Charity Annual Report and Accounts 2021-22

The Christie Charitable Fund - 2021/22 Financial Statements

Notes to the financial statements

10 Investments 10.1 Investments with valuation

2021/22

2020/21

£000

Investment in Kaupthing Singer & Friedlander

£000

Opening market value 1 April

7

16

Dividends received

(15)

(20)

Revaluation of receivable Closing market value 31 March

-

11

(8)

7

The charity invested monies in fixed term deposits with a number of banks during 2008/09. £6.5m was held on deposit with Kaupthing Singer & Friedlander when, at the beginning of October 2008, the bank was put into administration under instruction from the UK government. The charity transferred monies held on deposit with its other commercial banks to the Paymaster General's Office (now under the Government Banking Scheme) to limit any further exposure to the turmoil in the banking sector which was being experienced at the time. The monies deposited with Kaupthing Singer & Friedlander remain due, in full, to the charity. However, until the appointed administrator completes the administration, the final amount and timing of the recoverable amount has yet to be established. KSF paid a dividend of £6,500 in April and a twenty third and final dividend of £8,450 (0.13p in the £) in August 2021. It is the intention of the Administrators that the twenty third dividend will be the final dividend and no further dividends will be paid.

The total recovered to date (after the twenty-third dividend) is £5,656,950 (87.03p in the £).

The previously estimated final payment was 86.9p to 87.0p in the £ resulting in a forecast total recovery of £5,648,500 at the minimum value; this value has been over-achieved by £8,450

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