The Craven Trust
(Charity Registration Number 1045419)
Trustees' Annual Report & Financial Statements for the year ended
31st March 2021
Charity accounts preparation & independent examination service
The Craven Trust
(Charity Registration Number 1045419)
| Contents | |
|---|---|
| Index | Page |
| Annual Report of the Trustees | 1 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cashflows | 8 |
| Notes to the Accounts | 9 |
Trustees' Annual Report
For the year ended: 31/03/21
Reference and administration details
Charity name The Craven Trust Other names the charity is known by None Registered charity number (if any) 1045419 Charity's principal address PO Box 126 Skipton BD23 9FT
Names of the charity trustees who manage the charity
Name of person (or body) Dates acted if not for Trustee Name Office (if any) entitled to appoint trustee whole year (if any) Mr G R Bowring Mr M Lovitt Mrs M Hey From 07/07/21 Mrs D Pollitt Mr S Robinson resigned 23/04/21 Mrs C M Schwaller MBE Chair Mr R Templar Treasurer Mrs J Thistlethwaite Names of the trustees for the charity, if any Name Dates acted if not for whole year None
Reference and administration details (continued)
Names and addresses of advisers Type of adviser Name Address Investment Advisor Brewin Dolphin 10 Wellington Pl, Leeds LS1 4AN Outsource Accountancy Independent Examiner Services and IE'S Hiscox Building, Peasholme Green, York, YO1 7PR Structure, governance and management Description of the charity's trusts Governing document: Trust Deed How the charity is constituted An unincorporated charity Trustee selection methods Appointed by existing trustees
Additional governance issues
The trustees of The Craven Trust are also trustees of The Beamsley Trust as provided for in The Beamsley Trust's governing document. The Beamsley Trust is now a linked charity of The Craven Trust.
Description of the charity's trusts – The Beamsley Trust
Governing document:
Charity Commission Scheme
1
An unincorporated charity
How the charity is constituted
Appointed by The Craven Trust
Trustee selection methods
Additional governance issues
The Beamsley Trust was originally an independent charity and came under the auspices of The Craven Trust in 1999.
Objectives and activities
Summary of the objects of the charity set out in its governing document
To provide financial assistance for such charitable purposes as the trustees in their discretion think fit including for example:-
the provision of financial assistance to other registered charities the relief of financial need among people the relief of sickness
the advancement of the education of the public
but only within the ancient archdeaconry of Craven in the Bradford diocese which includes Keighley and Craven District.
The Beamsley Trust:
Subject to the payment of expenses, the trust shall apply the income of the Charity in relieving either generally or individually persons who are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons with a preference being given to persons resident in the area of the former Ancient Parish of Beamsley.
The trustees may pay for such items, services or facilities by way of donations, subscriptions to institutions or organisations which provide or which undertake in return to provide such items, services or facilities for such persons.
Summary of the main activities undertaken for the public benefit in relation to these objects
Trustees address the needs of the widest range of people and communities in its area of benefit by awarding grants to locally based groups whose aims reflect the trust's objectives. This could for example be through activities that improve people's health, address social isolation, provide learning opportunities, or enable better access to sports and arts; and improvements to community buildings.
While the Craven Trust primarily focuses on groups and organisations that benefit others, the Beamsley Trust enables trustees to give grants to individuals, enabling them to have a better quality of life through access to support, to services, opportunities and other activities. The Beamsley Trust also gives grants to groups who are particularly working with vulnerable people – of any age or background – who are disadvantaged by disability, poverty, economic circumstances, for example.
The trustees consider that they have complied with their duties to have due regard to the public benefit guidance published by the Charity Commission.
Additional details of objectives and activities
The trustees are supported by a part time administrator who deals with all correspondence, liaises with applicants, co-ordinates trustee meetings, provides reports and enables a central point of access.
2
Achievements and performance
Summary of the main achievements of the charity during the year
Craven Trust:
The income of the Trust was £13,645, similar to last year, however, investment income was down 10% reflected in sensible management by Brewin Dolphin during the pandemic impacted year and offset by higher donation and returned grants from previous years. The demands on the Trust were less than last year. The value of grants made was £10,500 reflecting the lower level of community infrastructure projects due to the lockdown.
In this financial year The Craven Trust supported 12 diverse projects, with grants of varying amounts, ranging from providing disabled toilets to a portable chipper for community allotments.
