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|Name|||Office||||||||Committee|Committee|membership|membership|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Sophie Fernandes||CC|Chairman|||(from 24|February|||2022)|Grants,|Nominations,||Staff, Investment|||
||||Deputy||Chairman||(until||24|February|||||||
||||2022)||||||||||||||
||||Chairman|||of Grants||(until||24 March|||||||
||||2022)||||||||||||||
|John Hall|||Chairman|||(until 24|February|||2022)|Grants||||||
|David Hogben|BEM||Chairman|||ofAudit|& Risk||||Audit
&.Risk, Nominations,||||Investment||
|Denise Jones|||Deputy|Chair (from|||24|February 2022)|||Grants,|Nominations,||Staff|||
||||Chair of||Grants (from 24||||March 2022)||||||||
||||Deputy|Chair ofGrants||||(until||24 March|||||||
||||2022)||||||||||||||
|HH Brian Barker CBE QC|||||||||||Audit &|Risk,|Staff||||
|Paul Bloomfleld|||(resigned|||21October 2021)|||||Grants,|Staff|||||
|The Reverend|Trevor||||||||||Nominations,||Investment,||Staff||
|Critchlow|||||||||||||||||
|(ex-officio)|||||||||||||||||
|Helen Folorunso|||Deputy|Chair of Grants||||(from||24|Grants,|Nominations|||||
||||March 2022)||||||||||||||
|The Reverend|Laura||||||||||Grants,|Audit|g Risk||||
|Jergensen|||||||||||||||||
|(ex-officio)|||||||||||||||||
|Jenny Moseley|||||||||||Grants,|Nominations,||Investment,||Audit &|
||||||||||||Risk||||||
|Fancy Sinantha|||Appointed|||24 February||2022|||6ra nts||||||
|Ratidzo Starkey|||||||||||Grants,|Investment|||||
|Sarwar Zaman|||||||||||Audit &.Risk,||Staff||||
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|For the year ended 31March 2022|||||||||
|---|---|---|---|---|---|---|---|---|
|Pension Actuary|Capita Hartshead|||Actuarial||and Consultancy||Services|
||(Formerly
called||6issings Consultancy||||Services)||
||Ludgate
House||||||||
||2nd Floor||||||||
||245 Biackfriars|Road|||||||
||London||||||||
||SE19UF||||||||
|Accountants|Myers Clark||||||||
||Chartered
Accountants||||and|Registered|Auditors||
||Egale 1||||||||
||80StAlbans Road||||||||
||Watford,||||||||
||WD17 1DL||||||||
|Auditor|Sayer Vincent|LLP|||||||
||Chartered
Accountants||||and|Statutory|Auditors||
||lnvicta
House||||||||
||108-114Golden||Lane||||||
||LONDON||||||||
||EC1y OTL||||||||
|Design Agency|Red Stone||||||||
||90-93Cowcross||Street||||||
||Farringdon||||||||
||LONDON||||||||
||EC1M 6BF||||||||
|Secure Web Hosting|SystemCore
Ltd||||||||
||The Lodge, Norney|||Grange|||||
||Elstead Road||||||||
||Godalming||||||||
||GU8 6AY||||||||
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|rants Programmes|rants Programmes||||
|---|---|---|---|---|
|Portal Trust's Schools||||F188,201|
|Grants to Organisations||working|with Trust's Schools|F284,817|
|Other Institutions|connected to||the Trust|E3,832,784|
|Organisations||||1872,589|
|Individ uals||||E25,000|
|Returned
funds||||(F10,805)|
|TOTAL||||E5,186,186|
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|[Organisation|[Organisation|Name||Details||||Amount|||
|---|---|---|---|---|---|---|---|---|---|---|
|Giants|to Trust's Schools||||||||E188,201.00||
|Stepney|All|Saints Church||Annual Trust Benefits|||||E72,030.00||
|of England||Secondary School|||||||||
|Stepney|All|Saints Church||Iaptops for every pupil at the School|||||fSS,000.00||
|of England||Secondary School|||||||||
|Stepney|All|Saints Church||iMac Suite - Virtual
Learning|||||E30,000.00||
|of England||Secondary School||Environment
(VLE)|||||||
|Aldgate|School|||Annua
I Benefits|||||E19,390.00||
|Aldgate|School|||Proposal for Afghan
Children|||||E7,425.00||
|Aldgate|School|||New Signage for School|||||f2,862.00||
|Aldgate|School|||New Signage for School|||||E1,494.00|'|
|Grants to Organisations|||working|with the Trust's Schools|||||E284,817.00|'.|
