2022-04-05-accounts

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Charity number: 290533

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 13
Independent Auditors' Report on the Financial Statements	14 - 17
Consolidated Statement of Financial Activities	18
Charity Statement of Financial Activities	19
Consolidated Balance Sheet	20
Charity Balance Sheet	21
Consolidated Statement of Cash Flows	22
Notes to the Financial Statements	23 - 50

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022

Trustees	Catherine Susanne Judith Scott
	Ellen MaryJolly
	JeremyPhilipWinteringham Heal
	Stephen Charles Serpell(appointed 2 February2022)
Charity registered number Principal office Independent auditors Bankers Solicitors Stockbrokers	290533 Lucy House St. William Court Kesgrave Ipswich Suffolk IP5 2QP Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA Barclays Bank plc 1 Princes Street Ipswich IP1 1PB Howes Percival LLP Flint Buildings 1 Bedding Lane Norwich NR3 1RG HSBC Private Bank (UK) Ltd 8 Cork Street London W1S 3LJ

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their report together with the audited financial statements of The Mrs L D Rope Third Charitable Settlement (the Charity and the group) for the year ended 5 April 2022. The Trustees confirm that the Annual Report and financial statements of the Charity and the group comply with the current statutory requirements, the requirements of the Charity and the group’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019).

The Trustees are committed to remaining completely abreast regarding developments in Charity law and regulations. The Trustees have complied with their duty under Clause 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

OBJECTIVES AND ACTIVITIES

The Mrs L D Rope Third Charitable Settlement is regulated by a Trust Deed dated 22 October 1984 as amended by supplemental deed dated 23 July 2004. Lucy Rope, the Founder, was driven during her time to work to help those in great need.

The Charity’s purposes, in accordance with the Trust Deed, the Founder’s Wishes, and the Resolution of the Trustees on 3 June 2021, are described below:

Relief of Poverty

The relief of poverty is focused on supporting individuals in the “Primary Area” of Ipswich and South East Suffolk, restricted to those who are referred by field professionals such as housing or probation officers on whose informed advice the Trustees can rely. Grants are also made to institutions, generally limited to those that are small and operating in the Primary Area. The Trustees may support certain other causes and individuals in poverty where the Trustees or the Founder’s family have specific knowledge and experience. It is the Trustees’ intention to provide support in the UK and throughout the world for those who are little catered for by other charities or by grants from governments or other authorities and are in particularly deprived areas. The Trustees may also donate to charitable institutions involved in disaster relief.

Advancement of Education

The Trustees will support educational projects, particularly in areas of greater poverty, with emphasis on the Primary Area. Funding of fees for private education will not be supported.

General Charitable Purposes

Public and other charitable purposes in the general region of South East Suffolk and in particular the parish of Kesgrave and the areas surrounding it, including Ipswich.

Founder’s Wishes regarding the activities of the Charity

The Founder also set up three other charities, each of which has different objectives and all of which have quite different policies to this Charity. The Founder wished this Charity to have regard to the needs of these other three charities. The Charity’s staff provide help and assistance to Mrs L D Rope’s Second Charitable Settlement and the programmes they are running.

A specific wish of the Founder was to safeguard the future of Kesgrave Catholic Church which is held by the Charity. The Trustees have an obligation to provide the church to the RC Bishop of East Anglia for services and to maintain the fabric of the church.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

GRANT MAKING POLICIES

Grants to individuals

The Trustees give priority to people struggling to live on little income within the Primary Area. Of the individuals assisted, all are referred by field professionals such as housing or probation officers, working in the Charity’s preferred geographical area on whose informed advice the Trustees can place reliance.

Grants to institutions

The Charity receives many applications from institutions which are local to the Charity’s Primary Area and from those which are further afield. However, grants are rarely made to charities outside the Primary Area and are usually one-off and small in scale. Precedence is given to institutions which are:

In the Primary Area and are providing essential services to individuals locally and who have the greatest need of help.
Helping people who struggle to live on very little income, including the homeless.
Helping people who live in deprived inner-city and rural areas of the UK, particularly young people who lack the opportunities that may be available elsewhere.
Helping to support family life.
Helping disabled people.
Helping certain types of Roman Catholic charities and ecumenical projects which are in accordance with the Founder’s Wishes.

Unfortunately, The Charity is unable to consider applications from the following:

Any new overseas projects. Overseas grants are now channelled through carefully selected UK charities which the Charity has supported for many years.
Large national charities.
Buildings – i.e. capital grants for construction, purchase, maintenance or renovation in response to unsolicited applications.
Medical research/healthcare, other than hospices in the Charity’s Primary Area which are already supported.
Schools – other than schools within the Charity’s Primary Area. The Charity will not fund fees for private education.
Environmental charities and animal welfare.
Performing, literary or visual arts.
“Matched” funding on a large scale.
Private individuals – other than those who live in the Charity’s Primary Area and if they are referred by field professionals as described above.

Main activities to further the Charity’s purposes for public benefit

The Charity continues to meet the challenge of doing as much as it can to help relieve poverty at a time when demand from those in need of help continues to increase. The Trustees are pleased to be able to report that total grant-making for the year amounted to £1,263,902 (2021: £1,205,153).

Grants to individuals

Supporting individuals in need in the Charity’s Primary Area of Ipswich and East Suffolk continues to be regarded by the Trustees as being its first priority. The number of grants made to individuals during the year, at 2,600 and amounting to £771,578 (2021: £598,490), reflected a recovery in grant making of this type to a more typical level following the problems posed by the Covid-19 pandemic during the last financial year. Applicants who were referred to the Charity for assistance, without exception, suffered from either acute or chronic deprivation.

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Grants to individuals, referred to the Charity by numerous local support agencies, are made for a wide range of needs. However, just over 60% of money spent was on white goods, furniture and carpets. The majority of applications for these items were submitted by local councils and, in particular, the local homeless units. In these cases families and individuals were eligible for one of the Charity’s “setting up home” grants following, for example, eviction from a previous property or moving in for the first time after leaving the care system. The Charity also received applications from support agencies for help with “one off” items, such as a washing machine or mattress, where a family or individual with no disposable income had not been able to afford to replace this themselves.

The Charity continued to help individuals and families with grants for rent deposits and to help clear rent arrears in order to avoid homelessness. Other grants made to people in the Charity’s Primary Area were wide-ranging, such as clothing, footwear, school uniforms, bus passes, etc, varying in value from as little as £10 to £500 per grant.

Grants to institutions

Supporting institutions remains the Trustees’ second priority for giving. During the year grants to institutions amounted to £492,324 (2021: £606,663)

The Charity aims chiefly to direct its grant making towards institutions which provide essential services to individuals in the Primary Area and who have the greatest need of help. This year grants to institutions in the Primary Area of Ipswich and East Suffolk amounted to just over 75% of total spending on grants to institutions. Traditionally the Charity has supported institutions in our local area with grants towards the cost of employing support workers or an advisor as this all adds to their capacity to make applications for individuals. Another form of support has been providing hardship funds to an institution, which has been a very cost-effective way of helping many individuals with one grant. Supporting institutions which specifically help to alleviate poverty, such as foodbanks and those helping the homeless, has also been important in the current financial climate. Assisting local schools and youth projects to improve the life chances of young people, in the hope of eliminating future problems associated with poverty, has also been important to the Charity.

