## **ANNUAL REPORT THE HEYDOWN TRUST Charity No: 1003793 at 31st MARCH 2023** ## **Legal and Administrative Details** ## **Registered Address** Hele Cottage, Hele Cross, Ashburton, Newton Abbot, Devon TQ13 7QX Tel: 01364 65948 email address: SwallowBarn@outlook.com ## **Trustees** Mrs Jill Davies Mrs Liz Williams (General Secretary) Mr Toby Sharp (Chairman) Mrs Nicky Sharp (Minute Secretary and treasurer) Mrs Chloe Axford Dr Nicholas Axford Mr Owen Williams Mrs Erica Allitt Independent Examiner: Mrs Sharon Riggs Solicitor : None Bankers: The Co-operative Bank Community Directplus Account opened May 2022 Stockbroker: Brewin Dolphin, Ashleigh Court, Ashleigh Way, Langage Business Park, Plymouth PL7 5JX ## **Trustees'Annual Report** The Trustees present their report together with the financial statements of the Charity for the year ended 31st March 2023. The legal and administrative information set out above forms part of this report. The financial statements comply with the current statutory requirements and the Statement of Recommended Practice-Accounting and Reporting by Charities(SORP2005) ## **Structure, Governance and Management** The Charity was established by Trust Deed dated 15th June 1991. The assets of the Charity are vested in the trustees. The Charity has no employees and is administered by its unpaid officers. ## **Appointment of Trustees** Trustees are appointed by invitation and are formally elected at the Annual General Meeting. ## **Trustee induction and training** Newly appointed trustees are given a full introduction to the background and work of the trust and are provided with all the necessary documents. ## **Risk Management** The Trustees identify and review from time to time the risks to which the Charity is materially exposed and the action to be taken to mitigate them . Presently they are seen as: Misappropriation of funds by beneficiaries or third party organisations ## **Objectives, Activities and Public Benefit** The Trustees meet twice a year on average to consider requests from registered charities and individuals based in Cornwall, Devon and Somerset, or benefiting an individual or organisation within this same area, whose objectives match those of its charity classification i.e., education and training, medical, health and sickness, disability, relief of poverty, overseas aid and famine relief and Christian activities. We prefer applications to be submitted by email to Liz Williams in January and February or July and August. ## **Achievements and Performance** For the twelve months ending 31st March 2023, the Trustees made 14 donations totalling £22,750 (£21,000 in 2022) ## **Public benefit statement** The Trustees have ensured that they have acted within the established purpose of the Charity in the distribution of its income and capital in pursuance of its objectives. ## **Financial review** Income from its investments = £30114.62 (£14,000 in 2022) Interest received = £0 (£1.96 in 2022) With the addition of the gain on the sale of investments and interest - £3015.92 (£5340.00 in 2022), total income was £27,098.70 (£19341.96 in 2022). The excess of expenditure over income was therefore loss £364.49 (loss of £5956.00 in 2022) . ## **Funds held custodian trustee on behalf of others** None ## **Investment Powers and Policy** The investment powers are to invest in the name of the Charity such part of the funds as