|Hampshire||County Council||~ Helping disadvantaged
young|people||||f103,000.00||
|||||' aged 9-18from the Trust's Schools|||||||
|||||develop
life skills at the Argoed||Lwyd|||||
|||||Outdoor Education
Centre.|||||||
|The Samosa||||Curriculum
resources to mentor,|||||f55,000.00||
|||||support
and empower
marginalised|||||||
|||||young people across London|||||||
|City University
of London||||Schools Engagement
Programme—|||||E45,000.00||
|||||connecting
student
mentors|from||||||
|||||Bayes Business School to local|||||||
|||||secondary
schools, including|Stepney||||||
|||||All Saints Church of England|||||||
|||||Secondary School, providing|||I||||
|||||mentoring
and coaching to year||10to|||||
|||||13pupils.|||||||
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||Clios Company|Clios Company|Clios Company|Clios Company|Clios Company|Clios Company|||Aphra
Behn and After - helping
school|Aphra
Behn and After - helping
school|E41,7SS.00||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||children,
including
those at the Trust's||||
||||||||||Secondary School, discover the work||||
||||||||||ofAphra
Behn, the first professional||||
||||||||||woman
playwright||||
||The World||||Reimagined||||The World Reimagined
- Learning||F40,062.00||
||||||||||Programme:
Telling the history of|the|||
||||||||||Transatlantic
Slave Trade||||
||Grants to|||Trust|||Institutions||||E3,832,784||
||The London|||||College of||Fashion|ATen-year Programme
to support|the|63,800,000.00||
||||||||||Portal Centre for Social Impact at||||
||||||||||Poplar Works, Tower Hamlets and|at|||
||||||||||East Bank, Stratford||||
||The Charterhouse||||||||The Charterhouse
learning
and||E32,784.00||
||||||||||engagement
programme
at the Portal||||
||||||||||Trust Learning
Centre||||
||Grants to|||Organisations|||||||6872,589.00||
||Kings Edward's||||||School,|Witley|The Portal Trust Bursary Scheme||E71,429.00|'|
||Institute||of||Education,|||University|Promoting
the Education,||E62,993.00||
||College|London|||||||Employment
and Training of Care||||
||||||||||Leavers||||
||Haggerston||||School||||ASpace - Improving
Students'||E40,930.00||
||||||||||Wellbeing||||
||National||Youth||||Theatre||Training that uses drama to re-engage||E40,000.00||
||||||||||young people aged 19-24who are|not|||
||||||||||in education,
employment
or training||||
||||||||||and who face significant
life||||
||||||||||challenges.||||
||Hoxton|Hall|||||||Let the music play
—extending
our||E39,000.00||
||||||||||music studio offer to 19-24year olds~||||
||Debate|Mate||||Limited|||' Helping disadvantaged
young people||E31,000.00||
||||||||||aged 9-18 from seven London schools||||
||||||||||engage with and stay in education||||
||||||||||through
a programme
to help them||||
||||||||||realise their potential
and
acquire|key|||
||||||||||life skills.||||
||Independent|||||Film Trust|||Supporting
young People 18-2Sto||E30,000.00||
||||||||||access skills training for film &||||
||||||||||television.||||
|.|Lyric Theatre,|||||Hammersmith|||START programme,
using drama to||E30,000.00||
||||||||||support 16-21year olds to reengage||||
||||||||||in education,
employment
or training||||
|'|Rich Mix||||||||Pic 'n' Mix: Film Education||E30,000.00||
||||||||||Programme
in Tower Hamlets||||
||Saracens||Sports||||Foundation||Get Onside
- rugby and employability||630,000.00||
||||||||||programme
at HMP Feltham
YOI||||
|j|University|||of||Westminster|||Care Leaver Completion
bursaries
I 2021-2023||E30,000.00||
||||||||||Portal Trust Undergraduate||E30,000.00||
||||||||||Cambridge
University
Scholarship||||
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|Mountview|Mountview||Academy ofTheatre Arts|Academy ofTheatre Arts|Academy ofTheatre Arts|Academy ofTheatre Arts|Academy ofTheatre Arts|Academy ofTheatre Arts|Bursary programme
