The Leche Trust
Financial statements 31 July 2011 together with Trustees’ and Independent Auditors’ Report
Registered number: 225659
Trustees and Officers
Trustees
Mr Simon Swynfen Jervis FSA (Chairman) Dr. Ian Bristow DPhil FSA ARIBA Lady Greenstock * Mrs Felicity Guinness Mrs Caroline Laing Mr Simon Wethered * Mr Martin Williams FSA
*Members of the Students Committee
Secretary Louisa Lawson
Registered office 84 Cicada Road London SW18 2NZ
Charity No: 225659
Telephone: 020 8870 6233
Website: www.lechetrust.org
Email: [email protected]
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Trustees and Officers (continued)
Accountants JS2 Limited One Crown Square Church Street East Woking Surrey GU21 6HR
Bankers National Westminster Bank plc 123 – 127 Sheen Road Richmond Surrey TW9 1TJ
Investment Managers COIF Charity Funds CCLA Investment Management Limited 2 Fore Street London EC2Y 5AQ
Solicitors Speechly Bircham 6 St. Andrew Street London EC4A 3LX
Auditors NA Associates LLP Chartered Certified Accountants and Statutory Auditors Woodgate Studios 2 - 8 Games Road Cockfosters Hertfordshire EN4 9HN
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Trustees’ Report For the year ended 31 July 2011
Financial Statements
The Trustees present their report and financial statements for the year ended 31 July 2011.
Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
· select suitable accounting policies and then apply them consistently; · observe the methods and principles in the Charities SORP; · make judgements and estimates that are reasonable and prudent; · state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; · prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that 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 1993, the Charity (Accounts and Reports) Regulations 2008 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 other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Structure, Governance and Management
The Trust was founded in 1950 and endowed by the late Mr Angus Acworth, CBE. It was registered as a charity on 6 March 1964 and operates under a Deed of Settlement, dated 1 February 1963.
Appointment of Trustees
On the retirement of a Trustee, the Trustees decide in which area they need to have additional expertise and recruit a Trustee from that field. The new Trustee is identified and appointed by the remaining Trustees. The main areas of expertise are the arts, and particularly music, and the field of conservation, with special interest in historic buildings and churches, together with knowledge of museums.
Trustee Training
The Trust is a member of the Association of Charitable Foundations which runs courses specifically for Trustees of grant-giving charities. The Trustees are encouraged to attend any of the sessions on offer.
Induction and training of Trustees
The Chairman of Trustees is responsible for the induction of any new Trustee which involves awareness of a Trustee’s responsibility, the Governing Document, administrative procedures, the history and philosophical approach of the Charity. Under the auspices of the Association of Charitable Foundations, the Trustees are able to attend training sessions on various aspects of grant making. The new Trustees receive an information pack on the Trust and its grant giving policy, together with a copy of the last annual report and accounts. The Trustees also receive the regular communications from Heritage Link which enables them to keep abreast with all developments in the Heritage Field.
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Trustees’ Report (continued) For the year ended 31 July 2011
Risk Review
In carrying out their risk review the Trustees considered that the respective risks to which the Charity was exposed and the systems established to mitigate those risks were as follows:
Financial
The risk of the loss of (or drop in) the Charity’s capital or income was mitigated by the Trustees reviewing on a regular basis the investment management of their portfolio of investments.
The risk of misapplication of grants was mitigated by insisting on receipts and confirmation (in the case of students) from their university that the grant money had been received and forwarded to the student. In the case of projects of an uncertain nature, no money is forwarded until it is certain that the project is able to proceed according to plan.
There have been very few instances of fraudulent applications, but checks have enabled these to be detected. The operation of the Charity’s bank account requires the signature of a Trustee on each movement of funds; the Secretary is only authorised to make transfers between the Charity’s accounts.
Personnel
The risk of the Secretary administering the Charity alone is an acknowledged one. However, access to her computer and the data on it could easily be arranged, and the Trustees would be able to take executive action to keep the work of the Charity functioning. There are good records which could be used to recover from any system crash, and the Chairman keeps a copy of all proceedings of the Charity, as do the Charity’s bankers and accountants.
Reputation
All applications for grants are sent to the Secretary. Those requests not suitable within the charitable objects and guidelines of the Trust are rejected by her but the list of rejections is given to the Trustees at each meeting and they may query the rejection and ask for the application to be reinstated. Acceptable applications are considered by the Trustees at each meeting and grants are awarded according to favourable consensus so long as funds are available. The Trustees give careful thought on each occasion to whether accepting or declining any particular grant application which may damage the reputation of the Charity.
