THE couNfESS OF VERULAM'S 1988 CHARITY TRUST ANNUALREPORT ANDFINANCIAL STATEMEwrs FOR THE YEAR ENDED 5 APRIL2024
tlocu$ign Envelope ID: EBFO79AgE8E4D9835E278DScEO916 THE COUNfESS OF VERULAM'S 1988 CHARITY TRUST ANNUALREPORT AIWFINANCIALSTATEMEIYTS FOR THE YEAR ElED 5 APRIL2024 Page Refer¢nce and Administrative Information Trustees, Annual Report 24 Auditor's Report Statement of Financial Activities Balance Sheet io Statement of C&sh Flows Notes to the Financial Ststements 12-17
Dcuslgn Envek)pe ID: EBF079A4-9E8E409B35E4278DScEo916 THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST REFERENCE AND ADMIIYISTRATIVE INFORTrL4TION FOR THE YEAR ENDED 5 APRIL 2024 A registered cbarity. registered with the Charity Commission for England and Wales as number 800122. Principal Office." Maynes Farnihouse Gorhambury St Albans Hwts AL3 6AF Th¢ Trustees are.. Countess of Ventlam The Earl of Verulam Viscount Grimston Sollcitors.. Currey & Co LLP 33 Queen Anne Stre¢t London WIG 9HY Auditor.. Millet Accountants Limited Beyond Aldgate Toiver. 2 Leman Street. Aldgat¢. E18FA Bankers: Weatherbys Bajth 22 Sackville Street Mayfair London WIS 3DN Investtnent Manager.. Cazenove Capital 12 Moorgate London EC2R 6DA
THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document. the Charities Act 201 l and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effectiv¢ l January 2019. Structure9 governance and management The Trust has charitable status and was set up by Countess of Verulam by Deed dated 20 May 1988. The management of the Chartty is vested in the Trustecs and they actively review th¢ perceived major risks which the Charity faces and the Ttee$ are satisfied that the systems in place mitigat¢ those risks. The Trustees hav¢ received appropriate briefing on their responsibilities under the law relating to charities and their duty to ensure that their charitable activities are for thc public benefit. The appointment of new trustees is vested in the Settlor during her life. The selection of future trustees will have regard to the skills, knowledge and experienc¢ needed for th¢ effective athninistration of the Charity. Induction and training for trustees is provided where relevant. Objectives and activities The purpose of the charity is to provide financial assistance to good causes. The Trustees may pay or apply the unrestricted capitaI and income of the Charity to or for such charitable institutions or purposes as th¢ Trustees in their absolute discretion think fit. Th¢ Truste¢s cary out these objectives by regularly ¢onsiderÉng appeals from other charities and maktng policy and funding decisions. Public Benefit The Trustees Confirm that they have complied wÈth the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidgnce on public benefit when reviewing the Charity's aims and objectiv¢s and in planning future activities and setting the donations policy for the year. The benefit that aris¢s is the provision of funding to organisations that demonstrate charitable purpose.
THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR EIYDED S APRIL 2024 A¢bievements and performance During the year the Trustees made grants totalling £69,253 [2023: £66,314] in furtherance of their objectives and continue to make grants to charitable organisations both on a one-off and r¢curring basis. The larger grants awarded during the year are stat¢d in the not¢s to the financial statements. During the y¢ar the charFty received £1,000,000 donation from a company in which the Trustees, The Earl of Verulam and Viscount Grimston, are directors. This has gone a significant way towards strengthening the charity's ability to help future good causes. The Trustees are content with th¢ progress made in th¢ financial year end¢d 5 April 2024 and look forward to expanding their work with charities in the years to come. Financial revie Th¢ Trustees weived £60,778 in investment income in the financial year ended 5 April 2024 [2023: £33,588] and the Truste¢s have achieved their intention of spending the income on charitable activities. Net incoming resources for the year were £1,199,414 [2022: outgoing £34,006]. In addition, th¢ Trust realised a loss on investments of £9,557 [2023: gain £401,571] and made an unr¢alised gain of £225,011 [2023: Ioss £502,414]. The n¢t incoming movement on funds was £1,199,414 [2023: outgoing £134,843]. Investment policy The Truste¢s have instructed th¢ Investment Manager that the portfolio is to be invested to produce a suitable mixture of income in order that the level of grallts may be maintained and capitsl growth to secure the futur¢ of the Charity over the coming years. The investment policy is monitored by regular investment reports and meetings with the Investment Manager. A breakdown of the investments held during the financial year ended 5 April 2024 can be seen on page 8. Reserves policy It is the intention of the Trustees to sustain the unrestricted funds at a level which will provide sufficient funds for the level of antS paid and to cover the Charity's managem¢nt and administration costs. At the Balance Sheet date the unrestiicted reserves amounted to £2,775,049 [2023 £1,575,635].
