## **THE VEC ACORN TRUST**
## **ACCOUNTS**
For the year to 5th April 2022
**THE VEC ACORN TRUST**
## **I N D E X**
|1. & 2.|Trustees' Report|
|---|---|
|3.|Capital Cash Account|
|4.|Income Account|
|5.|Trust Assets|
|6.|Schedule of Grants|
|7.|Cash Reconciliation|
|8.|Summary Income and Expenditure Accounts|
|9.|Statement of Assets and Liabilities|
|10.|Independent Examiner's Report to the Trustees|
**THE VEC ACORN TRUST**
**Information 5th April 2022**
**ESTABLISHED** Deed 22nd March 1991 **TRUSTEES** Edward Nicholas Heesom John Richard Heesom Venetia Liberty Margaux Whale Wendy Heesom **ADDRESS** Salmans Manor Penshurst Tonbridge Kent TN11 8DX **REGISTERED CHARITY NUMBER** 1002997 **BANKERS** Lloyds Bank plc 39 High Street Lymington Hants. **SOLICITORS** Moore Barlow 48 High Street Lymington Hants. SO41 9ZQ **INVESTMENT ADVISORS** Veritas Asset Management (UK) Limited Elizabeth House 39 York Road London SE1 7NQ **INDEPENDENT EXAMINER** PKF Francis Clark Towngate House 2 - 8 Parkstone Road Poole Dorset BH15 2PW
1
## **The VEC Acorn Trust**
## **TRUSTEES' REPORT**
## **For the year ended 5th April 2022**
__________________________________________________________________________________
1. The Trustees have power to invest Trust funds in the purchase of or at interest upon the security of such shares, stocks, funds, securities, land, buildings, chattels or other investments or property of any nature and in any part of the world and whether involving liabilities or producing income or not as the Trustees shall in their absolute discretion think fit to the intent that the Trustees shall have the same powers in all respects as if they were absolute owners beneficially entitled.
2. The Trustees hold the Trust funds to apply the income and all or such part or parts of the capital for or towards such charitable purposes and to make donations to such suitable institution or institutions at such times and in such manner as the Trustees may in their absolute discretion think fit.
The Trustees have continued their policy of rebuilding the reserves of the Trust.
3. The Trustees have resolved to implement a policy of making distributions on a care and maintenance basis to causes in the New Forest and Kent, with a broader remit to support the achievement of excellence in education, music and the Arts. Heritage projects in the community are also being supported.
4. There are no restrictions in the way in which the Trust can operate.
5. At the year end the Trust had no commitments of support to be met.
6. Additional Trustees are appointed by the existing Trustees. The existing Trustees undertake to induct and train new Trustees.
7. The Trustees have given due regard to public benefit when planning the charity's activities, as required by Section 17(5) of the Charities Act 2011.
- The Trustees believe that the charity's objectives, as set out above, fall within the definitions of charitable purposes in the Act and that the activities as set out above contribute to meeting those objectives.
Continued…..
2
## **The VEC Acorn Trust**
## **TRUSTEES' REPORT**
## **For the year ended 5th April 2022**
__________________________________________________________________________________
8. It is estimated that the current value of the Trust fund is £2,645,680.
Signed: …………………………………..
E. N. Heesom
Signed: ………………………………….. J. R. Heesom
Signed ……………………………………. V. L. M. Whale
Signed: ……………………………. W. Heesom
Date: 9 November 2022
3
## **The VEC Acorn Trust**
## **CAPITAL CASH ACCOUNT**
## **For the year ended 5 April 2022**
_________________________________________________________________________________
## **RECEIPTS**
|Balance of capital in hand at 6th April 2021
Proceeds of investment sales
**PAYMENTS**
Purchase of investments
Accountancy fees
Portfolio management fees
Amount towards grants as
shown in Schedule on page 6
Balance of cash in hand 5th April 2022|£
139,057.60
295,901.85|
|---|---|
||434,959.45|
||£
259,451.09
1,320.00
20,301.87
0.00
153,886.49|
||434,959.45|
4
## **The VEC Acorn Trust**
## **INCOME ACCOUNT**
## **For the year ended 5th April 2022**
_________________________________________________________________________________
## **RECEIPTS**
|**IPTS**||
|---|---|
|Total dividends and interest payments on Stocks and Shares
managed by Veritas Asset Management (UK) Limited
Balance in deficit 5th April 2022|£
26,013.34
128,335.10|
||154,348.44|
## **PAYMENTS**
|Balance of income account in deficit 6th April 2021
Amount towards grants made
as shown in Schedule on page 6|£
34,598.44
119,750.00|
|---|---|
||154,348.44|
5
