REGISTERED CHARITY NUMBER: 1029337
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
FOR THE BETTY MARTIN CHARITY
Lewis Brownlee (Chichester) Limited Grange House Grange Road Midhurst West Sussex GU29 9LS
THE BETTY MARTIN CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
THE BETTY MARTIN CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees present their report with the financial statements of the charity for the year ended 30 September 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's Objects are to advance education by providing financial help and training for young people to enable them to acquire marketable skills. There has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake.
Significant activities
The main area of charitable activity is the provision of top up grants to pay fees, travel expenses, maintenance, apprenticeships and for the purchase of books,tools etc.
Applicants must be resident in the county of West Sussex and preference will be given to those applicants who live within a radius of fifteen miles of Midhurst from Midhurst parish church.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
£19,369 worth of grants have been awarded during the year (£13,110 last year).This included a further £10,000 being awarded to Easebourne Primary School to maintain a Nurture Room and £5,109 being awarded to Midhurst Primary School to establish a Sensory Space.
The Clerk continues to get telephone calls, emails and post regarding grants. We receive enquiries from the local college and schools and the website – Turn2us – flags up the Betty Martin Charity. Sadly the Objects have not been applicable to many of the enquiries and, if applicable, the Objects have been forwarded giving clarification.
FINANCIAL REVIEW
Financial position
The investment income has increased from £21,901 last year to £28,180 this year.
The overall expenditure has increased from £26,776 to £33,204. This includes the significant grants awarded to Easebourne Primary School and Midhurst Primary School.
The investments produced unrealised losses of £175,634 compared to £134,450 unrealised gains last year.
Consequently, the balance sheet reserves have reduced from £836,342 to £655,156.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.
This is borne out by the fact that despite the far reaching effects of the pandemic, the charity's reserves total £655,156 at the end of the accounting year. Expenditure in the year (33,204) marginally exceeded income (£28,180) -before taking into account unrealised losses for the year.
Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
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THE BETTY MARTIN CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
FUTURE PLANS
Although Trustee meetings in person last year were limited due to the lockdown caused by the pandemic, effective decision making via emails and other electronic communication enabled the charity to continue to deal with grant applications as before.
The Trustees are looking forward to the new year with considerable optimism and sincerely hope that significantly more local people might benefit from whatever financial support the Trust may be able to offer.
The significant financial support given to Easebourne Primary School and now Midhurst Primary School during the last three years shows how determined the Trustees are to provide help for advancing education -specifically in the local area.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
The charity was established on 30 November 1993, and is registered under the Charities Act (registration number 1029337).
Recruitment and appointment of new trustees
New Trustees are appointed with the full agreement of the board to use their skills and experience as directed. New Trustees are directed to the Charity Commission web site and specifically to the introductory guide "Charity Trustee : what's involved" (CC3a) and the detailed guidance "The essential Trustee: what you need to know, what you need to do" (CC3).
Organisational structure
The grant application procedure continues as before, the Clerk forwards by email, or scans the papers and forwards to all Trustees. The Trustees use email in their response to the applications and appropriate papers received. They "reply to all" so that each Trustee is aware of other responses.
The Trustees continue to be strict in their adherence to the Objects, with preference given to those who live within a fifteen mile radius of Midhurst Parish Church. All applications are considered.
Mr Nicholas Taylor of Charteris continues to manage the funds. Mrs Madeleine Crisp carried out the role of Clerk/correspondent.
GDPR and policy statements
The Trustees continue to follow the guidelines of General Data Protection Regulations, ensuring confidentiality for all applicants. All those seeking financial support are advised that a copy of the Privacy Policy would be available on request.
Risk management
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1029337
Principal address
Ashfield House 7 Ashfield Close Midhurst West Sussex GU29 9RP
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THE BETTY MARTIN CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
Trustees
Miss J Lorimer-Green Mr D J McCahearty Mrs E Moore Mr N W Simpson Mrs S Legrave CBE Mrs S Clark
Independent Examiner
Christine Deacon FCA CTA Lewis Brownlee (Chichester) Limited Grange House Grange Road Midhurst West Sussex GU29 9LS
Bankers
National Westminster Bank PLC 250 Bishopsgate London EC2M 4AA
Investment advisors
Charteris Treasury Portfolio Managers Ltd 8-9 Lovat Lane London EC3R 8DW
Delegated Management
Mrs M Crisp
Approved by order of the board of trustees on 1 June 2023 and signed on its behalf by:
Miss J Lorimer-Green - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BETTY MARTIN CHARITY
Independent examiner's report to the trustees of The Betty Martin Charity
I report to the charity trustees on my examination of the accounts of The Betty Martin Charity (the Trust) for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christine Deacon FCA CTA
Lewis Brownlee (Chichester) Limited Grange House Grange Road Midhurst West Sussex GU29 9LS
1 June 2023
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THE BETTY MARTIN CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Investment income | 2 | 28,180 | 21,901 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 12,324 | 11,852 |
| Charitable activities | |||
| Grants payable | 19,369 | 13,110 | |
| Other | 1,511 | 1,814 | |
| Total | 33,204 | 26,776 | |
| Net gains/(losses) on investments | (528) | - | |
| NET INCOME/(EXPENDITURE) | (5,552) | (4,875) | |
| Other recognised gains/(losses) | |||
| Gains/(losses) on revaluation of fixed assets | (175,634) | 134,450 | |
| Net movement in funds | (181,186) | 129,575 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 836,342 | 706,767 | |
| TOTAL FUNDS CARRIED FORWARD | 655,156 | 836,342 |
The notes form part of these financial statements
Page 5
THE BETTY MARTIN CHARITY
BALANCE SHEET 30 SEPTEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 6 | 636,136 | 795,343 |
| CURRENT ASSETS | |||
| Cash at bank | 20,100 | 40,999 | |
| NET CURRENT ASSETS | 20,100 | 40,999 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 656,236 | 836,342 | |
| ACCRUALS AND DEFERRED INCOME | 7 | (1,080) | - |
| NET ASSETS | 655,156 | 836,342 | |
| FUNDS | 8 | ||
| Unrestricted funds | 655,156 | 836,342 | |
| TOTAL FUNDS | 655,156 | 836,342 |
The financial statements were approved by the Board of Trustees and authorised for issue on 1 June 2023 and were signed on its behalf by:
Miss J Lorimer-Green - Trustee
Mrs S Legrave CBE - Trustee
The notes form part of these financial statements
Page 6
THE BETTY MARTIN CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
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 2019)', 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 on a going concern basis under the historical cost convention with the exception of investments which are included at market value.
