Charity Number 1003867
H. & M. CASTANG CHARITABLE TRUST
ANNUAL REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 5TH APRIL 2022
Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT FOR THE YEAR ENDED 5[TH] APRIL 2022
Page 1.
The trustees present their report with the financial statements of the charity for the year ended 5[th] April 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust is registered with the Charity Commission and was created by a Deed of Trust dated 12[th] July 1991 whereby Miss Hilda Castang settled funds on the Trustees (at that time herself, Michael Boyde Glynn and Ian Anthony Burman) to be used “for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit” (Clause 6.1).
The Settlor’s brother Max Castang, who had recently died, had suffered from Cerebral Palsy from birth and the Settlor wished particularly for the Charity to use its resources for “the promotion of research into the causes of and the alleviation of all forms of mental and physical handicap or disability and the publication of the useful results of such research and the relief of persons suffering from the same by the provision of financial assistance” (Clause 6.2(a)).
Initially, the Trustees used income to make grants to charities involved in caring for the mentally and physically disabled but as they became more aware of the problems involved it became clear that funding for research into the underlying causes of mental and physical disability was much needed.
To this end the Trustees have recruited individuals with medical knowledge to assist the Trustees deliberations.
The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit, and in particular for the promotion for the public benefit of research into the causes and alleviation of neurodisability in childhood and publication of the useful results of such research.
Investment Policy
The Trust has power to invest in such assets as it sees fit. The Trust’s policy is to invest in a range of fixed interest stocks and equity shares and the portfolio is managed by Charles Stanley & Company Limited, the Trust’s stockbrokers. The Investments are held by ROCK (Nominees) Limited, Cofunds and Euroclear. The Trustees require a broad spread of investments, without restriction on the basis of ethical considerations, a low to medium risk to capital and an annual income of approximately £85,000. Approximately 85% of the income requirement has been met this year due to the on-going effects of the global pandemic and a similar level is anticipated for 2022/23. The value of the investments however has increased by almost 26% and have now recovered all of the losses in March 2020 following the stock market crash associated with the pandemic.
The Trust holds a variety of cash deposits to provide varying degrees of liquidity.
Grant Making Policy
The Trustees consider applications for grants at each meeting. Applications are submitted to the Foundation and if necessary are peer reviewed by a Trustee prior to the next meeting. The Trustees may request further information. The Foundation has also entered into a collaborative arrangement with the British Academy of Childhood Disability who put forward projects for the Foundation to support.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The Trustees held one Board Meeting during the year in question in May 2021 which was held virtually due to Covid 19 restrictions.
The three research programmes commissioned through the British Academy of Childhood Disability (BACD) have now come to an end. It was agreed that a fourth research programme would be funded and an award of £49,983 was made during 2021/22 to Sarah Martin-Denham at Sunderland University entitled “Have children identified in school census and children in need administrative data as having learning disabilities/learning difficulties had appropriate paediatric clinical assessments completed and reported across agencies?”.
The University of Manchester Study led by Ian Crocker seeking to investigate fetal compromise in rat models in relation to possible treatment for fetal compromise in women under the title “Heme Binding Agent for the Prevention of Fetal Vascular Compromise” has continued to be delayed due to illness, Covid 19 and the furlough of staff.
H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5[TH] APRIL 2022
Page 2.
Achievements and Performance (continued)
With respect to the joint venture partnership with the National Institute for Health Research (NIHR), an award for the NIHR Castang Foundation Advanced Fellowship was made in 2020/21 and it was announced in 2021/22 that his was made to Dr Alexandra Hendry at the University of Oxford entitled ‘Refining, testing and targeting an intervention to support the early development of Executive Functions amongst infants at elevated likelihood of autism and/or ADHD. This study commenced during 2021/22 and the Trust is committed to fund a total of £190,101 over five years.
The Trust is not dependent upon the services of unpaid volunteers or donations-in-kind.
Future Plans
Due to the Covid 19 pandemic it is likely that the Trust will continue to be faced with a reduction in its investment income for the year to 5th April 2023 and therefore the Trustees will continue to look carefully at its grant making ability for at least the next twelve months.