Doo28KJn Efivelop8 ID: EBF07W9E8E4D90_B35E-8278D5CE0916 THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR EIYDED 5 APRIL 2024 Ststement of Trustees, Responsibilhies The Trustees are responsible for preparing the Trustees, Report and th¢ financial statements in accordance with applicable law and regulations. The law applicable to chaTities in England and Wales requires the trustees to prepare financial statements for earh financial year in accordance with United Kingdom Generally Accepted Accowiting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the financial ststements unless they are satisfied that they give a tNe and fair view of the state ofaffairs of the charitii and of the incoming resources and application of resources of the charity for that perio(L In preparing these financial statements the trustees are requtred to: - select suitable ac¢ounting policies and then apply them Consistently; - observe the Inethods and principles in the Charities SORP 2015 (FRS 102). - make judgements and accounting estimates that are reasonable and prndent; - state whether applicable accounting standards have been followed. subjecttoany material departures disclosed and explained in the financial statements. and - prepare thefinancial statements onthe going concern basis unless it is inappropriate to presume thatthe charity will continue its activities. The Trnstees are responsible for keeping adequate accounting records which are suffieient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 201 I, the Charities (Accounts and Reports) Regulation5 2015 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and otherirregularities. 18 December 2024 Approved by the TTUSt¢es on......................and signed on their behalf by: THE EARL OF VERULAM by.. Trustee
Docusign Env8lop8 ID.. EBF079A4-9E8E4D9W35E4278D5CEO918 THE coiJwfESS OF VERULAM'S 1988 CHARITY TRUST tNDEPENDENf AUDITORYS REPORT TO THE TRUSTEES OF THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST FOR THE YEAR ENDED S APRIL 2024 Opinio We have audited the fInancial statsmellts of The Countess of Verulam's 1988 Charity Trust (the 'charity') for the year ended 5 April 2024 which comprise The Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The fJnancÈal reporting framework that b¢eu applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gcnerally Accepted Accounting Practice). tn our Opinio the fmancial statem¢nts: ' give a trne and fair view of the stste of tbe eharÉty's affairs as at 5 April 2024 and of its inMi8 resources and application of resources for tbe year then ende(f' . have been properly prepared An accordanee with United Kingdom Genernlty Accepted Accounting Practice" and . have been prepared io accordance with the requirements of the Charities Act2011. Basis for oplnion We conducted our audit in aGcordan¢e with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are rther descnbed in the Auditor's responsibilities for the audit of the fllwicial statements section of our report. We 8Je independent of the charity in a¢cordance with the ethi1 requirements that are relevant to our audit of the financial statements in tb¢ UK including the FRC'S Ethical stsdard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believ¢ that the audit evidence we have obtain¢d is sufficient and appropriate to provide a basis for our opinion. CoDclusiolls r¢ladng to gohjg coneern In auditing the fJnan¢ial statements, we have conLluded that the trustses, use of the going concern basis of accounting in the prepardtion of the financial statemeuts is appropriate. Based on the Work we hav¢ perfonned, we have not identified &ny material uncertainties relating to events or Conditions tha¢ individually or collectively, tuay cast significant doubt ou the charity's ability to continue as a going concern for a period of at least ttvelve month5 from wben the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern aTe described in the relevant se¢tions of thF5 r¢port.