Beamsley Trust:
The income of the Trust is lower this year at £13,810. Investment income was 20% lower due to the investment strategy for Beamsley focusing primarily on investment income returns, a strategy impacted significantly by Covid. However, we are pleased that the loss was only 20%. The grant demand of £11,404 was similar to last year, with requests to support specific individuals increasing.
The trustees were able to support 3 groups to a total value of £1,991. We also supported 20 individuals at a total of £9,412.
Overall
The Covid19 pandemic did impact our investment income levels, however not as significantly as first assumed. The appeal for funds through The Craven Herald and Keighley News did not raise significant funds due to so many similar amazing efforts launched by various organisations to support groups during lockdown.
We do anticipate that as lockdown is relaxed many groups and individuals will find themselves left outside the central and local government relief funds and will require support from small grant making organisations such as The Craven Trust. Consequently, we will maintain flexibility about the resources available for grant awards and we have approved a policy change to enable, where appropriate, increased funds for The Beamsley Trust's support for individuals in need.
The trustees effectively transitioned to virtual meetings, however, we all look forward to not just meeting face to face as trustees, but once again getting out and about the wonderful Craven district to meet grant applicants to understand better the projects they are planning. During the year we recognised our website required modernising and commissioned a local web designer to develop a refresh. We believe it is more accessible and hope you do as well. In April 2021, Simon Robinson resigned as a trustee. His integrity, wise counsel and knowledge of raising charities' visability will be very much missed. The Chair, Caroline Schwaller, was re-appointed April 2021 for one year.
Financial review
Reserves policy
The Craven Trust fund stands at £464,250 of which £452,922 is invested to provide a continuing income to distribute as grants.
The Beamsley Trust fund stands at £408,126 of which £405,900 forms the permanent endowment which is invested to provide an income for grants.
The trustees agreed on 21st April 2021 to adopt the Charity Commission's total return regulations to The Beamsley Trust endowment funds and The Beamsley Trust restricted funds, effective from 1st April 2021. The Beamsley Trust investment fund is determined to be £267,877 and as at 31st March 2020, The Beamsley Trust unapplied total return was £64,235.
3
If insufficient suitable applications for grants are received in a year, the surplus remains invested for future income generation, but is available to be spent on grants in subsequent years.
Funds materially in deficit
None
Trustees' responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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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 accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act. 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
Signed on behalf of the charity's trustees
Signature
Signature
Name
Caroline Schwaller
Name
Robert Templar
Chair
Position (e.g. Chair etc)
13 October 2021
Treasurer 13 October 2021
Position (e.g. Chair etc)
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Date
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Date
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4
Independent examiner’s report to the trustees of The Craven Trust
I report on the accounts of: The Craven Trust for the year ended: 31st March 2021 which are set out on pages 6 to 17.
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 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:
-
1 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
-
3 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.
Karen Wood (ACMA)
13/10/2021
Date:
Outsource independent examination service The Hiscox Building Peasholme Green York YO1 7PR
5
The Craven Trust
(Charity Registration Number 1045419)
Statement of Financial Activities for the year ended:
31st March 2021
| Note Income and endowments from: Donations and legacies 3.1 Charitable activities 3.2 Investments 3.3 Total income 3 Expenditure on: Raising funds 4.1 Charitable activities 4.2 Total expenditure 4 Net incoming/ (outgoing)resources before other recognised gains/ (losses) Transfers between funds 12 Gains/(losses) on investment assets 8 Net movement in funds Total funds brought forward Total funds carried forward |