Public Benefit
The Trustees have considered their duty set out in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission, and in their opinion the foregoing report on the achievements and performance demonstrates that they have complied therewith.
Financial Review
Going concern
The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Results for the year
Unrestricted income for the year amounted to £73,082, all of which was from investment activities. Unrestricted resources expended during the year amounted to £43,098, of which £31,092 was in respect of funding research projects and £6,456 for the associated support costs. No funds were expended on research projects from the restricted funds during the year.
Reserves Policy
The Trustees’ general reserve policy is to maintain sufficient in the income fund to cover commitments to research projects, (both in progress and agreed to in principle) and to ensure the smooth running of the day to day operations of the Trust. However, no strict reserve policy is necessary as the Trustees are permitted under the Trust Deed to spend Capital. The level of reserves and current commitments are reviewed regularly at Trustees’ meetings.
The total unrestricted funds at the year ended amounted to £1,936,217 compared to £1,667,863 at 5[th] April 2021.
Governance, Structure and Management
Governance
In terms of civil law the operation of the Trust is governed by its Trust Deed through the Trustees and is a Charity registered with the Charity Commission for England and Wales (Charity Registration Number 1003867).
Structure and Management
Ian Burman acts as Clerk to the Trustees and deals with all general administration. Carol Barfoot acts as Treasurer and deals with the maintenance of the accounting records. Any policy decisions are taken by the full Board of Trustees. There were no changes in policy during the year.
Risk Management
The Trustees continue to monitor the major risks to which the Trust is exposed and are satisfied that adequate systems are in place to mitigate the exposure to those risks.
Recruitment and appointment of new trustees
The power of appointing new or additional Trustees is vested in the Trustees, who prior to appointment would be introduced to the workings of the Trust and advised of their joint and several responsibilities.
Page 3.
H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5[TH] APRIL 2022
Trustees
Michael Boyde Glynn FCA Ian Anthony Burman LLB Dr Ian Crocker BSc PhD - deceased Dr Paul Eunson Dr Jeremy Parr Carol Barfoot FCA
Working Name
Castang Foundation
Registered Office
Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.
Accounting Records Maintained at
20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE.
Solicitors
Laytons Solicitors LLP, Pinners Hall, 105-108 Old Broad Street, London, EC2N 1ER.
Bankers
National Westminster Bank plc., 9 Devonshire Road, Bexhill-on-Sea, East Sussex, TN40 1AG.
Stockbrokers
Charles Stanley & Company Limited, 25 Luke Street, London, EC2A 4AR.
Accountants
Gibbons Mannington & Phipps LLP, 20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE.
Independent Examiner
Steve R. Sampson BFP FCA FCIE DChA, Ashdown Hurrey Auditors Ltd, 20 Havelock Road, Hastings, East Sussex, TN34 1BP.
Web Site
www.castangfoundation.org.uk
On behalf of the Trustees:
Ian A. Burman
Date: 9 November 2022
Page 4.