Docuslgn Env91op& ID: EBF07W9E8E4D9D-B35E4278D5CE0916 THE COUNTESS OF VERULAMIS 1988 CHARITY TRUST INDEPENDENT AUDITOR?S REPORT TO THE TRUSTEES OF THE COUNTESS OF VERULAM'S 1988 CIIARITY TRUST FOR THE YEAR ENDED 5 APIUL 2024 Other infonnation The other information comprises the infomation included in the annual report other than the f]nancial statements and our auditOT'S report thereon. The trusfres are r¢sponsible for the otber information contained within th¢ annuaR report. OUT opinion on the financial statements does not cover the other inforniation an ex¢ept to the exfrnt otherwise explicitly stated in our report, we do not express any forni of assLtrdnce conclusion ther¢on. Our responsibility is to ad the other inforniation and, in doing so, consider whether the other infornjation is materially inconsistent with the fjnancial statements or OUT knowledge obtained in the cOue of the audit or otherwise appears to be nterIallY misststed. If we identify such mateTial inconsist¢nci¢s or apparent Fnaterial misstatements, we are requId to detern]ine whether this oives ris¢ to a material misstatement Ill the financial staten]ents themselves. If. based on the work we have perforn1¢ we ooD¢lude that there is a material misstaoment of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Matters whlch we are required to r¢port by exceptioTr We have nothing to report ill respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to port to you if. in our opinion.. . the infornation given in the trusfres, report is inconsisterLt in any material respect with the financial statements. or ' sufficient accounting record8 have not been kept. or . the finaD¢ial statsments are not in agreement with th¢ accounting records and rell. or ' we hav¢ not received all the infonnation wjd explanatftons we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibi]itie8 Statement set out on page 4 the tristees are responsible for the prepatation of tbe fmancial statrments and for being satisfied that they give a trne and fair view, and for such internal control as the twstees detemiine is necessary to ellable thepreparation of th]ar2cial statements that are free from material misstRtemen¢ whether due to fraud or emir. In preparing the fmancial statements. the trustees are responsible for assessing the charity's ability to continue as a going conc¢m, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the tnte¢S either intend to liquidate the charity or to ¢ease operations. or have no realisttc alternative but to do so. Other Matter We draw your attention that the comparative period fjnancial statements were unaudited as the company was previously below the audit threshold.
Do¢uslgn Envehy ID: EBF079A49E8E409B3SE278DSCEog1G THE COIINTESS OF VERULAM'S 1988 CHARITY TRUST I[DEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST FOR THE YEAR ENDED 5 APRIL 2024 .4uditor's respoDslbilfities for the audit of the t]nanci21 statements We bave been appointed as auditor UDder section 144 of the Charities Act 2011 and report in accordance with the Act and ielevant regulatioJ)s made or having effect thereunder. Our objectives are to obtain Teasonable assurance about whether the finaDcial statements as a whole are fre¢ fro materi2] misstatemen¢ whether due to fraud or ¢nY)r. and to issue an auditor's report that includes our opinion. Re&50nable &ssurdnce is a high level of assurance, but is not a guarantee that an audit conducted in accordallce with ISAS (UK) will always dete¢t a material misstatement when it exists. Misststements can aris¢ from fraud OT eTror and are considered material 1£ individualty or in the aggregate, they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financia] st&meTrts. The extent to whtch our procedures are capabl¢ of detecting irregularities. in¢luding fraud is detail¢d below.. . We obtsined an understanding of the legal and regulatory fiwnework applicable to the cbarity and how the charity 1$ omplying with