2023-03-31-accounts - Duchy Of Lancaster Benevolent Fund

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`Trustees:`	`Appointed`	`Retired`
`TheViceChancelloroftheCountyPalatine(Chairman)`
`Hon.Mr.JusticeTimothyFancourt`
`TheAttorneyGeneraloftheDuchyofLancaster`
`SoniaTolaney`
`TheReceiverGeneraloftheDuchyofLancaster`
`SirMichaelStevensKCVO`
`TheLordLieutenantofLancashire`
`LordShuttleworthKG,KCVO`		`2August2023`
`AmandaParkerJPDL`	`2August2022`
`TheLordLieutenantofGreaterManchester`
`SirWarrenSmithKCVO`		`4July2022`
`DianeHawkinsSPDL`	`4July2022`
`TheLordLieutenantofMerseyside`
`MrMarkBlundell`
`Secretary:`
`MrH.Bruce-Watt`

`Administration`
`AdministrativesupportforthecharityisprovidedbyTheDuchyofLancasterfromitsofficesat`		`1LancasterPlace,Strand,London`
`WC2E7ED.`
`Advisors`
`Bankers:`	`Coutts& Co,`
	`440Strand`
	`London`
	`WC2R0QS`
`Solicitors:`	`Farrer& Co.`
	`66Lincoin'sinnFields`
	`London`
	`WC2A3LH`
`Auditors:`	`SafferyLLP`
	`71QueenVictoriaStreet`
	`London`
	`EC4V4BE`
`Investmentmanager.`	`NewtonInvestmentManagementLtd`
	`160QueenVictoriaStreet`
	`London`
	`EC4V4LA`
`investmentcustodian:`	`TheBankofNewYork`
	`4CanadaSquare`
	`London`
	`E145AL`

13 November 2023

		`Unrestricted`			`Expendable`	`Total`	`Total`
		`General`	`Restricted`		`Endowment`	`2023`	`2022`
		`Fund`	`Fund`		`Fund`		`restated`
	`Notes`	`£`	`£`		`£`	`£`	`£`
`Incomeandendowmentsfrom:`
`Endowments/ Donations`	`2`	`-`	`420,000`		`100,000`	`520,000`	`100,000`
`Investments`	`3`	`418,089`		`-`	`-`	`418,089`	`410,882`
`Total`		`418,089`	`420,000`		`100,000`	`938,089`	`510,882`
`Expenditureon:`
`RaisingFunds`	`8`	`70,672`		`-`	`-`	`70,672`	`59,960`
`Charitableactivities`	`4`	`570,644`	`417,500`		`-`	`988,144`	`620,122`
`Total`		`641,316`	`417,500`		`-`	`1,058,816`	`680,082`
`Netgains/(losses)oninvestments`	`8`	`-`		`-`	`(300,690)`	`(300,690)`	`1,750,302`
`Netincome/(expenditure)}`		`(223,227)`		`2,500`	`(200,690)`	`(421,417)`	`1,581,102`
`Transferbetweenfunds`		`200,000`		`-`	`(200,000)`	`-`	`-`
`Netmovementinfunds`		`(23,227)`		`2,500`	`(400,690)`	`(421,417)`	`1,581,102`
`Reconciliationoffunds:`
`Totalfundsbroughtforward`		`26,214`		`-`	`18,378,816`	`18,405,030`	`16,823,928`
`Totalfundscarriedforward`		`2,987`		`2,500`	`17,978,126`	`17,983,613`	`18,405,030`
		`STATEMENTOFFINANCIALACTIVITIES`
		`FORTHEYEARENDED`		`31stMARCH2022`
					`Unrestricted`	`Expendable`
					`General`	`Endowment`	`Total`
					`Fund`	`Fund`	`2022`
		`Notes`			`£`	`£`	`£`
`Incomeandendowmentsfrom:`
`Endowments`		`2`			`-`	`100,000`	`100,000`
`Investments`		`3`			`410,882`	`-`	`410,882`
`Total`					`410,882`	`100,000`	`510,882`
`Expenditureon:`
`RaisingFunds`		`8`			`59,960`	`-`	`59,960`
`Charitableactivities`		`4`			`620,122`	`-`	`620,122`
`Total`					`680,082`	`-`	`680,082`
`Netgains/(losses)oninvestments`		`8`			`-`	`1,750,302`	`1,750,302`
`Netincome/(expenditure)`					`(269,200)`	`1,850,302`	`1,581,102`
`Transferbetweenfunds`					`200,000`	`(200,000)`	`-`
`Netmovementinfunds`					`(69,200)`	`1,650,302`	`1,581,102`
`Reconciliationoffunds:`
`Totalfundsbroughtforward`					`35,454`	`16,788,474`	`16,823,928`
`Totalfundscarriedforward`					`(33,746)`	`18,438,776`	`18,405,030`

