REGISTERED CHARITY NUMBER: 299600
;
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
FOR
THE KATHLEEN HANNAY MEMORIAL CHARITY
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BRI 3RA
THE KATHLEEN HANNAY MEMORIAL CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2022
| Page | |||
|---|---|---|---|
| Reference and administrative details | l | ||
| Report ofthe trustees | 2 | to | 3 |
| Independent examiner's report | 4 | ||
| Statement of financial activities | 5 | ||
| Balance sheet | 6 | ||
| Notestothefinancialstatements | 7 | to | 13 |
THE KATHLEEN HANNAY MEMORIAL CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 5 April 2022
TRUSTEES SP Weil JP Weil Ms LAS Watkins Mrs C A K Ward PRINCIPAL ADDRESS 5 Fleet Place London EC4M 7RD
REGISTERED CHARITY NUMBER 299600
INDEPENDENT EXAMINER Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BRI 3RA
| | |
SOLICITORS Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD ADVISERS Rothschild & Co Wealth Management New Court St Swithin's Lane London ECAN 8AL Stonchage Fleming Investment Management Limited 15 Suffolks Street London SWIY 4G
Page |
THE KATHLEEN HANNAY MEMORIAL CHARITY
REPORT OF THE TRUSTEES
for the year ended 5 April 2022
The trustees present their report with the financial statements of the charity for the year ended $ April 2022. The trustees have adopted the provisions of 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 | January 2019),
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published on 16 July 2014 (as amended by Update Bulletin | and 2).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees support a wide variety of UK and worldwide charitable causes. In furtherance of the objects, the Trustees continue to make a substantial number of grants to charitable organisations both on a one off and recurring basis.
Selecting applicants and making awards
The Trustees consider and approve grants annually and although many are made to the same charities each year none are promised or guaranteed, Applications for financial assistance are made to the Principal Office.
As required by the Charities Act 2011, the Trustees have referred to the Charity Commission's general guidance on public benefit when formulating the grant making policy. In particular, the Trustees consider how grants can be made to chsure the maximum benefit flows through to the intended ultimate beneficiaries.
Public benefit statement
The Trustees have had regard to the Charity Commission's guidance on public benefit including the guidance “public benefit: running a charity (PB2)". The charity’s aims are far-reaching and for the public benefit. By making grants to individuals for educational purposes the Trustees are confident that their public benefit duty is fulfilled. The Trustees also consider that there is no detriment, harni or private benefit that arises from carrying out the charity's aims,
Fund raising policy
The Charity's income is generated from the investments held, it does not undertake fundraising activities, it is nevertheless mindful of the code issued by the fundraising regulator,
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Charitable grants were made in the year of £383,250 paid to 30 registered charities (2021; £97,500 to 7 registered charities).
FINANCIAL REVIEW
Financial position
Income
Income for the year, comprising dividends and interest, amounted to £1 29,506 (2021: £158,089).
Expenditure
As mentioned above, 2021 Grants were £383,250 (2021: £97,500), Charitable Support costs (administration and management costs) were £41,470 (2021: £25,091). All administration costs are charitable except for expenditure on raising funds (imvestment management fees), shown in the Expendable Endowment Fund: £144,756 (2021; £123,045).
Investment policy and performance
The Trustees are given wide powers of investment by the 24 March 1988 Deed, The Trustees policy is to maintain a balanced portfolio of income generation and capital growth. The investment manager are Rothschilds and Stonehage Fleming, who retained investments on 5 April 2022, which cannot easily be realised. The investments were valued at £16,689,996 on 5 April 2022 (2021: £16,237,998). Following the disruptions caused by the COVID-19 pandemic, which has resulted in| economic uncertainty; the value of the investments held by the trast has been reduced at the year end, The trust holds these investments as an endowment for the long term and expects the investment values to recover. There are no plans for the trust to liquidate a substantial portion ofthe investments which would crystallite this loss.
