| Page | ||
|---|---|---|
| Trustees' Annual Report |
1-3 | |
| Report ofthe Independent | Auditors | 4-6 |
| Statement ofFinancial Activities | ||
| Balance Sheet | ||
| Cash Flow Statement | ||
| Notes to the Financial Statements | 10-15 |
| Founder | Charles Henry Alan Skey (died 7th July 2012) | Charles Henry Alan Skey (died 7th July 2012) | Charles Henry Alan Skey (died 7th July 2012) | ||||
|---|---|---|---|---|---|---|---|
| Dates ofDeeds | Trust Deed - 4th April | 1979 | |||||
| Deed ofAppointment | - 10th March 1987 | ||||||
| Deed ofAppointment | -6th May 1997 | ||||||
| Deed ofAppointment | -8th November 2000 | ||||||
| Deed ofAppointment | -7th November 2006 | ||||||
| Deed ofAppointment | -30th October 2010 | ||||||
| Trustees | Christopher Bryan Berkeley |
||||||
| John Maityn Leggett | |||||||
| Reverend James Henry | Aufrere Leggett | ||||||
| David Bryan Berl&eley | |||||||
| Edhvard James Berkeley | |||||||
| The power to remove and to appoint anew or additional | Trustees is vested | in the Trustees. | |||||
| The objects ofthe Trust is to support or promote such charitable | purposes | as the Trustees | |||||
| may in their absolute discretion | deteimine. | ||||||
| Natum ofTmst | A registered charity, registered |
with the Charity Commissioners | for England and Wales as |
||||
| number 277697. | |||||||
| Registered | Office | Messrs. Hoare Trustees | |||||
| 37Fleet Street | |||||||
| London | |||||||
| EC4P 4DQ | |||||||
| Independent | Auditor | Moore Kingston Smith | LLP | ||||
| 9Appold Street | |||||||
| London, BC2A 2AP | |||||||
| Investment | Managers | Investec Wealth &.Investment | Ltd | ||||
| 30Gresham Street | |||||||
| London, BC2V7QN | |||||||
| Bankers | C.Hoare &Co. | ||||||
| 37Fleet Street | |||||||
| London, BC4P 4DQ | |||||||
| Administrators | Messrs. Hoare Trustees | ||||||
| 37Fleet Street | |||||||
| London, BC4P4DQ | |||||||
| Solicitors | Russell-Cooke LLP | ||||||
| 2Putney Hill | |||||||
| London, SW156AB |
| Unrestricted | Unrestricted | I&'unde | Unrestricted | Unrestricted | Funds | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Expendable | Total | Expendable | Total | ||||||||
| Incoure | Endotvment | I&'ands | Income | Endowment | Funds | ||||||
| Notes | 2023 | 2022 | |||||||||
| Income and Expenditure | 8 | 6 | 6 | ||||||||
| INCOME | |||||||||||
| Investment income |
2 | 512,543 | 512,543 | 429,434 | 429,434 | ||||||
| TOTAL INCOME | 512,543 | 512,543 | 429,434 | 429,434 | |||||||
| EXPENDITURE | |||||||||||
| Costs ofraising funds | |||||||||||
| Investment Management |
Costs | 69&671 | 69&671 | 75,346 | 75,346 | ||||||
| Charitable activities |
3 | 826&579 | 826,579 | 999,817 | 999,817 | ||||||
| TOTAL EXPENDITURE | 826,579 | 69,671 | 896,250 | 999,817 | 75,346 | 1,075,163 | |||||
| NE&.TOPERATING (E&XPENDITURE) | (314,036) | (69&671) | (383,707) | (570,383) | (75,346) | (645,729) | |||||
| OTHER RECOGNISED (LOSSES)/GAINS | |||||||||||
| Realised (Losses) on investment | disposals | 6 | (191&425) | (191&425) | (40,257) | (40,257) | |||||
| (Losses)/Gains on revaluation |
of | investments | 6 | (1,110,688) | (1,110,688) | 535,879 | 535&879 | ||||
| NET (EXPENDITURE)/INCOME | (314,036) | (1,371&784) | (1&685,820) | (570,383) | 420,276 | (150,107) | |||||
| Gross transfer between Funds | 7 | 314,036 | (314,036) | - | 570,383 | (570,383) | |||||
| NET MOVEME&NT IN FUNDS | (1,685,820) | (1&685,820) | (150,107) | (150,107) | |||||||
| RECONCILIATION OFFUNDS |
|||||||||||