		`2023`	`2022`
	`Notes`	`£`	`£`
`FixedAssets`
`Investments`	`7`	`17,823,657`	`18,195,019`
`CurrentAssets`
`Debtors`	`9`	`6,730`	`14,164`
`Cashanddeposits`		`202,766`	`269,927`
		`209,496`	`284,091`
`Creditors:amountsfallingduewithinoneyear`
`Grantsandaccruedexpenses`	`11`	`(25,540)`	`(31,080)`
`NetCurrentAssets`		`183,956`	`253,011`
`Creditors:amountsfallingdueafteroneyear`
`Grants`	`11`	`(24,000)`	`(43,000)`
`TotalNon-CurrentLiabilities`		`(24,000)`	`(43,000)`
`NetAssets`		`17,983,613`	`18,405,030`
`CapitalFund`
`ExpendableEndowment`	`12`	`17,978,126`	`18,378,816`
`IncomeFund`
`UnrestrictedGeneralFund`	`12`	`2,987`	`26,214`
`RestrictedFund`		`2,500`	`-`
		`17,983,613`	`18,405,030`

		`Total`	`Total`
		`2023`	`2022`
	`Notes`	`£`	`£`
`Cashoutflowfromoperatingactivities`	`14`	`(485,248)`	`(541,338)`
`Cashflowsfrominvestingactivities`
`Dividendsandinterest`		`417,300`	`410,860`
`Interest`		`789`	`22`
`Saleofinvestments`
`Purchaseofinvestments`
`Netcashinflow/(outflow)frominvestingactivities`		`418,089`	`410,882`
`Changeincashandcashequivalentsintheyear`		`(67,160)`	`(130,456)`
`Cashandcashequivalentsatstart.ofyear`		`269,926`	`400,382`
`Cashandcashequivalentsatendofyear`		`202,766`	`269,926`
`Cashcomprises:`
`Cashatbank`		`202,766`	`269,926`

`Investmentincome`	`Investmentincome`				`2023`	`2022`
					`£`	`£`
`Quotedsecurities`	`:`
`Interestonfixedintereststocksanddividendsonunittrusts`					`417,300`	`410,860`
					`417,300`	`410,860`
`Bankinterest`					`789`	`22`
					`418,089`	`410,882`
`Charitableactivities`		`UnrestrictedGeneralFunds`		`RestrictedFunds`	`2023`	`2022`
		`£`	`£`	`£`	`£`	`£`
			`Supportand`
			`Governance`
		`Grants`	`costs`	`Grants`	`Total`	`Total`
`Youthandeducation`		`137,099`	`7,503`		`144,602`	`179,283`
`Older& Disabled`	`Persons`	`71,141`	`3,893`		`75,034`	`95,157`
`Communityhelp`		`271,843`	`14,877`	`417,500`	`704,220`	`290,084`
`Religiouscauses`		`43,952`	`2,405`		`46,357`	`50,900`
`Miscellaneous`		`17,000`	`931`		`17,931`	`4,698`
		`541,035`	`29,609`	`417,500`	`988,144`	`620,122`

`AllocationofSupportandGovernancecosts`			`2023`	`2022`
	`£`	`£`	`£`	`£`
	`Governance`
	`costs`	`Supportcosts`	`Total`
`Auditor'sfees- foraudit`	`6,540`	`-`	`6,540`	`5,580`
`ExpensesofTrustees`	`2,034`	`-`	`2,034`	`-`
`Otheradministrationcosts`	`21,000`	`35`	`21,035`	`20,535`
	`29,574`	`35`	`29,609`	`26,115`