that framework,. and . We ll81dered the laws aTtd regulations of significat)ce in the context of the charity. and . We assessed the susewibility of the charity's finaDcial stateMts to naterKal misstatement, including how fixud might occur: and . The engagernent partner wessed whether the engagement teani collectively had the appropriate competence and capabilities to identify or recogkize non-¢ompliaDce with laws and regulations; and . We considered matters of non-compliance with laws and regulations and fraud and these were commullicatd with the engagement team; and . We considered our undeTStartditig of the chity'S cu]Tent activities, the scope of its authorisatiou and the effectiveness of tts control environment where the charity is a regulated charity,. We also considered the likelihood of detection based on our planned approach. This will be affected by th¢ ittherent difficu]ty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures p¢rfomied. Irregularities that result from fraud migbt be inherently more difficult to detect than irregularities that result from ettor. The auditor's responsibilities for the engagement will mean tbat detection of those tvpes of irregularity which give rise to a risk of llwer1 misstatanent are those on which the auditor is able to provide tile most comprehensive explanation. A furtber description of our responsibilities is located on the Financial Reporting Council's website at: https..IAVW.fr¢.oruklaUdlt0rSrcsp0nSIbl1itjes. Tbi5 description forms part of our auditor's report. 5
Docusiqn Envelope ID.. EBF079A44E8E4D9N35E4278D5CE09t6 THE COUNTESS OF TrTRULAM'S 1988 CHAIiITY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE COUNTESS OF VERULAM'S 1988 CIIAIUTY TRUST FOR THE YEAR ENDED 5 APRIL 2024 Use of our report This Teport is made solety tt> the charity's tn]stee4 &8 a b(Kty. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit Work has been undertaken so that we might stafr to the charity's trustees those matt¢TS we are required to state to them ill an auditOT'S report and for no other Pu0$e. To the lIest extent perniitted by law, we do not accept or assume responsibility to anyone other than the ¢harity and the Charity's trustees as a body, for our audti wort for this repor¢ or f¢)r the opinions we have fornied. 19 December 2024 Andrew Millet BA MBA FCA o¢uSloMd by.. Senior Statutory Auditor 5231C8B2D58B4F8... For alld on behalf of Millet Accountants Lt4 Statutory Auditor Beyond Aldgate Tower, 2 Leman SttEeL Aldgate. London El 8FA
Docu$vJn Envelopg ID.. EBF079A4.9E8E4D9D435E_8278D5CE0916 THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST STA TEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Uurestricted funds Unaudited 2023 Prior year total funds 2024 Totsl funds Note Income from: Investments Donations 000 000 iooooo Totsl 1060 778 Expenditure OD: Charitsble artivities Totsl Net income/{expenditure) 983.960 983,960 (34.006) Gains/(losses) on investment &ssets 215 454 215454 100 843 Net movement in funds 1.199.414 1,199,414 (134,849) Reconciliation of funds: Tottl funds brought forward 1575 635 1710484 Total funds carrled fonvard 2 775 049 2 775 049 1575 635 Th¢ notes of p2se5 12 to 17 forni part of the financial stateJJ¢nts.
DwBlgn Envelope ID.. E6Fo79A44E8E4D935E-8278DScEO916 THE COUNTESS OF VERULAM'S 1988 CHAIUTY TRUST BALANCE SHEET AS AT 5 APIUL 2024 Note 2024 Total Unaudited 2023 Prlor year fullds funds Fixed Assets: Investments 2 737073 1501488 Totsl Fixed Assets 2 737073 1501488 Current Assets.. Cash at barjk 74.147 Current Liabilities.. Accruals Net Currettt Assets or Liabilities Total Net Assets or Liabilities 2 775 049 1575 635 The Funds of tbe Charity: Unrestricted funds io 2 775 049 1575.635 Totsl Charity Funds 2 775 049 1.575.635 18 December 2024 and signed on their behalf by". Approved by the Trustees on THE EARL OF VERULAM Sh)ed by.. 2A¢ADA8C4A9WI... Trustee The not¢s of pages 12 to 17 fom part of the financial statements.
