MRS. F.B. LAURENCE CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS 30 June 2022 PA YNE HICKS BEACH LLP Solicitor8 10 New Square Lincoln's Inn London WC2A 3QG
MRS. F.B. LAURENCE CHARITABLE TRUST CONTENTS Adminislraliv8 inform81ion abDuI tho charity. ils Iruslees advlsers Trusl888' report 9-12 Indèpendenl Audilorfs report Accounts 13 Slalemenl of Financial Activities Compai4livè Slalemenl of Financial Acli*ilie5 Balance sheBI 16- 19 Principal 8ecounling policies 20-26 Notes lo lh8 accounts endix 27 Granls payable
MRS. F.B. LAURENCE CHARITABLE TRUST ADMINISTRATIVE INFORMATION ABOUT THE CHARITY, ITS TRUSTEES AND ADVISERS TRUSTEES Caroline Esther M8ry Fry Payne Hicks Beach Trust CofporalK)n LiTnited Williatn George Hamilton PRINCIPAL ADDRESS Mrs. F.B. Laurence Charitable Trust BM 8ox 2082 London VVC1N 3XX CHARITY REGISTRATION NO 296548 AUDITOR Buzzacott LLP 130 Wood Str8el London EC2V 6DL NVES TMAN GE Inveslec Wealth & Invgslmenl Managernent Limited 2 Gre5harn Stieel Lontjon EC2V 7QP Ire5igned Dernber 20211 Ruffer LLP 80 ViclOri8 51reel London SW1 E 5JL lÈptx)inted Decemb81 20211 JM Finn 25 Cq>lhall Avenue London EC2R TAH 18ppoint9d De¢ernber 20211 CAF 8ank Limited 25 Kings Hill Avenue Kings Hill Wesl M811iDg Kent ME19 4JQ SOLICITORS AND ADMINISTRATORS Payne Hicks Beach LLP 10 New Square Lincoln's Inn London WC2A 3QG
MRS. F.B. LAURENCE CHARITABLE TRUST TRUSTeES' REPORT. 30 JUNE 2022 The Iruslees present Iheir slalulory report logtther I1h the acUnI of the Mrs F B Laurence Charitable Tru51 for Ihe year ended 30 June 2072. The accounts have been prepared in accordan wllh accounting polie$ sel out on pages 16 10 19 of the aiiached eKcounls and complywllh the charills trust dÈÈd, appllcab1e laws, appllctble United KSn9dom accounling stsndards (Uniled Kingdom G@nBrally Aecepled Accounting Practi1. and Accounting and Reporllng by Chilles.. stament of IlecommeDded PTaclice applicab lo charilks piepèring Ihelr a¢(1)1$ In accordance wilh Ihe Financial Reporlino Sl?Ddard applicable in the Llniled Kingdom and Republic ol Ireland IFRS 1021, second edition (October 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Governance Thp Mrs. F.B. LaurerLe Chaiiiable Tiusi Is goverrEd by a Irusl deed dated 24th February 1976. Thp charlly Is registered Uer the Chariiies Act 2011. Charity Regislralion Number 29654B. The slalulorypower of appdnimenl ol newlruslees leswih Ihe Irusiees Ihemselves. The names ol Ihe IFu51ees who setved during the year are seloui as parl of the mnIs1ratIy8 nfoimaiion on page 101 this Annual Repon and Accounts. Brief blogr8phical deiolls of Ihose In office al 30 June 2022 are gwen bek)w. Carollne Esther Mary Fry Calollne Fry, daughlerol Mlch8el Tooth lone of the prevbus Irusleesl, helped herfalherwilh Ihe adminislralion of the Mrs. F.B. Lauren Charitable Trust lor 15 ye8rs belore taking over from hlm as a Irusiee In 2008. Payne Hlcks Beach Trust Corporatlon Llmlted Payne Hicks Beach Corporation Limited I'PHBTCL'I was appointed on the 28 November 2014. PHB TCL Ig a trust ¢oipof&iion EhIn IhB m8aning of IhE TrusiBe Aci 1925. All DlreBtors of the Irusi cerporalion are praclisiw solicllors and partners of Payne Hlcks Beach LLP. Iwllllaml George Hamllto George qualified as a sdicitor ID 1988 arnl Ihen worked ft>T Lazard Brothers for Iwelve Yea He lell in 2000 10 work for an invesimenl fund btsfore lolnlny a fund ol hedge funds in 2005. Since 2008 he has Invested in pdv816 equity and rfral eSle, prlmarlly In South Easi A818. Ht Is a director ol two US based hpdge funds. Cannell Capital and SM Investors. He is also a director ol a UK based charity which funds educa0 projects in Myanmar. On agreelng to Ih8lr appolnimÈni, the IrusiÈes are IhDroughly briefed by Ihelr c(Flruslee5 on the hlsioryol the Irusi, Ihe day-10-day management, the r8sponsibih.lle5 of the Iruslees. the currenl objecbves and future plans. Twsteès. r*spon$lbllltles statgrneht rhe Iruslees are responsible for preparSng the Irusiees, report 8nd accounis in a[Kdance ilh applicable law end United Kingdom Acceunling Standards Iuniied Klwth)m Generalty AccBpled Ac¢ounllng Praclicel.
