This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.
2023-01-31-accounts
| TRUSTEES AND |
PATRICIATHOMPSON CBE |
| CUSTODIAN TRUSTEES |
KATHARINE WOODWARD |
|
ROY COPUS
MA ACA |
| ADDRESS |
HJLLSOOWNCOURT |
|
I5TOTTERIDGECOMMON |
|
LONDON |
|
N20 8LR |
| REGISTERED NUMBER |
Charity Number32680l |
| AUDITORS |
RSM UK AUDIT LLP. Chartered Accountants., St. Olaf's Hall. |
|
Church Road. Lerwick, Shetland ZEI 0FD. |
| BANKERS |
BARCLAYS BANK PLC. I Churchill Place. London., EI45HP. |
|
COUTTS & CO..440 Strand. London, WC2R 0OS |
| STOCKBROKERS AND |
BARCLAYS BANK PLC,
I Churchill Place. London. EI45HP. |
| CUSTODIANS OF TRUST ASSETS |
CANACCORDGENUITY WEALTH MANAGEMENT |
|
4I Lothbury, London EC2R 7AE. |
|
WALKER CRIPS INVESTMENT MANAGEMENT LIMITED |
|
128 Queen Victoria Street. London EC4V4BJ. |
| SOLICITORS |
SOLOMONTAYLOR & SHAW. 3 Coach House Yard. Hampstead High Street. |
|
London NW3 IQI-. |
|
|
2023 |
2022 |
|
|
Unrestricted Funds |
Unrestricted Funds |
|
Notes |
£ |
£ |
| INCOME FROM: |
|
|
|
| Investment |
2 |
5.706.552 |
6.812.026 |
| Total income |
|
5.706.552 |
6.812.026 |
| EXPENDITURE ON: |
|
|
|
| Charitable activities |
|
|
|
| Charitabledonations and grants |
3 |
14,330.000) |
(8.866.500) |
| Support and govemance costs |
4 |
10,192 |
7.857) |
| Total expenditure |
|
(14.340,192) |
(8.874,357) |
| NET INCOME / EXPENDITURE) AND NET |
|
|
|
| MOVEMENT IN FUNDS BEFORE GAINS |
|
|
|
| AND LOSSES ON INVESTMENTS |
|
(8.633.640) |
(2.062,331) |
| Gains / (losses) on investments |
5 |
(17.395.117) |
(647,530) |
| NET MOVEMENT IN FUNDS |
|
(26.028.757) |
(2.709.861) |
| RECONCILIATION OF FUNDS |
|
|
|
| Total funds brought forward |
8 |
111.071,696 |
113.781.557 |
| TOTAL FUNDS CARRIED FORWARD |
8 |
85.042,939 |
111.071.696 |
|
|
2023 |
2023 |
2022 |
2022 |
|
Notes |
£ |
|
£ |
£ |
| FIXED ASSETS |
|
|
|
|
|
| Investments |
5 |
|
82.215.634 |
|
116.583.456 |
| CURRENT ASSETS |
|
|
|
|
|
| Debtons |
6 |
315.252 |
|
281.703 |
|
| Cash at bank |
|
I8.881.762 |
|
5.457.560 |
|
| Total current assets |
|
19.197.014 |
|
5.739.263 |
|
| CURRENT LIABILITIES |
|
|
|
|
|
| Creditors falling due within one year |
7 |
16.,369.709) |
|
01.251.023) |
|
| NET CURRENT ASSETS / (LIABILITES) |
|
|
2.827.305 |
|
(5.511.760) |
| NET ASSETS |
|
|
85.042,9.39 |
|
I I 1,071.696 |
| FUNDS OF THE CHARITY |
|
|
|
|
|
| Unrestricted funds |
8 |
|
85.042.939 |
|
I I 1.071.696 |
| TOTAL CHARITY FUNDS |
|
|
85.042.939 |
|
I 11.071.696 |
| Registered Charity in England and Wales Number 326801 |
|
|
|
|
|
| The noteson pages 9to I4 form pant ofthese financial statements. |
|
|
|
|
|
| Ihefinancial statements were approved by theTrustees on 27th November 2023 |
|
|
|
|
|
| and weresignedon theirbehalfby: |
|
|
|
|
|
| R.B. COPUS |
|
|
|
|
|
| Trustee |
|
|
|
|
|
|
2023 |
2023 |
2022 |
2022 |
|
£ |
£ |
£ |
£ |
| OPERATING ACTIVITIES |
|
|
|
|
| Donations paid |
(9,180.000) |
|
(9,766.500) |
|
| Administration and govemancecosts |