Note Income and endowments from: Donations and legacies 3.1 Charitable activities 3.2 Investments 3.3 Total income 3 Expenditure on: Raising funds 4.1 Charitable activities 4.2 Total expenditure 4 Net incoming/ (outgoing)resources before other recognised gains/ (losses) Transfers between funds 12 Gains/(losses) on investment assets 8 Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Endowment Total Total funds funds funds 2021 2020 £ £ £ £ £ 2,350 - - 2,350 2,120 1,350 919 - 2,269 1,279 9,945 12,891 - 22,836 27,235 |
|---|---|---|
| 13,645 13,810 - 27,455 30,634 |
||
| 3,058 2,751 - 5,809 5,791 14,944 15,647 - 30,591 39,208 |
||
| 18,002 18,398 - 36,400 44,999 |
||
| (4,357 ) (4,588 ) - (8,945 ) (14,365 ) |
||
| - (7,495) 7,495 - - 106,365 - 68,519 174,884 (110,404) |
||
| 102,008 (12,083) 76,014 165,939 (124,769) |
||
| 362,242 13,827 332,112 708,181 832,950 |
||
| 464,250 1,744 408,126 874,120 708,181 |
6
The Craven Trust
(Charity Registration Number 1045419)
Balance Sheet as at:
31st March 2021
| Note Fixed Assets Investments - The Craven Trust 8 Investments - The Beamsley Trust 8 Current Assets Cash at bank and in hand 9 Debtors & prepayments 10 Current Liabilities: Amounts falling due within one year Creditors and accruals 11 Current Liabilities: Amounts falling due after more than one year Creditors and accruals Funds of the Charity 12 Unrestricted Funds (General) Restricted Funds Endowment Funds Total Funds Carried Forward Net Assets/(Liabilities) Total Fixed Assets Net Current Assets/(Liabilities) Total Current Assets |
2021 £ 457,283 408,126 865,409 21,662 151 21,813 (13,102) 8,711 - 874,120 464,250 1,744 408,126 874,120 |
2020 £ 358,454 332,112 |
|---|---|---|
| 690,566 | ||
| 26,719 120 |
||
| 26,839 | ||
| (9,224) | ||
| 17,615 | ||
| - | ||
| 708,181 | ||
| 362,242 13,827 332,112 |
||
| 708,181 |
The financial statements were approved by the trustees and signed on their behalf by:
Signature
Robert Templar
Name
Treasurer
Position (e.g. Chair etc)
7
The Craven Trust
Statement of Cash Flows for the year ended:
31st March 2021
| Note Cash flows from operating activities Net income/(expenditure) for the year (Gains)/losses on investments Working capital changes (Increase)/decrease in debtors Increase/(decrease) in creditors Cash flows used in investing activities Purchase of investments 8 Sale of investments 8 Cash from investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2020 Cash and cash equivalents at 31 March 2021 Cash at bank at 31 March 2021 9 Cash equivalents at 31 March 2021 8 Net cash provided by/(used in) operating activities |
Total 2021 £ 165,939 (174,884) |
Total 2020 £ (124,769 ) 110,404 |
|---|---|---|
| (8,945 ) (31 ) 3,878 |
(14,365 ) 444 (6,675 ) |
|
| (5,098) | (20,596) | |
| (327,183 ) 302,700 |
(121,324) 146,683 |
|
| (24,483) | 25,359 | |
| (29,581 ) 57,830 |
4,763 53,067 |
|
| 28,249 | 57,830 | |
| 21,662 6,587 |
26,719 31,111 |
|
| 28,249 | 57,830 |
8
The Craven Trust
Notes to the accounts for the year ended:
31st March 2021
1.1 Basis of accounting
The financial statements are prepared under the historical cost convention and the 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 (Charities SORP (FRS 102)).
1.2 Change of basis of accounting
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
1.3 Change to previous accounts
No changes have been made to accounts for previous years.
Accounting policies
Income
Recognition of income
Income is recognised in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
receipt is probable; and
-
the monetary value can be measured with sufficient reliability.
Incoming resources with related expenditure
Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the SoFA.
Grants and donations
Grants and donations are only included in the SoFA when the charity has evidence of entitlement to the resources and receipt is probable.
Investment income
This is included in the accounts when receivable.
Expenditure and Liabilities
Expenditure
Raising funds
Cost of raising funds comprises those costs associated with attracting voluntary income.
Charitable activities
Charitable activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
9
Assets
Tangible fixed assets for use by the charity
These are capitalised if they can be used for more than one year and cost at least £750. They are valued at cost or, if gifted, at the value to the charity on receipt, less depreciation.
Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor.