`Investments`		`2023`	`2022`
		`£`	`£`
`Quotedsecurities`	`:`
`PropertyFunds`		`1,429,265`	`1,691,648`
`OtherFunds`		`16,394,392`	`16,503,371`
		`17,823,657`	`18,195,019`

`Reconciliationofmovementofinvestments`	`2023`	`2022`
`,`		`restated`
	`£`	`£`
`Quotedinvestments:`
`Marketvalueat1stApril2022`	`18,195,019`	`16,504,677`
`Managementfee`	`(70,672)`	`(59,960)`
`(Loss)/ gainsinvalueofinvestments`	`(300,690)`	`1,750,302`
`Marketvalueat31stMarch2023`	`17,823,657`	`18,195,019`
`Managementfeeshavebeendisclosedthisyearandtheprioryearisshownona comparablebasis.`
`Debtors`	`2023`	`2022`
	`£`	`£`
`Otherdebtors`	`2,500`	`-`
`Depositinterest`	`517`	`6`
`Dividendincome`	`3,713`	`14,158`
	`6,730`	`14,164`

`Grantsandaccruedexpenses`					`2023`		`2022`
					`£`		`£`
`Audit`					`6,540`		`5,580`
`Administration`
`Grants- amountsfallingduewithinoneyear`					`19,000`		`25,500`
					`25,540`		`31,080`
`Grants- amountsfallingafteroneyear`					`24,000`		`43,000`
					`49,540`		`74,080`
`Netassetsbyfund`
			`2023`			`2022`
	`General`	`Restricted`	`Expendable`		`General`		`Expendable`
	`Fund`	`Fund`	`endowment`		`Fund`		`endowment`
	`£`	`£`	`£`		`£`		`£`
`Investments`	`-`	`-`	`17,823,658`		`-`		`18,195,019`
`Currentassets`	`52,527`	`2,500`	`154,468`		`100,294`		`183,797`
`Currentliabilities`	`(25,540)`	`-`	`-`		`(31,080)`		`-`
`Non-currentliabilities`	`(24,000)`	`-`	`-`		`(43,000)`		`-`
`NetAssets`	`2,987`	`2,500`	`17,978,126`		`26,214`		`18,378,816`
`Movementinfunds`
		`General`	`Restricted`		`Expendable`		`Total`
		`Fund`	`Fund`		`endowment`
		`£`	`£`		`£`		`£`
`Asat1 April2022`		`26,214`	`-`		`18,378,816`		`18,405,030`
`“Incomingresources`		`418,089`	`420,000`	`#`	`100,000`		`938,089`
`Outgoingresources`		`(641,316)`	`(417,500)`	`#`	`-`		`(1,058,816)`
`InvestmentsGains/(losses)`		`-`	`-`		`(300,690)`		`(300,690)`
`Transfersbetweenfunds`		`200,000`	`-`		`(200,000)`		`-`
`Asat31March2023`		`2,987`	`2,500`		`17,978,126`		`17,983,613`
`Reconciliationofnetincome/(expenditure)tonetcashinflowfromoperatingactivities`
					`2023`		`2022`
					`£`		`£`
`Netincome/(expenditure)asperstatementoffinancialactivities`					`(421,417)`		`1,581,102`
`Adjustedfor:`
`Net(gains)/lossesoninvestments`					`300,690`		`(1,750,302)`
`Investmentincome`					`(418,089)`		`(410,882)`
`InvestmentManagementfees`					`70,672`		`59,960`
`(Increase)/decreaseinreceivables`					`7,433`		`(8,144)`
`(Decrease)/increaseinpayables`					`(24,537)`		`(13,072)`
`Netcashoutflowfromoperatingactivities`					`(485,248)`		`(541,338)`


