that the funds continue to meet The Idlewild Trust's objectives, articulated above under its grant-making policy. The Trust moved all its operations online from the start of the national lockdown that was called by the UK Government in response to the COVID-19 pandemic on 23 March 2020. The Director worked from home remotely and all communication with Trustees and other parties was by conference call, zoom or email. The Director of The Idlewild Trust is also Director of The Peter Minet Trust, a place-based funder in Southwark and Lambeth. Both Trusts share the same founder, Peter Minet, and share a common administrative and operational infrastructure, but are separate charities with separate Boards of Trustees. The Trustees will be considering whether this structure is appropriate for the work of the Trusts as they develop. The Idlewild Trust shares an office with The Peter Minet Trust and The Wakefield and Tetley Trust. The Wakefield and Tetley Trust signed a lease in March 2019 with Marshall's Charity, the owners of Marshall House. The lease is for ten years, with a five year break-clause. The Peter Minet Trust signed a Licence to Occupy with The Wakefield and Tetley Trust, and The Idlewild Trust signed a Memorandum of Understanding with The Peter Minet Trust. The Peter Minet Trust passes 50 % of the costs charged to Peter Minet Trust by The Wakefield and Tetley Trust to The Idlewild Trust. The Licence to Occupy and the Memorandum of Understanding adopt the same temis as those in the lease.
THE IDLEWILDTRUST REPORT OF THE TRUSTEES Public Benefit The objects of the Trust are set out above under 'Objects of the Trust,. Trustees have considered the guidan contained in the Charity Commission's general guidan on public benefit when reviewing the Trust's activities and setting its grant making policy. Trustees keep public benefit in mind when discussing the grants made by the Trust to other charities that also, as charitable organisations, deliver public benefit. The Trust aims to improve opportunities for young professionals working creatively in the arts at an early stage in their careers through its Arts Fund that awards grants to charities worf(ing in the Arts. It also aims to support the conservation of important works of art and objects that are being lost through the lack of funds to look after these works through its Conservation Fund. This Report, under 'Review of Activities, above, shows how the Trust delivered its support to charities that are themselves delivering public benefit. Investment Policy In 1974 Peter Minet, founder of The Idlewild Trust, passed to the Trust proceeds of the sale of property owned in South London, to be held by the Trustees subject to powers and provisions of the charitable trust set out in the Trust Deed. When the Trusvs premises in Knatchbull Road, Lambeth, were sold in 2005 prOedS of this sale were included in the Trust's portfolio. The Trust's portfolio is managed by Rathbone Investment Management Limited. The Trustees have the power to invest in such stocks, shares and investments as they see fit. They have consequently agreed to invest in a wide range of securities with the overall aim of producing sufficient income to fund a programme of grants while at the same time safeguarding the capital of the Trust. The Trustees have appointed Rathbone Investment Management Limited to manage these investments on their behalf with wide discretionary powers to purchase and sell investments as they believe to be appropriate. At 31 Dember 2020 the Trust was fully invested and comprised UK and overseas fixed interest securities of 10 % and 1 % respectively, UK and overseas equities of 38 % and 40 % respectively and Alternatives of 11%. The Trustees review the performance of the portfolio annually with a view to maximising the number of grants the Trust can make. As the Trust has no forward commitrnents it can take a relatively long view of investment policy where capital growth is as important as income. In view of this, Trustees have agreed that from time to time they may use part of any capital appreciation along with income in their grants programme. The Trustees have also decided that their investment manager should be required to sign up to the United Nations "Principles of Responsible Investment" (which Rathbone Investment Managers Ltd have done). Reserves Policy The Trustees have not adopted a specific reserves policy Sin in the long tenn they aim to distn'bute the net income of the Trust. Risk Management The Trustees have completed an assessment of the risks facing the charity; these have been documented together with details of actions required to mitigate those risks. These details are reviewed regularly by the Trustees to ensure that the Risk Register remains complete and up to date. Both COVID-19 and Brexit were risks for The Idlewild Trust in the year on the return on investments. Trustees will continue to monitor and learn from external SoUrS including its investment managers. Financial Review The Trust's income is almost entirely derived from income from its investment portfolio with Rathbones, which yielded £144,659 in the year to 31 December 2020 (2019: £208,177) being an decrease of 30 %. This decrease in income was a result of widespread dividend cuts across equity markets particularly in the UK and Europe in response to Covid 19. The Trustees distributed £125,255 (2019: £184,196) by means of grants to support projects in the arts and conservation sectors. At the year end, the charity held funds of £6,495,505 (2019: £6,508,878), which are largely represented by cash and its investment portfolio. The portfolio is baland across sectors and regions so that while income suffered, capital values recovered well from the dip in value of the first quarter. Fundraising Activities The Idlewild Trust does not undertake any fundraising activities.
