DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
Scottish Charity Number SC023260
THE HOPETOUN FOUNDATION
TRUSTEES REPORT and ACCOUNTS For the year ended 31 December 2023
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
REPORT of the TRUSTEES
The Trustees present their report and accounts for the year ended 31 December 2023.
Objectives and activities
The principal objectives of the Foundation are:
-
(a) to preserve, for the public benefit, Hopetoun House and its related buildings and gardens;
-
(b) to protect and improve the amenities of Hopetoun House for the public benefit and to preserve the furniture, books, works of art and other corporeal moveables or chattels ordinarily kept at Hopetoun House;
-
(c) to facilitate and encourage access to and the study and appreciation of such buildings and contents; and
-
(d) to make grants or loans to the Trustees of the Hopetoun House Preservation Trust.
There have been no material changes in the objectives since the last annual report.
The Foundation’s aim is to meet these objectives through two key areas of activity: by lending the chattels to Hopetoun House Preservation Trust, and using income derived from its endowment fund to make donations to Hopetoun House Preservation Trust. These key areas of activity are explained in more detail under achievements and performance below.
Merger and Transfer of Assets
The Trustees of both Hopetoun House Preservation Trust and the Hopetoun Foundation have been keen to merge the Foundation into Hopetoun House Preservation Trust for some time. To this end approval was sought and given from both the National Heritage Memorial Fund and the Office of the Scottish Charity Regulator following the satisfactory completion of an independent governance review has. All assets were donated to Hopetoun House Preservation Trust on 6 October 2023.
Achievements and performance
Until the date of transfer, the Foundation had lent the chattels to Hopetoun House Preservation Trust and they were on show within the house. The Trustees received reports from the general manager of Hopetoun House at their Trustees’ meetings as to the state and conservation of the chattels. The positive statement of their condition was noted and was endorsed by the experience of the Trustees of both Trusts.
The Endowment Fund was held in an investment portfolio and the day to day management of it has been delegated by the Trustees to Adam & Company Investment Management Limited. The investment policy is based on a balance between income and capital growth.
The Trustees received reports on the capital and income state of the fund from the fund managers at their meetings. The Trustees are satisfied with the performance of the portfolio of investments in light of market conditions during the year. The income generated, which was in line with budget, was used to assist the Hopetoun House Preservation Trust. The detailed financial performance is noted below.
Financial review
All assets and funds were transferred to Hopetoun House Preservation Trust during the year as part of the merger agreement. Information provided below relates to the financial position immediately prior to the transfer.
The net deficit for the year before the release of the £70,000 loan to the Hopetoun House Preservation Trust amounted to £46,017 (2022: £143,077) and was transferred to reserves before the final donation to the Trust in October 2023.
The main source of income to the Foundation, held in the restricted fund, is investment income and interest which totalled £36,323, of which £33,670 was gifted to Hopetoun House Preservation Trust and investment management costs were £5,905. The Trust received a donation of £4,832 from Hopetoun House Preservation Trust to meet its legal and independent examination governance costs of the same level.
The net deficit from the loss on investments above and the release of the loan to the Trust decreased the value of the Endowment Fund from £1,347,157 in 2022 to £1,234,392 before final donation to the Trust in October 2023.
1
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
REPORT of the TRUSTEES (continued)
The capital fund continued to hold the chattels owned by the Foundation, which cannot be sold by the Trustees and are classed as heritage assets. A heritage asset continues to be defined as “a tangible or intangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture”.
As a result of this, the chattels were included in the balance sheet at a value of £10,483,250 until transfer to the Trust in October 2023. This was based on the recent independent valuation by Sotheby’s which was completed in 2019.
Investment Policy
The day to day management of the investments of The Hopetoun Foundation has been delegated by the Trustees to Adam & Company Investment Management Limited. The investment policy is based on a balance between income and capital growth and is managed as a medium risk portfolio. The Trustees monitor both income generation and capital growth against recognised benchmarks and are satisfied with the performance of the portfolio of investments in light of market conditions during the year.