DwsKJn Envelope ID: EBF079A49E8E4D9D-B35E4278DSCE0916 THE COUNTESS OF VERULAM'S 1988 CRARITY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 Unallditea 2023 2024 Net movement ID fiind$ Add back Net (gainylosses on investments 1,199414 (134,849) (215,454) 100.843 Deduct investment income in investrnent a¢tiviti¢s (60,778) (33,588) Increase (d¢cre&se) in creditors Net eash vsed in operating a¢tivAties Cash Ilow from investments 926382 Incorne from investsnents 60,778 Purchase of investments (1,456,781) (1,650,362) 1743 060 Sales of Investments Cash pr(Nluced (used in) investment 2etivities 959 353 12 In¢rea8e l (decrease in ¢ash) 58 Cash at the begtnning of the year Total cash at th¢ end of the year The not¢s of pages 12 to 17 forni part of the financial statements.
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DcoJ8ign Envelopg ID.. EBF079A4-9E8E4D9tkB35E-8278D5CE0976 THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAREM)ED 5 APRIL 2024 l. General Inforniatiou The Cowitess of Verulam's 1988 Clwity Tnt is ao unincorpornt¢d charity registered with the CFLarity Commission for England and Wales. The chwity's principal offic¢ is Maynes Fanrthouse, Gorhambury, St Albans, Herts, AL3 OAF. 2. Accounting Polieies a) Basis of financial statements preparation The financial Statements of the charity, which is a public benefit entity, have been prepared in accordance with th¢ Charities SORP (FRS I02},A0unt1n8 and Reporting by Charities: Statement of Recommended Prartice applicable to charities prepartng their accounts in accordance wlth the Financial R¢porting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l Jalluary 2015),, the Financial Reporting Standard p]iCable in the United Kingdom &Dd Republic of treland (FRS 102) and tb¢ Charities Act 201 l. The financial statements have been prepared under the historical cost collvention. The fi]nctional ¢WTency is sterling. b) Prepar*tion of the accounts on g going coneern basis The financial statements of the charity have been prepared on the going ¢on¢ern basis as the Trustses believe that adequate cash resources will be available to cover the cl]arity's requirements for working capital and capital expenditure for at least the next twelve months. We are T]Ot aware of any other factors which ¢ould put into jeopardy the chwity's going concern status during or beyond this period. e) NAture of funds All funds held are unTestrict¢d and the Trnstees are fr¢e to use them in accordance with the charitable objects. d) Fixed a&8et investments Investments are stated at market value at the balance sheet date. Overseas Invesljnents are translated into sterling at the rates ruling at the year end. The Statement of Financial Activities (SOFA) includes the net gains and losses on revaluation and disposals througbout the year. e) Investment income Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief. fj Donations Donations are accounted for when th¢re is evidence of entidement to the donation, receipt is probable and its amount can be measuTrdreliably. Entitlement usually arises immediately on its receipt. However, some donations may include terms or conditions whi¢h must Ee met b¢fore the charity is elltitled to the resources. g) Raising funds Expenditure is accounted for on an accruals basis and has been classified under beadtngs aggregate all costs related to that ¢ategory and 8re shown in the notes to the fmancial statemeots.