THE IDLEWILD TRUST REPORT OF THE TRUSTEES Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to, select suitable accounting policies and then apply them consistently; obsetve the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements; and prepare the financial statements on a going concem basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan and integrity of the charity and financial information included on the charity's website. Legislation in the United Ksngdom goveming the Pfeparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved and authorised for issue by the Trustees on 25 May 2021 and signed on its behalf by: Trustee Date:
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE IDLEWILD TRUST Opinion We have audited the financial statements of The Idlewild Trust for the year ended 31 December 2020 as set out on pages 9 to 16. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extant regulatsons but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practi effective for reporting periods beginning on the after 1 January 2015. This report is made solely to the Charitvs Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charitvs Trustees as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 st December 2020 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the Charities Act 2011. Basis of opinion We conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individualty or collectively, may cast significant doubt on the charitvs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. In our evaluation of the trustee's condusions, we considered the risks assoaated with the charity's activities, including the effects arising from macroeconomic uncertainties such as COVID-19 and analysed how those risks might affect the charitys financial reSoUrS or ability to continue operations over the period of twelve months from the date when the financial statements re authorised for issue. In accordance wrth the above,
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE IDLEWILD TRUST However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the ts.me they were made, the absence of reference to a material uncertainty in this auditorfs report is not a guarantee that the charity will continue in operation. Other information The Trustees are responsible for the other infomiation. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors report thereon. Our opinion on the financial statements does not cover the information and, expt to the extent other¥vise expliatly stated in our report, we do not express any form of assuran condusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Capability of the audit to detect irregularities including fraud We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Charities Act 2011 and FRS102. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests induded, but were not limited to: agreement of the financial statement disclosures to underlying supporting documentation; enquiries of management; review of minutes of board meetings throughout the period; and obtaining an understanding of the control environment in monitoring compliance with laws and regulations. There are inherent limitations in the audit procedures described above and the further removed noncomplian with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was eviden of bias by the trustees that represented a risk of material misstatement due to fraud. Matters on which we are required to report by exptIOn We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulation 2008 require us to report to you if. in our opinion: the information given in the financial statements is inconsistent in any material respect with the Trustees, report; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not received all of the information and explanations we require for our audit.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE IDLEWILD TRUST Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is neSSary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity's or to ase operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as audrtors under section 145 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasonable assurance is a high level assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w.frC.org.Uklaudlt0rsreSponSlbllitles. The description forms part of our Auditorfs report. RPG CROUC CHAPMAN LLP Chartered Accountants Statutory Auditor 5th Floor 14-16 Dowgate Hill London EC4R 2SU D*.- 131gl31 RPG Crouch Chapman LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
THE IDLEWILD TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2020 2020 Unrestricted Fund 2019 Unrestricted Fund Notes Income from: Investments 144,659 208,177 Total income 144,659 208,177 Expenditure on: Raising funds Investment management costs Investment dealing charges 23,022 17,726 24,529 Charitable activities Grants Salaries Adm inistration costs 125,255 27,185 17,060 184,196 26,609 17,720 Total Expenditure 210,248 253,054 Net Expenditure before gains on Investment assets (65,589) (44,877) Gains on investment assets 52,216 833,447 Net Incomel(Expenditure) (13,373) 788,570 Net movement In funds (13,373) 788,570 Reconciliation of funds Total Funds at 1 January 2020 6,508,878 5,720,308 Total Funds at 31 December 2020 6,495,505 6,508,878