Gift and Hospitality Policy
The Trustees agreed that no one associated with the Trust will ever accept a direct financial contribution from any beneficiary and/or professional advisor. They agreed that invitations for entertainment could be accepted if such an event would enhance the knowledge of the organisation.
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Trustees’ Report (continued) For the year ended 31 July 2011
Objectives and Activities
Objectives:
The Trustees aim to distribute the income on the capital each year and plan the amounts of their grants accordingly. The Trustees met on 19th February 2007 to review the guidelines for applicants and agreed to adopt the following wording:
In furtherance of and for the purposes of implementing the charitable objects of The Leche Trust as set out in the Settlement dated 1st February 1963, The Leche Trustees have resolved that the following (which are not in order of precedence but which follow the particular wishes of the Settlor) shall be their non-exclusive guidelines for the purposes of determining whether favourable consideration should be given to applicants for financial assistance from the Trust;
1. the promotion of amity and good relations between Britain and third world countries by financing visits to such countries by teachers or other appropriate persons, or providing financial assistance to students from overseas especially those in financial hardship during the last six months of their postgraduate doctorate study in the UK or those engaged in activities consistent with the charitable objects of the Trust;
2. assistance to academic, educational or other organisations concerned with music, drama, dance and the arts;
3. the preservation of buildings and their contents and the repair and conservation of church furniture (including such items as monuments, but excluding structural repairs to the church fabric); preference is to be given to buildings and objects of the Georgian period;
4. assistance to conservation in all its aspects, including in particular museums, and encouraging good practice in conservation by supporting investigative and diagnostic reports; and
5. the support of charitable bodies or organisations associated with the preservation of the nation’s countryside, towns, villages and historic landscapes.
As a matter of present policy the Trustees are in general not minded to make grants for or to:-
- religious bodies, overseas missions etc., schools or school buildings, social welfare, animals, medicine, expeditions or British students.
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Trustees’ Report (continued) For the year ended 31 July 2011
Achievements, Performance and Financial Review
Review of Activities
The Trustees met three times during the year to discuss grant applications and approved 90 grants amounting to £245,350 (2010: £240,116). The Students Committee also approved 14 grants to individual overseas students, totalling £20,000 (2010: £18,260). Note 5 to the financial statements shows how the grants were distributed and include grants approved and brought forward from previous years. The total payments amounted to £271,437 (2010: £315,504). Grants approved wh.ich were unpaid at the year end amounted to £198,452 (2010: £225,539).
Historic Buildings
The Trustees gave fourteen grants towards the restoration of buildings which represents 17% of the total funding. The Trustees gave a grant of £3,000 towards the restoration of monuments in the Chapel at Compton Verney. The restoration of Stowe House is an on-going project and the Trustees agreed to give a grant of £3,000 towards the reinstatement of a replica stone sarcophagus in the Egyptian Hall. The Lea Valley in London has been subject to a large restoration project in conjunction with the Olympics in 2012 and the Trustees gave a grant of £5,000 towards the restoration of the House Mill, which will be returned to a working mill. The Mausolea and Monuments Trust is restoring the Hope Mausoleum at Deepdene which forms part of the historic park, and the Trustees agreed to support this project with a grant of £5,000. The Trustees agreed to give a grant of £5,000 towards the restoration of the wallpaper in the Chinese Drawing Room at Abbotsford in Roxburghshire. The Trustees continued their support last year to SAVE for their project for the restoration of a castle in Silesia. SAVE is to prepare plans for the restoration of the Castle at Sarny and they needed a further grant to produce a report of the detailed costings and an analysis of structural issues showing that repairs were economic and practical. They supported this project with a grant of £7,500.
