**THE RED ROSE CHARITABLE TRUST (Charity Number: 1038358) ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023** Prepared by: Rathbone Trust Company Limited Port of Liverpool Building Pier Head Liverpool L3 1NW **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 INDEX** ## **Page** - 1-4 Trustees' Annual Report 5 Independent Examiner's Report 6 Statement of Financial Activities - 7 Balance Sheet - 8-15 Notes to the Accounts (include Accounting Policies) ## **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 TRUSTEES' ANNUAL REPORT** The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 31 May 2023. ## **Objectives and Activities** The Trustees hold the original sum and any further sums and any further property paid to them and all other subscriptions and donations made and given for the charity's purposes UPON TRUST so the funds shall be applied in accordance with the provisions hereinafter contained for the following purposes:- - (a) To pay or apply the income of the trust fund as it arises and may in their discretion at any time or times pay or apply the whole or any part or parts of the capital thereof upon trust in or towards the furtherance of such charitable purpose or charitable purposes and if more than one in such proportions and in such manner in all respects as the Trustees shall from time to time think fit. - (b) For the general purposes of such institution of any charitable purpose or purposes connected with the advancement of education or relief of poverty, paying special regard to:- - the payment of the whole or part of the educational expenses of students at colleges or universities in cases where such expenses cannot be provided by the parents or guardians. Such grants can be in the form of Scholarships or Research Groups. - the relief of sickness or ill health by providing persons, who could not otherwise afford the same, with surgical or medical treatment and comforts or facilities for convalescence. - (c) The relief of financial difficulty particularly those who come within the following groups:- - the aged - blind and disabled persons - pensioners and other persons who are compelled to live on a fixed or inadequate income. - (d) To provide financial support for such organisations that provide facilities for under privileged children and young people who reside in deprived and neglected areas. The Trustees fulfil their obligations by making grants and clearly state that their preferences are for the elderly, the physically and mentally handicapped and to the individuals who fall within those categories, with a special preference to helping people from the Merseyside, East Lancs, Wirral and North Wales areas. The Trustees do not themselves intend to engage in charitable activities other than making of charitable donations. The Trustees hold Unrestricted Funds of Income and Expendable Endowment capital. All funds are available at the Trustees' discretion and they are satisfied the funds are adequate to meet with the Charity's current objectives, which will continue for the foreseeable future. Page 1 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 TRUSTEES' ANNUAL REPORT** ## **Achievements and Performance** ## Grants: During the year the Trustees made donations to 27 organisations (24 in 2022) and a full list is detailed in the Notes to these Accounts. The Trustees comply with S17(5) Charities Act 2011 to have due regard to the Public Benefit guidance issued by the Charity Commission and are satisfied that the Charity meets the public benefit criteria when meeting its objectives. ## **Financial Review** Net income from investments and bank interest increased to £44,288 from £42,434 in 2022, with £9,986 (£11,153 in 2022) being used to generate the funds. Charitable donations awarded during the year totalled £44,000 (£27,000 in 2022), with £2,537 (£2,891 in 2022) being expended on support and office costs and £6,700 (£5,970 in 2022) being paid in respect of governance costs. Net recognised losses totalled £93,136 (net losses of £43,102 in 2022), resulting in a net decrease in total funds for the year of £112,071 (decrease of £46,683 in 2022). The Trustees held £1,378,415 of Expendable Endowment capital funds as at 31st May 2023 (£1,482,913 in 2022), which was represented by investments and cash, and donated all Unrestricted Income Funds (£7,573 held 2022). ## Investments: Most of the Trustees' capital is invested on the stock market. The value of the Trust's portfolio as at 31 May 2023 totalled £1,315,576, a decrease from £1,412,563 as at 31 May 2022. The Trustees have reviewed the movements within the portfolio throughout the financial year and discussed performance with their investment manager. The Trustees understand the movements and do