THE IDLEWILD TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
RPG CROUCH CHAPMAN LLP Chartered Accountants 40 Gracechurch Street London EC3V 0BT
THE IDLEWILD TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 December 2024
Trustees
The following are the Trustees who served during the year and are appointed by the Trustee body as and when necessary.
| Ms N. Bell (Chair) | |
|---|---|
| Mr J. Brooke Turner | |
| Mrs H. McCabe_(retired November 2024)_ | |
| Dr T. Murdoch | |
| Ms S. Worthington | |
| Ms R. Williams Eyre | |
| Director | Mrs G Devlin-Jones |
| Address | The Idlewild Trust |
| c/o RPG Crouch Chapman LLP | |
| Chartered Accountants | |
| 40 Gracechurch Street | |
| London EC3V 0BT | |
| Auditors | RPG Crouch Chapman LLP |
| Chartered Accountants | |
| 40 Gracechurch Street | |
| London EC3V 0BT | |
| Solicitors | Charles Russell Speechlys LLP |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| Bankers | CAF Bank Limited |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Stockbroker | Waverton Investment Management Limited |
| 16 Babmaes Street | |
| London | |
| SW1Y 6AH | |
| Charity Number | 268124 |
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THE IDLEWILD TRUST REPORT OF THE TRUSTEES For the year ended 31 December 2024
Trustees Annual Report
The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance 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 Practice applicable to charities preparing their accounts in accordance 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 December 1998.
Objects of the Trust
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The advancement of education and learning and the encouragement of music, drama and the fine arts.
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Preservation for the benefit of the public of lands, buildings and other objects of beauty or historic interest.
Grant-making Policy
The Trust's grant-making policy focuses on the following areas within the objects of the Trust in which Trustees agreed its grants could make a difference and deliver public benefit:
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Arts Fund: Nurturing Early-Stage Professionals: to support programmes that improve opportunities for exceptional young professionals working creatively within the arts, at an early stage in their career.
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Conservation Fund: Objects and Works of Art: to support the conservation of historic or artistically important objects and works of art in museums, galleries, historic buildings, or their grounds.
It remains the policy of the Trustees to make grants to registered charities (not individuals) in the United Kingdom only.
Full information on the funding guidelines and exclusions are published on the Trust’s website: www.idlewildtrust.org.uk.
Distribution Policy
The Trustees' policy is to distribute funding annually by way of grants for the purposes described. In 2023 the Trustees agreed that they should begin to spend at a rate that could not be sustained by the investment returns, accepting that would mean that over time the charity would cease to exist.
This decision was made on the basis that the Trust’s grants are small, but attract disproportionate interest, and it would be preferable to spend more to achieve a greater impact, but without significantly adding to the fundraising burden on applicant charities. In financial terms, once this takes full effect, the Trustees’ aspiration is to annually spend up to 6% of assets.
The Trustees acknowledge that the exact lifetime of the Trust will depend on how the financial markets behave, and the spending decisions of current and future trustees. The Trustees agree that adopting a spend out policy, which will mean the Trust will run out of funds at some point, but not on a specified date, is an appropriate way to express the Trust’s charitable purpose.
During the year grants totalling £276,774 were awarded to 43 charities. This total includes a grant of £20,000 towards a collaborative project undertaken with Anna Plowden Trust, National Manuscripts Conservation Trust, Pilgrim Trust and Radcliffe Trust to ‘address the critical skills shortages in a range of conservation specialisms including but not exclusively those identified in the Institute of Conservation (Icon) published 2023 Skills Strategy.’ The funders will support internships for early career conservation professionals in conservation specialisms, which will be agreed by them. Icon will provide administrative support for the grant programme.
Also within this total is a commitment to multi-year funding totalling £42,000 to be paid in 2025 and 2026.
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. 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 accordance 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 accordance with average earnings. Gail Devlin-Jones has held the post of Director since June 2022.
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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 Nancy Bell was appointed as Chair in November 2022 and during 2024 the Trustee Board comprised six Trustees. Mrs Helen McCabe retired at the November 2024 meeting after having served for 15 years. The Trustees thank Helen for sharing her wisdom, experience and commitment to the Trust. During 2024 the Trust successfully recruited two Trustees who will be formally appointed at the Board Meeting in May 2025.
Review of Activities and Future Plans
During 2024, a total of 198 appeals were considered (2023: 185). The Trustees held two grant-making meetings during the year - in May and November 2024. The total grants awarded amounted to £276,774 (2023: £194,185) and numbered 43 grants (2023: 41).