(10,192) |
|
(7.857) |
|
| Cash used in operating activities |
|
(9.190,192) |
|
(9,774.,357) |
| INVESTING ACTIVITIES |
|
|
|
|
| Interest and similar income received |
5,599.768 |
|
6.759.700 |
|
| Property income received |
41.921 |
|
94,990 |
|
| Purchase ofinvestments |
(16,353.519) |
|
(6.105.457) |
|
| Disposal ofinvestments |
33.326.224 |
|
|
|
| Net cash provided by investing activities |
|
22.614,394 |
|
749.233 |
| CHANGE IN CASH AND CASH |
|
|
|
|
| EQUIVALENTS IN THE YEAR |
|
13.424.202 |
|
(9.,025.1240 |
| Cash and cash equivalents brought forward |
|
5,457.560 |
|
14,482.68-4 |
| CASH AND CASH EQUIVALENTS CARRIED FORWARD |
|
18.881.762 |
|
5,457.560 |
| 2 |
INVESTMENT INCOME |
2023 |
2022 |
|
|
£ |
£ |
|
Interest recei_ved_ on cash deposits |
400.256 |
23.137 |
|
Income from quoted fixed interest securities & preference shares |
_5._134,477 |
6,738.889 |
|
Equity dividends |
94,788 |
|
|
Operating net lease rentals and other property income |
77.031 |
50.000 |
|
|
5.706.552 |
6.812.026 |
| 3 |
CHARITABLE DONATIONS AND GRANTS |
202.3 |
2022 |
|
|
£ |
£ |
|
Ambitious about Autism |
150.000 |
150.000 |
|
BAFTA |
100.000 |
100.000 |
|
Beyond Autism |
33.000 |
25.000 |
|
B: Music |
5.000 |
|
|
Break - Changing Young Lives |
50.000 |
50.000 |
|
British Film
Institute |
60.000 |
|
|
British HorseSociety |
20.000 |
|
|
British Thoroughbred Retraining Centre |
|
50.000 |
|
CambridgeWomen's Aid |
50.000 |
50.000 |
|
Cardboard Citizens |
|
30.000 |
|
Carers in Hertfordshire |
33.000 |
30.000 |
|
Cambridge Children's Hospital / Addenbrooke's CharitableTrust |
7.500.000 |
|
|
Centrepoint |
100.000 |
100.000 |
|
Challington Primary School |
|
10.000 |
|
ChickenshedTheatreTrust |
|
50.000 |
|
Chipping Campden MusicFestival |
5.000 |
5.000 |
|
Deborah Rogers Foundation |
25.000 |
15.000 |
|
Devon Freewheelers |
|
10.000 |
|
Donmar WarehouseProjects |
100.000 |
100.000 |
|
DroghedaMemorial Fund |
1.000 |
|
|
East Anglia's Children's Hospices |
300.000 |
300.000 |
|
East Anglian Air Ambulance |
10.000 |
1.000 |
|
Erdington Foodbank |
5.000 |
5.000 |
|
lare Share |
50.000 |
50.000 |
|
Felix Project |
|
50,000 |
|
Forward Trust |
100.000 |
100.000 |
|
Friends of the National Horseracing Museum |
|
500.000 |
|
Great Ormond Street Hospital Children's Charity |
180,000 |
200.000 |
|
GreenhouseSports |
100.000 |
100.000 |
|
Headway: the Brain Injury Association |
50.000 |
50.000 |
|
Hearing Dogs for DeafPeople |
25.000 |
25.000 |
|
Hospice Charity Partnership |
|
5.000 |
|
Injured Jockeys Fund |
100.000 |
100.000 |
|
Kidney Research UK |
|
500.000 |
|
Lily MaeFoundation |
5.000 |
|
|
London Air Ambulance |
|
20.000 |
|
London Symphony Orchestra |
20.000 |
20.000 |
|
Longborough Festival Opera |
10,000 |
10.000 |
|
LoveBurt Oak |
10,000 |
15.000 |
|
Macmillan Cancer Support |
300.000 |
300.000 |
|
MagicBreakfast |
25.000 |
|
|
Mind |
50.000 |
I00.000 |
|
MultipleSclerosis Society |
100.000 |
100.000 |
|
My Wish Charity |
