Ref. 13874 1010856 THE CHARLES SKEY CHARITABLE TRUST I PORT AND FINANCIAL STATEMENTS REGISTERED CHARITYNUMBER.. 277697 for the year ended 5th April 2021 Messrs. Hoare Trustees 37 Fleet Street London EC4P 4DQ THE CHARLCIS SKEY CHARITABLE TRUST CONTENTS Page Tru5tees' Annual Report Report of the Independent Aiiditors Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9- 13 THE CHARLES SKEY CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED Sth APRIL 2021 Reference and Administrative infoi'matioii Founder Charles Henry Alan Skey (died 7th July 20121 Dates of Deeds Trust Deed- 4th April 1979 Deed of Appoilltment- 10th March 1987 Decd of Appoiiitment- 6th May 1997 Deed of Appoinlm¢nt- 8th November 2￿0 Deed of Appointment- 7th November 2006 Deed of Appoiiittnent- 30th Ikiob¢r 2010 TnJstee5 Christoph¢i' Bryan Berkeley John Mariyn Leggel¢ Reverend Jarnes Henry Allfrere Leggett David Bryan Bei'keley Edward James Berkeley The power to remove and to appoint a new or addititsnal Trust¢e5 is vested in the TTU5tee5. The objects of the Trllst is to support oi. promote sllch charitable purposes as the Trustees may in their ab501ute d2scretion determine. Nature of Trust A registered Charity, registered with th¢ Charity Commissioners for England and Wales as number 277697. Registered Office Flint House Park HoTner Road Colehill Wimborne Dorset, BH212SP Independent Auditor Moore Kingston Srnith LLP Devonshire House 60 Goswell Road London. ECIM 7AD Investment Managej's Investec Wealth & ljivestment Ltd 30 Gresham Street London, EC2V 7QN Bankers C. Hoare & Co. 37 Fleet Street London, EC4P 4DQ Administrators M¢ssrs. Hoare Trustees 37 Fleet Street London. EC4P 4DQ SolicitOTS Russell-cooke LLP 2 Putney Hill London, SWIS 6AB Pagc I THE CHARLES SKEY CHARITABLE TRUST TRugfiiCIS' ANNUAL REI PORT ICONTINUCI D) FOR THE YEAR ENDED 5th APRIL2021 Report of the Trustees for the yeai. ended 5th April 2021. The Trustees present their repoit along with the finan¢ial statements of the charity for the year ended 5th April 2021. The financial statements have been prepared in accordance with the accounting policies set oiit on pages 9 and 10 and comply with the charity's Trust Deed, tlie ChaTities Act 2011 and the Irquir¢nients of the Statement of Re¢oii)m¢nded Pi?ttice applictble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland includin8 Update Bulletin 2. Stru¢ture Governance and Mana Th¢ Trust Deed directs that thc capital (expendable endowTnent} and incotne of the Fund be applied to or for the benefit of such ¢haTltable trusts, institutions or purposes as the Trustees think fit. em Ob ectives alid Activitie5 The Tru5t¢es support ¢auses on an annual basis, irregularly atjd on o one off basis. For those charities receiving annual donations, the amount to be given is reviewed and, if appropriate, awarded annually. Foi. those receiving pei'iodic donatlOll5, the Trustee5 are the judge of when a furtheT grant should be made. For one off donations, the Trustees ¢xamine the requests which have been re¢eived and have sole auihority as to which to support. In general, th¢ Trust supports those causes where the grant made is meaningful to the recipient. Fundraisin The Trust undertakes no fundraising activities; there is no involvement of third party fundraiser5 and therefoir no cotnplaint5 were received in the year regardijig fundi?ising practices. All incoine i5 deTived fLY)m the Trust's endowment. Grant Makin Polic The annual income from the Charitable Trust aDd its Capital are used from time to time to cover the annual charitable grant5 and expenses. The Tnjstecs meet sevcral times each year to decide what grants they wish to make. in accordance with the objectives and activities policy Set out above. As reqllired by the Chartties Act 2011, the Trustees have referred to tlie Charity Comnii5sion's geneTal giiidance on publi¢ benefit wlien formulating the grant making poli¢y. In particular, the Trustees consider how grants catj