## **The VEC Acorn Trust**
## **TRUST ASSETS**
## **As at 5th April 2022**
_________________________________________________________________________________
|**AMOUNT**
**STOCK**
**Veritas Asset Management (UK) Limited**
2,367
Veritas Global Focus FD GBP
1,000
Findlay Park American Fund
37,002
Fundsmith Equity Fund
51,087
Mellon Investments Funds ICVC - Newton Global
Higher Income Fund
655
C G Portfolio - Dollar Fund
53,402
Trojan Investment Funds - Global Equity Fund
125,336
Trojan Global Income Fund
334
Franco - Nevada Corp
50,000
International Bank for Reconstruction
& Development 1%
67,720
Trojan Investment Funds - Trojan Fund
5,737
Protea Fund - Veritas Core Equity with Fixed Income
50,000
BAT International Finance PLC 6%
90,000
LVMH Moet Hennessy Louis Vuitton SE1%
25,000
International Finance Corp 25%
117,180
TB Evenlode Global Income
60,000
Home Reit PLC
17,328
Atrato Onsite Energy PLC
6,800
Pheonix Group Holdings PLC
Shares in Davina Clarke's violin - Stradivari Trust
Cash at bank|**BOOK VALUE**|
|---|---|
||58,858
52,597
81,629
60,192
70,000
104,519
144,621
29,589
53,104
170,000
622,560
52,954
89,699
24,674
133,359
65,426
17,335
49,062
12,500
25,551|
||1,918,229|
6
## **The VEC Acorn Trust**
## **SCHEDULE OF GRANTS**
## **For the year ended 5th April 2022**
________________________________________________________________________________
|St John the Baptist Church, Penshurst
Glyndebourne
Future Champs
Fortune Centre for Riding Therapy
Poundsbridge Chapel
MCC Foundation
Hampshire and Isle of Wight Air Ambulance
UK Friends of Mustique Charitable Trust
Tait Memorial Trust
Chalke Valley History Festival
The RST 2021 (Restore Fund)
West Green Opera
Royal Opera House
Davina Clarke
ODU - Diocesan College
BIF Friends Buxton
Penshurst School
Lymington Choral Society
Darwin College, Cambridge
Arts Fund - cheque not presented
Christ Church, Oxford|£
6,200.00
30,000.00
15,500.00
500.00
18,250.00
10,000.00
500.00
10,000.00
1,000.00
3,600.00
1,000.00
2,000.00
2,300.00
7,000.00
500.00
1,650.00
6,250.00
1,000.00
1,000.00
-500.00
2,000.00|
|---|---|
||119,750.00|
7
## **The VEC Acorn Trust**
## **CASH RECONCILIATION**
## **For the year ended 5th April 2022**
_________________________________________________________________________________
## **CURRENT ASSETS**
|**ENT ASSETS**||
|---|---|
|Lloyds Bank Lymington - current account
Veritas Asset Management (UK) Limited - deposit account|£
7,154.81
18,396.58|
||25,551.39|
## **REPRESENTED BY**
|Capital Cash Balance
Income Cash Balance|£
153,886.49
(128,335.10)|
|---|---|
||25,551.39|
8
## **The VEC Acorn Trust**
## **SUMMARY INCOME AND EXPENDITURE ACCOUNTS**
## **For the year ended 5th April 2022**
|__________________________________________________________
**CAPITAL ACCOUNT**
INCOME
Less: EXPENDITURE
Grants
Portfolio management fees
Accountancy fees
DEFICIT for the Year
**INCOME ACCOUNT**
INCOME
Dividends and Interest - Veritas Asset
Management (UK) Limited
Grants
DEFICIT for the Year
**Surplus on disposal of investments**
**TOTAL DEFICIT for the Year**|____________
£
-
20,302
1,320|___________
£
-
(21,622)|
|---|---|---|
|||(21,622)|
|||26,013
(119,750)|
|||(93,737)|
|||60,939|
|||(54,420)|
9
## **The VEC Acorn Trust**
## **STATEMENT OF ASSETS AND LIABILITIES**
## **As at 5th April 2022**
|_______________________________________________________
**FIXED ASSETS**
INVESTMENTS at market value
**CURRENT ASSETS**
BANK ACCOUNTS
Lloyds Bank Account - current
FUNDS HELD BY INVESTMENT MANAGERS
Veritas Asset Management (UK) Limited
**TOTAL ASSETS**|_____________
£
7,155
18,397|____________
£
2,645,680
25,552
2,671,232|
|---|---|---|
10
## **The VEC Acorn Trust**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VEC ACORN TRUST**
## **For the year ended 5th April 2022**
________________________________________________________________________________ I report on the accounts of the charity for the year ended 5th April 2022, which are set out on pages 3 to 9.
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
- examine the accounts (under section 145 of the 2011 Act)
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention
## **BASIS OF INDEPENDENT EXAMINER'S STATEMENT**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
## **INDEPENDENT EXAMINER'S STATEMENT**
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 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
- have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Anne-Marie Gates FCCA FCA (a partner of) PKF Francis Clark Chartered Accountants Towngate House 2 - 8 Parkstone Road Poole Dorset BH15 2PW
Date 15 November 2022