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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Charity,|its Trustees and advisers||
|Trustees'
report||||2-6|
|Independent
auditors'|report|on the financial statements||7-10|
|Statement offinancial|activities||||
|Balance sheet||||12|
|Statement ofcash flows||||13|
|Notes to the financial|statements|||14-26|
|REFERENCE|AND|ADMINISTRATIVE
DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS|
|---|---|---|
|||FOR THE YEAR ENDED 5APRIL 2022|
|Trustees||The Hon.|Susan Gina Lacroix|Susan Gina Lacroix|Susan Gina Lacroix|
|---|---|---|---|---|---|
|||Andrea Gaie Scouller||||
|||Karis Ann|Lacroix|||
|||Jerome Humphrey||Andre Lacroix||
|||Julian Michael Edward Lee||||
|||Sebastian|Gaskell|Lee||
|||Deborah|Henny Ann Sobel|||
|Charity registered||||||
|number||274369||||
|Principal office||PO Box5402||||
|||Wincanton||||
|||Somerset||||
|||BA9 OBH||||
|Independent|auditors|BKLAudit|LLP|||
|||Chartered|Accountants|||
|||35 Ballards Lane||||
|||London||||
|||N3 1XW||||
|Bankers||C. Hoare|8 Co.|||
|||37 Fleet Street||||
|||London||||
|||EC4P 4DQ||||
|Investment|Manager|Troy Asset Management|||Limited|
|||Brookfield|House|||
|||33 Davies|Street|||
|||London||||
|||W1K4BP||||
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|||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|
|||||||2022|2022|2021|
||||||Note||||
|Income from:|||||||||
|Investments||||||699,285|699,285|1,888,872|
|Total income||||||699,285|699,285|1,888,872|
|Expenditure
on:|||||||||
|Raising funds||||||273,951|273,951|262,089|
|Charitable
activities||||||3,741,883|3,741,883|1,676,460|
|Total expenditure||||||4,015,834|4,015,834|1,938,549|
|Net expenditure||before net gains/(losses)||on|||||
|investments||||||(3,316,549)|(3,316,549)|(49,677)|
|Net gains/(losses)|||on investments|||3,995,649|3,995,649|8,559,608|
|Net movement|in||funds|||679,100|679,100|8,509,931|
|Reconciliation|of||funds:||||||
|Total funds brought|||forward|||63,493,305|63,493,305|54,983,374|
|Net movement|in|funds||||679,100|679,100|8,509,931|
|Total funds carried forward||||||64,172,405|64,172,405|63,493,305|
##
||||BALANCE SHEET|BALANCE SHEET||||
|---|---|---|---|---|---|---|---|
||||AS AT 5|APRIL 2022||||
||||||2022||2021|
||||Note|||||
|Fixed assets||||||||
|Investments|||||66,076,538||64,758,645|
||||||66,076,538||64,758,645|
|Current assets||||||||
|Debtors|||10|195,618||418,697||
|Cash at bank|and|in hand||63,431||175,898||
|||||259,049||594,595||
|Creditors: amounts||falling due within one||||||
|year|||11|(1,317,594)||(1,719,998)||
|Net current liabilities|||||(1,058,545)||(1,125,403)|
|Total assets|less|current liabilities|||65,017,993||63,633,242|
|Creditors: amounts||falling due after more||||||
|than one year|||12||(845,588)||(139,937)|
|Total net assets|||||64,172,405||63,493,305|
|Charity funds||||||||
|Unrestricted|funds||15||64,172,405||63,493,305|
|Total funds|||||64,172,405||63,493,305|
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|||||2022|2021|
|---|---|---|---|---|---|
||||Note|||
|Cash flows from operating|activities|||||
|Net cash used
in operating|activities||17|(3,892,032)|(5,773,937)|
|Cash flows from investing|activities|||||
|Dividends,
interests
and rents from investments||||1,100,180|1,639,447|
|Proceeds from sale of investments||||13,629,786|30,168,630|
|Purchase of investments||||(10,952,032)|(27,083,715)|
|Net cash provided
by investing
activities||||3,777,934|4,724,362|
|Change
in cash and cash|equivalents
in|the year||(114,098)|(1,049,575)|
|Cash and cash equivalents|at the beginning|ofthe year||177,529|1,227,104|
|Cash and cash equivalents|at the end of|the year||63,431|177,529|
|The notes on pages 14to 26 form part ofthese financial statements||||||
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||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2022|2022|
|Dividend|income||937,966|937,966|
|Losses on forward||foreign exchange contracts|(400,895)|(400,895)|
