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2023-04-05-accounts

PAYNE GALLWEY 1989 CHARITABLE TRUST FINANCIAL STATEMENTS

5 APRIL 2023 (CHARITY NO 1016286)

BREWERS

Chartered Accountants & Registered Auditors Bourne House Queen Street Gomshall Surrey GU5 9LY

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

Contents Page
Legal and Administrative Information 3
Annual Report of the Trustees 4
Auditors report 8
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Accounts 13

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

LEGAL AND ADMINISTRATIVE INFORMATION

Reference and Administrative information

TRUSTEES

John Alan Ritchie (deceased August 2022) Edward Leigh-Pemberton Emma Nutt Caroline Todhunter Charles Leigh-Pemberton

AUDITOR

Brewers Chartered Accountants Bourne House Queen Street Gomshall Surrey GU5 9LY

BANKERS

Brown Shipley Private Banking Founders Court Lothbury London EC2R 7HE

INVESTMENT MANAGERS

Evelyn Partners 45 Gresham Street London EC2V 7BG

PRINCIPAL OFFICE

C/o The Estate Office Manor Farm Little Coxwell Faringdon Oxon SN7 7LW

WEBSITE

www.pgct.co.uk/home

SOLICITORS

Humphries Kirk 17 Market Street Crewkerne Somerset TA18 7JU

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

ANNUAL REPORT OF THE TRUSTEES

The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements, comply with the Statement of Recommended Practice: Accounting and Reporting for Charities; statement of recommended practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards including the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102 2[nd] Edition, effective January 2019), the Trust Deed and the Charities Act 2011.

Structure and Governance

The Trust, a registered charity - number 1016286, was originally created by Deed dated 11 January 1987 with initial capital of £200 from Sir Philip Frankland Payne-Gallwey, Bart, who also gave 15,000 British Bloodstock Agency Plc 25p Ordinary shares to the Settlement at his original cost of £2,187 (market value on date of Settlement £23,475) with hold over relief being claimed for Capital Gains tax purposes.

Following discussion with the Charity Commission an amended Deed was drawn up dated 1 November 1989 and the assets of the original Trust Fund were re-appointed to this Trust Fund under its terms and conditions namely that its object is to “support such Charitable Institution or Institutions as the Trustees shall in their discretion from time to time determine”.

The Trustees have fulfilled their obligations under the Trust making various donations to charities as shown in the attached accounts.

On the death of Mrs J Payne-Gallwey on 6 June 1996 a Deed of Variation was executed whereby investments and cash totalling £200,000 were added to the Trust. Sir Philip Payne-Gallwey Bt. died on 3[rd] February 2008 and under his Will left the bulk of his estate to the Charitable Trust.

The Trust does not actively fundraise and seeks to continue its charitable work through the careful stewardship of its existing resources.

It is with great sadness that the Continuing Trustees report the death of John Ritchie on 14[th] August 2022 during the period under review; John had been a Trustee of the charity since it was established – his accounting knowledge, wise counsel and good humour will be sorely missed.

Objects of the Charity

The object of the Charity is to make a wide range of charitable grants at the discretion of the Trustees. Decisions on grants are made by all the Trustees. The Trustees identify projects and organisations they wish to support as well as some organisations who apply speculatively.

Trustee Appointment and Training

Trustees are elected at a meeting of the Board of Trustees on the basis of nominations received from the Trustees. Trustees are given training when appropriate. Were there a requirement for new Trustees these would be identified and appointed by the remaining Trustees. The day to day administration of the Trust is carried out by Edward Leigh-Pemberton with John Alan Ritchie, prior to his sad death in August 2022, assisting with the accounting.

The Trustees meet at least half-yearly but have regular contact and discussion between meetings and agree the broad strategy areas of activity for the trust including consideration of grant making, investment reserves and risk management policies and performance.

Apart from: 1) John Alan Ritchie’s charge of £Nil (2022: £450) for accounting services and 2) Trustees’ charges for travelling and phone expenses totalling £324 (2022: £568), Trustees have not charged for time spent on general matters, meetings etc, all of the Trustees give their time freely. Related party transactions are given in notes 4 and 8.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

ANNUAL REPORT OF THE TRUSTEES – CONT’D

Public Benefit

The objects of the Trust are to make a wide range of charitable donations. The Trustees confirm that they have referred to the public benefit guidance published by the Charity Commission when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant policy for the year.

