Charity Number: 280693 THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN CONTErirs Page Reference and admlnlstratlve detalls of the Charlty. Its trustees and advlsers Trustees. report Independent examlnerfs report ststement of flnanclal artlvltles Balance sheet Notes to the flnanclal Statements 9-15
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Board of Trustees Mr R Pennant-Rea Lady E Duff Gordon Mr F Larkin Charlty reglstered number 280693 Correspondence address clo Frank Larkin 70 Talbot Road London N6 4RA Independent Examiner Rajiv Thakerar Simmons Gainsford Professional Services Limited Chartered Accountants 14" Floor, 33 Cavendish Square London WIG OPW Bankers Lloyds TSB 83 Clarence Street Kingston upon Thames Surrey KTI IRE Sollcltors New Media Law LLP The Tapestry Building 51-52 Frith Street London WID 4SH Page 1
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees are pleased to present their annual trustees. report together with the financial statements of The London Trust for Trinity College Dublin for the year l October 2022 to 30 September 2023. The financial statements comply with the Charities Act 2011, the Trust Deed, and Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their account5 in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffe¢tive I january 20191. Oblectlves and Artlvbtles PollcSes and obSKtlves The Charittys principal activity is to promote the advancement of education generally and in particular public access to educational facilities and of higher education in the British Isles and at Trinity Colle8e Dublin. Publlc Benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how such planned activitie5 will contribute to the aims and objective5 of The London Trust for Trinitv College Dublin. A¢hlevements and perfomiance Revlew of actlvltles Income is mainly derived from donations and legacies. Grants have been made to Trinity Foundation. part of the University of Dublin. a public body and a charity registered in the Republic of Ireland for the provision of funding for research. scholarships and to acquire equipment and assets. Going concern Despite the uncertain economic climate due to the Russialukraine war. the trustees have a reasonable expectation 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. Economic uncertainty. elevated borrowing Costs and stubbornly high inflation has impacted the investor sentiment and heightened the potential for greater volatility in etonomic markèts over the 5hort-to medium term. Page 2
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN TRusfEES' REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2023 Flnan¢lal revlew The annual financial statements are attached to this report. These have been prepared in accordance with the policies summarised on pages 9 to 11. There was a deficit from all activities of £38,20412022= surplus of £25,201) on incoming resources of £419,395 12022.. £635,740). The primary focus of the Trust is to support key areas within Trinity College Dublin mainly through the Trinitv Alumni fund, which is the main vehicle through which Trinity alumni give back to the College. Graduates are contacted via postal mailings and a telephone campaign to update them on the current needs of the College with the purpose of securing donations while also keeping alumni abreast of recent developments. The Trust successfully granted £447,87912022- £607,299) to support the needs to Trinity College during the year. It Is the intention of the Trust to continue to work closelywith Trinity Development and Alumni ITDAI to determine and support the upcoming needs of the University. Structure• governance and management Con5tltutlon The London Trust for Trinity College Dublin Icharity number 2806931 is a re815tered unincorporated Charitv governed by a Trust Deed established on 9 july 1980. The charity is also known locally a5 'The UK Trust for Trinity College Oublin,. The trustees who served durinB the year were: R Pennant-Re3 E Ouff Gordon F Larkin Method of appolntment or elertlon of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 3
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN TRu¥fEES' REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2023 Or8anlsational strurture and de¢lsion makin8 The London Trust for Trinity College Dublin is an independent body which makes grants for the furtherance of higher education. The policy on makin8 grants is to identify worthwhile causes on the initiative of the Trustees or by application by third parties. Any decisions to make grants are made by the Trustees on a majority rule basis. Trustees have absolute discretion with regard to fund allocation. The activities of the Trust are co-ordinated by the Chairman, aided by the Secretary. Trustee communications and decisions are done primarily by email. telephone and meetings as required. The method of appointment for Trustees is that the names of prominent and active members within the graduate base are reviewed by current Trustees and a democratic choice made from a short list. The Trustees have been carefully chosen from graduates of