to widen the|E28,898.00|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||particpation
ofdisa dvanatged
young||
||||||||||people in theatre and dance||
|Goldsmiths,|||University||||of|London|Supporting
the universities
bursaries|E27,0D0,00|
||||||||||programme
for ethnic minority||
||||||||||students||
|Oasis Children's|||||Venture||||The Right Track Project: empowering|E25,000.00|
||||||||||disenfranchised
young people to||
||||||||||reach their potential||
|Refugee|Education|||||UK|||Access to further education
for young|E25.0D0.00|
||||||||||asylum
seekers and refugees||
|The Old Vic|||Theatre||||||Take the Lead programme
for 16-18|E25,000.00|
||||||||||year olds - using theatre techniques||
||||||||||and workshops
to support||
||||||||||employability
&social mobility||
|Future Frontiers|||||||||Supporting
disadvantaged
young|E23,737.00 '|
||||||||||people
in Inner London to fulfil their||
||||||||||potential||
||||||||||BIGAlliance: Mentoring
Works-|E20,000.00|
||||||||||pairing young people
in Islington
with||
||||||||||mentors from the Business||
||||||||||community|"--I|
|MygigCareer|||||||||Careers Education,
Advice, for young|E20,000.00 I|
||||||||||disadvantaged
Londoners||
|The Frontline||||Organisation|||||Coaching for newly qualified
social|E20,000.00|
||||||||||workers||
|Caritas Anchor||||House|||||Community
Partnerships|E19,999.00|
||||||||||- Education
Training
and Employment||
|The Economist||||Educational||||Foundation|Topical Talk - a current
affairs|E16,758.00|
||||||||||programme
of study for primary
and||
||||||||||secondary
school pupils||
|The Postal||Museum|||||||Sort it! - Literacy & numeracy
project|E16,615.00|
||||||||||for primary
aged children||
|Ministry of||Stories|||||||Creative writing project for children|E15,000.00|
||||||||||aged 8-12||
|Peckham|Platform||||||||Youth Platform —an after school arts|E15,000.00|
||||||||||programme
for young people||
|Young Urban|||Arts||||||Emotional
Wellbeing
Through
Lirban|F148591.00|
||||||||||Arts||
|Roundhouse|||Trust||||||Roundhouse
Community
Programme|E10,000.00|
||||||||||Summer 2022||
|Scarabeus|Aerial Theatre||||||||Flying into Physics - Teaching
physics|E10,000.00|
||||||||||via aerial Theatre||
|The AHOY|Centre||||Charity||||Sailing For All - a school programme|E10,000.00|
||||||||||that targets disadvantaged
young||
||||||||||people who are aged 8-16||
|Cambridge||House|||and Talbot||||RISE, a truancy prevention
project in|69,986.00|
||||||||||Southwark||
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|Barrier Breakers Foundation|Barrier Breakers Foundation|Barrier Breakers Foundation|Barrier Breakers Foundation|Soft Skills for Employability:|||E9,825.00|
|---|---|---|---|---|---|---|---|
|||||Training for young people
in inner||||
|||||London||||
|Face Front|||||||E8,250.00|
|||||Digital roll-out ofTheatre
in||||
|||||Education
projects -conversion|of|||
|||||three successful Theatre
in Education||||
|||||projects into interactive
digital||||
|||||resources for primary,
secondary||and||
|||||SEN schools.||||
|' Southbank||Sinfonia||Opening
up pathways
to an orchestral|||E6,910.00|
|||||career for disadvantged
young|people|||
|Number|Champions|||Primary school maths support|||E6,500.00|
|London Music|||Fund|Young Musicians
Scholarship|||E6,000.00|
|||||Programme||||
|Prisoners'||Education Trust||Reducing
Reoffending
and Increasing|||ES,380.00|
|||||Employment
Opportunities:||||
|||||Education
for Young Prisoners|from|||
|||||inner London||||
|Fitzrovia|Youth||in Action|Peer Education
Programme
for|young||ES,000.00|
|||||people
in Camden||||
|Building Crafts|||College|Sponsored
prize and trophy for|||E368.00|
|!
