**REGISTERED CHARITY NUMBER: 269615** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 FOR THE ELEPHANT TRUST** **THE ELEPHANT TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ||Page| |---|---| |Report of the Trustees|1 to 2| |Independent Examiner's Report|3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes to the Financial Statements|6 to 10| ## **THE ELEPHANT TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023** The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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) (effective 1 January 2015). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and Activities for the Public Benefit** The trustees confirm that they have referred to the guidance in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives in planning future activities. The objective of the charity is to advance public education in all aspects of the arts and to develop artistic taste and the knowledge, understanding and appreciation of the fine arts in such manner as the trustees shall think fit. In shaping the objectives for the year and planning the activities, the trustees have considered the Charity Commission's guidance on public benefit. ## **Grant making** The trustees make grant payments against specific criteria set out by the trustees in accordance with the charity's objectives. ## **ACHIEVEMENT AND PERFORMANCE** ## **Achievements, performance and financial review** A trustee acts as the charity's accountant, maintaining the accounting records and dealing with the administration of the charity, apart from the artistic aspects which are handled by the Director. During the year, the charity had total incoming resources of £69,485 (2022: £179,987) and made grants of £113,980 (2022: £99.935) to individuals, art galleries and other organisations in the furtherance of the charity's objectives. No fundraising activities have been held. ## **FINANCIAL REVIEW** ## **Trustees' investment powers** Under the Trust Deed, the Trustees have power to invest trust moneys in the acquisition by purchases or otherwise or upon security of such property of whatever nature and wherever situated as the Trustees shall in their absolute discretion think fit. ## **Reserves policy** The policy of the Trustees is to maintain significant reserves to provide the income and gains required to meet the Trustees proposed level of grant payments. In this connection the funds representing the reserves are invested in UK and Overseas listed securities with a view to generating income and gains without exposing the Charity to undue risk. ## **FUTURE PLANS** The Trust's aims for 2023/24 are to continue to make grants in pursuance of the charitable objectives. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and status** The Elephant Trust was constituted under a Trust Deed dated 20 August 1975, by the settlor, Sir Roland Penrose, and is a registered charity No. 269615. ## **Recruitment and appointment of new trustees** The power of appointing a new trustee and of removing a trustee is vested in a majority, for the time being, of the trustees. Recruitment is undertaken as necessary through the identification of skills gaps at trustee level. ## **Induction and training of new trustees** Should any new trustee join the charity they would go through a process of induction including meetings with the current trustees and the provision of key information, followed by further training at future meetings. ## **Key management remuneration** The trustees are considered to be the key management of the charity and do not receive a remuneration. Page 1 THE ELEPHAiif TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRII 2023 STRUCTUR& GOVERNANCE AND MANAGEMENT Rlsk management The twstees have a duty to Rlents'fy and review thp. to thith thg twst thanty li ￿P060d arKI tts ensure appropriatc )ntrols a￿ in tyacè to prowde reasonabje assura￿& agait7st Iraud and crTOr. REFERENCE AND ADMINISTRATf¥E OEfASLS Registered Charity number 269615 Prfn¢lpal addrn88 512 Bankside Lofts 65 Hopton Street London SEI 9GZ L Achiampong O Bascpno E Carey.TtrK)mag B Cook Gronlund J Kert)el G Leung D Musgrave A Penrose Independent examlner John Hwdrd. FCA A2etsAudrt Se￿￿$ 2roJ Floor, Regis House 45 Kirg ￿lI￿arn Street London EC4R 9A Advlseys Investment Managers Investe¢ Wealth & Irwestrnent kn"mrted 2 Gfesharn Str London EC2V 7QN Banke The c￿0DeratiVe Bank PIC P.0. Box 101 1 Balk)on Street Manchestet M604EP Apwoved ty Nderofthe boa¥d ol twstees on ....... . .... ...................... and si9r￿ on ts behalf by". B Ccth - Trustee Pa9e 2 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELEPHANT TRUST** ## **Independent examiner's report to the trustees of The Elephant Trust** I report to the charity trustees on my examination of the accounts of The Elephant Trust (the Trust) for the year ended 5 April 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the ich is not a matter considered as part of an independent examination. I have no concerns and have come across no other matter in connection with the examination to which attention should be drawn in this report in to enable proper understanding of the financial statements to be reached. John Howard FCA Azets Audit Services 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN Date: 29 January 2024 Page 3 ## **THE ELEPHANT TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023** |**Unrestricted**
**fund**
Note
