H E & E L BOTTELEY CHARITY SETTLEMENT Accounts- P April 2023
H E & E L BOTTELEY CHARITY SETTLEMENT
Charity number: 1036927
Accounts – 5[th] April 2023
INDEX
| 1-3. | Report of the Trustees and General Information |
|---|---|
| 4. | Independent Examiner’s Report to the Trustees |
| 5. | Statement of Financial Activities |
| 6. | Balance Sheet |
| 7-14. | Notes to the Accounts |
H E & E L BOTTELEY CHARITY SETTLEMENT
REPORT OF THE TRUSTEES for the year ended 5[th] April 2023
The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 5[th] April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
Reference and Administration Details
The charity’s name is H E & E L Botteley Charity Settlement.
Charity Registration Number: 1036927 Registered Address: c/o 10 Oaklands Road Sutton Coldfield West Midlands B74 2TB
Trustees
The Trustees and officers who served during the year and since the year end were as follows:
S L Botteley R Barney D Pelekani
Objects and Activities
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.
The aims of the Charity are to render assistance to charitable institutions or the charitable purposes thereof or any other charitable purposes.
Under the Terms of the Settlement the Trustees have wide powers of investment. Whilst the Trustees generally make payment for charitable donations out of accumulated income, they may, at their discretion make payments out of capital. There is therefore no permanent endowment and all the funds of the Charity are unrestricted.
Procedures and Policies for Grant Making
The Trustees normally meet biannually to consider applications for funding and to decide upon which grants they will make and to review any feedback they have received.
Achievements and Performance
During the year the Charity made 20 (2022: 17) donations to charitable organisations amounting to £30,500 (2022: £22,000), these are listed in note 4.
Financial Review
The Charity received investment income of £28,388 (2022: £26,257), £44 (2022: £1) of bank interest and £90,001 (2022: £nil) of donations, details of which are given in note 3. The Trustees made donations of £30,500 (2022: £22,000) to a wide range of charities (as shown in note 4) and governance costs amounted to £930 (2022: £900).
H E & E L BOTTELEY CHARITY SETTLEMENT
REPORT OF THE TRUSTEES for the year ended 5[th] April 2023 ( Continued)
Investment Policy
-
The generation of sufficient income to enable the charity to carry out its grant making purposes effectively, and without interruption.
-
The maintenance and enhancement of the capital at least in line with inflation over the long term.
-
To obtain a reasonable balance between capital growth and income so that the charity can meet future as well as current needs.
-
To avoid any investment that is unduly risky.
Under the terms of the settlement the Trustees have wide powers of investment. The Trustees’ policy is to invest in an appropriate mix of assets i.e. equities, fixed interest securities, alternative assets and monetary assets. The Trustees recognise that the return on equities, while expected to be greater over the longer term than those of other asset classes, are likely to be more volatile. Investment in a range of asset types should nevertheless provide the levels of return required, and mitigate volatility to achieve the Charity’s objectives.
The portfolio is to be managed on a balanced investment objective.
The Charity’s assets should be invested in line with its aims and objectives as set out in the Trust Deed. Individual investments may be excluded if perceived to conflict with Charity’s purpose. Currently this includes the following: No direct investment in companies involving tobacco production or with more than 10% turnover derived from gambling or armaments.
The Trustees have the responsibility of agreeing with investment strategy and monitoring the investment assets. The Trustees have currently appointed Evelyn Partners (formerly Smith and Williamson) to manage the portfolio on a discretionary basis. The investment manager is required to exercise the power to give effect to the principles as contained in this statement and, must have regard to the need for diversification, concentration and suitability of investments selected.
Evelyn Partners provide custody of assets via its nominee arrangements as authorised and monitored by the Financial Conduct Authority. Meetings take place with Trustees periodically to review the aims and performance of the portfolio and statements and valuations are dispatched on a quarterly basis. The appointment of the investment managed will be reviewed from time to time.
Reserves Policy
It is the policy to maintain unrestricted funds at a level sufficient to cover management and administration costs, to respond to emergency applications for grants which arise from time to time and meet ongoing and future commitments approved by the Trustees.
Structure, Governance and Management
Governing Document
H E & E L Botteley Charity Settlement is a registered charity and was formed under a Deed of Trust dated 20[th] March 1979.
Appointment of Trustees
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 the necessary steps can be taken to lessen these risks.
The Trustees annually review the risks that the Charity faces. To date these have mainly related to investment management.