Grants to||individuals||prizegiving
event|||625,000.00|
|Returned||or cancelled commitments|||||(E10,805)|
|TotaIgra|nts||||||E5,186,186|
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||||Unrestricted|Unrestricted|||||
|---|---|---|---|---|---|---|---|---|
|||||||Permanent|2022|2021|
||||General|Designated|Restricted|Endowment|Total|Total|
|||Note|E||E|E|E|E|
|Income from:|||||||||
|Donations
and legacies||3||||||209|
|Investments|||7,913,912||||7,913,912|7,892,895|
|Other||5|40,017||||40,017|46,301|
|Total income|||7,953,929||||7,953,929|7,939,405|
|Expenditure
on:|||||||||
|Generating
funds|||281,268||||281,268|I 77,795|
|Charitable
activities|||||||||
|Promotion
ofeducation|||9,625,889||||9,625,889|5,879,182|
|Other|||4,000||||4,000|10,000|
|Total expenditure||6a|9,911,157||||9,911,157|6,066,977|
|Net income/(expenditure)|before net||||||||
|gains/(losses)
on investments|||(I,957, 2 2 8)||||(1,957,228)|1,872,428|
|Net gains/(losses)
on investments||13,14|151,655|||2,407,679|2,559,334|82,019,457|
|Net income/(expenditure)|before||||||||
|transfers|||(1,805,573)|||2,407,679|602,106|83,891,885|
|Transfers||19|131,695|(131,695)|||||
|Net income/(expenditure)|before||||||||
|other recognised
gains and losses|||(1,673,878)|(131,695)||2,407,679|602,106|83,891,885|
|Gains on revaluation
offixed assets|||||||||
|Actuanal
gains on defined|benefit||||||||
|pension
schemes||17|1,596||||1,596|224,692|
|Net movement
in funds|||(1,672,282)|(131,695)||2,407,679|603,702|84,116,577|
|Reconciliation
offunds:|||||||||
|Total funds
brought
Forward|||7,318,204|8,569,238|250|248,098,787|263,986,479|179,869,902|
|Total funds carried forward|||5,645,922|8,437,543|250|250,506,466|264,590,181|263,986,479|
##
##
|Balance sheet|Balance sheet|Balance sheet||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|As at 31 March 2022||||||||||||||
||||||||||||2022||2021|
||||||||||Note||6||f|
|Fixed assets:||||||||||||||
|Tangible
assets|||||||||l2||58,904,427||58,910,966|
|Investment
properties|||||||||13||151,880,000||151,880,000|
|Investments|||||||||14||48,897,859||46,275,757|
||||||||||||259,682,286||257,066,723|
|Debtors
receivable||in|more||than||one|year:||||||
|Rental income receivable|||||||||15||4,781,148||4,912,843|
|Current assets:||||||||||||||
|Debtors|||||||||15|1,160,641||569,150||
|Cash at bank and|in hand|||||||||3,205,335||2,015,047||
|||||||||||4,365,976||2,584,197||
|Liabilities:||||||||||||||
|Creditors: amounts||falling|||due|within||one year|'I6|(2,662,229)||(384,284)||
|Net current assets|||||||||||1,703,747||2,199,913|
|Creditors: amounts||falling|||due|after||one year||||||
|Grants
payable|||||||||16||1 400000|||
|Net assets excluding|||pension|||liability|||||264,767,181||264,179,479|
|Defined
benefit
pension||||scheme|||liability||17||(177,000)||( I 93,000)|
|Total net assets|||||||||||264,590,181||263,986,479|
|The funds ofthe charity:|||||||||19a|||||
|Permanent
endowment||||funds|||||||250,506,466||248,098,787|
|Restricted
income|funds||||||||||250||250|
|Unrestricted
income||funds:||||||||||||
|Designated
funds||||||||||8,437,543||8,569,238||
|General funds||||||||||5,645,922||7,318,204||
|Total unrestricted|funds||||||||||14,083,465||I 5,887,442|
|Total charity funds|||||||||||264,590,181||263,986,479|
##
##
|For the|ear ended 31 March 202|2|||||||
|---|---|---|---|---|---|---|---|---|
|||||||2022||2021|
|||||||F.||8|
|Net income/&expenditure)
for the||reporting||period||602,106||83,891,885|
|(as per the statement
of financial||activities)|||||||
|(Gains)/losses
on investments||||||(2,559,334)||(82,019,457)|
