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2023-05-09-accounts

Page
Legal and administrative
information
Trustees' report 2-5
Statement oftrustees' responsibilities
Independent
examiner's
report
Statement of financial activities
Statement of financial position
Statement of cash flows 10
Notes to the financial statements 11 —18

Trustees Mr lan Paterson Mr lan Paterson Mr lan Paterson
Mr Bruce Newbigging
Rathbones Trust Company Limited
Mr Philip
Hill
Ms Harriet Hill
Charity number 801590
Principal office/Address for appeals 8 Finsbury Circus
London
EC2M 7AZ
Independent examiner Perrys Audit Limited
Churchdown Chambers
Bordyke
Tonbridge
Kent
TN9 1NR
Solicitors Rathbones Legal Services Limited
8 Finsbury Circus
London
EC2M 7AZ
Investment advisors Rathbones Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ

Unrestricted Unrestricted
funds funds
2023 2022
Notes
Income from:
Investments 28,055 17,590
Royalties 163 485
Total income 28,218 18,075
Expenditure
on:
Raising funds 2,655 3,088
Charitable
activities		 59,616 155,632
Total expenditure 62,271 158,720
Net (losses) on investments (34,544) (59,394)
Net movement in funds (68,597) (200,039)
Fund balances at 10 May 2022 1,169,632 1,369,671
Fund balances at 9 May 2023 1,101,035 1,169,632

2023 2022
Notes
Fixed assets
Investments 1,118,631 1,188,745
Current assets
Cash at bank and in hand 12,428 10,227
Creditors: amounts falling due within 14
one year (30,024) (29,340)
Net current
liabilities		 (17,596) (19,113)
Total assets less current liabilities 1,101,035 1,169,632
Income funds
Unrestricted funds 1,101,035 1,169,632
1,101,035 1,169,632

2023 2022
Notes
Cash flows from operating activities
Cash absorbed
by operations		 16 (61,424) (155,211)
Investing activities
Purchase of investments (1,308,100)
Proceeds from disposal
of		 investments 35,493 1,429,310
Investment income received 28,057 17,590
Net cash generated
from		 investing
activities 63,550 138,800
Net cash used
in financing		 activities
Net increase/(decrease) in cash and cash
equivalents 2,126 (16,411)
Cash and cash equivalents at beginning ofyear 10,304 26,715
Cash and cash equivalents at end of year 12,430 10,304

2023 2022
F
Income from listed investments 23,555 12,088
UK fixed interest 4,471 3,599
Other income (REIT) 361
Overseas investment income 5 1,404
Interest receivable 24
Accrued interest 138
28,055 17,590
4 Royalties
2023 2022
F
Royalties 163 485
5 Raising funds
2023 2022
F
Investment management fees 2,655 3,088
2,655 3,088

2023 2022
Grant funding
of activities (see note 7)		 28,947 125,352
Share of support costs (see note 8) 9,870 9,660
Share of governance
costs (see note 8)		 20,799 20,620
59,616 155,632

Grants payable
2023 2022
Arts 14,947 78,102
Education 1,000
Poetry / Literature 2,000 15,000
Music 9,500 26,250
Theatre 2,500 5,000
28,947 125,352
8 Support costs costs
Support Governance 2023 Support Governance 2022
costs costs costs costs
Administration of grants 9,870 9,870 9,660 9,660
Independent examiner's
fees 1,698 1,698 1,818 1,818
Legal and professional 684 684 852 852
Trustees' management
fees 18,330 18,330 17,940 17,940
Travel disbursement 87 87 10 10
9,870 20,799 30,669 9,660 20,620 30,280

2023 2022
F
Revaluation of investments (35,010) (77,434)
Gain on sale of investments 466 18,040
(34,544) (59,394)

13 Fixed ass et in vestm e nts
Listed Chattels Cash in Total
investments portfolio
Valuation
At 9 May 2022 1,173,205 15,463 77 1,188,745
Unrealised (loss) (35,010) (35,010)
Realised gain 466 466
Cash available to invest (4,014) (75) (4,089)
Disposals (31,481) (31,481)
At 9 May 2023 1,107,180 11,449 1,118,631
2023 2022
Listed investments 1,107,180 1,173,205
Chattels 11,449 15,463
Cash
in investment		 porffolio 2 77
1,118,631 1,188,745
14 Creditors: amounts falling due within one year
2023 2022
Accruals and deferred income 30,024 29,340

2023 2022
Mr Ian Paterson 63 10
63 10
16 Cash generated
from operations		 Cash generated
from operations		 Cash generated
from operations		 2023 2022
Deficit for the year (68,597) (200,039)
Adjustments
for:
Investment
income		 recognised in statement of financial activities (28,055) (17,590)
Gain on disposal
of		 investments (466) (18,040)
Fair value gains and losses on investments 35,010 77,434
Movements
in working
capital:
(Increase)/decrease in debtors 384
Increase
in creditors		 684 2,640
Cash absorbed
by		 operations (61,424) (155,211)

Cash and cash eq uivalents
2023 2022
Cash at bank and in hand 12,428 10,227
Cash available to invest 2 77
12,430 10,304

18 Donations
approved		 during during during the year
2023 2022
To Institutions:
Agenda
Poetry		 10,000
Apollo Music Projects 1,000
Art Fund 1,500 1,500
British School at Rome 12,677
Cardboard
Citizens		 5,000
City 8 Guilds London Art School 2,500 5,000
Dartington
Hall Trust		 1,500 3,000
De Morgan
Foundation		 500 500
Druk Padma
Karpo School		 1,000
Dulwich
Picture Gallery		 1,500 3,000
Early Music in the Marches 1,250
Engage 5,000
Glebe Gallery Prize 447
Institute
of Contemporary		 Arts 1,000 2,000
Iris Theatre 1,000
Lennox Berkeley Society 500 1,000
Line Project 500
Llanfyllin
Music Festival		 3,000
London
Magazine		 2,500 15,000
London Symphony
Orchestra		 5,000
Longborough
Festival		 Orchastra 2,500 5,000
Moore Arts Millions 1,000
National
Gallery of Ireland		 24,000
Office of Public Works —Derek Hill Prize 425
Prism Arts 500
Quay Theatre 1,500
Royal Academy
ofArts		 1,500 3,000
Royal Academy
of Music		 1,250 2,500
Royal College of Music 1,250 2,500
Royal Drawing
School		 3,000
Royal Northern
College		 of Music 1,500 3,000
Stephen Spender Trust 2,000 5,000
West Dean College ofArts 1,500 3,000
28,947 125,352
To Individuals:
Lucia Pearla 1,000
1,000