THE DORIS GREGORY TRUST ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 RegISler￿ Charlty Number: 269211 THE DORIS GREGORY TRUST coptrENTS Pag• TRUSTEES, REPORT STATEMENT or TRUSTEES, RESPONSIBIUTIES INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVlnES BALANCE SHEET NOTES TO THE ACCOUNTS THE DORIS GREGORY TRUST TRUSTEESI REPORT 31 MARCH 2021 STRUCTURE GOVERNANCE AND MANAGEMENT BACKGROUND AND CONSTrruTION The Tmst was established by a Deed dated 24 July 1959 when the settlor, Lady Dorts Jephcott. who wa5 dpqiroiiq of adv2ncing th& csusa of education. Iransf8rrad c£rtain aquty sharas into the joint namès of the Trustees. The Trust is a registered charity. No. 269211. TRUSTEES The Trustees are:. Mr G Denman B.A. Rev R Phillips MA, M Phil Mr D Ereira OBE Mrs G Sugumar FCMA lfrom June 2020) Mrs S Clark MA. NPQH ex-officio The Chairman of Govemors and the Headmistress of North Lond￿ Collegiate S¢hool are ex-officio trust68s, the remaining trustees are appointed by the ljoard of trustees. SECRETARY AND TREASURER Mrs G Sugumar FCMA REGISTERED ADDRESS The Gables 5 Tudor Road Pinner Middlesex HA5 3RZ BANKERS Barc18ys Bank PLC Leicester LE87 28B AUDThOR Crow8 U.K. LLP 55 Ludgate Hill London EC4M 7JW UK INVESTMEKf ADVISER8 M & G Charltles PO BOX 9038 Chelmsford CM99 2XF Black Rock Invèstment Mana9•ment (UK) Ltd 12 Throgmorton Avenue London EC2N 20L CCLA Inv•ztment Management Ltd Senator House 8$ QiJ8on WIrtrtriA SlrAAt London EC4V 4ET Nevrton Investment Managemenl The Bank of New York Mellon Ccnlre 160 Queen ViGtoria Stroet London EC4V 4LA THE DORIS GREGORY TRUST TRUSTEES, REPORT 31 MARCH 2021 OBJECTIVES AND ACTMTIE8 OWECTS The c&jects of the Trust are all or any of the following:" (al the award of an Annual Science Prize at North London Col￿gIate SGhool. (bl the advancement of education in SLience at the School erther by the purchase of books or equipment or battar setantific accommodation. the award of scholarships or bursaries in Science to pupils of the School ether at the Schod or at any University or other place of learning within the Uniied Kingdom. the promotion and encouragement of choral singing at the School. such other exclUs￿elY chamtsble and eilucatlonal purposes as the Trustees may In thelr absolute diser8tion d8tamiine. {cl (dl (el PUBLIC BENEFIT The Doris Gregory Trust meets the d8finition of a public beneffl entity under FRS 102. The objects of th8 Trust ar8: to award grants to North London Coll8giat8 Sch￿1 (which is a charrty ar￿ its public benefit ststernent is disGIos8d in its annual report) for tho advatKement of sGienGe and musiG", Jme for th8 ensulng year to bg Igss when Compared to the pre￿ou9 year but the loss would not be significant. The Board raviaws thg investment portfolio every year with the aim of wninimising this10ss. Also, new grants are awarded after taking into congidaration the oxisting commitmonts and incom8 OxF￿ctOd. GOING CONCERN The trustees have 8ssess8d tho abilty of the Trust to continue as a going concem. In forming this conclusKJn. a od of ai kast 12 monihs fmm the d&e OT slgnlng Ihe flnanclal ￿alem￿nIS has been consldered. The COVID-19 pandemic has not had 8 significant impact on the Twsvs operations. Tho Trust holds a parnianont ondowmont fund on which it rocsivos invogtm•nt Ir￿Me to fund grants. A koy area of uncertainty relates to the current market turmoil on the valuation of investments and retums. However, this can be accommojaled for within the reserves. Aso, there is llexibility in the level of grants approved. Therefore, the Tnjstees have concluded that the Trust has a reasonable expedation that there are adequate reserves to continue in operational existence for the foreseeable future and have continued to prepare the financial statements on a going concem basis. THE DORIS GREGORY TRUST TRUSTEES. REPORT 31 MARCH 