THE VEC ACORN TRUST
ACCOUNTS
For the year to 5th April 2023
THE VEC ACORN TRUST
I N D E X
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& 2. Trustees' Report 3. Capital Cash Account 4. Income Account 5. Trust Assets
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Schedule of Grants 7. Cash Reconciliation
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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 2023
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
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The VEC Acorn Trust
TRUSTEES' REPORT
For the year ended 5th April 2023
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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.
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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.
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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.
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There are no restrictions in the way in which the Trust can operate.
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At the year end the Trust had no commitments of support to be met.
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Additional Trustees are appointed by the existing Trustees. The existing Trustees undertake to induct and train new Trustees.
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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.
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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…..
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The VEC Acorn Trust
TRUSTEES' REPORT
For the year ended 5th April 2023
- It is estimated that the current value of the Trust fund is £2,428,775
Signed:
E. N. Heesom
Signed:
J. R. Heesom
Signed
V. L. M. Whale
Signed:
W. Heesom
Date: 28 November 2023
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The VEC Acorn Trust
CAPITAL CASH ACCOUNT
For the year ended 5 April 2023
| RECEIPTS Balance of capital in hand at 6th April 2022 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 2023 |
£ 153,886.49 372,073.99 |
|---|---|
| 525,960.48 | |
| £ 260,687.32 1,380.00 18,825.70 0.00 245,067.46 |
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| 525,960.48 |
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The VEC Acorn Trust
INCOME ACCOUNT
For the year ended 5th April 2023
RECEIPTS
| IPTS | |
|---|---|
| Total dividends and interest payments on Stocks and Shares managed by Veritas Asset Management (UK) Limited Balance in deficit 5th April 2023 |
£ 33,571.27 186,570.84 |
| 220,142.11 |
PAYMENTS
| Balance of income account in deficit 6th April 2022 Amount towards grants made as shown in Schedule on page 6 |
£ 128,335.10 91,807.01 |
|---|---|
| 220,142.11 |
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The VEC Acorn Trust
TRUST ASSETS
As at 5th April 2023
| AMOUNT STOCK Veritas Asset Management (UK) Limited 2,367 Veritas Global Focus FD GBP 1,000 Findlay Park American Fund 9,683 Fundsmith Equity Fund 51,087 Mellon Investments Funds ICVC - Newton Global Higher Income Fund 35,000 UK Inflation Linked Gilt .125% 37,513 Trojan Investment Funds - Global Equity Fund 125,336 Trojan Global Income Fund 334 Franco - Nevada Corp 26,000 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 Basf Se .875% 50,000 European Bank for Reconstruction and Development 2.3307% 75,000 International Finance Corp 25% 117,180 TB Evenlode Global Income 61,444 Royal London Short Term Money Market Fund 6,800 Pheonix Group Holdings PLC Cash at bank |
BOOK VALUE |
|---|---|
| 58,858 52,597 60,156 60,192 49,218 73,419 144,621 29,589 26,179 170,000 622,560 49,466 50,221 71,518 133,359 60,000 49,062 58,497 |
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| 1,819,512 |
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The VEC Acorn Trust
SCHEDULE OF GRANTS
For the year ended 5th April 2023
| St John the Baptist Church, Penshurst Glyndebourne Hayden Tibbals Merry Opera Company Stable Home Farm Trust MCC Foundation Hampshire and Isle of Wight Air Ambulance Rwentoba Mission (was Hope Foundation) Tait Memorial Trust Chalke Valley History Festival The RST 2021 (Restore Fund) West Green Opera Royal Opera House Davina Clarke MCC Girls' Cricket BIF Friends Buxton Penshurst School Lymington Choral Society Darwin College, Cambridge Art Fund Save the Children Trinity Hall Light from Africa CAGNE Gatwick Christ Church, Oxford |
£ 6,925.00 20,000.00 8,547.01 5,000.00 500.00 10,000.00 500.00 500.00 2,000.00 3,000.00 1,000.00 10,000.00 2,300.00 5,000.00 5,000.00 735.00 1,500.00 1,850.00 1,000.00 500.00 250.00 2,200.00 1,000.00 500.00 2,000.00 |
|---|---|
| 91,807.01 |
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The VEC Acorn Trust
CASH RECONCILIATION
For the year ended 5th April 2023
CURRENT ASSETS
| ENT ASSETS | |
|---|---|
| Lloyds Bank Lymington - current account Veritas Asset Management (UK) Limited - deposit account |
£ 18,967.80 39,528.82 |
| 58,496.62 |
REPRESENTED BY
| Capital Cash Balance Income Cash Balance |
£ 245,067.46 (186,570.84) |
|---|---|
| 58,496.62 |
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The VEC Acorn Trust
SUMMARY INCOME AND EXPENDITURE ACCOUNTS
For the year ended 5th April 2023
| _________ 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 Deficit on disposal of investments TOTAL DEFICIT for the Year |
______ £ - 18,826 1,380 |
______ £ - (20,206) (20,206) 33,571 (91,807) (58,236) (20,276) (98,717) |
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The VEC Acorn Trust
STATEMENT OF ASSETS AND LIABILITIES
As at 5th April 2023
| ____________ 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 |
_______ £ 18,968 39,529 |
_______ £ 2,370,278 58,497 2,428,775 |
|---|---|---|
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The VEC Acorn Trust
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VEC ACORN TRUST
For the year ended 5th April 2023
______________ I report on the accounts of the charity for the year ended 5th April 2023, 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:
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examine the accounts (under section 145 of the 2011 Act)
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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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:
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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
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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have not been met; or
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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 5 January 2024