ANNUAL REPORT AND UNAUDITED FINANCIAL

Charity Registration No. 263952

DENNIS CURRY'S CHARITABLE TRUST T49

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017


LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A. S. Curry

P. R. Edmond

M. Curry-JonesP. A. Curry

Charity number

Principal address

263952

4th Floor

Imperial House15 KingswayLondon

WC28 6UN

Independent Examiner Alliotts

Imperial House15 Kingsway

London

WC28 6UN

Investment advisors Investec Wealth & Investment

2 Gresham StreetLondon

EC2V 7QP


CONTENTS

Page

Trustees' report

Independent examiner's report

Statement of financial activities

Balance sheet

Notes to the accounts 7-13

Schedule of Investments 14-19


TRUSTEES' REPORT


The charity was established by a charitable trust deed on 15th October 1971 by Mr Dennis Curry and wasregistered with the Charity Commission on 14th June 1972 as a charity for general charitable purposes,

The accounts have been prepared in accordance with the accounting policies set out in note 1 to th e accountsand comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting byCharities: Statement of Recommended Practice applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amendedfor accounting periods commencing from 1 January 2016)

Objectives and activitiesThe objects of the charity are to support a wide range of general charitable causes, in adherence to thesettlor's wishes, and there has been no change in these during the year.

Investment policyThe charity holds investments whose market value is in excess of F4,2 million. The objectives are to achieve abalanced return from income and capital growth sufficient to fund the grants given whilst maintaining the valueof the fund in real terms.

There are no instructions to the stockbroker to have regard to any specific ethical, environmental or socialconsiderations when deciding investment strategy.

RiskThe trustees actively review the major risks which the charity faces on a regular basis and believe thatmaintaining the charity's fee reserves at a sufficient level, combined with an annual review of financialsystems, will provide sufficient resources in the event of adverse conditions. The trustees believe adequatesystems are in place that will mitigate any significant operational risks which the charity might face.

Public benefitThe charity supports a wide range of general charitable causes through which the public benefits, Thetrustees have paid due regard to guidance issued by the Charity Commission in deciding what activities thecharity should undertake.

Achievements and performanceThe charity expended in grants 53.2% of its incoming resources during 2016/17, Some recipients of grants inthe previous year were included in the 2016/17 grant allocation. The trustees believe that they award grants toa sufficient cross-section of charities in adherence to the wishes of the settlor.

Financial reviewunrestricted funds: The trustees distributed F50,500 (2016: 34,500) as donations out of an available surplusof 287,293 (2016: F83,710). Support costs amounted to E4, 310, Realised loss on disposal of investmentsamounted to F1,249 compared to a gain on disposal of F8,064 in the previous year. Unrealised gains oninvestments during the year were f19,264 compared to a loss of F4,614 in the previous year. After realisedand unrealised losses the net movement in funds of f54,808 is added to the balance brought forward to giveE?87,664 (2016.' E?32,856),

Endowment funds: Investment management costs amounted to F22, 889 (2016; f22, 074). Realised gain ondisposal of investments amounted to F36,905 compared to a loss on disposal of F1?,005 in the previous year.Unrealised gains on investments during the year were 2523,813 compared to a loss of 6208,624 in theprevious year. After realised and unrealised losses the net movement in funds of F537,829 is added to thebalance brought forward to give F3,468,515 (2016; E2,930,686).

Note 14 sets out an analysis of the assets attributable to the various funds, These assets are sufficient tomeet the charity's obligations on a fund by fund basis.

OENNIS CURRY'S CHARITABLE TRUST T49

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRlL 2017

ReservesThe charity utilises its funds to award grants to certain organisations. The level of reserves held has beensuch as to enable future grant awards to be met and to enable sufficient income to be generated so thatreserves would not be depleted by any future grants that may be awarded in excess of income generated.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems arein place to mitigate any exposure.

Structure„governance and managementThe objects of the charity are to support a wide range of general charitable causes, in adherence to thesettlor's wishes, and there has been no change in these during the year.

M Curry-Jones has sole power of appointment.