is felt appropriate and to expend the proceeds of any sale of the investments or dividend / interest earned in the furtherance of the objectives of the charity. The Charity policy is to manage its investments in a manner that aims to provide a high and growing income, with advice from its stockbroker, while at the same time protecting the capital from the corrosive effect of inflation. ## **Reserves policy** The broad aim of the Charity is to carry and invest unrestricted reserves adequate to meet its ongoing commitments to its beneficiary organisations and individuals. ## **Plans for the Future** The Trustees intend to maintain a policy of distributing about £15,000 per annum from capital or income to charitable causes at their discretion, whether these be registered charities or individuals. ## **Signed Toby Sharp Chairman** ## **Liz Williams General Secretary** ## **Date:** |||||||| |---|---|---|---|---|---|---| ||HEYDOWN TRUST ANALYSIS MARCH 2023|||||| ||Co-opBank|||||| |||||||| ||Opening|Dona?ons||Tfrs From|Interest|CLOSING| |Date|Balance|Paid out|Date|Stockbroker||BALANCES| |17/5/22|£0.00||26/5/22|£3,764.62||£3,764.62| |24/6/22||-£1,400.00|22/6/22|£12,250.00||£14,614.62| |||-£2,000.00|7/7/22|£1,750.00||£14,364.62| |||-£2,000.00|9/8/22|£1,750.00||£14,114.62| |||-£2,100.00|7/9/22|£1,750.00||£13,764.62| |||-£3,000.00|7/10/22|£1,750.00||£12,514.62| |17/10/22||-£500.00|9/11/22|£1,420.00||£13,434.62| |||-£1,500.00|7/12/22|£1,420.00||£13,354.62| |||-£1,500.00|9/1/23|£1,420.00||£13,274.62| |||-£1,500.00|8/2/23|£1,420.00||£13,194.62| |||-£1,500.00|8/3/23|£1420.00||£13,114.62| |||-£1,750.00||||£11,364.62| |18/10/22||-£1,000.00||||£10,364.62| |||-£1500.00||||£8,864.62| |||-£1,500.00||||£7,364.62| |||||||| |||||||| ||£0.00|-£22,750.00||£30,114.62|£0.00|£7,364.62| |||||||| |||||||| |*Transfer from Britannia BuildingSocietyand uncashed cheque of £1,500 from Hedgehogs.(see minutes)||||||| 1 |||||||||| |---|---|---|---|---|---|---|---|---| |||||||||| |||||||||| |||**BREWIN DOLPHIN- StockbrokerINCOME**||||||| |||Opening|Dividends|Gross Interest|Transfers|Transfers|CLOSING|| |||Balance|Received||Deposit Account|Capital Account|BALANCES|| |April||£0.00|571.40||||£571.40|| |May|||£900.91||687.76||£784.55|| |June|||£795.21||£784.55||£795.21|| |July|||£505.21||£795.21||£505.21|| |August|||£682.64||£932.66||£255.19|| |September|||£1,186.99||£255.19||£1,186.99|| |October|||£868.66||£1,374.70||£680.95|| |November|||£487.27||£1,132.06||£36.16|| |December|||£1,074.47||£92.37||£1,018.26|| |January|||£528.37|£57.84|£1,030.54||£573.93|| |February|||£304.03|£138.38|£373.12||£643.22|| |March|||£934.11|£250.00|£431.97||£1,395.36|| |April||||||£1,242.29|£153.07|| |||||||||| |||||||||| |||||||||| |||||||||| |||£0.00|£8,839.27|£446.22|£7,890.13|£1,242.29|**£153.07**|| |||||||||| |||||||||| |||||||||| 2 |||||||||| |---|---|---|---|---|---|---|---|---| |||||||||| ||01/03/2023|||||||| |**BREWIN DOLPHIN- StockbrokerCAPITAL**||||||Transfer from|Reemp?on/|| |Opening|Management|Purchases|BACS|Exchange/|Sales|Income acct.