##
|||||
|---|---|---|---|
|CONTENTS|||PAGE|
|General Information||||
|Trustees' Report|||3-5|
|Auditors'
Report|||6-8|
|Statement ofFinancial|Activities|||
|Balance Sheet|||10|
|Statement ofCash Flows||||
|Notes to the Financial|Statements||12-17|
|Schedule ofCash Charitable||Donations Paid|18|
##
|SETTLOR|Lord Gavron CBE(Deceased)|Lord Gavron CBE(Deceased)|||||||
|---|---|---|---|---|---|---|---|---|
|DEEDS|Settlement
dated 31st|July 1974|||||||
|REGISTERED|||||||||
|CHARITY NO.|268535||||||||
|REGISTERED|27 Maywin
Drive||||||||
|ADDRESS|Hornchurch||||||||
||Essex||||||||
||RM11 3ST||||||||
|TRUSTEES|Dr Katharine
Susan Gavron (Chair)||||||||
||Charles Leonard Corman||||||||
||Jessica Leah Gavron||||||||
||Sarah Gavron||||||||
|MAIN TERMS|The trustees are directed to hold the|||capital and income ofthe trust||fund for such charitable||institutions|
||or charitable
purposes|as the trustees||shall Irom time to time in their absolute discretion|||determine.||
|INVESTMENT|||||||||
|POWERS|The trustees have very|wide investment|||powers.||||
||Handelsbanken||||||||
||2nd Floor, High Hill House||||||||
||6A Hampstead
High Street||||||||
||London, NW3 1PR||||||||
|HONORARY|Dechert LLP||||||||
|SOLICITORS|160Queen Victoria Street||||||||
||London EC4V 4QQ||||||||
|FUND|Schroder &Co Limited (formerly||Cazenove Capital Management|||Ltd)|||
|MANAGERS|12Moorgate||||||||
||London||||||||
||EC2R6DA||||||||
||Ruffer LLP||||||||
||80Victoria Street||||||||
||London||||||||
||SW1E5JL||||||||
|AUDITORS|Prentis &Co LLP||||||||
||Chartered
Accountants|&Statutory||Auditors|||||
||115cMilton Road||||||||
||Cambridge||||||||
||CB4 1XE||||||||
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|||||2021|2020|
|---|---|---|---|---|---|
|||||Unrestricted|Unrestricted|
||||Note|||
|INCOME||||||
|Investment
income||||104,206|127,899|
|TOTAL INCOME||||104,206|127,899|
|EXPENDITURE||||||
|Cost ofraising funds;||||||
|Investment
management||costs||27, 116|34,154|
|Expenditure
on charitable||activities||417,687|465,637|
|TOTAL EXPENDITURE||||444,803|499,791|
|NET EXPENDITURE BEFORE||||||
|GAINS/(LOSSES)|ON INVESTMENTS|||(340,597)|(371,892)|
|Net gains/(losses)
on investments||||1,945,373|(539,710)|
|NET MOVEMENT|IN FUNDS|||1,604,776|(911,602)|
|RECONCILIATION|OF|FUNDS||||
|Total funds brought|forward|||7,321,761|8,233,363|
|Total funds carried|forward|||8,926,537|7,321,761|
##
|BALANCE SHEET||||||
|---|---|---|---|---|---|
||Note||2021|2020||
|FIXEDASSETS||||||
|Investments|||8,865,711||6,986,827|
|CURRENT ASSETS||||||
|Cash|||128,467|441,766||
|Debtors and ptepttyments|||4@03|||
|TOTAL CURRENT ASSETS|||132,670|441,766||
|LIABILITIES||||||
|Creditors: falling due within||||||
|one year|10||(51,844)|(58,832)||
|NET CURRENT ASSETS|||80,826||382,934|
|Total assets less current liabilities|||8,946,537||7,369,761|
|Creditors: falling due after one year|10||(20,000)||(48,000)|
|TOTAL NET ASSETS|||8,926,537||7,321,761|
|THE FUNDS OFTHE CHARITY||||||
|Unrestricted
Funds|12||8,926/37||7,321,761|
|The accounts on pages 9to 17 were approved|by the Trustees on|(Q|~~4L|||
##
##
||||||2021|2020|
|---|---|---|---|---|---|---|
|||||Note|Total|Total|
|Net cash used in operating|activities|||13|(483,994)|(518,994)|