Churches
The Trustees gave twenty two grants towards the restoration of monuments and furnishings in churches which represented 23% of the total funding. The Trustees gave a grant of £5,000 towards the restoration of the unique Tudor paintings in Chichester Cathedral. St. Mary’s Church in Aldworth, Berkshire received a grant of £4,000 towards the conservation of the effigies to members of the De La Beche family. The Trustees gave a grant of £4,000 to St Giles Church in Wrexham for the restoration of the important iron gates by the Davies Brothers of the Croesfoel Smithy. The Tron Kirk in Edinburgh is looked after by Edinburgh World Heritage and they were seeking a grant towards the major redevelopment of this building to provide a focal point for visitors to Scotland to learn about the nation’s World Heritage Sites. The Trustees supported this project with a grant of £4,000. The Trustees gave a grant of £3,000 to St Swithun’s Church, Cheswardine, Shropshire to restore the paintings of Moses and Aaron and the Royal Arms of George I by Robert Summerfield, dating from 1717/18. The Trustees gave a grant of £5,000 to Thaxted Church in Essex for the restoration of the organ case of the organ which was built by Henry Cephas Lincoln in 1821.
Institutions and Museums
The Trustees gave sixteen grants to museums and institutions which represented 17% of the total funding. The Trustees granted the Sir John Soane’s Museum the final instalment of their £100,000 grant towards the restoration of the Model Room. The Textile Conservation Centre has moved from Winchester to Glasgow and before it could open its doors to new students it needed to replenish its library. The Trustees gave a grant of £5,000 for the purchase of new books. West Dean College in West Sussex was awarded a grant of £6,000 towards the purchase of a specialist 3D scanner suite which would enable the students to create musical instruments based on the finest originals made from the mid 16th to the early 18th century. The Trustees gave a grant of £5,000 towards the re-erection of the Ascott Park gateway, previously in store at the Victoria and Albert Museum, at the Bodleian Library. The City and Guilds School in London was awarded a grant of £5,000 to enable it to restore the iron rail fencing and balustrades on the Kennington Park Road frontage. The Trustees gave a grant of £2,000 towards a forthcoming exhibition “The Music Party – works by Marcellus Laroon” which the Handel House Museum in London is mounting in conjunction with Boughton House in Northhamptonshire. The Trustees gave a grant of £2,750 to the Woking Museum and Art Gallery for the restoration of a sack back silk brocade gown. The Trustees gave a grant of £3,750 to King’s College, London
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Trustees’ Report (continued) For the year ended 31 July 2011
to catalogue the Georgian items in the collection which they had recently taken over from the Foreign and Commonwealth Office Historical Library Collection, and undertake any necessary conservation of two large fragile items which were in need of specialist treatment.
Education
The Trustees did not give any grants to individual students during the year.
Overseas Students
The Trustees gave fourteen grants to overseas students who are in the final six months of their PhD courses. This represented 8% of the total funding. The average grant was just over £1,400. The level of demand for maintenance funding from overseas students has lessened over the past few years and it was encouraging that this year the Trustees were able to spend their full allocation. The students came from a variety of countries and were studying very different subjects. The Trustees are always interested in hearing from the students when they have returned to their country of origin and have found further employment.
Arts
The Trustees gave thirty eight grants to arts organisations which represented 35% of the total. They gave a grant of £6,000 towards the conservation of costumes worn by Joan Sutherland for performances at the Royal Opera House, which will form part of an forthcoming exhibition devoted to the singer. The Trustees have a grant of £5,000 towards a seedbed performance by Tête à Tête Productions during their Festival at the Riverside Studios in August. The Trustees continued their commitment to the Edge performances at the London Contemporary Dance School with a grant of £5,000. The Trustees gave a grant of £1,400 towards a new Storytelling Festival which will be held in York in February 2012. The PRS for Music Foundation was given a grant of £3,000 towards the New Music 20 x 12 project which will form part of the Cultural Olympics in 2012. The Trustees awarded a £2,000 to the music group Jam for the commission of a major work by Philip Cashian which was performed at a series of six concerts throughout the country. The Trustees gave a grant of £4,000 towards a new adaptation of The Tempest by Jericho House Productions which will form part of the Barbican BITE series. The Trustees gave a grant of £2,000 towards the summer school of The Baring-Gould Folk Song Collection, which would celebrate the songs in the collection. The Trustees awarded a grant of £3,000 towards masterclasses for the singers of Clonter Opera.
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Trustees’ Report (continued) For the year ended 31 July 2011
Comparison of Grants
Comparison of grants
100000 80000 60000 40000 20000 0 HB Ch Ed I & M Ed (Ind) OS Arts
2010-11 2009-10
HB = Historic Buildings Ch = Churches Ed I & M = Institutions and Museums Ed (Ind) = Individuals OS = Overseas Students Arts = Arts, music and drama
Outstanding Grants There are, as always, a small number of outstanding grants which have over-run the 2-year time limit for acceptance, beyond which the Trust can decide to withdraw their contribution. The Secretary is closely monitoring the situation.
