2024-04-05-accounts - The Vec Acorn Trust

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THE VEC ACORN TRUST

ACCOUNTS

For the year to 5th April 2024

THE VEC ACORN TRUST

I N D E X

& 2. Trustees' Report 3. Capital Cash Account 4. Income Account
Trust Assets
Schedule of Grants
Cash Reconciliation
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 2024

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

The VEC Acorn Trust

TRUSTEES' REPORT

For the year ended 5th April 2024

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.
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.

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.
There are no restrictions in the way in which the Trust can operate.
At the year end the Trust had no commitments of support to be met.
Additional Trustees are appointed by the existing Trustees. The existing Trustees undertake to induct and train new Trustees.
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…..

The VEC Acorn Trust

TRUSTEES' REPORT

For the year ended 5th April 2024

It is estimated that the current value of the Trust fund is £2,622,532.

Signed:

E. N. Heesom

Signed: J. R. Heesom Signed V. L. M. Whale Signed: W. Heesom

Date: 10 December 2024

The VEC Acorn Trust

CAPITAL CASH ACCOUNT

For the year ended 5 April 2024

RECEIPTS

Balance of capital in hand at 6th April 2023 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 2024	£ 245,067.46 1,084,332.66
	1,329,400.12
	£ 1,030,599.60 1,440.00 16,477.30 0.00 280,883.22
	1,329,400.12

The VEC Acorn Trust

INCOME ACCOUNT

For the year ended 5th April 2024

RECEIPTS

IPTS
Total dividends and interest payments on Stocks and Shares managed by Veritas Asset Management (UK) Limited Balance in deficit 5th April 2024	£ 34,712.33 254,569.58
	289,281.91

PAYMENTS Balance of income account in deficit 6th April 2023 Amount towards grants made as shown in Schedule on page 6	£ 186,570.84 102,711.07
	289,281.91

The VEC Acorn Trust

TRUST ASSETS

As at 5th April 2024

AMOUNT STOCK Veritas Asset Management (UK) Limited 2,367 Veritas Global Focus FD GBP 1,000 Findlay Park American Fund 27,268 Fundsmith Equity Fund 51,087 Mellon Investments Funds ICVC - BNY Mellon Global Higher Income Fund 37,513 Trojan Investment Funds - Global Equity Fund 125,336 Trojan Global Income Fund 67,720 Trojan Investment Funds - Trojan Fund 6,638 Protea Fund - Veritas High Equity (INC) 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
	172,385 173,109 176,576 114,727 182,205 161,783 216,121 1,146,720 178,828 36,187 37,577 26,314
	2,622,532

AMOUNT
STOCK
Veritas Asset Management (UK) Limited
2,367
Veritas Global Focus FD GBP
1,000
Findlay Park American Fund
27,268
Fundsmith Equity Fund
51,087
Mellon Investments Funds ICVC - BNY Mellon Global
Higher Income Fund
37,513
Trojan Investment Funds - Global Equity Fund
125,336
Trojan Global Income Fund
67,720
Trojan Investment Funds - Trojan Fund
6,638
Protea Fund - Veritas High Equity (INC)
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

172,385
173,109
176,576
114,727
182,205
161,783
216,121
1,146,720
178,828
36,187
37,577
26,314

2,622,532

The VEC Acorn Trust

SCHEDULE OF GRANTS

For the year ended 5th April 2024

____________
High Weald Churches - Restoration of Bells
Glyndebourne
Hayden Tibbals (Bursary Scholarship)
Merry Opera Company
Berwick St John PCC
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
Gabriel Dysell Hofinger (Bursary Scholarship)
Penshurst CE Primary School
Lymington Choral Society
Darwin College, Cambridge
Christchurch Cathedral - New Zealand
Red Cross - New Zealand Cyclone
Trinity Hall Boat Club
Pavlo Shkuropatskyi ( Bursary Scholarship)
CAGNE Gatwick - cheque cancelled
Longborough Festival Opera
Handel's Messiah - St John's Smith Square, Choir
Fortune Centre of Riding Therapy
Christ Church, Oxford

__
£
8,700.00
15,000.00
3,432.60
5,000.00
3,500.00
10,500.00
500.00
800.00
1,000.00
3,000.00
1,000.00
2,500.00
2,550.00
5,000.00
15,804.60
1,500.00
1,500.00
1,000.00
5,012.00
1,036.87
2,500.00
6,000.00
(500.00)
3,625.00
500.00
250.00
2,000.00
102,711.07

The VEC Acorn Trust

CASH RECONCILIATION

For the year ended 5th April 2024

CURRENT ASSETS

ENT ASSETS
Lloyds Bank Lymington - current account Veritas Asset Management (UK) Limited - deposit account	£ 19,816.73 6,496.91
	26,313.64

REPRESENTED BY

Capital Cash Balance Income Cash Balance	£ 280,883.22 (254,569.58)
	26,313.64

The VEC Acorn Trust

SUMMARY INCOME AND EXPENDITURE ACCOUNTS

For the year ended 5th April 2024

__________ 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 SURPLUS for the Year	______ £ - 16,477 1,440	_____ £ - (17,917)
		(17,917)
		34,712 (102,711)
		(67,999)
		140,870
		54,954

The VEC Acorn Trust

STATEMENT OF ASSETS AND LIABILITIES

As at 5th April 2024 _____________ 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	_______ £ 19,817 6,497	______ £ 2,596,218 26,314 2,622,532

The VEC Acorn Trust

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VEC ACORN TRUST

For the year ended 5th April 2024

______________ I report on the accounts of the charity for the year ended 5th April 2024, 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:

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

Aaron Lawes ACA (a partner of) PKF Francis Clark Chartered Accountants Towngate House 2 - 8 Parkstone Road Poole Dorset BH15 2PW

Date 7 January 2025