not wish to make any changes to their investment objectives at this time. The position will be kept under review. ## Reserves: General reserves are unrestricted income funds, freely available to spend on furthering the charity's purposes. General reserves are those which remain after the Trustees have set aside amounts required for specific purposes, such as designated funds. Restricted Funds, Expendable Endowment and Permanent Endowment are excluded when Trustees consider the Reserves of a Charity. It is not the intention of the Trustees to build up income reserves, with all funds being available for spending at the Trustees' discretion. Accordingly, the Trustees consider any balance of Unrestricted Income Funds held at the financial year-end to be General Reserves. ## Investment Policies: As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated Rathbone Investment Management to have full discretionary day to day control of the investments. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees have in place a Policy Statement. Also in accordance with the Trustee Act 2000, the Trustees continue to regularly review the policies and conclude that no amendments need to be made to the current policies at this time. Page 2 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 TRUSTEES' ANNUAL REPORT** ## Risk assessment: The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operation, finance, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager, which is reviewed at least once a year in line with investment performance. ## **Structure, Governance and Management** The Red Rose Charitable Trust is a registered charity created by Deed dated 18 May 1994. Its governing body are the Trustees. New Trustees are elected by a majority of existing Trustees and are selected due to their connection to the current Trustees and expertise they bring to the Charity. Procedures have not been adopted for the recruitment, and training of Trustees but all ensure they continue to operate within current guidelines by discussing all issues arising as advised by the Charity Commission and Rathbone Trust Company Limited during their meetings. The Trustees ensure that they are operating within current guidelines by discussing all issues arising as advised by the Charity Commission and Rathbone Trust Company Limited during their meetings. The Trustees meet once per year to review performance and any other matters arising. All Trustees are expected to attend the meetings and play an active role in the administration of the Trust, including researching possible donees and visiting charities and events where applicable. ## **Reference and Administrative Details** Registered No: 1038358 Principal address: Rutland, 3 Church Farm Court, Lower Heswall, Wirral, CH60 0EU Trustees who served during the year and on Mr James Nigel Lewis Packer the date the report Mrs Jane Louise Fagan was approved: Mr Julian Benson Rathbone Accountancy Services:Rathbones Trust Company, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Independent Examiner Kerry Roberts, TEP FMAAT MCSI, C/o Port of Liverpool Building, Pier Head, Liverpool Bankers: Barclays Bank plc, Liverpool City Office, 48B & 50 Lord Street, Liverpool, Merseyside Investment Advisor: Rathbones Investment Management, Port of Liverpool Building, Pier Head, Liverpool Solicitors: Brabners LLP, Horton House, Exchange Flags, Liverpool, L2 3YL Page 3 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 TRUSTEES' ANNUAL REPORT** ## **Plans for the Future** The Trustees are satisfied with their aims for the Charity and its current procedures, and do not foresee any changes being required in order to meet with them and fulfil its purposes in the near future. ## **Trustees' Responsibilities** The Trustees are responsible for preparing the Trustees' Annual Report Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts, the Trustees are required to: - select suitable accounting polices and then apply them consistently; - observe the methods and principles in the Charities SORP (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable UK accounting standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the 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. ## **Declaration** The Trustees declare that they have approved the Trustees' Report above on 30th March 2024 ## **Signed by the Charity's Trustees:** _Mr J N L Packer_ ## _Mrs J L Fagan_ **………………………………………………. ………………………………………….** Mr James Nigel Lewis Packer Mrs Jane Louise Fagan ## _Mr J B Rathbone_ **……………………………………………….