|maturity|Closing| |Balance|Fees||Co-opBank|Tax Fee||Dividends||Balances| |£14,892.92|£1,074.67|£10,525.51|£12,250.00|£158.24|£15,210.90|£687.76|10000.00|| ||£947.84|£9,970.80|£1,750.00||£4,785.96|£784.55|£6,589.00|| ||£941.77|£7,000.13|£1,750.00||£16,451.62|£795.21||| ||£957.70|£15,922.52|£1,750.00||£5,644.83|£932.66||| ||791.21|£4,928.31|£1,750.00||£4,447.77|£255.19||| |||£4,305.14|£1,420.00||£2,968.18|£1,374.70||| |||£8,421.92|£1,420.00||£3,870.21|£1,132.06||| ||||£1,420.00||£3,992.68|£92.37||| ||||£1,420.00||£4,206.51|£1,030.54||| ||||£1,420.00||£9,896.49|£373.12||| ||||£1,420.00||2983.95|£431.97||| |||||||1242.29||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |£14,892.92|£4,713.19|£61,074.33|£27,770.00|£158.24|£74,459.10|£9,132.42|£16,589.00|£21,357.68| |||||||||| ||Debit Total =||£93,715.76||Total Credit +|£100,180.52||| |OpeningBalance =||£14,892.92|||||ClosingBalanc|£21,357.68| 3 |**HEYDOWN TRUST INVESTMENTS**|**HEYDOWN TRUST INVESTMENTS**|**HEYDOWN TRUST INVESTMENTS**||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |**April 2022 - March 2023**||||||||||||| |||||||||||||| |**INVESTMENTS**|**Holding**|**Cost**|**Market Value**|**Purchases**||**Sales**||||**Holding**|**Cost**|**Market Value**| ||**31/03/2022**|**31/03/2022**|**31/3/22 **|**Holding**|**Cost**|**Holding**|**Cost**|**Proceeds**|**prof/loss**|**31/03/2023**|**31/03/2023**|**31/03/2023**| |AirbusSE EUR|30|2418|2630|||||||30|2418|3251.05| |AmazonCom|2|2696|4999|||||||40|2696|3341.93| |ABRDNUKSMALLERC ORDGBPO.|
823|4581|4954|||||||823|4581|3505.98| |Allianz uk&European inv funds allianz strategic bond fund||||6,193|7000.13|||||6,193|6919.58|6090.2| |AMPHENOLCORPCL’A’COMUSD0.|0
95|6041|5383|||||||95|6041|6279.59| |Artemis Fund Mngrs|8,205|16496|22880|||||||8,205|16496|20297.53| |BP|1,600|7473|6126|||||||1,600|7473|8172.8| |BaillieGIFJap Ord|280|1299|2335|||||||280|1299|2097.2| |Berkshire Hathaway Com|78|12033|20487|||||||78|12033|19480.91| |Blackrock FM LTDContl DurpInc DU|n
3560|4561|6363|||||||3560|4561|6485.22| |Blackrock FM Ltd European Dynamic|F
2,290|5727|6270|||2,290|5727|5644.83|-82.17|||| |BNY Mellon Newton Asian Inc|7,036|7448|8520|||||||7,036|7448|7986.3| |BNY Mellon FD MNGR Newton|8,079|6476|15053|||||||8,079|6476|15551.72| |BNY Mellon FD MNGR NewtonGlobal|
15,713|15953|14739|||||||15,713|15953.11|13937.17| |Close Bros.Ord|430|6130|5220|||430|6130|3870.21|-2259.79|||| |Colchester mul-stratgbl bd fdplcglobal bond rpremgapdis hgd||||1,074|9970.8|||||1,074|9970.8|9692.92| |CompassGroup Ord|380|6167|6257|||||||380|6167|7725.4| |CRHORD Eur0.32(CDI)|128|4819|3814|||||||128|4819|5224.32| |Diageo|95|1455|3781|||||||95|1455|3433.3| |ExperianORDUSD0.10|136|3947|4022|||||||136|3947|3617.6| |Ferguson PlcORDGBPO.10|41|4183|4100|||||||41|4183|4435.65| |FirstSate InvStewart|4,310|9915|13392|||941|2164.73|2983.95|819.22|
3,369|7750.43|10082.41| |Gam star fundplcgam star credit opportunities mzgapdis||||1,693|15922.52|||||1,693|15922.52|13723.8| |HICL InfracstructureOrd|6,420|10736|11556|||||||6,420|10736|9951| |HowdenJoinery Ord|460|2023|3546|||||||460|2023|3210.8| |INTERCONT EXCHANGECOMUSD|O
46|3990|4573|||||||46|3990|3880.43| |Insight Inv. Funds|15,660|15848|15712|||||||15,660|15848|13038.52| |IntermedCap Group 5%BDS2023|10,000|10013|10250|||||||||| |ishares iiplc usd tips units etcgapdis|
1,779|10019|9639|||||||1,779|10019|8850.97| |JP Morgan Amer ITOrd|3,497|9834|26997|||1,408|3959.47|9896.49|5937.02|
2,089|5874.27|14831.9| |JP Morgan Fund Ltd|6,900|7493|10488|||||||6,900|7493|10170.6| |Jupiterjpn inc fdjupiterjpn inc usgbp|7,499|8960|8092|||||||7,499|8960|8080.17| |KONEOYJ|125|4617|4880|||125|4617|5114.81|497.81|||| |Legal andGeneralGPORDGBP0.1|1,826|4800|4980|||||||1,826|4800|4362.31| |Liontrust Fund Par European MERGE|R