MRS. F.B. LAURENCE CHARITABLE TRUST TRUSTEES, REPORT- 30 JUNE 2022 GOVERNANCE. STRUCTURE AND MANAGEMENT Icontlnuedl C.hirily law in England arKI Vvales requireg Ihe Itee8 lo prepare aecounlg for each f3C yer which ge a Irue and lair viewol Ihe slale of affairs of the charily al the yearend and of its In¢omB and expenditure durlNJ Ihe year. In prepafing accounts, giwng a Irue arKI fair view, the Irusiees e requlred lo.. Se16d Sullable accouniirwJ pollde8 and Ihen apply them censlslenuy,. Observe ihe melhods and principles in Accounung ar Rewling by Ch&rilEs'. Slalemenl of fiecommended Pra¢lice applicabk lo charilies preparing Iheir accounts in accoroance ilh the Financial R8PDrllng siandard appllcable In Iho United KIn$0M and Republic of Ireland IFRS 1021., Mak8 judgemen15 and eslimales that are reasonable and ptudenl., whelherapplKable Ljniled ngdoM Accounliw Slandardg have been followe(I, sublecl lo any matsrtal dtrpaiiures dlsck)sèd and explalned In Ihe aGCDUttlS,' and Prepare the accounts on the g(Nng concern basi5 unles5 11 is inapprowiate lo presume that Ihp charllywill continue lo opprale. Th& Irusiees dre ffjspons1b for keeplrvj prop8r ac<x)uniing r&¢ords whleh dlsdose vAlh ieastr)able accuracy ai any time the flnarKial poslllon of Ihe charlly and véhlch enabl8 them to ensure that Ihe accounis comply 1th the Charitie5 Act 2011. aPpIable Charily (Accounts and Reports) Regulaliofis and lh8 provis15 of the trust deed. They are also responslble for safeguarding Ihe assels of the charity and herKe for taklng rea8on&ble steps for the Pfevenllon and deieclion ol fraud and other irregularities. Structuw and m¥n¥gtment roportlng Iruslees are LAllmalely rEspDnsible for the pollcies, activities and asse15 of the charity. They meet iwice a year lo review Ihe developments wlh regard 10 the charity, Ils grani giving aciiviiies make any important decislons. When necessary. the Ir115tses seek advice and support from rhe ¢hariiys profes810nal advise In1Th9 investment managers. Sl¢ll0r8 and accountants. The Iruslees deal directly vth the pri)cess of granl applicali(N)s and Payne Hir*s Beach LLP admlnlsieis paytnBniS and keeps Ihe books and records of Ihp charity. At their tneelings ihe truslees rewew Ihe inve51menl performan¢e, and Separate rrtellros are held Wllh Ihe invesimeni m8n8ger8 10 update lh6 Irusiees In deta51 on thè porifollo. The Iruslees review the proposals lor gFanis 10 be m8de and èpprove such grants as they conslder approprlale. Rlsk Management In line Wlh the requlremeni forcharfly Imsiees lo Mdertake a rfsk assessment exercise and report on the same in their annual report, the Iruslees have l(x)keiJ al IhE rlsks the Mrs. F.B. Laure[ Ch8rilable Trusi currenllyfaces and have re6We the measurfrs in place, or t)eeding to btr pul In PCe, to deal wlh Ihem. Thp Iruslees have idenlffled Ihree main areag where rlsks may occur.. - Governance Operatio[4 Finandal
MRS. F.B. LAURENCE CHARITABLE TRUST TRUSTEES. REPORT. 30 JUNE 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuedl Govemance look$ al the ContnllY of Irusleeship, the skills and background of Iruslee5 2nd the polie5 of regular meetings of Ihb Irusiees 10 revlew Iheir almsand aclwSlles. Operatlonal boks al the risk inherenl in the delegat of slaiuiory and legal rtquSr8m&n ol Ihe charity, Ils 8$81 management and 8ecrtlari81 tIOnS 8nd delegatn of ¢ert8ln of Ihos8 functions, and its grant giving acllvllies. Flnanclal risks include those inherent in de1egallon of Investment man¥Jemeni and custody lo an IndePeent InveslrrEDI manager. the financial record keepw of the diarity, Ils inveslmenl PDlicy, audit atKI revlew procBdures. Having asse55ed major ri5k5 to which ihe charity Is exp0d, In partlcuL4r those r8laiing lo ils inveslmenls and Its Iinances, Ihe Iru$iees belleve Ihal by ensurin9 ntrOl8 exist over key financial systems ID¢oiporaling the systems controls Implemented by the inveslmenl managers and Payne Hicks Beach LLP, and by delegaling the inveslm8nl managemenl fUnctn lo inveslmenl managers. subjecl lo regular motiiloring. including peiiodic reviews of peTformance againsl benchm3rk5, they nave established efteciive systems to niiligale Ih05e Sk5 In rea¢hing this (x)TKlusion. Ihe Iruslees have colered the impact on the charity of the CovKI-19 pandetnlc. The keys risks fed by the charily. as idenlffled by the Iru51ees. are descr4bed b8low togelhor wllh It p[knpaI ways in whSch they are mIlated. TfrE charilvs prfndpal a55È1 comprlses Ilsied InvÉsimentS, Iha valutr 01whh Is dtrpendeni on movements in UK and world sieck maike18. The inve8lmeni8 are managed by repuiable Invesimeni managers tho adhere 10 a poIY agreed by ihe IIu8lees. The Irusiees meei al least once a Yea[V1 Ihe inveslmeDI managers and the managers performance and that of the portfolio are mnilor8d. The inveslm8nl slralogy is assessed regu[10 ensure il remaln5 apPrle lo the charity's needs- boih now and in the fuiuie. The charlly C8rrfes out lig obieciiv88 ty piovldlng grants 10 5n$t11Dns that are aso UK re9islered charities, whose objeclg complywlh the charity's crileiia. There is a risk Ihai a grant provid£d by the charily may nol reach the Iniended recipient andlor may be used for purpose5 not ¢on8i$ienl wilh Ihe chariiy'8 objects. WNL81 l¥ Iru81ees are mindful of their owi Obligati( 10 ensure Ihal the chariiy benefits the publlc generally. they take sery 8bsurnce from the faci thai reclplents ol granis It*msefv8s r8gulai8d 10 Ènsurè thal Ihtry operate Iw Ihe public benefit. The rlgk asgfrsstnenl Is ktrpi under regulèr eew8nd15 fully rÈassassed evèry Ie ytrars. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Activltles and speclflc obfvctives The staled object of the CrItY in ils Irusldocumenl 15 to proY%le IDr Ihe benefit of the Royal Naiional Lileboai1n81ituiion. Klng George's FuTrd for Sailors (now known as Seafarers UK), Stock Exchange Benevoknl Fund. Royal Air Force Benevoleni Fund and such other charftab ThE Ifuslee5 operate a granl givityJ polky. providing fundsfcr such charitable object
MRS. F.B. LAURENCE CHARITABLE TRUST TRUSTEES, REPORT- 30 JUNE 2022 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES IContlnu¢dl The Iruslees, PFelerence is lo make grants lor the care improvements of condllions oxperi8nced by disadvanlaged members of SDcl&iy boih 1h1Th the Urtied KSngdom and overseas lor whom the United Kingdom owes a duly Ofce. Th8 Iru81ees are vAlllng lo support small organlsalk8 and Ihose that, bythe naiure of their w(Yk. find11 diificull lo aitracl lundlng. Applications lo ihe chaiity fordonallon5 V4ill only be considered Ifreceiv6d In ¥Yrillng from Charity Commission or Oftice of the Sco1118h Ch&iily Regulaler IOSCRI recognlsed UK Charilies. accompanied by a sel ot the lalesl repDrt and accounts. The ItU5tee5 do noi make dDnaiions 10 Indivlduls. ApplicalK>ns should be e-malled lo.. T1m[5rBlrlLIren.chcjrItYLQ)phlj.c0.i!k Tt Iru$iee8 8Sm 10 make grants of ai least £80,OW per annum Sn accordance vllh th8 guidelines sel out in the grant giving policy above. Oblectlvos actlvlllès for the publlG beneflt T Iruslees conliTm Ihal Ihey have referred lo the guIdar conlaine(J in the Charity ¢mmission's 9uid¥n¢e on public ben&fil when revlewing Ihp charilvs aims objeclwes and in planning fvlure aclwilies and selling ihe grant makiTrJ polKy for ihe yeaT. rhe charity earrps oul Ihese obiecli¥e$ by providing giants lo insliiulions thai are also UK r8gis18fed charities. OSe objec15 comply vAlh the charity's crterIa. Whilst the Iruslees ale mindful of heir own obligation 10 ensure that Ihe charity benefits Ihe public generally. they lake some as$ur<ince from Iht fad Ihal reclpi@n15 of gianis are Ihetnselves regulaied to ensure Ihal they operale for the publi¢ benefit. Poleniial Fecipienis of grants are idenlSlled by the trustees Individually inarea5 where it is perceived Ihal Publ benelil wll be hIeved. The opportunity lo benelii is not reslrlcied in anyway excepl Ihal grants afe reslricted lo bOdS registered in the UK. nol least lo lacililale the Itusiees being able lo lollow up OTh Ihe elficacy ol the gRni¥ made. In all other respects gianls are not limiled in anyway except Ihal the recipients should have a charitable rEed. Thp Irvslee5 therefore consKler Itwl the Trusfg activit$ are for the benefit of the publlcgenerally. Key rnanagBment Thp Iruslee5 comprise key m8nagemeDI personnel of the charlly In charge of dlr&ctlng and conirollln9, rumlng and Dper31in9 the charity on a day lo day ba9. All Iruslees give of their lirne freely an(S no Irusiee le5¥ed any remuneration In the yoar. Dela115 of Iruslees, expenses and remuneralion and any ielaled party Iransa¢lioTrs are disc108ed In note 4 to the accounts. A s noted abDVV, Ihe day lo day tnanagpmenlof Ihe charity's aclivilies. ar the Implementation of policies. Is d6ltga18d 10 the Prlv818 C41enl Department of Payne Hicks Beach LLP.