be made (o ensure maximum benefjt flows Ihroiigh to the intended ￿ltimate beneficiaries. The grants benefit a numbei. of public cau5e5, a5 detailed in note 3. In Shaping their tsbjectives foT the year and planning their ac¢iviii¢s, the Trustees have ¢onsid¢red th¢ Charity Commission's guidan¢e'publi¢ benefit: running a charity IPB2)'. Achievements and Performance The activities of the Tru8t remain satisfactory and the objects of the Trust were achieved during the year. All the fund5 of the Trust are considered to form pait of one Unrestricted fund. which tnay be used for the general furtheTan¢e of the Tru5t'5 objects. The Tru5te¢s are sat15fied tliat the Trust's assets are availabl¢ and adequare to fulfil the obligations of th¢ Trust. Financial Review Total unrestricted income during the year amounted to £371,38212020.. £456.892). Total unrestricted expenditure. including grants, amounted to £674,05912020.. £387.1641. The net addition of total funds amounted 10 £4.584.28012020'. redu¢tion of £2.628,2551 after taking account of investment gains of £4,886,957 {2020.. losses of £2,697,983). The financial statements for the yeai. are set out on pages 7 10 13. Risk Mana ement The Trustees have assessed the major risks to which the Charity is exposed, in parti¢ular those related to the operation and fjnances of the Trust. and are satisfied that systems are in place io manage these major risks. The Trustees. ¢urrent policy on making donations is to expend, broadly Spfdking, an amount equivalent to their anllual incojne, either in the year in question, or on average over a period of say 3 years. However. if a radical change in market condition5. particularly irt relation to equities, were to affect adveTsely the expected level of in¢ome, then ihe Trustees may need to redu¢¢ the level of grartts. In the light of this risk, the Trustees make it Clear to the charities supported by the Triist tliat they cannot, and do not, offer any guarantee to the charities as to the making of future grants. Nevertheless, the Trustees keep their inveslm¢nt Pase 2 THE CHARLII S SKCI Y CHARITABLE TRusr TRUSTEES, ANNUAL REPORT{coiYfiNUED) FOR THE YEAR ENDED 5th APRIL 2021 sti?tegy under regiilar review and IrquiiE tlieii. investment advisers to advise them if that stiategy no longer properly supports, or is likely to support. th¢iT donations policy. Another significant I'isk would be a failure to comply witli a regulatory Itquii'ement atTecling the riinning of tlie Trust. To iniligale tliat Tisk. the Tru5t¢e5 in5truGt Messrs. Hoare Trustees to alert them to material changes in those requirenienls and lo monitor regulatory compliance on an ongoing basis. The Chairman also advises the Trustees at each Jlleeting if tjie Chai'ity Comnii5sion ha5 Lssu¢d new guidan¢e which may require the Trustees to take action. Investment Polic and Performan¢e Under the Trust Deed (he I rustees Jnay use their absoliite di5CTetion to invest ally money in any investments which they Ihink fit. The Ti'ust's investm¢nt managers have been set a performance target of achieving the 80th PErGentil¢ of the unconslrained funds as measiired by a cotnp051te iiidex based 80/0 on the FT Allshare, I S°h on UK Government Allstocks and on 50/0 Cash {LIBORI. For the year lo 5th April 2021, the portfolio posted a Total Re(urn of 39.420/ compared with the Benchmark return of 24.30A. Reserves Polic AccoTding to the Charity Commission's guidance update in their Stateinent of Recommended Practice.. "A¢¢ounting and Reporting by Charitie5' revised in July 2014. the Trust's expendable endowment is not considered part of the charity's free reserYe5. However, this endowment i$ a eonsiderable sum, and the capital can be used at the di5CT¢titsn of the Ti'u51ees to fund any deficit on expenditure. It is therefoir tlie view of the Trustees that the Trust does not ne¢d to hold any additional money ill reserve. Future Plans The intention of the Tiustees is to Continue with the present