**£**
**INCOME FROM**
Investment income
2
66,681
**Total**
66,681
**EXPENDITURE ON**
Raising funds
3
26,659
**Charitable activities**
Advancement of the Arts
4
113,980
Support Costs
5
16,714
**Total**
157,353
Net (losses)/gains on
investments
(157,908)
**NET INCOME**
(248,580)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
3,539,786
**TOTAL FUNDS CARRIED**
**FORWARD**
3,291,206|**2023**
**Restricted**
**fund**
**Total funds**
**£**
**£**
2,804
**69,485**
2,804
**69,485**
610
**27,269**
**113,980**
-
**16,714**
610
**157,963**
(4,833)
**(162,741)**
(2,639)
**(251,219)**
105,933
**3,645,719**
103,294
**3,394,500**|2022
Total funds
£
179,987| |---|---|---| |||179,987
28,658
116,068
-| |||144,726
26,968| |||62,229
3,583,490| |||3,645,719| Page 4 THE ELEPHANT TRUST BALAN￿ SHEET AT S APRIL 21)23 2023 Unr#4trict•d R96tr1ct•d T*)tsl fthdÈ lund fund Tot81 fvnd6 Note INVESTMENTS 60.209 3.290.387 3 570 P£1 3,230,178 3290A87 3.570,861 CURREiif A&8ETS Dobt Cash at b8nk 66.128 109.2t3 70.2SI 6&128 109,213 79.516 CREDITORS AJnounts lalthng or year 15.1001 1&1001 14.6581 NET CURRENT Assgrs 61.028 TOTAL ASSFfs LESS CURRENT UABJUTIES 3,291,200 103.294 3.394MOO 3.¢545,719 NEf AssErs 3,645,719 FUNDS Unrestricted fmjs Restricled luThJs 10 3.291.206 103,294 3.539,786 10S.933 TOTAL FUNDS 500 3.645.719 Thè finanaal statements were aDDrov￿j ty the Board of Trustees on .... wptrp. &ionpJl r)n it¢ hp.h8lf hy" KfLLbL PaJe 5 ## **THE ELEPHANT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** 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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants payable are included in the Statement of Financial Activities when approved by the trustees and agreed with the beneficiary. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued but are noted as financial commitments. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** |UK listed investments:
- Fixed interest
- Equities
- Property
Overseas listed investments:
- Fixed interest
- Equities
- Property
Interest receivable
Redemption and liquidation proceeds and other adjustments|**2023**
**£**
**10,266**
**38,706**
**1,747**
**7,319**
**18,690**
**725**
**330**
**(8,298)**
**69,485**|2022
£
9,325
37,322
-
-
16,677
-
3,845
112,818| |---|---|---| |||179,987| Page 6 **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2023** ## **THE ELEPHANT TRUST** ## **3. RAISING FUNDS** ## **Investment management costs** **----- Start of picture text -----**
2023 2022
£ £
Portfolio management 27,269 28,658
4. GRANTS PAYABLE
2023 2022
£ £
Advancement of the Arts 113,980 99,935
Number of
Grants £
Institutions:
Turner Contemporary 1 3,000
Studio Voltaire 1 2,500
1 2,730
1 2,730
CAMPLE LINE 1 2,000
Paragon Studios 1 2,000
Van Gogh House 1 3,000
Nottingham Studios 1 2,500
Book Works (UK) 1 2,000
Museum of Modern Art 1 2,000
The Delfina Foundation 1 2,000
Houseworks Films 1 2,000
Triangle Arts Trust 1 10,000
Institutions 13 38,460
Individuals 30 75,520
43 113,980
**----- End of picture text -----**
Within the £75,520 paid to individuals, a grant of £2,500 was paid from the Joanna Drew Travel Bursary. ## **5. SUPPORT COSTS** |Other trading activities
Accountancy charges
Independent examination
Directors' fees
Irrecoverable VAT
Directors office expenses
Bank charges|**2023**
**£**
**2,740**
**2,250**
**8,400**
**110**
**3,214**
**-**
**16,714**||**Other**
**£**
16,714| |---|---|---|---| ||||**2022**
**£**
3,190
1,900
8,400
40
2,546
57| ||||16,133| Page 7 ## **THE ELEPHANT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2023** ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022. ## **Trustees' expenses** The following amounts are payable to trustees and others involved in the administration of the charity, in respect of expenses reimbursed and services rendered by them or their firm: |Directors' fees and expenses|**2023**
**£**
**8,400**|**2022**
**£**
8,400| |---|---|---| There is 1 member of staff employed by the trust (2022: 1). No members of staff received remuneration over £60,000 in the year. The trustees and the director, who are considered to be the key management of the Charity, received £8,400 remuneration or other benefits for the year ended 5 April 2023 and year ended 5 April 2022. ## **7. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 6 April 2022
Additions
Disposals
Revaluations
At 5 April 2023
**NET BOOK VALUE**
At 5 April 2023
At 5 April 2022
There were no investment assets outside the UK.