H. & M. CASTANG CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2022
| Income Capital Notes Fund Fund £ £ Income and endowments from: Donations and legacies Donations 0 Investments Dividends received on equities 17 51,033 Interest received on other Investments 19 9,418 Interest received on fixed interest stocks 18 12,631 Total income 73,082 0 Expenditure on: Raising funds 6 15,286 Charitable activities 2 43,098 Total expenditure 43,098 15,286 Net income/(expenditure) 29,984 (15,286) Transfer between funds 29,984 (15,286) Gains/(losses) on investment assets Unrealised 17-19 248,944 Realised 17-19 4,712 0 253,656 Net Movement In Funds 29,984 238,370 Reconciliation of Funds 227,580 1,440,283 Total Funds brought forward Total Funds carried forward 257,564 1,678,653 Unrestricted Funds |
Income Capital Notes Fund Fund £ £ Income and endowments from: Donations and legacies Donations 0 Investments Dividends received on equities 17 51,033 Interest received on other Investments 19 9,418 Interest received on fixed interest stocks 18 12,631 Total income 73,082 0 Expenditure on: Raising funds 6 15,286 Charitable activities 2 43,098 Total expenditure 43,098 15,286 Net income/(expenditure) 29,984 (15,286) Transfer between funds 29,984 (15,286) Gains/(losses) on investment assets Unrealised 17-19 248,944 Realised 17-19 4,712 0 253,656 Net Movement In Funds 29,984 238,370 Reconciliation of Funds 227,580 1,440,283 Total Funds brought forward Total Funds carried forward 257,564 1,678,653 Unrestricted Funds |
Income Capital Notes Fund Fund £ £ Income and endowments from: Donations and legacies Donations 0 Investments Dividends received on equities 17 51,033 Interest received on other Investments 19 9,418 Interest received on fixed interest stocks 18 12,631 Total income 73,082 0 Expenditure on: Raising funds 6 15,286 Charitable activities 2 43,098 Total expenditure 43,098 15,286 Net income/(expenditure) 29,984 (15,286) Transfer between funds 29,984 (15,286) Gains/(losses) on investment assets Unrealised 17-19 248,944 Realised 17-19 4,712 0 253,656 Net Movement In Funds 29,984 238,370 Reconciliation of Funds 227,580 1,440,283 Total Funds brought forward Total Funds carried forward 257,564 1,678,653 Unrestricted Funds |
Restricted Fund £ |
Total 2022 £ 0 51,033 9,418 12,631 |
Total 2021 £ 0 54,856 7,550 2,147 |
|---|---|---|---|---|---|
| 73,082 | 0 | 0 | 73,082 | 64,553 | |
| 43,098 | 15,286 | 0 | 15,286 43,098 |
12,964 47,144 |
|
| 43,098 | 15,286 | 0 | 58,384 | 60,108 | |
| 29,984 | (15,286) | 0 | 14,698 0 |
4,445 0 |
|
| 29,984 | (15,286) | 0 | 14,698 | 4,445 | |
| 248,944 4,712 |
248,944 4,712 |
155,816 15,953 |
|||
| 0 | 253,656 | 0 | 253,656 | 171,769 | |
| 29,984 227,580 |
238,370 1,440,283 |
0 45,814 |
268,354 1,713,677 |
176,214 1,537,463 |
|
| 257,564 | 1,678,653 | 45,814 | 1,982,031 | 1,713,677 |
H. & M. CASTANG CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2022
Page 5.
| Notes 2022 £ £ Fixed assets Investments: Equities 17 1,349,559 Fixed income stocks 18 210,854 Other investments 19 381,298 1,941,711 Current assets Debtors 11 0 Cash at bank and with stockbrokers 41,916 Total Current assets 41,916 Liabilities Creditors: Amounts falling due within one year 12 1,596 Net Current assets 40,320 Net assets 1,982,031 The funds of the charity: 13 Unrestricted funds: Capital fund 1,678,653 Income fund 257,564 Restricted fund 45,814 Total charity funds 1,982,031 |
Notes 2022 £ £ Fixed assets Investments: Equities 17 1,349,559 Fixed income stocks 18 210,854 Other investments 19 381,298 1,941,711 Current assets Debtors 11 0 Cash at bank and with stockbrokers 41,916 Total Current assets 41,916 Liabilities Creditors: Amounts falling due within one year 12 1,596 Net Current assets 40,320 Net assets 1,982,031 The funds of the charity: 13 Unrestricted funds: Capital fund 1,678,653 Income fund 257,564 Restricted fund 45,814 Total charity funds 1,982,031 |
Notes 2022 £ £ Fixed assets Investments: Equities 17 1,349,559 Fixed income stocks 18 210,854 Other investments 19 381,298 1,941,711 Current assets Debtors 11 0 Cash at bank and with stockbrokers 41,916 Total Current assets 41,916 Liabilities Creditors: Amounts falling due within one year 12 1,596 Net Current assets 40,320 Net assets 1,982,031 The funds of the charity: 13 Unrestricted funds: Capital fund 1,678,653 Income fund 257,564 Restricted fund 45,814 Total charity funds 1,982,031 |
2021 £ £ 1,141,699 202,501 349,743 1,693,943 0 29,267 29,267 9,533 19,734 1,713,677 1,440,283 227,580 45,814 1,713,677 |
2021 £ £ 1,141,699 202,501 349,743 1,693,943 0 29,267 29,267 9,533 19,734 1,713,677 1,440,283 227,580 45,814 1,713,677 |
|---|---|---|---|---|
| 1,941,711 40,320 |
1,693,943 19,734 |
|||
| 41,916 1,596 |
||||
| 1,982,031 | 1,713,677 | |||
| 1,678,653 257,564 45,814 |
1,440,283 227,580 45,814 |
|||
| 1,982,031 | 1,713,677 |
Approved by the Board of Trustees on 9 November 2022
Michael Glynn Ian Burman Dr Jeremy Parr Dr Paul Eunson
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2022
Page 6.