There has been a negative movement in the value of investments since the prior year of £42,675 (2022: £141,806). The total yield on investments of £40,545, before fees, to 6 October 2023, the date of donation to Hopetoun House Preservation Trust was 3.2% (2022: £50,343, 3.9%) against a target of 4%. The value of investments at the date of donation, including cash, was £1,236,392.
Risk Assessment and Management
The Trustees have a risk management strategy which comprises:
-
An annual review of the principal risks and uncertainties that the Foundation faces;
-
The establishment of policies, systems and procedures to mitigate those risks identified in the annual review, and
-
The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
The implementation of this strategy has led the Trustees to prepare a formal Risk Register which is reviewed annually as outlined above. The Trustees identified an exposure to risk in the following areas; performance of the investment portfolio, and the care and condition of the chattels on loan to Hopetoun House Preservation Trust.
The investment portfolio is monitored on a quarterly basis through reports received from the fund managers, in addition to formal presentations made twice a year. The care and condition of the house and chattels has been delegated to Hopetoun House Preservation Trust and is monitored by staff on a daily basis, in addition to the house committee and a conservation advisory panel.
The Trustees are therefore satisfied that systems are in place to mitigate exposure to these risks.
Reserves Policy
The Capital Fund of Hopetoun Foundation represented the acquisition of the Chattels of the Foundation and was valued at £10,483,250 (2022: £10,483,250) at the date of transfer in line with the recent independent valuation referred to above.
The Endowment Fund represented funds held in trust for Hopetoun House Preservation Trust. Its purpose was to ensure a suitable income stream is generated to finance the charity’s objectives. It was represented by a portfolio of investments, which are managed by Adam & Company Investment Management Limited who operate within guidelines set out by the Trustees. The balance before transfer was £1,234,392.
The Trustees are of the opinion that the assets and funds held were adequate to fulfil the obligations of the Foundation until the date of transfer to the Hopetoun House Preservation Trust. Investments held have been acquired in accordance with powers given to the Trustees in the Deed of Trust. There are no other unrestricted, uncommitted or readily available reserves.
Plans for future periods
Following the donation of assets to Hopetoun House preservation Trust, it is the Foundation Trustees’ aim to wind up the Trust.
2
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
REPORT of the TRUSTEES (continued)
Structure, Governance, and Management
The Trust was set up as a Charitable Trust under a Deed of Trust dated 27 January 1995.
The Foundation’s Declaration of Trust states that the minimum number of Trustees shall normally be five and any vacancy shall be promptly filled. The quorum of a meeting of trustees shall be three. The Trustees shall meet twice a year. The family Trustee is nominated by Lord Hopetoun or his Executors. , and the Earl of Hopetoun are also Trustees of Hopetoun House Preservation Trust.
The Foundation is controlled by a Board of Trustees which meets twice a year.
Trustees are chosen to meet the needs of the Trust in terms of preservation, education, business, human resource and financial and investment skills. New Trustees are provided with a full brief and introduction to the Trust’s assets and activities. Trustees are updated on a regular basis by appropriate professionals for changes to regulatory practices and requirements.
Key management personnel remuneration
The Foundation is run on a day-to-day basis by a permanent team of staff provided by Hopetoun House Preservation Trust. The Foundation considers the Trustees and the general manager of Hopetoun House Preservation Trust to be the key management personnel. There is no charge from the Trust for these services.
Given the nature of the work in looking after the assets of the Foundation in conjunction with similar assets of Hopetoun House Preservation Trust it is not possible to place a value on the donated resources from Hopetoun House Preservation Trust.
