THE CHARLTON BEQUEST AND DISPENSARY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CHARLTON BEQUEST AND DISPENSARY TRUST Contents Pa Trustees, Report Independent Examiner's Report Statement of Financial AGlivitie5 Balance Sheet Notes to the Financial Statements 10-14 The following pages do not form part of the statutory a¢¢ounts.' Schedule of Investments 15- 17 Purchase of Inveslrnenls 18 Sale of Investments 19
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial slalemenls of the charity for Ihe year ended 31 March 2024. The financial stalemenls have been prepared in accordance with the accounting policies set out in note 1 to the financial slalemenls and comply with the charity's Constilulion, the Charities Act 2011, the second edition of Ihe Charities Slalemenl of Recommended Practice issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT PURPOSES AND AIMS The objects of the Charity are the provision of accommodation for letting lo poor and sick persons and lo apply income ol the Charity applicable for Telief in relieving sick and needy persons resident in the area of the former County Borough of Tynemoulh. ENSURING OUR WORK DELIVERS OUR AIMS We review our aims. objectives and activilies each year. This review looks al what we have achieved and the outcomes ol our work in the previous 12 month5. The review l¢xJks al the success of each key aclivily and Ihe benefits that they have brought lo those groups of people we are set up lo help. The review also helps us to ensure Ihal our aims, objectives and activities have remained focussed on our slated purposes We have referred to guidanee contained In the Charity's Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future aclivilies. In particulaf, the Trustees consider how planned activities will conlribule lo the aims and objectives they have sel. THE FOCUS OF OUR WORK Our main objectives for the year conlinued lo be lo provide accommodation lo the sick and needy. The slrale9ies we used lo meet Ihese objectives included.. Providing apartments lo the slck, needy and elderly. Providing or paying for items, servlces or facilities that alleviate the suflering of the sick. needy and elderly. HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT Our main 8clivilies and who we lry lo help are described below. All our charilable objectives focus on helpin9 the sick and elderly and ale undertaken lo further our charitable purp05e5 for the public benefit. WHO USED AND BENEFITED FROM OUR SERVICES? There have been no changes in the Charity's objects or policies dunng the year. The Charity attempts to achieve its objectives by means of providin9 accommodation in the form of large properties divided into apartments. The Trustees also listen sympathetically to requesls far help from Sick and needy persons. ACHIEVEMENT AND PERFORMANCE As a result of continuin9 investment the Charily's two properties are extremely well presenled and provide very comfortable accommodation for their tenants after considerable upgrading over the last 10 years. The properties continue to achieve extremely high levels of occupancy.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE (CONTINUED) Funding is provided from the Charity's own resources The properties were valued at 14 June 2023 al £1,535,000 (up from £1,280,000) and the Trustees have recognised this valuation in the 2023 financial slatemenls. The Trustees Consider that the valuation remains appropriate for the 2024 financial slalemenls. The Trust will continue lo consider and make Grants available lo the slck and needy in 2024125 in accordance with the terms of the Trust Oeed. The Trustees completed an extensive ongoing refurbishment of the Trust properties and had the revaluation when the work was completed. FINANCIAL REVIEW RESULTS FOR THE YEAR The statement of Financial Activities shows a surplus for the year before unrealised gainslllossesl on assets of £28.881 against a surplus of £29,593 in Ihe previous year. The market value of investments and properties resulted in a £133,194 increase fof Ihe year (last year £23,466 incfeasel and as a result the value of the Charity's funds increased by £162.075 10 £2,965,499. PRINCIPAL FUNDING SOURCES The Charity continues lo be self-fundlng and does not rely on funding from external sources. INVESTMENT POWERS AND POLICY Unreslricled Fund Investments are held by Wise Speke, Asset Management Division of Brewin Dolphin Securilles under a Declaration of Trust and Ihe portfolio is reviewed conslanlly, The value ol inveslmenls increased from £714,738 10 £775.713 over the year. Around 14010 of inveslmenls are held in Fixed Interest Securities and dated stock as well as all of the Inveslmenls Irealed as Reslricled Funds which increased by £64.362 10 £593,167. All cash belonging to the Charity and not needed for immediate working capital purposes is invested under the power of the Trustees. RESERVES POLICY AND GOING CONCERN The Trustees ensure Ihal there are sufficient reserves lo meet the working capital and cash flow requirements of the Charity. PLANS FOR FUTURE YEARS The Charilys future plan is lo continue lo maintain its properties to a standard that they provide first class accommodation. The Trust will continue in appfopriale cases lo award grants to Ihe sick and needy.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS CHARITY NAME: The Charllon Bequest and Dispensary Trust CHARITY NUMBER: 1055160 OPERATIONAL ADDRESS: 112 Whitley Road Whitley Bay Tyne and Wear NE26 2NE BANKERS: Lloyds Bank plc 69 Bedford Street North Shields NE29 OAU INDEPENOENT EXAMINER E J Hartshorne-Ferguson BA FCA Bell Tindle Williamson LLP The Old Post Office 63 Saville Street North Shields Tyne & Wear NE30 1AY TRUSTEES The Iruslees who served during the year and since the year end were as follows.. Key Management Personnel: Trustees, ELECTED TRUSTEES., R King (resigned 25 May 20231 V Beautyman (resigned 27 June 20231 Abbot B Steward IHay P Slephenson N Maughan M Brandrilh G Slewart {appointed 27 June 2023) D Nichol lappoinled 27 June 2023) Key Management Personnel: Informed Management HONORARY TREASURER: D Nichol MINUTE SECRETARY: K Kenny