MRS. F.B. LAURENCE CHARITALE TRUST TRUSTEES. REPORT. 30 JUNE 2022 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnu8dl Investmonl poll¢y The charity ha5 a portlollo oflnvesimenis ¥th a market value a8 al 30 JurE 2022 of £2,641.535 12021 £2,986.1511. DuiSng Ihe ye, lThvesltr¢ Wealth and Invesimenls Ltd, were replaced as the Charit$ inveslmenl by JM Flnn ano RuHer LLP wlh each manager 8lk)caled a 50% share ofthe porttdio lo manage. There are rn reslri¢iions en the charllys power ID invest. The kiveglment slrale9y 19 agreed between the Iruslees and the Inveslwnl m&na9ers, and Is regularly reviewed. fhis is Ihe subject ol a pieY slalernenl which has been completed by the Ifuslees and for5 an integral part of Ihe agreetnenl wlh the investment tnanager lo provlde InwesimeThi m4nagemeni 5eNKes. Tha overall Invesimeni policy 1$ Ir> ma%imise return by inveglmenl in a balanced portlolio comprise¢ of equities, fixed inlefesl. and po(Aed funds and knIGh should be invested thIn a rnedlum risk profile. The Performan 11 be reviewed by reference lo the bespoke benchmarks. whlch are a5 follows. JM Finn MSCI PIMFA Baland Ruffer LLP CPI + 3% over the lon9 term. The inveglmenl managels allend most formal meellws of the Iwslees lo provide a rewl on the performance ol the porttolio, compaT150n against the benchTnatk and general mark81 Issues. Followng the appThntmeni of JM Flnn and Ruffer LLP, the Investment policy statemen vill be reviewed aTMS approved al the Qclober2022 Truslees, Meeling. ACHIEVEMENTS AND PERFORMANCE Revlew of actlvltles Tolal Invesimenl Income received In Ihe year amounts lo £44.395. thich equates lo a yield of 1.6% (based on Ihe market valualion of the investments assels al the year endl- The Iruslees awarded 9ran15 lolalling £68,500 during the yBar in accordance Wlh the charllws 9ranl glvlng polrey sei out abaye A detsiled Iisl of 811 grants m&de In the year is inCluy In the Apper1X on page 27 The Iruslees feel that their objective5 have be adequately mel thi5 yeaf. However, the Iruslees are aware that there are exiernal factors, which Could affect I achievemenls ol Iheir objectives as a svJnifi¢anl parl oy the ch8rilYs assets are made up of investments and cash. the result ol which are dependent on the genera performan oflhe UK and overseas sl¢xk Mae1$. AS noied above under rlsk management. in order its mlnlmi58 Ihls, the Iwslees have sel prudenl inveslmenl policres and place re1Pan on the inveslmenl managers lo rnonllorand advise on the necessary investment change5 and suitable asset alloc2boD.
MRS. F.B. LAURENCE CHARITABLE TRiIST TRUSTEES. REPORT. 30 JUNE 2022 ACHIEVEMEIITS AND PERFORMANCE Icontlnuedl Invesimtnt pfrrforman¢ During the year Ihe charity's Investment assels were affected by the ongoln9 vdallyly In markets. The re5dl of this was an itKDTne yield of 1.6% Ib8Éed on the valuaiion of inve91menl 8ssels al the year endl and a capital decrease of 2.6%. In view of ihe currenl volalllily in financlal m8tkets. the Irvslees are sallsfied vAlh the perfLYm8nce of the investments and remaln satisfied Ihal I[r Inveslmenl Obj-ectveS ¥11 be met over the medlum itrrm. FINANCIAL REVIEW Rggults for the year A summary r>1 e yearfs results cgn be loviO on page 13 oflNs repDrf and atsounls. Ouiing the year ended 30 June 2022, loial incthme amunled 10 £44.39512021- £65,820). being Income arising from the charity's inveslmenis and cash deposits. The Iruslees agreed 9ranls lolalling £68.50012021-£70.0001. Aftpr accounting for Inve51tneni manageinenl costs of £14,21912021 £20,995>, grani adminislralion costs of £38,065 12021 £22,071) aN5 goverhance costs 01 £9,61412021 £4.2841, this brought lolal expendilure 10 £130,39812021- £117,350). There were nel In¥e$lmenl Iosges"laThl cyrnCY losses). during yearof E76,403 12021 gains- È354.8611. Thls results in & nel deuease in funds during year of £162,40612021 iwrea5e- £303,331). ReseNes pollcy and flnanclal posltlon Resekv&s poll¢y The Irusiees, poIY is looperale an Ihe b891s ol being ab lo continue lo generate sufficient income ID use Ii)waids meeling their chariiable objects and lo ¥coid their principal aim5. The Iruslees are of the opinlon Ihaiihe D6sIgnaied Fund remain8 surfKienl 10 enab them lo eoniinue Ihls ongolny trbjeaive. The r8duciion In investment income has eonlribuled lo the ur)reslricled fu being In deficll for the year 10 30 June 2022. The Irusleeg confirm the Gh?rilyre&ins sufficient fvnds lo mainlan ils current level ol of charitable dislribulK>ns Fln8n¢Aalposltlon The balanGe sheet shDWS lolal fUS of £2,848,72012021 £3,011,126). The unreslrlcted funds comprise amounts whth ultimately 8ie free reserves bul are hekl by the Ituslees for inveslmeDI so as lo ensuie the continued generation of income ID fulure peiiods, thereby helplny 10 safeyuard the long ierm existen of the charlly the achievement ol Ils obJecltve8. The se of the UnrestrieO funds Suslalns and supports the levels of donaiions whkh the Irijslees swsh ID malnlaln and enhance over Ilme.