The breakdown of the number of grants made and amounts given is as follows:
| No. 10 Dance 3 Music 17 Theatre 7 Visual Arts/Museums 4 Other 2 Total Arts Fund 33 TOTAL 43 1. Conservation Fund: Objects and Works of Art 2. Arts Fund: Nurturing Early Stage Professionals |
£ % 58,648 21 32,460 12 103,520 37 54,090 20 18,056 6 10,000 4 218,126 79 276,774 100 |
|---|---|
Note: the percentage is of total amount granted
The Idlewild Trust has awarded grants as indicated above under 'Grant-Making Policy', with the new policy agreed in 2023 taking effect from the November 2024 meeting.
Public Benefit
The objects of the Trust are set out above under 'Objects of the Trust'. Trustees have considered the guidance contained in the Charity Commission's general guidance 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 exceptional young professionals working creatively in the arts at an early stage in their careers through its Arts Fund awarding grants to charities working in the Arts. Through its Conservation Fund it 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. This Report, under ‘Review of Activities’ above, shows how the Trust delivered its support to charities.
Investment Policy
The Trustees have the power to invest in such stocks, shares, and investments as they see fit. During 2024 the Trust’s portfolio was moved from Rathbone Investment Management Limited to Waverton Investment Management. We thank Waverton and Rathbone for the seamless change of management.
As at 31 December 2024 the Trust was fully invested and comprised UK and overseas fixed interest securities of 18% and 0% respectively, UK and overseas equities of 7% and 68% respectively and alternatives of 5%. Cash reserves made up the remaining 2%.
Reserves Policy
The Trustees aim to distribute at a higher level until all the assets are spent which is expected to be sometime between 2035 and 2045, depending on the performance of financial markets.
Fundraising Activities
The Trust does not undertake any fundraising activities.
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Risk Management
The Trustees have completed an assessment of the risks facing the charity and these have been documented, together with details of actions required to mitigate those risks. These details are reviewed annually by the Trustees to ensure that the Risk Register remains complete and up to date. The Trustees will continue to monitor and discuss the best approach with their investment managers.
Financial Review
The Trust's income is almost entirely derived from its investment portfolio (now with W1M), which yielded £137,481 in the year to 31 December 2024 (2023: £169,983) being a decrease of 19.1%.
Expenditure totalled £352,444 (2023: £268,656), 5.5% of the assets held at the beginning of the year. The Trustees awarded grants totalling £276,774 (2023: £194,185) to support projects in the arts and conservation sectors with salary/admin costs totalling £45,518 (2023: £38,888) and investment costs totalling £31,337 (2023: £37,175).
At the year end, the charity held funds of £6,549,520 (2023: £6,402,441), which are largely represented by cash and its investment portfolio.
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial position 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 apply them consistently; observe 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 disclosed and explained in the financial statements; and prepare the financial statement on a going concern 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 maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved and authorised for issue by the Trustees on 30 May 2025 and signed on their behalf by:
Nancy J Bell, Chair
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THE IDLEWILD TRUST AUDITOR'S REPORT TO THE TRUSTEES For the year ended 31 December 2024
Opinion
We have audited the financial statements of The Idlewild Trust for the year ended 31 December 2024 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 accordance 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 Practice issued on 1 April 2005 which is referred to in the extant regulations 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 Practice effective for reporting periods beginning on the after 1 January 2015.
This report is made solely to the Charity's 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 Charity's 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 charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the Charities Act 2011.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 accordance with these requirements. We believe that the audit evidence 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, individually or collectively, may cast significant doubt on the charity's 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 Trustees' conclusions, we considered the risks associated with the charity's activities, including the effects arising from macro-economic uncertainties and analysed how those risks might affect the charity's financial resources or ability to continue operations over the period of twelve months from the date when the financial statements are authorised for issue. In accordance with the above, we have nothing to report in these respects.
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 time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the charity will continue in operation.
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Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion 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 included, but were not limited to:
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agreement of the financial statement disclosures to underlying supporting documentation; enquiries of management;
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review of minutes of board meetings throughout the period; and
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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 noncompliance 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 evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.
Matters on which we are required to report by exception
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
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
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 determine is necessary 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 or to cease operations, or have no realistic alternative but to do so.
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Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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: www.frc.org.uk/auditorsresponsibilities. The description forms part of our Auditor's report.