Reference and administrative details:
Scottish Charity Number
SC023260
Principal Address Hopetoun House South Queensferry EH30 9SL
Trustees
==> picture [419 x 68] intentionally omitted <==
Senior management (note 12)
P de Salis
Financial Advisers
DBFM 3 Walker Street Edinburgh EH3 7JY
Investment Managers
Adam & Company Investment Management 40 Princes Street Edinburgh EH2 2BY
3
tkxJJSw Erwekw ITr. 4E4s7F4F4tEA1FF8s4&SElB640 THE HOPETOUN FOUNDATION REPORT of the TRUSTEES {conlinuedl Solicitors Turcan Connell Princes Exchange 1 Earf Grey Street Edinburgh EH3 9EE Inde endent examiner iene + ai ra Ing as CT) Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL TTUStees' responsibilities statement The trustees are responsible for preparing the Report of the Trustees and the accounts in accordance wilh applicable law and United Kingdom AOUntIng Standards (United Kingdom Generally ApIed Accounting Pradi¢e)- The law applicable to charities in Scotland requires the trustees lo prepare accounts for each financial year which give a true and fair view of the state of affairs of the charty and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charrties SORP (FRS 1021 (second edrtion - October 20191., make judgements and estimates that are reasonable and prudent., stale whether applicable a¢wunling standards have been followed, subject to any material departures disclosed and explained in the accounts- and prepare the accounts on the going eoneem basis unless it is inappropriate to presume that the charity will continue in operation. The tnjstees are responsible for keeping proper aeeounting reeords that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities and Trustee Investment IScoUand} Act 2005, the Charities Accounts IScotland} Regulations 2006 las amended) and the provisions of the charty's constitution. The trustees are also responsible for safeguarding the assets of the Charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. ON BEHALF OF THE BOARD Date.. 16 April 2024
tkxJJSw Erwekw ITr. 4E4s7F4F4tEA1FF8s4&SElB640 INDEPENDEr EXAMINER'S REPORT TO THETRUSTEES OF CT: THE HOPETOUN FOUNDATION I report on the financial statements of The Hopetoun Foundation for the year ended 31 December 2023 which are set out on pages 6 to 13. This report is made to the Trustees of The Hopetoun Foundation. in accordance with the temis of my engagement. My work has been undertaken to enable me lo report my opinion as sel out below and for no other purpose_ To the fullest extent pemiitted by law, I do not a¢pt or assume responsibility to anyone other than the Trustees of The Hopeloun Foundation, as a body, for my work or for this report. Respective responsibilities of Trustees and independent examiner The charity's Trustees are responsible for the preparation of the financial statements in accordance with the temis of the Charities and Trustee Investment (Scotlandl Act 2005 {the Act) and the Charitie5 Accounts {SCoand) Regulations 2006 las amended) (the Regulations). The charity Trustees consider that the audit requirement of Regulation 1011llal to Icl of the Regulations does not apply. It is my responsibility lo examine the financial ststements as required under section 44{11(c) of the Act and to stste whether particular matters have come to my attention. Basis of independent examiner's statement My examination is carried out in accordance with Regulation 11 of the Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented wf(h those records. It also includes consideration of any unusual items or disclosures in the financial stslements. and seeks explanations from the Trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an aud and consequently I do not express an audit opinion on the view given by the financial statements. Independent examinerfs statement In the course of my examination, no matter has come to my attentn.. 1. which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with Section 44{1 Ma) of the Act and Regulation 4 of the Regulations, and to prepare financial statements which accord wrth the accounting records and comply with Regulation 8 of the Regulations have not been met., or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. For and on behalf of CT Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh, EH3 6NL Date.. 25 April 2024
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 December 2023
==> picture [454 x 502] intentionally omitted <==
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Endow-|
|Capital|Restricted|ment|2023|2022|