|Gains on|pension
valuation|||||1,596||224,692|
|Dividends,
interest
and rent from||investments||||(4,058,292)||(4,037,275)|
|Depreciation||||||17,875||17,875|
|Increase|in debtors|||||(459,796)||(1,134,191)|
|Increase|in creditors|||||3,677,945||(97,046)|
|Decrease|in pension
liability|||||(I6,000)||(251,000)|
|Net cash|(used in) operating
activities||||||(2,793,900)|(3,404,517)|
|Cash flows from investing
activities:|||||||||
|Dividends,|interest
and rents from investments|||||4,058,292||4,037,275|
|Purchase|oftangible
fixed assets|||||(I 1,336)||(5,095)|
|Proceeds|from sale of investments|||||43,747,298||3,166,942|
|Purchase|of investments|||||(43,988,113)||(3,663,686)|
|Net cash|used provided
by investing||activities||||3,806,141|3,535,436|
|Change
in cash and cash equivalents|||in the|year|||1,012,241|130,919|
|Cash and|cash equivalents
at the beginning|||ofthe year|||2,213,668|2,082,749|
|Cash and|cash equivalents
at the end||ofthe|year|||3,225,909|2,213,668|
|Analysis ofcash and cash equivalents|||||||||
|||||||||Other
At 31 March|
||||||At|I Apnl 2021|Cash flows|changes
2022|
|||||||8|l|f|
|Cash at bank and
in hand||||||2,015,047|1,190,288|3,205,335|
|Cash held|as part of investments|||||198,621|(I78,047)|20,574|
|Total cash|and cash equivalents|||||2,213,668|1,012,241|3,225,909|
##
##
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##
##
##
##
##
|Detailed c|ompara|tiv|es
|fo|r t|he statements|offinancial
ac|tivities|tivities||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Unrestricted||||2021|
|||||||||General
l|Designated|Restrictedl|Endowmentl|Total
f.|
|Income from:|||||||||||||
|Donations|and legacies|||||||209||||209|
|Investments||||||||7,892,895||||7,892,895|
|Other||||||||46,301||||46,301|
|Total income||||||||7,939,405||||7,939,405|
|Expenditure|on:||||||||||||
|Generating|funds|||||||I77,795||||177,795|
|Charitable|activities|||||||5,879, 182||||5,879,182|
|Other||||||||10,000||||10,000|
|Total expenditure||||||||6,066,977||||6,066,977|
|Net expenditure||before||losses on Investments||||1,872,428||||1,872,428|
|Net losses|on investments|||||||799,828|||81,219,629|82,019,457|
|Net income|/ (expenditure)|||||before transfers||2,672,256|||81,219,629|83,891,885|
|Transfers||||||||(741,346)|741,346||||
|Net income|/ (expenditure)|||||before other|recognised||||||
|gains and losses||||||||1,930,910|741,346||81,219,629|83,891,885|
|Gains on revaluation|||of|fixed assets|||||||||
|Actuarial
gain on||defined|||benefit pension||scheme|224,692||||224,692|
|Net movement
in||funds||||||2,155,602|741,346||81,219,629|84,116,577|
|Total funds|brought||forward|||||5,162,602|7,827,892|250|166,879,158|179,869,902|
|Total funds|carried||forward|||||7,318,204|8,569,238|250|248,098,787|263,986,479|
|Income from donations||||and||legacies|||||||
||||||||||||2022|2021|
||||||||||||Totall|Total|
|||||||||||||209|
|||||||||||||209|
|Income|from investments|||
|---|---|---|---|
|||2022|2021|
|||Totall|Totall|
|Interest|received|279|500|
|Dividends||1,538,512|1,518,982|
|Rental|income|2,519,50i|2,517,793|
|Rent free accommodation||3,855,620|3,855,620|
|||7,913,912|7,892,895|
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||Total|Total|
||||||E||
|Administration||for other|grant giving|charities|37,500|33,332|
|Other property
income
Coronavlrus
job retention|||scheme grant||2,517|7,525
5,444|
||||||40,017|46,301|
##
##
##
##
|Analysis
of expe|nditure
(c|urrent year}||||||||
|---|---|---|---|---|---|---|---|---|---|
||||Cost of|||||||
||||generating|Promotion