Docusign Env&k>p& ID.. EBF0T9gE8E4Q9D-B35E278DScE0916 -RULAM'S 1988 CHARITY TRUST NOTES TO THE FJNANCL4L STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting Policies (continued) b) Charitable grants Grants payable are recognised in the SOFA when they are approved by the Trust¢es and the recipient has been infomed of the amount to be paid. 2. Remuneration of Trustees In the financial yearto 5 April 2024 the TntteS did not re¢eive any remuneration orhavethejreXTrSeS reimburs¢d by the Charity. 3. Investment in¢ome Unaudited 2023 2024 Income fmm investments Bank interest 33,295 60,778 33,588 4. ChAritsble aetivities 2024 Direet costs 2024 SllPPOrt costs (see note5) (see note 6) Total Charitsble expenditure 69,253 69,253 7,565 7,565 76.818 76,818 Unaudited Ullalldited 2023 2023 DI¢t Support Costs eosts (see note5) (see note 6) Totsl Charitable expenditure 06,314 66.314 1,280 1,280 67,594 67,594 5.Dirert Costs Analysis of grants made Institutions llldividuals TotsR Advancement of th¢ ar culture, heritage or scien¢e Health Povety Education 34,453 7,200 7,200 22,300 -1
DooJ3ign Envelope ID.. E8F079MJJE8E4D91>B35E.8278D5CE0916 THE COUNTESS OF VERULAM'S 1988 cHARy TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 5 APRIL 2024 5. Direct Costs (continued) The Charity undertook no direct charitsble activities but awaTded ordnts to a number of InstitiOnS in furtherance of its charitable objectives. These are as follows: Unaudited 2023 21J24 St Michael's Church St Albans. and friends of Garsington Operd West Herts Environmental Foundation Amber 7.712 5,000 6,720 35,000 6,880 10.000 International Organ Festival Young People's Puppet Theatre National Youth Jazz Orchestra YouthtaIk 12,000 1,000 4.000 1,000 1.000 St Albans Cathedral The Hospice of St Francis Rennie Grove Hospice Centre 33 1,000 1,805 1.000 4,000 2,0(M) Hertfordshire Community Foundation Haffield House Chamber Music FestivaI Helping Herts Lindengate Essex and Herts Air Ambulance British Ski Snowboard Foundation Brunswick Vocal Arts Lockers Park Little Saxham Parochial Council Chapter of Peterborough Cathedral NYJO 1.000 1.025 1,000 1,000 1,000 1.000 I,000 1,000 1,000 1,000 1,000 1.000 1,000 1,200 Open Door School Readers The Aukland Project The Brain Tumow Charity Living Room The Pony Club Tring Park School of Perfornling Arts Other grants (equal to or individually less than £l.000) Totsl for the year 3,000 1.000 2.000 1.000 2,000 1.000 1.000 5.461 69,253 4,764 66,314 -15-
THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 6. Support costs Unaudited 2023 2024 Administration expenses 7,565 7,565 1,208 1,208 Administrativ¢ expenses include Auditor's f¢es of £2,500 (2023 Independent Examiner's fees £250) 7. Staff costs There are no employees so consequently no staff costs have been incurred. 8. Fixed asset investments Unaudited 2023 2024 Market value brought fonvard Additions 1,501,488 1,695,029 1,456,781 1,650,362 (436,650) (1,743,060) 215 454 100 843 Less disposal proceeds Net gainsl(losses) on investments Market value carried forward 2 737 073 1501488 Geographical analysis Unaudited 2023 2024 United Kingdom invesknents Overseas investments 478,506 1022 982 478,506 1022 982 1,501,488 1,501,488 The book value of the investments at 5 April 2024 is £2,557,778. The investments are in UK and International equities and bonds. Net gains/(losses) on investments includes alIsed losses for the year of £9,557 [2023: gain £401,571] and unrealised losses on revaluation to market value of £225,011 [2023: loss £502,414]. 9. Cash at bank Unaudited 2023 2024 Weatherbys Cazenove Capital 8,637 8,108 -16-
Docusign Envelope ID.. E8F079A4-9E8E4D9LLB35E4278D5CE0916 THE COUNTESS OF VERULAM'S 1988 CHARITY TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2024 10. Movement in funds 2024 Unalldited 2023 Unrestricted funds: BalaDce brought forward Net movement in funds Balance CaTried forward 1,575,635 1 199414 1,710.484 134 849 2 775 049 635 Net movement in funds included in the above are as follows: Ineome Outgoings Gains and Movement Losses ill futtds Unrestricted funds 11. Related party transacdons During the year a company in which the Tntee4 The Earl of Venllam and Viscount GrRmston, are directors made donations to the charity of £1,000,000 (2023., £nil). All the trustees provide their time on a voluntary basis to the charity. -17-