A smaller proportion of grants were also made to institutions lying outside the Charity’s Primary Area. As in previous years, in these cases the institutions involved were often closely related to the lives and work of past and present family members and, as well as relieving poverty, encompassed the Charity’s other guidelines for giving.

Developing countries continued to have a place in the Charity’s grant making but for the last few years have been at a reduced level as the priority has been to focus on supporting individuals and institutions in need in the Primary Area. The Trustees are also mindful of the practical difficulties of supporting and monitoring charitable institutions located and operating in developing countries. The policy therefore for international grant making is to maintain funding for UK-based institutions who have overseas operations and with which the Charity has a relationship, and which need continuing help. Grants for work overseas through such organisations amounted to £48,500 for the year (2021: £37,700).

Major institutional grants in the year are referred to below:

Institution	Description	Amount
Ipswich Academy	Two grants: one to fund end of year rewards/fun day and the second for the refurbishment of the PE fitness suite and to build an outdoor shelter for break times.	£24,368

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Suffolk Young People’s Health Project (4YP)	Two year commitment towards funding counselling and support for young people and youth work.	£20,000
Home Start in Suffolk	Two grants: one to support two “nurture” groups and the second towards funding a volunteer recruitment coordinator.	£17,056
Thetford Foodbank	Three-year commitment to fund ongoing costs for the foodbank and energy bank services for the community in Thetford and surrounding area.	£15,000
St Vincent’s Family Project, London	Grant towards providing services to deprived families living in the South Westminster area of London.	£15,000
Emmaus, Ipswich	Grant towards employing a catering manager at Emmaus’ new Charity shop/community café in Ipswich.	£15,000
Medecins Sans Frontiers UK	Grant towards funding MSF’s work in Afghanistan.	£15,000
The Mix, Stowmarket	Grant towards employing a Youth Work Director.	£15,000
Samathpheap Chun Pikar, Cambodia	Grant towards improving the quality of life and integration of children and adults with learning disabilities in Cambodia.	£14,500
St Elizabeth Hospice, Ipswich	Two grants: one towards setting up a café in the new Community Care unit and the other towards funding workshops as part of the Big Hoot project.	£14,000
Murrayfield Primary School, Ipswich	Grant towards refurbishing school swimming pool.	£12,200
Lighthouse Women’s Aid, Ipswich	Grant towards cost of employing a Crisis Intervention Worker at women’s refuge.	£12,000
Hope Church, Ipswich	Grant towards setting up community café in their new town centre accommodation.	£12,000
Chaplaincy Benevolent Fund	Six grants to provide clothing for prisoners serving at HMP	£12,000
ActivLives Ipswich	Grant towards employing a dedicated mental health support worker to provide opportunities for people with mental ill health to participate in sport, etc.	£11,000
Christian Youth Ministries, Ipswich	Grant to provide a school chaplain for one day per week each at two secondary schools in Ipswich.	£10,850
Ipswich Furniture Project	Grant towards completing the purchase of a new van to collect and deliver furniture and white goods.	£10,000
Bury St Edmunds Volunteer Centre (BSEVC)	Grant towards supporting services provided by BSEVC: Suffolk Carers Matter and Later Life Community.	£10,000
International Rescue Committee	Grant to emergency aid appeal for the people of Ukraine, either remaining in the country or fleeing as refugees.	£10,000

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

In addition to the above major grants, the Charity also made 16 grants of a value between £5-10,000 totalling £89,459 and 101 grants of less than £5,000 totalling £154,785.

Analysis of giving

The tables below show an analysis of giving falling within this year’s financial statements analysed by type of need and by location, separately for giving to individuals and giving to institutions.

Analysis by type of need

	Giving to Individuals	Giving to Institutions
	£	£
Relief of poverty	771,578	252,661
Advancement of Education		81,625
Advancement of Religion	-	8,000
Other charitable		150,038
Total	771,578	492,324

Analysis by location

	Giving to Individuals	Giving to Institutions
	£	£
Ipswich/South-East Suffolk	771,578	411,958
Other UK		31,866
Overseas		48,500
	771,578	492,324

ACHIEVEMENTS AND PERFORMANCE

Financial review

Charity performance for the year

Total income for the year amounted to £2,451,220 (2021: £1,800,962), including a gift aid receipt of £640,805. Excluding this receipt, income showed an increase of 37% on the prior year. Of this, dividend income comprised £1,548,312 (2021: £1,081,997) which reflects the general increase in dividends being paid by companies post the Covid pandemic.

The Trustees anticipate that dividend income will be flat in the new financial year as price and energy cost increases squeeze corporate margins.

Income from letting investment property held by the Charity amounted to £238,685 (2021: £207,399) with near full capacity achieved over the financial year.

Interest income fell by a further 14% to £20,178 (2021: £24,480) as the low base rate environment prevailed. The Trustees have introduced the facilities of a cash management platform to further spread cash balances and achieve additional returns. Cash balances increased by £842,652 ending the year at £9,482,805 (2021: £8,640,153)

Investment management costs showed an increase over the year following both further investment into the investment portfolio in the prior year and increased valuations from market improvements at £256,260 (2021: £197,668).

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Expenditure on charitable activities amounted to £1,564,030 (2021: £1,504,780) of which grant-making amounted to £1,263,902 (2021: £1,205,153). In addition, the share of total support costs charged to charitable activities amounted to £295,638 (2021: £271,227). This is the share of staff and office costs incurred in respect of grant-making. There is considerable complexity in administering the many small, individual grants made by the Charity and this level of "administration cost" continues to represent an efficient cost ratio of 18.9% (2021: 20.64%).

The Charity's staff are the most significant part of the total costs of operating the Charity. They are pooled together with other costs of running the office (administration services, IT support, insurance and legal and professional fees) before being allocated between investment management, charitable activities and governance. Total remuneration costs for the year amounted to £200,811 (2021 £199,289).

The Charity reported a net surplus for the year of £631,000 (2021: surplus £98,512) before recognising gains net of losses on the revaluation of investments.

The net gain on revaluation of investments amounted to £2,872,483 (2021: £14,519,360) which comprised realised losses on the disposal of investments of £144,072 (2021: gain £254,986), unrealised gains on the revaluation of the investment portfolio of £4,026,050 (2021: £14,264,374) and an unrealised loss of £1,009,495 (2021: gain £157,228) on the revaluation of investment properties.

Subsidiary trading company

The consolidated financial statements incorporate the Charity and its subsidiary company, The Kesgrave Covenant Ltd (KCL). KCL is engaged in managing and developing land and buildings - a commercial activity not generally directly related to the activities of the Charity, albeit a part of the profit derives from work done for the Charity in relation to its own investment properties and interests in land.

The Charity was given the shares in its trading subsidiary and has not had to contribute any funds to that company. The contribution of the trading subsidiary to the income of the Charity has been substantial in the past and a gift aid payment of £640,805 (2021: £480,246) was made to the Charity in the current year. It is important to emphasise that the Charity and KCL operate completely independently of each other and that the Charity in no way underwrites the obligations of its subsidiary.

KCL has progressed opportunities for the long term development of land and buildings. KCL received an agency fee of £524,170 in the current year for its services in relation to a project for the sale of land at N Ipswich which completed in the prior financial year. In addition, work continues to progress on a possible opportunity to develop further land in North East Ipswich. Work on the project has yet to generate income but developmental costs are being incurred as they arise and being written off. KCL reported a profit before tax of £495,850 (2021: £135,783) for the year.