Grants which have lapsed The grant of St Gwynno’s Church, Abderdare, for the restoration of the grave stone dedicated to Guto Nyth Bran was allowed to lapse as the Church was unable to attract funding from other sources for this project.
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Trustees’ Report (continued) For the year ended 31 July 2011
Grants not Taken Up
All grants approved by the Trustees have been taken up or have been allocated to specific projects.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. They keep Public Benefit in mind when discussing applications and awarding grants in the Trust’s priority areas. Although the vast majority of the grants made by the Leche Trust are to other charitable bodies, and the guidance makes clear that grant making charities are not under an obligation to check the fulfilment by grantee charities of their public benefit requirement, nevertheless the Trustees bear in mind the wider benefits to society when considering grants for the preservation of the historic environment and heritage. The Trustees ensure that any objects or buildings that have received grants from the Leche Trust will be available to the public. The grants to overseas students will enable the publication of their thesis to be made available to other members of the academic community. The Trust’s grants to arts organisations are made with a view that a wide selection of music and dance will be available to the general public.
Investment Performance
The principal objective of the Trust is to spend its income of grant giving to organisations and individuals as set out in the Trust Deed. To this end, the Trustees are keen to ensure that the income stream is not only maintained but rises year on year to ensure that the level of giving can slowly increase. The Trustees understand that the value of the capital may fluctuate but they are agreed that the level of income should at least remain constant. The Trustees are satisfied with the performance of the Charity’s investments during the year, in light of the difficult economic conditions.
Reserves Policy
The Trustees’ policy is that so far as possible the annual income of the Trust (after administrative expenses) should be applied exclusively towards its charitable objectives. However, it is thought prudent to establish some modest reserves from underspent income so as to ensure that should there be any unexpectedly substantial call upon the resources of the Trust, the Trustees would be in a position to respond. The Trustees have accordingly designated £5,000 per annum into a designated fund for the purpose of establishing a special fund for exceptional grants or any unforeseen expenditure.
Plans for Future Periods
The Trustees are committed to continuing to give grants to organisations and individuals in a similar way to the recent past, continuing the emphasis on the arts and heritage areas of giving but retaining flexibility as to the timing, and scale, of grant making. They will endeavour to ensure that there is a spread of grants across the various areas and that no one area will have priority funding. They also recognise that a considerable number of their grants will constitute matching funding with other grant-giving bodies.
Approved by the Board of Trustees on
Mr Simon Swynfen Jervis
Trustee
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Independent Auditors’ Report to the Trustees of the Leche Trust
We have audited the financial statements of the Leche Trust for the year ended 31 July 2011 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes 1 to 6. The financial reporting framework that has been applied in their preparation is applicable law and Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the Charity’s Trustees, as a body, in accordance with Section 43 of the Charities Act 1993 and regulations made under section 44 of that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Trustees and Auditor
As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the Trustees are responsible for the preparation of financial statements which give a true and fair view.
We have been appointed as Auditor under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees’ Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
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Independent Auditors’ Report to the Trustees of the Leche Trust (continued)
Opinion on financial statements
In our opinion the financial statements: · give a true and fair view of the state of the charity’s affairs as at 31 July 2011, and of its incoming resources and application of resources, for the year then ended; · have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; · have been prepared in accordance with the requirements of the Charities Act 1993.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 1993 requires us to report to you if, in our opinion: · the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or · sufficient accounting records have not been kept; or · the financial statements are not in agreement with the accounting records and returns; or · we have not received all the information and explanations we require for our audit.
NA Associates LLP
Chartered Certified Accountants Statutory Auditors
Woodgate Studios 2 – 8 Games Road Cockfosters Hertfordshire EN4 9HN
Dated
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Statement of Financial Activities For the year ended 31 July 2011
Notes 2011 2010
£ £
Incoming resources
Incoming resources from generated funds
Investment income Dividends receivable 293,090 281,797 Interest receivable 586 1,628 ______
Total incoming resources 293,676 283,425
Resources expended Charitable activities Historic buildings preservation 48,026 42,649 Churches preservation 60,863 63,201 Education – institutions and museums 48,478 42,438 Education – individuals - 1,699 Arts 96,278 86,905 Overseas students 22,601 20,684 Governance 5,920 5,226 ______
Total resources expended 3 282,166 262,802 ______
Net incoming resources 11,510 20,623
Other recognised gains Net investment gains 4 302,098 574,083 ______
Net movement in funds 313,608 594,706
Balance at 1 August 2010 5,742,793 5,148,087 ______Balance at 31 July 2011 6,056,401 5,742,793 ______
All income and expenditure arises on continuing activities, there were no gains or losses other than those reported above. All funds were unrestricted. £5,000 per annum is transferred to a designated fund from the general fund.