1,452|2587|4473|||1451.9|2587|4447.77|1860.77|||| |Lloyds Banking Gp|10,119|15214|4686|||10,119|15214|4206.51|-11007.49|||| |Mercantile investmentORDGBPL.025|1,711|4507|3764|||||||1,711|4507|3430.56| |Muzinich Funds Tactical|145|14761|14434|||||||145|14761|13548.38| |NOVARTISAG CHFO.50 (REGD)|60|3938|4041|||||||60|3938|4450.98| |Personal Asets TRORD|17|7706|8585|||||||1,700|7706|8117.5| |Places for People 4.25%|16,000|16372|16607|||16,000|16372|16190.08|-181.92|||| |Relx Plc|310|5493|7580|||||||310|5493|8115.8| |Rio TintoOrd.|53|1916|3244|||||||53|1916|2903.34| |RobecoCapitalgrowth funds Robeco Flobal credits IBHGBP INC||||96|8421.92|||||96|8470.01|8770.56| |Royal DutchShell 'B'.07euro|305|6035|6469|||||||305|6035|7040.93| |Ruffer InvestmentCo redpig||||1,697|4928.31|||||4,952|15453.82|15252.16| |Ruffer InvestmentCo redpig||||3,255|10525.51|||||||| |Scot Mort Inv TSTOrd|1,055|5362|10888|||510|2592.05|3992.68|1400.63|
545|2769.95|3698.37| |Severn Trent 1.3%|5,000|5056|6561|||||||||| |Swiss& GBL AMSwisscanto ETF P.M|
12|11181|12350|
5|4305.14|||||17|15486.62|17537.2| |Templtn EMGMkt inOrd|1,975|4025|3061|||1,975|4025|2968.18||||| |TR PROPERTY INV TRORDGBPO.2|
2,141|10010|10009|||||||2,141|10010|5973.39| |Tritax BigBox|3,350|4971|8328|||||||3,350|4971|4686.65| |TwentyFour AMCorporate|170|17000|16340|||||||170|17000|13951.38| |UKGovt 1.25%|7,330|14884|15409|||7,330|14884|15143.59||||| |Unilever .031p|122|2307|4315|||||||122|2307|5111.8| |intermediate Capital Redemp?on at Maturity||||||||||||| |||**371,476**|**433182**||**61074.33 **||**78272.25**|**74459.1**|**-3015.92**||**339177.11**|**373378.7**| |||||||||||||| 1 |||**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 31st March 2023**|**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 31st March 2023**|**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 31st March 2023**|**HEYDOWN TRUST**
**Accumulated Fund Statement**
**As at 31st March 2023**||||| |---|---|---|---|---|---|---|---|---|---| ||||||||||| |||**2022**|||||||**2023**| ||||||||||| |purchases in 21/22|£61,246.10|||purchases in 22/23||£61,074.33|||| |sales in 21/22|£73,780.68|||sales in 22/23||£78,272.25|||| ||||||||||| ||||||||||| |**Market Value**of investments as at 5 April||£433,182.00||**Market Value**of investments as at 5 April|||||£395,031.88| ||||||||||| ||||||||||| ||||||||||| |**Brewin Dolphin**Income Account|£0.00|||**Brewin Dolphin**Income Account||£153.07|||| |Capital Account|£14,892.92||||Capital Account|£21,357.68|||| |**Britannia**BuildingSociety|£2,264.62|||**C0-op Bank Account**||£7,364.62|||| ||£17,157.54|||||£28,875.37|||| |||£17,157.54|||||||£28,875.37| ||||||||||| ||||||||||| |**Total Value of Portfolio**||**£450,339.54**|||**Total Value of Portfolio**||||**£423,907.25**| ||||||||||| ||||||||||| ||||||||||| ||||||||||| I have independently examined these Accounts of the Heydown Trust and am satisfied that they represent the financial state of affairs 1 ||||||||||**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**|**HEYDOWN TRUST**||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||**Income & Expenditure Account**|||||||||||||| |||||||||**Year ending 31st March 2023**||||||||||||||| |||||||||||||||||||||||| ||**2022**||**INCOME**|||||||**2023**||||**2022**||**EXPENDITURE**||||||**2023**| |||||||||||||||||||||||| ||||||||||||||||||**Donations agreed:**|||£22,750.00||| ||£9,266.18|||**Income