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THE IDLEWILD TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Notes | Fund | Fund | |
| £ | £ | ||
| Income | |||
| Investments | 3 | 137,481 | 169,983 |
| Interest received | 2,641 | 1,590 | |
| Total income | 140,122 | 171,573 | |
| Expenditure on raising funds | |||
| Investment management costs | 30,727 | 37,175 | |
| Investment transactions costs | 610 | - | |
| Charitable activities | |||
| Grants | 4 | 275,589 | 192,593 |
| Salaries | 6 | 27,648 | 26,001 |
| Administration costs | 7 | 17,870 | 12,887 |
| Total expenditure | 352,444 | 268,656 | |
| Net expenditure before gains on investment assets | (212,322) | (97,083) | |
| Gains (losses) on investment assets and cost adjustments | 8 | 359,401 | 186,437 |
| Net income/(expenditure) | 147,079 | 89,354 | |
| Net movement in funds | 147,079 | 89,354 | |
| Reconciliation of funds | |||
| Total funds brought forward | 6,402,441 | 6,313,087 | |
| Total funds carried forward | 6,549,520 | 6,402,441 |
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THE IDLEWILD TRUST BALANCE SHEET For the year ended 31 December 2024
| Notes Fixed assets Investments 8 Tangible assets 9 Current assets Debtors 10 Cash at bank Current liabilities Creditors Amounts falling due within one year 11 Net current assets Total assets less current liabilities Long term liabilities Creditors Amounts falling due within one year 12 Net assets Funds of the Charity Unrestricted 14 |
2024 £ 6,328,731 119 6,328,850 1,298 268,616 269,914 (28,244) 241,670 6,570,520 (21,000) 6,549,520 6,549,520 |
2023 £ 6,284,415 356 6,284,771 1,425 129,730 131,155 (13,485) 117,670 6,402,441 - 6,402,441 6,402,441 |
|---|---|---|
Approved and authorised by the Board of Trustees on 30 May 2025 and signed on their behalf by:
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THE IDLEWILD TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
1 Accounting Policies
(a) Basis of preparation of financial statements
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 accordance 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 fair" 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.
(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 furtherance of the charitable objects.
(d) Income recognition
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable 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 notification has been received 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 governance 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 performance 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.
(f) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(g) Investments
Investments are shown at their market 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 proceeds or cost.
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(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 Office equipment - 4 years straight line; Benefactor software equipment - 3 years straight line.
(j) 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 term 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 received as advanced payments for the goods or services 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 reflects the risks specific to the liability. The unwinding of the discount is recognised within interest 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 include a charge for a contribution to the personal pension of current staff.
(n) Cash flow The financial statements do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirements to prepare such a statement under Financial Reporting Standard 102.
(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 proceeds 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 transaction value and subsequently measured at their settlement value with exception 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.
2 Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Charity's 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 sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions 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
| Income from investments | 2024 £ 137,481 137,481 |
2023 £ 169,983 169,983 |
|---|---|---|
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| Charitable Grants | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Charitable Grants approved in the year to 31 December 2024 | ||
| Almeida Theatre | 5,000 | |
| Birmingham Royal Ballet | 21,000 | |
| British Youth Opera | 16,000 | |
| Britten Pears Arts | 7,000 | |
| Bush Theatre | 5,000 | |
| Buxton International Festival | 5,000 | |
| Capital Theatres | 7,000 | |
| Chamberstudio | 5,000 | |
| Cupar Museum & Heritage Centre | 4,180 | |
| Donmar Warehouse Projects | 7,000 | |
| Edinburgh International Festival Society | 5,000 | |
| Elgin Museum | 5,000 | |
| Exeter Northcott Theatre | 4,090 | |
| Garsington Opera | 5,000 | |
| Hospitalfield Trust | 3,876 | |
| Huguenot Museum | 4,800 | |
| Hurn Court Opera | 6,160 | |
| Imperial War Museum | 1,998 | |
| Maiden Voyage Dance | 5,000 | |
| Manchester Collective | 5,000 | |
| MLWC | 4,000 | |
| National Coal Mining Museum | 2,850 | |
| National Opera Studio | 5,000 | |