8.000 |
|
|
National Gallery |
300.000 |
300.000 |
|
Carried forward |
9,980.000 |
3.626.000 |
| 3 |
CHARITABLE DONATIONS AND GRANTS (CONTINUED) |
2023 |
2022 |
|
|
£ |
£ |
|
From page I0 |
9.980.000 |
3.626.000 |
|
National Horseracing Museum |
|
5.000 |
|
National LiteracyTrust |
|
50.000 |
|
National Opera Studio |
5.000 |
|
|
National Youth Orchestra |
|
100.000 |
|
North London Hospice |
50.000 |
50.000 |
|
Our Special Friends (2 grants in 2023) |
1.500 |
500 |
|
Outward BoundTrust (2 grants in 2023) |
122.500 |
100.000 |
|
Oxford Philharmonic Orchestra Trust |
30.000 |
20.000 |
|
Oxford Playhouse
Trust |
50.000 |
15,000 |
|
Papyrus Prevention ofYoung Suicide |
25.000 |
|
|
Parkinson's UK |
10.000 |
|
|
The Passage |
100.000 |
100,000 |
|
Pathway Project |
|
5.000 |
|
Powerto Inspire |
|
5.000 |
|
Pret FoundationTrust |
|
50.000 |
|
Primary ShakespeareCompany |
50.000 |
50.000 |
|
Queen'sClub Foundation |
10.000 |
10.000 |
|
Racing Welfare(2 grants in 2022) |
100.000 |
120.000 |
|
Retraining of Racehorses |
10.000 |
|
|
Ridingfor the Disabled Association |
|
50.000 |
|
Rose PatersonTrust |
|
10.000 |
|
Royal Academy ofMusic (2 grants in 2022) |
320.000 |
500,000 |
|
Royal Albert Hall |
500.000 |
1.000,000 |
|
Royal Ballet School |
300.000 |
300.000 |
|
Royal Foundation |
500.000 |
500.000 |
|
Royal National Theatre (2 grants in 2022and 2023) |
600.000 |
503.000 |
|
Royal Opera House Covent Garden Foundation |
|
105.000 |
|
Royal Osteoporosis Society |
|
50.000 |
|
Royal Society of Medicine |
|
200,000 |
|
Royal VeterinaryCollege |
25.000 |
25.000 |
|
St. Andrew's Primary School |
|
50.000 |
|
St. Bartholomew's Heritage Appeal |
250.000 |
|
|
St. John's CollegeOxford |
250,000 |
250.000 |
|
St. Mary's Church, Cheveley |
1.000 |
500 |
|
Scene and Heard |
50,000 |
50.000 |
|
Smart Works |
|
10.000 |
|
Snow Sports Foundation |
50.000 |
50.000 |
|
Spinal Injuries Association |
50.000 |
|
|
Sports AidTrust |
200.000 |
200.000 |
|
Suffolk Horse Society |
5.000 |
5.000 |
|
Tender |
50.000 |
50.000 |
|
Tennis First |
|
20.000 |
|
Theatre Royal Bury St Edmunds |
25.000 |
|
|
Iruants Foundation |
|
15.000 |
|
University College London Hospitals Charity |
500.000 |
50.000 |
|
University Hospitals Birmingham Charity |
10.000 |
|
|
Urology Foundation (2grants in 2022) |
|
303.500 |
|
Victoria and Albert Museum |
|
100.000 |
|
War Child |
|
3.000 |
|
Wellbeing of Women |
100.000 |
100.000 |
|
Witton LodgeCommunity Association |
|
5.000 |
|
WorkingChance |
|
50.000 |
|
World Horse Welfare |
|
5.000 |
|
|
1-4,3.30,000 |
8.866.500 |
|
I |
|
|
| 4 |
SUPPORT AND GOVERNANCE COSTS |
2023 |
2022 |
|
|
£ |
£ |
|
Support costs |
192 |
12 |
|
Govemance costs - audit fee |
10.000 |
7.845 |
|
|
10.192 |
7.857 |
| 5 |
FIXED ASSET INVESTMENTS |
FIXED ASSET INVESTMENTS |
Freehold |
Quoted |
Cash |
Total |
|
|
|
properties |
investments |
deposils |
investments |
|
|
|
£ |
£ |
£ |
£ |
|
Market value at Ist February 2022 |
|
575.000 |