1. Accounting Policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
Financial Reporting Standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Cash at bank and with stockbrokers
Cash at bank and with stockbrokers includes cash and short term highly liquid investments with a short maturity of three months or less from the opening of the deposit.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement value.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
| 2. Charitable Activities Research projects Other costs Governance costs |
2022 £ 37,548 3,954 1,596 43,098 |
2021 £ 39,422 6,174 1,548 |
|---|---|---|
| 47,144 |
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 7.
2022 2021 £ £
3. Research Projects
| Research Projects | |
|---|---|
| NIHR Castang Foundation Advanced Fellowship Award Dr Alexandra Hendry, University of Oxford - Refining, testing and targeting an intervention to support the early development of Executive Functions amongst infants at elevated likelihood of autism and/or ADHD 31,092 31,092 BACD Funding Award - RAISE: Researching Allied Health in Schools and Education Newcastle University Research staff and running costs 0 0 Ian Crocker Study - A Heme-Binding Agent for the Prevention of Fetal Vascular Compromise Manchester University 0 0 Support costs 6,456 37,548 |
0 |
| 0 | |
| 12,425 | |
| 12,425 | |
| 17,752 | |
| 17,752 | |
| 9,245 | |
| 39,422 |
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 8.
| 5. Support costs Trustees' expenditure: Research into projects being considered by the Trustees and monitoring those supported by the charity Raising funds Governance costs Allocated as follows: Grants and research projects Raising funds Governance costs |
2022 £ 6,456 15,286 1,596 23,338 6,456 15,286 1,596 23,338 |
2021 £ 9,245 12,964 1,548 |
|---|---|---|
| 23,757 | ||
| 9,245 12,964 1,548 |
||
| 23,757 |
Support costs comprises of research into projects being considered by the Trustees and monitoring those supported by the Charity. Management and administration comprises of costs for the running of the Charity itself as an organisation. Where costs cannot be directly attributed to either of these two categories, it is estimated based on activity levels that 60% of legal costs and 40% of accountancy charges are attributable to support costs with the balance attributable to management and administration.
| 6. Raising funds Investment management costs: Stockbroker's nominee fees Administrative fees 7. Other costs Bank charges and interest Printing, stationery and website costs Management and administrative fees 8. Governance costs Accountancy charges Independent examiner's charges |
13,342 1,944 15,286 30 120 3,804 3,954 972 624 1,596 |
10,233 2,731 |
|---|---|---|
| 12,964 | ||
| 54 120 6,000 |
||
| 6,174 | ||
| 948 600 |
||
| 1,548 |
9. Related party transactions
Transactions with Trustees
I.A. Burman Esq. is a partner in Laytons Solicitors LLP, the Trust's Solicitors, and benefits from the fees paid to that firm for legal and other duties. The total fees payable during the year were £6,600. At the year end there was no balance owing to Laytons Solicitors LLP.