of|Covernance|Support||2022|202i|
||||funds|education|cost's|costs|Other|Total|Total|
|||||6||f|5|||
|Staff costs (Note|9)||68,308|119,602|102,504|119,602||410,016|41i,776|
|Crants
payable (Note 7)||||5,186,186||||5,186,186|1,382,614|
|Rent free accommodation||(Note 7)||3,855,620||||3,855,620|3,855,620|
|Maintenance
of|invesunents||7,873|||||7,873|8,012|
|Office. costs|||30,717|||303,071||333,788|318,911|
|Professionalfees|||103,648|||1,575||105,223|66,144|
|Auditors'
remuneration|||||8,050|||8,050|13,900|
|6oard members'|travel||||401|||401||
|Pension
scheme|—interest|cost|||||4.000|4,000|10,000|
||||210,546|9,161,408|110,955|424,248|4,000|9,911,157|6,066,977|
|Support costs|||70,722|353,526||(424,248)||||
|Governance
costs||||110,955|(110,955)|||||
|Total expenditure|2022||281,268|9,625,889|||4,000|9,911,157||
|Total expenditure|2021||177,795|5,879,182|||10,000||6,066,977|
##
##
|Analysis of expen|diture
(p|nor year)|||||||
|---|---|---|---|---|---|---|---|---|
||||Cost of||||||
||||generating|Promotion
of|Governance|Support||2021|
||||funds
l|education
8|costsf|costs
5|Other|Total
2|
|Staff costs (Note|9)||68,602|120,115|102,944|120.1 1 5||411.776|
|Grants payable
(Note 7)||||1,382,614||||1,382,614|
|Rent free accommodation||(Note 7)||3,855,620||||3,855,620|
|Mamtenance
of mvestments|||8,012|||||8,012|
|Office costs|||314|||318,597||318,911|
|Professional
fees|||25,656||28,023|12,465||66,144|
|Auditors'
remuneration|||||13,900|||13,900|
|Board members'|travel||||||||
|Pension scheme|—interest|cost|||||10.000|10,000|
||||102,584|5,358,349|144,867|451,177|10,000|6,066,977|
|Support costs|||75,211|375,966||(451,177)|||
|Governance
costs||||144,867|(144,887)||||
|1otal expenditure|2021||177,795|5,879,182|||10,000|6,066,977|
##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||f|f|
|Promotion|of|education||||||||
|Grants|to|institutions||||||5,161,186|1,364,364|
|Grants|to|individuals||||||25,000|18,250|
|||||||||5,186,186|1,382,614|
|Rent free accommodation||||||||||
|Grants|to|institutions||||||3,855,620|3,855,620|
|||||||||9,041,806|5,238,234|
|Details of grants
awarded||||are set||out|in the Report of the Governors.|||
|Net Incoming||resources|for||the year|||||
|This is stated||after charging|||/ crediting.|||||
|||||||||2022|2021|
||||||||||f|
|Depreciation||||||||17,875|17,875|
|Auditor's
remuneration|||(excluding|||VAT):||||
|Current|year|||||||10,550|10,050|
|Under/(over)-accrual||||in|previous||year|(2,500)|3,850|
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||f||
|Salaries and|wages|||||338,723|339,976|
|Social security costs||||||32,672|32,671|
|Employer's|contribution|to defined|contribution|pension|schemes|38,621|39,129|
|||||||410,016|411,776|
|2022|2021|
|---|---|
|No.|No.|
##
##
##
##
|The average|The average|number of employees|number of employees|(head count based|on number of staff employed)|during|the year was as follows:||
|---|---|---|---|---|---|---|---|---|
||||||||2022|202i|
||||||||No.|No.|
|Generating|funds||||||1.35|1.33|
|Promotion|of|education|||||1.82|1.80|
|Administration||for other grant|giving charities||||0.54|0.53|
|Support|||||||2.36|2.33|
|Governance|||||||2.01|2.00|
||||||||8.08||
##
##
|Tangible fixed assets|||||||
|---|---|---|---|---|---|---|
|||Freehold||Property|Fixtures,
Fittings and||
||Art|Charitable|Use|Own Use|Equipment|Total|
||||E||f.||
|At valuation/cost|||||||
|At the start ofthe year|2,906,395|53,670,000||2,313,452|85,978|58,975,825|
|Revalued
in year|||||||
|Additions|||||11,336|11,336|
|At the end ofthe year|2,906,395|53,670,000||2,313,452|97,314|58,987,161|