Page 2
THE KATHLEEN HANNAY MEMORIAL CHARITY
REPORT OF THE TRUSTEES
for the year ended § April 2022
FINANCIAL REVIEW
Reserves policy
It is the Trustees intention to sustain the expendable endowment fund at a level which will provide sufficient investment income to meet the level of donations paid, cover the charity's administration costs and to be able to respond to any emergency applications that may arise from time to time.
At the Balance Sheet date the reserves ofthe charity amounted to £16,872,757 all of which was expendable endowment (2021: £17,065,758 - all expendable endowment).
Going concern
The Trustees have prepared the financial statements on a going concern basis. However, before reaching their decision to do so, careful consideration has been given to the possible implications of COVID-19.
The main consideration was the volatility of the stock market and its implications on both the value of the investment portfolio and the level of income arising therefrom as the charily relies on both to produce sufficient finds to meet its liabilities as and when they fall due. In particular discussions have taken place with the Investment Advisers to plan the best way forward.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity was established by an initial gift from The Reverend Robert Fleming Hannay in 1988. Subsequent gifts were received from the residuary estate of James Maawell Hannay (who died on 4 June 1977) and from the Trustees of the Hannay Charitable Trust, dated 5 May 1977, on 11 April 1988 and 14 April 1988 respectively. The Charity does not actively fundraise and seeks to continue the work desired by the Donor through the careful stewardship of its existing resources.
The Charity was created wholly for charitable purposes. The Trustees shall hold the Trust Fund and the income thereof, upon Trust to pay or apply, after the payment of all expenses of maintaining and managing the Trust Fund, to such expenses of maintaining such charitable purposes as the Trustees in their discretion shall from time to time think fit.
Income can be applied to fund or endow any charitable foundation, create charitable discretionary trusts and need not be expended in any one year in its entirety if the Trustees, at their discretion, so decide as they have the power to accumulate income for later disbursement.
Appointment of Trustees and Trustee induction and training Trustees are appointed by deed, the statutory powers of appointing new Trustees apply. Induction and training for Trustees is provided when relevant. Approved by order ofi the board of¢ trustees Of icf02 February 2023ee cceseen and signed on ttsj behalf by:
S P Weil - Trustee
Page 3
a
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KATHLEEN HANNAY MEMORIAL CHARITY
Independent examiner's report to the trustees of The Kathleen Hannay Memorial Charity
I report to the charity trustees on my examination of the accounts of The Kathleen Hannay Memorial Charity (the Trust) for the year ended 5 April 2022.
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 exaniiner's statement
{ have completed my examination. | 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:
4
- |; accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2, the accounts do not accord with those records; or : Bs the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
} 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.
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Paul Allan BSocSe FCA ICAEW
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BRI 3RA
?
’
Page 4
THE KATHLEEN HANNAY MEMORIAL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended § April 2022
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|||||||||
|---|---|---|---|---|---|---|---|
|2022|2021|
|Expendable|
|Unrestricted|Endowment|Total|Total|
|fund|Fund|funds|funds|
|Notes|£|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Investment|income|2|129,506|-|129,506|158,089|
|EXPENDITURE|ON|
|Raising|funds|3|“|144,756|144,756|123,045|
|Charitable|activities|
|Support|costs|41,470|-|41,470|25,091|
|Grants|383,250|.|383,250|97,500|
|Total|424,720|144,756|§69,476|245,636|
|Net|gains on|investments|-|246,969|246,969|4,919,380|
|NET INCOMEKEXPENDITURE)|(295,214)|£02,213|(193,001)|4,831,833|
|Transfers|between|funds|18}|295,214|(295,214)|-|.|
|Net movement|in|funds|«|(193,001)|(193,001)|4,831,833|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|-|17,065,758|17,065,758|12,233,925|
|TOTAL FUNDS CARRIED FORWARD|-|16,872,757|16,872,757|17,065,758|
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|
The notes form part ofthese financial statements
Page §
THE KATHLEEN HANNAY MEMORIAL CHARITY
BALANCE SHEET
5 April 2022
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|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|Expendable|
|Unrestricted|Endowment|Total|Total|
|fand|Fund|funds|funds|
|Notes|ft|£|£|E|
|FIXED|ASSETS|
|Investments|8|-|16,689,996|16,689,996|16,237,998|
|CURRENT|ASSETS|
|Debtors|9|~|977|977|13,905|
|Cash|at|bank|-|316,624|316,624|843,630|
|”|317,601|317,601|857,535|
|CREDITORS|