Incoming resources
All income and endowments are accounted for without deduction for any costs of receivability, are recognised when there is evidence of entitlement, receipt is probable, and the amount can be measured reliably. Voluntary Income
Donations are recognised when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies are recognised when the formal offer in writing of the funding is received. Income from Charitable Activities Income is recognised when the money is received. Income from Investments Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.
All other income
All other income is recognised in the period to which it relates. Income received in advance is deferred to the period to which it relates. Gains and losses on investments
Realised gains are recognised when the investments are sold. Unrealised gains and losses are accounted for on revaluation on 30 September.
Resources used
Resources expended are accounted for on an accruals basis and are accounted for gross.
The management and activities of the charity are carried out by volunteers. This income and cost is not included in the financial statements as this voluntary contribution to the work of the charity is incalculable.
Grants
Grants and donations are accounted for when paid over, or when awarded where the award creates a binding obligation on the charity.
Taxation
The charity is exempt from tax on its charitable activities.
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.
Financial instruments
Financial instruments are classified by the trustees as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The charity has no advanced financial instruments.
Investments
Investments are stated at market value at the balance sheet date and the Statement of Financial Activities shows investment gains and losses arising from revaluation of the investment portfolio and disposals during the period.
continued...
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THE BETTY MARTIN CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
2. INVESTMENT INCOME
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Income from listed investments | 28,179 | 21,901 | |
| Deposit account interest | 1 | - | |
| 28,180 | 21,901 | ||
| 3. | RAISING FUNDS | ||
| Investment management costs | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Portfolio management | 12,324 | 11,852 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 21,901 |
| EXPENDITURE ON | |
| Raising funds | 11,852 |
| Charitable activities | |
| Grants payable | 13,110 |
| Other | 1,814 |
| Total | 26,776 |
| NET INCOME/(EXPENDITURE) | (4,875) |
| Other recognised gains/(losses) | |
| Gains on revaluation of fixed assets | 134,450 |
| Net movement in funds | 129,575 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 706,767 |
| TOTAL FUNDS CARRIED FORWARD | 836,342 |
continued...
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THE BETTY MARTIN CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
6. FIXED ASSET INVESTMENTS
| Listed | |||||
|---|---|---|---|---|---|
| investments | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 October 2021 | 795,343 | ||||
| Additions | 25,023 | ||||
| Disposals | (8,068) | ||||
| Revaluations | (176,162) | ||||
| At 30 September 2022 | 636,136 | ||||
| NET BOOK VALUE | |||||
| At 30 September 2022 | 636,136 | ||||
| At 30 September 2021 | 795,343 | ||||
| There were no investment assets outside the UK. | |||||
| Cost or valuation at 30 September 2022 is represented by: | |||||
| Listed | |||||
| investments | |||||
| £ | |||||
| Valuation in 2022 | 636,136 | ||||
| 7. | ACCRUALS AND DEFERRED INCOME | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Accruals and deferred income | 1,080 | - | |||
| 8. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | |||||
| At 1/10/21 | in funds | At 30/9/22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 836,342 | (181,186) | 655,156 | ||
| TOTAL FUNDS | 836,342 | (181,186) | 655,156 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 28,180 | (33,204) | (176,162) | (181,186) | |
| TOTAL FUNDS | 28,180 | (33,204) | (176,162) | (181,186) |
continued...
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THE BETTY MARTIN CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | |||
| At 1/10/20 | in funds | At 30/9/21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 706,767 | 129,575 | 836,342 |
| TOTAL FUNDS | 706,767 | 129,575 | 836,342 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 21,901 | (26,776) | 134,450 | 129,575 |
| TOTAL FUNDS | 21,901 | (26,776) | 134,450 | 129,575 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 1/10/20 | in funds | At 30/9/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 706,767 | (51,611) | 655,156 |
| TOTAL FUNDS | 706,767 | (51,611) | 655,156 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 50,081 | (59,980) | (41,712) | (51,611) |
| TOTAL FUNDS | 50,081 | (59,980) | (41,712) | (51,611) |
continued...
Page 10
THE BETTY MARTIN CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2022 nor for the year ended 30 September 2021.
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THE BETTY MARTIN CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 2022 £ INCOME AND ENDOWMENTS Investment income Income from listed investments 28,179 Deposit account interest 1 28,180 Total incoming resources 28,180 EXPENDITURE Investment management costs Portfolio management 12,324 Charitable activities Grants to institutions 15,109 Grants to individuals 4,260 19,369 Support costs Management Administration expenses 431 Governance costs Accountancy and legal fees 1,080 Total resources expended 33,204 Net expenditure before gains and losses (5,024) Realised recognised gains and losses Realised gains/(losses) on fixed asset investments (528) Net expenditure (5,552) |
2021 £ 21,901 - 21,901 21,901 11,852 10,000 3,110 13,110 800 1,014 26,776 (4,875) - (4,875) |
|---|---|
This page does not form part of the statutory financial statements
Page 12