The accompanying notes form an integral part of these financial statements.
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Balance Sheet As at 31 July 2011
Notes 2011 2010 £ £
Fixed assets COIF Investment Funds 1(c),4 6,114,465 5,812,367 Investment deposit account 1(c) 49,718 65,413 ______
6,164,183 5,877,780
Current assets Bank and Cash 31,453 28,719 Debtors - accrued dividends 67,885 68,531 ______99,338 97,250
Liabilities: amounts falling due within one year
Sundry creditors (8,668) (6,698) Grant commitments 1(b),2,5,6 (198,452) (225,539) ______(207,120) (232,237) ______
Net current liabilities (107,782) (134,987) ______Net assets 6,056,401 5,742,793 ______
Unrestricted funds
General 6,036,401 5,727,793
Designated 20,000 15,000 ______Trust fund 6,056,401 5,742,793 ______
The financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board of Trustees on and signed on its behalf by:
Mr Simon Swynfen Jervis Mr Martin Williams
Trustee Trustee
The accompanying notes form an integral part of these financial statements.
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Notes to the Financial Statements For the year ended 31 July 2011
1 Accounting policies a) Basis of accounting The financial statements are prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities) under the historical cost basis of accounting, as modified by periodic revaluation of investments and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005 and the Charities Act 1993. b) Grant commitments Grants approved but not expended are treated as committed expenditure and included under current liabilities. The movement on these commitments is shown in note 2. c) Investments Investments comprise listed investments and investment fund monies on deposit with the investment managers.
The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Disclosure is made in the notes to the accounts of the difference between historic cost and sale proceeds of investments sold during the year.
No distinction is made on the face of the Statement of Financial Activities between valuation adjustments relating to sales and those relating to continuing holdings as they are together treated as changes in the investment portfolio.
Market value is taken to be the middle market price ruling at the balance sheet date. d) Income Income comprises dividends and interest income. These amounts are recognised in the Statement of Financial Activities when the Charity has entitlement to such amounts, the amounts are virtually certain to be received and can be reliably measured. e) Expenditure Charitable expenditure and administration costs include all directly attributable costs. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources. f) Cash flow statement No cash flow statement has been produced as, in the opinion of the Trustees, it would not add to the information given in the accounts. g) Funds All funds are unrestricted. General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The Trustees have agreed to designate £5,000 per annum into a reserve fund for the purposes of establishing a special fund for exceptional grants.
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Notes to the Financial Statements (continued) For the year ended 31 July 2011
2 Grant commitments 2011 2010 £ £
Balance brought forward 1 August 225,539 315,350 Approvals in year 245,350 240,116 Adjustment for Grants not taken up / cancelled (1,000) (14,423) Net payments in year (271,437) (315,504) ______Balance carried forward 31 July 198,452 225,539 ______
3 Resources expended
Historic Churches Institutions Education Arts Overseas Governance Total Total buildings & individuals students 2011 2010 museums £ £ £ £ £ £ £ £ £ Grants approved 42,500 54,750 42,900 - 85,200 20,000 - 245,350 240,116 Grants not taken - (1,000) - - - - - (1,000) (14,424) up / cancelled
Administration 4,611 5,940 4,654 - 9,244 2,170 543 27,162 26,637 fee
General 639 823 645 - 1,281 301 75 3,764 4,136 expenses
Audit ------5,270 5,270 4,575 Accountants 276 350 279 - 553 130 32 1,620 1,762 ______48,026 60,863 48,478 - 96,278 22,601 5,920 282,166 262,802 ______
Expenses reimbursed to Trustees (one (2010: one)) during the year amounted to £nil (2010: £33). No employees earned more than £60,000.
