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2021-12-31-accounts

Charity Registration Number: 295676

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2021

for

The 21st Century Trust

(A Trust)

Green Accountancy Limited Association of Chartered Certified Accountants Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX

The 21st Century Trust

Contents

Charity information 1
Report of the trustees 2 to 6
Independent examiner's report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 17

The 21st Century Trust

Reference and administrative details

Registered Charity number

295676

Registered office

56 Falcon Point Hopton Street London SE1 9JW

Trustees

Randal C Teague Stephen Salyer Tina Micklethwait Dr Catherine Wills (deceased July 2022) Ben Glahn Peter Wilson-Smith (Chair from July 2021) Jill Hosford Pellew Philip Stephens (trustee from December 2021) Edward Mortimer CMG (Chair, deceased June 2021)

Independent Examiner

Mark Thompson FCCA PG Lemon LLP First Floor Unicorn House 221/222 Shoreditch High Street London E1 6PJ

Accountants

Green Accountancy Limited Association of Chartered Certified Accountants Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX

Page 1

The 21st Century Trust

Report of the trustees for the year ended 31 December 2021

The Trustees present their report together with the financial statements of the Trust for the year ended 31st December 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 10-12 of the attached financial statements and comply with the charity's trust deed, applicable laws and requirements of the Statement of Recommended Practice on "Accounting and Reporting by Charities" revised and issued in March 2005.

Reference and administrative details

Registered Trust number in England and Wales

295676

Registered office

56 Falcon Point Hopton Street London SE1 9JW

Trustees

Randal C Teague Stephen Salyer Tina Micklethwait Dr Catherine Wills (deceased July 2022) Ben Glahn Peter Wilson-Smith (Chair from July 2021) Jill Hosford Pellew Philip Stephens (trustee from December 2021) Edward Mortimer CMG (Chair, deceased June 2021)

Director

John Lotherington

Solicitors

Farrer & Co. 66 Lincoln’s Inn Fields London WC2A 3LH

Bankers

Coutts & Co. Commercial Banking 440 Strand London WC2R 0QS

Page 2

The 21st Century Trust

Report of the trustees for the year ended 31 December 2021

Fund Managers

Schroder Investment Management Ltd 31 Gresham Street London EC2V 7QA

Independent Examiner

Mark Thompson FCCA PG Lemon LLP First Floor Unicorn House 221/222 Shoreditch High Street London E1 6PJ

Accountants

Green Accountancy Limited Association of Chartered Certified Accountants Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX

Constitution and organisation

The charity is controlled by its operating document, a deed of trust, and constitutes an unincorporated charity. The 21st Century Trust was constituted by a Declaration of Trust dated 11th November 1986. New trustees are appointed by those Trustees already in office. Whilst the Trustees are ultimately responsible for the charity, they have delegated the day to day management of the charity to a director. The director reports to the Trustees both formally and informally on a regular basis. The names of the Trustees who were in office at the date on which the attached accounts were approved are set out on the fly page.

Charitable Objectives and Public Benefit

The Trust is registered for charitable purposes with the Charity Commission. The Trust's objective is to strengthen, through education, links between free societies throughout the world and to promote the values they represent. The Trustees confirm that they have considered the Charity Commission guidance on public benefit.

Page 3

The 21st Century Trust

Report of the trustees for the year ended 31 December 2021

Policies for achieving these objectives

From its inception, the Trust looked to the future, in its first phase concentrating its efforts on able men and women in mid-career who will become leaders in various fields in their respective countries. It is multidisciplinary and has addressed a wide range of current international concerns, largely through a programme of conferences and the Fellowship, a forum for the exchange of ideas and best practice among Fellows on through their careers. The Trust has always worked in collaboration with other partners where it was possible to share the mission, outcomes and costs, to sustain and amplify its work. Owing to the impact of the financial crisis on a small endowment, and to secure the future of the Trust's Fellowship, the trustees took the decision in 2008 to negotiate a core partnership with the Salzburg Global Seminar, an American non-profit organization with a nearly identical mission, also with an international remit. To that end the trustees resolved to suspend the independent activities of the Trust from May 2009, and to second the director, John Lotherington, to work with colleagues at the Salzburg Global Seminar, in order to further the shared mission in general, and in particular to develop the Salzburg Global Fellowship - a joint network comprising the alumni of the Salzburg Global Seminar and the Fellowship of the 21st Century Trust. This arrangement enabled the Trust to scale up opportunities for Fellows in line with the Trust's charitable goals and maximize the returns on its remaining funds. The secondment came to an end in December 2018, but the Trust has continued to collaborate with Salzburg Global Seminar while initiating its own programme activities in London and elsewhere.

Investment policy

The investments held by the Trust have been acquired in accordance with the powers available to the Trustees. The objective in managing the portfolio is to maximise the overall rate of return in so far as this is consistent with maintaining a prudent and balanced investment exposure, whilst giving regard to the Trust's cash requirements from time to time.

Reserves policy

The Trust has sufficient funding in hand to cover the budget set for 2022 and meet its obligations for the foreseeable future.