Reference and administrative

The trustees who served during the year were:AS Curry

P R Edmund

M Curry-JonesP A Curry

The charity registration number 263952

Principal address4th FloorImperial House15 KingswayLondon, WC2B 6UN

Independent ExaminerAlliotts

Imperial House15 KingswayLondon, WC2B 6UN

Investment advisorsInvestec Wealth & Investment2 Gresham StreetLondon

EC2V 7QP


TRUSTEES' REPORT (CONTINUED)


Statement of trustees' responsibilitiesThe trustees are responsible for preparing the Trustees' Report and the accounts in accordance withapplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice),

The law applicable to charities in England and Wales requires the trustees to prepare accounts for eachfinancial year which give a true and fair view of the state of affairs of the charity and of the incoming resourcesand application of resources of the charity for that year,

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 Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departuresdisclosed and explained in the accounts; and

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity willcontinue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracyat any time the financial position of the charity and enable them to ensure that the accounts comply with theCharities Act 2011, the Charity (Accounts and Reports) Regulations 200S and the provisions of the trust deed.They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

A S Curry

Dates:. ..+) t.f..i..lf.

M CurrydonesTrusteeDated; ...!X.... .... . .... . .

P R EdmondTrusteett ate~:!P.:-.. r.'./. ...!.,rs.

P A CurryTrustee

-3-


INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF DENNIS CURRY'S CHARITABLE TRUST T49

I have examined, without carrying out an audit, the accounts for the year ended 5 April 2017 set out on pages3 to 9, as required by Section 43 of the Charities Act 1993 and in accordance with the directions given by theCharity Commissioners under Section 43(7)(b) of that Act.

Respective responsibilities of trustees and examinerThe charity's trustees are responsible for the preparation of the accounts, The charity's trustees consider thatan audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that anindependent examination is needed,

It is my responsibility to:(i) examine the accounts under section 145 of the 2011 Act;(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under

section 145(5)(b) of the 2011 Act; and

(iii) to state whether particular matters have come to my attention.

Basis of independent examiner's reportI conducted our examination in accordance with the General Directions given by the Charity Commissionersunder Section 43(7)(b) of the Charities Act 1993. This examination consisted of comparing the accounts withthe accounting records kept by the Trustees and making such limited enquiries of the Trustees as I considerednecessary for the purposes of the report.

The examination was not an audit conducted in accordance with Auditing Standards. Accordingly, I do notexpress an audit opinion on the accounts. Therefore, the examination does not provide any assurance thatthe accounting records and the accounts are free from material misstatement.

Independent examiner's statementYour attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting andreporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicablein the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities:Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations buthas now been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordancewith Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January2015.

In connection with my examination, no matter has come to my attention;1, which gives me reasonable cause to believe that in, any material respect, the requirements:- to keep accounting records in accordance with section 130 of the Charities Act; and- to prepare accounts which accord with the accounting records and comply with the accounting requirements

of the Charities Act have not been met; or

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of theaccounts to be reached.

Nigel Armstrong FCAChartered Accountant

Dated LR 6~g~l x

AlliottsImperial House15 Kingsway

London, WC2B 6UN

DENNIS CURRY'S CHARITABLE TRUST T4S

STATEMENT OF FINANCIAL ACTIVITIES


Notes

Unrestricted Endowmentfunds funds

E

Total2017

E

Total2016

Income from:Investments 94,963 94, 963 91,840

Total income 94,963 94,963 91,840

Expenditure on:Raising fundsCharitable activitiesOther

50,5007,670

22, 889 22, 88950,500

7,670

22, 07434,500

8, 130

Total expenditure

Net income/(expenditure)

58, 170

36,793

22, 889

(22, 889)

81,059

13,904

64,704

27, 136

Net gains/(losses) on investments

Net movement in funds

18,015 560,718 578,733 (222, 179)

54,808 537,829 592,637 (195,043)

Reconciliation of funds:Total funds brought forward 732,856 2,930,686 3,663,542 3,858,585

Total funds carried forward 787,664 3,468,515 4,256, 179 3,663,542

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities,

-5-


BALANCE SHEET

As AT 5 APRIL 2047

Notes2017

F2016

F

Fixed assetsinvestments 10 4,262, 966 3,667, 163

Current assetsDebtors 12 793 3,129

Creditors: amounts falling due within 13one year (7,580) (6,750)

Net current liabilities (6,787) (3,621)

Total assets less current liabilities 4,256, 179 3,663,542

The funds of a charity:

Endowment funds - general

Unrestricted funds

3,468,515

787,664

4,256, 179

2,930,686

732,856

3,663,542

The accounts were approved by the Trustees on Q. ...l. ...M. f.k

AS Curry

TrusteeDated'. . .+. .. I . -"lg

/~(a ~~& Qe~M urry-Jones

/) ' P /7

7

P R Edmond

Trustee,Dated: !.7... . ..t('/. . . .:.I7

P A Curry

TrusteeDated:. .lit. . .jl. . .g..