C.E. Barfoot is an Associate in Gibbons Mannington & Phipps LLP, the Trust's Accountants. The total fees payable for bookkeeping and accountancy services during the year were £5,292. At the year end there was a balance owed to Gibbons Mannington & Phipps LLP of £972.
The Trust is continuing to support the research study 'A Heme-Binding Agent for the Prevention of Fetal Vascular Compromise' which is a project led by Dr I. Crocker, though no payments were made during the year.
Clause 14 of the Trust Deed permits remuneration to be paid to Trustees acting in a professional capacity and Paragraph 17 of the First Schedule to the Trust Deed permits reimbursement of Trustees expenses.
Other transactions
Glynn designs is a web design business owned by I. Glynn who is the son of M.B. Glynn. During the year payments totalling £120 were made to the business for web design and hosting fees.
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 9.
| Fixed | ||||||
|---|---|---|---|---|---|---|
| Income | Other | Total | Total | |||
| 10. Investments | Equities | Stocks | Investments | 2022 | 2021 | |
| Quoted investments | £ | £ | £ | £ | £ | |
| (see notes 17,18 & 19) | ||||||
| Market value at 6th April 2021 | 1,141,699 | 202,501 | 349,743 | 1,693,943 | 1,534,274 | |
| Additions during the year | 40,275 | 48,186 | 0 | 88,461 | 174,244 | |
| Disposals during the year | (41,509) | (48,128) | 0 | (89,637) | (170,391) | |
| Net unrealised investment | ||||||
| gains/(losses) | 209,094 | 8,295 | 31,555 | 248,944 | 155,816 | |
| Market value at 5th April 2022 | 1,349,559 | 210,854 | 381,298 | 1,941,711 | 1,693,943 | |
| Historical cost as at 5th | ||||||
| April 2022 | 826,640 | 206,481 | 287,040 | 1,320,161 | 1,301,576 | |
| 2022 | 2021 | |||||
| £ | £ | |||||
| 11. Debtors | ||||||
| Other debtors | 0 | 0 | ||||
| 12. Creditors: Amounts falling due within one year | ||||||
| Other creditors | 1,596 | 9,533 | ||||
| 13. Statement of funds | Balance at | Incoming | Resources | Net gains/ | Balance at | |
| 06.04.2021 | Resources | Expended | (losses) | Transfers | 05.04.2022 | |
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| Income fund | ||||||
| General | 227,580 | 73,082 | (43,098) | 0 | 0 | 257,564 |
| Capital Fund | 1,440,283 | 0 | (15,286) | 253,656 | 0 | 1,678,653 |
| 1,667,863 | 73,082 | (58,384) | 253,656 | 0 | 1,936,217 | |
| Restricted funds | ||||||
| BACD fund | 45,814 | 0 | 0 | 0 | 0 | 45,814 |
| 45,814 | 0 | 0 | 0 | 0 | 45,814 | |
| Total funds | 1,713,677 | 73,082 | (58,384) | 253,656 | 0 | 1,982,031 |
Details of restricted funds are as follows:
The BACD fund consist of a grant of £180,000 which will be expended on research projects.
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 10.
14. Future Commitments
| Future Commitments The Trustees have agreed to fund the following projects: a. BACD b. University of Manchester - Ian Crocker Study c. NIHR Castang Foundation Advanced Fellowship Award |
Total Cost £ 184,169 |
Future at 5.4.22 £ 49,983 83,832 159,008 Commitment |
|---|---|---|
| 165,668 | ||
| 190,101 | ||
| 292,823 |
BACD
The Foundation has agreed a commitment of £184,169 to support research projects put forward by the British Academy of Childhood Disability (BACD), of which £180,000 has already been provided by a private donor and included as restricted funds. Four studies have now been commissioned through the BACD. The first three studies have come to an end and a fourth study was awarded a grant of £49,983 during 2021/22.
University of Manchester - Ian Crocker Study
The Foundation agreed to fund the cost of the study by Ian Crocker with the University of Manchester - Heme binding agent for the prevention of fetal vascular compromise. This is a three year project costing £165,668. A donation from a charity of £80,000 has already been received towards this study and a further donation of £25,000 is expected from another charity.