|Notes|Fund|Fund|Fund|Total|Total|
|£|£|£|£|£|
|Income and endowments|
|from:|
|Donations and legacies|3|-|4,832|-|4,832|3,559|
|Investments|-|35,713|-|35,713|50,266|
|Interest received|-|610|-|610|77|
|Total|-|41,155|-|41,155|53,902|
|Expenditure on:|
|Raising funds|–|Investment|
|-|-|
|management costs|5,905|5,905|8,175|
|Charitable activities|–|Donation|
|to Hopetoun House|
|-|
|Preservation Trust|33,670|70,000|103,670|43,439|
|Support costs – Professional fees 4|-|4,832|-|4,832|3,559|
|Donation of funds to Hopetoun|
|House Preservation Trust|10,483,250|2,000|1,234,392|11,719,642|-|
|Total|10,483,250|46,407|1,304,392|11,834,049|55,173|
|Net (expenditure)/income before gains on|
|assets and investments|(10,483,250)|(5,252) (1,304,392)(11,792,894)|(1,271)|
|Gain on revaluation of fixed assets 6|-|-|-|-|-|
|Net realised gains/(losses) on|
|investments|7|-|-|(4,480)|(4,480)|92|
|Unrealised (losses)/gains on|
|investments|7|-|-|(38,285)|(38,285)|(141,898)|
|Net movement in funds|(10,483,250)|(5,252) (1,347,157)(11,835,659)|(143,077)|
|Reconciliation of funds:|
|Total Funds at 31 December|
|2022|10,483,250|5,252|1,347,157 11,835,659 11,978,736|
|Total Funds at 31 December|
|2023|10 --------------------------------------------------------------------- 11,835,659|
|======== ========= =========|======== ========|
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the year.
All activities have now been discontinued and operations transferred to Hopetoun House Preservation Trust.
The notes on pages 8 to 13 form part of these accounts.
6
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
BALANCE SHEET
As at 31 December 2023
| Notes | Notes | 2023 | 2022 | ||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Heritage assets - Chattels (1995 Acquisitions) | 5,6 | - | 10,483,250 | ||
| Investments | 7 | - | 1,278,536 | ||
| - | 11,761,786 | ||||
| Current assets | |||||
| Debtors - amounts due within than one year | 8 | - | 2,939 | ||
| Debtors – amounts due after more than one year | 8 | - | 70,000 | ||
| Cash at bank | - | 8,682 | |||
| ------------ | ------------ | ||||
| - | 81,621 | ||||
| Liabilities | |||||
| Creditors: amounts falling due within one year | - | 7,748 | |||
| Net current assets | - | 73,873 | |||
| Total net assets | - | 11,835,659 | |||
| ======== | ======== | ||||
| The funds of the charity: | |||||
| Restricted funds | |||||
| Capital fund | 10 | - | 10,483,250 | ||
| Endowment fund | 10 | - | 1,347,157 | ||
| Restricted fund | 10 | - | 5,252 | ||
| -------------- | --------------- | ||||
| Total charity funds | - | 11,835,659 | |||
| ======== | ======== |
Approved and authorised for issue by the Board of Trustees and signed on their behalf by
Date: 16 April 2024
The notes on pages 8 to 13 form part of these accounts.
7
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
NOTES to the ACCOUNTS
For the year ended 31 December 2023
1. Accounting Policies
Basis of preparation and assessment of going concern
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Charites SORP (FRS 102) (second edition - October 2019): 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 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trust constitutes a public benefit entity as defined by FRS 102. The charity’s functional and presentational currency is Sterling (GBP).
The Trustees resolved to wind up The Hopetoun Foundation during the year and to transfer its net assets to the Hopetoun House Preservation Trust. The financial statements have therefore been prepared on a basis other than that of a going concern and the charity’s assets have been recorded at nil at the year end to reflect the full transfer of net assets.
Funds structure
Capital - Funds represent the acquisition and subsequent revaluation of the Chattels.
Endowment - Funds held in trust for Hopetoun House Preservation Trust. Investment gains and losses are accumulated in this fund. The capital cannot be expended without prior consent of the National Heritage Memorial Fund.
Restricted – Income is derived from the endowment fund, and the net income after expenses is paid over to Hopetoun House Preservation Trust.
Income recognition
All income from investment income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations received from Hopetoun House Preservation Trust are applied in accordance with the wishes of the donor as appropriate.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
8
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
NOTES to the ACCOUNTS (Contd.)