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Charity's objects and regulations are regulated by a revised Trust Deed dated 21 O¢lober 1994 and under that Deed is consliluled as an unincorpofaled association. The original Deed was dated 13 August 1957. RECRUITMENT AND APPOINTMENT OF TRUSTEES There are eight Trustees consliluling the body of the Trust. Each Trustee 15 appointed for a five year term and subject lo re-appoinlmenl after Ihal lime. The Tru51 endeavours lo hold four meetings a year. Contact and consulialion with Trustees has been maintained by telephone and email lo ensure that Ihey are involved in decision makin9 and kept informed of Trust matters. Three Trustees conslilule a quorum. Declaration and willingness lo act as a Trustee are Signed in the minute book. Mosl traditional skills (business, financial, é¢Jucalional and management) are represented on the Board. Efforts are made lo recruit Trustees who possess the skills which the organisalion requires and membership is kept under revlew by the Board. TRUSTEE INDUCTION AND TRAINING Most Boafd members are already familiar with the practical work of the charity having received a members. handbook and an opportunity lo spend lirne in the organisalion. The induction and training process for new Board members covers.. the obligation5 of the Trustees the main documents which sel out the operational framework for the charity resourcing and the current financial position fulure plans and objeclives The tsvo properties owned by the Trust are run as Almshouses. They are operated by the Trustees under the Slandards of Almshouses Management which is a guide lo good practice for Tnjslees and Clerks lo Trustees of Almshouse Charities. All Trustees have a copy ol Ihis guide and are also laughl by precepl and example. Regular welfare visits lo residents are in force. ORGANISATION The Chadlon 8equesl and Dispensary Tru51 is managed by a 8oard of Trustees which meel al least 4 times a year. They are legally responsible for the organisalion and for the strategic direction of the organisalion. Under the direction and sup6rvision of the Chairman individual Trustees are delegated tasks and responsibilities and this ensures a smooth day lo day running of the organi5alion. The Chairman, l Hay, is responsible for the day lo day management of the Charity. RELATED PARTIES Nichol Goodwill Brown Ltd provide aGcounlancy and adminislralive services lo the Trusl. D Nichol. Honorary Treasurer ol the Trust, is a director of that company, RISK MANAGEMENT The Trustees have conducted a review of the major risks lo which the organisalion is exposed. This assessment of risk is reviewed and updated annually. Where appropriale. systems and procedures have been established lo mitl9ale risks. External risks are limited by means ol a cautiou5 investment policy and the use of Brewin Dolphin as investment advisors. Inlefnal control risks are minimiseij by the implemenlation of robust pollcies and procedures which safeguard the resources and reputation of the Of9anisalion.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Tiuslees are iesponsible for preparing a Trustees Annual Report and financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Charity Trustees to prepare financial slalemenls for each year which give a true and fair view ol the slate of affairs of the Charity and ol the incoming resources and application of resources. of the Charity for that period. In preparing these financial slalements, the Tru51ees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charities SORP.. make sound judgements and eslimale5 that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject to any material departures that musl be disclosed and explained in the financial slatemenls.. and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records Ihal disclose with reasonable accuracy al any lime the financial position of the charity and lo enable them lo ensure that the financial 51aiemenls Comply with the CharS1ies Act 2011, the applicable Charities (Accounts and Reports) Regulations. and the provisions of the Conslilution. They are also responsible for safeguarding the assets of the chafity and taking reasonable steps for the prevention and detection of fraud and other irregularilies and to provide reasonable assurance Ihal.. The Charllon Bequest and Dispensary Tryst is operating efficiently and effeclively,. All assets are safeguarded against unaulhorised use or disposllion and are properly applied., Propef accounting records are maintained, and financial informalion used