|Cash flows from investing|activities:||||||
|Interest and dividends|||||104,206|127,899|
|Net sale ofinvestments|||||66,489|589,964|
|Net cash provided
by investing||activities|||170,695|717,863|
|Change
in cash and cash equivalents|||in the year||(313,299)|198,869|
|Cash and cash equivalents|at the|beginning|||||
|ofthe reporting
period|||||441,766|242,897|
|Cash and cash equivalents|at the|||13|||
|end ofthe reporting
period|||||128,467|441,766|
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##
|cost charge represents
contributions
payable by the|Trust to the fund.|||
|---|---|---|---|
|INVESTMENT INCOME|||Total|
|Year ended 5th April 2021|UK|Non-UK|2021|
|Equities
Fixed interest|29,472
24,336|45,923
4,475|75,395
28,811|
||53,808|50,398|104,206|
|INVESTMENT INCOME|||Total|
|Year ended 5th April 2020|UK|Non-UK|2020|
|Equities
Fixed interest|63,213
12,024|32,514
19,346|95,727
31,370|
|Interest from stockbroker|802||802|
||76,039|51,860|127,899|
##
||CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES|||||Support and||
|---|---|---|---|---|---|---|---|---|---|
||Year ended 5th April||2021||||Charitable|Governance|Total|
||||||||Activities|Costs|2021|
||Donations
(note 4)||||||367,990||367,990|
||Staffcosts (note 6)|||||||41,227|41,227|
||Stationery costs|||||||462|462|
||Bank charges|||||||520|520|
||Exchange rate losses|||||||4|4|
||Bookkeeping
and payroll|||||||3,982|3,982|
||Audit and accountancy||fees|||||3,502|3,502|
||||||||367,990|49,697|417,687|
||CHARITABLE ACTIVITIES|||||||Support and||
||Year ended 5th April||2020||||Charitable|Governance|Total|
||||||||Activities|Costs|2020|
||Donations (note 4)||||||415,718||415,718|
||Staffcosts (note 6)|||||||42/48|42,248|
||Subscriptions|||||||546|546|
||Bank charges|||||||576|576|
||Exchange rate gains|||||||(5)|(5)|
||Bookkeeping
and payroll|||||||3,508|3,508|
||Audit and accountancy||fees|||||3,046|3,046|
||||||||415,718|49,919|465,637|
|4)|CHARITABLE DONATIONS|||PAYABLE||||2021|2020|
||Total cash donations|paid during||the|year (see page 18)|||402,990|454,718|
||Donations
paid during||the year that were included|||in the previous||||
||year's provisions|||||||(53,000)|(58,000)|
||Total net current year||cash donations||paid|||349,990|396,718|
||Additional
donations||committed|to be paid within||one year||18,000|11,000|
||Additional
donations||committed|to be paid after||one year|||8,000|
||Total donations
charged to the Unrestricted
Income Account|||||||367,990|415,718|
||NET DEFICIT FOR THE YEAR|||||||2021|2020|
||The net deficit for the||year is arrived||at after charging;|||||
||Audit fee|||||||1,900|1,850|
||Fees paid to Auditors||for other services|||||5,584|4,704|
##
|6)|STAFFCOSTS AND REMUNERATION|OF KEYMANAGEMENT|PERSONNEL||
|---|---|---|---|---|
||||2021|2020|
||Salaries and wages||55,000|55,000|
||Social security costs||2,377|3,398|
||Pension costs||3,850|3,850|
||Less: Cost contributions||(20,000)|(20,000)|
||||41,227|42,248|
|The Trust considers
its key management|The Trust considers
its key management|personnel|to be the Trustees and Anthony|to be the Trustees and Anthony|Dance (Trust|Dance (Trust|
|---|---|---|---|---|---|---|
|Administrator).