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Notes to the Financial Statements (continued) For the year ended 31 July 2011
4 Investments
COIF COIF COIF Property Fund Investment Fixed Interest Fund Fund Total £ £ £ £
Market value at 1 August 2010 712,754 4,796,115 303,498 5,812,367 Additions at cost - 150,000 - 150,000 Sale proceeds - - (150,000) (150,000) Net investment gains (2,186) 307,443 (3,159) 302,098 ______Market value at 31 July 2011 710,568 5,253,558 150,339 6,114,466 ______
2011 2010 £ £
Cost at 31 July 7,066,866 7,066,865 Market value at 31 July 6,114,466 5,812,367 ______Unrealised loss (952,400) (1,254,498) ______
2011 2010 £ £
Movement on unrealised gains 302,098 574,083 Realised gains on historic cost - - ______Net investment gains 574,083 574,083 ______
The Charity’s investment scheme portfolio is divided between COIF Fixed Interest Fund, COIF Investment Fund and COIF Property Fund as shown above and are held to provide an investment return.
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Notes to the Financial Statements (continued) For the year ended 31 July 2011
5 Grants approved in the year were as follows:
Outstanding including amounts brought Historic Buildings Approved Paid forward £ £ £ Staffordshire, The Ilam Cross Trust, Ilam 6/05 5,000 Chawton House Library, Chawton, Hampshire 10/07 5,000 National Trust for Scotland - Little Houses in Peterhead 2/08 5,000 Berkshire, Cumberland Lodge, Windsor 10/08 1,500 Kent, Medway Historical Ordnance 10/08 5,000 Middlesex, Strawberry Hill 10/08 6,000 Scottish Historic Buildings Trust ,Greenlaw Town Hall 10/08 3,500 Salford, Ordsall Hall, 2/09 2,500 Surrey, Royal Botancial Gardens, Kew 6/09 5,000 Derbyshire, Sir John Moore Foundation 10/09 4,000 Bedfordshire, Moggerhanger House 10/09 3,000 Surrey, Historic Royal Palaces, Hampton Court Palace 10/09 1,900 Lincolnshire, Spalding, Moulton Windmill 2/10 5,000 Essex, The Copped Hall Trust 6/10 2,200 London, Benjamin Franklin House 6/10 800 Scotland, Dalkeith Tolbooth Hall 6/10 4,000 Lincs., Long Sutton, Sneath's Mill Trust 6/10 3,000 Jersey, National Trust, St Helier 6/10 1,500 Hertfordshire, Tring Park, The Woodland Trust 10/10 2,000 2,000 Warwickshire, Compton Verney 10/10 3,000 3,000 West Yorkshire, The Brontë Society 10/10 2,500 2,500 Roxburghshire, Abbotsford 10/10 5,000 5,000 Surrey, The Deepdene, Mausolea & Monuments Trust 10/10 5,000 5,000 Wiltshire, Marlborough, The Merchants's House 2/11 2,000 2,000 Suffolk, Pakenham Water Mill 2/11 1,000 1,000 Yorkshire, Redcar, Sir William Turner's Hospital 2/11 2,000 2,000 Bucks., Stowe House Preservation Trust 2/11 3,000 3,000 Surrey, The Cobbe Collection Trust, Hatchlands Park 6/11 2,000 2,000 SAVE Europe's Heritage 6/11 7,500 7,500 London, William Morris Society, Kelmscott House 6/11 1,000 1,000 London, The House Mill, Lea Valley 6/11 5,000 5,000 Lincolnshire, Belton House, The National Trust 6/11 1,500 1,500
42,500 34,700 71,700
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Notes to the Financial Statements (continued) For the year ended 31 July 2011
5 Grants approved in the year were as follows: (cont’d)
