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|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||||
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|||||||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|
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|||||||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|
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|||||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|
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||||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|
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|||||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|
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|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|
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|||||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||
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|||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|
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|||||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|
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||||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|
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|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|
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|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|
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