THE IDLEWILD TRUST (Charity no. 268124) BALANCE SHEET At 31 December 2020 Notes 2020 2019 Fixed Assets Investments Tangible assets 6,339,385 795 6,251,064 1,284 6,340,180 6,252,348 Current Assets Debtors Cash at bank 10 4,074 171,856 175,930 3,882 272,004 275,886 Current Liabilities Creditors: Amounts falling due within one year 11 (20,605) (19,356 Net Current Assets 155,325 256,530 Total Assets Less Current Llabilities 6,495,505 6,508,878 Funds of the Charity Unrestricted 13 6,495,505 6,508,878 26a Approved and authorised by the Board of Trustees on 2021 and signed on their behalf by: rd Chair G OVWK J.G. Ouvry Trustee 10
THE IDLEWILD TRUST NOTES TO THE ACCOUNTS For the year ended 31 December 2020 1 Accounting Policies (a) Basis of preparation of financial ststements The financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a "true and fairf, view and have therefore departed from the Charities (Accounts and Reports) Regulations 2008. This departure has involved following the Charities SORP (FRS 102) as stated above, rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Idlewild Trust constitutes a public benefit entity as defined by FRS 102. The effects of any events relating to the year ended 31 December 2020 which occurred before the date of approval of the financial statements by the Board of Trustees have been induded in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 Dernber 2020 and the results for the year ended on that date. (b) These accounts have been prepared in GBP and all amounts have been rounded to the nearest £. (c) Fund structure The charity only has unrestricted funds. Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtheran of the charitable objects. (d) Income recognition All income is recognised On the charity has entitlement to the income, it is probable that the income will be reiVed and the amount of income re1vable can be measured reliabty. Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notif9t1On has been reiVed of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. (e) Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned to the applicable expenditure headings. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling perfomiance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. (fj Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 11
THE IDLEWILD TRUST NOTES TO THE ACCOUNTS For the year ended 31 December 2020 (g) Investments Investments are shown at their mart(et value. Gains and losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities. (h) Accrued interest Accrued interest on fixed interest securities at the date of sale or acquisition is included in the relevant prOedS or cost. (i) Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. The cost of minor additions or those costing less than £250 are not capitalised. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Office equipment - 4 years straight line Benefactor software equipment - 3 years straight line (I.) Debtors and prepayments Debtors are recognised at the settlement amount after any potential trade discount offered. Prepayments are valued at the amount prepaid net of any potential trade discount due. (k) Cash at bank Cash at bank and in hand includes cash and short tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. (l) Liabilities Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has reiVed as advanced payments for the goods or ServIS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reftects the risks specific to the liability. The unwinding of the discount is recognised within tnterest payable and similar charges. (m) Pension costs The Charity incurs pension costs in connection with the payment of a pension to a former staff member. This is charged in the accounts as paid. The accounts also indude a charge for a contribution to the personal pension of current staff. (n) Cash flow statement The financial statements do not include a cash flow statement because the charty, as a small reporting entity, is exempt from the requirements to prepare such a statement under Financial Reporting Standard 102 as amended by Update Bulletin 1. (o) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proedS and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. (p) Financial instruments Basic financial instruments are initially recognised at transactson value and subsequently measured at their settlement value with eXptIon of any bank loans which are subsequently measured at amortised cost using effective interest method. Investments are measured at fair value with changes recognised in the Statement of Financial Activities. 12
THE IDLEWILD TRUST NOTES TO THE ACCOUNTS For the year ended 31 December 2020 2 Judgments in applying accounting policies and key sources of estimation uncertainty In the application of the CharItS accounting policies, the Trustees may be required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumption are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in a period of the revision and future periods if the revision affects both current and future periods. At the year end date the Trustees had not identified any relevant estimates for which assumptions might be needed in the financial statements. 