KCL remains financially strong having followed a stated policy, supported by the Trustees, of retaining sufficient profit in the business to maintain equity capital at around the current level of £891,475 (2021: £1,036,430).

Following the death of Crispin Rope, as director, the Trustees and the remaining director are considering the future ownership structure of KCL.

Risk management

The Trustees have assessed the major risks to which the Charity and the group is exposed, in particular those related to the operations and finances of the Charity and the group and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The Trustees actively participate in the assessment of risk which is considered, in terms of identifying any significant changes in risk, at all Trustee Boards. The risk management process addresses risk at three levels:-

identifying and classifying all sources and types of risk;

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

triggering the necessary action to manage the risks, focusing on "major" risks;
confirming that the remaining risk is consistent with the trustees' view of acceptable risk.

The Trustees document the risk assessment and action taken to mitigate risk in the Risk Register which provides a profile of all the identified risks. Major risks that have been identified by the review process are as follows:

The Charity generates income for grant-making from investing its cash balances. The Trustees consider the loss of investment income to be a major financial risk. The risk is mitigated by retaining expert investment managers, having a diversified investment portfolio and regularly reviewing that portfolio.
The investment strategy is strictly monitored to control asset allocation between property , equity, bond and cash asset classes, but although diversification can mitigate risk and provide a buffer for some risks, the Charity's investments are nonetheless inevitably exposed to the vagaries of world financial markets.
The Charity takes great care in investing cash deposits, spreading deposits between banks and building societies and limiting investment to those with strong credit ratings, but nonetheless banking instability causing a bank with whom the Charity has deposits to fail could leave the Charity exposed if government fails to stand behind a failed bank and make good the loss.
The Charity relies upon its staff and the relationships they have developed with agencies and support workers to ensure Charity's support reaches those in need as swiftly as possible. The health and well- being of staff is of high importance to the Trustees who have particularly assessed the impact of the risk of a member of staff developing Covid-19 or being absent as a result of a long-term illness on its operational activities and implemented a mitigation policy. If the Charity Trustees do not regularly review and monitor this risk the Charity may not be able to meet its charitable objectives for a period of time should a member of staff be absent for some time.
The Charity's risk programme has resulted in a comprehensive insurance programme being put in '
place to cover public, employee and officer s liability and material damage risks but there is nonetheless a remote possibility that a claim, particularly where public liability is concerned, may not be fully insured, but it would be an "exceptional" claim.
Failure to comply with legislation, in particular new legislation such as GDPR, or existing policies such as Health and Safety at Work, with the consequence that a failure to comply leaves the Charity or Trustees liable.

The Trustees have satisfied themselves that any actions necessary to manage the risks that have been identified have been taken and that any residual risk is acceptable. The Charity's risk profile is consistent with the level of risk that the Trustees are willing to accept.

FINANCIAL REVIEW

Reserves policy

Reserves policy as regards normal income.

The reserves policy seeks to maintain distributable reserves between a "minimum" level below which free reserves must not fall and a "maximum" up to which reserves may be held.

The minimum figure for reserves has been agreed by the Trustees at 6 months' income averaged over a threeyear period. And the maximum is calculated as twice the average of income over the last three years plus gift aid. Although the basic policy is based on no gift aid payments being received from KCL.

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

This ensures that the Charity will, in all normal circumstances, have a reserve sufficient to allow grants in a particular year to rise to 150% of the normal amount.

The minimum reserves requirement figure set by the policy is £884,268 (2021: £816,450) and the maximum is £3,707,594 (2021: £3,345,841).

- Reserves policy Gift Aid receipts.

Gift aid receipts can be quite large but will only occur at intervals. The policy is to treat gift aid receipts for reserve purposes as accruing evenly over the 6 years following the year in which they are received. This policy ensures that a sudden large gift aid receipt can be spent wisely in accordance with the Charity's policies and not have to be paid out at short notice for purposes which are not part of the Trustees' policies for priority.

Going Concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The Covid-19 pandemic has had little impact on the grant-making ability of the Charity to date although it is anticipated that the requests for grants will increase as the restrictions from the pandemic are lifted. As a grant making Charity with strong reserves and few on-going commitments, whilst this may lead to a draw on reserves it will not affect the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.

Charity's Funds

The Charity's total reserves as at 5 April 2022 amount to £76,982,919 (2021: £73,775,570) and comprise:

Fund	2022 £	2021 £
Unrestricted General Funds	5,867,580	5,268,220
Expendable Endowment	69,973,862	67,220,918
Tradingsubsidiary	1,141,477	1,286,432
	76,982,919	73,775,570

The free reserves of the Charity amount to £3,097,926 (2021: £1,936,712) and are calculated as follows:

Fund	2022 £	2022 £	2021 £
Unrestricted General Funds	5,867,580		5,268,220
Less Designated Funds	(2,769,654)		(3,331,508)
		3,097,926	1,936,712

and which is within the Charity's reserves policy range set out above.

The Charity's Unrestricted General Fund includes an Unrestricted Designated Fund set aside by the Trustees representing properties held for charitable use and which stands at £2,644,654 (2021: £3,206,508). The properties held for charitable use comprise Kesgrave Catholic Church, flats available for charitable use and the Charity's offices at St William Court, Kesgrave. The Charity sold a property previously held for charitable use during the course of the financial year.

The Church Maintenance Fund of £125,000 (2021: £125,000) is also held as an Unrestricted Designated Fund. The Trustees expect that the Church Maintenance Fund will be spent within 10 - 15 years. The Trustees therefore review the balances held in this designated fund against this benchmark unless it has been agreed that a different period is

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

more appropriate based on the reason for the designation. Where the fund has not been spent within the benchmark period, the Trustees will determine whether the fund is likely to be committed in the near future and the extent to which there is a continuing need for the designated fund. Where it is decided that the designation is no longer necessary or the designated fund has been inactive for more than 15 years, the fund is closed and transferred to reserves.

Plans for the future

Both the near term and long term future will bring considerable challenges for the Charity. The Charity is fortunate to be in a strong financial position but even so care will be needed to be sure that grant making remains consistent with the need to maintain the strength of the endowment. In a world where there are ever increasing demands for help from the poor, especially arising from the economic and social impact of the Covid- 19 pandemic, it will be necessary to focus what resources the Charity has towards those in most need and where the greatest difference can be made.

The programmes to help the poor in the Charity's own local area of East Suffolk are already the Charity's largest commitment and they are expected to expand further over the coming years. The pattern already seen so clearly of more families on low incomes finding themselves unable to cope as the state restricts benefits has been pronounced following the government's decision to hold the freeze on welfare benefits and to continue with the roll out of Universal Credit in spite of compelling evidence that many recipients are being dragged further into poverty. With these pressures and with inflation and fuel costs rising the Charity anticipates more families will need to seek its help.

Charitable institutions working in the Charity's local area will also be looking towards continued support as many are facing increasing financial pressures. The institutions supported by the Charity are those providing essential help to the poor in the local area. The Trustees are committed to increasing the help provided by working with new institutions as well as those already supported.

In respect of grant making to developing countries, the Charity is not seeking new opportunities but has continued to support UK institutions with which the Charity has had long relationships. Other than these relationships, in recent years the Trustees have chosen to channel a much-reduced level of support through specialist agencies based in the UK who then fund overseas projects and aid. The Charity's support for charities with overseas operations continues to run at a historically low level and this is likely to remain so in future.

