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2022-03-31-accounts

Charity registration number: 282096

THE ELIZABETH AND PRINCE ZAIGER TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Chartered Accountants

THE ELIZABETH AND PRINCE ZAIGER TRUST

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 5
Independent Auditors' Report 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Financial Statements 13 to 21

THE ELIZABETH AND PRINCE ZAIGER TRUST REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Mr Derek Geoffrey Long
Mr Edward David Parry
Mr Peter John Harvey
Mr David John Davidge
Dr Robin William Keyte
Charity Registration Number 282096
Principal Office Gatesmoor
Hawkridge
Spaxton
Bridgwater
Somerset
TA5 1AL
Independent Examiner Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Solicitors Chubb Bulleid
Langler House
Market Place
Somerton
Somerset
TA11 7LZ
Investment managers J M Finn & Co
25 Copthall Avenue
London
EC2R 7AH

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.

Objectives and activities

Objects and aims

The objects of the charity as stated in the Declaration of Trust are as follows:1 The relief of elderly persons by the provision of financial and other benefits.

2 The relief of mentally or physically handicapped persons by the provision of facilities and amenities. 3 The advancement of the education of children and young persons.

4 The provision of care and protection for animals in need of care and attention from whatever cause and to prevent cruelty to animals.

5 Such other charitable purposes and institutions as the trustees shall from time to time in their absolute discretion determine.

Public benefit

Every application of the charity funds must be exclusively for charitable purposes and the Charity Commission's public benefit test is satisfied insofar as all net funds earned are donated for charitable purposes. The charity's objects are achieved through granting funds out of income predominantly to organisations which are registered charities.

The trustees' policy is to maintain an on-going (but entirely discretionary) programme of annual support for chosen charitable organisations to which most of the charity's funds are donated, as well as to newly identified charitable organisations so long as such grants comply with the Declaration of Trust. On a very limited and carefully scrutinised basis, the trustees also very occasionally make grants to individuals in need.

Grant making policies

The charity has no on-going grant or other material commitments or obligations. Each grant is decided in the current financial year on the basis of the funds expected to be available when the major grant-making decisions are made in February/March and the trustees' priorities in terms of the Declaration of Trust. There is no issue, therefore, about the charity's ability to meet its commitments.

Achievements and performance

The trustees met during the year to review the performance of the charity's investments, to assess the risks facing the charity, and to consider and respond to the applications for grant aid.

During the year, the trustees made 96 grants totalling £652,500 (2021: £653,000). The range of grants was £2,000 to £26,500. Since the charity's establishment in 1981, grants totalling £13,948,505 have been made

. The total return on investments (including unrealised gains) for 2022 was 6.67% (2021: 20.86%). This compares with the current MSCI PIMFA Balanced benchmark of 7.80%. Brokers' fees represent 13% of investment income received and 11% of total expenditure.

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

Financial review

The charity's unrestricted income from its investments totalled £619,782 in the year, an increase of 6% on 2021. Unrestricted fund expenditure was marginally lower at £657,872 (2021: £657,920), resulting in net expenditure (deficit) of £38,090 on unrestricted funds (2021: deficit of £73,529).

The sale of investments during the year realised losses of £168,450 (2021: gains of £134,464), while gains on the revaluation of investments at market value at the year end were £1,032,923 (2021: gains of £3,027,920). After deducting brokers' fees of £79,834, the net income (surplus) for the year on endowment funds was £784,639.

The financial position of the charity continues to be sound, with total assets of £21,868,441 (2021: £21,246,472) and liabilities of £206,100 (2021: £330,680), total funds standing at £21,662,341 at the balance sheet date (2021: £20,915,792). The trustees are therefore confident that there are sufficient funds to carry out the charity's future charitable objectives.

Policy on reserves

The trustees' policy in general is to apply all available income after necessary costs to making grants in accordance with the objects, rather than increasing reserves out of income. Unrestricted reserves at 31 March 2022 stood at £440,219. It is the trustees' intention to run down unrestricted reserves gradually over a period of years consistent with ensuring a reasonably steady grant policy, it having been established that the principal beneficiaries preferred a steady rather than fluctuating income. The trustees expect to distribute much of the income reserve over the next few years, leaving a balance to cover the cost of dissolving the charity (should the need arise), possible urgent needs from beneficiaries and any other contingencies which might arise.

