VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 1118 Charity number- 277309 DR RICHARD SOLOMONS. CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P W18 DR RICHARD SOLOMONS. CHARITABLE TRUST CONTENTS Page Reference and administrative details of the Charityi its Trustees and advisers Trustees. report Indgpendgnt examiner's report statement of financial activities Balance sheet Notes to the financial statements 8-16
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P W18 DR RICHARD SOLOMONS. CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 The Dr Richard Solomons, Charitable Trust was set up by Dr Richard Solomons for Charitable purposes by means ofa deed dated 9 November 1978. Trustees Richard Edgar Bethel Solomons Zachary Julian Bethel Solomons Zoe Jessica Bethany Solomons Saskia Caitlin Mayne Solomons Charity reglstered number 277309 Prlnclpal offlce Fell Edge Fami Slraighl Lane Addingham Moorside LS29 9JY Aceountants James Cowper Kreston Chartered Accountants Reading Bridge House George Street Reading RG18LS Bankers Triodos Bank Deanery Road Bristol BS15AS Sollcltors Forsters LLP 31 Hill Street London W1J 5LS Investment managers JMFinn&Co 4 Coleman Street London EC2R STA Page 1
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 18 DR RICHARD SOLOMONS. CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annu81 report together with the financial statements of the Charity for the year 6 April 2023 10 5 April 2024. The Charity also operates under the name The Stella Ch8ri18ble Trust. Objectives and activities a. Policies and objectives The Trustees stand possessed of the Trust Fund and the income thereof upon trust to pay the same al their discretion to charitable organisalions or individuals for educational purposes or for relief by reason of poverty. sickness, age, accident or disaster, or for charitable purposes generally. In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running 8 charity IPB21'. Achievements and performance a. Main achievements of the Charity The Charity maintains rt's aims of support to smaller charities that are secular, generally with incomes below £700,000 a year, and overheads below 160/0 of income, that spend a major proportion of their administrative funds in the country in which they operate lo reduce povety in a sustainable manner and where local partners participate and have some control over the choice and implemenlalion of programmes. We have supported irrigation 8nd clean water programmes that are fundamental to the health and well-being of the communities they serve. We have continued lo support Bees Abroad which is community focussed and has particularly low overhead costs. We have 81so continued lo support Chase Africa and their projects in family planning and in community Iree-planling. Previously start-up funding was granted to Tierra Roja and we have supported them again this year. Financial review a. Overview The attached financial statements show the financial results of the charity for the year. Income from stock market investments for the year amounted to £13,668 (2023.. £10,870) as detailed in the accounts. Grants made during the year amounted to £65,00012023.. £64,900). b. Going concem After making appropriate enquiries, the Trustees have a reasonable expectstion that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. Page 2
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 18 DR RICHARD SOLOMONS. CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 c. Reserves policy The Trustees wish to retsin sufficient reserves to continue the current level of grant making. Having reviewed The Charity's finances the Trustees consider this can be achieved by maintaining the existing level of investments. The Trustees consider all funds to be unrestricted and that grants from the capital fund would be made if a specific need arose. d. Investments policy The Trustees, with the advice of their investment managers, have adopted a medium risk policy with an aim of income generation. The investment policy excludes armaments or military companies and those trading in tobacco. e. Principal risks and uncertainties The Trustees have reviewed the risks faced by the charity and consider their existing systems minimise these risks. The Trustees consider that the major risk faced by the Charity is the fluctuation in the value of, and the income generated by, its investments. The Trustees have mitigated this risk by using the services of a leading investment manager, J M Finn and Co. Structure. governance and management Constitution Dr Richard Solomons. Charitable Trust is a registered charity, number 277309, and is consliluled under a Trust deed dated 9 November 1978. The Settlor is Richard Edgar Bethel Solomons. The Trust is usually referred to as The Stella Charitable Trust. The Trust terminates on 9 November 2058, or such earlier dale as the Trustees in their absolute discretion may determine. b. Methods of appointment or election of Trustees New or additional trustees may be appointed by the settlor during his lifetime and thereafter by his eldest child. The maximum number of Iruslees is five. The day lo day running of the charity and suggestions for the recipient and timing of grants are made by Dr Richard Solomons. Material decisions, approval of grants, policy changes and the approval of the trustees report and annual accounts are made by all trustees. Page 3