differing decades. to ensure a fair reflection of views. A new Trustee is provided with the following information to enable him or her to discharge his or her responsibilities. namely.. a copy of the Trust Deed. the latest annual accounts and current financial position, the latest Chairman's report. the Minutes of the last meeting of Trustees. any available information on current marketing projects and a copy of the Charity Commission's Duties of Trustee5. Rlsk management The Trustees undertake a yearly risk assessment in which they identify any risks facing the Trust to ensure the rlsk of in¢urrin8 any problems is minimised or il possible eradicated. Plans for future years From April 2024, taxpayers will not be eligible for UK tax relief on donations to EU or EEA charities and these entities themselves will be unable to claim Gift Aid. As Trinity Development and Alumni will cease to be an eligible charity, The London Trust for Trinity College Dublin will revert to be the vehicle for UK donor5. The Trust have appointed a new solicitor to manage the legal affairs of the Trust. The Trust has worked closely with TDA to establish the relevant IT and infrastructure has been implemented to ensure it can manage a higher volume of donations in future periods. Page 4
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN TRusfEES' REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees. responsibilities ststement The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for eath financial year which give a true and fair view of the State of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgments and accounting estimate5 that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, Subject to any material departures disclosed and explained in the financial statements. prepare the financial Statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keepin8 proper accountln8 records that are sufficient to show and explain the charity's transactions and disclose with re3sonable Jccuracy at any time the financial position of the charitv and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 218 and the provisions of the trust 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 irTe8ulaTities. The trustee5 for the purposes of charity law who served during the year and up to the date of this report are set out on page 3. This report was approved by the Trustees on 1917l20241205figned on their behalf by.. Mr F Larkln Trustee Page 5
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LONOON TRUST FOR TRINITY COLLEGE DUBLIN FOR THE YEAR ENDED 30 SEPTEMBER 2023 Independent exarninerfs report to the Trustees of The London Trust for Trinity Colle8e Dublin I report to the trustees on my examination of the financial statement5 of The London Trust for Trinity College Dublin for the year ended 30 September 2023 which comprise the Statement of Financial Activitie5, the Balance Sheet and related notes. Th55 report is made solely to the Charl$ trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the tharit(s trustees those matters l am required to state to them in this report and for no other purpose. To the fvllest extent permitted by law, I do not aceept or assume responsibility to anyone other than the Charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have fomied. Responslbllltles and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charilies Act 20111'the Act'l. I report in respect of my examination of the charivs financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charitv Commission under section 1451511bl of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention In connection with the examination giving me cause to believe that in any material respect.. accountin8 records were not kept in respect of the charity as required by sectlon 130 of the Act- or 2. the financial statements do not accord with those records., or 3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Rajiv Thakerar FCA Ilndependent Examiner) For and on behalf of Simmons Gainsford Professional Services Limited Chartered Accountants 33 Cavendish Square London WIG OPW Dated.. 19n/2024120..06 BST Page 6
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unre5tvlcttd Funds 2023 Re5trkted Funds 2013 Total Funds 2023 Total Funds 2022 Nott Income from.. Donations and grants Operational fundln8 received 82,388 9.720 329,428 411,816 9.720 632,500 3,240 12 Total Income 92,108 329,428 421,536 635,740 Expendlture on.. Grants payable to InstStutSons Governance 75.COJ 9,720 37279 447,879 9.720 607,299 3,240 Total expendlture Net Income I (eXpendhuj belore other ¢etO8hl$ed salns amd losses Net movement In lunds 84,720 372A79 457.599 610,539 7,38B 143.4511 136,0631 25,201 Reconclllallon ollunds: Total fund5 broughi forward 9.173 53.034 62,207 37,006 Totsl funds carrled forward 16.561 26,144 6Z,207 The notes on pages 9 to 15 form pèrt of these finala1 statements. Page 7