|Interest|||162,214|162,214|
||||699,285|699,285|
||||Unrestricted|Total|
||||funds|funds|
||||2021|2021|
|Dividend|income||933,770|933,770|
|Gains on|forward|foreign exchange contracts|817,540|817,540|
|Interest|||137,562|137,562|
||||1,888,872|1,888,872|
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|Investment|management|fees|
|---|---|---|
|Investment|management|fees|
|Unrestricted|Total|
|---|---|
|funds|funds|
|2022|2022|
|273,951|273,951|
|Unrestricted|Total|
|funds|funds|
|2021|2021|
|262,089|262,089|
##
||||Unrestricted||
|---|---|---|---|---|
||||funds|Total|
||||2022|2022|
|Grant|making|activities|3,741,883|3,741,883|
||||Unrestricted||
||||funds|Total|
||||2021|2021|
|Grant|making|activities|1,676,460|1,676,460|
##
##
##
|||||Support|Total|
|---|---|---|---|---|---|
||||Direct costs|costs|funds|
||||2022|2022|2022|
|Grant making||activities|3,593,151|148,732|3,741,883|
|||||Support|Total|
||||Direct costs|costs|funds|
||||2021|2021|2021|
|Grant making||activities|1,544,817|131,643|1,676,460|
|Analysis|ofsupport costs|||||
|||||Grant||
|||||making|Total|
|||||activities|funds|
|||||2022|2022|
|Stationery|and postage|||343|343|
|Information|technology|||5,913|5,913|
|Bank charges||&processing fees||4,083|4,083|
|Other costs||||2,008|2,008|
|Consultancy||fees and expenses||30,681|30,681|
|General management||||80,000|80,000|
|Accountancy||||14,700|14,700|
|Audit fees||||8,400|8,400|
|Trustees travel to Israel||||2,604|2,604|
|||||148,732|148,732|
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|Analysis of|support costs (continued)|||
|---|---|---|---|
|||Grant||
|||making|Total|
|||activities|funds|
|||2021|2021|
|Stationery
and postage||529|529|
|Information
technology||8,157|8,157|
|Bank charges|&processing fees|644|644|
|Other costs||2,259|2,259|
|Consultancy|fees and expenses|30,254|30,254|
|General management||70,000|70,000|
|Accountancy||11,400|11,400|
|Audit fees||8,400|8,400|
|||131,643|131,643|
##
##
||||Grants to|Total|
|---|---|---|---|---|
||||Institutions|funds|
||||2022|2022|
|Grant|making|activities|3,593,151|3,593,151|
||||Grants to|Total|
||||Institutions|funds|
||||2021|2021|
|Grant|making|activities|1,544,817|1,544,817|
##
##
|Analysis ofgrants|Analysis ofgrants|||||||
|---|---|---|---|---|---|---|---|
||||||Unrestricted|Total funds|Total Funds|
||||||funds 2022|2022|2021|
|United
Kingdom||||||||
|Community|||||534,000|534,000|778,600|
|Cultural
and Environmental|||||42,500|42,500|79,000|
|Education|||||372,500|372,500|320,500|
|Hardship
alleviation|||||335,400|335,400|679,400|
|Medical (care/treatment)|||||1,214,433|1,214,433|1,808,033|
||||||2,498,833|2,498,833|3,665,533|
|Israel||||||||
|Community|||||260,000|260,000|295,000|
|Cultural
and Environmental|||||||27,000|
|Education|||||293,000|293,000|515,500|
|Hardship
alleviation|||||123,000|123,000|270,000|
|Medical (care/treatment)|||||310,000|310,000|464,300|
||||||986,000|986,000|1,571,800|
|Total grants paid|in|the year|||3,484,833|3,484,833|5,237,333|
|Grants awarded|in|prior years|||(1,604,333)|(1,604,333)|(3,977,333)|
|Cance I I ed grants|||||(10,000)|(10,000)|(19,000)|
|New commitments||awarded|in|year|1,765,500|1,765,500|271,000|
|Total grants paid|and awarded|||in the year|3,636,000|3,636,000|1,512,000|
|Finance charges|on|discounting||offuture||||
|commitments|||||(42,849)|(42,849)|32,817|
||||||3,593,151|3,593,151|1,544,817|
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|||Cash held in|||
|---|---|---|---|---|
||Managed|investment|Direct||
||funds|portfolio|investments|Total|
|Valuation|||||
|At 6 April 2021|25,770,108|1,136,268|37,852,267|64,758,643|
|Additions|300|6,941,933|4,009,799|10,952,032|
|Disposals|(964,897)|(6,687,853)|(5,977,036)|(13,629,786)|
|Revaluations|1,061,553||2,934,096|3,995,649|
|At 5 April 2022|25,867,064|1,390,348|38,819,126|66,076,538|
|Net book value|||||
|At 5 April 2022|25,867,064|1,390,348|38,819,126|66,076,538|
