| REFERENCE | AND | ADMINISTRATIVE DETAILS OF THE CHARITY, ITSTRUSTEES AND ADVISERS |
|---|---|---|
| FOR THE YEAR ENDED 5APRIL 2023 |
| 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 |
| Unrestricted | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | ||||||
| 2023 | 2023 | 2022 | ||||||
| Note | ||||||||
| Income from: | ||||||||
| Investments | 941,203 | 941,203 | 699,285 | |||||
| Total income | 941,203 | 941,203 | 699,285 | |||||
| Expenditure on: |
||||||||
| Raising funds | 245,423 | 245,423 | 273,951 | |||||
| Charitable activities |
3,644,716 | 3,644,716 | 3,741,883 | |||||
| Total expenditure | 3,890,139 | 3,890,139 | 4,015,834 | |||||
| Net expenditure | before net gains/(losses) | on | ||||||
| investments | (2,948,936) | (2,948,936) | (3,316,549) | |||||
| Net gains/(losses) | on investments | (3,244,137) | (3,244,137) | 3,995,649 | ||||
| Net movement | in | funds | (6,193,073) | (6,193,073) | 679,100 | |||
| Reconciliation | of | funds: | ||||||
| Total funds brought | forward | 64,172,405 | 64,172,405 | 63,493,305 | ||||
| Net movement | in | funds | (6,193,073) | (6,193,073) | 679,100 | |||
| Total funds carried forward | 57,979,332 | 57,979,332 | 64,172,405 |
| BALANCE SHEET | BALANCE SHEET | ||||||
|---|---|---|---|---|---|---|---|
| AS AT 5APRIL 2023 | |||||||
| 2023 | 2022 | ||||||
| Note | |||||||
| Fixed assets | |||||||
| Investments | 60,587,929 | 66,076,538 | |||||
| 60,587,929 | 66,076,538 | ||||||
| Current assets | |||||||
| Debtors | 10 | 397,233 | 195,618 | ||||
| Cash at bank | and | in hand | 127,992 | 63,431 | |||
| 525,225 | 259,049 | ||||||
| Creditors: amounts | falling due within one | ||||||
| year | 11 | (2,066,175) | (1,317,594) | ||||
| Net current liabilities | (1,540,950) | (1,058,545) | |||||
| Total assets | less | current liabilities | 59,046,979 | 65,017,993 | |||
| Creditors: amounts | falling due after more | ||||||
| than one year | 12 | (1,067,647) | (845,588) | ||||
| Total net assets | 57,979,332 | 64,172,405 | |||||
| Charity funds | |||||||
| Unrestricted | funds | 15 | 57,979,332 | 64,172,405 | |||
| Total funds | 57,979,332 | 64,172,405 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Note | |||||||
| Cash flows from operating | activities | ||||||
| Net cash | used in operating |
activities | (3,311,345) | (3,892,032) | |||
| Cash flows from investing | activities | ||||||
| Dividends | and interest from | investments | 1,394,651 | 1,100,180 | |||
| Proceeds | from sale of investments | 23,143,922 | 13,629,786 | ||||
| Purchase | of investments | (21,162,667) | (10,952,032) | ||||
| Net cash | provided by investing activities |
3,375,906 | 3,777,934 | ||||
| Change | in cash and cash | equivalents | in | the year | 64,561 | (114,098) | |
| Cash and | cash equivalents | at the beginning | ofthe year | 63,431 | 177,529 | ||
| Cash and cash equivalents | at the end | of | the year | 127,992 | 63,431 |
| Unrestricted | Total | ||||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2023 | 2023 | ||||
| Dividend | income | 1,373,237 | 1,373,237 | ||
| Realised | losses | on forward | foreign exchange contracts | (509,314) | (509,314) |
| Unrealised | gain | on forward | foreign exchange contracts | 55,866 | 55,866 |