MRS. F.B. LAURENCE CHARITABLE TRUST TRUSTEE5' REPORT. 30 JUNE 2022 FINANCIAL REVIEW IContlnu8d) Future plans The Iruslee5 do tH)t anllclpaie any signifan1 thanges lo the chaiilyof Ils aclwilpsover the next lo fwe years. 11 is Iheir intenlK)n lo meet the folbsling obiecuves.. To trn$ure the inve¥lmeni performance ad)ieve9 the criteria Sel by them so that Ihere are Sufflent fur$ 10 meet Iheir grant giviry pollcies To conllnuB lo make grants. Signed on behaw of tha Irustees.. Tnjslee Trustee Twslee Approved by Ihe Iruslees on.. 2023
MRS. F.B. LAURENCE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT. 30 JUNE 2022 INDEPEMDENT AUDITOR'S REPORT TO THE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLE TRUST OPINION We hav& audited th8 accounts of the Mrs. F.B. Laurence Chaiitablfr Ttusl Ith& charlty'l for In8 y&ar ended 30 Juné 2022 whkh eomprise the statement of financial actiwti95. thg balance sheet. princlpal accoUnng pollcles and the note8 to the accoun15. The financial reporting framewoTk Ihgt has beèn applied In Ih&lr pr8paralion is applieabb 18w and United Kingdorn Accounting Standard5. including Financlal Rtrporting Standard 102'Th6 Financial Reportir Standard applicable in the UK and Rgpublic of Ireland. Iuniltrd Klngdom G8n8rally Accep18d Aceounling Praclicel. In our opinion. Ihe accounts.. give a true and fair view of Ihe slate of the rharlly's affalrs as at 30 Jun& 2022 and of Its income and expenditure foi the year then ended., hav8 been properly prepared in accordance with United Kingdorn Generglw Accepted Accounbng Practice., an hav8 b88n pr8par8d in accordanee wilh Ihe requir8menls of Ihe Charities Act 2011. BASIS FOR OPINION Ws conducl&d our audit In accordance with Inlernabonal Standard8 on Auditing IUKI IISAS IUKII and applitablè law. Our r8sponsibilili8s under Ihose 8lanrSard8 ar8 further deribed In Ihg audilw's r8sponslbllllies for th8 audll of Ihe accounts s8tlion of our report. W8 ar8 independ9nl of the charlly In actordance wllh th8 elhital rèqulr8mÉnts that ar8 rèlèvant lo our audit of the accounts in the UK. Includlng th8 FRC'S Ethal $18ndHrd, and we have fulfllled our olher gthical re5ponsibililies in gccordanTr wilh Ihese requirernenls. We bfylievfy that the audit evidence we have oblained 15 suffKienl and approprigte lo providg a basi5 for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the accounts. we have concluded that the Irustee5' Use of the going concern ba51S ol accounling in the preparation of the accounts is appropriate. 8as8d on Ihe wort¢ we hav6 Partormed, we have not idents.fied any malerydl unc8rtainlSes rélaling lo &v8nls or condllions Ihal. Indivldually or cdlecliv8ly, maycast slgnlfitanl doubl on thè thaty.8 ablllty to continua as a going concem for a p8rfod ol al lèasl tw8lv8 months from when the accounts ar8 3Jlhorfsed for I55ue. Our re5ponsiblllU85 and Ihp re5ponslblllli8s of Ihe Iruslees wilh respect lo golng concem are de5Ct4bfyd In the relevant secllDns of Ihi5 report. OTHER INFORMATION The Iruslee5 are responsible for Ihe other information. The Olhei information cornprises the inforrnalion induded in Ihe annual report and accounts, olher than Ihe accounts and our auditor's report Ihereon. Our opinion on the accounts does not cover Ihe other inforrnalion and we do nol express any form of assurance conclusion Iher80n.
10 MRS. F.B. LAVRENCE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT- 30 JUNE 2022 INDEPENDENT AUDITOR'S REPORT TOTHE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLETRVST OTHER IMFORMATION ICONTIMUEDI In connacb.on wilh our audilof the accounts. our reSPDn$lblllty is lo read the other lnfomialn gnd. in dolng 80, consider whether Iha olhar Infomialion 15 tnal&rla11y inconsi51enl wilh th8 accounts orour knowledge obtained In lh& audit or otherw4sp app8ars lo be maleria15y mis51aled. If w& entifY sueh material Incon81Steneies or appaFenl mateiial misslatemenls, we arg requlred lo determine whelher them Is a malerial misstaletnènl In th& accounts or a material misstgl8menl of the other informHliori If, based on the Nvork we hav& performed, we conclude that Ihere Is a ma18rial misstalemenl of Ihl8 oar informatlon, we gre rÈqulr8d lo reporf that fact. We hav8 nolhing lo report Ihls regar(J. mAER$ ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTIO Wè have nolhiw to report in respèct ol the followin9 mallers In r&lalKJn lo which Ihe chae5 Act 2011 r8quires us lo report lo you If. In our opinion.. Ihe Informaln given in the Irusleès, raport is inconsistent in any material r6spectwlh e accounts.. or 8ufficienl accounting reoords bav8 not been kept., or th? ateounls ar8 not in agreement WIU) the accounlln9 record5 and returns., or we have not received 311 the inform81IoD and 8xplanalion5 we requlre for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in Ihe Iru81È88' reSpOnbIlItIeS stAtem8nt. the Injslees are responsible for lh8 preparation of the accounts and for belng satisfied that they glvè a true and fair vigw. and for such Internal control a5 the Imsl88s determine is nece55ary lo Ènable U)8 pr8paralion of accounts that are frae ffom m4terfal tnlsslalemenl, whether due lo fraud or error. In preparing the accounts, th8 Iruslees are respon51ble for as$888Ing Ihe charity's ablllly ID conb.nue as a going coricern, disclosing, as applicable, mgllers rÉlal&d lo going concern and uslng Iha going coricern basis of atcountlng un1685 the truste95 elther Inland to liquidate Ihe charity or Io c8a88 operations. or ha¥8 no rèalistic allernalive bul lo do so. AVDITOR'S RESPONSIBILITIES FOR THE AUDIT OF TNE ACCOUNTS Our objectives are lo oblaln r8asonabl8 as8urance abt>ul whÈlh&r the accounts as a whole are free frDm malerial misstatement. whelher du8 to fraud or eOr, and to iS5up an 3udltols report that iDclud8s our opinlon. Reasonablg assvrgnce Is a hlgh level of assurance, bul Ss not a gugr8ntee that an audit condueled in accordanc8 wilh ISA8 IUKI will always delecl a tnaleri81 missl8lement when It exlsls. Mlsstalements can arise from fraud or 6rror and are considered malerial if. individually Dr In th& aggregate, they could reanablY ba exp8cled to influence the 8eonomic decisions t>f us8rs lak8n on the basis of these accounts. Irregulafilies, induding frHud. are Instances of non-compllonta 1 laws and r8gul&lv)ns. We design procedures In liné wSlh our r6sponsit>llilies, outlined abDV8, to d818tt material mlsslalemen15 in respect of imgularits"es. Including fraud. The 8xt&nl to whlch our procedure5 dre capab18 of delecling irregulafilles, InBludlng fraud Is detailed below.