Charity Registration No. 263952


NOTES TO THE FINANCIAL STATEMENTS


Accounting policies

Charity informationDennis Curry's Trust T49 is an unincorporated charity trust registered with the Charity Commission inEngland and Wales with registration number 263952. The charity's registered address is 4th Floor, ImperialHouse, 15 Kingsway, London, WC2B 6UN.

Accounting conventionThe accounts have been prepared in accordance with the charitable trust's governing document, theCharities Act 2011 and "Accounting and Reporting by Charities; Statement of Recommended Practiceapplicable to charities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods ccommencingfrom 1 January 2016). The charitable trust is a Public Benefit Entity as defined by FRS 102.

The charitable trust has taken advantage of the provisions in the SORP for charities applying FRS 102Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to theextent required to provide a true and fair view. This departure has involved following the Statement ofRecommended Practice for charities applying FRS 102 rather than the version of the Statement ofRecommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts inthese financial statements are rounded to the nearest E.

The accounts have been prepared under the historical cost convention, The principal accounting policiesadopted are set out below.

These accounts for the year ended 5 April 2017 are the first accounts of Dennis Curry's Charitable TrustT49 prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK andRepublic of Ireland. The date of transition to FRS 102 was 6 April 2015. The reported financial position andfinancial performance for the previous period are not affected by the transition to FRS 102.

Going concernAt the time of approving the accounts, the trustees have a reasonable expectation that the charity hasadequate resources to continue in operational existence for the foreseeable future, Thus the trusteescontinue to adopt the going concern basis of accounting in preparing the accounts,

1.3 Charitable fundsUnrestricted funds are available for use at the discretion of the trustees in furtherance of their charitableobjectives unless the funds have been designated for other purposes.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by thecharity.

1.4 Incoming resourcesIncome is recognised when the charity is legally entitled to it after any performance conditions have beenmet, the amounts can be measured reliably, and it is probable that income will be received.

All incoming resources incurred by the endowment funds during the year has been allocated to theunrestricted funds.

-7-

DENNIS CURRY'S CHARITABLE TRUST T4S

NOTES TO THE FINANCIAL STATEINENTS (CONTINUED)


Accounting policies (Continued)

1.5 Resources expendedAll revenue expenditure incurred by the charity during the year has been charged to the Statement ofFinancial Activities.

Included within costs of charitable activities are support costs, which comprise costs for processing grantsand applications; governance costs are those incurred in the running of the charity itself as an organisation,Irrecoverable VAT is charged against the category of expenditure for which it was incurred,

1.6 Fixed asset investmentsFixed asset investments are initially measured at transaction price excluding transaction costs, and aresubsequently measured at fair value at each reporting date. Changes in fair value are recognised in netincome/(expenditure) for the year. Transaction costs are expensed as incurred.

Stocks and shares quoted on the London Stock Exchange are shown at their market value at the balancesheet date including, in respect of fixed interest securities, accrued interest.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains andlosses are calculated as the difference between sales proceeds and opening market value (or purchasedate if later), Unrealised gains and losses are calculated as the difference between the market value at theend of the year and opening market value (or purchase date if later). Realised and unrealised gains andlosses are not separated in the Statement of Financial Activities.

1.7 Cash and cash equivalentsCash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquidinvestments with original maturities of three months or less, and bank overdrafts, Bank overdrafts areshown within borrowings in current liabilities.

Financial instrumentsThe charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 'l2'Other Financial Instruments Issues' of FRS 102 to al! of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to thecontractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.

Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transactionis measured at the present value of the future receipts discounted at a market rate of interest. Financialassets classified as receivable within one year are not amortised.

Basic financial liabilitiesBasic financial liabilities, including creditors, are initially recognised at transaction price unless thearrangement constitutes a financing transaction, where the debt instrument is measured at the presentvalue of the future payments discounted at a market rate of interest, Financial liabilities classified aspayable within one year are not amortised.

-8-


NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


1 Accounting policies (Continued)

Oerecognition of financial liabilitiesFinancial liabilities are derecognised when the charity's contractual obligations expire or are discharged orcancelled.

1.9 DistributionsIn certain cases, distributions may be made from the Permanent Endowment Fund for charitable purposesas may be directed by the settlor in writing whether by deed, will, codicil or otherwise.