The trustees have no powers to distribute the endowment fund which totalled £21,222,122 at 31 March 2022.

Investment policy and objectives

The trustees, in conjunction with the investment managers, have considered the most appropriate policy for investing funds on the charity's behalf, with a view to a medium risk profile providing a combined return from income and capital growth. The work of the investment managers is overseen by the trustees. As the main source of income to the charity is from investments, the major risks to which the charity is exposed are a general downturn in the global economy and uncertainty relating to the COVID pandemic, as well as impacts to the global economy as a result of the increasing inflationary environment. Turbulent market conditions reducing investment income would be mitigated by reducing the level of grant payments.

The portfolio is diversified in various sectors and holds investments in cash, fixed interest securities (government and corporate), equities and property. The majority of funds are invested in the United Kingdom, in regulated markets, and, in the case of equity investments, in companies with a significant capital base.

Plans for future periods

Aims and key objectives for future periods

The trustees intend to continue to make grants to other charitable organisations in accordance with the charity's objects.

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

Structure, governance and management

Nature of governing document

The Elizabeth and Prince Zaiger Trust was founded by the late Alec Lentorn Zaiger (date of death 16 April 1985), David John Davidge and Eric Samuel Forknall by a Declaration of Trust dated 19 January 1981 and is a registered charity (no 282096).

The Declaration of Trust established a permanent endowment and the funds invested therein, or in the event of sale or conversion, investments representing the fund, are held on the charity's capital account. The net income of the fund is applied for the present or future benefit of the stated objects and may, to this end, be accumulated if the trustees see fit and held on the charity's income account.

Recruitment and appointment of trustees

The current trustees expect to remain in place for the foreseeable future. When the need arises to replace a retiring trustee, the remaining trustees would explore their own contacts for a suitably qualified candidate and the necessity for training would be assessed as part of the recruitment process.

Arrangements for setting key management personnel remuneration

No remuneration, benefits or reimbursed expenses are paid to the trustees.

Organisational structure

The charity is an unincorporated association. It is an individual undertaking and not part of a group. The trustees communicate and meet regularly to deal with charity issues and to make grants.

The trustees confirm they have put in place procedures to manage and mitigate the risks facing the charity.

THE ELIZABETH AND PRINCE ZAIGER TRUST

TRUSTEES' REPORT

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each 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 period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 15 November 2022 and signed on its behalf by:

Mr Edward David Parry Trustee

THE ELIZABETH AND PRINCE ZAIGER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

Opinion

We have audited the financial statements of The Elizabeth and Prince Zaiger Trust (the 'charity') for the year ended 31 March 2022, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE ELIZABETH AND PRINCE ZAIGER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

THE ELIZABETH AND PRINCE ZAIGER TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We evaluated the trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the prinicipal risks were related to the posting of manual journals to manipulate financial performance, management bias through judgements and assumptions is significant accounting estimates, in particular in relation to the recognition of legacy income and significant one-off or unusual transactions.

As part of the audit we gained an understanding of the legal and regulatory framework and carried out the following;

• Performed audit procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• Agreeing the financial statement disclosures complied with applicable legislation

• Enquiries of management, review of minutes of meetings of those charged with governance

• Challenging assumptions made by management in their significant accounting estimates

Because of our inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularaties occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

THE ELIZABETH AND PRINCE ZAIGER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ELIZABETH AND PRINCE ZAIGER TRUST

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Edwards and Keeping (Statutory Auditor)

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

17 November 2022

Edwards and Keeping 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.

THE ELIZABETH AND PRINCE ZAIGER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Note
Income and Endowments from:
Investment income
2
Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Gain on revaluation of
investments
9
(Loss)/gain on disposal of
investments
9
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Unrestricted
£
619,782
-
(657,872)
(657,872)
-
-
(38,090)
478,309
440,219		 Endowment
£
-
(79,834)
-
(79,834)
1,032,923
(168,450)
784,639
20,437,483
21,222,122		 Total
2022
£
619,782
(79,834)
(657,872)
(737,706)
1,032,923
(168,450)
746,549
20,915,792
21,662,341		 Total
2021
£
584,391
(71,531)
(657,920)
(729,451)
3,027,290
134,464
3,016,694
17,899,098
20,915,792

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 12.