e 11 MRS. F.B. LAURENCE CHARITABLE TRLIST INDEPENDENT AUDITOR'S REPORT. 30 JUNE 2022 INDEPENDENT AUDITOR'S REPORT TO THE TRVSTEES OF MRS. F.B. LAURENCE CHARITABLE TRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS ICOMTINLIEDI Our appioach lo identifying and assessing the risk8 ol maleThal missl8lemanl in r8spacI ol irregularities, including fraud and non-compllanca wSlh laws and r8gulalk)ns. was as Idlows: W8 8nsured Ih81 tha 8ngagèmanl 18am tollectv&1Y had thg appropriate cornpelence. Capabilll9 and skllls lo I(5&nllly or recogrTr15e non-compliance with applicable laws and r8gulalions'. WÈ Oblasn an understanding of the legal and regulalory frarnaworks Ihal are appIabl@ to Ihe charitable company and deleTmined Ihal the rst significant fram8works whleh are directly relevant lo specific assertion8 In tha financial slalemenls are IhDse that relate to th8 rÉportlng fratnèwork Islalemenl of Recommended Practice.. Accounting and R&porting by Charllie5 preparing their accounts in accordance with the FlnaneSal R8POrtlng Standard applrcable in Ihe United Kingdom and Rfrpublic of Ir81and IFRS 1021 and the Charllles Act 20111., an Thg idenlifledlgws and regulab"on8 were eommunical&d wilhin th8 audll team regularly and the leam rernain8d alert to ins18nc88 of non-compllantè Ihioughoji the audll. We assessed Ihe susceplibilily of th8 chaillls flnancial stgletnen15 to mhlerial misstalamenl, includlng obtaining an understanding ol how fraud might occur. by.. Making enquiries of the eharltls admln181ralors as to IheSrknowledge of actual, suspected and all8ged fraud.. and Considering Ihe inl&mal tDntrols IrTr place lo rniligale ri5k5 of fraud and non-cornplianc8 wllh laws and regulallons To address th8 risk of fraud through management blas and override of conlr(As, wè.. Perfotrnpd analytical procedures to eThty any unusual or un8xp8cled r8lalSonships.' A55essed whether judgements and assumplSons mada In d8tsimSnSng the accounting 951imale5 were indicative of pot8nli81 blas.. and P8rtormad subslanllvtr le511ng on grant eJq)endilura to gain 85surant8 Ihè 8xpendllure was In Ilne wllh the awards approved by Iruslee8. In r8spon5e lo the risk of Negul8rilies 8nd non-compllancé wlth laws and regulations, we designed procedure5 which included. but wer8 not IlmllÈd lo.. Agreeing financial 8talemenl dlsclosures to underf)ryng supporting docum8nlalion'. Reading the minutes of m88lng8 of those charged with govemanee., and Enquiririg of the charity'5 adminislralors as to actual 8nd potsntial Iltiggtion and claim&. As a result of our procedures we d1 not entIfY any kay aud51 tngllers relating lo irregularit&8.
12 MRS. F.B. LAURENCE CPIARITABLE TRUST INDEPENDENT AUDITOR'S REPORT. 30 JUNE 2022 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLETRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS ICONTINUEDI Ther8 ar& Inherent Iimitalions in our audll procedur8s described aiK)ve. The more rtrmov8d Ihat law5 and wulalions are from financial Iran5acllons. N)8 less lik81y Il is that we would becom8 awgre of tK>n-tompliance. Audiling standards a150 Iltnll audll procedures qUIred lo idenlify non-cotnpllance with laws and regulatlon5 to enqulry of th8 directors and other managemenl and the lnspècb.on of regulalory and legal correspondence, If any. Material mi5518lemenls Ihal arls8 due lo fraud can be harderto deled Ihan those that arise from error as they rnay involve deliberalè coneealmenl orcollusion. A furlhfyr descrSpllon of our r8spon8ibililies far the audit of the gccounls Is located on the Financial Reporlin9 Council'5 wsbsil& al www.frc.org.uklauditor5responslbllill&s. Thls d8scriptlon forms parl of our auditor's report. USE OF OUR REPORT Thls rèport 1s made solety to the charitys tru5ts8s. a8 a body, In 8ccord8nca with section 145 of thè Charili88 Act 2011 and with regulations rnade und&r $8cllon 154 of Ihal Act. Our audit work has b&*n undertaken 80 Ihat we might stile lo th8 charfty's Iru81ees those matlers we are rfyqult8d lo state lo Ih8m In an auditor's report and Igr nD Othèr purpose. To Ihe fulle51 8x18nl permitted by law. we do not actapl or assum8 responsibllily lo anyone other than thè tharily and the charity's ItU51ee5 as & bDdy. forour audit work, for this report, or loi Ihè opSnions w8 hav8 formed. Buzzaeoll LLP Slalulory Auditor 130 Wood Stre81 London EC2V 60L DalÈ". 10 NovÈmbÈr 2023 Buzzacoll LLP is e1ible to act a5 Hn audSlor In 18rms of $8cllon 1212 of tha Companies Act 2006.
MRS. F.B. LAURE CEC ABLE T UST 813 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JLJNE 2022 UnTestriGted Fund5 GeHeral Designated Fund Fund Total 2021 Total 2022 Noles INGOME FROM.. Inveslmenls Invéslmènl Income Interest r8c8ivab18 85.817 44,382 13 44,382 13 85.820 TOTAL INCOME 44.395 44,395 EXPENDITURE ON". Raising fund5 Inveslm?nl managetnenl 0051$ 20,995 14,219 14,219 Charilable aclivilie5 Promoling and enhancing tharilablp work 96,355 116,179 116,179 11T,350 TOTAL EXPENDITURE 130,398 130,398 NET EXPENDITURE 8EFORE INVESTMENT GAINS 151,5301 186,0031 186.0031 ItTrveslmenls gains.. Realised Unrealised Currency loss 9.129 185,4031 9,129 185,4031 11291 301,469 303,331 NET INCOME IEXPENDITLJREI 186,OQ31 176,4031 1162,4061 Transltr b8tw88n funds 10 56,358 156,3581 303.331 NET MOVEMENT IN FUNDS 129.6451 1132,7611 1162,4061 RECONCILIATION OF FUNDS Tol81 funds brought forward al 1 July 2021 2.707.795 24,494 2,9B6,632 3,011,126 T(>lal fund5 carried forward al 30 June 2022 3,011,126 15.1511 2.853.871 2,848,720 All r8cognis8d gain$ and bsse$ arts inGluded in the atjove slalernenl of financi818clivi118S. All of ihe charills sclivili8s d8riv8d from eonlinuing operalions during the above financ1 years. A full coTnparative slalem8nt of finanaal aclivilies is $hown on page 14.
MRS. F.B. LAURENCE CHARITABLE TRUST Pa e14 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021 reslrictéd Funds General Designated Fund Fund Tolal 2021 Not8s INCOME FROM. Inveslmenls Invgslm8nl income Inleresl receivable 65,817 65,81T TOTAL INCOME 65,820 65,820 EXPENDITURE ON.. Raisirjg funds Inveslmenl managem&nl cosls Charilable aclivilies Promoting and enhancing ch&nlabl8 work 20,995 20,995 96,355 96,355 TOTAL EXPENDITURE 117,350 117,350 NET EXPENDITURE BEFORE INVESTMENT GAINS (51.530) (51,530? Inv8slm8nls losses.. Realissd Unrealis&d 53,392 301,469 53,392 30t,469 NET (EXPENDITURE) (51.530) 354,861 303,331 Trèns18r b8Ewè8n funds io 4T,350 (4T,350) NET MOVEMENT IN FUNDS (4, 180) 3Q7,511 303,331 RECONCILIA TION OF FUNDS TolBI lunds brought forward &11 July 2Q20 28,674 2,67g,121 2,707,795 Tolal funrls Carried forw8rd al 30 June 2027 24,494 2,986,632 3,011, 126 All rgcognised galns Bnd loss&s aro in¢lud&d in the al)ov8 slalemenl offinancial aclivilias. All ofihe charitys aclivities derived from conlinuing op6rBllons during lh& &lDve finanGialyear.