Page 4

The 21st Century Trust

Report of the trustees for the year ended 31 December 2021

Responsibilities of trustees

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (UK Accounting Standards and applicable law).

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees should follow best practice and: -select suitable accoun-ng policies and then apply them consistently;

-make judgments and es-mates that are reasonable and prudent;

-state whether applicable UK Accoun-ng Standards have been followed;

-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with applicable law, regulations and the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed. The Trustees believe that, by ensuring controls over key financial systems and by examining the operational and business risks faced by the Charity, they have established effective systems to mitigate those risks.

Review of the year's activities

The Trustees report with deep sadness the death in June 2021 of Edward Mortimer, who had served with great distinction as the Trust's chairman since 2012 and as a key supporter since 1990. As well as ensuring wise and effective governance in his role as Chair, he contributed inspiration and intellectual leadership to all the activities of the Trust.

Page 5

The 21st Century Trust

Report of the trustees for the year ended 31 December 2021

The first event of the year was a webinar in collaboration with Salzburg Global on 21 January, Can Democracy Catch Up With Technology, led by Professor Steve Stedman, Secretary General of the Kofi Annan Foundation Commission on Elections and Democracy in the Digital Age. This was followed on 25 February by Who owns the past?, a webinar drawing on the report Contested Histories in Public Spaces: Principles, Process, Best Practices produced by the International Bar Association and the Institute for Historical Justice and Reconciliation with Salzburg Global. On November 3rd the first in-person meeting took place in London to discuss After the Pandemic: What Future for Live Classical Music in the Coming Generation?, bringing together established leaders in the field with musicians at the start of their careers. Finally, the 2021 Palliser Lecture was delivered on December 7th by Neil MacGregor on Making The History We Need: Civic Engagement In Rethinking The Past, with a distinguished panel, led by Baroness Prashar, including Aindrea Emelife, art historian & member of the Mayor of London’s Commission on Diversity in the Public Realm; Rhieve Grey, Rhodes Scholar, Co-founder, History of Aotearoa; Robin Kemp, Head of Creative Development, Culture Liverpool; and Hilary McGrady, Director General of the National Trust.

The Trust has incurred an operating surplus of £18,312 (2020 surplus: £40,839). Based on the Market Value of investments the charity is recognising net gains of £1,162 (2020 losses: £2,559). The total surplus is £19,474 (2020 surplus: £38,280).

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees on ........................ and signed on the board's behalf by:

Trustee

Page 6

Independent Examiner's Report to the Trustees of The 21st Century Trust

I report to the charity trustees on my examination of the accounts of The 21st Century Trust (the Trust) for the year ended 31 December 20201

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mark Thompson FCCA PG Lemon LLP First Floor Unicorn House 221/222 Shoreditch High Street London E1 6PJ

Date: .............................................

Page 7

The 21st Century Trust

Statement of Financial Activities for the year ended 31 December 2021

Unrestricted
funds
Note
£
Incoming resources
Income and endowments from:
Donations and legacies
3.1
139,255
Investment income
3.2
1,205
Total Income
140,460
Resources expended
Expenditure on:
Charitable activities - expenditure
4.2
122,148
Total expenditure
122,148
Net income/(expenditure) before
investment gains/(losses)
18,312
Net gains/(losses) on investments
1,162
Net movement in funds
19,474
Reconciliation of funds:
Total funds brought forward
148,251
Total funds carried forward
167,725		 Restricted
funds
£
-
-
-
-
-
-
-
-
20,000
20,000		 Total
2021
£
139,255
1,205
140,460
122,148
122,148
18,312
1,162
19,474
168,251
187,725		 Total
2020
£
141,718
929
142,647
101,808
101,808
40,839
(2,559)
38,280
129,971
168,251

Continuing operations

All income and expenditure has arisen from continuing activities.

Page 8

The 21st Century Trust

Charity Number 295676

Balance Sheet as at 31 December 2021

Unrestricted
funds
Note
£
Fixed assets
Investments
5
6,967
Total fixed assets
6,967
Current assets
Debtors
6
26,300
Cash at bank and in hand
7
179,835
Total current assets
206,135
Creditors: amounts falling due within one
year
8
45,377
Net current assets/(liabilities)
160,758
Total net assets
167,725
Funds of the Charity
Unrestricted funds
9
167,725
Restricted income funds
9
Total funds
167,725		 Restricted
funds
£
20,000
20,000
-
-
-
-
-
20,000
20,000
20,000		 Total
2021
£
26,967
26,967
26,300
179,835
206,135
45,377
160,758
187,725
167,725
20,000
187,725		 Total
2020
£
24,790
24,790
43,725
176,078
219,803
76,342
143,461
168,251
148,251
20,000
168,251

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

.............................................

Trustee

Page 9

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

1 Basis of preparing the financial statements

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts 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) (effective 1 January 2019)',

The charity is a Trust and constitutes a public benefit entity as defined by FRS 102.