|Amounts|falling|due|within|one|year|10|-|(134,840)|(134,840)|(29,775)|
|NET|CURRENT ASSETS|-|182,761|182,761|827,760|
|TOTAL|ASSETS|LESS|CURREN]|
|LIABILITIES|~|16,872,757|16,872,757|17,065,758|
|NET ASSETS|“|16,872,757|16,872,757|17,065,758|
|FUNDS|if|
|Endowment|funds|16,872,757|17,068,758|
|TOTAL FUNDS|16,872,757|17,065,758|
|The|financial|statements|were|approved|by|the|Board|of Trustees|and|authorised|for|issue on 2|flue,|2202.3|and|
|were|signed|on|its|behalf by:|
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. * ‘i ae S P Weil - Trustee
The notes form part ofthese financial statements
Page 6
iff ACCOUNTING POLICIES
THE KATHLEEN HANNAY MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended § April 2022
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 162) ‘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 (PRS 102) (effective 1 January 2019), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Crifical accounting judgements and key sources of estimation ancertainty
In the application of the charity's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resulis may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fiture perieds where the revision affects both current and future periods,
Going concern
These financial statements are prepared on the yong concer basis, The Trustees have reasonable eapectation that the Charity will continue in operational existence for the foreseeable future and have considered the impact of COVID-19 on its operations.
Income
Deposit account interest is recognised when received. Investment income is recognised when the sharcholder’s right to receive payment is established, although at the year end if the payment is due but not received (i.e. itis "ex-dividend") it is not included in these accounts, it will be shown in the subsequent year when received. Foreign exchange gains or losses for the year are the difference between the amount invested and that received.
Expenditure
A liability and related expenditure is recognised when there is a legal or constructive obligation at the balance sheet date as a result of a past event; that it is likely to be settled and that it can be measured or estimated reliably. Other than mvestment management fees (expenditure on raising funds), all administration expenses are charitable support costs. Charitable grants Grants are recognised when the trustees have made a decision to make a payment and that decision has been communicated to the recipient and it is probable that payment will take place. However, the recognition of any liability will be dependent on any conditions attaching to the commitment.
Taxation
The charity is exempt from tax on its charitable activities.
Funds
Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects. The Expendable Endowment Fund represents those assets which are held for the longer term for Trust, in accordance with the terms of the Trust deed, Income arising on the Expendable Endowment Fund the can be used in accordance with the objects of the Trust and is included in the unrestricted income. As an Expendable Endowment, capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of the fund. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are (ranslated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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continued...
THE KATHLEEN HANNAY MEMORIAL CHARITY
|
iP ACCOUNTING POLICIES - continued
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 5 April 2022
Investments
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year.
Financial instruments
The charity has elected to apply the provisions of Section If 'Basic Financial Instruments’ to all of its financial instuments. Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102 recognised at transaction value and subsequently adjusted for impairment. Investments are initially measured at transaction price and subsequently at fair value
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
Creditors
| Creditors receivable within one year of the reporting date are carried at their transaction price. Creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value oftheexpected future receipts orpayment discounted at a market rateofinterest. |
Creditors receivable within one year of the reporting date are carried at their transaction price. Creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value oftheexpected future receipts orpayment discounted at a market rateofinterest. |
Creditors receivable within one year of the reporting date are carried at their transaction price. Creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value oftheexpected future receipts orpayment discounted at a market rateofinterest. |
|
|---|---|---|---|
| Employees | |||
| There are no staffmembersemployed directly by the charity. | |||
| Pe | INVESTMENTINCOME | ||
| 2022 | 2021 | ||
| Income from investments | £ 129,506 |
£ 158,089 |
|
| 3 | RAISING FUNDS | ||
| Raisingdonations and legacies | |||
| 2022 | 2021 | ||
| StonchageFleming/RFTrusteeCo fees Rothschild Investment management fees |
£ 959 143,797 |
£ 1,598 {21,447 |
|
| 144,756 | 123,045 |
3
Page 8
continued...