overall policy with regard to investments and donations. St#temetLt of Tiwstees, responsibilities The tru5t¢¢5 are responsible for preparing the Report of the Trustees at)d (he financial 5tatement5 in a¢¢ordan¢¢ with applicable law and United Kiiigdotll Accounting Standards (United Kingdom Generally Accepted Accounting Pi'acticel. Charity law requires the trustees to prepare fjnancial 5tatetnents for each financial period that give a (rue and fair view of the state of affairs of thc charity and of the incoming resour¢es and application of resources, includit]g the income and expenditur< of the charity for that period. In preparing those financial statements. the Trustees are required to: select 5Ultablc accounting policies and th¢n apply them consistently. Comply with applicable accounting standards, including FRS 102, subje¢t to any material departures disclosed and explained in the financial 5tatem¢nts', Slate whether a Statement of Re¢ommended Pi?ctice ISORP) applies and ha5 beerk followed. Subject tts any material departures which are explained in the financial Statements. make judgements and estimate5 that are reasonable and prudent. prepare the financial statements on a going concern basis unles5 It is inappropriate to presume that the charity will continue in business. The Trustee5 are resp0115ible foT keeping proper accounting records which disc105e with Tea50nable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements Comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hen¢¢ for taking reasonable steps for the Prevention and dctection of fraud and other irregularities. Approved by the Trustees on.. and signed on their behalf by: 11 November 2021 Date rustee Trustee INDEPENDEINT AUDITOR'S REPORT TO THETRUSTEES OFTHECHARLES SKEY CHARITABLE TRUST FOR THE YEAR ENDED 5th APRIL 2021 Opinioii We have auditcd the financial statements of The Chai'les Skey ChaTltable'l rust for the year ¢nd¢d 5th April 2021 which cornpri8e the Staternent of I"'inanGial A¢tiviti¢s, the Balance Shcct and noles to thc tinancial slatcmcnts. including significant accounting policics. Tlie financial irpoiting frarnewoi'k that has been applied in IhEiT l)IrpaTation is appli¢able law and ljnited Kingdom Accounting 8londaiYls, irtcluding FRS 102'The Financial Reporting Standard Applicable in the UK and Ireland, (ullit￿ Kingdom Ccnei?Ily Accepted Accounting Praclicel. In our opirtion the finan¢ial siaiemenls.. give a true and fair view of the stale of the chai'ity's affairs as at 5th April 2021. and of it5 incotning resources and applicatiot) of resourccs. for ihe ￿al. then ended; have been properly prepared in accordance ivith United Kingik)m Geneizlly Accepted Accounling PTa¢¢ice' and have been PTepared in accol￿ance with the requirements of the Chgl'lties Aet 2011. BASIS for opinion We conducted oui. audit irt accrjrdance with International Standard5 on Auditing (UK) IISASIUKI) and applicable law. Our responsitrlililies under t1105e standai'd5 are fuiih¢r desci'ibed in the Auditor'% Re.%pon8ibililies for ihe audit ofthc financial statement5 5¢clion ofvur iepurl. We are independent ol-lhe charity in accordance with the ethical Irquiremeii15 that are relevant to oui. audit ofthe financial stalement5 In the UK, inclu(ling th¢ FRC'S EihiL&l Sianddrd, 2nd we have luifjlled our othei. eihical responsibilitie5 in a¢wrdattce ivilh Ihese requirements. We believe that the audil evidence we have obtained 15 sufficient and appiDpriate ￿ piDvide a basis for our opinion. Conclusions i'elatlng to golng eoneern In auditing the rtnan¢ial siatements, we have concluded that the trustee5' use of the going concern basis of accounting in ihe pirparation of the financial Statements is appTopriate. Based on the work we have pei'fomed, we have not identified any matei'ial uncertainties relating to events or condttions that. individiially oi. collcctivcly, may cast significant doubt on the cliarity'5 ability to continue as a goirtg ¢on¢¢rn for o period of at least twelve mollth5 frorn when the financial slaiements are auihorised for issue. Our r¢sptsnsibilities and the responsibilitie5 of the trustees with respect to going concern are de5cribEd in the relevant se¢ti¢ins ofihis repoit. Other informRtion Thc other infoi'mation COTnpi'ises the infoiynation included in the annual repoit, other than the financial statcrnen15 and our auditor's repDIt Ih¢iTon. The ti'u8tecs arc rcsFonsible for the other information contained within the annual repoit. Our opinion on the finan¢i81 statemeiils does not ¢ov¢r the olhei. infomiation and. cxccpt lo thc cxtcnt othciivise explicitly stated in oui. rewrt, Ive do not expTess any form of assurance conclusion thereon. Our responsibility is to read the oihei. infoiTnation and, irt doing $0, ¢onsider i¥hether the other information is matei'ially inconsistent with the findncial slatemenls or our knowlcdge obtained in the course of the audit or otherwise 3p]Kar5 to bE materially mi55tated. If we idelltify such rnatei'ial incun515ten¢ies oi. appai'ent material misstatements, we are I'equired io detej'mine whether their is a material misslatemeni in the financial statements them5elve5. If, based on the woi'k we have pa.foi'med, %ve eonclude that IheiE is a material misstatement of this other informatlOD, we are required to report that fact. We have nothing to report in this regard. Matters on whieh w¢ are requlred to report by exception We have nothing to rep)rt in respcct of the following matters where the Charities Act 2011 requires us to Irpori to you if, in our opinion.. Page4 INDEPFNDVNT AUDITORIS REPORT TO THETRUSTEES OFTHE CHARLES SKEY CIIARITABLC TRUST{CONTINUCI D) FOR THE YEAR ENDED 5th APRIL2021 Matters oil which we fire require41 to report by ¢xc¢ption leorttlnued) thc infoi'mation given in tlie'l'i'ustees, Annual Re￿rt is inconsistent in any materi81 iE5pect with the flnancial 5tatetnents' or the ¢harity ha% not kcpl adequatc accounting recoiI5,' 01. the financial 51alemen15 air not in agre¢mcnt with the accounting recoiyls and i￿lIms. or we have not received all the information and explanation5 we requiT¢d foi. oui. audit. Responslbllitles of the truslees As explained moTe fully in the trustees, r¢sponsibiliiies slalement set out on page 3, the trustees are ir5ponsible for the preparation of the financial slatements and for being satj5fied thal they give a Iru¢ ancl fair view, and fur su¢h inteinal ¢ontiDI as the Iruslees detertnine 15 nece55ary to enable the preparation of financial statements that free from material misstatement. whethei. due lo rrnud or error. In preparing thc financial 5tatcments. the trustees #re responsible for assesstng the ¢h8rity's ability to continue as a going concem. di5elosing, as appli¢able, matters related to going concci'n and usit]g thc going conccTn basis of accounting unless the trustees eithei. intend to liquidate the Charity or to ¢eas¢ 0￿ratiOnS or have no realistic altcrnative but to do so. Auditor 5 RespoN5ibilitie5 for th¢ ludit of the finfintiAI stAtement5 We have been appointed as auditor under section 144 of the Charities Act 2011 and irport in accordance with r¢gulation5 made undei. section 154 of that Act. Our objectives aiE to obtain reasonable &ssuixnee about whether the financial slatements as a whole are free from matei'ial misstatement, whethei. due lo fraud or ei'roi., and to issue an auditur's irpurl that in¢ludes our opiniott. Reasonable assurdnce is a high level of assurance, but is noi a guai?ntee ihat an audit conducted in &ccOl￿anCC with ISAS IUK) will always delect a tnalei'ial mi.