| Interest | 21,414 | 21,414 | |||
| 941,203 | 941,203 | ||||
| Unrestricted | Total | ||||
| funds | funds | ||||
| 2022 | 2022 | ||||
| Dividend | income | 937,966 | 937,966 | ||
| Loss on forward | foreign exchange contracts | (400,895) | (400,895) | ||
| Interest | 162,214 | 162,214 | |||
| 699,285 | 699,285 |
| Unrestricted | Total | |||
|---|---|---|---|---|
| funds | funds | |||
| 2023 | 2023 | |||
| Investment | management | fees | 245,423 | 245,423 |
| Unrestricted | Total | |||
| funds | funds | |||
| 2022 | 2022 | |||
| Investment | management | fees | 273,951 | 273,951 |
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | |||
| 2023 | 2023 | |||
| Grant | making | activities | 3,644,716 | 3,644,716 |
| Unrestricted | ||||
| funds | Total | |||
| 2022 | 2022 | |||
| Grant | making | activities | 3,741,883 | 3,741,883 |
| Support | Total | ||||
|---|---|---|---|---|---|
| Direct costs | costs | funds | |||
| 2023 | 2023 | 2023 | |||
| Grant making | activities | 3,500,059 | 144,657 | 3,644,716 | |
| Support | Total | ||||
| Direct costs | costs | funds | |||
| 2022 | 2022 | 2022 | |||
| Grant making | activities | 3,593,151 | 148,732 | 3,741,883 | |
| Analysis ofsupport costs | |||||
| Grant | |||||
| making | Total | ||||
| activities | funds | ||||
| 2023 | 2023 | ||||
| Stationery and |
postage | 109 | 109 | ||
| Office functions | 3,280 | 3,280 | |||
| Information technology |
6,219 | 6,219 | |||
| Bank charges | &processing fees | 2,109 | 2,109 | ||
| Other costs | 1,487 | 1,487 | |||
| Consultancy | fees and expenses | 16,390 | 16,390 | ||
| General management |
80,000 | 80,000 | |||
| Accountancy | 10,860 | 10,860 | |||
| Audit fees | 14,700 | 14,700 | |||
| Trustees travel | to Israel | 9,503 | 9,503 | ||
| 144,657 | 144,657 |
| Analysis of | support costs (continued) | ||
|---|---|---|---|
| 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 |
| Grants to | Total | |||
|---|---|---|---|---|
| Institutions | funds | |||
| 2023 | 2023 | |||
| Grant | making | activities | 3,500,059 | 3,500,059 |
| Grants to | Total | |||
| Institutions | funds | |||
| 2022 | 2022 | |||
| Grant | making | activities | 3,593,151 | 3,593,151 |
| Unrestricted | Total | funds | Total | funds | ||||
|---|---|---|---|---|---|---|---|---|
| United Kingdom |
funds 2023 | 2023 | 2022 | |||||
| Community | 281,000 | 281,000 | 534,000 | |||||
| Cultural and Environmental |
83,500 | 83,500 | 42,500 | |||||
| Education | 167,000 | 167,000 | 372,500 | |||||
| Hardship Alleviation |
155,000 | 155,000 | 335,400 | |||||
| Medical (care/treatment) | 929,500 | 929,500 | 1,214,433 | |||||
| 1,616,000 | 1,616,000 | 2,498,833 | ||||||
| Israel | ||||||||
| Community | 295,500 | 295,500 | 260,000 | |||||
| Education | 200,000 | 200,000 | 293,000 | |||||
| Hardship Alleviation |
100,000 | 100,000 | 123,000 | |||||
| Medical (care/treatment) | 255,000 | 255,000 | 310,000 | |||||
| 850,500 | 850,500 | 986,000 | ||||||
| Total grants in the year |
2,466,500 | 2,466,500 | 3,484,833 | |||||
| Grants awarded in |
prior periods | (1,047,000) | (1,047,000) | (1,604,333) | ||||
| Cancelled returned |
grants | (110,000) | (110,000) | (10,000) | ||||
| New commitments | in the year | 2,195,000 | 2,195,000 | 1,765,500 | ||||