2021 TRUSTEES, RESPONSIBILMES Th8 Trust8es afA r8xpnnsFh￿ fnr prgparing thg TThiqto8s' rgpnrt and the financial ftatem8nts in 3r.cordanr.8 with appli¢able law and regulations. Charity18w requires the Trustees to prepare financial statements for each financial year in accordance wilh United lQ"ngdom Q7enerally A¢￿pIec1 Accounting Practice {United KIn￿j0M Accounting Standar(Is and -tccs musl not approvo tho financtal -tatemenL unless they are applicablc law}. Undcr charity law thc Tru- satisfied that they gwe a true and fair view of the stste of affairs of the charity and of the incoming resources and apph'calion of resour￿. including the incomo and exp¢ndrtur¢, of the charity for that pwiod. In preparing these financial statgments, the Trustees are required to: select Suitab￿ accounting poliuès and then apply thgm consistanty" makg judggmgnts and accountin9 gstimatgs that are re850nabl8 and prudent: proparo Ihg financial statgmgnts on the going concem basis unloss it is inappropriate to presume that tho charity will continue in business. The Trustees ar8 responsible for keeping adequate accounting records that 8re suff￿1ent to show and explain the charl￿$ transadtons and disclose with reason8blg accuracy at any time thg financial position of thg char aiid enable them lo ￿]5ure that th8 financial 8tal8nients coinply WIUI tlie CharSUes Act 2011. They are also responsibl@ for safeguarding the assets of the charity and hence for taking re8sonablè steps for the prevention and d&tection of fraud and o*h&r irregularities. AUDITOR Crow8 U.K. LLP has indicated its willingness to b& raappoinl8d as statutory auditor. A resolution will be passed before the end of the March 2022 for the reappointment of an audltor. The report of tho Tntsst¢e¥ i¥ approved by the tloard of Trtjste￿ and signed on behaw of the Trustsas. ## **Independent Auditor’s Report to the Trustees of the Doris Gregory Trust** ## **Opinion** We have audited the financial statements of the Doris Gregory Trust for the year ended 31 March 2021 comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 March 2021 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 requirements of the Charities Act 2011 ## **Basis for 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 the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 trustee's 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. ## **Other information** The trustees are responsible for the other information contained within the annual report. 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 other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **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) Regulations 2008 requires 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 and proper accounting records have not been kept by the charity; or - the financial statements are not in agreement with the accounting records and returns; 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 set out on page 4, 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 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. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 145 of the Charities Act 2011, and report in accordance with the Acts 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 of 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. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below. 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. This description forms part of our auditor’s report. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of investment income, the recognition of grants payable, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing the approval of grants payable, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** 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. ## **Crowe U.K. LLP** ## Statutory Auditor London Date: 25th June 2021 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. THE DORIS GREGORY TRUST STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 MARCH 2021 Unrestrlctad Fund 2021 Endowmént Fund 2021 Unrèstrlctad Endt)wm&nt Fund Fund 2020 2020 Total Fund 2020 Fund 2021 In¢¢)me from., Investments 97220 97220 110.385 110.385 Exp8ndllur• on: Charitablo gctiviti•s (Note 31 110.2 110356 66.506 N•t gah791 Iloss•sl on investments (Note 41 229.109 229.109 1243.473} {243,4731 Net Incomel IExp•ndknY•l .13.lJ36 229.109 216.on 43,879 1243,4731 (199.594) Total Funds bmught ft*rward at 1 Aprll 2020 137A42 2,263.737 4401.179 2.50Y.210 2.6LKI.773 Total Fund6 earriod forniard at 31 March 2021 2 492 846 ￿52 2 263 737 2401 179 l amounts relate to continuing operations There are no other recognlseu galns and losses Tor Ihe year. THE DORIS GREGORY TRUST BALANCE SHEET 31 MARCH 2021 2021 2020 FIXED ASSETS Investments 2,492,040 2,263,737 CURRENT ASSErs Accrued income Bank Balancos 8,786 230.370 9,460 18t¥,314 239.156 195,834 CREDITORS: AMOUNTS FALLING 8 DUE wfTHIN ONE YEAR 1114.750) {58.3g21 NET ASSETS 2,617.252 2.401,179 Representing: FUNDS Endowment Funds 2,9,10 2,492,846 2,263,737 UnrestrSGtad Fund8 9,10 124,406 137.442 2,017352 2,401,179 The financial stat&ments have be8n prepared in accordance with the prowsions ot FKS IU2 bection 1A-Small entities. Th8 notgs nn g to 13 fomi part of thès& finanaal statemènts. ! ? ..fJ.unL 2021 and signed on thelr Approved by the Board of Trustees and authorlsed for Issue on..... . behatf by: an Tru8tee aJf G Sugumar Secretary THE DORIS GREGORY TRUST NOTES TO THE AGGOUNTS 31 MARCH 2021 ACCOUNTING POLICIES la) The accounts have been prepated in accordance wfth the Statement of Recommended Practice. Accounting and ReportFng by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102 Section 1A- Small Entiliesl issued on 16 July 2014 and the Financial Reporting Standard applicable in the United King&Jm and Republi¢ of Ireland {fRS 102) and the chariti.es AGI 2011 and UK Generally AGGepted PraGtKe as it applies from 1 January 2015. The accounts lfinancial statements) have been prepared to gwe a 'true and fairf view and have departed from the Charilles IAccounis and Reports) Regulaknons 2008 only to the extent required to proviae a 'tNe and fair view.. This departure ha8 involved following Accounting and Reporting by Charities preparin9 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iroland {FRS 1021 ISSU￿ on 16 July 2014 rath•r than tho Accounting and Roporbng by Chariti•s: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. {bl All income is accounted for as soon as the Trust has entitlement to the income. there is probability of ieGeipL and the amount is quantifiabk. Ic) All expendrture Is accounted for on an a￿￿al$ basis and has been listed under headings that aggregate all the costs related to that actNity- Id) Grants are recognised and accounted for when the approval of the claim is communicated to the recipient lel Governance costs are those incurred in connection wrth compliance with conststutional and statutory requirements. (fj Investments are a fomi of basic financial instrument inits'alty recognised al their transaction value and subsequenlty Tr￿asured at fair valtje * the balance sheet date using bid price. Realised and unrealised gains or losscs on invcstmcnts arc rccordcd in thc Statcmcnt of Financial Activities and fom part of the Endowment Fund. (gl Unrestri¢led funds are funds available for use at the discrets'on of the Board of Trustees in fijrtherance of the general Gharitdble objectives. The peTrnanent endowtnent fund?1 h BlackRock Charrties Equities Fund COIF Charilies Inveslment Fund BlackRock Charities Fixed Bond Fund COIF Charilics Fixcd Interest Fund Newton Grovrth and Income Fund 283,360 824.550 92,326 579,845 331.847 