MRS. F.B. LALJRENGE CHARITABLE TRUST e15 BALANCE SHEET- 30 JUNE 2022 2021 Notes 2022 FIXED ASSETS 2.986.151 Li51ed Inve51rngn15 2,841,535 GURRENT ASSETS 1,739 49,640 Debtors C8sh al bank and in hand 178 50,912 51,379 Tolal iyJrrenl 85sels 51,090 LIABILITIES.. Credilor5.- Amoun15 falling due within onè y8ar 126,4041 143,9051 24,975 NET CURRENT ASSETS 7,185 3,011.126 NET ASSETS 2.848,720 TA FU 24,494 G8neral Fund 15.1511 2,986,632 Designal8d Fund 10 2.853.871 3,011,126 TOTAL FUNDS 2,848.720 Approved by the trustees.. Tiusloe Trusl8e Trustee Dal8 of Apyoval.. . 2023
816 MRS. F.B. LAURENCE CHARITABLE TRUST PRINCIPAL ACCOUNTING POLICIES - 30 JUNE 2022 Thg principal aGcounlino poli¢igs adopled. judg&ments and k8y sour(x8 of 881imalion uncertainly in Ihe pieparalion of the aGcounl$ ar¥1oid oul below. Ba515 of prepayatlon Those accounls have been prepared for the ye3r lo 30 June 2022 with Gomparah"vo information presented in respect lo the year lo 30 June 2021. Th8 aceounls have b88n prep8r8d under the historical cost convenlion with items recogni5ed al cosl or Iransaclion valye unless olhÈrwise 8lal8d in Ihe r&l&vanl actounling policies below or the notes ol these account5. The accounls have bBen prepared in acEoidancp wilh AGGounling and Roportlng by Ghorllles.. Slal8menl of R8comm8nd8d Reporiing Praclic8 applieab18 to charities pr8paring their accounls in accordanc8 wrylh th8 Financial Reporting Siandard applicable in Ihe United KingdoTn and Republic of Ireland Icharilies SORP FRS 1021 second edilion (October 20191, the Finantial Reporting Slandard applicable in Ihg iJK and RgpubliG of Ireland IFRS 1021 and Ihe Charib'8s Act 2011. The Gharily ronslilules a publiG benefil enlily as defined by FRS 102. The accoun15 are p195enlgd in slerling are rounded lo the neare51 PDUlld. Crltical a¢countlng estlmatÈs and ar•as of Judgement Eslimales u88d In thè accounts aré 8ublè¢l to a degree of uncertainly 2nd volatility. As 581 out in Ih88e accounting policies under'going concern., the Irus188s consider il 18 appropriate for the charity lo continu8 to prepare ils accounts on tha going Con(rn basis. Preparation of the accoun15 iequire5 Ihg Iru51ees lo rnake significant judgernenls and estimat88. The ilerns in the accounts where these judgements and eslirnale5 have been rnad8 include.. eslimating the liability for mulli-y8ar granl ¢ommllmenl$. eslimaling ftJlur8 income and expendIlu flows for lh8 purpose of assessing going conG8rn Ise8 b&lowl. A88688ment of going con¢8m The Iruslees have ass6S8&d whelh8r th8 US8 of th8 going cont8rn as$umplion is appropiiale in pieparing these accounts. The ItU51ee5 have made this asse5sm6nl in r&8P8cI 10 8 period ol on8 year from th8 dal8 ol approval ol IhesÈ at¢gunls.
817 MRS. F.B. LAURENCE CHARITABLETRUST PRINCIPAL ACCOUNTING POLICIES- 30 JUNE 2022 Assessrn8nt of going concem Icontinuedl The Iru51très ol lh8 charity have concluded Ihal there are no material unt8rlainlies r81818d lo aV8nls or conditions Ihal may Gasl significant doubl on Ih8 ability of Ihe charity lo continue as a going concèrn, Thè Irusl888 ar8 of lh& opinion Ihal the charily will havg suffici8nl rèsources lo me81 ils li&bililies a5 Ihey fall due and Iherefofy, Ihere ar& no conc8ms regarding the lh8 charity's ability lo continue as E goiry concern. The most significant ar8a8 ol judgemenl that affect items in Ihe account are drl8i18d 8bove. With regards lo the next accounting period, the yèar 8nding 30 Jun8 2023, Ih6 mosl significant areas that aftèct th8 carrying value of the assets held by Ihe charily are the I& ol Inv881m8nl r8lum and Ihe performance of Ihe investment markets Isee the inve51mpnl policy and tha risk rnanag8m8nl seclK)n5 of the Iru51ees' rÈporl lor more informalionl Incom• recognition Income is recognised in the period in which Ihe charity ha$ 8nlill8m&nl lo th8 incom8, the afflounl of income can bé méasured 181iably and il is probable Ihal Ihe incotne %ill be received. Income tompri88s donalK>ns, inv@slmenl income from inve51rnenls and in18r*sl from derM)sils. onalions are recognised wh8n the charily has confirmation of both Ihe atnounl and selllernenl dale End include related GIH Aid tax reclaim5. Dividend5 ar@ rècognised once Ihe divid8nd has b88n d8clar8d and nolificalion ha5 been r8C8iV8d of Ihe dividend due. Inleresl on funds held on deposit is included when re¢tiivablo anij th8 amounl can be m8asur8d reliably by th8 charity., this is normally upon nolificalion of the inlèrèsl paid or pay2bl8 by Ihe bank. Expendlture recognlllon Liabilili88 are r8cognis8d as exp8ndilur6 8s soon 8s there is 8 legal or con51ruclive obligation commilling the charity lo make a pEytnenl lo a Ihiid parlyi il 15 piobablo that a Iransf8r of econornic benefi15 wll be ffjquir8d in set118m8nl and the 8mounl of th8 obligations can be rnea5ured reliably. All expendilure is actounlad for on an accruals b8SI8. Expenditure comprise8 direcl costs and supporl costs. All expenses, including support costs, are allocaied or apporlionod lo Ihe applicab18 exndI1Ur8 headings. The classification bBlween Ihe actlvilies is as follows.. 181 Expenditure on raising funds includes 811 expenditure a550ciale(J with raising fund5 for the charity. This Includes Ihe fees paid lo thé inve$lmenl manager in conn8clion wilh the manag8m8nl of the charity's listed invesltnent8. Ibl Expenditure on charitable aclivilie5 includes all ¢051s as5o¢ialed wllh furlh&ring charitab18 purposes ol the charity through the provision of ils charitable aelivili88. Such Cosls include ch8rilable gran15 payable in promoting and enhancing Gharilable work carried out by olher charitable organisalions, and ielaled 5UPPOrt G051s including the cosl ol adminislering Ihe aclivitsès of the charity and gov8m8nc8 costs.