from Brewin Dolphin Portfolio**||||||£8839.27||||||||||||| ||£4733.82|||**Capital from Brewin Dolphin Portfolio**||||||£17,510.73||||||||||||| |||||**Cheque received**||||||£3764.62||||||||||||| |||||**Interest received**||||||||||||||||||| ||||||Brewin Dolphin|||||||||||||||||| ||||||BritanniaCo-Op|||||||||||||||||| ||£1.96|||||||£0.00||||||||||||||| ||£5,340.00|||**Gain(loss) on sale of investments**||||||-£3015.92||||||||||||| |||||||||||||||£21,000.00|||**Total Donations**|||£22,750.00||£22,750.00| |||||Exchange fee||||||||||||||||||| |||||||||||||||£4,298.46|||**Stockbrokers'**management fees|||||£4713.19| |||||||||||||||||||||||| |||||||||||||||£25,298.46|||**Total expenditure**|||||£27,463.19| |||||||||||||||||||||||| |||||||||||||||||||||||| |||||||||||||||-£5956.50|||**Excess of Income over Expenditure**|||||-£364.49| |**£19,341.96**||||||||||**£27,098.70**|||**£19,341.96**|||||||||**£27,098.70**| |||||||||||||||||||||||| |||||||||||||||||||||||| |||||||||||||||||||||||| |I have independentlyexamined these Accounts of the Heydown Trust and am sa?sfed that theyrepresent the fnancial state of afairs of the Trust at 31st March 2023||||||||||||||||||||||| 1 ||||||Table 1|Table 1|Table 1|Table 1|Table 1|Table 1|Table 1|||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||**HEYDOWN TRUST**||||||||||||| |||||||**Accumulated Fund Statement**||||||||||||| |||||||**As at 31st**||**March 2023**||||||||||| |||||||||||||||||||| ||**2021**||||||**2022**||||**2020**|||||||**2022**| |||||||||||||||||||| |£393,689.96||**Accumulated Fund as at 31.3.20**||||£409,609.53|||||||**Investments**at cost 01.04.21||£378,727.00|||| |||**Adjustmentfor error**||||-£1,477.85||||||||||||| |||**Fund as at 31.3.21**||||£408,131.68||||||||||||| |||||||||||||||||||| |||||||||||||||||||| |||||||||||||||||||| ||||||||||||||purchases in 20/21||£61,246.10|||| |£14,441.72||**Add Surplus(loss) 2020/21**||||-£9,123.46|||||||less book cost sales in 20/21||£73,780.68|||| |||||||||||£378,727.00|||**Investments**at book cost 31.03.22||||£371,476.00|| |||||||||||||||||||| ||||||||||||||**Market Value**ofinvestments at 05.04.22|||||| ||||||||||||||||**£433,179**|||| |||||||||||||||||||| |||||||||||||||||||| |||||||||||||||||||| ||||||||||||||**Brewin Dolphin Income **Account||£0.00|||| ||||||||||||||Capital Account||£14,892.92|||| ||||||||||||||**Britannia**BuildingSocietycheque||£2,264.62|||| |||||||||||£20,652.96||||**Total Cash**|||£17,157.54|| |||||||||||||||||||| |||||||||||||||||||| |**£408,131.68 **||**AccumulatedFund as at 31.3.22(book cost)**||||**£399,008.22**||||**£399,379.96 **|||**Total Book Cost and Cash deposit.**||||**£390,117.00**|| |||||||||||||||||||| |||||||||||||||||||| |||||||||||||||||||| |||||||||||||||||||| |own Trust and amsatisfied that theyrepresent thefinancial state ofaffairs||||||||||||||||||| |||||||ofthe Trust as at 31st March 2022||||||||||||| 1 (HARITY (OMMISSION I FOR ENGIAND ANO WALES Independent examiner's report on the accounts IndBpgndqniExBrnln•e¥ R•port RoporttothBtruithOS T141- I+FYuowN T@￿ST On •crountsi¢f the sisk Hi+rtQl-¥ zd L2. endqd Charmy no S¢lout0￿ p4g¢ I IÈPOrtIO Ihg IiustÈes on my (11hD￿*XYjThts¢f￿ BL*ye ¢hanly rthèTN&'i lortheyew end Aglhg cha￿￿51￿41•￿$. you rt9wn$iblefortne prep*illnollhe unt6 In thtb IBwi*ments ￿th&ChA￿￿eSACt 2011 Ilhe RgBpOnsl￿1ffjm and 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