For the year ended 31 December 2023
1. Accounting Policies (Contd.)
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory independent examination and legal fees together with an apportionment of overhead and support costs.
Costs of raising funds
The costs of raising funds consist of investment management costs and certain legal fees.
Charitable activities
Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 4.
Chattels (1995 acquisitions)
The chattels were purchased by the National Heritage Memorial Fund from the Marquess of Linlithgow and vested in the Foundation in 1995 at a value of £2.3 million. The chattels, which cannot be sold by the Trustees, are included in the accounts at a fair value of £10.5million. This value is the full value placed on the assets by Sotheby’s as part of a revaluation completed in October 2019.
The chattels were donated to Hopetoun House Preservation Trust on 6 October 2023, a connected but separately registered Scottish charity.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions
Creditors and provisions are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
9
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
NOTES to the ACCOUNTS (Contd.)
For the year ended 31 December 2023
1. Accounting Policies (Contd.)
Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. Statement of Financial Activities - Comparative
£53,902 of income was attributable to restricted funds in 2022.
£55,173 of expenditure was attributable to restricted funds in 2022.
3. Donations
During the year, Hopetoun House Preservation Trust donated £4,832 (2022: £3,559) to the Hopetoun Foundation towards governance costs. On 6 October 2023 the Hopetoun Foundation donated all its remaining funds to Hopetoun House preservation Trust.
4. Support Costs, Including Governance
Support costs are primarily made up of governance costs which include independent examination fees of £1,200 (2022: Audit £2,220).
5. Five year financial summary of heritage asset transactions
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Heritage assets | - | 10,483,250 | 10,483,250 | 10,483,250 | 10,483,250 |
| ========= | ======== | ======== | ======== | ======== |
6. Further information on the Foundation’s heritage assets
Chattels
The collection of furniture and paintings consists of around 350 items, as well as over three thousand books, of which the overwhelming majority/almost all are on display at any given time. Some of the contents of the House are owned by Hopetoun House Preservation Trust, and the Archives are owned by the Hopetoun Papers Trust. The Hopetoun House Preservation Trust stewards these collections on behalf of all parties. A full inventory is maintained of all items held.
Those items owned by the Foundation had been revalued in March 2020 by Sotheby’s at a total value of £10,483,250 compared with £6,484,700 from a 2010 valuation. The increased valuation was reflected in fixed assets. The large increase was due to the rise in popularity of certain types of chattel held in the collection and the length of time since the last formal valuation.
As part of the arrangements for the merger of The Hopetoun Foundation and Hopetoun House Preservation Trust, all chattels were transferred to Hopetoun House Preservation Trust at their current market value of £10,483,250 on 6 October 2023.
10
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
NOTES to the ACCOUNTS (CONTD.)
For the year ended 31 December 2023
==> picture [455 x 190] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|7.|Investments|2023|2022|
|£|£|
|Market value at 1 January|1,278,536 1,413,353|
|Investments purchased|64,184|75,495|
|Investments sold|(63,183)|(90,387)|
|Cash movement|(380)|21,881|
|Net realised (losses)/gains|(4,480)|92|
|Unrealised losses|(38,285) (141,898)|
|1,236,392|1,278,536|
|Transferred to Hopetoun House Preservation Trust|(1,236,392)|-|
|Market value at 31 December|-|1,278,536|
|Cost|-|940,848|
----- End of picture text -----
All investments held are listed on the UK Stock Exchange. The investments are managed by Adam & Company Investment Management Limited which are operated under a discretionary agreement.
The following investments represent 5% or more of the market value of the listed investments:
==> picture [451 x 192] intentionally omitted <==
----- Start of picture text -----
||||
|---|---|---|
|2023|2022|
|£|£|
|Sarasin Global Higher Dividend Fund Class P|138,602|142,526|
|Investments less than 5%|1,068,484|1,106,324|
|Listed investments at 30 September 2023 before transfer|1,207,086|1,248,850|
|Movement of cash held on deposit for investments:|
|Cash at 1 January 2023|29,686|15,447|
|Increase/(Decrease)|(380)|14,239|
|Cash held and due at 30 September 2023|29,306|29,686|
|Total listed investments at 30 September 2023 before transfer|1,236,392 1,278,536|
|======== ========|
----- End of picture text -----
All investments were carried at their fair value. Investment in equities and fixed interest securities were all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies were at the bid price. The basis of fair value for quoted investments was equivalent to the market value, using the bid price. Asset sales and purchases were recognised at the date of trade at cost (that is their transaction value).