%%talement whcn it cxists. Misstatements can arise fiDm fraud oi. error and are considered maierial if, individually or in a88re8ate, they could reasonably be expected to influence the economic dccisions of u5er5 taken on the basis of these financial statements. A5 PAIt of an audit in a¢cordan¢e with ISAS (UK} we exercise professional judgement and maintain profe55ional scepticism throu8hout the audit. We a150'. Identify and a55e55 lh¢ risks of material misstatement of the financial statements. whetheL' due to fraud oi. error. design and perform audit proceduir5 responsive lo those I'i5ks, and obi intentiooal omissions, misrepresentations, or the overi'ide of internal contiY)l. Obtain an ut]derstanding of intemal control relevant ¢0 the audit ID orderto design audit proceduiES that are appropriate in the ¢iirumslan¢es, but not for the purposes of expressing ￿ opinion on the effe¢tiven¢ss of ihe charity's irttemal conirol. Evaluate the appropriateness of accounting policie5 used and the reasonableness of Accounting estimates and irlated di5closur¢s made by the trustees. Conclude on the appiiJpriat¢rtess ofthe trustees, use of the going concei'n basis of accounting and. based on the audit evidence obiained, whether a matei'ial uncertainly exi515 Irlat¢d to evertls or condiiions that may cast significani doubt on the chyrity's ability to conlinue a8 a goin8 concern. If we conclude that a material uiicerlainty exists, we are Irquired to di?w altenlion in oui. auditor's reEK>It lu ¢h¢ iylaifxl disclosures in the financial statements or, if such disclosuiEs are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obiain¢d up tv Ihe dale vf oui. auditor's ￿pol*. However, future events OL. Conditions may cause the charity to cease to Colltlllue a5 a going concern. Evaluate the overall presentation, structure and content of the financial statement5, lllcluding the di5closuits. and whether the financial statcment5 represent the und¢Tlying transaclivns and events in 8 manner that achieves fail. p￿entatiOtt. PaB¢ S JNDEPLNDENT AUDITOII'S REPORI. TO THE TRUSTEES or TEIE CIIARI.ES SKF.Y CHARITAIII.F TRIIST ICONTINUEDI -,OII'I'IIL YLAII LNI)b'D 4111 AIJRIL 2021 A￿dItOr'S H¢5poThsibilities loi. Ilit alldit ollhe financiRI $tatement$ Itolbllnthtill We conullllniclllewilh those ¢hargt41 wilh gov¢maM¢e r¢garding, among olhermRners, the plsnned scope 8Rd tut1￿8 ollhe Audit 5iBnificBnl audit findings. including any si8nifi¢ani thfjeiencies in inlernal conlToI ihal we ideniify diiriijgoiir audil. ExplAoRtlon 1$ lo wliAt txte￿1 the IYRS COTrsidei'ed CApHble ofdeietling Iri*giilxriilts, Inclwolng fraiid ITregulgrlti￿. illc1lld￿g ft311d, aTe in51an¢es ofnon-¢omplian¢¢ iviili laiv5 wid re8lllaiioiis. We design pn)cedllres iii line iyilli our reSp}￿lbIlItIcs, oiilliiied abovc, lo dclrd mHiuial niissiai¢m¢iits iii r¢sF¢l of itte8ul8rilies. including Iraud. The exteiil to ithich OUT pmcedures Dr¢ cwble ofdei¢¢iing irr¢gulariii¢5. including fraud is delsiled beloiv. Th¢obj¢¢iiv¢s ofourgudil in re8￿ct0f frgud. 8re,' lo identify llsse55 the risks of material missiaiemerti of lh¢ financial stsiements due to fralld.. to oblaiii sutTicienl appropriate aiidil #vidcn¢¢ r¢saTdin¥ lh¢ #ss¢ss¢d risks ofnillierial Iiiisgiaiemeiii due lo fraud. Ilirough desiglling Implementing nppropriiic r¢swns¢s 10 thos¢ ￿$t5$¢dri5￿,. aiid 10 1¢5pond appropriately lo insthnces of ftDud orsiispected fraud indon ECIM 7AD Vftie: 16 November 2021 Moore Kingston Sjnith LLP 1$ eligibl# 10 aci as auditor in iemis of S¢¢iion 1212 of Ilie CompaniesAL*2006. THC CHARLES SKEY CHARITABLE TRUST STATEMENT or riNANCIAL ACTIVITICS FOR THE YEAR EIYDED 5th APRIL2021 Unrestricted Fund5 Exp¢thdJ)blt Endowment Unie5ti'icled Funds Expcndable Income Endowment TotAI Funds 2021 Total Funds 2020 Income Notes Income and Cxpcnditui'¢ INCOME Inveslmenl income 371,382 371,382 371,382 371 J82 456.892 456,892 456,892 456.81y2 TOTAL INCOME EXPENDITURE Cost5 olrai5ing funds Investment Managetnent Costs Chui-iiable activities TOTAL EXPENDITURE 71,721 71,721 602,338 674,059 68,720 68,720 318,444 387,164 602,338 602,338 318,444 318,444 71.721 68,720 NET OPERATING INCOMFJ{EXPCINDITURE) (230,9561 {71,7211 (302,6771 138,448 168,7201 69,728 OTHER RECOGNISED GAINSI(InSSESI Realised GainllLoss) on investment disp05als GainsllLosbes1 revalualion