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN BALANCE SHE AS AT 30 SEPTEMBER 2023 2023 2022 Note rrent assets Debtor5 Cash at bank and in hand 14,323 21.541 35.864 6,864 58.583 65.447 Credltors- amounts falliTh8 due within one Year Net wrrent aSXts 9.720 3.240 26,144 62,Z07 Net assets 26,144 62,207 (harlty Funds Resiricted funds Unresrricted funds io io 9,583 16,561 53,034 9,173 Total lunds 26,144 62,207 The finèncial statements were apwoved by the membersof the committeeon19nD0241 on thelr behalf bv Mr F Lar*ln Tvustee The notes on pages 9 to 15 form pèrt of these financial statemerts. Page 8
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles 1.1 Bas15 ol preparation of financlal ststements The financial statements have been prepared in accordance with Accounting and Reporting by Ch3ritie5.' Statement of Recommended Practice applicable to charities prep3rinR their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20211 a5 amended by Bulletin l issued by the Charity Commission - (Charities SORP IFRS 10211. the Flnanclal Reportlng Standard èpplicable in the UK and Republic ol Ireland IFRS 1021 and the Charities Att 2011. The London Trust for Trinity Colle8e blIn Constitutes a public benefit entity a5 defined by FRS 102. The financial statements are prepared under ihe historical cosi convention. 1.2 Fund •¢¢OUniln8 General funds are unrestritted fvnds which are available for use at the discretion of the Trustees in furtherance of the 8enerèl objectives of the charity and which have not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The airn and use ol each designated lund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in a¢¢ordan¢e with specific restrittions imposed by donors or whlch have been raised by the charity for part*ular purposes. The costs of raisin8 and èdminlsterlng such funds are char8ed aBainst the 5pecifi£ fund. The aim and useof each restricted fund is set out in the notes tothe financial Statements. 1,3 In¢ome All Income Is reco8nlsed once the charlty has entitlement to the Income. It Is probable that the Income w511 be received and the amount ol income receivable can be measured reliably. For legacies, entitlefflent is taken a5 the eadier of the date on which either.. the charity 15 aware that probate has been 8rantÈd, the Èstate has been finalised and notifitation has bÈÈn made by the Èxecutorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, Is onlyconsidered protsab wheTh the amouni can be measured reliably, and the charity has been notifled of the executor'5 intention to make a distribution. Where lecleS have been notified to the charity, or the charity 15 aware of the Eranting of probate. and the criteria for income recognition have not been rnet, then the legacy is treated 35 a contingent a55et and disclosed if material. Income tam recoverable ITr relation to donations received uTrder Gift Aid or deeds of covenant Is reco8nised at the time of the donation. Page 9
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountln8 pollcles Icorrtlnuedl Expenditure Eypenditure is recognised once there 15 a leBal or constructive obligation to transfer economic benefit to a third party, it is probable that atransferof economic benefiis will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up cf the total of direct Costs and shared costs, includin8 5UPPOrt cost5 involved in undertaking ezch ctivity. Direct costs attributable to a siThBle activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attribuiable io a single activity are apportioned between those activities on a ba515 con51Stent with the use of resources. Governance cost5 are those irbcurred in ronnection with adrnini5tration of the charity and cornpllance with constitutional and statutory requirements. Grants payable are charged in the year when the offer 15 made except in those cases where the offer 15 conditicnal, such Brant5 being recogni5ed a5 expenditure when the conditions attaching are fulfilled. Grants offered subject to condition5 which have not been met at the year end are noted as a commitment, but not ccrued a5 expenditure. Interesl re¢dv4blt Interest on fund5 held oh deposit is intluded wheh re¢eivable and the arnount tan be measured reliably by the charityi thi5 15 normally upon notification of the interest paid or payable by the Bank. Debtors other debtors ère reco8nised ai the settlemeht amouht. Preptyments are valued at the amount prepaid net of any trade discounts due. Qsh •t B#nk •nd In h•nd Cash at bank and in hand includes cash and short term high liquid investmÈnts with a short maturity of threè months or less from the date of acquisition oropenin8 of th* deposit or similar attount. Llabllitles and pro¥lsions Liabilities are recognised when there is an obligation ai the Balan£e sheet date as a result of a past event. It is probable that a transfer Of e£onomic benefit will be required in settlement, and the amount of the settlement can bÈ Èstimated reliab. Liabilit1È5 are TÈtO8nisÈd at thÈ amount that thÈ charity antitipatÈs it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions aTe measured atthe bestestimaie of the amounts required to settle the obligation. Where the effert of thetimÈ value tsf money 15 material. the prtsvi5ion 15 ba5Èd on thÈ pre5Entvalue of th05È amounts. discounted ar the pre-tax discount rate that refletts the risksspecificto rhe liability. The unwinding of the discounr is recognised within interest payable and similar£har8ÈS. Page 10