818 MRS. F.B. LAURENCE CHARITABLE TRUST PRINCIPAL ACCOUNTING POLICIES - 30 JUNE 2022 Expellditure recognition Icontlnuedl Granls payable are included in the slalemenl of financial arliwlies when 2pprov8d and when th8 inleTTrded iecipienl has Èither r8C8iV8d th8 funds or b88n inform@d of the deasion lo make the donalion and has satisfied all related condition5. Gran15 ap5xoved bul not paid Èl the $nd of lh8 rinancial ygar are accrued for. Gr2nls wher8 Ihè b8neficiary has nol been informed or has lo meel certain condilion5 [OrÈ gfanl is released ar8 nol accruad for bul are noted 8 financial commilm8nls in the no18s lo th8 aecounls. All expendilure is slated inclusive of iffecoverable VAT. Allocation ol support and governance costs Support costs represent indirect charitable expenditure. In order lo carry out the pritnary purpo88s of IhE charity il 18 n8C8888ry lo provid8 8upporl in the form of adrnini8lr81ion s8rvic8S. Gov8rnanc8 cosls eomprise Ihe costs involving the public £ccounlability of the charity (including audit w51s1 and oosts in respeol of ils rompllance with gUlatIon and good pracliG&. Support costs and gov8rnanc8 c081s are apporlion8d directly lo th8 on8 ch8ri18b18 aclivily. Fixed asset inve5trnent8 Fixed asset inveslmenl5 are included on Ihe balance sheel al their markel value al the end of the finanGial perio. Realisgd and unrealised gains lor10550$1 ar¥ ¢i&dil8d lor debiltrdl, lo slalem8nl of financial 8clivilies in th8 year in which Ih8y ari8e. Li51e(t inve51men15 are a foTfn of basic finanThal inslfurnent and a initially recogn15ed al their Ir8nsaclion v21u8 and sub88qU8nlly m8asur8d al Ih&ir fair valu8 8s at th8 b2lanc8 sh881 dal8 using the c105ing quolgd market price. The charily d08s not acquir8 pul oplions. d8riv81iv88 or olhar complex financial inslrum8nls, Ihou the appointed inveslmenl managers may do so as p8rl of their risk managemenl responsibilitie8. As noted above Ihe main forTn of financial risk fsced by Ihe charily is thsl 8 volalilily in equily markels and inv8slm8nt markets du8 lo wider economic condilions. Ihe èllilud8 of inv8slors lo in51[en1 risk, anij change5 in setTrlirnenl concerning equities and YAlhiri particular sectors or sub 8eclor8. Realised gains lor Ios5e51 on invesltnerTrl a55els are calculaled a5 Ihe difference belween di8posal proc88d8 and Ih8ir op8ning carrying valu8 or their purchase valu8 is acquired 5ub5equenl lo Ihe first day of Ihe financial year. Unreali5ed gains and10sses ar8 calculaled as th8 diff8r8nc8 b81w88n the fair valu8 al th8 and and Ih8ir carrying valuè al that dale. Realised and unrealised invesltnenl gains lor losse51 are crediled lor debitedl lo ihe 51alem8nl of financial acliwlies in the year in which Ih8y 8ri58. Debtors Dpblors ore CogniSed al e1[ selllemenl 3tnounl, 1855 any provision for non-recov8rability. They h8v8 bean discounl8d lo th8 prasenl valu8 of th futur8 ¢ash ffj¢eipl wh&re such diswunling is tnalerial. C88h in bank and In hand Cash al bank and in hand repr8s8nls such accounts and Instruments Ihal are available on dernond or have a malurily of less than three month5 from Ihe dal8 of acqui110.
Pa 819 MRS. F.B, LAURENCE CHARITABLE TRUST PRINCIPAL ACCOUNfiNG POLICIES - 30 JUNE 2022 Creditors and provislons Creditors and prow510n5 are iecogn15ed when théré is an obligation al the balanc8 sheet dale as a r8suII ol a pasl 8v8nl, 1118 probable Ihal a transfer of econofflic bBnefil will be required in selllemenl, and Ihe arnounl of the 5elllemenl tan be esllmaléd reliably. Credilors and provisions are r8cogni88d al the amount lh8 charily anticipa185 It will pay to 5ellle the debt. They havè be8n discoun18d lo th8 pr8s8nl value of the future c88h payment where such di8counling is m£lerial. Fund acoounting The gener31 fund represents fund5 available for the genèral Charilable purpos8s of Ihe charily hi¢h may b8 applied al1tt8 discretion ol th8 Iru81888. Th8 d88ignated fund repres6n15 as5015 sel aside by the Iiuslees for 5pe¢ifi¢ purpos0$. Cash flow The aceounls do nol includ8 a ea8h flow slal&menl because the charily is exefflpl from the r8quirtrffnI lo Pr&re such a slalem8nl under lh8 Chari1188 SORP IFRS 1021.
e20 MRS. F.B. LAURENCE CHARITABLE TRUST NOTES TO THE ACCOUNTS- 30JUNE 2022 I INVESTMENT INCOME Investment income arise5 trorn the following inv951menls". 2021 2022 42,688 UK 8quili88 and unil trusts dividends 27.266 1,076 2,442 676 12.261 661 7,977 620 11,903 2,629 UK Governmenl and fixed Interest sgiurilies REITS Ov8rseas equities Ovetsea5 fixed in19resl 65,817 44,382 2 PROMOTING AND ENHANCING CHARITABLEWORK 2021 2022 70,IK)O 22,071 4.284 Grants paid or commi118d lo ehari118S Grant adminislralion cosls Governance co51s Inole 31 68,500 38,065 9,614 96,355 116,179 A del8i18d lisl ol th8 granls paid lo charilias is giv8n in th8 appendix lo Ihè$8 2¢cotsnls. A r8concilialion of th8 grants p8y8bl8 and grant cofnmilmen18 figuras shown in thes8 accounts 18 a8 follows.. 2021 2022 Giant ¢ommitrnenls at 1 July 2021 Grants payable lo charilies 70.000 68,500 70,000 170.0001 Grants p&yabl8 Granls paid during Ihè year 68,500 162.0(101 Granl commilmenls al 30 Jun8 2022 6,500 Th8 grants payable lo inslilulions are d&lalled In tho AppetEdix Ipage 271 lo Ihése accounts.