The Trust furthers its charitable purposes for the public benefit through its grant making policy which aims at:

Grant Making Policy

The trust has established its grant making policy to achieve its objects for the public benefit. The trust aims to improve the lives of a wide range of beneficiaries through the grants it makes as noted above.

The trustees invite applications for grants which are reviewed by the trustees and grants are awarded based on merit by all the trustees. Decisions are minuted.

Achievements and Performance of the Trust

During the year the Trust has made donations to a wide range of beneficiaries including the sick, disabled, elderly and disadvantaged. A list of donations is given in appendix 1 to this report..

Financial Review

The principal funding source of the Trust is investment return. During the year dividends of £191,243 (2022: £173,977) were received.

Donations of £250,000 (2022: £251,100) were granted to a wide range of beneficiaries during the year.

Gains on disposal of investments were £443,694 (2022: £166,768) and losses on revaluation of investments were £974,266 (2022: Gains £143,929) in the year under review.

The net expenditure in the year before investment losses was £124,291 (2022: £142,462). At the end of the year the reserves stood at £8,361,877 (2022: £9,016,741).

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

ANNUAL REPORT OF THE TRUSTEES - CONT’D

Reserves Policy

The Trustees’ policy on reserves is to spend dividend income and to ensure reserves are sufficient to facilitate a stable donation policy; even though charitable giving exceeded investment income in the year under review, the market value of listed investments improved over the year to a level in excess of £9 million which far exceeds projected donations.

Investment Policy

The Trustees investment objectives are to achieve a balance between capital growth and to generate sufficient income to cover distributions to charitable causes.

Trust investments are managed by Evelyn Partners, Stockbrokers with whom the Trustees have an annual meeting to review its policy and to ensure that the investments continue to meet the suitability requirements of the Trustees Act 2000 and the Charity Commission’s guidance thereon; the Trustees maintain regular contact with Evelyn Partners with regard to inestment performance and management.

The extreme volatility in the stock market has made the management of investments extremely difficult, however the charity is a long-term investment and the trustees believe that a mixed portfolio of investments and cash remains appropriate. The total return on all investments before fees was approximately 3% which was better than the FTSE APCIMS Stock Market Balanced Index.

Risk Management

The Trustees have examined the major strategic business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen risks. The Trustees consider variability of investment returns to constitute the charity’s major financial risk and recent extreme volatility in world stock markets have demonstrated this risk. The Trustees have tempered this risk by ensuring a diverse portfolio of investments in shares, trusts, loan notes and government stock.

Future Plans

The Trustees intend to continue providing grants on a similar scale to the past; the Trustees will continue to take account of any increase in market value of the investments. The total grants distributed in the year amounted to £250,000 (2022: £251,100) as listed in appendix 1.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO t016286 YEAR ENDED 5 APRIL 2023 Trustses Responslbllltles In Relatlon to the Financial Ststsments The trustees are responsible for preparing the Trustees, Annual Report and the financial ststements in accordance with applicable law and regulations. The law applicable to charities in England & Wales requi￿ the trustees to Prepa￿ financial statements for each financial year in accordance wtth United Kingdom Generally A¢￿pted Accounting Practice (Unrted lthngdom Arxounting Standards and applicable law). The trustees must not approve the finanual statements unless they are satisfied that they give a true and fair view of the state of affairs of the charty and ofthe incoming resources and appli¢ation of resources, including the income and 8XP8ndtture, of the charity for that period. In preparing these financial statements, the trustees are required to: a) select suitable accounting policies and apply them consistently; b) observe the methods and principles in the Charities SORP., c) make judgments and estimates that are reasonable and prudent; d) state whether applicable accounting standards have been followed. subj'ect to any material departures disclosed and explained in the financial statements e) prepare the financial statements on the going concern basis unless it is inappro￿at8 to presume that the charty will continue to operate. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable a¢curacy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware..

there is no relevant audit information of which the Charity's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audti information and to establish that the audrtor is aware of that infomiation. kLvLd LL paJ Edward Leigh-Pemberton Signed on behalf of the Trustees

PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

AUDITOR’S REPORT TO THE TRUSTEES OF PAYNE GALLWEY 1989 CHARITABLE TRUST

Opinion

We have audited the financial statements of Payne Gallwey 1989 Charitable Trust (the ‘charity’) for the year ended 5 April 2023 which comprise Statement of Financial Activities and Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events of conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion :

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. These matters were discussed amongst the engagement team at the planning stage and the team remained alert to noncompliance throughout the audit. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustees meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent

of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BREWERS Statutory Auditor

Date: 19 September 2023

Bourne House, Queen Street Gomshall, Surrey,GU5 9LY

Brewers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

STATEMENT OF FINANCIAL ACTIVITIES

2023
Unrestricted
£
INCOME
Notes
Investment Income
2
191,243
Total Income
191,243
EXPENDITURE
Cost of raising funds
Investment manager’s costs
50,631
Charitable activities
3 -5
264,903
Total Expenditure
315,534
Net Expenditure before Investments (losses)/gains
(124,291)
Net (losses)/ gains on investments
(530,573)
Net (Expenditure)/Income
(654,864)
Net movement in funds
Reconciliation of funds
Total funds brought forward
9,016,741
Total funds carried forward
10
8,361,877		 2022
Unrestricted
£
173,977
173,977
53,972
262,467
316,439
(142,462)
310,697
168,235
8,848,506
9,016,741

Continuing activities

All the figures included in the statement of financial activities derive from continuing activities of the charity.

Total recognised gains and losses

All recognised gains and losses are included in the statement of financial activities.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

BALANCE SHEET

----- Start of picture text -----
2023 2022
Unrestricted Unrestricted
Notes £ £ £ £
FIXED ASSETS
Investments 6 8,025,670 8,752,844
CURRENT ASSETS
Cash with stockbrokers 336,932 266,895
Cash at bank 22,563 17,483
359,495 284,738
LIABILITIES FALLING
DUE WITHIN ONE
YEAR 7 (23,288) (20,841)
Creditors
NET CURRENT 336,207 263,897
ASSETS
NET ASSETS 8,361,877 9,016,741
THE FUNDS OF THE
CHARITY
Unrestricted fund 9 8,361,877 9,016,741
----- End of picture text -----

Approved by the Trustees on jq[!] 2/J\nd signed on their behalf by /C

:.lM ' Edward Leigh-Pemberton b�ww&bL.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

a) Basis of Preparation

The Payne Gallwey 1989 Charitable Trust is a public benefit entity and the accounts are prepared under the historical cost convention, except for investments which have been included at market value. The accounts are prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2[nd] Edition, effective January 2019) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements have been prepared to give a “true and fair” view and have departed from the Charities Accounts and Reports Regulations, 2008, only to the extent required to provide a “true and fair” view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 2[nd] Edition, effective from January 2019).

The accounts have been prepared on a going concern basis which assumes that the charity will continue in operational existence for the foreseeable future. The Trustees in assessing going concern have considered a period of one year from signing of these accounts.

The functional and presentational currency is sterling and the accounts have been rounded to £1.

b) Incoming Resources

All incoming resources are recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and it is probable that the income will be received that the resources will be received, and the monetary value of incoming resources can be measured reliably.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor.

c) Resources Expended

Liabilities are recognised as resources expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably. Expenditure is accounted for on an accrual’s basis. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred.

d) Charitable Activities

Costs of charitable activities include grants made, support costs and governance.

e) Grants

Grants are made to third parties in the furtherance of the charitable objectives of the Trust. Grants are recognised once the Trust has made an unconditional commitment to pay the grant.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

f) Cost of Raising Funds

The costs of generating funds consists of the investment manager’s fee.

g) Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit

h) Fixed Asset Investments

Fixed asset investments are included at transaction value and are subsequently measured at market value using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

i) Realised Gains and Losses

The trust does not acquire, or uses put options, derivatives or other complex financial instruments.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date) if later. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The charity holds only basic financial instruments, including listed investments. Listed financial investments are held at fair value. Basic financial instruments are transactions that result in the recognition of financial assets and liabilities like debtors and creditors.

Financial assets are measured at cost and amortised cost less any provision from nonrecoverability and are assessed at the end of each rereporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities.

Financial liabilities are measured at amortised cost and are held at their anticipated settlement amount.

Cash and bank and cash deposits held by stockbroker is held at face value.

l) Funds

Unrestricted funds comprise funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

2. INCOME FROM INVESTMENTS


Dividends receivable		 2023

£
191,243		 2022
£
173,977

Income from investments arises from dividends receivable from investments listed on recognised stock exchanges and interest in cash funds held by stockbrokers.

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

NOTES TO THE ACCOUNTS – CONT’D

3. CHARITABLE EXPENDITURE

Grants
Support costs
List of donations made in the year, can be found in appendix 1.
UPPORT COSTS
Accountancy
Secretarial costs and website development
Trust administration and meetings
Governance costs
Withholding taxes and sundry fees		 2023
£
250,000
14,903
264,903
2,160
3,002
324
8,100
1,317
14,903		 2022
£
251,100
11,367
262,467
450
2,488
568
7,350
511
11,367

4. SUPPORT COSTS

John Alan Ritchie, a Trustee and professional accountant received £Nil (2022: £450) for services as administrator and bookkeeper of the trust. Legal authority to pay remuneration is provided for in the trust deed dated 1 November 1989.