E & E L BOTTELEY CHARITY SETTLEMENT
REPORT OF THE TRUSTEES for the year ended 5[th] April 2023 ( Continued)
Appointment of Trustees (continued)
Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. The chair of the Trustees is responsible for the induction of any new Trustee which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and the philosophical approach of the Charity. New Trustees would receive a copy of the previous year’s annual report and accounts and a copy of the Charity Commission leaflet ‘The Essential Trustee: What you need to know’.
Approved by the trustees on 12th November 2023 and signed on its behalf by:
S L Botteley
………………………………….. S L Botteley - Trustee
Sutton Coldfield
H E & E L BOTTELEY CHARITY SETTLEMENT
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report to the trustees on my examination of the accounts of H E & E L Botteley Charity Settlement for the year ended 5th April 2023.
Responsibilities and Basis of Report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 charity as required by section 130 of the Act; or
-
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.
A P Williams FCCA CTA A J Carter & Co Chartered Accountants
22b High Street Witney Oxon OX28 6RB
28th November 2023
H E & E L BOTTELEY CHARITY SETTLEMENT
STATEMENT OF FINANCIAL ACTIVITIES
(including an income and expenditure account) for the year ended 5[th] April 2023
| Note Income from: Donations Investments 3 Total incoming resources Expenditure on: Charitable activities 4 Total expenditure Net income/(expenditure) and net movement in funds for the year Other recognised gains and losses Realised profit/(losses) on disposal of investments Unrealised gains/(losses) on revaluation of investments Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Accumulated Designated Total Income Trust Funds Funds 2023 £ £ £ - 90,001 90,001 28,312 120 28,432 28,312 90,121 118,433 31,430 7,841 39,271 31,430 7,841 39,271 (3,118) 82,280 79,162 - (8,600) (8,600) - (81,936) (81,936) (3,118) (8,256) (11,374) 8,406 986,951 995,357 £5,288 £978,695 £983,983 |
Total Funds 2022 £ - 26,258 |
|---|---|---|
| 26,258 | ||
| 29,940 | ||
| 29,940 | ||
| (3,682) 1,163 56,027 |
||
| 53,508 941,849 |
||
| £995,357 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 7 to 14 form part of these financial statements
H E & E L BOTTELEY CHARITY SETTLEMENT
BALANCE SHEET as at 5[th] April 2023
| Note Fixed assets Investments 8 Total fixed assets Current assets Cash at bank and in hand Total current assets Liabilities Creditors falling due within one year 9 Net current assets Total assets less current liabilities Creditors:falling due after more than 1 year Provisions for liabilities Total net assets 10 The funds of the Charity Designated income funds 11 Unrestricted income funds 11 Revaluation reserve Total unrestricted funds Total charity funds |
2023 £ 965,354 965,354 19,559 19,559 930 18,629 983,983 - £983,983 978,695 5,288 - 5,288 £983,983 |
2022 £ 964,878 |
|---|---|---|
| 964,878 | ||
| 31,379 | ||
| 31,379 900 |
||
| 30,479 | ||
| 995,357 - |
||
| £995,357 | ||
| 986,951 | ||
| 8,406 - |
||
| 8,406 | ||
| £995,357 |
These accounts were approved by the board of trustees and authorised for issue on: 12th November 2023 and are signed on their behalf by:
S L Botteley R M Barney ...................................................... ...................................................... S L Botteley - Trustee R Barney - Trustee
The notes on pages 7 to 14 form part of these financial statements
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS for the year ended 5[th] April 2023
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of Preparation
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Public Benefit Entity
The H E & E L Botteley Charity Settlement meets the definition of a public benefit entity under FRS102.
c) Going Concern
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern
d) Income Recognition Policies
Items of income are recognised and included in the accounts when all of the following criteria are met:
-
The charity has entitlement to the funds;
-
any performance conditions attached to the items of income have been met or are fully within the control of the charity;
-
there is sufficient certainty that receipt of the income is considered probable; and
-
the amount can be measured reliably.
Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.
-
e) Interest Receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
-
f) Fund Accounting
Accumulated income and Trust funds are unrestricted funds. The Accumulated Income Fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The trust fund has been Designated as an investment fund for the generation of income for the furtherance of the funds objectives.
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
- g) Grants Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the office is conditional, such grants being recognized as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not yet been met at the year end are noted as commitments, but not accrued as expenditure.
h) Investments
-
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
-
i) Cash at Bank and in Hand Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
-
j) Creditors and Provisions Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. Legal Status of the Charity
H E & E L Botteley Charity Settlement is a registered charity and was formed under a Deed of Trust dated 20[th] March 1979.