|At 5April 2021|25, 770,108|1,136,268|37,852,267|64,758,643|
##
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|||2022|2021|
|---|---|---|---|
|Due within one year||||
|Other debtors||98,500|113,868|
|Prepayments|and accrued income|97,118|192,967|
|Financial
instruments|||111,862|
|||195,618|418,697|
##
|||||2022|2021|
|---|---|---|---|---|---|
|||||E||
|Accruals|and deferred|income||86,968|85,665|
|Grants accrued - institutional|||(see note 13)|1,047,000|1,634,333|
|Financial|instruments|||183,626||
|||||1,317,594|1,719,998|
##
|2022|2021|
|---|---|
|845,588|139,937|
##
##
##
|Grants accrued||||||
|---|---|---|---|---|---|
|||||2022|2021|
|As at 6 April 2021||||1,774,270|5,466,786|
|Opening
commitments|paid|in|current year|(1,604,333)|(3,977,333)|
|New commitments
in the year||||1,765,500|271,000|
|Cancelled
commitments|||||(19,000)|
|Finance charges on discounting|||offuture commitments|(42,849)|32,817|
|||||1,892,588|1,774,270|
##
||||||||2022f|2021|
|---|---|---|---|---|---|---|---|---|
|Due within|one year|(see note|11)||||1,047,000|1,634,333|
|Due after one year (see note|||12)||||845,588|139,937|
||||||||1,892,588|1,774,270|
|Financial|instruments||||||||
||||||||2022|2021|
|Financial|assets||||||||
|Derivative|financial|instruments|measured||at fair value through|income and|||
|expenditure|held as|part ofa trading||portfolio||||111,862|
||||||||2022|2021|
||||||||E||
|Financial|liabilities||||||||
|Derivative|financial|instruments|measured||at fair value through|income and|||
|expenditure|held as|part ofa trading||portfolio|||(183,626)||
##
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|Stateme|nt o|ffunds - curren|t year|||||
|---|---|---|---|---|---|---|---|
||||Balance at 6|||Gains/|Balance at 5|
||||April 2021|Income|Expenditure|(Losses)|April 2022|
|Unrestricted||funds||||||
|General|Funds - all funds||63,493,305|699,285|(4,015,834)|3,995,649|64,172,405|
##
|Stateme|nt o|ffunds - prior y|ear|||||
|---|---|---|---|---|---|---|---|
||||Balance at|||Gains/|Balance at|
||||6April 2020|Income|Expenditure|(Losses)|5April 2021|
|Unrestricted||funds||||||
|General|Funds - all funds||54,983,374|1,888,872|(1,938,549)|8,559,608|63,493,305|
##
|Analysis ofnet assets between funds - current year|||
|---|---|---|
||Unrestricted|Total|
||funds|funds|
||2022|2022|
||E|f.|
|Fixed asset investments|66,076,538|66,076,538|
|Current assets|259,049|259,049|
|Creditors due within one year|(1,317,594)|(1,317,594)|
|Creditors due in more than one year|(845,588)|(845,588)|
|Total|64,172,405|64,172,405|
##
##
##
##
|Analysis of net assets between
funds (continued)
Analysis ofnet assets between funds - prior year|||
|---|---|---|
||Unrestricted|Total|
||funds|funds|
||2021|2021|
|Fixed asset investments|64,758,645|64,758,645|
|Current assets|594,595|594,595|
|Creditors due within one year|(1,719,998)|(1,719,998)|
|Creditors due in more than one year|(139,937)|(139,937)|
|l|63,493,305|63,493,305|
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||E||
|Net income for the|year (as per Statement||of Financial|Activities)|679,100|8,509,931|
|Adjustments
for:|||||||
|Revaluation
of investments|||||(3,995,649)|(8,559,608)|
|Dividends
and interest from investments|||||(1,100,180)|(1,639,447)|
|(Increase)/decrease|in debtors||||223,079|(3,562)|
|Increase/(decrease)|in creditors||||117,992|(3,969,389)|
|Unrealised
(gains)/losses
on forward||foreign exchange||contracts|183,626|(111,862)|
|Net cash used in|operating
activities||||(3,892,032)|(5,773,937)|
##
|||2022|2021|
|---|---|---|---|
|Cash|in hand|63,431|177,529|
|Total|cash and cash equivalents|63,431|177,529|
##
##
||||||Changes
in||
|---|---|---|---|---|---|---|
||||||market||
||||||value and||
||||||exchange||
||||At 6April||rate|At 5April|
||||2021|Cash flows|movements|2022|
|Cash at|bank and|in hand|175,898|(112,467)||63,431|
|Financial|Instruments||111,862||(111,862)||
||||287,760|(112,467)|(111,862)|63,431|
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