2 Accounting Policies

Income

Income is included in the Statement of Financial Activities (SoFA) when:

Grants and donations

Grants and donations are included in the SoFA when the general income recognition criteria are met.

Tax reclaims on donations and gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Page 10

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments

Taxation

The charity registered as a charity on 3 December 1986 and since that date has been exempt from corporation tax on its charitable trading activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Cash at bank and in hand

Cash at bank and cash 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.

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

The charity has creditors which are measured at settlement amounts less any trade discounts

Page 11

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 12

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

3.1 Income from donations and legacies

Unrestricted
funds
£
Individual Donations
105,400
Other donation
7,500
BACS payment from Amazon
5
Gift Aid
26,350
Total donations and legacies
139,255
3.2 Investment income
Unrestricted
funds
£
Interest received
15
HMRC interest (on Gift aid)
175
Unit trust accumulations
1,015
Total investment income
1,205
Total income
140,460		 Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-		 Total
2021
£
105,400
7,500
5
26,350
139,255
Total
2021
£
15
175
1,015
1,205
140,460		 Total
2020
£
90,400
10,000
5
41,313
141,718
Total
2020
£
78
-
851
929
142,647

Page 13

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

4.1 Charitable activities - expenditure

The advancement of education through the interchange of scientific knowledge, professional and administrative skills to provide an understanding of the values of free societies.

Unrestricted
funds
£
Direct cost of charitable activity:
Sponsorship
110,580
Support costs:
Bank charges
20
Consultancy
1,896
Events
6,525
Insurance
136
Telephone
151
Travel
290
Pension
-
Governance
2,550
Total expenditure on charitable activities
122,148		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 Total
2021
£
110,580
20
1,896
6,525
136
151
290
-
2,550
122,148		 Total
2020
£
73,642
17
15,156
-
395
48
-
10,000
2,550
101,808

4.2 Support costs

All support costs are allocated to the single charitable activity of the charity and are included above.

Governance costs included above
Unrestricted
funds
£
Accountancy
1,320
Independent examination
1,230
Total governance costs
2,550		 Restricted
funds
£
-
-
-		 Total
2021
£
1,320
1,230
2,550		 Total
2020
£
1,320
1,230
2,550

Trustee remuneration

None of the trustees were remunerated during the year or the previous year. No trustee expenses were paid during the year

Page 14

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

4.3 Staff costs
Unrestricted
funds
£
Salaries - Gross pay
-
Salaries - Pensions
-
Total staff costs
-		 Restricted
funds
£
-
-
-		 Total
2021
£
-
-
-		 Total
2020
£
-
10,000
10,000

There are no staff working for the charity whose contracts are with and are paid by a related party. There were no ex-gratia payments made and no redundancy payments made. There are no staff working for the charity who were paid more than £60,000.

4.4 Staff numbers

Average headcount in the year:
Charitable activities
5
Investments		 2021
-		 2020
1
Market value
At 1 January 2021
Accumulated income and dividends
Revaluations
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
6
Debtors
Unrestricted
funds
£
Gift aid receivable
26,300
Total debtors
26,300		 Restricted
funds
£
-
-		 Listed
Investments
£
24,790
1,015
1,162
26,967
26,967
24,790
Total
Total
2021
2020
£
£
26,300
43,725
26,300
43,725		 Listed
Investments
£
24,790
1,015
1,162
26,967
26,967
24,790
Total
Total
2021
2020
£
£
26,300
43,725
26,300
43,725
26,967
26,967
24,790
Total
2020
£
43,725
43,725

Page 15

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

7 Cash at bank and in hand

Unrestricted
funds
£
Current Account
179,835
Total cash at bank and in hand
179,835
8
Creditors: amounts falling due within one year
Unrestricted
funds
£
Contribution to Salzburg Global Seminar
37,422
Accruals
2,665
Trade creditors
5,290
Total creditors due within one year
45,377
9
Charity funds - current year
At 1
January
2021
£
Restricted funds
Michael Weir Bursaries
20,000
Total Restricted funds
20,000
Unrestricted funds
148,251
Total funds
168,251		 Restricted
funds
£
-
-
Restricted
funds
£
-
-
-
-
Incoming
resources
£
-
-
141,622
141,622		 Total
2021
£
179,835
179,835
Total
2021
£
37,422
2,665
5,290
45,377
Resources
expended
£
-
-
122,148
122,148		 Total
2020
£
176,078
176,078
Total
2020
£
73,642
2,700
-
76,342
At 31
December
2021
£
20,000
20,000
167,725
187,725

Page 16

The 21st Century Trust

Notes to the Financial Statements for the year ended 31 December 2021

10 Charity funds - previous year

Restricted funds
Michael Weir Bursaries
Total Restricted funds
Unrestricted funds
Total funds		 At 1
January
2020
£
20,000
20,000
109,971
129,971		 Incoming
resources
£
-
-
140,088
140,088		 Resources
expended
£
-
-
101,808
101,808		 At 31
December
2020
£
20,000
20,000
148,251
168,251

Page 17