CONTENTS |
PAGES |
|---|---|
| TRUSTEESANDADVISERS | 2 |
| TRUSTEES'REPORT | 3-5 |
| INDEPENDENTAUDITOR'SREPORT | 6-8 |
| STATEMENTOFFINANCIALACTIVITIES | 9 |
| BALANCESHEET | 10 |
| NOTES | 11-15 |
| TRUSTEES | ViceAdmiralSirTimLaurenceKCVOCBADC |
|---|---|
| SallyJTennantOBE | |
| ChristopherDRMorgan | |
| JulianAVSmith | |
| CHARITYADDRESS | Farrer&CoLLP |
| 66Lincoln'sInnFields | |
London |
|
| WC2A3LH | |
| CHARITYREGISTRATIONNUMBER | 277814 |
| SOLICITORS | Farrer&CoLLP |
| 66Lincoln'sInnFields | |
London |
|
| WC2A3LH | |
| AUDITOR | CroweU.K.LLP |
| 55LudgateHill | |
London |
|
| EC4M7JW | |
INVESTMENTMANAGERS |
Sarasin&PartnersLLP |
| JuxonHouse | |
| 100St.Paul'sChurchyard | |
London |
|
| EC4M8BU | |
BANKERS |
Coutts&Co |
| 440Strand | |
London |
|
| WC2R0QS |
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PRINCESS ANNE’S CHARITIES TRUST (CONTINUED)
We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor
London
Date: 14 December 2023
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 8
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Incomefrom: | |||
| Donations | 2,520 | 17,700 | |
| Legacies | 36,434 | - | |
| Investments | 2 | 221,098 | 277,377 |
| Total | 260,052 | 229,077 | |
| Expenditureon: | |||
| Raisingfunds | |||
| Investmentmanagementfees | 3 | (42,330) | (44,607) |
| Charitableactivities | |||
| Grantexpenditure | 4/5 | (237,294) | (348,045) |
| Total | (279,624) | (392,652) | |
| Netincome/(expenditure)beforegainson | (19,572) | (163,635) | |
| investments | |||
| Netgains/(losses)oninvestments | 6 | (504,244) | 255,174 |
| Netincome/(expenditure)andmovementinfunds | (523,816) | 91,539 | |
| Reconciliationoffunds: | |||
| Totalfundsbroughtforward | 8,320,285 | 8,228,746 | |
| Totalfundscarriedforward | 7,796,469 | 8,320,285 |
| INVESTMENTINCOME | ||
|---|---|---|
2023 |
2022 |
|
| £ | £ | |
| Incomefrominvestments | 220,490 | 217,287 |
| Interestondepositandaccountsheldbyinvestment | 608 | 36 |
| managers | ||
| 221,098 | 217,317 |
2023 |
2022 |
|
|---|---|---|
| £ | £ | |
| TotalfeespayabletoSarasin | 42,330 | 44,607 |
| Less:deducteddirectlyfromholdingswithinportfolio | (57,614) | (60,710) |
| NetfeesrefundedbySarasin | (15,284) | (76,103) |
madetocharitieswithinthefollowingclassifica |
tions: |
|
|---|---|---|
2023 |
2022 |
|
| £ | £ | |
| ChildrenandYouth(2) | 34,000 | 74,000 |
| EnvironmentandWildlife(2) | 9,000 | 26,000 |
| Medical(8) | 33,250 | 44,250 |
| SocialWelfare(12) | 68,000 | 152,000 |
| ArmedForces(7) | 30,000 | 29,000 |
| Other(3) | 20,000 | - |
| 194,250 | 325,450 |
THE PRINCESS ANNE’S CHARITIES TRUST (SETTLEMENT DATED 26 MARCH 1979) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
5. GOVERNANCE COSTS
| Legal fees Audit and accountancy fees Consultant fees for investment manager review |
2023 £ 14,484 10,560 18,000 43,044 |
2022 £ 13,295 9,300 - |
|---|---|---|
| 22,595 |
Audit and accountancy fees paid to the Trust’s auditors are inclusive of VAT. Accountancy fees are £2,400 (2022: £2,400) and the balance is represented by statutory audit fees. All governance costs are allocated to grant expenditure.
6. INVESTMENTS
| Listed investments Cash holdings Total fixed asset investments |
Cost at 5 April 2023 £ 7,050,743 - 7,050,743 |
Market value At 5 April 2023 £ 7,610,129 - 7,610,129 |
Cost at 5 April 2022 £ 7,035,078 212 7,035,290 |
Market value At 5 April 2022 £ 8,156,322 |
|---|---|---|---|---|
| 212 | ||||
| 8,156,534 | ||||
Investments are managed by Sarasin & Partners LLP. At year end all investments are held in units of the Sarasin Endowment Fund. The total number of units held in the Sarasin investment portfolio from historic income reserves is 353,286. The total number of units held at year end was 6,704,960 (2022: 6,690,944).
| Movement in investments Investments at market value at start of year Additions Disposals Investment manager’s fees deducted directly from portfolio Net gain / (loss) on investments Investments at market value at end of year |
2023 £ 8,156,322 15,665 - (57,614) (504,244) 7,610,129 |
2022 £ 7,717,498 244,360 - (60,710) 255,174 |
|---|---|---|
| 8,156,322 |
Page 14
| 7 | CREDITORS | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Grantspayable | 250 | 20,000 | |
| Accruals | 16,704 | 75,136 | |
| 16,954 | 35,736 |