INVESTMENT POLICY AND OBJECTIVES

Investment objectives

The Trustees take into account the Founder’s Wishes to bear in mind the possibility of "disaster" risks but still take very much into account the advantages of a very long term investment horizon. The Charity does not use leverage of any type, including both straight borrowing (which includes short selling) and borrowing by implication (which includes all types of derivatives).

Investment policy

Investments are held in accordance with the powers available to the Trustees, who have very wide investment powers, contained in the governing document.

The Trustees' approach to developing an investment strategy has been to deploy the wide powers of investments under the Trust Deed to develop an investment strategy that is "balanced" between the three principal asset classes of equities, physical property and cash but with a bias towards investing in real assets over the long term in order to deliver a strong return on the endowment. The strategy is encompassed within a Statement of Investment Principles which is reviewed on a regular basis. Over the last thirty years this objective of a strong return from "balanced investments" has been achieved.

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TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

As regards ethical considerations, direct investment is not permitted in companies engaged principally in gambling or the manufacture and/ or sale of tobacco products or armaments.

During the financial year the Trustees finalised the development of a revised Statement of Investment Principles which identifies and maintains the investment philosophy of the Founder and within this, has created a framework that produces an appropriate asset allocation policy, manages the rebalancing of assets , and selects suitable investment managers.

At the financial year end, the investment strategy comprised the following main principles:

a. Overall strategy. To preserve the real, inflation adjusted, capital value of the portfolio, whilst maintaining sufficient income for charitable distributions.
b. Maintenance of Income. In normal times, it is expected that the overall cash yield of the portfolio should be above 2% per year after all costs. Whilst it is acknowledged that portfolio yields may sink below this level at times of low global interest rates and correspondingly high asset valuations , maintenance of income will always remain a key part of the investment process.
c. Truly Long Term. Investments are made with the longest possible time horizon, with all asset purchases expected to be held for at least 5 years, and ideally much longer.
d. Contrarian. Preserving independent decision making, alongside the employment of a careful and considered contrarian investment approach - having the discipline and foresight to buy cheaper, out of favour assets, and selling well-regarded, and well-priced assets to achieve consistent outperformance.
e. Diversified. Risk diversification will be maintained through balanced exposure to asset classes , sectors, countries, and management types.

Investment performance

The net assets of the Charity at the year-end amounted to £77.0m (2021 £73.8m), allocated as follows:

	2022	2022	2021	2021
	£m	%	£m	%
Listed investments	58.2	75	54.7	74
Property	6.8	9	9.2	13
Cash on deposit plus net current assets (inc.Iongterm liabilities)	12.0	16	9.9	13
Total netassets	77.0	100	73.8	100

The value of the Charity's listed investment portfolio has continued to show good growth over the financial year after the marked reduction in value in 2020 as the world has emerged from the Covid-19 pandemic. The Trustees' consider that the investment strategy, built for the long term, will continue to weather the current storm.

The performance of the Charity's investments over the financial year showed positive income returns after costs of, on average, 2.5% (2021: 2.4%).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The name of the Charity is the Mrs L D Rope Third Charitable Settlement, regulated by Trust Deed dated the 22nd October 1984, as amended by a supplemental deed dated 23 July 2004 and a Resolution of the Trustees dated 3 June 2021,. The Trustees were incorporated under the name of "The Trustees of the Mrs L D Rope Third Charitable Settlement" by order of the Charity Commissioners on the 10 February 1994.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trust is a general charitable trust but having regard to directions given or wishes expressed by the Founder, Mrs L D Rope. The expressed detailed Founder's wishes were written, most formally on 15 June 1993, 27 February 1995, 22 May 1997 and 24 June 1999.

Capital is only to be distributed in the most exceptional of circumstances. Income is distributed at the Trustees' discretion subject to the Founder's Wishes.

The Trustees have wide powers of investment under the terms of the Trust Deed.

Appointment of Trustees

The policy for the selection of Trustees is based on the need to have individuals who have the ability as well as the inclination to lead and direct the Charity and build on the fine record of innovative grant making. The power of appointment of new Trustees rests with the existing Trustees from time to time. All Trustees are currently appointed for fixed terms. Attention is also given to Founder's Wishes in relation to having family members as Trustees where individuals with appropriate skills are available.

Policies adopted for the induction and training of trustees

On appointment new Trustees are given copies of all the Charity's fundamental documentation, copies of recent annual reports and the minutes of meetings of the Trustees, and some background information on Charity Law.

Training includes structured trustee training and seeing some of the Charity's property interests, participating in ongoing sessions on investment policy, and working with the Charity's staff in visits, etc., in connection with specific aspects of grant making.

Organisational structure and decision making

The key management personnel of the two legal entities comprising the group are the Trustees of the Charity and the Directors of Kesgrave Covenant Ltd.

Mrs Ellen Jolly, as Chair of the Trustees, has the lead role in managing the Charity on a day to day basis. Mrs Jolly continues to be supported in her work by a team of Trustees who bring a considerable depth of skill and experience to bear on the Charity's work and they are well placed to drive the Charity forward.

The Charity needs to employ sufficient staff to administer a broadly based programme of charitable giving while at the same time a breadth of skills are needed, including accounting and administration to support our charitable activities. The Trustees have always sought to employ high calibre people, to provide training to develop staff skills and to retain staff. The Charity has a Chief Financial Officer to support the Trustees in the financial, governance and oversight of the Charity. The Charity's staff, working to the objectives and procedures prescribed by the Trustees, undertake the Charity's work on a day to day basis, with the Trustees' providing oversight and governance. The Trustees recognise the contribution being made by the staff to the success of the Charity and would once again like to express their thanks to all members of the staff who are working so well together as a close knit team.

Funds held as custodian

No assets are held by the Charity for another Charity. The shares in The Kesgrave Covenant Limited are held by Mr Jeremy Heal in his capacity as Trustee on behalf of the Charity and the certificates are held by the Charity's solicitors for safe custody.

Equal opportunities policy

This policy covers all aspects of equal opportunities for employment and recruitment.

Trustees' responsibility statement

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

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 each financial year which give a true and fair view of the state of affairs of the Charity and the group and of the incoming resources and application of resources of the group for that period. 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 estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity and the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees and signed on their behalf by:

Ellen Mary Jolly Jeremy Philip Winteringham Heal Trustee Trustee 05 October 2022 05 October 2022 Date: Date:

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT FOR THE YEAR ENDED 5 APRIL 2022

OPINION

We have audited the financial statements of The Mrs L D Rope Third Charitable Settlement (the 'parent charity') and its subsidiaries (the 'group') for the year ended 5 April 2022 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent charity's affairs as at 5 April 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT FOR THE YEAR ENDED 5 APRIL 2022

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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
the parent Charity has not kept sufficient accounting records; or
the parent Charity financial statements are not in agreement with the accounting records and returns; or
• we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 Group's and the parent 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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT FOR THE YEAR ENDED 5 APRIL 2022

and non-compliance with laws and regulations, was as follows:

the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Group through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Charities Act 2011, Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;
we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting correspondence available;
identified laws and regulations were communicated within the audit engagement team regularly and the team remained alert to instances of non-compliance throughout the audit; and
we reviewed the minutes of board meetings to identify any references to non-compliance with laws and regulations.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we;

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT FOR THE YEAR ENDED 5 APRIL 2022

are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Because of the 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 irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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 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.