ofinveslmenls 366021 4,520,636 366,321 4.520,636 1101,2621 (101,2621 2,596,721 2,596,721 NET INCOME I (EXPENDITURE) (230,9561 4,81S,236 4,584,280 138,448 (2,766,703) 12,628,255) Gross transfer between Fund5 92,508 92,508 NET MOVEMENT IN FUNDS {t38,4481 4,722,728 4.584.280 138,448 {2,766.7031 (2,628,255) RECONCILIATION OF FUNDS Tolol fund8 broughi foiwaid 138,448 12.132,038 12,270,486 14,898.741 14.898.741 BALANCES CARRICI D FORWARD 16,854.766 16.854.766 138,448 12,132,038 12,270,486 All amounts relate io ¢otJlinuing activitics. All recogni5ed gains and losses are included in ihe Statement of Financial Activitie5. THE CHARLES SKEY CHARITABLETRUST BALANCE SHCI ET AS AT 5th APRIL 2021 Notes 2021 2020 FIXED ASSETS Investments 15,989,028 11522.442 CURRENT ASSETS Cash at Bank Fixed terni deposit Debtors 538,355 300,000 55.460 893,815 272,815 501.128 773.943 CURRENT LIABILITIES Creditors- falling due within on¢ year 28,077 25,899 NET CURRENT ASSETS 865.738 748,044 NET ASSETS 16.854,766 12,270,486 UNRESTRicfii D FUNDS F.xpendable Endowmcnt Income Fund 16.854.766 12,132,038 138,448 TOTAL UNRESTRICTED FUNDS 16,854,766 12,270,486 Approved by the Trustees atkd authoi'i5ed for issye on.. and si8ned on their behalf by.. 11 November 2021 Date Trustee Trustee Page 8 THE CHARLES SKEY CHARII'ABLE TRUST NOTES TO THC FINANCIAL STATEMENTS riOR THE VEAR ENDED 5th APRIL 2021 ACCOUNTIiYG POLICIES la) Basts of PrepaiHtion Th¢5e finan¢ial statements are prepared on a going concern basis, under tlie historical ¢ost ¢onventiotJ, as modified by the Tevaluation of investments being measured at fair value through income expenditure within the Statement of Financial A¢tivities. The financial statements have been prepared in ac¢ordaD¢e with the Financial Reporting Standard applicable in the UK aiid Republi¢ of Ireland {FRS 1021. The Charity is a public benefst eiitity for the purposes of FRS 102 and therefore the Chai'ity also prepared it5 financial 5taternents in accordance with th¢ Statement of Recommendcd Pi'actice appliGable lo ¢hai-ities pirparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ircland (The FRS 102 Charities SORP) iiicluding Update Blllletin 2 and the Charities Act 2011. The financial statements are prepared in sterling. which is the functional ¢urrency of the charity. Monetary amounts in these fiiiancial statetnents are IDunded to the nffdrest pound. The principal accoE]ntin8 policie5 adopted in thc PTepAration of the financial statements are set out below. (b) Fund Stru¢ture Th¢ Expendable Endowment Fund represents those assets which a￿ held for the longer lemi of the Tiust, in accordat]ce witli the tern15 of the Trust Deed. In¢ome arising ot) the Ex￿ndable Endowtnent Fund can be used in the Unrestri¢ted Funds. As an Expendable Endownient Fund can be used in ac¢oidan¢e with the objects of the Trust, capital can a150 be spent in certain ¢ircumslances in fulfilment of the Trust's obj¢cts. Any capital gain5 OT losses arising on the investments held in the Expendable Endowment Fund fotin part of that Fund. (c) Income All income is recognised in the Statement of Financial Activities ISOFA) when the conditions for re¢¢ipt have been met and receipt is probable. Where a claitn for repayment of income tax has been oi will be made, such incotne 15 Brossed up for the ¢ax recoverable. The following accounting policies are applied to difyerent CAtegories of in¢om¢- Grants Donations Rteelv4ble Grants and Donations are recognised in the SOFA when conditions for receipt have been wmpli¢d with. Investment Ineome Interest receivable on deposlt and 5￿urItIes 15 accounted for as it a¢cru¢s. Dividend income receivable on securities is accounted foi. when received by ¢h¢ inv¢stment manager. (d) Fxp¢nditui'e Liabilitics arc rccogni5ed as expenditure as swn as there is a leg81 or constnjctive obligation eommitting the chai'ity to the expenditure. All expenditure 15 accounted for on an accruals basis and has been ¢lassified llnder