NIHR Castang Foundation Advanced Fellowship Award
The Foundation is working in partnership with the National Institute for Health Research (NIHR) Academy and is co-funding an NIHR Castang Foundation Advanced Fellowship Award. This has been awarded to Dr Alexandra Hendry at the University of Oxford to fund research into 'Refining, testing and targeting an intervention to support the early development of Executive Fuunctions amongst infants at elevated likelihood of autism and/or ADHD'. This funding commenced during 2021/22 and the total cost to the Foundation is £190,101 over five years.
15. Analysis of net assets between funds
| Fixed asset investments Current assets Creditors |
Income Capital Fund Fund £ £ 263,058 1,678,653 0 0 (1,596) 0 257,564 1,678,653 Unrestricted Funds |
Income Capital Fund Fund £ £ 263,058 1,678,653 0 0 (1,596) 0 257,564 1,678,653 Unrestricted Funds |
Restricted Funds £ 3,898 41,916 0 |
Total funds 2022 £ 1,941,711 41,916 (1,596) |
Total funds 2021 £ 1,693,943 29,267 (9,533) |
|---|---|---|---|---|---|
| 257,564 | 1,678,653 | 45,814 | 1,982,031 | 1,713,677 |
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 11.
16. Comparative Statement of Financial Activities
| Income and endowments from: Investments Dividends received on equities Interest received on other Investments Interest received on fixed interest stocks Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) Transfer between funds Gains/(losses) on investment assets Unrealised Realised Net Movement In Funds Reconciliation of Funds Total Funds brought forward Total Funds carried forward |
Income Capital Fund Fund £ £ 54,856 7,550 2,147 64,553 0 12,964 18,803 18,803 12,964 45,750 (12,964) 45,750 (12,964) 155,816 15,953 0 171,769 45,750 158,805 181,830 1,281,478 227,580 1,440,283 Unrestricted Funds |
Income Capital Fund Fund £ £ 54,856 7,550 2,147 64,553 0 12,964 18,803 18,803 12,964 45,750 (12,964) 45,750 (12,964) 155,816 15,953 0 171,769 45,750 158,805 181,830 1,281,478 227,580 1,440,283 Unrestricted Funds |
Restricted Fund £ |
Total 2021 £ 54,856 7,550 2,147 |
|---|---|---|---|---|
| 64,553 | 0 | 0 | 64,553 | |
| 18,803 | 12,964 | 28,341 | 12,964 47,144 |
|
| 18,803 | 12,964 | 28,341 | 60,108 | |
| 45,750 | (12,964) | (28,341) | 4,445 0 |
|
| 45,750 | (12,964) | (28,341) | 4,445 | |
| 155,816 15,953 |
155,816 15,953 |
|||
| 0 | 171,769 | 0 | 171,769 | |
| 45,750 181,830 |
158,805 1,281,478 |
(28,341) 74,155 |
176,214 1,537,463 |
|
| 227,580 | 1,440,283 | 45,814 | 1,713,677 |
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 12.