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

06 October 2022 Date:

Peters Elworthy & Moore are eligible to act as auditors in terms

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Endowment funds 2022 £ - 528,170 6,068	Unrestricted funds 2022 £ 3,240 - 1,807,175	Total funds 2022 £ 3,240 528,170 1,813,243
534,238	1,810,415	2,344,653
119,539 38,388 -	136,651 - 1,564,030	256,190 38,388 1,564,030
157,927	1,700,681	1,858,608
376,311 2,872,483	109,734 -	486,045 2,872,483
3,248,794 (640,805)	109,734 640,805	3,358,528 -
2,607,989 -	750,539 (151,179)	3,358,528 (151,179)
2,607,989	599,360	3,207,349
68,507,350	5,268,220	73,775,570
71,115,339	5,867,580	76,982,919

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 50 form part of these financial statements.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Endowment funds 2022 £ - -	Unrestricted funds 2022 £ 3,240 2,447,980	Total funds 2022 £ 3,240 2,447,980
-	2,451,220	2,451,220
119,539 -	136,651 1,564,030	256,190 1,564,030
119,539	1,700,681	1,820,220
(119,539) 2,727,528	750,539 -	631,000 2,727,528
2,607,989 -	750,539 (151,179)	3,358,528 (151,179)
2,607,989	599,360	3,207,349
68,507,350	5,268,220	73,775,570
71,115,339	5,867,580	76,982,919

All activities relate to continuing operations.

The notes on pages 23 to 50 form part of these financial statements.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

CONSOLIDATED BALANCE SHEET AS AT 5 APRIL 2022

Note FIXED ASSETS Tangible assets 15 Investments 16 CURRENT ASSETS Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year 20 Provisions for liabilities 21 TOTAL NET ASSETS CHARITY FUNDS Endowment funds 22 Unrestricted funds 22 TOTAL FUNDS	621,180 2,592,563	2022 £ 2,655,145 71,657,233 74,312,378 587,143 3,258,874 3,846,017 (1,300,776) 2,769,041 77,081,419 (10,000) (88,500) 76,982,919 71,115,339 5,867,580 76,982,919	2021 £ 3,235,953 68,129,153
			71,365,106 2,545,241
	3,213,743 (444,702)

			73,910,347 (46,277) (88,500)
			73,775,570
			68,507,350 5,268,220
			73,775,570

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ellen Mary Jolly Jeremy Philip Winteringham Heal Trustee Trustee

05 October 2022 Date:

The notes on pages 23 to 50 form part of these financial statements.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

CHARITY BALANCE SHEET AS AT 5 APRIL 2022

Note FIXED ASSETS Tangible assets 15 Investments 16 CURRENT ASSETS Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year 20 TOTAL NET ASSETS CHARITY FUNDS Endowment funds 22 Unrestricted funds 22 TOTAL FUNDS	1,083,441 812,426	2022 £ 2,655,145 72,798,710 75,453,855 517,478 1,002,134 1,519,612 (349,302) 1,539,064 76,992,919 (10,000) 76,982,919 71,115,339 5,867,580 76,982,919	2021 £ 3,235,952 69,415,585
			72,651,537 1,170,310
	1,895,867 (356,803)

			73,821,847 (46,277)
			73,775,570
			68,507,350 5,268,220
			73,775,570

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ellen Mary Jolly Jeremy Philip Winteringham Heal Trustee Trustee 05 October 2022 Date:

The notes on pages 23 to 50 form part of these financial statements.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022

CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 24 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Net proceeds from sale of investments Repayment of programme related investments NET CASH PROVIDED BY INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES NET CASH PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	2022 £ (2,229,107)	2021 £ (139,490)
	1,813,063 (5,346) (410,675) (655,596) -	1,320,943 (14,229) - (408,047) 40,000
	1,562,796	938,667

	-	-
	(666,311) 3,258,874	799,177 2,616,925
	2,592,563	3,416,102

The notes on pages 23 to 50 form part of these financial statements

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. GENERAL INFORMATION

The Mrs L D Rope Third Charitable Settlement is an unincorporated charity registered in England. The Charity's registered office is Lucy House, St. William Court, Kesgrave, Ipswich, Suffolk IP5 1QP.

The Charity is parent to The Kesgrave Covenant Limited, a company incorporated in England.

The Charity's functional and presentational currency is GBP.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second edition October 2019 - effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Mrs L D Rope Third Charitable Settlement 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.2 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Expendable endowment funds are funds which provide the trustees with a power to convert all or part of the gift into income. The income and expenditure generated from/by the endowment gift are to be allocated to the endowment fund.

Investment income, gains and losses are allocated to the appropriate fund.

The aim and use of each fund is set out in the notes to the financial statements.

2.3 GOING CONCERN

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

2.4 INCOME

All incoming resources are recognised once the Charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of the incoming resources can be measured with sufficient reliability with the exception of certain investment income referred to below.

Donated facilities are included at the Trustees best estimate of the value to the Charity. No amounts are included for services donated by volunteers.

Interest is accounted for on an accruals basis and is shown inclusive of the recoverable income tax.

Income from Grange Farm Landowners is accounted for when notified of a receipt with the exception of rental income which is recognised on an accruals basis.

Dividend income is accounted for in the period within which the Charity is entitled to receipt. Income from property funds are recognised by reference to the payment date and are shown inclusive of recoverable UK income tax.

Income from investment properties is recognised on an accruals basis.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Overhead and support costs have been allocated between costs of generating funds, charitable activities and governance. Staff costs are allocated on the basis of a best estimate of time spent by each member of staff and their cost on each activity. Similarly other costs ate allocated on the basis of the purpose of the expenditure. The allocation of overheads and support costs is analysed in the notes to the financial statements.

Costs of raising funds consist of the costs of managing the investment portfolio and investment property together with the property development costs of the trading subsidiary.

Costs of charitable activities include grant making and an apportionment of overhead, support costs and governance costs. Grants for institutions are recognised when the offer is indicated to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Grants for individuals can not be quantified at the time a commitment is made and they are therefore accounted for when paid. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

2.6 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Land and buildings are included in the Balance Sheet at cost with the exception of the freehold and the leasehold flats let for charitable purposes that are at fair value and the car park for which a previous revaluation has been used as deemed cost. The Trustees carry out an annual impairment review and consequently no depreciation is charged on buildings as their estimated value is not less than their carrying cost.

Office equipment costing more than £250 is capitalised and included in the Balance Sheet at historic cost.

Depreciation is provided on a straight line basis at a rate of between one sixth and one tenth of cost per annum.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

Office equipment - 6 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. ACCOUNTING POLICIES (CONTINUED)

2.9 INVESTMENTS

Investments 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.

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. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Investment property is carried at fair value determined annually by the Trustees based on professional advice received. Fair values are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

The unquoted property funds are valued at the mid market unit price nearest to the balance sheet date.

Programme related or social investments are initially recognised and measured at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment.

The interest in the subsidiary is included at fair value by the Trustees.

2.10 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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2. ACCOUNTING POLICIES (CONTINUED)

2.12 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates 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 are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.13 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 PENSIONS

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Preparation of the financial statements requires management to make significant judgements and estimates.

Critical accounting estimates and assumptions:

Depreciation on fixed assets. Depreciation is estimated based on the useful economic life of the assets.

Estimation of provisions. Provisions are estimated based on expected costs to meet obligations to perform certain works in respect of previously completed land sales.

Fair value of investments. Investments are estimated based on fair value using the closing quoted market price.