10
The Craven Trust
(Charity Registration Number 1045419)
Notes to the accounts for the year ended:
31st March 2021
| 3 3.1 3.2 3.3 Grants returned Total income Investments Unit trusts Bank interest Other investment income Donations and legacies Donations and gifts Gift aid Legacies Charitable activities Income and endowments |
Unrestricted funds £ 2,145 205 - |
Restricted funds £ - - |
Endowment funds £ - - |
Total 2021 £ 2,145 205 - 2,350 2,269 2,269 22,822 14 - 22,836 27,455 |
Unrestricted funds £ 1,505 120 - |
Restricted funds £ - - - |
Endowment funds £ 495 - - |
Total 2020 £ 2,000 120 - |
|---|---|---|---|---|---|---|---|---|
| 2,350 | - | - | 1,625 | - | 495 | 2,120 | ||
| 1,350 | 919 | - | 673 | 606 | - | - 1,279 |
||
| 1,350 | 919 | - | 673 | 606 | - | 1,279 | ||
| 9,940 5 - |
12,882 9 - |
- - - |
11,020 17 - |
16,169 29 - |
- - - |
27,189 46 - |
||
| 9,945 | 12,891 | - | 11,037 | 16,198 | - | 27,235 | ||
| 13,645 | 13,810 | - | 13,335 | 16,804 | 495 | 30,634 |
11
4 Expenditure
| 4.1 4.2 Investment management fees Total expenditure Raising funds Charitable activities Grants awarded Sundry expenses Meeting costs Independent examination Insurance Office & IT costs Staff salaries Publicity and website |
Unrestricted funds £ 3,058 3,058 10,500 2,460 798 119 511 126 0 430 14,944 18,002 |
Restricted funds £ 2,751 |
Endowment funds £ - |
Total 2021 £ 5,809 5,809 21,904 4,920 1,596 238 1,022 261 - 650 30,591 36,400 |
Unrestricted funds 2,972 2,972 19,186 2,430 153 119 1,645 106 27 430 24,096 27,068 |
Restricted funds 2,819 2,819 11,612 2,430 153 119 445 106 27 220 15,112 17,931 |
Endowment funds - - - - - - - - - - - - |
Total 2020 £ 5,791 |
|---|---|---|---|---|---|---|---|---|
| 2,751 | - | 5,791 | ||||||
| 11,404 2,460 798 119 511 135 0 220 |
- - - - - - - - |
30,798 4,860 306 238 2,090 212 54 650 |
||||||
| 15,647 | - | 39,208 | ||||||
| 18,398 | - | 44,999 |
12
5 Expenses & fees
No trustees received a remuneration for services rendered during the year, nor were any trustees' out of pocket expenses reimbursed.
5.1 Fees for examination of the accounts
| 5.1 Fees for examination of the accounts Independent Examiner's fees 6 Staff costs and emoluments Gross salaries Employers National Insurance Pension Contributions Average number of employees (full time equivalent) |
2021 £ 650 2021 £ 4,792 - 128 4,920 0.2 |
2020 £ |
|---|---|---|
| 650 | ||
| 2020 £ 4,860 - - |
||
| 4,860 | ||
| 0.2 |
No employee received remuneration in excess of £60,000 (2020: Nil)
7 Grantmaking
7.1 Total value of grants
| Purpose for which grants made Various as detailed below (7.3) Individualsin need or Hardship |
Grants to organisations |
Grants to individuals |
|---|---|---|
| Total £ | Total £ | |
| 2021 12,491 - |
2021 - 9,413 |
|
| Total | 12,491 | 9,413 |
| 7.2 Grantmaking costs Support costs of grantmaking |
£ Nil |
|---|---|
13
7.3 Grants made to organisations
| Name of organisation | Purpose | Total paid £ |
|---|---|---|
| Oakworth & Area History Group Grants made by The Craven Trust 1st Castleberg Scouts, Settle North Craven Building Preservation Trust Bingley (St Ives) Riding School for the Disabled Silsden AFC St Oswalds Parish Church, Thornton in Lonsdale Settle Hub Lothersdale Village Hall Little Feet Creche, Skipton Bentham Allotments Association Bolton Road Allotments, Silsden Embsay Pre School |
Refurbishment Allotment project Portable chipper Disabled toilet Junior tea room Projector & room hire Refurbishment of drill hall Walter Morrison festival Solar panels Sheds & locks Playground repair Water pipes |
250 1,500 750 500 1,500 1,000 250 1,000 1,000 490 1,000 1,260 |
| 10,500 | ||
| Name of organisation | Purpose | Total paid £ |
| The Principle Trust, Skipton Grants made by The Beamsley Trust The Shed - Oakworth Grassington Hub Men's Shed |
Sewing machines Holidays for key workers Set up costs |
500 491 1,000 |
| 1,991 | ||
| Total grants to organisations | ||
| 12,491 |
Total grants to organisations
8 Investment assets
| 8 Investment assets | |||
|---|---|---|---|