No remuneration|was|paid to the|Trustees|in the year nor were any expenses reimbursed
to|||
|thein,|||||||
|INVESTMENTS|||||2021|2020|
|Market value at 6th April 2020|||||6,986,827|8,116,501|
|Additions|||||3,308,800|9,565,801|
|Disposals|||||(3,375,289)|(10,155,765)|
|Net unrealised
(losses)/gains|||||1,200,156|(713,014)|
|Net realised (losses)/gains|||||745,217|173,304|
|Market value at 5th April 2021|||||8,865,711|6,986,827|
|Historical cost at 5th April 2021|||||7,916,056|7,670,596|
|Investments
at fair value comprise:||||||Total|
|Year ended 5th April 2021||||UK|Non UK|2021|
|Equities||||2,421,425|5,347,714|7,769,139|
|Fixed interest||||658,773|381,799|1,040,572|
|Unlisted
investments||||56,000||56,000|
|||||3,136,198|5,729,513|8,865,711|
|Investments
at fair value comprise:||||||Total|
|Year ended 5th April 2020||||UK|Non UK|2020|
|Equities||||1,575,928|4,382,344|5,958,272|
|Fixed interest||||481,881|529,674|1,011,555|
|Unlisted
investments||||17,000||17,000|
|||||2,074,809|4,912,018|6,986,827|
##
##
##
##
|CASH||||2021|2020|
|---|---|---|---|---|---|
|Bank accounts||||58,930|81,601|
|Fund managers'|accounts|||69,537|360,165|
|||||128,467|441,766|
|DEBTORS AND PREPAYMENTS||||2021|2020|
|(All due within|one year)|||||
|Prepayments
and accrued income||||4,203||
|CREDITORS||2021||2020||
|||Due within|Due after|Due within|Due after|
|||one year|one year|one year|one year|
|Charitable
donations||46,000|20,000|53,000|48,000|
|Accruals||4,192||4,169||
|Social security|and pension|1,652||1,663||
|||51,844|20,000|58,832|48,000|
##
|ANALYSIS OFCHARITABLE FUNDS|ANALYSIS OFCHARITABLE FUNDS|2021|2020|
|---|---|---|---|
|||Unrestricted|Unrestricted|
|||General|General|
|Balance b/fwd|6 April 2020|7,321,761|8,233,363|
|Income||104,206|127,899|
|Expenditure||(444,803)|(499,791)|
|Gains/(Losses)|on investments|1,945,373|(539,710)|
|Balance c/fwd|5 April 2021|8,926,537|7,321,761|
##
##
|13)|RECONCILIATION|RECONCILIATION|RECONCILIATION|OF INCOMING RESOURCES TO NET CASH FLOW FROM OPERATING|OF INCOMING RESOURCES TO NET CASH FLOW FROM OPERATING|OF INCOMING RESOURCES TO NET CASH FLOW FROM OPERATING|
|---|---|---|---|---|---|---|
||ACTIVITIES||||||
||||||2021|2020|
||Net movement|in funds|||1,604,776|(911,602)|
||Adjustments
for:||||||
||Dividends
and|interest||Irom investments|(104,206)|(127,899)|
||(Gains)/Losses|on|investments||(1,945,373)|539,710|
||Decrease/(Increase)||in|debtors|(4,203)|20,000|
||(Decrease)/Increase||in|creditors|(34,988)|(39,203)|
||||||(483,994)|(518,994)|
||ANALYSIS OF CASH|||AND CASH EQUIVALENTS|||
||||||2021|2020|
|||||||f,|
||Cash at bank||||128,467|441,766|
##
|SCHEDULE OF CASH CHA|RITABLE DONATIONS OF K3,000AND ABOVE|RITABLE DONATIONS OF K3,000AND ABOVE|RITABLE DONATIONS OF K3,000AND ABOVE|RITABLE DONATIONS OF K3,000AND ABOVE||
|---|---|---|---|---|---|
|Ambition
Aspire Achieve
Angling4Suc cess
Arab Israel Children's
Tennis
Arnott Cato Foundation|Charity (Freddie Krivine Foundation)||||3,000
3,000
60,260
7,992|
|BalletBoyz
Barbados Cricket Association|||||25,000
22,030|
|Families United Network|||||5,000|
|Imperial
War Museum
Jackson's Lane Centre|||||20,000
10,000|
|Keen London|||||5,000|
|King Georges Hospital Charity
Leonard Sainer Legal Education|||Foundation||7,000
5,000|
|Les Treteaux des Nuits|||||9,108|
|Marie Curie|||||12,000|
|Mary Rose Trust
Morpeth
School
National
Gallery Trust|||||10,000
60,000
10,000|
|No Way Trust
Ragged School Museum
Royal Free Hospital
Charity
SJNoble Trust|||||3,000
5,000
7,000
3,000|
|Solent University|||||3,000|
|Support Through
Court
Tag Youth Club
The Academic
Study Group|||||3,000
5,000
3,000|
|The BFI|||||10,000|
|The Change Foundation|||||3,000|
|The Hardman
Trust|||||5,000|
|The Longford Trust|||||3,000|
|The Payground
Theatre|||||10,000|
|The Respite Association|||||3,000|
|The Sofa Project|||||7,500|
|The Spires Centre|||||5,000|
|The Trussell Trust|||||5,000|
|The Vine Centre|||||5,000|
|UCLH NHS Trust|||||5,000|
|University
Jewish Chaplaincy|||||5,000|
|Whittington
Hospital
Charity|||||7,000|
|Window
Channels
(Windows||for Peace)|||4,700|
|Total ofall donations
less than||K3,000|||18,400|
|Total donations
made during|the||year (note 4)||402,990|
|Included
in this list ofdonations|||are organisations|in which a Trustee ofthe Trust has an interest,|The details ofthe Trustee|
|and organisations
concerned|are||set out below,|||