3. Investment income
| Dividends Real Estate Investment Trusts Other Interest |
2023 £ 23,557 2,039 120 2,716 £28,432 |
2022 £ 22,143 1,838 798 1,479 |
|---|---|---|
| £26,258 |
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
4. Analysis of expenditure on charitable activities
| Donations: Acorns (Children's Hospice) All Saints Youth Project Alzheimer's Society Birmingham City Mission Birmingham Settlement Church Mission Society Deafblind UK Disasters Emergency Committee Footsteps International Itambira Island Trust Jericho La Pepiniere Ministries Macmillan Cancer Support Marie Curie Mercy Ships Mission Aviation Fellowship Narthex Sparkhill OM (for Ukraine) Parkinsons UK Rema UK SOAR Sound Café St Giles Hospice Torch Investment management costs Independent Examiners Fees Professional fees Total 5. Net income/(expenditure) for the year This is stated after charging: Independent examiner's fee |
2023 Total £ 500 500 - 1,500 500 - 500 1,000 500 8,000 500 500 500 500 - 1,500 500 2,000 1,000 8,000 1,000 - 500 1,000 30,500 6,992 930 849 £39,271 2023 £ 930 |
2022 Total £ 500 - 500 1,000 500 1,000 - 500 500 6,000 500 500 - 500 500 1,000 - - 1,000 6,000 - 1,000 - 500 |
|---|---|---|
| 22,000 6,896 900 144 |
||
| £29,940 | ||
| 2022 £ 900 |
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
6. Related party transactions
S L Botteley, a Trustee, is also a Trustee of Rema UK which has received donations in the year totalling £8,000 (2022 £6,000) and also Itambira Island Trust which has received donations in the year totalling £8,000 (2022 £6,000).
During the year the trustee S L Botteley donated £90,001 to the charity.
7. Corporation tax
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
8. Investments
| Market value of investments at 5th April 2022 Purchases and calls Sales and redemption proceeds Realised (losses)/gains Movement in market value Market value of investments at 5th April 2023 Shareholdings Shares 3i Infrastructure Ord NPV 7,105 Allianz Technology Trust Plc Ord GBP0.25 6,800 Artemis Investment Funds 22,400 Astra Zeneca Ord US$ 0.25 220 BB Healthcare Trust Plc 7,425 Blackrock Fund Managers Ltd 7,200 Blackrock World Mining Trust 1,390 Vistry Group (Bovis Homes Group Ord GBP0.50) 1,419 BP Ord US$ 0.25 2,750 CG Portfolio Fund Plc 150 Reorg Compass - Compass Group Plc 570 Diageo Ord 28.935185p 310 |
2023 £ 964,878 188,455 (97,443) (8,600) (81,936) £965,354 2023 £ 22,381 15,130 20,147 25,507 11,212 13,108 9,035 10,586 14,677 20,253 11,543 11,374 |
2022 £ 929,382 64,461 (86,155) 1,163 56,027 |
|---|---|---|
| £964,878 | ||
| 2022 £ 25,116 18,598 - 22,735 14,107 12,856 15,926 13,495 10,530 21,246 17,864 12,336 |
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
8. Investments (continued)
| Investments (continued) | |||
|---|---|---|---|
| 2023 | 2022 | ||
| Shareholdings | Shares | £ | £ |
| Experian PLC Ord USD0.10 | 500 | 13,405 | 14,785 |
| Fidelity Japanese Values Ord GBP0.25 | 6,800 | 11,713 | 12,512 |
| Fil Inv Svcs UK | 24,759 | 25,329 | 29,538 |
| Franklin Templeton Inv Mgmt UK Mid Cap | 20,779 | 20,386 | 22,441 |
| Franklin Templeton Funds FTF Clearbridge | 10,000 | 12,840 | - |
| Fulcrum UCITS SICAV | 125 | 14,462 | - |
| Fundsmith LLP Equity I Inc NAV | 6,355 | 35,974 | 50,775 |
| GCP Asset backed Ord NPV | 13,700 | 9,590 | 13,453 |
| Guinness Asset Management Funds EquityPlc | 1,128 | 29,984 | 29,506 |
| Guinness Asset Management Funds Energy Plc | 1,200 | 14,164 | - |
| Harbourvest Gbl Private Equity | 700 | 14,280 | 36,540 |