| National Railway Museum (NRM) | 5,000 | |
| National Youth Ballet | 6,460 | |
| National Youth Choir | 5,000 | |
| New Earth Theatre | 7,000 | |
| New Writing North | 6,000 | |
| Opera Holland Park | 7,000 | |
| Orchestra of the Age of Enlightenment | 5,000 | |
| Royal Liverpool Philharmonic Society | 3,360 | |
| Royal Scottish National Orchestra | 6,000 | |
| Samling Institure for Young Artists | 7,000 | |
| Sir John Soane's Museum | 7,000 | |
| St Denys Church, Colmworth | 5,000 | |
| St Martin-in-the-Fields Trust | 4,000 | |
| Tate | 5,000 | |
| The Mozartists | 7,000 | |
| The National Trust for Places of Historic Interest or Natural Beauty | 500 | |
| The Pilgrim Trust | 20,000 | |
| The Yard Theatre | 21,000 | |
| Theatre503 | 5,000 | |
| Winchester Cathedral | 4,500 |
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| Charitable Grants (continued) Charitable Grants approved in the year to 31 December 2023 Birmingham Contemporary Music Group British Youth Opera Britten Sinfonia Ltd Cheltenham Festivals City Music Festival City of Birmingham Symphony Orchestra Edinburgh Sculpture Works English National Ballet School English National Opera Ex Cathedra - No. 1 Guitar Foundation & Festivals Headlong Theatre Iford Arts IMS Prussia Cove (Amscordi Ltd) Leighton Library Linen Hall (Belfast Library & Society) London Philharmonic Orchestra London Symphony Orchestra Longborough Festival Opera Menagerie Theatre Company National Maritime Museum National Theatre Northern Print Oxford Lieder (Ox Intl Song Festival) PCC of Trotton with Chithurst Royal Philharmonic Society Salisbury Cathedral Scottish Chamber Orchestra South Carlton PCC (St John the Baptist) Southbank Sinfonia St Nicholas & St Mary Church Stowey Stanley Arts Stellar Quines The Old Vic The Photographers' Gallery The Society for the Protection of Ancient Buildings Theatre and Dance NI Ulster Orchestra Society Welsh National Opera Worthing Theatres & Museum Young Musicians Symphony Orchestra Prior year charitable grants repaid in current year Note Grants paid and repaid during year Grants due to be paid within 1 year 11 Grants due to be paid after 1 year 12 |
2024 £ 276,774 (1,185) 275,589 233,589 21,000 21,000 275,589 |
2023 £ 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 4,555 5,000 4,685 4,440 3,500 5,000 5,000 4,459 5,000 5,000 4,700 5,000 5,000 4,000 5,000 5,000 4,000 3,996 5,000 3,500 4,850 5,000 5,000 5,000 5,000 4,500 4,000 5,000 4,000 194,185 (1,592) 192,593 192,593 - - 192,593 |
|---|---|---|
Trustees' remuneration and expenses
During the year, Nancy Bell received reimbursement for travel expenses of £170 (2023: £202).
| 6 Salaries Salary of Trust Director Pension to former employee Contribution to Trust Director's pension plan The average monthly number of employees was as follows: Administration |
2024 £ 21,167 6,033 448 27,648 No. 1 |
2023 £ 20,000 5,588 413 26,000 No. 1 |
|---|---|---|
No employee received remuneration of more than £60,000.
Apart from the Trustees, key management comprises the Charity Director. The aggregate remuneration of key management amounted to £21,167 (2023: £20,000).
| 7 Administration Office expenses Meeting costs and networking 50th anniversary celebration Professional fees Audit fee Depreciation 8 Fixed Asset Investments Quoted Investments Market value b/fwd Additions Disposals Realised investment gains/(losses) Unrealised investment gains Market value c/fwd Cost c/fwd UK Investments Foreign Investments |
2024 £ 7,685 337 4,531 1,514 3,565 238 17,870 2024 £ 6,284,415 5,802,841 (6,117,926) 232,478 126,923 6,328,731 6,178,756 1,943,793 4,384,938 6,328,731 |
2023 £ 6,869 230 - 1,931 3,679 178 12,887 2023 £ 6,117,326 2,199,631 (2,218,979) (62,272) 248,709 6,284,415 5,340,866 3,294,073 2,990,342 6,284,415 |
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At 31 December 2024 investments in the Waverton Sterling Bond Fund were valued at more than 5% of the total market value (2023: none).
| 9 Tangible Assets Benefactor software £ £ Cost B/fwd 950 8,283 Additions - - Disposals - - C/fwd 950 8,283 Depreciation B/fwd 594 8,283 Charge for the year 237 - Elimination - - C/fwd 831 8,283 Net Book Value At 31 December 2024 119 - At 31 December 2023 356 - Office equipment |
Total £ 9,233 - - 9,233 8,877 237 - 9,114 119 326 |
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15 of 16
| 10 Debtors Due within one year Due within one year: Prepayments 11 Creditors Note Due within one year Trade creditors Accruals Grants awarded 4 Other creditors 12 Creditors Note Due after one year Grants awarded 4 13 Financial instruments Financial assets measured at fair value through income and expenditure |
2024 £ - 1,298 1,298 2024 £ - 7,152 21,000 92 28,244 2024 £ 21,000 21,000 2024 £ 6,328,731 |
2023 £ - 1,425 1,425 2023 £ 10 13,395 - 80 13,485 2023 £ - - 2023 £ 6,284,415 |
|---|---|---|
Financial assets measured at fair value through income and expenditure comprise the Charity's investment portfolio.
14 Statement of funds
The Charity only has unrestricted funds and therefore income and expenditure represents unrestricted funds.
15 Related party transactions
There were no related party transactions other than those stated in Note 5.