Historical cost at 5 April
Investments at market value comprise:
UK listed investments:
- Fixed interest
- Equities
- Property
Overseas listed investments:
- Fixed interest
- Equities
- Property|**2023**
**£**
**2,951,909**
**343,125**
**1,103,721**
**74,426**
**267,129**
**1,427,419**
**74,567**
**3,290,387**|**Listed**
**investments**
**£**
3,570,861
881,823
(999,556)
(162,741)
**3,290,387**
**3,290,387**
3,570,861
**2022**
**£**
2,984,788
297,313
1,211,339
99,067
318,889
1,548,091
96,162
**3,570,861**| |---|---|---| |||| |||| Page 8 ## **THE ELEPHANT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2023** ## **7. FIXED ASSET INVESTMENTS - continued** The following individual investments had a market value in excess of 5% of the total market value of investments: Vanguard Funds PLC S&P 500 Ucits Etf USD Dis £242,207 (2022: £256,535) UK (Govt of) 0.875% Snr 31/07/33 GBP1000 Sett £211,117 (2022: £nil) ## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Joanna Drew Bursary Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
**66,681**
**Restricted funds**
Joanna Drew Bursary Fund
**2,804**
**TOTAL FUNDS**
**69,485**|**2023**
2022
**£**
£
**-**
9,266
**-**
9,266
**2023**
2022
**£**
£
**5,100**
4,658
**At 6/4/22**
**Net**
**movement in**
**funds**
**At 5/4/23**
**£**
**£**
**£**
3,539,786
(248,580)
**3,291,206**
105,933
(2,639)
**103,294**
3,645,719
**(251,219)**
**3,394,500**
**Resources**
**expended**
**Gains and**
**losses**
**Movement in**
**funds**
**£**
**£**
**£**
**(154,853)**
**(157,908)**
(246,080)
**(3,110)**
**(4,833)**
(5,139)
**(157,963)**
**(162,741)**
(251,219)| |---|---| ## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **10. MOVEMENT IN FUNDS** Page 9 ## **THE ELEPHANT TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2023** ## **10. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** ||||**Net**|| |---|---|---|---|---| ||||**movement in**|| |||**At 6/4/21**|**funds**|**At 5/4/22**| |||**£**|**£**|**£**| |**Unrestricted Funds**||||| |General fund||3,482,526|57,260|3,539,786| |**Restricted Funds**||||| |Joanna Drew Bursary Fund||100,964|4,969|105,933| |**TOTAL FUNDS**||3,583,490|62,229|3,645,719| |Comparative net movement in funds, included in the above are as follows:||||| ||**Incoming**|**Resources**|**Gains and**|Movement in| ||**resources**|**expended**|**losses**|funds| ||**£**|**£**|**£**|**£**| |**Unrestricted funds**||||| |General fund|**177,456**|**(144,107)**|**23,911**|57,260| |**Restricted funds**||||| |Joanna Drew Bursary Fund|**2,531**|**(619)**|**3,057**|4,969| |**TOTAL FUNDS**|**179,987**|**(144,726)**|**26,968**|**62,229**| ## **Unrestricted fund** This fund comprises those funds which the trustees are free to use in accordance with the charitable objectives. ## **Restricted fund** The charity received restricted donations for the purpose of setting up a bursary in memory of Joanna Drew, its late chairman and one of the founding trustees. The aim of the bursary is to enable artists professionally involved in the visual arts to broaden their experience through travel. The raised funds are retained and the income generated by them is awarded once a year to an individual chosen by a small group initially made up of friends and colleagues of Joanna. ## **11. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 5 April 2023. Page 10