** Mr Julian Benson Rathbone Page 4 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 INDEPENDENT EXAMINER'S REPORT** ## **Independent Examiner's report to the Trustees of the Red Rose Charitable Trust (1038358)** I report on my examination of the accounts of the above named charity ("the Trust") for the year ended 31 May 2023, which are set out on pages 6 to 15. ## **Responsibilities of the Trustees and Independent Examiner** 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"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed. I report in respect of my examination of the charity's accounts carried out under section 145 of the 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. It is my responsibility to state whether particular matters have come to my attention. ## **Basis of Independent Examiner's Report** My examination was carried out in accordance with the 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 the 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 resent a 'true and fair' view. The report is limited to those matters set out in the statement below. ## **Independent Examiner's statement** I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided bookkeeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2019 at all times. I have completed my examination and confirm that no matters have come to my attention which give me cause to believe that in any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act, or - the accounts did not accord with the accounting records, or - the accounts did not comply with 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 for a proper understanding of the accounts to be reached. |Mrs K Roberts
**_Kerry Roberts (nee Clayton) TEP FMAAT MCSI_**
**_C/o Port of Liverpool Building, Pier Head, Liverpool_**|31st March 2024
**_Date_**| |---|---| Page 5 ## **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 STATEMENT OF FINANCIAL ACTIVITIES** **----- Start of picture text -----**
Unrestricted Total Total
Expendable Income Funds Funds
Endowment Funds 2023 2022
£ £ £ £
Notes
Income from:
Investments 3 (911) 44,554 43,643 42,434
Other Income 4 0 645 645 0
Total Income (911) 45,199 44,288 42,434
Expenditure on:
Raising funds 5 9,986 0 9,986 11,153
Charitable activities 6 0 53,237 53,237 34,861
Total Expenditure 9,986 53,237 63,223 46,014
Net gains/(losses) realised and unrealised
on investment assets 9 (93,136) 0 (93,136) (43,102)
Net income/(expenditure) (104,033) (8,038) (112,071) (46,683)
Transfers between funds 14 (465) 465 0 0
Net movement in funds (104,498) (7,573) (112,071) (46,683)
Reconciliation of funds:
Total Funds as at 1 June 2022 1,482,913 7,573 1,490,486 1,537,168
Total Funds as at 31 May 2023 1,378,415 0 1,378,415 1,490,486
**----- End of picture text -----**
The notes on pages 8 to 15 form part of these accounts. Page 6 **THE RED ROSE CHARITABLE TRUST BALANCE SHEET AS AT 31 MAY 2023** **----- Start of picture text -----**
Unrestricted Total Total
Expendable Income Funds Funds
Endowment Funds 2023 2022
£ £ £ £
Notes
Fixed Assets
Investments 9 1,315,576 0 1,315,576 1,412,563
Total Fixed Assets 1,315,576 0 1,315,576 1,412,563
Current Assets
Debtors 10 0 2,802 2,802 29
Cash at bank and in hand 11 62,839 5,548 68,387 96,581
Total Current Assets 62,839 8,350 71,189 96,610
Liabilities
Creditors:
Amounts falling due within one year 12 0 8,350 8,350 18,687
Net Current Assets 62,839 0 62,839 77,923
Total Net Assets as at 31 May 2023 1,378,415 0 1,378,415 1,490,486
Represented by:
Total Funds as at 31 May 2023 1,378,415 0 1,378,415 1,490,486
**----- End of picture text -----**
As approved and signed by the Charity's Trustees on 30th March 2024 _Mr J N L Packer Mrs J L Fagan_ **………………………………………………. ………………………………………….** Mr James Nigel Lewis Packer Mrs Jane Louise Fagan _Mr J B Rathbone_ **……………………………………………….** Mr Julian Benson Rathbone Page 7 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** ## **1 Accounting Policies** The Red Rose Charitable Trust is governed by a Settlement Deed dated 18th May 1994 and registered in England and Wales. The principal address is C/o Rutland, 3 Church Farm Court, Lower Heswall, Wirral, CH60 0EU. ## **Accounting Convention** The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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). The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. ## **Going Concern** The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a concern and thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the financial statements. ## **Charitable Funds** Unrestricted funds of income are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes. The charity holds Endowment Funds of capital which are expendable and primarily for income Monies are invested by the Trustees into shareholdings. The fund increases or decreases in line with the investment valuation. Transfers are made from the Expendable Endowment Fund to Unrestricted Income Funds