3 Investment income 2020 2019 Income from investments Interest re1vable 144,574 85 144,659 208,005 172 208,177 4 Charitable Grants 2020 2019 Charitable Grants approved in the year to 31 Dernber 2020 20 Stories High Blue Elephant Theatre Brecon Beacons Music Trust British Library Cheltenham Festivals Donmar Warehouse Dunedin Consort Trust Edinburgh Art Festival Glyndeboume Hackney Showroom (New Future Collective Ltd) Hexham Abbey PCC International Guitar Foundation Liverpool Everyman and Playhouse Theatres Maiden Voyage Dan Company Modern Art Oxford National Youth Choirs of Great Britain Orange Tree Theatre Ltd PCC of Brightling (St Thomas a Becket) Pope's Grotto Preservation Trust PSAPPHA Ltd Royal Scottish National Orchestra Sinfonia Cymru St Giles Church South Mymms St Saviourfs Church Dartmouth The Blue Coat The Common Room of the Great North Ltd The Design Museum The Tenebrae Choir The Unicorn Preservation Society (HMS Unicorn) 3,000 5,000 3,850 1,725 5,000 5,000 3,000 3,000 2,500 4,000 5,000 5,000 2,500 5,000 5,000 5,000 5,000 4,500 2,000 4,000 5,000 2,000 5,000 5,000 5,000 2,500 5,000 2,000 111,255 13
THE IDLEWILD TRUST NOTES TO THE ACCOUNTS For the year ended 31 December 2020 2020 2019 4 Charitable Grants (continued) blf Tredington and Stoke Orchard PCC (St James, Church) West Yorkshire Print Workshop World Heart Beat Music Academy 111,255 5,000 4,000 5,000 125,255 Charitable Grants approved in the year to 31 Dernber 2019: All Saints Church, Snodland All Saints North Street, York All Saints, Morston Almeida Theatre Bamsley Museums and Heritage Trust Berwick (Sussex) Conservation Trust Birmingham Royal Ballet Chisenhale Studios (Chisenhale Art Pla Ltd) Citzens Theatre Ltd Classical Opera and the Mozartists Clonter Opera Theatre Culture Perth and Kinross Dundee Rep and Scottish Dance Theatre Ltd Exeter Cathedral Exeter Northcott Theatre Glasgow Film Theatre Historic Coventry Trust Historic Royal Palaces Imaginate London Philharmonic Orchestra London Sinfonietta London Symphony Orchestra Longborough Festival Opera Lyric Hammersmith Theatre National Opera Studio National Youth Theatre NDC Wales New English Ballet Theatre Northem Stage Opera Holland Park Oxford Lieder Pleasance Theatres Trust Royal Museums Greenwich Scottish Opera St Conan's Kirk Trust St Helen's Church, Bilton-in-Ainsty St Mark's Church, Parish of Badshot Lea and Hale St Mary the Virgin, Buckland C of E St Nicholas Church, Hardenhuish St Wilfrid's RC Church Studio Wayne McGregor Tamasha Theatre Company The Guild of St Thomas & St Edmund, Salisbury Tom Dale Company Traverse Theatre (Scotland) Ltd Wiltshire Music Centre Trust Ltd York Minster Fund 600 5,000 5,000 5,000 2,606 5,000 4,000 3,000 3,000 5,000 2,000 3,000 2,500 4.090 3,050 5,000 5,000 2,500 3,000 2,000 4,000 5,000 5,000 5,000 5,000 5,000 4,000 4,000 5,000 5,000 3,900 2,000 3,000 3,000 5,000 3,000 5,000 4,500 2,500 5,000 4,950 3,000 5,000 4,000 5,000 3,000 5,000 184,196 125,255 14
THE IDLEWILD TRUST NOTES TO THE ACCOUNTS For the year ended 31 December 2020 5 Trustees, remuneration and expenses During the year, no member of the Board of Trustees received any remuneration or any reimbursement of expenses (2019 - £NIL) 6 Salaries 2020 2019 Salary of Trust Director Pension to former employee Contribution to Trust Directorfs pension plan Social Security costs 20,204 5,402 1,010 569 27,185 19,569 5,312 978 750 26,609 The average monthly number of employees was as follows: Administration - part time shared with The Peter Minet Trust. No No No employee reiVed remuneration of more than £60,000. Apart from the Trustees, key management comprises the Charity Director. The aggregate remuneration of key management amounted to £20,204 (2019: £19,569) 7 Administration 2020 2019 Office expenses Property expenses Professional fees Audit fee Auditors - other services Depreciation 6,181 5,949 7,419 4,807 1,590 3,060 355 489 17,720 3,120 335 489 17,060 8 Fixed Asset Investments 2020 2019 Quoted Investments Market value at 1 January 2020 Additions Disposals Realised investment gainsl(losses) Unrealised investment gains 6,251,064 1,473,519 (1,437,414) (248,573) 300,789 5,413,747 558,953 (555,083) 43,599 789,848 Market value at 31 December 2020 6,339,385 6,251,064 Cost at 31 December 2020 4,469,102 4,469,102 UK Investments Foreign Investments 3,716,501 2,622,884 3,871,294 2.379,770 6,339,385 6,251,064 At 31 Dember 2020 one investment was valued at more than 5 % of the total market value (2019 - one). 15
THE IDLEWILD TRUST NOTES TO THE ACCOUNTS For the year ended 31 December 2020 Office Benefactor equipment software 9 Tangible Assets Total Cost At 1 January 2020 Additions At 31 Dember 2020 8,283 11,627 8,283 11,627 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 2,060 489 2,549 8,283 10,343 489 10,832 8,283 Net Book Value At 31 Dernber 2020 795 795 At 31 Dernber 2019 1,284 1,284 10 Debtors Due within one year: Prepayments 2020 2019 4,074 4,074 3,882 3,882 11 Creditors Due within one year: The Peter Minet Trust Investsnent Management Fee Audit fee Accountant's fee Payroll processing Grant payable Other accruals Pension contribution 2020 2019 9,418 6,279 3,120 986 58 680 8,754 6,266 3,060 928 300 48 19,356 20,605 12 Financial Instruments 2020 2019 Financial assets measured at fair value through income and expenditure 6,339,385 6,251,064 13 Statement of funds The Charity only has unrestricted funds and therefore income and expenditure represents unrestricted funds. 14 Related party transactlons There were no related party transactions other than those stated in Note 5. 16