| HSBC Holdings | 1,100 | 6,096 | 5,805 |
| Intnl Public Partnerships Ltd | 6,337 | 9,404 | 10,027 |
| Invesco Perpetual UK | 2,600 | 11,050 | 13,910 |
| JP Morgan AM UK Ltd | 7,900 | 33,615 | 39,366 |
| JP Morgan GBL EM Inc Tst PLC | 9,000 | 11,520 | 12,150 |
| JP Morgan Asia Growth & Income Plc | 4,700 | 17,202 | 18,283 |
| JP Morgan Japan Small CAP G&I Plc | 1,550 | 4,867 | 5,875 |
| Lloyds Banking Group Ord 10p | 22,500 | 10,897 | 10,419 |
| Link Fund Solutions Ltd Trojan X Inc | 15,750 | 19,906 | 20,311 |
| M&G Securities Limited Charifund Inc | 591 | 8,797 | 9,332 |
| Montenaro Asset Management UK Income | - | - | 19,642 |
| Murray International Trust Ord GBP0.25 | 2,425 | 32,543 | - |
| National Grid Ord 11.395p | 1,250 | 14,112 | 15,138 |
| Natwest Group PLC Ord GBP1.0769 | 3,400 | 8,918 | - |
| Phoenix Grp Holdings Eur0.0001 | 1,856 | 10,097 | 11,578 |
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
8. Investments (continued)
| Shareholdings Shares Picton Property Income Ltd Ord NPV 15,000 Polar Capital Funds UK - Prudential Ord 700 Real Estate Credit Inv Limited Ord NPV 8,600 Relx Plc Ord GBP0.1444 525 Reorg of Reckitt - Reckitt Benckiser Group 140 Rio Tinto Ord 10p 215 RIT Cap Partners Ord GBP1 1,050 Royal Dutch Shell 416 Schroder Unit Trusts 31,049 Scottish Mortgage Inv Trust Ord GBP0.05 3,650 Secure Income REIT Plc 10,873 Smith (DS) 2,800 SSGA SPDR ETFS Europe 560 T Bailey Fund Services Ltd 14,250 Vanguard Funds PLC 560 VH GBL Sustainable Energy Opps Plc 11,850 Warehouse REIT Plc Ord GBP0.01 13,300 Xtrackers ETC Plc Physical Gold 450 |
2023 £ 10,710 - 7,721 11,395 13,781 8,870 11,358 19,593 9,830 23,237 23,455 10,585 8,610 30,481 20,900 34,757 11,755 13,992 10,926 868,060 |
2022 £ 14,850 19,935 7,935 12,943 12,836 8,341 13,158 26,617 12,959 30,151 37,668 14,869 8,949 - 20,157 17,153 13,864 22,982 10,673 |
|---|---|---|
| 892,235 |
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
8. Investments (continued)
Fixed Interest Securities
| Shareholdings Shares Baillie Gifford & Co Strategic Bond 33,700 S&W Fund Administration Cost - UK Government Bond 0.125% 21,000 Lyxor US TIPS UCITS 275 Royal London Asset Management Bond Z 31,000 Market value of investments at 5th April 2023 9. Creditors: amounts falling due within one year Accruals |
2023 £ 24,736 - 20,385 28,966 23,207 97,294 £965,354 2023 £ 930 £930 |
2022 £ 22,687 - - 25,503 24,453 |
|---|---|---|
| 72,643 | ||
| £964,878 | ||
| 2022 £ 900 £900 |
- Analysis of net assets between funds
| Investments Cash at bank and in hand Other net current assets/(liabilities) Creditors of more than one year Total |
General Designated Restricted Fund Trust Fund Funds Total £ £ £ £ - 965,354 - 965,354 6,218 13,341 - 19,559 (930) - - (930) - - - - |
|---|---|
| £5,288 £978,695 £- £983,983 |
- Analysis of charitable funds
Analysis of movements in designated trust funds
| Designated trust fund Total |
Balance Incoming Resources Other Funds 6.4.2022 resources expended gains/losses 5.4.2023 £ £ £ £ £ 986,951 90,121 (7,841) (90,536) 978,695 |
|---|---|
| £986,951 £90,121 £(7,841) £(90,536) £978,695 |
H E & E L BOTTELEY CHARITY SETTLEMENT
NOTES TO THE ACCOUNTS
for the year ended 5[th] April 2023 (continued)
Analysis of movements in accumulated income
| Accumulated income Total |
Balance Incoming Resources Other Funds 6.4.2022 resources expended gains/losses 5.4.2023 £ £ £ £ £ 8,406 28,312 (31,430) - 5,288 |
|---|---|
| £8,406 £28,312 £(31,430) £- £5,288 |