Grants accrued payable in more than one year. Grants payable in more than year are estimated based on future grantee needs.

Fair value of fixed assets. Fixed assets held at fair value are estimated based on fair value using professional advice.

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4. INCOME FROM CHARITABLE ACTIVITIES - GROUP AND CHARITY

Letting of non investment property TOTAL 2021	Unrestricted funds 2022 £ 3,240	Total funds 2022 £ 3,240	Total funds 2021 £ 6,840

	6,840	6,840

5. INCOME FROM OTHER TRADING ACTIVITIES - GROUP

Income generated by subsidiary TOTAL 2021	Endowment funds 2022 £ 528,170	Total funds 2022 £ 528,170	Total funds 2021 £ 74,332

	74,332	74,332

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6. INVESTMENT INCOME - GROUP

Endowment funds 2022 £ 2,800 - - - 3,268 -	Unrestricted funds 2022 £ 238,685 1,108,318 418,060 21,934 19,193 985	Total funds 2022 £ 241,485 1,108,318 418,060 21,934 22,461 985	Total funds 2021 £ 210,199 710,592 349,727 21,678 26,067 2,680
6,068	1,807,175	1,813,243	1,320,943

7,067	1,313,876	1,320,943

The investment income to Endowment funds of £6,068 (2021 - £7,067) relates to the trading subsidiary. The Charity only investment income for the year is £2,447,980 (2021 - £1,794,122).

7. EXPENDITURE ON RAISING FUNDS

INVESTMENT MANAGEMENT - GROUP AND CHARITY

Endowment funds 2022 £ - 49,800 57,475 12,264	Unrestricted funds 2022 £ 101,565 5,533 6,386 23,167	Total funds 2022 £ 101,565 55,333 63,861 35,431	Total funds 2021 £ 73,829 55,239 42,112 26,490
119,539	136,651	256,190	197,610

100,344	97,326	197,670

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7. EXPENDITURE ON RAISING FUNDS (CONTINUED)

SUBSIDIARY TRADING EXPENSES - GROUP

Subsidiary trading costs (note 16) TOTAL 2021	Endowment funds 2022 £ 38,388	Total funds 2022 £ 38,388	Total funds 2021 £ (54,384)

	(54,384)	(54,384)

8. EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP AND CHARITY

Activities undertaken directly (note 9) 2022 £ 4,484 - 6 -	Grant funding of activities (note 10) 2022 £ 1,024,239 81,625 8,000 150,038	Support and governance costs (note 11) 2022 £ 239,584 19,091 1,871 35,092	Total funds 2022 £ 1,268,307 100,716 9,877 185,130	Total funds 2021 £ 1,026,951 76,943 38,367 362,519
4,490	1,263,902	295,638	1,564,030	1,504,780

28,402	1,205,153	271,225	1,504,780

In 2022 and 2021 all expenditure on charitable activities is from unrestricted funds.

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9. ANALYSIS OF DIRECT COSTS - GROUP AND CHARITY

	Relief of poverty	Advance- ment of religion	Total funds	Total funds
	2021	2021	2022	2021
Provision of accommodation Church costs TOTAL 2021	£ 4,484 -	£ - 6	£ 4,484 6 4,490 28,402	£ 28,450 (48) 28,402
	4,484	6

	28,450	(48)

10. ANALYSIS OF GRANTS - GROUP AND CHARITY

Grants to Institutions 2022 £ 252,661 81,625 8,000 150,038	Grants to Individuals 2022 £ 771,578 - - -	Total funds 2022 £ 1,024,239 81,625 8,000 150,038	Total funds 2021 £ 815,068 62,808 31,357 295,920 1,205,153 Grants to Individuals No' 2,600 - - -
492,324	771,578	1,263,902

606,663	598,490	1,205,153
		Grants to Institutions No' 72 19 2 51
		144	2,600

Details of material grants are disclosed in the Trustees Report.

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11. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

	Investment Manage- ment (Note 7)	Relief of poverty (Note 8)	Advance- ment of education (Note 8)	Advance- ment of religion (Note 8)	Other charitable (Note 8)	Total funds	Total funds
	2022	2022	2022	2022	2022	2022	2021
Staff costs Depreciation Trustees' expenses Legal fees Subscriptions and publications Office costs Audit and accountancy costs TOTAL 2021	£ 12,436 810 - 11,155 1,334 8,542 1,154	£ 152,672 3,716 - 20,603 1,974 43,639 16,980	£ 12,167 296 1,642 157 3,476 1,353	£ 1,192 29 - 161 15 341 133	£ 22,364 545 - - 3,018 289 6,389 2,487	£ 200,831 5,396 - 36,579 3,769 62,387 22,107	£ 199,289 5,340 - 21,715 3,292 54,029 14,050 297,715
	35,431	239,584	19,091	1,871	35,092	331,069

	26,490	183,433	14,135	7,058	66,599	297,715

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12. AUDITORS' REMUNERATION

Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fees payable to the Charity's auditor in respect of: Other services	2022 £ 16,500 4,800	2021 £ 15,000 4,750

13. STAFF COSTS

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2022 £ 167,645 12,738 20,448 200,831	Group 2021 £ 168,960 12,350 17,979 199,289

The average number of persons employed by the Charity during the year was as follows:

Staff	Group 2022 No. 4	Group 2021 No. 4

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13. STAFF COSTS (CONTINUED)

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel comprise the trustees of the Charity and the directors of the wholly owned subsidiary The Kesgrave Covenant Limited.

Mr J P W Heal, consultant, and Mrs C S J Scott, partner, both at Messrs Howes Percival LLP solicitors, received no remuneration directly or reimbursed expenses. Howes Percival's fees for legal services are charged on an arm's length basis. Total fees payable to Messrs Howes Percival LLP incurred by the Charity were £35,748 (2021: £21,717) which includes both revenue and capital, of which £8,365 (2021: £2,325) was outstanding at the year end. The Charity bears a share of fees paid by Grange Farm Landowners which amounted to £NIL (2020: £NIL). The subsidiary incurred Howes Percival fees of £10,501 (2021: £48,103) in the course of the business of the company of which £NIL (2021: £34,156) was accrued at the year end.

During the year, no directors of the subsidiary received any remuneration (2021: £NIL).

Pension costs relate to contributions to money purchase schemes in respect of 4 employees (2021: 4).

14. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).