| Total grants paid | and awarded | in the year | 3,504,500 | 3,504,500 | 3,636,000 | |||
| Finance charges on discounting |
of | |||||||
| future commitments | 4,441 | 4,441 | (42,849) | |||||
| 3,500,059 | 3,500,059 | 3,593,151 |
| Cash held in | ||||
|---|---|---|---|---|
| Managed | investment | Direct | ||
| funds | portfolio | investments | Total | |
| Valuation | ||||
| At 6 April 2022 | 25,867,064 | 1,390,348 | 38,819,126 | 66,076,538 |
| Additions | 943,601 | 10,154,966 | 10,064,102 | 21,162,669 |
| Disposals | (1,402,732) | (11,067,524) | (10,673,666) | (23,143,922) |
| Revaluations | (881,484) | (2,625,872) | (3,507,356) | |
| At 5 April 2023 | 24,526,449 | 477,790 | 35,583,690 | 60,587,929 |
| Market Value | ||||
| At 5 April 2023 | 24,526,449 | 477,790 | 35,583,690 | 60,587,929 |
| At 5April 2022 | 25,867,064 | 1,390,348 | 38,819,126 | 66,076,538 |
| 2023 | 2022 | ||
|---|---|---|---|
| Due within one year | |||
| Other debtors | 159,224 | 98,500 | |
| Prepayments | and accrued income | 182,143 | 97,118 |
| Financial instruments |
55,866 | ||
| 397,233 | 195,618 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Accruals | and deferred | income | 97,675 | 86,968 | |
| Grants accrued —institutional |
(see note 13) | 1,968,500 | 1,047,000 | ||
| Financial | instruments | 183,626 | |||
| 2,066,175 | 1,317,594 |
| 2023 | 2022 |
|---|---|
| f. | |
| 1,067,647 | 845,588 |
| Grants | accrued | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| As at 6 | April 2022 | 1,892,588 | 1,774,270 | ||
| Opening | commitments | paid in |
current year | (1,047,000) | (1,604,333) |
| New commitments in |
the year | 2,195,000 | 1,765,500 | ||
| Finance | charges on discounting | offuture commitments | (4,441) | (42,849) | |
| 3,036,147 | 1,892,588 | ||||
| Breakdown ofcommitments |
| 2023 | 2022 | |||
|---|---|---|---|---|
| f. | ||||
| Due | within | one year (see note 11) | 1,968,500 | 1,047,000 |
| Due | after | one year (see note 12) | 1,067,647 | 845,588 |
| 3,036,147 | 1,892,588 |
| Balance at 6 | Gains/ | Balance at 5 | |||||
|---|---|---|---|---|---|---|---|
| April 2022 | Income | Expenditure | (Losses) | April 2023 | |||
| Unrestricted | funds | ||||||
| General | Funds - all funds | 64,172,405 | 941,203 | (3,890,139) | (3,244,137) | 57,979,332 | |
| Statement offunds - prior year | |||||||
| Balance at | Gains/ | Balance at | |||||
| 6April 2021 | Income | Expenditure | (Losses) | 5April 2022 | |||
| Unrestricted | funds | ||||||
| General | Funds - all funds | 63,493,305 | 699,285 | (4,015,834) | 3,995,649 | 64,172,405 |
| Analysis of net assets between funds Analysis of net assets between funds - current year |
||
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| 2023 | 2023 | |
| Fixed asset investments | 60,587,929 | 60,587,929 |
| Current assets | 525,225 | 525,225 |
| Creditors due within one year | (2,066,175) | (2,066,175) |
| Creditors due in more than one year | (1,067,647) | (1,067,647) |
| Total | 57,979,332 | 57,979,332 |
| Analysis ofnet assets between funds - prior year | ||
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| 2022 | 2022 | |
| 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) |
| l | 64,172,405 | 64,172,405 |