If the capital and income of the Trust has not been disposed of at the appointed date fifty years from thecommencement of the trust, the then trustees will have twelve months to dispose of the remaining funds forcharitable purposes,

2 Critical accounting estimates and judgements

The trustees consider that there are no critical judgements or key sources of estimation uncertainty in theaccounts.

3 Investments

2017 2016

Income from listed investmentsFixed interestInterest from stockbroker

94,604355

4

78,87312,300

667

94,963 91,840

4 Raising funds

2017 2016

Investment management 22, 889 22, 074




5 Charitable activities

Donations:Berkshire, Buckinghamshire & Oxfordshire Wildlife TrustCancer Research UK

CancerwiseEarth Science DepartmentFriends of Chichester Hospital

Galapagos Conservation Trust

Medicins Sans FrontieresNational Museum of ComputingThe Open Spaces SocietyRedR UK

ScannappealSt Wilfrid's Hospital

University of Glasgow Trinidad ExpeditionUniversity of Oxford - Dept. of Zoology, Wildlife Conservation ResearchUnit

2017E

50030,000

1,0001,000

500

1,0005,0001,500

10,000

50, 500

2016

2,0005, 0003,000

5001,5005,000

5005,000

12,000

34,500

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from thecharity during the year,

7 Employees

There were no employees during the year or preceding year.

8 Other costs

2017 2016

Administration feesIndependent examiner's feeAccountancy

4,3102, 1601,200

5,3712,039

720

7,670 8, 130




9 Net gains/(losses) on investments

Unrestricted Endowmentfunds funds

generalE E

Total2017

Total2016

Revaluation of investments

Gain/(loss) on sale of investments19,264 523,813 543,077 (213,238)(1,249) 36,905 35,656 (8,941)

18,015 560,718 578,733 (222, 179)

For the year ended 5 April2016 3,450 (225,629) (222, 179)

10 Fixed asset investments

Cost or valuationAt 05 April 2016Additions

Valuation changesDisposals

At 5 April 2017

Listedinvestments

E

3,351,852830,734543,076

(654,919)

4,070,743

Cash inportfolio

315,311

(123,088)

192,223

Total

3,667, 163830,734543,076

(778,007)

4,262, 966

Carrying amountAt 05 April 2017 4,070,743 192,223 4,262,966

At 05 April 2016 3,351,852 315,311 3,667, 163

Historical cost:At 05 April 2016

At 05 April 2017

3,020, 891

3,238,378

315,311

192,223

3,336,202

3,430,601

There are no individual investments whose market value is more than 5% of the marketvalue of the charity's investment portfolio.

Refer to Schedule 1 - Investments for the full analysis of the listed investments between Unrestricted Fundand Endowment Fund.

-11-



FOR THE YEAR ENDED 5 APRlL 2017

11 Financial instruments

Carrying amount of financial assetsDebt instruments measured at amortised costEquity instruments measured at cost less impairment

2017E

7934,262, 966

2016

3,1293,667, 163

Carrying amount of financial liabilitiesMeasured at amortised cost 7,580 6,750

12 Debtors

Amounts falling due within one year:

Other debtors

2017

793

2016E

3,129

13 Creditors: amounts falling due within one year

Accruals

2017E

7,580

2016E

6,750

14 Analysis of net assets between funds

Fund balances at 5 April 2017 are represented by:Investments

Current assets/(liabilities)

Unrestrictedfunds

E

629,396158,268

Endowmentfunds

E

3,633,570(165,055)

Total

4,262,966(6,787)

787,664 3,468,515 4,256, 179

-12-




15 Amounts available for distributionP. R. M. Curry-

Total A. S. Curry Edmond Jones P. A. CurryE E

Surplus brought forward

Gains on investments

Surplus for the year

732,85618,01587,293

22,729 260,832 392,4534,504 4, 504 4,504

21,823 21,823 21,823

56,8424,503

21,824

838,164 49,056 287, 159 418,780 83,169

Earth Science DepartmentFriends of Chichester Hospital

Galapagos Conservation Trust

Medicins Sans Frontieres

The Open Spaces SocietyScannappealSt Wilfrid's Hospital

University of GlasgowUniveristy of Oxford - Dept ofZoology, Wildlife ConservationResearch Unit

50030,000

1,0001,000

5001,0005,0001,500

500

1,0001,000

5001,000

1,500

10,000 10,000

5,000

30,000

Surplus carried forward

50,500

787,664

15,500

33,556

5,000

282,159

30,000

388,780 83,169

16 Related party transactions

There were no disclosable related party transactions during the year (2016- none).

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ANNUAL REPORT AND UNAUDITED FINANCIAL