`YOUTHANDEDUCATION`		`£`
`AirCadets(MerseysideWing)` `AlderHeyChildren'sCharity` `ButterfliesChildrensCharity` `CancerHelp(Preston)Lid` `ChildActionNorthwest` `Escape2Make` `GoldenGlovesBoxingClub` `GreaterManchesterMagistratesassoc` `HOBYUK` `InspireYouthZone` `LiverpoolBiennial` `LiverpoolCommonwealthAssociation(MAST)` `MancunianWay` `MAST` `MerseysideCommunityTrainingLtd` `MethodistCentre(Toxteth)` `NeneValleyCareTrust` `PCCofPrestonParish(PrestonMinster)` `Ruby'sFund` `SeftonChildren'sTrust` `SevenSpringsoutdooractivityCentre` `ShaftesburyYouthClub` `ThePrince'sTrust` `ThePrince'sTrust` `TLC:TalkListenchange` `LancasterRoyalGrammarSchoolbursaryfund` `HarperAdamsDevelopmentTrustbursary` `MoultonCollege bursary` `MyerscoughCollegeofAgriculturebursaryfund` `Returnof1 bursaryunfilled` `LancasterPriory(Organscholarshipbursary)` `LancasterUniversityRegionalHeritageUnit`		`3,500` `5,000` `2,000` `3,500` `2,500` `5,000` `3,000` `2,000` `3,000` `5,000` `2,000` `2,000` `4,960` `4,000` `3,000` `5,000` `3,000` `5,000` `2,500` `5,000` `2,000` `3,000` `2,000` `3,203` `2,000` `5,000` `5,000` `5,000` `5,000` `(2,500)` `3,000` `9,000`
`Totalof38grantseachbelow£2,000`		`34,936`
`Returnedgrantsorincrease/(reductions)infuturecommitments` `Various`	`:`	`(10,500)`
		`137,099`

`TargetOvarianCancer`
`TheTerence O'GradySocialclub`
`TheWheelyboatTrust`
`WalkingwiththeWounded`
`WaithewHouse`
`WestCoastCrashWheelchairRugby`
`WestCoastCrashWheelchairRugbyClub`
`WirralHospiceStJohn's`
`Younglivesv Cancer`
`Totalof19grantseachbelow£2,000`
`Returnedgrantsorreductionsinfuturecommitments`	`:`
`Various`
`COMMUNITYHELP`
`ArkofHope`
`ArmyofKindness`
`Aspire2InspireCommunities`
`Asylum& RefugeeCommunity,Blackburn`
`Barnabus`
`BayVolunteers(HopeChurchLancaster)`
`Blackburn& DarwenFoodbanks`
`BlackburnFoodbank`
`BlackburnStLuke'sStMark& StPhilipsParochialChurchCouncil`
`BlackburnYouthZone`
`Blackpool'sVoice`
`Blackpool'sVoice`
`Bridge2(Liverpool)`
`BridgingtheGap`
`BrookfieldSpaceplace`
`BurnleyFCintheCommunity`
`BurnleyFCintheCommunity`
`CAPAccountPadihamPCC`
`CaritasReddoor`
`CaritasCornerStone`
`CaritasLalleycentre`
`CaritasCornerstone`
`CaritasRedDoor`
`Centrepoint`
`Chelwood FoodbankPlus`
`Cherish(ReachandConnect)`
`ChorleyUnitedReformedChurch(TheHollinshead`	`Centre)`
`ClitheroeCricket,BowlingandTennisClub`
`Coffee4Craig`
`Coffee4Craig`
`CommunityLarder,StAidansChurch,BamberBridge`
`CommunitySolutionsNorthwest`
`CommunitySolutionsNorthwest`
`CompassionActscommunitypantriesSouthport`
`CrawshawboothVillageCommunityCentreFoodbank`
`CreweKindergartenAllotmentProject`
`CurryontheStreet`
`CurryontheStreet`