Expenses of £324 (2022: £568) were reimbursed to trustees for meeting expenses incurred in the year.

5. GOVERNANCE COSTS

Audit, inc. VAT

8,100 7,350

6. INVESTMENTS AT MARKET VALUE Investments on a recognised stock exchange

Cost at Purchases Disposals Gains on Cost at
Market		 at
Market		 Market
Value Value
6 April 2022 In year In year Disposals 5 April 2023
5 April 2023
5 April 2022
£ £ £ £ £ £ £
6,799,790 3,550,038 (3,746,639) 443,694 7,046,883
8,025,670		 8,752,844
oldings split between UK and overseas
2023 2022
£ £
UK 4,417,847
4,360,638
US 1,958,524
2,097,394
Europe 321,989 877,219
Far East (exc Japan) 551,049 579,982
Rest of the World 484,111 547,911
Japan 292,350 289,700
8,025,670
8,752,844

Holdings split between UK and overseas

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

NOTES TO THE ACCOUNTS - CONT’D

The 10 largest holdings as at 5[th] April 2023 were:

78,824
13,429
20,914
248,332
1,900
144,715
50,265
176,494
181,452
7,133
27,740
Ishares V11 USD Treas Bd 3-7 yr ETF
Extrackers Plc Physical Gold Etc
SEI Global Master Fund Plc
Sanlam Int’l Inflt Ltd
Fulcrum Diversified ABS Rtn
Hermes Invest Funds Plc Global Emrg Mkts
UK Gov’t Bonds 4.125% 7/2030
UK Gov’t Bonds 1% 4/2024
UK Gov’t Bonds 1.5% 7/2026
Shell Plc Ord Euro
DB Etc Index Plc
283,922
Ninety One Fund Managers UK
71,882
First Sentier Invrs
1,900 Lyxor Asset Management
6,350 Vanguard Funds
95 Alphabet Inc
13,630 Blackrock AM UK Gold & General
174,915 Sequoia Economic		 2023
2022
£
£
370,315
326,056
269,385
251,809
230,233
201,936
176,184
172,068
171,582
168,553
-
-
-
272,732
-
238,580
-
-
-
-
-
287,803
-
273,616
-
223,343
-
215,355
-
210,264
-
204,885
194,195
-
179,113
2,338,121
2,299,886

A full schedule of portfolio movements during the year and holdings at the Balance Sheet date is included as appendix 2 to this report.

Investments were held in the following sectors:

Fixed Interest & Index Linked UK
Equities UK
Equities USA
Multi Assets
Equities Japan
Equities Europe
Equities Far East
Equities others
Hedge/ABS Ret Funds
Cash
Total Investments		 2023
£
11%
20%
23%
3%
3%
5%
6%
3%
23%
3%
100%		 2022
£
11%
20%
23%
3%
3%
6%
6%
6%
19%
3%
100%

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PAYNE GALLWEY 1989 CHARITABLE TRUST - CHARITY NO 1016286 YEAR ENDED 5 APRIL 2023

7. CREDITORS: Less than one year

CREDITORS: Less than one year
Accountancy fees, exc VAT - 2022
Accountancy fees, inc VAT- 2023
Audit, inc VAT
Investment managers fees		 2023
£
450
2,160
8,100
12,578
23,288		 2022
£
450
-
7,350
13,041
20,841

NOTES TO THE ACCOUNTS – CONT’D

8. RELATED PARTY TRANSACTIONS During the year in addition to the fees paid to JA Ritchie (note 4) the following related party transactions occurred: secretarial and website costs of £2,746 (2022: £2,488) were charged by Berners Allsopp, a company of which E Leigh-Pemberton is a Director.

Reimbursement of expenses:
Trustee meetings/travel
9.
RESERVES
General fund at the beginning of the year
Net (expenditure)/income for the year
General fund at the end of the year
10.
NET DEBT / CASH & CASH EQUIVALENTS
Cash held by stockbroker
Cash at bank		 2023
£
324
2023
£
9,016,741
(654,864)
8,361,877
2023
£
336,932
22,563
359,495		 2022
£
568
2022
£
8,848,506
168,235
9,016,741
2022
£
266,895
17,843
284,738

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