17. Investments - Equities
| Investments - Equities | Investments - Equities | |||||
|---|---|---|---|---|---|---|
| At 6th April 2021 Acquisitions Sales Market Held within the U.K. Number Value Number Cost Number Proceeds £ £ £ AstraZeneca Ordinary 25p Shares 1,000 71,720 BAE Systems Ordinary 2.5p Shares 8,500 43,384 British American Tobacco Ord 25p shares 1,870 50,780 BP Ordinary 0.25US$ Shares 12,000 34,776 BT Group Ordianry 5p Shares 15,000 23,467 04.06.2021 15,000 26,298 Compass Group Ordinary 11.05p Shares Diageo Ordinary 28101/108p Shares 2,900 87,203 04.06.2021 600 20,205 Digital 9 Infrastructure Ord NPV 09.06.2021 38,095 40,275 Foresight Solar Fund Ltd NPV 40,000 40,800 GlaxoSmithkline Ordinary 25p Shares 5,000 63,880 Impact Healthcare Reit Ordinary 1p shares 38,000 43,472 JPMorgan Global Core Real Assets Ord NPV 40,000 36,480 Land Securities Ordinary 10.6666666p Shares 4,570 32,063 Carried forward 528,025 40,275 46,503 |
Realised Gains/ (Losses) £ 2,831 2,163 |
Unrealised A Gains/ (Losses) Number £ 31,620 1,000 19,584 8,500 9,593 1,870 11,172 12,000 22,367 2,300 2,125 38,095 3,680 40,000 21,310 5,000 2,584 38,000 1,120 40,000 3,802 4,570 128,957 |
t 5th April 20 Market Value £ 103,340 62,968 60,373 45,948 91,528 42,400 44,480 85,190 46,056 37,600 35,865 |
22 Historical Cost Date £ Sep 30,281 Mar Jun 37,789 Nov May 50,236 Aug Nov Feb Jun 51,597 Sep Dec Mar Apr 14,767 Oct Sep 40,275 Dec Mar May 39,949 Aug Nov Feb Apr 77,152 Jul Oct Jan Jun 39,599 Aug Nov Mar May 40,275 Aug Nov Feb Jul 24,094 Oct Jan 446,014 |
Dividend Received £ 648.00 1,453.00 1,215.50 841.50 1,007.93 1,007.93 1,007.93 1,007.93 445.42 474.35 492.54 499.14 810.84 1,025.57 571.43 571.43 571.43 692.00 698.00 698.00 698.00 1,150.00 950.00 950.00 950.00 608.95 608.95 608.95 608.95 400.00 400.00 400.00 400.00 411.30 319.90 388.45 |
|
| 46,503 | 4,994 | 655,748 | 25,593.32 |
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 13.
17. Investments - Equities (Continued)
| Investments - Equities (Continued) | ||||||
|---|---|---|---|---|---|---|
| At 6th April 2021 Acquisitions S Market Held within the U.K. Number Value Number Cost Number £ £ Brought forward 528,025 40,275 Legal & General Ordinary 2½p Shares 24,000 68,040 PRS Reit (The) Ordinary 1p shares 29,205 25,584 RELX Group Ordinary 14 51/116p Shares 4,600 84,410 SDCL Energy Efficiency Income Trust Ordianry 1p shares 40,000 45,200 Shell Ordinary Euro 0.7 3,000 40,062 Supermarket Income REIT Ordinary 1p Shares 36,000 39,240 Unilever Ordinary 31/9p Shares 1,700 68,374 Vodaphone Ordinary US$0.2095238 29,000 38,761 shares Held Outside the U.K. Roche Holdings AG Genusscheine NPV (NES) 300 70,399 Samarang Asset Management S.A. Asian Prosperity A1 143 35,954 Schroder Oriental Ordinary 1p Shares 35,000 97,650 1,141,699 40,275 |
ales Proceeds £ 46,503 |
Realised Gains/ (Losses) £ 4,994 |
Unrealised A Gains/ (Losses) Number £ 128,957 (2,592) 24,000 6,249 29,205 28,060 4,600 3,280 40,000 23,568 3,000 7,560 36,000 (8,253) 1,700 (2,372) 29,000 24,406 300 2,506 143 (2,275) 35,000 209,094 |
t 5th April 202 Market Value £ 655,748 65,448 31,833 112,470 48,480 63,630 46,800 60,121 36,389 94,805 38,460 95,375 |
2 Historical Cost Date £ 446,014 May 34,670 Sep Jun 29,426 Sep Dec Feb Jun 29,766 Sep Jun 40,677 Sep Dec Mar Jun 39,095 Sep Dec Mar May 37,161 Aug Nov Feb Jun 15,457 Sep Dec Mar Aug 45,232 Feb 30,374 Mar 41,042 Dec May 37,726 Aug Nov Feb 826,640 |
Dividend Received £ 25,593.32 3,033.60 1,243.20 292.06 292.06 292.06 292.05 1,536.40 657.80 550.00 562.00 562.00 562.00 367.80 521.40 541.80 548.40 527.40 527.40 534.60 534.60 630.70 627.81 611.66 612.34 1,111.95 1,089.90 1,452.96 1,648.79 665.00 665.00 1,680.00 665.00 |
| 46,503 | 4,994 | 1,349,559 | 51,033.06 |
H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2022
Page 14.