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15. TANGIBLE FIXED ASSETS

GROUP & CHARITY

Land and buildings £ COST 2,398,008 - (410,675) -	Property held for charitable purposes £ VALUATION 808,500 - - (151,179)	Office equipment £ COST 116,116 5,345 - -	Total £ £ 3,322,624 5,345 (410,675) (151,179)
1,987,333	657,321	121,461	2,766,115
- -	- -	86,671 24,299	86,671 24,299
-	-	110,970	110,970

1,987,333	657,321	10,492	2,655,145
2,398,008	808,500	29,445	3,235,953

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16. FIXED ASSET INVESTMENTS

							Cash and	Cash and	Cash and
			Unquoted						fixed
	Listed		property		Investment			interest
	investments		funds		properties		deposits				Total
GROUP		£		£		£			£		£
COST OR VALUATION
At 6 April 2021	54,683,492		625,686		4,179,822		8,640,153			68,129,153
Additions	6,375,962			-		-			-	6,375,962
Disposals
(proceeds £6,563,017)	(6,707,089)			-		-			-	(6,707,089)
Revaluations	3,854,759		171,291		(1,009,495)				-	3,016,555
Cash movement		-		-		-		842,652			842,652
AT 5 APRIL 2022	58,207,124		796,977		3,170,327		9,482,804			71,657,233
									Cash	and
	Investments			Unquoted					fixed
	in subsidiary		Listed	property		Investment			interest
	companies	investments			funds	properties			deposits		Total
CHARITY	£		£		£		£			£		£
COST OR
VALUATION
At 6 April 2021	1,286,432	54,683,492		625,686		4,179,822			8,640,153		69,415,585
Additions	-	6,375,962			-		-			-	6,375,962
Disposals
(proceeds
£6,563,017)	-	(6,707,089)			-		-			-	(6,707,089)
Revaluations	(144,955)	3,854,759		171,291		(1,009,495)				-	2,871,600
Cash movement	-		-		-		-		842,652		842,652
AT 5 APRIL 2022	1,141,477	58,207,124		796,977		3,170,327			9,482,805		72,798,710

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16. FIXED ASSET INVESTMENTS (CONTINUED)

PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business The Kesgrave Covenant Limited 01902478 Philip House, St William Court, Planning work, the Ipswich sale and purchase of land and property

Class of	Holding	Included in
shares		consolidation
Ordinary	100% Yes
The financial	results of the subsidiary for the		year were:
Name			Income	Expenditure	Profit/(Loss)	Net assets
			£	£	/ Surplus/	£
					(Deficit) for
					the year
					£
The Kesgrave Covenant Limited			534,238	(38,388)	495,850	1,141,477

The financial results of the subsidiary for the year were:

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). The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.

The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Charity‘s investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Charity manages these investment risks by taking investment advice and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.

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18. DEBTORS

DUE WITHIN ONE YEAR Trade debtors Amounts owed by participating interests Amounts due from subsidiary Other debtors Prepayments and accrued income	Group 2022 £ 27,661 402,104 - 1,779 138,122	Group 2021 £ 23,141 398,530 - 51,467 113,406	Charity 2022 £ 9,475 402,104 498,127 - 122,221	Charity 2021 £ 6,928 398,530 - 8,279 103,742
	621,180	587,143	1,083,441	517,479

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other taxation and social security Other creditors Accruals and deferred income Grants accrued - institutional (note 27)	Group 2022 £ 81,003 - 72,890 113,677 177,132	Group 2021 £ 69,709 43,997 862,835 79,998 244,237	Charity 2022 £ 76,541 - - 103,130 177,132	Charity 2021 £ 63,036 - 3,657 38,375 244,237
	444,702	1,259,398	356,803	349,302

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20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grants accrued - institutional (note 27)	Group 2022 £ 10,000	Group 2021 £ 46,277	Charity 2022 £ 10,000	Charity 2021 £ 46,277

21. PROVISIONS

GROUP AND CHARITY

At 6 April 2021 Amounts used Discounted adjustments	Maintenance provisions £ 88,500 - -
	88,500

The Kesgrave Covenant Limited has obligations to perform certain works in respect of previously completed land sales. The work is not expected to be completed within the forthcoming financial year.

The Charity has no provisions.

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22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 6 April 2021 £ 125,000 2,934,883 271,625	Income £ - - -	Expenditure £ - - -	Transfers in/out £ - (410,675) -	Transfers in/out £ - (410,675) -	Gains/ (Losses) £ - (10,621) (140,559)	Balance at 5 April 2022 £ 125,000 2,513,587 131,066 2,769,654 3,097,926 5,867,580 69,973,862 1,141,477
3,331,508	-	-	(410,675)		(151,179)
1,936,712	1,810,415	(1,700,681)		1,051,480	-
5,268,220	1,810,415	(1,700,681)		640,805	(151,179)
67,220,918 1,286,432	- 534,238	(119,539) (38,388)		- (640,805)	2,872,483 -
68,507,350	534,238	(157,927)		(640,805)	2,872,483	71,115,339
73,775,570	2,344,653	(1,858,608)		-	2,721,304	76,982,919

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22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

Balance at 6 April 2020 £ 125,000 3,150,208 280,125	Income £ - - -	Expenditure £ - - -	Gains/ (Losses) £ - (215,325) (8,500)	Balance at 5 April 2021 £ 125,000 2,934,883 271,625
3,555,333	-	-	(223,825)	3,331,508
1,737,856	1,320,716	(1,602,106)	-	1,936,712
5,293,189	-	(1,602,106)	(223,825)	5,268,220
52,081,106 1,630,895	- 81,399	(100,344) 54,384	15,240,156 -	67,220,918 1,286,432
53,712,001	81,399	(45,960)	15,240,156	68,507,350

TOTAL OF FUNDS

59,005,190 1,402,115 (1,648,066) 15,016,331 73,775,570

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22. STATEMENT OF FUNDS (CONTINUED)

The Expendable Endowment Fund represents the assets which are held permanently by the Charity. The Founder expressed the strong wish that this fund should not be spent except in the most exceptional circumstances. The cost of investment management and administration is charged to the fund. All realised and unrealised gains and losses on investment assets are accounted for in the fund. Income generated by the assets of the fund is available for utilisation by the Unrestricted Fund and has accordingly been included in that Fund. The Expendable Endowment Fund includes the investment in the trading subsidiary.

Unrestricted General Funds are funds which the Trustees are free to use in accordance with the charitable objectives.

The Church Maintenance Fund comprises funds held in readiness for the maintenance of Kesgrave Catholic Church.

The Unrestricted Designated Fund comprises amounts set aside to fund buildings held for charitable use including Kesgrave Catholic Church, property let for charitable purposes and the Charity offices and consequently the Fund is not available for distribution. All unrealised gains and losses on revaluation are accounted for in the Unrestricted designated fund revaluation reserve.

The transfer in the year represents the diminuation in the net assets of the trading subsidiary following a distribution to its Parent charity.

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22. STATEMENT OF FUNDS - CHARITY

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 6 April 2021 £ 125,000 2,934,883 271,625	Income £ - - -	Expenditure £ - - -	Transfers in/out £ - (410,675) -	Transfers in/out £ - (410,675) -	Gains/ (Losses) £ - (10,621) (140,559)	Balance at 5 April 2022 £ 125,000 2,513,587 131,066 2,769,654 3,097,926 5,867,580 71,115,339
3,331,508	-	-	(410,675)		(151,179)
1,936,712	2,451,220	(1,700,681)		1,051,480	-
5,268,220	2,451,220	(1,700,681)		640,805	(151,179)
68,507,350	-	(119,539)		-	2,727,528
68,507,350	-	(119,539)		-	2,727,528	71,115,339
73,775,570	2,451,220	(1,820,220)		-	2,576,349	76,982,919

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22. STATEMENT OF FUNDS – CHARITY (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

Balance at 6 April 2020 £ 125,000 3,150,208 280,125	Income £ - - -	Expenditure £ - - -	Gains/ (Losses) £ - (215,325) (8,500)
3,555,333	-	-	-
1,737,856	1,800,962	(1,602,106)	-
5,293,189	1,800,962	(1,602,106)	-
53,931,106	-	(100,344)	14,676,588
59,224,925	1,800,962	(1,702,450)	14,452,763

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23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR - GROUP