111,963.841 |
4.044.615 |
116.583.456 |
|
Additions atcost |
|
|
16.353.519 |
|
16.353.519 |
|
Disposal proceeds |
|
(212.415) |
(29.069.164» |
(4,044,615) |
(33.326.224» |
|
Gains / (losses) in |
theyear |
37.445 |
(17,432.562) |
|
(17.395.117) |
|
Market value at 31st .January 2023 |
|
400.000 |
81.815.634 |
|
82.215.634 |
|
Historical cost at |
1st February 2022 |
2.248.125 |
95.254.022 |
4.014.61_5_ |
101.546.,762 |
|
**Historical cost at ** |
31st .January 2023 |
1.454.662 |
88.194.042 |
|
89.618.704 |
| Al investments are in theUK, and the |
valuation of the properties has been carried out by theTrustees after taking advice from a |
valuation of the properties has been carried out by theTrustees after taking advice from a |
| Chartered Surveyor (Andrew Oliver BSMRICS) whose last formal valuation was asat 31 January 2020. Quoted investments at the |
|
|
| year end and at theprior year end were |
represented entirely by fixed |
incomesecurities and preference shares apart from £3,282.542 |
| (2022: £245.241) invested in equities. |
At 31st January 2023, thefollowing investments represented more than 5% oftotal investments: |
|
|
|
£ |
| Aviva8,375%% Preference Shares |
|
7.553.419 |
| Aviva8.75% Preference Shares |
|
7.809.092 |
| Barclays 5,875% bonds |
|
4.353.225 |
| Barclays 7.25% bonds |
|
5.145.519 |
| Lloyds Banking Group 9.25% Preference Shares |
|
1-4.817.177 |
| Nationwide 10.25%CCDS |
|
22,109.364 |
| Natwest 9% Preference Shares |
|
4.620.153 |
| 7 |
CREDITORS FALLING DUE WITHIN |
202.3 |
2022 |
|
ONE YEAR |
£ |
£ |
|
Rents and other property income received in advance |
16,209 |
48.092 |
|
Donations pledged but not yet paid at ycar end |
16.3-45.000 |
11,195.000 |
|
Accruals |
7.000 |
7 .000 |
|
VAT payable |
1.500 |
931 |
|
|
I6,369.709 |
11.251.023 |
| 8 |
FUNDS |
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Unrestricted |
funds brought forward |
111.071 .696 |
113.781.557 |
|
Net increase |
(decrease) for the ycar |
(26.028.757 |
(2,709.861) |
|
Unrestricted |
funds carried forward |
85.042.939 |
111,071.696 |
| 9 |
FINANCIAL INSTRUMENTS |
2023 |
2022 |
|
|
£ |
£ |
|
Financial assets at fair value |
|
|
|
Quoted investments |
81.815.634 |
111.963.841 |
|
Financial assets that are debt instruments |
|
|
|
measured at amortised cost |
|
|
|
Cash deposits included in investments |
|
4.044.615 |
|
Accrued income receivable |
309.120 |
281.350 |
|
Balanceduc from stockbroker |
2.337 |
353 |
|
Other receivables |
3.795 |
|
|
|
315.252 |
4.326.318 |
|
Financial liabilities |
|
|
|
measured at amortised cost |
|
|
|
Donations pledged but not yet paid at year end |
16.345.000 |
11,195.000 |
|
Other creditors |
7.000 |
7.000 |
|
|
16.352.000 |
11.202.000 |
|
|
202.3 |
2022 |
|
|
£ |
£ |
| Receivable |
within oneyear |
50.000 |
50.000 |
| Receivable |
later than oneyearand not later than fiveyears |
175.000 |
200.000 |
| Receivable |
in fiveyears or more |
|
25.000 |
|
|
225.000 |
275.000 |