4, GRANTS PAYABLE
|
|
THE KATHLEEN HANNAY MEMORIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 5 April 2022
| GRANTS PAYABLE | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Grants | 383,250 | 97,500 |
| The total grants paid to institutions during the year was as follows: | ||
| 2022 | 2021 | |
| £ | £ | |
| Britten Pears Arts | 25,000 | - |
| Children's Burs Trust | 25,000 | - |
| Museum ofMusic History | 20,000 | 20,000 |
| New English Ballet Theatre | 25,000 | 25,000 |
| The Harnhill Centre | 60,000 | - |
| Holy Trinity Sloane Square | 20,000 | - |
| Disasters Emergency Committee - Afghanistan | 30,006 | - |
| ManchesterGlobal Foundation | - | 15,000 |
| British Red Cross | 15,000 | |
| Depaul International | 15,000 | |
| St Christophers Hospice | 15,000 | |
| STCF Philanthropy | 15,000 | |
| TheUKCommittee | 15,000 | |
| Other donations made(under £15,000) | 103,250 | 37,500 |
| 383,250 | 97,500 |
All of which were paid during the year, except for £40,000 relating to The Harnhill Centre and £30,000 relating to. the Disasters Emergency Commnittee - Afghanistan, which will be paid post year end.
SUPPORT COSTS
| SUPPORT COSTSCOSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support casts | 105 | 41,365 | 41,470 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bankcharges | 105 | 228 |
Bank charges
Page 9
continued...
THE KATHLEEN HANNAY MEMORIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended § April 2022
5; SUPPORT COSTS - continued
Governance costs
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||||||
|---|---|---|---|---|
|2022|2021|
|Support|Total|
|costs|activities|
|z|£|
|Independent|examination|3,420|3,600|
|Legal &|professional|fees|37,945|21,263|
|41,365|24,863|
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6,
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 5 April 2022 nor for the year ended S April 2021.
Trustees’ expenses
There were no trustees! expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
4s
COMPARATIVES BOR THE STATEMENT OF FINANCIAL ACTIVITIES
}
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||||||||
|---|---|---|---|---|---|---|
|Expendable|
|Unrestricted|Endowment|Total|
|fund|Fund|funds|
|:|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Investment|income|158,089|“|158,089|
|EXPENDITURE|ON|
|Raising|funds|-|123,045|123,045|
|Charitable|activities|
|Support|costs|25,091|-|25,091|
|Grants|77,500|20,000|97,500|
|Total|102,591|143,045|245,636|
|Net|gains on|investments|-|4,919,380|4,919,380|
|NET INCOME|55,498|4,776,335|4,831,833|
|Transfers|between|funds|(55,4983|$5,498|-|
|Net|movement|in|funds|-|4,831,833|4.831.833|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|-|12,233,925|12,233,925|
|TOTAL FUNDS CARRIED|FORWARD|.|17,065,758|17,065,758|
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continued...
THE KATHLEEN HANNAY MEMORIAL CHARITY
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2022
FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |||
|---|---|---|---|
| Listed | Unlisted | ||
| investments | investments | Totals | |
| £ | £ | £ | |
| MARKET VALUE | |||
| At 6 April 2021 | 16,184,381 | 53,617 | 16,237,998 |
| Additions | 4,436,940 | 20,828 | 4,451,768 |
| Disposals | 3,405,315) | (72,110) | (3,477,425) |
| Revaluations | (522,518) | 173 | (522,345) |
| At 5 April 2022 | 16,687,488 | 2,508 | 16,689,996 |
| NETBOOK VALUE | |||
| At 5 April 2022 | 16,687,488 | 2,508 | 16,689,996 |
| At 5 April 2021 | 16,184,381 | 53,617 | 16,237,998 |
| Analysis ofinvestment assets: | |||
| £ | |||
| Held in theUK | 5,964,685 | ||
| Held outside the UK: | 10,725,312 | ||
| 16,689,996 |
Investments greater than 5% of the total holding (market value):
| £ % |
|||
|---|---|---|---|
| Rothschild Selected Opps FundGBP Inc X | 1,091,512 6.5 |
||
| Rothschild & Co Inflation Foeus FundUSD UKREP INCX | 1,548,087 9.3 |
||
| Cost or valuation at § April 2022 is represented by: | |||
| Listed | Unlisted | ||
| investments | investments | Totals | |
| £ | £ | £ | |
| Valuation in 2022 | 4,364,051 | (50,806) | 4,313,245 |
| Cost | 12,323,437 | §3,314 | 12,376,751 |
| 16,687,488 | 2,508 | 16,689,996 |
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continued...