18. Investments - Fixed Income Stocks
| 18. Investments - Fixed Income Stocks | ||||||
|---|---|---|---|---|---|---|
| At 6th April 2021 Acquisitions S Market Held within the U.K. Number Value Number Cost Number £ £ £ £ £ 2.5% Index Linked Stock 202 13,500 48,128 19.05.2021 13,500 CG Portfiolio Fund The Dollar Fund CLS 'D' 20.05.2021 300 48,186 CQS New City High Yield Fund Ltd Ordinary Shares 100,000 51,500 GCP Infrastructure Investments Ltd Ordinary C £0.01 15,291 15,627 Invesco Bond Income Plus Ordinary NPV 30,000 56,400 Held Outside the U.K. Biopharma Credit Ord USD0.01 Shares 44,000 30,846 202,501 48,186 19. Investments - Other At 6th April 2021 Acquisitions S Market Held within the U.K. Number Value Number Cost Number £ £ Bny Mellon Managers Ltd Real Return 39,000 44,815 Charities Property Fund Income Shares 50,000 62,083 Ruffer Investment Company Red Ptg Pref .0001p Shares 24,000 68,880 Held Outside the U.K. Link Fund Solutions Ltd Trojan Global Income O Inc 78,000 92,625 Veritas Fund Global Equity Income Sterlin 400 81,340 349,743 0 |
ales Proceeds £ 47,846 |
Realised Gains/ (Losses) £ (282) |
Unrealised Gains/ (Losses) Number £ £ 3,756 300 2,200 100,000 1,560 15,291 (3,225) 30,000 4,004 44,000 8,295 Unrealised Gains/ (Losses) Number £ (160) 39,000 6,502 50,000 5,160 24,000 12,589 78,000 7,464 400 31,555 |
At 5th April 20 Market Value £ 51,942 53,700 17,187 53,175 34,850 |
22 Historical Cost Date £ May 48,186 Nov May 52,388 Aug Nov Feb Jun 16,095 Sep Dec Mar May 55,147 Aug Nov Feb Apr 34,665 Jun Sep Dec Mar 206,481 22 Historical Cost Date £ Sep 39,935 Feb May 60,120 Aug Oct Feb Oct 30,814 Mar Jun 89,343 Sep Dec Mar Apr 66,828 Oct 287,040 |
Income Received £ 344.60 633.93 1,000.00 1,470.00 1,000.00 1,000.00 267.59 267.59 267.59 267.59 750.00 825.00 825.00 825.00 643.28 545.02 550.67 573.31 574.44 |
| 47,846 | (282) | 210,854 | 12,630.61 | |||
| ales Proceeds £ |
Realised Gains/ (Losses) £ |
At 5th April 20 Market Value £ 44,655 68,585 74,040 105,214 88,804 |
Dividend Received £ 419.00 348.44 696.88 583.97 632.72 622.25 372.00 360.00 888.50 606.53 665.42 560.74 861.52 1,799.80 |
|||
| 0 | 0 | 381,298 | 9,417.77 |
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF H&M CASTANG CHARITABLE TRUST FOR THE YEAR ENDED 5[TH] APRIL 2022
I report on the accounts for the year ended 5[th] April 2022 set out on pages 4 to 14.
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 required.
It is my responsibility to
-
examine the accounts under section 145 of the 2011 Act,
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act), and
-
to state whether particular matters have come to my attention.
Basis of the independent examiner’s report
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.
S.R. Sampson BFP FCA FCIE DChA Ashdown Hurrey Auditors Ltd 20 Havelock Road Hastings East Sussex TN34 1BP
Date: 21 November 2022