As part of the arrangements for the merger of The Hopetoun Foundation and Hopetoun House Preservation Trust, all investments were transferred to the Hopetoun House Preservation Trust at their current market value.
11
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
NOTES to the ACCOUNTS (CONTD.)
For the year ended 31 December 2023
==> picture [451 x 86] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|8.|Debtors|2023|2022|
|£|£|
|Other debtors|-|2,939|
|-|
|Loan to Hopetoun House Preservation Trust|70,000|
|-|
|72,939|
----- End of picture text -----
==> picture [455 x 388] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|During 2020, the Hopetoun Foundation made a loan of £70,000 to Hopetoun House Preservation|
|Trust to assist it to deal with the fall in income due to the implications of the Covid 19 pandemic. This|
|loan was written off as part of the transfer of all assets to Hopetoun House Preservation trust.|
|9.|Creditors|2023|2022|
|£|£|
|Accruals|-|7,748|
|======|=====|
|10.|Funds|2023|2022|
|£|£|
|Capital fund (See note 6)|
|Opening balance at 1 January|10,483,250 10,483,250|
|Transfer of assets|(10,483,250)|-|
|Closing balance at 31 December|-|10,483,250|
|========|========|
|Endowment fund|
|Opening balance at 1 January|1,347,157 1,488,963|
|Realised gains on investments|(4,480)|92|
|Unrealised (losses)/gains on investments|(38,285) (141,898)|
|Donation to Hopetoun House Preservation Trust|(70,000)|-|
|Transfer of assets to Hopetoun House Preservation Trust|(1,234,392)|-|
|Closing balance at 31 December|-|1,347,157|
|========|========|
|Restricted fund|
|Opening balance at 1 January|5,252|6,523|
|(Deficit)/income before other recognised gains and losses|(3,252)|(1,271)|
|Transfer of assets to Hopetoun House Preservation Trust|(2,000)|-|
|Closing balance at 31 December|-|5,252|
|========|========|
----- End of picture text -----
As part of the arrangements for the merger of The Hopetoun Foundation and Hopetoun House Preservation Trust, all funds have been transferred to Hopetoun House at their current value.
12
DocuSign Envelope ID: 4E450B9B-7F4F-4DCE-A1FF-885455E1B640
THE HOPETOUN FOUNDATION
NOTES to the ACCOUNTS (CONTD.)
For the year ended 31 December 2023
| Chattels 11. Analysis of net assets between funds 2023 £ Capital fund - Endowment fund - Restricted fund - - ======== Chattels 2022 £ Capital fund 10,483,250 Endowment fund - Restricted fund - 10,483,250 ======== |
Invest- ments 2023 £ - - - - ======== Invest- ments 2022 £ - 1,278,536 - 1,278,536 ======== |
Net Current Assets Total 2023 £ 2023 £ - - - - - - - ======== - ======== Net Current Assets Total 2022 £ 2022 £ 10,483,250 68,621 1,347,157 5,252 5,252 73,873 ======== 11,835,659 ======== |
|---|---|---|
12. Analysis of Staff Costs and Key Management Personnel
The Foundation had no employees during the current or previous year. The Trust considers its key management personnel comprise the Trustees and Hopetoun House Preservation Trust’s general manager who monitors the Trust’s activities during the year. No Trustee received emoluments or reimbursement of expenses during the current or previous year. No charge is made by Hopetoun House Preservation Trust for the activities of its general manager.
13. Related party transactions.
The Trustees consider there to be no related party transactions during the year.
13