Endowment funds 2022 Unrestricted funds 2022 £ £ Tangible fixed assets - 2,655,145 Fixed asset investments 69,571,759 2,085,474 Current assets 1,719,982 1,493,761 Creditors due within one year (87,901) (356,801) Creditors due in more than one year - (10,000) Provisions for liabilities and charges (88,500) - TOTAL 71,115,339 5,867,580 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR - GROUP Endowment funds 2021 Unrestricted funds 2021 £ £ Tangible fixed assets - 3,235,953 Fixed asset investments 67,220,918 908,235 Programme related investments - - Current assets 2,283,215 1,562,802 Creditors due within one year (908,283) (392,493) Creditors due in more than one year - (46,277) Provisions for liabilities and charges (88,500) - TOTAL 68,507,350 5,268,220	Endowment funds 2022 £ - 69,571,759 1,719,982 (87,901) - (88,500)	Unrestricted funds 2022 £ 2,655,145 2,085,474 1,493,761 (356,801) (10,000) -	Total funds 2022 £ 2,655,145 71,657,233 3,213,743 (444,702) (10,000) (88,500) 76,982,919 Total funds 2021 £ 3,235,953 68,129,153 - 3,846,017 (1,300,776) (46,277) (88,500 ) 73,775,570
	71,115,339	5,867,580
	68,507,350	5,268,220

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23. ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR - CHARITY

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR - Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year	Endowment funds 2021 £ - 70,713,236 402,104 - -	Unrestricted funds 2021 £ 2,655,146 2,085,474 1,493,763 (356,803) (10,000)	Total funds 2021 £ 2,655,145 72,798,710 1,895,867 (356,803) (10,000) 76,982,919 Total funds 2020 £ 3,235,953 69,415,585 1,519,614 (349,305) (46,277) 73,775,570
	71,115,339	5,268,350
	CHARITY Endowment funds 2020 £ - 68,507,350 - - -	Unrestricted funds 2020 £ 3,235,953 908,235 1,519,614 (349,305) (46,277)
	68,507,350	5,268,220

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

24. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charges (Gains)/losses on investments (Gains)/losses on revaluation of fixed assets Dividends, interests and rents from investments (Increase)/decrease in debtors (Decrease)/increase in creditors Decrease in provisions NET CASH USED IN OPERATING ACTIVITIES 25. ANALYSIS OF CASH AND CASH EQUIVALENTS	Group Group 2022 2021 £ £ 3,207,34914,994,205
	24,299 5,340 (2,872,483)(15,082,928) 151,179 - (1,813,063) (1,320,943) (34,037) 626,193 (892,351) 775,892 - (137,249)
	(2,229,107) (139,490)

Cash in hand TOTAL CASH AND CASH EQUIVALENTS 26. ANALYSIS OF CHANGES IN NET DEBT Cash at bank and in hand	At 6 April 2021 £ 3,258,874	Group 2022 £ 2,592,563	Group 2021 £ 3,258,874 3,258,874 At 5 April 2022 £ 2,592,563 2,592,563
		2,592,563
		Cash flows £ 666,311
	3,258,874	666,311

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THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

27. GRANT COMMITMENTS

Balance at 6 April 2021 £ 290,514 New commitments £ 35,000 Cancelled commitments (£ 10,432) Commitments paid (£ 127,950) Balance at 5 April 2022 £ 187,132

Grant commitments to institutions is included within Creditors note 19 and 20.

28. PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £20,448 (2021 - £17,979). Contributions totalling £NIL (2021 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

29. RELATED PARTY TRANSACTIONS

Mr C M Rope (deceased) was and Mrs E M Jolly is a director of W O & P O Jolly Holdings Limited whose subsidiary is WO & PO Jolly (Ipswich) Limited. There are recharges between the two entities in respect of administration, rent received, utilities and document storage. The charity was recharged accountancy and administration services by W O & P O Jolly Holdings Limited but at a rate below the market value of those services. At the year end the balance due from W O & P O Jolly Holdings Limited was £644 (2021 - £NIL) and from WO & PO Jolly (Ipswich) Limited was £194 (2021 - £NIL).

Mr C M Rope, who was a trustee, held shares in a company in his own name on behalf of the charity, which totalled £221,078 at the year-end (2021 - £296,241). The quoted company does not permit shares to be held other than by individuals.

During the year the charity received distributions from its subsidiary, The Kesgrave Covenant Limited, of £640,805 (£480,246). The balance due from The Kesgrave Covenant Limited at the year end was £498,127 (2021 - £NIL).

The Mrs L D Rope Third Charitable Settlement has a beneficial interest in a bare trust, Grange Farm Landowners of which Mr C M Rope was a trustee and which holds interests in land. The charity also recognised its proportion of Grange Farm Landowners' income and costs. The charity received recharged administrative expenses and its share of Grange Farm Landowners' distributions. The balance with Grange Farm Landowners at the year-end totalled £402,104 (2021 - £398,530)

Related party transactions during the year are detailed overleaf:

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

RELATED PARTY TRANSACTIONS (CONTINUED)

	2022	2021
	£	£
WO & PO Jolly Holdings Limited
Administration expenses recharged	(2,530)	(3,950)
Rental income	6,500	6,500
Document storage	3,500	3,500
Property support, administration and accountancy services	(3,165)	(3,328)
Accountancy services	(780)	(780)
Property management	(12,237)	(18,460)
WO & PO Jolly (Ipswich) Limited
Document storage	1,250	1,250
Kesgrave Covenant Limited
Gift aid donation	640,805	480,246
Carlford Construction Limited
Document storage	300	300
Kesgrave Assured Tenancies Limited
Document storage	350	350
Kesgrave Second Assured Tenancies Limited
Document storage	350	350
Kesgrave Trading Company Limited
Document storage	300	300
Grange Farm Landowners
Rent received (share)	50,644	40,043
Interest received (share)	808	2,987
Costs (share)	(5,879)	(6,062)
Distributions (share)	42,000	613,375
Ground rents	(7,225)	(7,225)
Document storage	1,150	-
Howes Percival
Legal fees	(35,748)	(20,542)
Mr C M Rope
Administrative expenses recharged	-	-

Page 50

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

CONTENTS

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

OBJECTIVES AND ACTIVITIES

Relief of Poverty

Advancement of Education

General Charitable Purposes

Founder’s Wishes regarding the activities of the Charity

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

GRANT MAKING POLICIES

Grants to individuals

Grants to institutions

Main activities to further the Charity’s purposes for public benefit

Grants to individuals

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Grants to institutions

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Analysis of giving

Analysis by type of need

Analysis by location

ACHIEVEMENTS AND PERFORMANCE

Financial review

Charity performance for the year

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Subsidiary trading company

Risk management

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

FINANCIAL REVIEW

Reserves policy

Reserves policy as regards normal income.

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

- Reserves policy Gift Aid receipts.

Going Concern

Charity's Funds

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Plans for the future

INVESTMENT POLICY AND OBJECTIVES

Investment objectives

Investment policy

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Investment performance

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

Appointment of Trustees

Policies adopted for the induction and training of trustees

Organisational structure and decision making

Funds held as custodian

Equal opportunities policy

Trustees' responsibility statement

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT FOR THE YEAR ENDED 5 APRIL 2022

OPINION

BASIS FOR OPINION

CONCLUSIONS RELATING TO GOING CONCERN

OTHER INFORMATION

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT FOR THE YEAR ENDED 5 APRIL 2022

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

RESPONSIBILITIES OF TRUSTEES

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

THE MRS L D ROPE THIRD CHARITABLE SETTLEMENT