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39 18 GMT (UTC +0> D 111 P W18 DR RICHARD SOLOMONS. CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the f1nancial statements in accordance with applicable law and United Kingdom Acwunting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial stslemenls for each financial which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial slalements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Aecounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the Tnjsl deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. haSnE12LUI2l7GmfILrrc•ts) Richard Edgar Bethel Solomons Dale.. 25 November 2024 Page 4
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 7118 DR RICHARD SOLOMONS. CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent Examiner's Report to the Trustees of Dr Richard Solomons. Charitable Tmst I'the Charit) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.lhe 2011 Act'i. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities-. Slalement of Recommended Practice applicable lo charities preparing their accounts in 8ccordance wi(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referd to in the exlanl regulations bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I h8ve completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. 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. My work has been undertaken so that I might stste to the Charity's Trustees those mallers l am required lo stale to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed- Dated.. 25 November 2024 Darren O'connor Bsc IHons} FCCA ACA James Cowper Kreslon 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB Page 5
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P W18 DR RICHARD SOLOMONS. CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Note Income and endowments from.. Donations and legacies Investments Other income 135.738 13.668 134 135.738 13.668 134 109,099 10,870 Total Income and endowments 149.540 149.540 179,969 Expendlture on: Investment management costs Charitable activities 2.982 2,982 69.482 2, 734 69,323 69.482 Total expendlture 69.482 2.982 72.464 72,057 Ngt incomo1{9XPgnditurel bgforg ngt gainsl{10ssg$1 on invgstmonts Nel gainslllosses} on investments 80,058 12,982) 26.882 77,076 26.882 47,912 (29,801) Net movement in funds 80,058 23,900 103,958 18,111 Reconciliation of funds.. Total funds brought forward Nel movement in funds 227,620 80.058 376,371 23.900 603,991 103.958 585,880 78,111 Total funds carried forward 307.678 400.271 707.949 603,991 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 16 form part of these financial statements. Page 6
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39 18 GMT (UTC +0> D 111 P W18 DR RICHARD SOLOMONS. CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Investments 11 576.851 554,967 576.851 554,967 Current assets Debtors Cash at bank and in hand 12 7,495 128,283 21,820 31,793 135,778 53,613 Creditors.. amounts falling due within one year 13 (4,6801 f4,589J Net current assets 131.098 49,024 Total net assets 707,949 603,997 Charlty funds Endowment funds Unrestricted funds 14 400.271 307.678 376,371 227,620 14 Total funds 707.949 603,991 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. ChSrInLul2*77fjuT1LrrcI Richard Edgar Bethel Solomons Dale.. 25 November 2024 The notes on pages 8 10 16 form part of these financial statements. Page 7
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 10118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General inforn)ation The Dr Richard Solomons, Charitable Trust Is 8 registered charity in England and Wales. The address of its registered office is Fell Edge Farm, Straight Lane, Addingham Moorside, Ilkley, LS29 9JY. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Dr Richard Solomons. Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise ststed in the relevanl accounting policy. 2.2 Income All income is recognised once the Charily has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. 2.3 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subjecl to conditions which have not been mel al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 8
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39.-18 GMT (UTC +0) D 111 P 11118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies l¢ontinuedl 2.5 Investments Fixed asset investments are 8 form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued 8t the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and in hand C8sh at bank 8nd in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of 8CqUlSition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event. it is probable that a transfer of economic benefit will be required in setllemenl, and the amount of the settlement can be estimated reliably. 2.9 Fund accounting The unrestricted income fund of the charity is available for any charitable purpose at the discretion of the trustees. The capital endowment fund is an expendable endowment and is 8150 unrestricted. 11 is to be invested and the income used for any charitsble purpose at the discretion of the trustees. The trust deed permits the trustees al their discretion to apply the capital of the charity to charitable purposes. Page 9