at the Trustees' discretion. ## **Valuation of Investments** Investments held in the fund are included at their market value as follows: - (a) Listed securities are valued at the mid market value ruling at the accounting date. - (b) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the accounting date. - (c) Gilts are valued at the mid market value ruling at the balance sheet date and include interest which has accrued up to that date. Page 8 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** ## **Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received. Grants and donations are only included in the SoFA when the charity has an unconditional entitlement to the resource. Income from tax reclaims is included in the SoFA at the same time as the receipt to which they relate. Investment income is recorded net and includes tax deducted only when it is repayable. ## **Expenditure** Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date. Grants are recognised when the Trustees have made a commitment to the grantee. Where conditions have been imposed on the recipient, grants are recognised during the financial period the grantee has met the conditions. Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources is no longer required, provisions are reversed and charged to the SoFA. Amounts included within governance costs are those incurred in relation to the general running of the Charity and support it requires. They are not related to the direct management function. These costs are attributable to both the capital and the income of the fund and are split in accordance with how the expense incurred. They include accountancy and legal fees and the costs of trustee meetings. ## **Other recognised Gains and Losses** Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date. ## **Support Costs and Employee Benefits** The Charity has no employees. All support costs are paid from Unrestricted Funds. ## **Taxation** The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates. Page 9 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** ## **Cash and cash equivalents** Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **Financial Instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include debtors and cash and bank balances, are initially measured at price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classed as receivable within one year are not amortised. ## **Basic financial liabilities** Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. ## **Cancellation of financial liabilities** Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 10 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** |**3 Investment income**
UK Dividends and Unit Trust Income
UK Fixed interest
Unit Trust Interest
Other Income
Foreign Interest and Income
Foreign withholding tax
Accrued Income
**4 Other Income**
Bank Interest
**5 Raising funds**
Investment management costs
**6 Charitable Activities**
**_Grant making: to Institutions_**
Age UK (Wirral)
Alzheimer's Society
Amy and Friends
Blesma
Bradbury Fields
Brainwave
Caudwell Children
Claire House Children's Hospice
Combat Stress
Dale Farm Association
Dementia Research UK
Down Syndrome Association
Hope House
Inspire Foundation
International Spinal Research
Lake District Calvert Trust
Leprosy Mission, The
Macmillan Cancer Support
Carried forward|**2023**
**£**
26,880
2,464
1,467
886
13,821
(964)
(911)
43,643
**2023**
**£**
645
645
**2023**
**£**
9,986
9,986
**2023**
**£**
1,000
2,000
1,000
1,000
2,000
3,000
1,000
1,000
0
1,000
0
3,000
0
1,000
1,000
1,000
3,000
3,000
25,000|**2022**
**£**
27,816
1,240
1,090
974
12,162
(848)
0
42,434
**2022**
**£**
0
0
**2022**
**£**
11,153
11,153
**2022**
**£**
1,000
2,000
0
0
2,000
1,000
0
0
1,000
1,000
1,000
0
1,000
0
1,000
1,000
1,000
0
13,000| |---|---|---| Page 11 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** |**6 Charitable Activities (continued)**
Brought forward
Maggie's (Wirral)
Make-a-Wish Foundation
Mango Tree
Marie Curie Cancer Care
MENCAP
Motor Neurone Disease Association
Multiple Sclerosis Society
North West Cancer Research
North West Air Ambulance
Rainbow Hub
Royal Hospital for Neuro-disability
SENSE NW
Stick n' Step
Versus Arthritis
**Total Grants**
Unpresented cheque
Governance costs (note 7)
Support and administration costs (note 8)
Office costs, including interest charged
**7 Governance costs**
Accountancy and Taxation fees
Independent Examination fees
Legal fees|**2023**
**£**
25,000
1,000
1,000
1,000
1,000
3,000
3,000
2,000
1,000
0
1,000
1,000
3,000
0
1,000
44,000
0
6,700
2,537
0
53,237
**2023**
**£**
3,460
840
2,400
6,700|**2022**
**£**
13,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
0
1,000
1,000
1,000
2,000
27,000
(1,000)
5,970
2,746
145
34,861
**2022**
**£**
3,360