277,862 103,066 333,190 66g.463 74,144 480,399 339,646 281,822 85,073 2,492,846 2,263,737 Movements during the year were.. Mark•t Value 2021 Market Value 2020 Brought f0Th￿rd at 1 April 2020 Unrealised gainsl (losses} 2,263,737 229,109 2,507,210 {243,4731 Canied forward at 31 March 2021 2N92.846 2,263,737 THE DORIS GREGORY TRUST NOTES TO THE ACCOUNTS 31 MARCH 2021 ACCRUED INCOME 2020 Slaxo SmrthKliNe Income Ncwion Growth and Income Fund BlackRod(- Fixed Bond and Investment Fund 5,000 5.000 300 4,100 3.326 8.786 9,460 CREDITORS 2021 2020 North London Collegiate Sch¢JoI other creditors 112,410 56,112 2,280 114.750 58.392 TRUSTEES None of tha Tnjstses received any remuneration. The dcKuments were couriered to the auditors. Thi$ ¢08t £17.98. Thls amount was reimbursement to the Treasurer. NET MOVEMENT IN FUNDS Ngt mDV8tn¥iil iii funds loi yeai is stated after charging the following: 20 2020 Amourkts pai¢J to audilors Audit #•rvi¢eg- Crowe U.K. LLP 1340 2.280 1340 2.280 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Fun(J balances al 31 Marth 20218rp iePre5Vnt￿j by: Total Funds Total Funds 2020 UnrestrlGted Endovmiont Funds Funds Fixed Assets and Investmènts Currenl Assets 2,492,846 2,492,846 239,156 2,263,737 195,834 r39.156 Crodltor• Amounts falltr)g due wFthin one year 1114,750) (114750) (58,3921 Carri8d fO￿ard at 31 March 2021 124,406 2.492.846 2,017352 2.401,119 THE DORIS GREGORY TRUST NOTES TO THE ACCOLINTS 31 MARCH 2021 10 STATEMENT OF FUNDS At 1 April ?o?o Unrealised 3ain At 31 March 2021 In(xMn Andihj Endowment Funds Unrestricted Funds 2263.737 137,442 229.109 2.492.846 124.406 07.220 1110.256) Total 2,401,179 97,220 {110,256) 229,109 2,817,252 COMPARATIVE NOTESthNALYSIS QF NEf ASSEfs BET￿￿EN FUNDS Fund balances at 31 March 2020 are represenled by: Total Funds 2020 Totsl Funds 2019 Unrestricted Endowment Funds Funds Fixed Assets and Investments Gurrent Assets 2,263,737 2,263.737 195.834 2,507,210 213.600 195.834 Credltorn Amounts falling due within one year (58.3921 (58.3921 (120.0371 Carried foThvard al 31 March 2020 2 263 737 2 401179 2 600 773 COMPARATIVE NOTES- STATEMENT OF FUNDS At 1 April 2019 Unrealised At 31 March Endowmerbt Funds 2.507.210 1243.473} 2,263,737 UnreslriGted Funds 93,563 110,385 (86,500) 137,442 Total 2.600.773 110.385 {66.506) {243,4731 2.401.179 12 FINANCIAL INSTRUMENTS The Dgris (3regory Trust has finanGial assets and financral liabilitiès of a kiThJ that 9ualrfy as basic nancial instrumènts. Basie financial instruments are initially rècognised at transaction value and subsequently mÈg*ur•d at gmorti$Èd co#t using thÈ Èffèctive intorÈ$t method. Financial assets held 8t amortised cost comprise cash at bank together with other debtors. Financial liabilities held at amortised cosi enmpnse of Olher creditors and accnjals. Financial assets held at fair value compnse ihe invesknents. Othar d8btors ar& r8cognis8d when amounts ar8 du8 to th8 organisation. Creditors are recogni8ed wheln the company ha8 a legal obligation to transfer funds a8 a re8uIt ol past events that can be readily measijred OT estimated and will probably resull In a Iransfer of funds. At the balance sheet date. the Trust held financial assets at amortised cost of £239,156 (2020-. £195.8341 and financial liabilities at amortised cost of £114.75012020= £58.3921- The Trust held fin2npiAI Assets hg.ld At fair vAlIAp nf £2.4Q2.84612n2n.. É2.262.7.871. THE DORIS GREGORY TRUST NOTES TO THE ACCOUNTS 31 MARCH 2021 13 CASH FLOW The Trustees have taken advantage of the exemption from preparing a cash flow statement as set out in FRS 102 sects.on 1A- small entities. 14 RELATED PAIITY TRANSACTIONS Apart from transactions with The North London Collegiate School. a5 di￿108ed in the financial statements, there were no related paty transactions, as defined in Financial Reporb'ng Standard 102.