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting pollcies Icontlnuedl Finanual instruments The charity only has financial assets and financial liabilities of a kiThd that qualify as basic financial instruments. Basic financial instruments are initially recoBnised at transadionvalueand subsequently measured attheir settlementvalue with the exception of bank loans which are subsequently measured at arnonised cost using the effective interest method. Income from charltable actfvitles Unrestrirted funds 2023 Re5trkted lunds 2023 Total fvnd5 2023 Total fvnds 2022 Donations and le8acie5 veceivable 82,388 329.428 411,816 632,5Tr) 81.437 328.238 409,675 632.500 An•lysls of gr•rfs Unrestrirted funds 2023 Re5trkted lunds 2013 Tc+tsl funds Z023 Ttst•l fund$ 1022 Granis- The Trinity Foundation 75,¢))) 372.879 447.879 607.299 75,(K(I 372,879 447,879 607,299 Governance costs Unrestrirted nds Z023 Restrkted funds 20Z3 Total funds 2023 Total funds 2022 Accountanry fees Bookkeeping fees 3.960 5,760 3,240 5.760 9,720 9,720 3,240 Page11
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysis of resources expended byexpenditure type Other costs 2023 Total 2022 Grznts paid- The Trinity Foundation Expenditure on governance 447.879 9,720 607,299 3,240 457.599 610,539 Net lThcomln8 resiwrcesllresources expended) This is stated after char8ing'. 2023 2022 Accountancy fees Bookkeeping fee5 3,240 5,760 9,720 3,240 There was no remuneration. benefits in klnd or relrntrrseMents of expenses distdbuted to the Trustees in 2023 and 2022. Deth¢rs 2023 2022 Qther debtors 14,323 6,864 Credltors: Amounts falllng due wlthin ¢e year 2023 2022 Ac£rua15 3nd deferred income 9,720 3,240 Page 12
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Summary of funds 8rought Forward Incoming Re50ur(e5 Aesoufces Expended Carried Forward General fvnds 9.173 92.108 84.720 16,561 Restricted funds 53.034 329.428 372.879 9,583 62,207 421.536 457,599 26,144 Anatysls of restrlcted lunds Asat30 september 202Z In¢¢mSn8 R¢sour¢es Out8oln Resour¢es A$at30 september 2023 Trlnlty Green Week Cancer Institute John Byrne Endowment Trlnity Access Programme Trlnity Annual Fund 22.109 146.036 22.109 146,036 so.000 141.31X) 13.434 97.3CIJ 13.983 9.034 9,583 53.034 329.428 372,879 9,583 General funds These are donation5 and other incoming resource5 receivable or generated for the object5 01 the charity without further specified purpose ènd are available èsKeneral fund5. Page 13
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Restricted funds Trinity Green Week The Green Week in Trinity is an annual initiative designed to rnainstream 5UStainability issues and to raise awarene55, highliEht best practice and knowledBe for Green iniiiatives. John Byrne kholarshlp Endowment This endowment wasset up in honourof the late Professorjohn Byrne, and his contribution to the studyof computing. These scholarships support undergraduate students who are studying in the SCSS Trlnlty St James's Can¢¢r Inst1¢ The TSJCI, the first ol its kind im Irelarbd. builds oh the IONÉ tradittin tsf outstanding ¢omprehen5ive ¢an¢er care delivered at Ireland'5 lar8est academic health campu5 at St Jarnes'5 H05Pltal in central Dublin, with the research and educational excellence ol Trinity Colle8e Dublin. Ireland's leadin8 university. Trinity St Jarnes's Cancer Institute 15 the first Irish cancer institute to be accredited by the Or8anisation ol European Cancer Institutes IOECII. Trlnlty Alumnl Fund The Trlnity Alumni fund ITAFI is the main vehicle through which Trinity alumni 8i¥e back to the College. Mailings are sent to graduates asking for support followed by telephone calls made by current studenr5. Initiatives funded by TAF in the past have included.. the TrinTty Access Programmes. rhe Women's Centenary Celebrations, Journal of Post- Graduate Revlew, Students, Awards for Students. Conrribution to the College Community, the restoratlon of the Goldsmith common room and the Beckett Centenary Symposium. Trlnlty A(ce55 Pro8ramme The Trinity Acce55 Pro8ramme ITAPI are a department whose focus is to increase acce55 to third level from underrepresented groups.-Our mission is to work In partnership across the education sector with students, teachers, f8milie5. cornmunities and businesses to widen acce55 and participation at third-level of under-represented 8roups." Page 14
THE LONDON TRUST FOR TRINITY COLLEGE DUBLIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 io. Analysis of net assets betrmeen fund5 Unrestrlcted funds 2023 Restrkted fund5 2023 Total funds 2023 Total fvnds 2022 Current assets Creditors due within one year 26.281 19,7201 9.583 35,864 19,7201 6S,447 13.2401 16.561 9.583 26,144 62,207 ii. Related partytran5adon5 During the year, the Trust received operational income of £9,720 from Trinity Foundation12022.. £3,240>. 12. Controllln4 Partv The char¢$ uliimate ¢onirolllng party is Trinity College Dublln. The University of Dublln. Page 15