|Depreciation|||||||
|At the start and end of the year|||||64,859|64,859|
|Charged
in year|||||17,875|17,875|
|Atthe end ofthe year|||||82,734|82,734|
|Net book value|||||||
|At the end ofthe year|2,906,395|53,670,000||2,313,452|14,580|58,904,427|
|At the start of the year|2,906,395|53,670,000||2,313,452|21,119|58,910,966|
|Historic cost —additions||||801,621|97,314|898,935|
##
##
##
##
##
|Listed inve|st|ments|||||
|---|---|---|---|---|---|---|
||||||2022|2021|
||||||f|E|
|Fair value|at|the start of the year|||46,077,136|37,745,935|
|Additions|at|cost|||43,988,113|3,663,686|
|Disposal proceeds|||||(43,747,298)|(3,166,942)|
|Equalisation||||||(4,559)|
|Net gain/(loss)
on change|||in fair value||2,559,334|7,839,016|
||||||48,877,285|46,077, 136|
|Cash held|by|investment|broker pending|reinvestment|20,574|198,621|
|Fair value at||the end of the year|||48,897,859|46,275,757|
||||||2022|202 i|
|Investments||comprise:|||f|f|
|Corporate|Bonds|||||4,925,389|
|UK Equities||||||6,722,594|
|Global Equities||||||25,328,2 I 3|
|Alternative|Investments||||108,951|3,284,586|
|Property|||||4,326,186|3,775,984|
|Multi Assets|||||44,442,148|2,040,370|
|Liquid Assets|||||||
|Cash|||||20,574|198,621|
||||||48,897,859|46,275,757|
##
##
##
|The Trust|used to operate
an unfunded|used to operate
an unfunded|used to operate
an unfunded|defined|benefit pension|benefit pension|benefit pension|benefit pension|scheme|scheme|for|employees|employees|employees|employees|of the|Trust. This|Trust. This|scheme|scheme|was|was|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|closed to|new|members
in 1990.There||are currently|||three|members,||all|retired,||and||all|obligations||which|exceed||the||
|accounted|for|liability|are met out of unrestricted|||reserves.||The|pension||provision|||is|reviewed||for|its adequacy||annually|||
|at the balance||sheet date by a recognised
firm|||of|actuaries.||The|outstanding|||liability|||was estimated|||using|FRS|102|||
|methodology||with the|following
assumptions||||||||||||||||||||
|||||||||||||||||||2022||||2021|
|||||||||||||||||X|per annum||7|per||annum|
|Principal
actuarial
assumptions
at the balance sheet|||||||date||||||||||||||||
|Discount rate||applied||||||||||||||||2.7||||2.0|
|Future
pension||increases||||||||||||||||2.5||||2.5|
|Mortalny
tables||||||||||||||||||53PxA||||53PxA|
||||||||||||||||||CMI|2021||CMI 2019|||
||||||||||||||||||1.25% pa|||||1.2%pa|
|History of|experience||gains and losses||||||||||||||||||||
|Experience
Percentage|gain/(loss)
of present||ansing
on scheme
liabliues
value of scheme
liabilities||||||||||||||(14,000)
-7.9%||||230,000
119.2%||
|Change
in|assumptions||underlying
the|present|value||of scheme||liabilities||gain/(loss)||||||13000|||||(7 000)|
|Percentage|of|present|value of scheme|liabilities||||||||||||||7.3%||||—3.6%|
##
##
||||||2018|2019|2020|2021|2022|
|---|---|---|---|---|---|---|---|---|---|
||||||f'000|f'000|f'000|f'000|f'000|
||||||616|574|444|193|177|
|Analysis|of net assets between||funds (current year)|||||||
|||||||||Permanent||
||||||General|Designated|Restricted|endowment|Totalfunds|
||||||f||f||f|
|Tangible|fixed assets||||14,580|2,906,395||55,983,452|58,904,427|
|Investment
properties||||||||151,880,000|I51,880,000|
|Investments||||6,254,845||||42,643,014|48,897,859|
|Debtors|receivable
& 12 months|||||4,781,148|||4,781,148|
|Net current assets||||953,497||750,000|250||1,703,747|
|Creditors|& 12 months|||(1,400,000)|||||(1,400,000)|
|Defined|benefit
pension|liability||(I|77,000)||||(I77,000)|