| Total funds brought forward |
16&704,659 | 16&704,659 | 16,854,766 | 16,854,766 | |||||||
| BALANCES CARRIED FORWARD | 15&018,839 | 15,018&839 | 16&704&659 | 16&704&659 |
| Notes | 2023 | 2022 | |
|---|---|---|---|
| 5 | |||
| FIXEDASSETS | |||
| Investments | 6 | 14&138,681 | 15,455,548 |
| CURRENT ASSETS | |||
| Cash atBank | 359&675 | 406,230 | |
| Fixed tenn deposit | 500&000 | 800,000 | |
| Debtors | 50,954 | 71,671 | |
| 910,629 | 1,277,901 | ||
| CURRENT LIABILITIES | |||
| Cmditors - falling due within one year | (30,471) | (28,790) | |
| NET CURRENT ASSETS | 880,158 | 1,249,111 | |
| NET ASSETS | 15,018,839 | 16,704,659 | |
| UNRESTRICTED I&'UNDS | |||
| Expendable Endowment |
15,018,839 | 16,704,659 | |
| Income Fund | |||
| TOTAL UNRESTRICTED FUNDS | 15&018,839 | 16,704,659 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | 8 | 8 | |||
| Cash flows from operating activities | |||||
| Net cash (used in) operatiug activities |
10 | (873,852) | (1,090,661) | ||
| Cash flows from investing activities |
|||||
| Dividends and hiterest from investments |
512,543 | 429,434 | |||
| Proceeds fiom sale offixed asset investments | 776,234 | 1,446,775 | |||
| Purchase offixed asset investments | (472,085) | (911,333) | |||
| Net cash provided by investing activities |
816,692 | 964,876 | |||
| Change iu cash aud cash equivalents | iu the reporting | period | (57,160) | (125,785) | |
| Cash and cash equivalents at the beginning ofthe reporting period |
422,280 | 548,065 | |||
| Cash and cash equivalents at the end |
ofthe reportiug | period | 365)120 | 422,280 | |
| Cash th cash equivalents comprise: |
|||||
| Cash atBank | 359,675 | 406,230 | |||
| Cash held in investment portfolio |
5,445 | 16,050 | |||
| 365,120 | 422)280 |
| 2 | INVESTMENT INCOME | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| g | 5 | |||||
| Investment income |
508&833 | 428,597 | ||||
| Interest on cash deposits | 3,710 | 837 | ||||
| 5121543 | 429,434 | |||||
| 3 | CHARITABLE ACTIVITIES | |||||
| The charity undertook no direct charitable activities but awarded donations |
to anumber ofinstitutions | in | ||||
| fm themnce ofits charitable | activities. | |||||
| 2023 | 2022 | |||||
| g | ||||||
| Grants made | 800)000 | 975,500 | ||||
| Support costs | ||||||
| Governance costs (see note |
4) | 26&579 | 24,317 | |||
| 825,579 | 999,817 | |||||
| The grants made comprised | the following: | |||||
| Advancenrent ofeducation |
4,11&II | 40,000 | ||||
| Brasenose College, Oxford | 15&000 | 15,000 | ||||
| Monkton Combe School | 301000 | |||||
| Sherborne School Foundation | 25,000 | |||||
| Advancement ofreligion |
2801000 | 88,000 | ||||
| Becontree Chu)ch | 250,000 | |||||
| London City Mission | 20,000 | 70,000 | ||||
| St. Andrew's Church, Kendray |
10,000 | |||||
| St.James' Chutre, Ryde | 10,000 | 8,000 | ||||
| Advancement ofhealth or |
the saving oflives | 30,000 | 25,000 | |||
| Dementia IJK | 101000 | 10,000 | ||||
| French Hospital | 10)000 | 10&000 | ||||
| World Sight Foundation | 101000 | 5,000 | ||||
| Advauccment ofcitizenship |
or community | development | 70&000 | 245,5IIO | ||
| Centre for Bnterprise Markets and Ethics | 101000 | 35,000 | ||||
| Envision | 10&000 | 10,000 | ||||
| The Branch, Chipping Norton | 50,000 | 200&000 |
| 3 | CHARITABLE ACTIVITIES Cont'd | CHARITABLE ACTIVITIES Cont'd | 2023 | 2022 | |
|---|---|---|---|---|---|
| 5 | |||||
| Advilncement ofnl'ts, culture, heritage |
orscience | ),» | 395,000 | ||