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 12118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Donations 135,738 135,738 109,099 Total 2023 109,099 109,099 Invostmant income Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Income from investments Interest income 13,552 116 13.552 116 70,765 705 13,668 13,668 70,870 Total 2023 10,870 10,870 Othgr incoming rgsourcgs Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Repayment interest on Gift Aid claim 134 134 Page 10
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 13118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Charitable activities 69,482 69,482 69,323 Total 2023 69,323 69,323 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 65,000 4,482 69.482 69,323 Total 2023 64,900 4,423 69,323 Analysis of support costs Total funds 2024 Total fvnds 2023 Activities 2024 Accountancy Independent examination Bank charges 3,612 816 3,612 816 3,552 792 54 79 4,482 4,482 4,423 Tot812023 4,423 4,423 Page11
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 14118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of grants 2024 2023 Bees Abroad Chase Africa 4,500 4,500 4,500 4,500 200 4,500 4,500 4,500 4,500 4,500 4,500 4,500 200 1,500 Conversation Club Leeds Deki Dig Deep (Africal Disability Africa Eco-Logic Development Fund Fountain of Life Joliba Trust Labour Behind the Label LEDAS Light Up Hope Uganda Spanish Gospel Mission Donation Tierra Roja Cuxtilali Tools for Self Reliance UKBET Village Aid WaterHarvesl 4,500 4,500 4,500 4,500 4,500 4,500 4,500 2,000 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 65,000 64,9(10 Independent examiner's remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £816 12023 £7801. 10. Trustees. remuneratlon and expenses During the year. no Trustees received any remuneration or other benef11s (2023- £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 12
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 15118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11. Fixed asset investments Listed investments Cost or valuation At 6 April 2023 Additions Disposals Revaluations 554.967 50.499 155.693) 27.078 At 5 April 2024 576.851 Net book value At 5 April 2024 576.851 Al 5 April 2023 554,967 The historical cost of the investment portFolio at 5 April 2024 was £470,96812023.. £476,161 }. 12. Debtors 2024 2023 Due within one year Other debtors 7,495 21,820 13. Creditors.. Amounts falling due within ono year 2024 2023 Trade creditors 252 Other creditors Accruals and deferred income 4,428 4,584 4,680 4,589 Page 13
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 16118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Statement of funds Statement of funds - eurrent year Balance at 6 April 2023 Gainsl Balance at S (Losses) April 2024 Income Expenditure Unrestricted funds Unrestricted Income Fund 227.620 149,540 169.482) 307.678 Endowment funds Capitsl Endowment Fund 376.371 12.982) 26,882 400.271 Total of funds 603.991 149,540 172.464) 26,882 707.949 Statement of funds - prior year Balance al l April 2022 Gains/ Balance al (Losses) 5 April 2023 Income Expenditure Unrestricted funds Unrestricted Income Fund 176,974 119,969 (69,323) 227,620 Endowment funds Capital Endowment Fund 408,906 (2, 734) (29,801) 376,317 Totsl of funds 585,880 119,969 (72,057) (29,801) 603,991 Page 14
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39.-18 GMT (UTC +0) D 111 P 17118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 15. Summary of funds Summary of funds- current year Balance at 6 April 2023 Gainsl Balance at S (Losses) April 2024 Income Expenditure General funds Endowment funds 227.620 376.371 149.540 169.482) 12.982) 307.678 400.271 26,882 603,991 149,540 172,4641 26,882 707,949 Summary of funds- prior year Balance al l April 2022 Gainsl Balance al (Losses) 5 April 2023 Income Expenditure General funds Endowment funds f76,974 408,906 119,969 (69,323) (2, 734) 227,620 376,371 (29,801) 585,880 119,969 (72,057) (29,801) 603,991 16. Analysis of ngt assats between funds Analysis of ngt assats between funds - current pgriod Unrestricted Endowm8nt funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 176,580 135,778 14,6801 400,271 576,851 135.778 14.680) Total 307,678 400,271 707,949 Page 15
VirtualSignalur£ Transaction Rel FJ2Z.9SWZ.T4KB 25 Nov 2024 12 39-.18 GMT (UTC +0) D 111 P 18118 DR RICHARD SOLOMONS. CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 16. Analysis of net assets between funds {continuedl Analysis of net assets between funds - prior period Unrestricted Endowment fvnds funds 2023 2023 Total fvnds 2023 Fixed asset investments Current assets 178,596 53,613 (4,589) 376,371 554,967 53,613 (4,589) Creditors due within one year Total 227,620 376,371 603,991 17. Related party transadions During the year a donation of £29,97912023'. £36,614), without conditions, was received from Richard Solomons. During the year a donation of £nil12023.' £50,665), wlhout conditions, was received from Zac Solomons. During the year a donation of £98,26412023'. £nill, without conditions, was received from Gilbert Edgar Fund Limited. Page 16