THE ELIZABETH AND PRINCE ZAIGER TRUST

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: Amounts falling due within one year
11
Net current assets
Net assets
Funds of the charity:
Endowment funds
Unrestricted income funds
Unrestricted funds
Total funds
12		 2022
£
21,592,739
456
275,246
275,702
(206,100)
69,602
21,662,341
21,222,122
440,219
21,662,341		 2021
£
20,728,113
-
518,359
518,359
(330,680)
187,679
20,915,792
20,437,483
478,309
20,915,792

The financial statements on pages 10 to 21 were approved by the trustees, and authorised for issue on 15 November 2022 and signed on their behalf by:

Mr Edward David Parry Trustee

THE ELIZABETH AND PRINCE ZAIGER TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Investment income
2
Revaluation of investments
9
Working capital adjustments
(Increase)/decrease in debtors
10
(Decrease)/increase in creditors
11
Net cash flows from operating activities
Cash flows from investing activities
Purchase of investments
9
Sale of investments
9
Income from dividends
Interest receivable on cash deposits
Net cash flows from investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 April 2021
Cash and cash equivalents at 31 March 2022
Reconciliation of net cash flow to movement in net funds
Decrease in cash
Net funds at 1 April 2021
Net funds at 31 March 2022		 2022
£
746,549
(619,782)
(864,473)
(737,706)
(456)
(124,580)
(862,742)
(1,397,375)
1,397,222
619,755
27
619,629
(243,113)
518,359
275,246
(243,113)
518,359
275,246		 2021
£
3,016,694
(584,391)
(3,161,754)
(729,451)
3,869
113,120
(612,462)
(4,307,700)
3,599,754
584,287
104
(123,555)
(736,017)
1,254,376
518,359
(736,017)
1,254,376
518,359

All of the cash flows are derived from continuing operations during the above two periods.

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Elizabeth and Prince Zaiger Trust is an unincorporated association established under trust deed in 1981 and is registered as a charity in England and Wales.

The Elizabeth and Prince Zaiger Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The accounts are presented in £ sterling.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

All income is recognised when the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount receivable can be measured reliably. No expenditure is netted off income.

Investment income

Investment income, which is unrestricted, is derived from dividends, interest from quoted securities and deposit accounts, arising from endowment assets and includes any related tax recoverable. Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable that settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Charitable activities

Charitable expenditure includes grants payable to third parties in the furtherance of the charitable objects of the charity.

Grant expenditure

The charity has no specific commitments or obligations to make grants to any organisations. The recipient and amount of each grant is decided on a discretionary basis during the year.

Grant provisions

In the case of an unconditional grant offer, this is accrued once the trustees have agreed to award the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Fixed asset investments

Fixed asset investments, representing the permanent endowment, are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire or use put options, derivatives or other complex financial instruments.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Fund structure

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity.

The permanent endowment fund was established under the charity's Declaration of Trust and investment assets representing these capital endowment funds are held separately. The income from capital endowment investments may be applied for the present or future benefit of the stated objects and is therefore shown as unrestricted in the statement of financial activities. Capital endowment funds include all subsequent gains and losses, both realised and unrealised arising from endowment assets.

2 Investment income

Unrestricted

Interest receivable on cash deposits
Dividends and interest from fixed asset
investments		 General
£
27
619,755
619,782		 Total
2022
£
27
619,755
619,782		 Total
2021
£
104
584,287
584,391

All investment income in both years is attributable to unrestricted income funds.