| Almeida Theatre | 12&500 | 60,000 | |||
| British Film Institute | 10,000 | 60,000 | |||
| English Stage Company Ltd | 20,000 | ||||
| Greenwich Poundation for the |
Old Royal Navnl College | 35,000 | |||
| Help Musicians UK | 25,000 | ||||
| Institute ofImagination | 30&000 | 20,000 | |||
| Polka Theatre | 10,000 | 210,000 | |||
| Royal Museums Greemvich |
40)000 | ||||
| Advancenient ofmnateur sport |
50&000 | 95,000 | |||
| MCC Foundation | 30,000 | 65,000 | |||
| On Course Foundation | 20,000 | 30,000 | |||
| Relief ofthose In need by reason | ofyouth, age, ill-healtli, | ||||
| disability, financial hardship | or other disadvantage | 22,500 | |||
| Hebrldean Pursuits Outdoor Learning |
(Roses Charitable Trust) | 22,500 | 22,500 | ||
| SiMBA | 25,000 | ||||
| Stephen House Memorial Fund | 100,000 | ||||
| Promotion oftire efficiency ofthe nrmed forces ofthe Crown, | |||||
| orofthe efficiency ofthe police, fire | and rescue service or | ||||
| anibulance se)vices |
40,000 | 65,000 | |||
| Fusiliers London Fund | 50,000 | ||||
| Imperial War Museum | 15,000 | ||||
| Tho Pusiliers Fund | 20)000 | ||||
| The Welsh Guard | 20)000 | ||||
| 4 | ANALYSIS OP GOVERNANCE | COSTS | |||
| 2023 | 2022 | ||||
| 8 | |||||
| Trustees' expenses | I&223 | 588 | |||
| Auditor's remuneratlono |
|||||
| Audit fee for the year | 5,900 | 5,550 | |||
| Prior year under provision | 210 | 150 | |||
| Messrs. Hoare Trustees:- | |||||
| Administration fee for the year |
18,000 | 16,250 | |||
| Prior year under/(over) | provision | 1,246 | 801 | ||
| Investec Wealth &Investment - Legal Entity Identifie fee | 78 | ||||
| Russell Cooke LLP legal fees | 900 | ||||
| 26,579 | 24,317 | ||||
| Investment Management Costs |
|||||
| Investec Wealth &Investment - Legal Entity IdentiTier fee | 78 | ||||
| Investec Management fees |
69,593 | 75,346 | |||
| 69&671 | 75,346 |
| 6 | AXED ASSETINVESTMENTS | AXED ASSETINVESTMENTS | ||
|---|---|---|---|---|
| Movement in fixed nsset investments |
||||
| 2023 | 2022 | |||
| Listed investments | ||||
| Mmket Vnlue Brought Forward | 15,439,498 | 15,979,318 | ||
| Additions atcost |
772,085 | 911,333 | ||
| Less Disposal proceeds | (77G,234) | (1,946,7'/5) | ||
| Realised Gain/(Loss) on dispossls Gahis/(Losses) on revaluation |
(191,425) ~l,e,e i |
(40,257) 535,879 |
||
| Marl&et Value Cnrricd Fomvnrd | 14,133)236 | 15,439,498 | ||
| Cash held by brokers | 5,445 | 16,050 | ||
| Total Investnicnts nt 5th April 2023 |
14,138&681 | 15,455,548 | ||
| Historical costofInvestments | as at 5th April 2023 | 9,7 | ||
| Geographical Analysis |
||||
| United Kingdom investments |
5,968,645 | 5,738,825 | ||
| Overseas investments | 8,158,487 | 9,700,673 | ||
| 14,127,132 | 15,439,498 |
| CREDITORS | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| g | ||||||
| Investec Wealth &Investment | Management | fees | 6,571 | 6,990 | ||
| Moore Kingston Smith - Auditor's | Remuneration | 5)900 | 5,550 | |||
| Messrs. Hoare Trustees Administration | fees | 18,000 | 16,250 | |||
| 30)471 | 28,790 | |||||
| RE)CONCILIATION OFOPERATING DEFICITTO NET CASH |
||||||
| OUTI'LOW I'ROM OPERATING | ACTIVITIES | 2023 | 2022 | |||
| 8 | 5 | |||||
| Net operating expenditure |
(383,707) | (645,729) | ||||
| Investment Income |
(512)543) | (429,434) | ||||
| Decrease/(Increase) in Debtors |
20)717 | (16,211) | ||||
| (Decrease)/Increase in Creditors |
1,681 | 713 | ||||
| Net cash outflow fiom operating | activities | (873,852) | (1,090,661) |
P880 15