THE KATHLEEN HANNAY MEMORIAL CHARITY
9,
|
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 5 April 2022
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|z|£|
|Prepayments and|accrued|income|977|13,905|
|10.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR|
|2022|2021|
|£|£|
|Other|creditors|134,840|29,775|
|Li|MOVEMENT|IN|FUNDS|
|Net|Transfers|
|movement|between|Al|
|At|6.4.21|in|funds|funds|5.4.22|
|Unrestricted|funds|£|£|se|£|
|General|fund|-|(295,214)|295,214|-|
|Endowment|funds|
|Expendable|Lnadowment|bund|17,065,758|102,213|(295,214)|16,872,757|
|TOTAL FUNDS|17,065,758|(193,001)|-|16,872,757|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|129,506|(424,720)|-|(295,214)|
|Endowment|funds|
|Expendable Endowment|Fund|-|(144,756)|246,969|102,213|
|TOTAL FUNDS|129,506|(569,476)|246,969|(193,001)|
|Comparatives|for|movement|in|funds|
|Net|Transfers|
|movement|between|At|
|At|6.4.20|in|funds|funds|5.4.2}|
|Unrestricted|funds|£|£|£|:|
|General|fund|-|$5,498|(55,498)|:|
|Endowment|funds|
|Expendable Endowment|Fund|12,233,925|4,776,335|$5,498|17,065,758|
|TOTAL FUNDS|12,233,925|4,831,833|-|17,065,758|
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continued...
THE KATHLEEN HANNAY MEMORIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended § April 2022
ts
MOVEMENT IN FUNDS - continued
|
Comparative net movement in funds, included in the above are as follows:
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||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|find|158,089|(102,591)|-|55,498|
|Endowment|funds|
|Expendable|Endowment|Fund|a|(143,045)|4,919,380|4,776,335|
|TOTAL FUNDS|158,089|(245,636)|4,919,380|4,831,833|
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i2; RELATED PARTY DISCLOSURES
None of the Trustees received remuneration during the year covered by these accounts, nor were they paid any expenses (2021: £nil).
Mrs Christian Ward holds shares in Stonehage Fleming Family & Partners (SFE&P), but is nota substantial shareholder of the company. SFF&P is the parent company of Stonchage Fleming Investment Management (SFIM), one of the charity's investment managers on 5 April 2022. The company SFF&P has associations with RF Trustee Co Limited. SFIM and RF Trustee Co (combined) charged the charity £959 during the year (2021: £1,598).
The Trustees made donations of£10,000 (2021: £10,000), £25,000 (2021: £25,000) and £12,500 (2021: fnil) to The English Concert, New English Ballet Trust and Handel House respectively. Simon Weil is a Trustee of each charity, The donations were all paid during the year.
During the year fees of Enil (2021: £19,968) and £37,945 (2021; £1,175) were payable to BDB Pitmans LLP and Charles Russell Speechlys LLP respectively. One of the Trustees. Simon Weil was a former partner of BDB- Pitmans LLP and is a current partner of Charles Russell Speechlys LLP. At the year end £Nil (2021: fnil) was owed to BDB Pitnians LLP and £32,820 (2021: £1,175) was owed to Charles Russell Speechlys LLP.
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