3 Expenditure on raising funds

a) Investment management costs

Endowment

Brokers' fees Permanent
£
79,834
79,834		 Total
2022
£
79,834
79,834		 Total
2021
£
71,531
71,531

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4 Expenditure on charitable activities

Note
Grant funding of activities
6
Governance costs
5		 Unrestricted
General
£
652,500
5,372
657,872		 Total
2022
£
652,500
5,372
657,872		 Total
2021
£
653,000
4,920
657,920

5 Analysis of governance and support costs

Governance costs

Unrestricted

Unrestricted
Audit fees
Audit of the financial statements
Other fees paid to auditors
Bank charges		 General
£
2,900
2,440
32
5,372		 Total
2022
£
2,900
2,440
32
5,372		 Total
2021
£
2,680
2,000
240
4,920

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6 Grant-making

Analysis of grants

Analysis of grants
Grants to institutions
2022 2021
£ £
Analysis
Grants to institutions 652,500 653,000

Below are details of material grants made to institutions.

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
Name of institution £ £
Alzheimer’s Society 5,000 5,000
Arts Emergency 3,000 3,000
Belle's Story 3,000 3,000
Brainwave 15,000 15,000
British Heart Foundation 3,000 3,000
Butterfly Tennis Club Outreach
Programme 5,000 -
Cambridge House 4,000 4,000
Centre 70 20,000 20,000
Childhood First 3,000 3,000
Children's Family Trust 6,000 6,000
Children's Heart Foundation 7,000 7,000
Children's Hospice SW 12,000 12,000
CLIC (Cancer & Leukaemia in
Childhood) 11,000 12,000
Compass Disability Services 4,000 4,000
Conquest Centre 5,000 5,000
Cued Speech 4,000 4,000
Cystic Fibrosis Trust 4,000 4,000
DEMAND (Design & Manufacture
for Disability) 4,000 4,000
Designability Charity Ltd 9,000 8,000
Disability Rights UK (previously
RADAR) 12,000 12,000
Dogs' Trust 5,000 5,000
Dorset & Somerset Air Ambulance
Trust 12,000 12,000
Dreamflight 5,000 6,000
Dyspraxia Foundation 6,000 6,000
Earl Mountbatten Hospice 12,000 12,000
Envision 5,000 5,000
Escape Support Group 3,000 3,000
Ferne Animal Sanctuary 3,000 3,000
Fiveways School Yeovil 10,000 10,000
Friends of Selworthy School 5,000 5,000
Friends of the Family 3,000 3,000
Go Beyond (formerly CHICKS) 6,000 6,000
Go Kids Go (previously Assoc of
Wheelchair Children) 8,000 8,000
Guide Dogs for the Blind
Association 5,000 5,000
Happy Landings - 3,000
Help the Child 5,000 5,000
Home-Start Southwark 2,000 2,000
In Charley's Memory 3,000 3,000
It's in the Bag 5,000 5,000
Juvenile Diabetes Research
Foundation 10,000 10,000
KIDS 6,000 6,000

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

King's College Hospital Charity 15,000 17,000
L'Arche 4,000 4,000
Leeds Women's Aid 5,000 5,000
Linkage Southwark (formerly
Dulwich Helpline) 5,000 5,000
Lords Taveners 10,000 10,000
Macmillan Cancer Support 12,000 12,000
Mary Minet Trust 5,000 5,000
Mendip YMCA (was Yeovil Foyer) 7,000 7,000
Motor Neurone Disease Association 12,000 12,000
Neuromuscular Centre 5,000 5,000
Open Door Taunton 5,000 5,000
Paxton Green Time Bank 4,000 4,000
Penny Brohn Cancer Care 5,000 5,000
Prostate Cancer UK 3,000 3,000
Reach 4,000 4,000
RendezVous (Sherborne Youth
Resource Centre) 5,000 5,000
River Thames Boat Project 3,000 3,000
Robes Project 18,000 20,000
Roslin Hall Endowment House
Torquay 4,000 4,000
Roy Castle Lung Cancer
Foundation 7,000 6,000
Royal Hospital for Neurodisability 10,000 10,000
SAFE Partnership Ltd 6,000 6,000
Samaritans 6,000 6,000
Seafarers UK (King George's Fund
for Sailors) 8,000 8,000
Sherborne CAB 8,000 8,000
Sir John Walter St John's
Educational Charity 5,000 -
Somerset & Wessex Eating
Disorder Assn. (SWEDA) 6,000 5,000
Somerset Community Foundation
(formerly Horses and Handprints) 3,000 3,000
Somerset Sight 9,000 9,000
Somerset Trust for Art and
Recreation 5,000 5,000
Southampton Hospitals Charity - 3,000
Spark Somerset 7,000 7,000
Spinal Injuries Association 4,000 4,000
Springboard Opportunity Group 3,000 3,000
St Christopher's Hospice 10,000 10,000
St David's Foundation 4,000 4,000
St Giles Trust 15,000 15,000
St Margaret's Somerset Hospice 11,000 12,000
St Michael's Fellowship 5,000 5,000
Stemette Futures 3,000 3,000
SWMS Centre 4,000 4,000
Taunton Welcomes Refugees 5,000 -