`DestitutionProject`	`5,000`
`DisabilityEquality(NW)Ltd`	`3,000`
`DownhamVillageHall`	`5,000`
`EcumenicalCentre,Skelmersdale`	`2,500`
`Eggcup`	`5,000`
`ElishaHouse(Colne)`	`2,500`
`EmergeFareshare`	`5,000`
`EmmausBolton`	`2,000`
`EmmausBolton`	`5,000`
`EmmausSalford`	`2,000`
`EmmausSalfordLuciesPantry`	`2,500`
`EmmausSouthManchester`	`4,000`
`EndFurniturePoverty`	`5,000`
`EvertonandAnfieldTogether(EAT)`	`2,500`
`Faiths4Change`	`3,500`
`FallenAngelsDanceTheatre`	`4,900`
`FarmingCommunityNetwork`	`5,000`
`FarnworthandKearsleyfoodbank`	`3,000`
`FarringdonParkCommunityGroup(RAFT)`	`3,000`
`FatimaWomensAssoc`	`2,000`
`Fortalice`	`2,000`
`FriendsofKirkbyGallery` `&PrescotMuseum`	`2,500`
`FurCiemt`	`2,500`
`FurClemt`	`2,500`
`HighHopesforHalliwellBeing`	`2,000`
`HillsideMethodistChurch,Brinscall`	`2,500`
`HillsideMethodistChurch,Brinscall`	`3,000`
`Hisprovision4Blackpool`	`2,500`
`Hisprovision4Blackpool`	`3,000`
`HollinsheadCentre(OpenKitchen)`	`2,500`
`HollinsheadCentre(OpenKitchen)`	`3,000`
`IncredibleEductaionCIC`	`2,000`
`IndependenceInitiative( IndyPantry)Bootle`	`3,000`
`LametHabayeb`	`2,000`
`LancashireandRegionDietaryEducationResource(CIC)(TheLarder)`	`3,700`
`LeylandFoodbank- ChurchesTogetherinLeyland`	`2,500`
`LeylandFoodbank- ChurchesTogetherinLeyland`	`3,000`
`LifeshareLtd`	`5,000`
`LondonCommunityFoundation`	`4,590`
`L30CommunityCentreNetherton`	`2,000`
`Mahdio`	`5,000`
`ManchesterSikhFoundation(Feedmycity)`	`5,000`
`ManchesterSikhFoundation(Feedmycity)`	`2,000`
`MaundyReliefTrust`	`2,500`
`MaundyReliefTrust`	`3,000`
`MorecambeBayFoodbank`	`2,500`
`MorecambeBayFoodbank`	`3,000`
`MustardTree`	`2,000`
`MustardTree`	`5,000`
`NelsonCommunityMasjidFoodbank`	`2,500`
`NelsonCommunityMasjidFoodbank`	`3,000`
`NorthWestairambulanceMajorgrant`	`5,000`
`NumberSeven`	`16,900`
`OldhamFoodbank`	`5,000`
`OrmskirkFoodBank`	`2,500`
`OrmskirkFoodBank`	`3,000`
`OsunArtsFoundation`	`2,275`