690
1,920
5,970| |---|---|---| ## **8 Details of Certain Expenditure - Trustees Remuneration and other benefit** Julian Rathbone, Trustee, is an employee of Rathbone Investment Management (RIM). The investment management is undertaken by RIM at their standard terms as offered to other charities. The Trustees are in no way obliged to retain RIM as investment managers but do so on the so on the basis that the terms and performance have been satisfactory when compared to to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services. Payments to RIM are detailed in Note 4. Page 12 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** Jane Fagan, Trustee, is an employee of Brabners LLP. Brabners charge legal fees for services provided during each year. Payments to Brabners LLP are detailed in Note 6. ## **Support Costs** The trustees resolved to exercise the power under clause 10 of the original settlement deed dated 18th May 1994 (the deed) to pay Nigel Packer, Trustee, for administration services provided. The costs incurred include general office costs repaid for out of pocket expenses. ||||||**2023**||**2022**| |---|---|---|---|---|---|---|---| ||||||**£**||**£**| ||Trust Administration fees - J N L Packer Esq||||2,537||2,746| ||No out of pocket expenses|were repaid|during the|financial year|(£0 in 2022).||| |**9 **|**Investments**||||||| |||Value at|Purchases|Sales|Realised|Unrealised|Value at| |||31/05/22|at cost|proceeds|Gains/(Losses)|Gains/(Losses)|31/05/23| |||£|£|£|£|£|£| ||_Quoted:_||||||| ||UK Investment Bonds|_104,083_|54,560|0|0|(5,661)|152,982| ||Overseas|_586,184_|0|(40,671)|(7,792)|(24,644)|513,077| ||UK Equities & Inv. Inc|_657,099_|41,767|(59,507)|(1,751)|(48,204)|589,404| ||REIT & Property Funds|_28,160_|0|0|0|(8,360)|19,800| ||Commodities|_37,037_|0|0|0|3,276|40,313| |||_1,412,563_|96,327|(100,178)|(9,543)|(83,593)|1,315,576| |**10 **|**Debtors**
Income tax reclaimable
Investment income receivable||||**2023**
**£**
29
2,773||**2022**
**£**
29
0| ||||||2,802||29| |**11 **|**Cash at bank and in hand**
Cash at bank||||**2023**
**£**
68,387||**2022**
**£**
96,581| ||||||68,387||96,581| Page 13 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** |**12 Creditors: amounts falling due within one year**
Unsettled Investment transaction
Accountancy fees
Independent Examination fees - prior year
Accountancy fees - prior year
Independent Examination fees - prior year
**13 Financial Instruments**
**Carrying amount of financial assets**
Debt instruments receivable within one year
- Debtor
- Cash
**Carrying amount of financial liabilities**
Payable within one year
- Creditors
**Instruments measured at fair value through SOFA**
Investments at value
**14 Movements between funds**
**Balance at**
**31/05/22**
**Income Expenditure**
**£**
**£**
**£**
**Expendable Endowments**
Investments
_1,482,913_
(911)
(9,986)
**Unrestricted funds:**
General funds
_7,573_
45,199
(53,237)
Total funds
_1,490,486_
44,288
(63,223)|**2023**
**2022**
**£**
**£**
0
14,637
3,460
3,360
840
690
3,360
0
690
0
8,350
18,687
**2023**
**2022**
**£**
**£**
2,773
0
68,387
96,581
71,160
96,581
8,350
18,687
1,315,576
1,412,563
**Gains /**
**Transfer Balance at**
**(Losses)**
**of funds**
**31/05/23**
**£**
**£**
**£**
(93,136)
(465)
1,378,415
0
465
0
(93,136)
0
1,378,415| |---|---| ## **15 Related Party Transactions** The trustees have considered personal or other interests in which as a result of a decision made where an individual may benefit financially or otherwise, either directly or indirectly. In order to comply with their duties, the trustees confirm the person affected does not take part in any discussion relating to the issue concerned other than to clarify facts. No related party transactions require disclosure in respect of this or the previous financial year, other than as detailed in Note 8. Page 14 **THE RED ROSE CHARITABLE TRUST ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 NOTES TO THE ACCOUNTS** ## **16 Comparative Statement of Financial Activities** |**Income from:**
Investments
**Total Income**
**Expenditure on:**
Raising funds
Charitable activities
**Total Expenditure**
Net gains/(losses) of investments
**Net Income /(Expenditure)**
Transfers between funds
**Net movement in Funds**
**Reconciliation of funds:**
Total Funds as at 1 June 2021
**Total Funds as at 31 May 2022**|**Expendable Unrestricted**
**Total**
**Endowment**
**Income**
**Funds**
**Funds**
**Funds**
**2022**
**£**
**£**
**£**
0
42,434
42,434
**0**
**42,434**
**42,434**
11,153
0
11,153
0
34,861
34,861
**11,153**
**34,861**
**46,014**
(43,102)
0
(43,102)
**(54,255)**
**7,573**
**(46,683)**
0
0
0
**(54,255)**
**7,573**
**(46,683)**
1,537,168
0
1,537,168
**1,482,913**
**7,573**
**1,490,486**| |---|---| Page 15