headings that aggregate all costs related to the category. The following accounting policies are applied to the differellt categorie5 of expenditure.. Costs of RAisiiig Funds The costs of raising funds Consist of investment management and certain legal fees. ChAritRble Activities Donation5 payable are recognised when they are approved by the trustees and the re¢ipi¢nt of The grant has been infomied of the amount to be paid. THE CHARI.ES SKC4Y CHARITABLE TRIIST NOTES TO THE FINANCIAL STAI'LI MEI N'rs FOR THE YEAR EINDEI D 5th APRIL2021 ACCOUNTING POLICICI S {Contlnued) Govei'naiice Costs Governance costs comprise all costs involving the public accoiinlability of the charity and its compliance with r¢gulation and good practice. These costs include c05t5 relatd to statutory audit f¢e5 tog¢tliei' with support costs. (e) Fixed Assets Investments are stated at TnaTket value at the Balance Sheet date. The SOFA includes the net gains and losses on Tevaluation and disposals throughout the year. (Q Realised a￿d Unre#li5¢d Gains atkd Losses All gains and losses aiE laket) to the SOFA as they arise. Realised gairt5 and Ios5e5 on investments are ¢al¢ulated as the difference between 5ale5 piDceed5 and opening market valu¢ Ipurehase date if later). Unrealised gains and losses are Calculaied as ihe difference between the market value at the year end and opening mai'ket value {or purchase date if later). Ig) Coing con¢¢i'n The Irustecs have assessed whether the use of the going conctrn basis is appropriate and have ¢onsider¢d possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going ¢on¢em. The trustees hove made this assessment for a period of at least one year frorn the date of approval of the fjnancial statements alld liave considered the potential on-going iinpact of the Covid-19 pandemic. In particular the trustees have taken a¢¢ount of pressures inv¢stment in¢ome and the likely impact of tlie pandemic on investment values, as well as expenditure. The trustees have the flexibility to draw down on the expendable endowmellt fund if required to support grani expertditu￿. After making enquiries the trllstees have concluded that there is a reasonable expe¢tation that the charity has adequate resouTCC5 to continue in operational existence for the foreseeable future. The charity thercfoTe continues to adopt the going concern basis in preparing its rinancial Statements. (h) FiJtanciAI instruments The ehai'ity has elected to apply the provisions of Section I I 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instrurllents are recognised in the charity's balance she¢1 when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities ar¢ offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and th¢Te is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. With the exceptions of piEpayments and deferred income all other debtor and credEtOT balance5 aTe considered to be basic flnancial instruillents under FRS 102. See note 8 for the debtors note and note 9 for th¢ ¢redilors note. (i) Cash #nd eash equiv4l¢nts Cash and ¢ash equivalents include cash in hand. deposits held at Call with banks, other short-iemi liquid inve5tment5 Wlth originAI maturities of three months or less. li) Key EstimAte5 And Ju(Igements In preparing financial Statements il is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statement5. In the view of ihe trustees in applying Ilie accounting policies adopted, tm) judgements WeTe requiird that have a significant effect on the amounts recognised in the financial statements nor do any ¢stimat¢s or assumptions made carry a significant risk of material adjustmeni in ihe next finan¢ial year. Pwlo THE CHARLES SKEY CHARITABLE TRUST NOTES TO'fHE FINANCIAL sfATC4 MEI NTS {CONTINUED) FOR THE YEAR EIYDED 5th APRIL2021 INVESTMENT INCOME 2021 2020 Investment income Interest on cash deposits J70,342 1.040 371,382 455,716 1.176 456.892 CHARITABLE ACTIVITIES The ¢hariry undertook no direct charitable activities but awarded donations to a number of institutions in fvrtherancc of its charitable activities. 