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Teddington Lifeboat
Teenage Cancer Trust
Theatre Peckham - Youth Outreach
Programme
The Brain Tumour Charity
The Chesnut Appeal
The Douglas Bader Foundation
(Bader Braves)
The Stars Appeal
Theodora Children’s Charity
Topsham Adventure Centre
Treloar Trust
Trelya
Variety, the Children's Charity
Versus Arthritis
Whizz Kidz
Yeovil Day Centre Society
Young Somerset		 3,000
14,000
6,000
3,000
5,000
10,000
-
7,000
3,000
17,000
3,000
26,500
5,000
10,000
4,000
3,000
652,500		 3,000
14,000
6,000
3,000
5,000
10,000
7,000
7,000
3,000
17,000
3,000
25,000
5,000
10,000
4,000
3,000
653,000

Grants to individuals amounted to £Nil in the year ended 31 March 2022 (2021: £Nil).

Donations and grants were awarded during the year to the above institutions and individuals in accordance with the charity's objects. All donation and grants payable are charged to unrestricted income funds.

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

8 Auditors' remuneration

8
Auditors' remuneration
Audit of the financial statements
Other fees to auditors
All other non-audit services		 2022
£
2,900
2,440		 2021
£
2,680
2,000

THE ELIZABETH AND PRINCE ZAIGER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9 Fixed asset investments

Other investments

Cost or Valuation
At 1 April 2021
Unrealised gains on revaluation
Realised losses on disposals
Additions
Disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Listed
investments
£
20,728,113
1,032,923
(168,450)
1,397,375
(1,397,222)
21,592,739
21,592,739
20,728,113		 Total
£
20,728,113
1,032,923
(168,450)
1,397,375
(1,397,222)
21,592,739
21,592,739
20,728,113

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

10 Debtors

Other debtors
11 Creditors: amounts falling due within one year
Grant commitments
Accruals		 2022
£
456
2022
£
201,000
5,100
206,100		 2021
£
-
2021
£
326,000
4,680
330,680

THE ELIZABETH AND PRINCE ZAIGER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12 Funds

Unrestricted
General
Endowment
Permanent
Total funds
Unrestricted
General
Endowment
Permanent
Total funds		 Balance at
1 April
2021
£
478,309
20,437,483
20,915,792
Balance at
1 April
2020
£
551,838
17,347,260
17,899,098		 Incoming
resources
£
619,782
-
619,782
Incoming
resources
£
584,391
-
584,391		 Resources
expended
£
(657,872)
(248,284)
(906,156)
Resources
expended
£
(657,920)
62,933
(594,987)		 Other
recognised
gains
£
-
1,032,923
1,032,923
Other
recognised
losses
£
-
3,027,290
3,027,290		 Balance at
31 March
2022
£
440,219
21,222,122
21,662,341
Balance at
31 March
2021
£
478,309
20,437,483
20,915,792

The specific purposes for which the funds are to be applied are as follows:

Capital endowment funds represent investments and property donated to the charity at its inception under the terms of the trust deed. These assets may be sold and converted into assets of like nature at the trustees' discretion. Net proceeds from the sale of endowment property are shown as endowment income. Gains and losses on disposal and revaluation of investments and investment management costs are included in endowment funds, but all investment income is credited to unrestricted income funds.

13 Analysis of net assets between funds

Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
370,617
275,702
(206,100)
440,219		 Endowment
funds
Permanent
£
21,222,122
-
-
21,222,122		 Total funds
at 31 March
2022
£
21,592,739
275,702
(206,100)
21,662,341

14 Related party transactions

There were no related party transactions in the year.