`ParkPalacePonies`	`5,000`
`ParkRootsCIC(FOBP)`	`3,000`
`PCCSt.GeorgeHuyton`	`2,500`
`PrestonCommunityHubFoodbank`	`2,500`
`PrestonCommunityHubFoodbank`	`3,000`
`PrestonMinsterFoodbank`	`3,000`
`RABILincolnshireBacktoSchoolSupport`	`5,000`
`RABINothamptonshirefoodparcels`	`4,900`
`RangemoreParish,Needwoodoutdoorplay`	`4,697`
`ReachouttotheCommunity`	`3,000`
`RedeemingOurCommunities`	`2,000`
`ResourceBlackburn`	`5,000`
`RibbleValleyFoodbank(overseenbytheRibbleValleyGatewayTrust)`	`2,500`
`RibbleValleyFoodbank(overseenbytheRibbieValleyGatewayTrust)`	`3,000`
`RochdaleFoodbank`	`4,000`
`RochdaleFoodbank`	`2,000`
`SalfordFoodbank`	`2,500`
`SalfordFoodbank`	`2,500`
`SalfordFoodbank`	`2,000`
`SalfordLoavesandFishes`	`2,000`
`Skelmersdale& DistrictFoodbank`	`3,000`
`SoupKitchen`	`5,000`
`StAnnsHospiceMajorgrant`	`5,000`
`StHelensMobilePantry`	`5,500`
`StJohnTheEvangelistChurch(LittleThorntonHub)`	`5,000`
`StLeonard’sYouthandCommunityCentrecommunitypantries`	`5,000`
`StMatthews`	`3,000`
`StarAcademies- HighfieldAcademy`	`3,000`
`StarAcademies- TheValleyLeadershipAcademy,Bacup`	`2,500`
`StarAcademiesFamilyFoodBank- MorecambeBayAcademy`	`3,000`
`StarAcademiesFamilyFoodBank- TauheedulIslamBoys'HighSchool`	`2,500`
`StockportFoodbank`	`5,000`
`StretfordFoodbank`	`2,500`
`TamesideEastFoodbank`	`4,000`
`TheBillyProjectCIC`	`2,500`
`TheBoltonGuildofHelp`	`2,000`
`TheBoltonGuildofHelp`	`2,000`
`TheBondboard`	`2,000`
`TheBondBoard`	`2,000`
`TheBoothCentre`	`2,000`
`TheBoothCentre`	`5,000`
`TheBreadandButterThing`	`5,000`
`TheBridge`	`2,500`
`TheBridgeatLeigh`	`2,900`
`TheChurchontheStreeetMinistries`	`2,500`
`TheChurchontheStreeetMinistries`	`3,000`
`TheOliveBranch(FaithinAction)`	`2,500`
`TheOliveBranch(FaithinAction)`	`3,000`
`ThePantry,Fleetwood`	`2,500`
`ThePantry,Fleetwood`	`3,000`
`TheSalvationArmyFoodbank`	`2,500`
`TheSalvationArmyFoodbank`	`3,000`
`TheWellspringStockport`	`5,000`
`TheWellspringStockport`	`2,000`
`TraffordSouthFoodbank`	`2,500`
`TraffordVeterans`	`3,252`
`TripleC Liverpool`	`2,500`

`UrbanOutreach`		`5,000`
`UrbanOutreach`		`2,000`
`VillageCentreFoodbank,Crawshawbooth`		`2,500`
`WadeHallFoodbank`		`3,000`
`WadeHallFoodbank,Leyland`		`2,500`
`Wesley'sLarder`		`2,500`
`Wesley'sLarder`		`3,000`
`WestViewCommunityAssociation`		`2,500`
`WestviewCommunityAssociation`		`3,000`
`YadVeachisomochL'Chaim`		`3,000`
`Totalof93grantseachbelow£2,000- Unrestricted`		`73,204`
`Toralof68grantseachbelow£2,000- Restricted`		`99,100`
`Returnedgrantsorreductionsinfuturecommitments`	`:`
`Various`		`(15,000)`
		`689,343`
`Unrestricted`		`271,843`
`Restricted`		`417,500`
`RELIGIOUSCAUSES`
`Liverpoo!AnglicanCathedral`
`LiverpoolParishChurch`
`MetropolitanCathedralofChristtheKing`
`RangemoreChurchBell`
`StPhilipsParishChurchLitherland`
`StVincentdePaulLiverpool`
`TheFiendsofStMarys`
`Totalof12grantseachbelow£2,000`
`Returnedgrantsorreductionsinfuturecommitments:`
`Various`
`MISCELLANEOUSCAUSES`
`DansworksDanceAcademyofPerformingArts`
`Equalities& JusticeNorthWest`
`RoyCastleLungCancerFoundation`
`Totalof10grantseachbelow£2,000`
`Returnedgrantsorreductionsinfuturecommitments:`
`Various`
`Totalofgrantsmadeintheyear`

`Assetclass...`	`Benchmark`	`Permittedrange`	`%\|Benchmarkindices` `:`
`Cash`	`4.5`	`0-10`	`Sterling7 dayLIBOR`
`Bonds`	`18.0`	`10-35`	`FTSEAllStocksAllGiltsIndex`
`UKequities`	`45.0`	`-`	`FTSEAllShareIndex`
`Overseasequities`	`22.5`	`-`	`FTSEWorldexUKIndex`
`Totalequities`	`67.5`	`45-80`
`Property`	`10`	`5-15`	`MSCIUKPropertyIndex`
`Total`	`100`		`Compositeindex`