2021 2020 Grants made 582,000 295,000 Support Costs Governance cost5 {see note 4) 20,338 602.338 23,444 318,444 The grant5 made comprised the following.. Advancement of ¢due8tio Bra5enose College. Oxford Kingham Hill Trust Sherborne School Foundation The Voices Foundation iio.000 47,500 15.000 20,000 12,500 85,000 25.000 Advancement of religion St. Andrew's Church, Kendray 7,500 7,500 Advancernent of heHlth or the Saving of liyts Cure Parkinson's Trust Demet]tia UK French Hospital Inspiir Foundation Royal Bournemouth Ilospital- Urology Fund WoTld Sight Foundation 40,000 35,000 10,000 10,000 10,000 10.000 5.000 i o,ooo i 0.000 10,000 Advancement of cttizenship oi. community developmertt Centre for Ertterprise Markets and Ethics Envision Lot]doll City Mission 140,000 110,000 10.000 10,000 40,000 i 0,000 10,000 20,000 Pag¢ 11 THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL StATEMENTS {CONTINUED) FOR THE YEAR ENDED 5th APRIL 2021 CHARITABLE ACTIVITIEI S Cont'd 2021 2020 Advaii¢em¢nt of arts, ciilture, heritAge or scieiice Alineida'fheatre British Filtn Institute English Stage Cojnpany Ltd Help MusiciaTrs UK Huguenot Museum Tnstitute of Imogination Polka Theatre Royal Museums Greenwich Th¢ Jenner Trust 230,000 10.000 10,000 20.000 25,000 85,000 10,000 10,000 15.000 20.000 10,000 20.000 20.000 60,000 60,000 25,000 Advancement of amateur sport MCC Foundation On Cour5¢ Foundatitsn 30,000 10,000 20,000 30.000 10,000 20,000 Relief of those in need l)y reason of youth, age, ill-heAIth, di5abilityy firt411¢ial hai'dshlp or othei. disAdvgntAge Hebridean Piirsuits Outdoor Learning {Roses Charilable Trust) Thrive Noiihox 24,500 22JOO 2,000 22.500 22.-$00 Promotioll of the tffieitney of th¢ ai'med foyees of th¢ Crown, or of the ¢￿Ie]enCY of the police fire And rescue service or arnbulartee s¢i'viee$. Fusiliers London Fund War MemoTials Trust 7,500 7,500 27,500 2,500 25,000 ANALYSIS OF GOVCI RNANCE COSTS 2021 2020 Trustees. ¢xp¢ns¢s Auditoes remuneralion'.- Audit fee for th¢ year Prior year under provision Mes5T5. Hoare Trustees:. Administration fee for the year Prior year underllover) provision Inve5tec Wealth & Inv¢stm¢nt- Legal Entily Identifier fee 551 S250 10 5.000 IS,000 14.500 3,283 78 20,338 23,444 Pa8e 12 THE CHARLES SKEIY CHARITABLE TRUST NOTF,S TOTTrir, r4lNANCIAI, STATfiMfiNTS (CONTINIIED) FOR'I'HE YEAR bNDLD 5th APRIL2021 REMUNERATION OF TRUSTEES In the financial year ejided 5tli April 2021 none of the Trustees, who are deemed to be key managetnent personnel, Teceived any remunerdtion from the Chariiy12020. Nill. Th¢ Trustees did not incur out of pocket expen8es while carrying out th¢ir duties in the year under review (2020., four TrustEe5 received a total of £551). FIXED ASSET INVESTMENTS Movement in fixed x5set investrnentS 2021 2020 Listed investmertts Market Value Brought Forward Additions at cost L¢ss Disposal proceeds Realised Ga]￿(LOSsI otl di5P05als Gainsl{Loss¢sl on Irvaluation Mgrket Value Cai'ried Foi'ward Cash held by bJDkers 11,207J64 1,708,303 (1.823,306) 366 J21 4,520,636 15,979 J18 9,710 14.774.708 893,992 11.763.353) (101,2621 2,596,721 11.207J64 315,078 TotAI Inve5trnent5 Ilt 5th April 2021 15,989,028 11,522,442 Historical cosi of lfivestments as at 5th April 2021 9,709,498 9,144,128 Geographical Analysis United Kingdom investments Overseas investments 6,218.459 9,760,859 15,979,318 5,338.272 5,869,092 11,207,364 FUND TRANSFE4RS The Trustees made a transfer of £92,508 in the year llllder review from the Expendable Elldowtnent Fund to the Income Fund. No transfer was made in the previous year. DEBTORS 2021 2020 Year end income cash transfer due from Investec 55,460 55,460 CREDITORS 2021 2020 Investec Wealth & Investment Manageinent fees Moore Kingston Srnith- Auditor's Remuneration Messrs. Hoare Trustees Administration fees 7.827 5,250 Is,000 28,077 6,399 5,000 25,899 Pa8e 13