|Net assets at the end of||the year||5,645,922||8,437,543|250|250,506,466|264,590,181|
|Analysis|of net assets between||funds (prior year)|||||||
|||||||||Permanent||
||||||General|Des ig nated|Restricted|endowment|Total funds|
||||||f|f|f||f.|
|Tangible|fixed assets||||21,119|2,906,395||55,983,452|58,910,966|
|Investment
properties||||||||151,880,000|I51,880,000|
|Investments||||6,040,422||||40,235,335|46,275,757|
|Debtors|receivable
& 12|months||||4,912,843|||4,912,843|
|Net current assets||||1,449,663||750,000|250||2,199,913|
|Defined|benefit pension|liability||(193,000)|||||(I93,000)|
|Net assets at the end ofthe year||||7,318,204||8,569,238|250|248,098,787|263,986,479|
##
##
##
|19a|Movements
in funds|(cu|rrent year)|||||||
|---|---|---|---|---|---|---|---|---|---|
|||||At 31 March|Income|&|Expenditure||At 31 March|
|||||2021
l|gains||& losses
f|Transfers
f|2022
f|
||Restricted
funds:|||||||||
||Dept of Art, Architecture||& Design at|||||||
||London
Ivletropolitan|University||250|||||250|
||Total restricted
funds|||250|||||250|
||Unrestricted
funds:|||||||||
||Designated
funds:|||||||||
||Art reserve|||2,906,395|||||2,906,395|
||Rental
income reserve|||4,912,843||||(131,695)|4,781,148|
||Grant enabling
fund|||750,000|||||750,000|
||Total designated
funds|||8,569,238||||(131,695)|8,437,543|
||General
funds|||7,318,204|8,107,180||(9,911,157)|131,695|5,645,922|
||Total unrestricted
funds|||15,887,442|8,107,180||(9,911,157)||14,083,465|
||Endowment
funds|||248,098,787|2,407,679||||250,506,466|
||Total funds|||263,986,479|10,514,859||(9,911,157)||264,590,181|
|19b|Movements
in funds|(prior year)||||||||
|||||At
I April|Income|&|Expenditure||At 31 March|
|||||2020
l|gains
f||& losses
f|Transfers
l|2021
l|
||Restricted
funds:|||||||||
||Dept of Art, Architecture||& Design at|||||||
||London
Metropolitan|University||250|||||250|
||Total restricted
funds|||250|||||250|
||Unrestricted
funds:|||||||||
||Designated
funds:|||||||||
||Art reserve|||2,906,395|||||2,906,395|
||Rental
income reserve|||4,171,497||||741,346|4,912,843|
||Grant enabling
fund|||750,000|||||750,000|
||Total designated
funds|||7,827,892||||741,346|8,569,238|
||General
funds|||5,162,602|8,963,925||(6,056,714)|(741,346)|7,318,204|
||Total unrestricted
funds|||12,990,494|8,963,925||(6,056,714)||I5,887,442|
||Endowment
funds|||166,879,158|81,219,629||||248,098,787|
||Total funds|||179,869,902|90,183,554||(6,056,714)||263,986,479|
##
##
##
##
||||||||||||||||||||||||||||ants agree|ants agree|ants agree|ants agree||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||||||Dominations||by The||Portal||||Fees|and/or||paid|In|the|Benefits|re«elved|In|Total grants|and||benefits|
|~elated|||||||||||||||||Trust to|Board||of related||a||recwved||||||||Ibc|eaf|received||In Ihe
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||||||||||||||||||||||||||ants agr|ants agr|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Related
a|||||II|||||||||Nomlnadons
by The Portal
Trust to Board of related||||||a|||Fees
umelued|and/or|paid|In|the
I|Benefits|received
the|Iri
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received||db
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|5|dNy 5«hoof||||the Trust|||||||||Body|||||||||||||||||||||
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and AuhMI||ws Fo ndatlon|||Shar
off|||d|d|I~ I|te|ed|by||||||||||E33,332||||fo||||||E33,332||
||||||r Defer||T||||||||||||||||||||||||||||
|City|Umvetsfty|||||||||||||Three|Coun||Members||||||EO||E45,000|||||tg|||245,|000|
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