Outstanding including amounts brought Approved Paid forward Churches £ £ £ London, St Patrick's Catholic Church, Soho Square 10/07 - - 5,000 London, Eastcheap, St Mary-at-Hill 6/08 2,000 Glos., Cirencester Parish Church 10/08 5,000 Norfolk, St Michael's Church, Broome 10/08 2,000 London, Shoreditch, St Leonard's Church 2/09 2,000 West Yorkshire, Kirkheaton, St Michael's Church 2/09 5,000 Aberdare, Llanwynno, St Gwynno's Church 2/09 Denbighshire, Llangollen, St Collen's Church 6/09 4,000 Essex, Elmdon, St Nicholas Church 6/09 1,500 Warwickshire, Astley, St Mary the Virgin Church 10/09 3,000 West Sussex, Stedham, St James's Church 10/09 1,500 London, St John-at-Hackney Church 10/09 3,000 Worcestershire, Pershore Abbey 10/09 2,000 Somerset, Hinton St George, St George's Church 10/09 5,000 Norfolk, Trunch, St Botolph Church 10/09 1,000 Cambridgeshire, Fowlmere, St Mary's Church 2/10 2,000 Norfolk, Westwick, St Botolph Church 2/10 2,000 Staffs., Stoke-on-Trent, Bethesda Methodist Chapel 2/10 5,000 Wiltshire, West Littleton, St James's Church 2/10 5,000 North Yorkshire, Masham, St Mary's Church 2/10 5,000 London, Christ Church Spitalfields 6/10 5,000 Kent, Rochester Cathedral 6/10 4,000 Northern Ireland, Knockbreda 6/10 5,000 Yorkshire, Dewsbury, Church of St Michael 6/10 5,000 Lancashire, Newchurch in Pendle, St Mary's Church 6/10 1,000 Devon, Cornworthy, St Peter's Church 6/10 4,000 Dorset, Okeford Fitzpaine, St Andrew's Church 10/10 1,000 1,000 Oxford, The University Church of St Mary the Virgin 10/10 3,000 3,000 Devon, Ashprington, St David's Church 10/10 1,500 1,500 Devon, Drewsteignton, Holy Trinity Church 10/10 2,000 2,000 Lincolnshire, Newton on Trent, St Peter's Church 10/10 1,500 1,500 Kent, Nettlestead, St Mary the Virgin Church 10/10 2,500 2,500 Nottinghamshire, Southwell Minster 10/10 1,000 1,000 Essex, Thaxted Church 10/10 5,000 5,000 Essex, Elmstead Market, St Anne & St Laurence Church 10/10 1,500 1,500 Worcs., Pershore, St Andrew's Parish Centre 2/11 2,000 2,000
18 The Leche Trust
Notes to the Financial Statements (continued) For the year ended 31 July 2011
Outstanding including amounts 5 Grants approved in the year were as follows: (cont’d) brought Approved Paid forward Churches (cont) £ £ £ London, St John at Hackney Church 2/11 2,000 2,000 West Sussex, Chichester Cathedral 2/11 5,000 5,000 Berkshire, Aldworth, St Mary's Church 2/11 4,000 4,000 Clwyd, Wrexham, St Giles Church 2/11 5,000 5,000 Wiltshire, Keevil, St Leonard's Church 2/11 1,000 1,000 Glos, Prestbury, St Mary's Church 6/11 2,500 2,500 Nottinghamshire, St Nicholas Church, Nottingham 6/11 2,000 2,000 Glos., Oldbury-0n-Severn, St Arilda's Church 6/11 2,500 2,500 Shropshire, Cheswardine, St Swithun's Church 6/11 3,000 3,000 Avon, Bath, Jewish Burial Ground 6/11 750 750 Lincolnshire, Brocklesbury, All Saints Church 6/11 2,000 2,000 Scotland, Edinburgh, Tron Kirk 6/11 4,000 4,000
54,750 72,000 67,750
Education (Institutions / Museums) London, Sir John Soane's Museum 06/07 40,000 London, Tate Gallery 2/09 5,000 London, Wallace Collection 10/09 3,000 Surrey, Chertsey Museum 10/09 2,932 Avon, Bath, Holburne Museum 10/09 2,000 London, Imperial War Museum 2/10 600 London, Society of Antiquaries 2/10 3,000 Sussex, Ditchling Museum 2/10 1,737 London, Dulwich Picture Gallery 2/10 4,000 Devon, Barnstaple, North Devon Theatres 2/10 1,345 Italy, Rome, Keats-Shelley House 6/10 2,000 Warwickshire Museum Service 6/10 8,000 Scotland, Crieff, The Library of Innerpeffray 6/10 605 420 West Sussex - Worthing Museum and Art Gallery 10/10 2,750 2,750 Scotland, The Textile Conservation Centre Foundation 10/10 5,000 5,000 Devon, Exeter, Royal Albert Memorial Museum 10/10 2,000 2,000 London, King's College 10/10 3,750 3,750 Surrey, Haslemere Education Museum 10/10 1,000 1,000 London, Handel House Museum 2/11 2,000 2,000 Hampshire, The Edward Barnsley Educational Trust 2/11 2,000 2,000