| Add/(deduct): net gain/(loss) on revaluation Carrying (fair) value at end of year Carrying (fair) value at beginning of year Add: additions to investments at cost Less: disposals at carrying Add/(deduct): transfer in/(out) in the period |
Cash & cash equivalents Listed investments At cost At fair value 19,558 338,896 106,191 113,852 (113,852) (106,191) (7,536) - - 106,365 4,361 452,922 Craven Trust |
Total Cash & cash equivalents Listed investments At cost At fair value £ £ £ 11,553 320,559 690,566 196,509 213,331 629,883 (213,331) (196,509) (629,883) 7,495 - (41) - 68,519 174,884 2,226 405,900 865,409 Beamsley Trust |
|
| 4,361 | 405,900 865,409 |
14
Comprising: Cash at cost Investments at fair value
6,587 858,822 865,409
9 Cash at bank and in hand
| £ 516 12,383 827 27 13,753 10 Debtors and prepayments Debtors and prepayments 11 Creditors and accruals Grants to be paid - The Craven Trust Grants to be paid - The Beamsley Trust Accruals-The Craven Trust Accruals-The Beamsley Trust The Craven Trust CAF cash account CAF gold account Nat West current account Gift Aid claims outstanding Analysis of creditors falling due within one year Petty Cash |
£ 516 12,383 827 27 The Craven Trust |
£ 378 7,531 - - The Beamsley Trust Restricted |
The Beamsley Trust Endowment £ - - - - - 2020 £ 120 120 2020 £ 5,133 2,010 1,264 817 9,224 |
Total Total 2021 2020 £ £ 894 702 19,914 25,741 827 252 27 24 |
|---|---|---|---|---|
| 13,753 | 7,909 | 21,662 26,719 |
||
| 2021 £ 151 |
||||
| 151 | ||||
| 2021 £ 9,100 1,535 1,517 950 |
||||
| 13,102 |
15
12 Movement of funds
12.1 Movement of major funds
| 2021 Fund name Unrestricted funds Craven Trust Restricted Funds Beamsley Trust Endowment Funds Beamsley Trust Total Funds 2020 Unrestricted Funds Craven Trust Restricted Funds Beamsley Trust Beamsley Trust Total Funds Fund Name Endowment Funds |
£ £ 362,242 13,645 Balance b/fwd Incoming resources |
£ 18,002 Outgoing resources |
£ - (7,495) Transfers |
£ £ 106,365 464,250 Gain/loss on invest Balance c/fwd |
|---|---|---|---|---|
| 13,827 13,810 |
18,398 | - 1,744 |
||
| 332,112 - |
- | 7,495 | 68,519 408,126 |
|
| - £ - 3,490 (3,490) Transfers |
||||
| 708,181 27,455 |
36,400 | 174,884 874,120 |
||
| £ £ 424,797 13,335 Balance b/fwd Incoming resources |
£ 27,068 Outgoing resources |
Balance c/fwd £ £ (48,822) 362,242 Gain/loss on invest |
||
| 11,464 16,804 |
17,931 | - 13,827 |
||
| 396,689 495 | - | (61,582) 332,112 |
||
| - | ||||
| 832,950 30,634 |
44,999 | (110,404) 708,181 |
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12.2 Details of Funds Held
Unrestricted Funds (General)
The General fund is unrestricted and available for general purposes.
Restricted Funds
The restricted funds are only available for the purposes specified for each fund, which are:
The Beamsley Trust
Funds to be used for the objectives of the linked charity
Endowment Funds
Endowment funds are required to be retained by The Beamsley Trust, but income from these funds is utilised under restricted funds.
13 Net assets between funds
| Unrestricted Funds £ 457,283 17,123 (10,617) 463,789 Unrestricted Funds £ 358,454 10,185 (6,397) 362,242 Fixed assets Current assets Current liabilities Balance at 31st March 2021 Balance at 31st March 2020 Fixed assets Current assets Current liabilities |
Unrestricted Funds £ 457,283 17,123 (10,617) 463,789 Unrestricted Funds £ 358,454 10,185 (6,397) 362,242 Fixed assets Current assets Current liabilities Balance at 31st March 2021 Balance at 31st March 2020 Fixed assets Current assets Current liabilities |
Restricted Funds £ - 4,690 (2,485) |
Endowment Funds £ 408,126 - - 408,126 Endowment Funds £ 332,112 - - 332,112 |
Total 2020 £ 865,409 21,813 (13,102) |
|---|---|---|---|---|
| 463,789 | 2,205 | 874,120 | ||
| Restricted Funds £ - 16,654 (2,827) |
Total 2019 £ 690,566 26,839 (9,224) |
|||
| 362,242 | 13,827 | 708,181 |
14 Additional disclosures
The trustees of the Craven Trust are also trustees of the Beamsley Trust and administration costs are split evenly between the two trusts.
The two trusts are linked, with the Craven Trust being the reporting charity. The Beamsley Trust is reported as an Endowment and Restricted fund of The Craven Trust.
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