821 MRS. F.B. LAURENCE CHARITABLE TRUST NOTES TO THE ACCOUNTS- 30 JUNE 2022 3 GOVERNANCE COSTS 2021 2022 3.384 Slalulory audit fee 2017, 2018 and 2021 Slalulory audil fees und8rprovision Truslegs, exp8nses 8,400 264 950 900 4,284 9,614 4 STAFF COSTS, fRUSTEES' REMUNERATION AND RELATED PARTY TRANSACTIONS The charily empk>y8d no staff durin9 the y8ar12021 Nontrl. No Irusl88 rec8ived any remun8ralion in re5peol of Ih&ir s8Trices during the year12021 £nill. Payne Hicks Beach Trust Corporation Limiled I'PHBTCL'I is a trust88 of ihe charily and a trust corporation wilhin the meaning Df tha Trustee Act 1925. All directors of PHBTCL ar8 praclising 51)licilors and parltTrer5 of Payne Hicks Beach LLP, lh8 firm of solicitors which adrninislers payments and k8ep5 Ihe botsks 2nd r8cords of ihg ¢harily. The fees charged by Payn8 Hicks Beach LLP for Ihe y8ar lexcluding VAT ar disburs8m8nlsl wore £31,26512021 £18,100). The oulslanding fee as al 30 June 2022 18xcluding VAT and disburs8menlsl is £10,00012021 £7,739). Two Irusle8s were reimbursed 8 total of £950 for éxp8ndilur8 incurred in the Pgrforrn8nc8 of their dutie5 during the y8ar12021 - £9001. The key management personnel of Ihtr charily in charg8 of dlre¢lSng and controlling lh8 charity comprisè tho Irusl885. The iolal remuner81ion lincluding taxable b8n8fi15 bul exduding empby8r's p8n5ion conlribulionsl of the Key managernenl per50nn81 lor the year was £nil12021 £nill. There w8re no olh8r r8laled party transactions during the porlod ol report12021- nono). 5 TAXATION Th8 Mrs. F.B. Laurence Charilab18 Trust 18 a gIsted charily and. therefore, is not liab18 10 income lax or corporation lax on income or gains d8riv8d frotn 115 Ghanlabl8 aclivili8s as they fall wilhin th8 8X8mplions 2vailable lo regi$l&r8d charitie5.
e22 MRS. F.B. LAURENCE CHARITABLE TRUST NOTES TO THE ACCOUNTS- 30 JUNE2022 6 INVESTMENTS 2021 2022 LISTED INVESTMENTS Movernenls in lisled inve51mgnts during the year were as fo11ow5". 2,667.310 Market value al 1 July 2021 2.986,151 797,673 Addillons at cosl 2.793,116 Di8posa15 al book value Iproc88ds'. £2.861,458', gains £9,1291 1780,3011 12,852,329) 301,469 N81 uTrr8ali58d g&insll108s851 in y88r 185,4031 2,986,151 Market value al 30 June 2022 2.841.535 2,347,940 C(>sl of1151 inve51tnen15 30 June 2022 2,763,628 All inve51ment5 Were d8all in on 8 r8cognised stock exch8ng8'. 2021 2022 Listed inveslm8nts held 8130 Jun8 2022 compri88 following inv8skn&nl all listed on a UK $to¢k *x¢hange'. 1.149,284 210,220 UK equiliès and unil Irus15 UK 9overnmenl and fixed inleresl 5ecuritie5 2.124,101 105,091 1.359,504 2,229.192 Overseas invesltnenls Overseas 8quiIi8S Fix8d Inler8s1 1,453,132 173.515 516,489 95.854 612.343 2,986,151 2,841.535
e23 MRS. F.B. LAURENCE CHARITABLE TRUST NOTÉS TO THE ACCOUNTS. 30JUNE 2022 6 INVESTMENTS IContlnu8dl AI 30 June 2022 Ihe following individual holding8 had 8 ma18rial value in Ihe conlexl of the èntir8 POrtfdio-. %of tfo Value TM Ruffer Porilolio C GBP Dis 52% 1.488,153.00 7 DEBTORS 2021 2022 1,739 Aecru8d Inter8$1 178 8 CASH AT BANK AND IN HAND 2021 2022 JM Finn CAF Investec Wealth & lllv8slm8nl M8nagem8nl Limi18d 44,351 6,561 21.244 28.396 49,640 50,912
MRS. F.B. LAURENCE CHARITABLE TRUST NOTES TOTHE ACCOUNTS-30JUNE 2022 9 CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2022 7,739 Grant adminislr81ion cos18 Slalulory audil f88 2017 underprovi510n 2018 2018 underprow510 12,216 84 3,204 84 3,288 3,384 3,384 96 8,400 3.204 3.288 3.384 3.384 2020 2021 2021 und8rprovision 2022 21,924 5.405 Inve81manl man8g8r's fee Granls". Rose Paterson Trust Ty Hafan Monl&v8rdi Choir Friends of Sl Nicholas School 3.265 2.000 500 2.000 2.000 26,404 43,905 10 DESIGNATED FUND Balance at Investment Gainsl Lo8888 1 Jul 2021 TranSfer8 Balance at 30 June 2022 D8sign818d fund 2,986,632 176,4031 156,3581 2,853,871 Balance at l Jul 2020 Investment Gainsl L088e8 8818nce 81 30 June 2021 Tran8ffrr8 D8signaled fund 2,67g, 121 354,867 (47,350) 2.986,632 Thè dÉsignaled fund repiesen15 funds Sel asde by the Iru51ee5 for the purpose of providitEg s continuing source of incom8. Certain adminislr8tive costs are mtrl by a transfèr from the lund 8ath yéar.
825 MRS. F.B. LAURENCE CHARITABLE TRUST NOTES TO THE ACCOUNYS-30JUNE 2022 11 ANALYSIS OF NET ASSETS Fund balane8s al 30 Jun8 2022 arg r8pres8nl8d by.. General Fund De8ign8ted Fund Total 2022 Listed inveslm@nl8 Current a55els Creditors.. 4inount5 fallin9 due within one y88r 2,841.535 56.241 2,841,535 51,OYJ 15,1571 143.9051 143,9051 15,1511 2.B53,871 2.848,720 Unrealis8d gains on listed invèslmenls 77,907 77,907 ReGoncilialion of movetnen15 ITI unreali88d gain8 on In81MnI asséts Unreali5ed gains al 1 July 2021 Adlusled in respecl of di5PO8£ls in y68r 638,211 1474,9011 638.211 1474,9011 183,310 163.310 Add.. LDs5ey arising on revalualions in yaar 185.4031 185.4031 Unrealiseij gain5 al 30 June 2022 77.907 77,907
Pa e26 MRS. F.B. LAURENCE CHARITABLE TRUST NOTES TO THE ACCOUNTS- 30JUNE 2022 11 ANAL YSIS OF NET ASSETS Icontinuedl Fund balances &130 June 20218r8 r@pr&s&nled by.. Gener81 Fund Deslgn8ted Fud rolal 2021 LI51ed inv&stmÈnls Current assels Crèdilors." amourtls lalling wilhin on8 y88r 2,986, 151 26,885 2,986, 151 57,379 24,494 f26.404) 126,404) 24,494 2,986.632 3,011, 126 Unr6alised gains on li518d inv8slm8nls 638,211 638,211 R8concili8tion of mov8menls In unrealispd gains on inv8slm6nl as581s Unr&alis8d 98ins al l July 2020 Adju51gd resp&cI ofdisposals in year 467.798 1131.0561 467, 798 (131,056) 336, 742 336, 742 Add." Gains arising on rev&lualions in y88r JOl,469 301.469 Unrgalisedgèins al 30 June 2021 638.211 638,211
Pa
MRS. F.B. LAURENCE CHARITABLE TRUST
APPENPIX.. GRANTS PAYABLE
GRAféTS PAY
Amount
Acces9 Sport (Brlxion BMXI
BaslcB Es5gxAcGld&Thl Rescue Cenira
Bluo Hlghland Blrd RescuB
Blue Hlyhland glid Res¢uo
Btsb Wlllls Fufid ladmlnlstei£d by Talent Fundl
Brooke Anlmai Wollare
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