19 The Leche Trust
Notes to the Financial Statements (continued) For the year ended 31 July 2011
Outstanding including amounts 5 Grants approved in the year were as follows: (cont’d) brought Approved Paid forward Education (Institutions / Museums) (cont) £ £ £ 1,000 East Sussex, Herstmonceux, Observatory Science Centre 2/11 1,000 1,400 Cornwall, St Ives Archive 2/11 1,400 1,600 London, British Postal Museum 2/11 1,600 6,000 West Sussex, The Edward James Foundation, West Dean 6/11 6,000 2,000 Oxford Conservation Consortium 6/11 2,000 5,000 Oxford, The Bodleian Library 6/11 5,000 1,400 Northamptonshire, The Leather Conservation Centre 6/11 1,400 1,000 Somerset, Frome Museum 6/11 1,000 5,000 London, City & Guilds of London Art School 6/11 5,000
42,900 58,537 59,002
Arts Oxford, The International Baroque Players 10/10 2,500 2,500 National Youth Orchestra of Great Britain 10/10 3,000 3,000 The Royal Philharmonic Society 2,500 2,500 London, Polka Theatre 10/10 1,000 1,000 Yorkshire, Mikron Theatre Company 10/10 2,500 2,500 London, Jack McNamara 10/10 2,000 2,000 London, Svyati Duo 10/10 1,000 1,000 Glasgow, Scottish Ballet 10/10 1,000 1,000 London, Henri Oguike Dance Company 10/10 1,250 1,250 Oxford Lieder Festival 10/10 4,000 4,000 Suffolk, Hightide Festival 10/10 2,000 2,000 London, The Opera Group 10/10 2,000 2,000 Hampshire, Endymion 2/11 2,000 2,000 London, Jam 2/11 2,000 2,000 London, PRS for Music Foundation 2/11 3,000 3,000 London Contemporary Dance School 2/11 5,000 5,000 Cheshire, Clonter Opera 2/11 3,000 3,000 London, Jericho House Productions 2/11 4,000 4,000 Kent, Canterbury, Sounds New Contemporary Music Festival 2/11 2,000 2,000 London, Retrospect Ensemble 2/11 2,000 2,000 Wiltshire, Salisbury International Arts Festival 2/11 1,500 1,500 London, The Hampstead Theatre 6/11 1,000 1,000
20 The Leche Trust
Notes to the Financial Statements (continued) For the year ended 31 July 2011
Outstanding including amounts 5 Grants approved in the year were as follows: (cont’d) brought
Approved Paid forward Arts (cont) £ £ £ Cardiff, Welsh National Youth Opera 6/11 2,500 2,500 Dance Umbrella 6/11 2,500 2,500 Devon, The Baring-Gould Folk Song Collection (Wren Music) 6/11 2,000 2,000 Oxford Chamber Music Foundation 6/11 1,500 1,500 Powys, Machynlleth Festival 6/11 1,000 1,000 London, The London Song Festival 6/11 1,000 1,000 London, Opera East Productions 6/11 3,000 3,000 Oxfordshire, Bampton Classical Opera 6/11 2,250 2,250 Glasgow, Theatre Cryptic 6/11 1,000 1,000 London, Royal Opera House 6/11 6,000 6,000 London, Tête à Tête Productions 6/11 5,000 5,000 London, The National Youth String Academy 6/11 500 500 London , RADA 6/11 2,000 2,000 Hampshire, Hampshire Singing Competition 6/11 1,000 1,000 Yorkshire, York Festival of Storytelling (Helen Sant) 6/11 2,400 2,400 London, British Youth Opera 6/11 1,300 1,300
85,200 85,200 0
21 The Leche Trust
Notes to the Financial Statements (continued) For the year ended 31 July 2011
Outstanding including amounts brought Summary as at 31st July 2011 Approved Paid forward Since 1 August 2010 £ £ £ Historic Buildings 42,500 34,700 71,700 Churches 54,750 72,000 67,750 Education (Institutions / Museums) 42,900 58,537 59,002 Overseas Students 20,000 21,000 Arts 85,200 85,200
TOTALS 245,350 271,437 198,452
6 Grants not taken up / Cancelled £
Aberdare, Llanwynno, St Gwynno's Church 2/09 1,000 1,000
22 The Leche Trust