within The Charlton Bequest and Dispensary Trust is reliable.. and The Charllon Bequesl and Dispensary Trust complies with relevant laws and regulations. STATEMENT OF DISCLOSURE TO OUR INDEPENDENT EXAMINER The Trustees who served during the year and up to the dale of this report are sel out on page 3. In so faT as the Trustees are aware al the time of approving our Trustees. Annual Report.. Ttte is no relevant information, being infomialion needed by the independent examinef In ¢onneclion with preparing their report, of which the charity's independent examiner is unaware.. and The Trustees, having made enquiries ol fellow Trustees Ihal they ought lo have individually taken, have each taken all the steps that helshe is obliged lo make as a Trustee in order lo make themselves aware of any relevant information and to establish Ihat the Charity's independent examiner is aware of thal infofmation.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The accounting policies of the charity have not changed duririg the year. The Trustees confirm that the financial slalements comply with Ihe requiremenls ol the Charity's governing documenl. INDEMNITY INSURANCE The Charity does not hold insurance cover in respect of the Trustees of the Charity. POLICY ON PAYMENT OF CREDITORS 11 is the Charily policy, in respect of all suppliers lo sellle the terms of paymenl when agreeing the tefms of each Iransaclion, lo ensure that suppliers are made aware of the terms of payment, and abide by the terms ol payment. INDEPENDENT EXAMINER During the year E J Hartshorne.Ferguson BA FCA of 8ell Tindle Williamson LLP was appointed as independent examiner and has expressed her willingness lo continue in that capacity. This report was approved by the Tru51ees on 21 January 2025. Signed on behalf of the Tru51ees IHay Chalrman
THE CHARLTON BEQUEST AND OISPENSARY TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARLTON BEQUEST AND DISPENSARY TRUST I report on the financial slalemenls for Ihe year ended 31 March 2024 which are sel out on pages 8 10 14. Respectlve responsibilities of the Trustees and Examlner The Charity's Trustees are responsible for the preparation of the financial stalemenls. The Charity's Trustees consider that an audit is not required for Ihis year under Section 144121 of the Charities Act 2011 (the 2011 Acl) and Ihal an independent examination is needed. 11 is my responsibility to.. examine the financial statements under section 145 of the 2011 A¢l.' follow the procedures laid down in the general directions given by the Charities Commission under section 145151 Ib) of the 2011 Act. and.. slate whether particular matters have come lo my atlenlion. Basls of Independent Examlner's Report My examination wa5 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 Trust and a comparison of the financial slalemenls presented with those records. 11 also includes consideration of any unusual items or disclosures in Ihe financial slalemenls, 8nd the seeking of explanations from the Trustees concerning any such matters. Th8 procedures undertaken do not provide all the evidence that would be required in an audil, and, conseq¢Jenlly no opinion is given as to whether the financial slalemenls present a 'true and fair view and the report is limited lo those matters set out in the slalemenl below. Independent Examiner's Statemont In connection with my examination, no maller has come lo my allenlion.. which gives me reasonable Cause lo believe that. in any material respect, Ihe requirements.. a) lo keep ac¢ounling records in accordance with section 130 of the 2011 Act.. and b) lo prepare financial slalemenls which accord with the accounting records and lo comply with the accounting requirements of the 2011 Act have nol been mel, or lo which, in my opinion, allenlion should be drawn in order lo enable a proper understanding of the financial slalemenls to be reached. E J Hart$horne.Ferguson BA FCA Bell Tlndle Willlamson LLP Chartered Accountants The Old Post Office 63 Saville Street North Shields Tyne & Wear NE30 1AY tJL£P. . / Charity Number 1055160 21 January 2025
THE CHARLTON BEQUEST AND DISPENSARY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Restricted Funds Total 2024 Total 2023 Notes INCOME: Bank interest received Investment income 380 20,111 380 20,111 18,992 Income from charitable activities Property Income 47 Linskill Terrace - Gross rents 63 Percy Park Road - Gross rents 29.634 30,640 29.634 30,640 26,865 23,830 TOTAL INCOMING RESOURCES 80,765 80.765 69,687 EXPENDITURE Expenditure on Charitable Actlvities Property Expenses.. 47 Linskill Terrace 63 Percy Park Road Governance costs 29,915 10,628 10,447 29,915 10.628 10,447 8.603 14,399 13,294 50,990 50,990 36,296 NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINSIILOSSESI Realised losses on disposal of investments 29,775 29,775 33,391 1894} 18941 {3,7981 SURPLUS FOR YEAR Unrealised gain on investment assets Property revaluation surplus 28,881 28,881 29,593 68,832 64,362 133,194 {56.841} 80,307 NET MOVEMENT IN FUNDS 97,713 64,362 162.075 53.059 RECONCILIATION OF FUNDS Fund balances brought forward at 1 April 2023 2,354.618 448.806 2,803,424 2.750,365 Fund balances carried forward at 31 March 2024 £2.452,331 £513,168 £2,965,499 £2.803,424 The noles on pages 1010 14 form part of these financial slalemenls.
THE CHARLTON BEQUEST AND DISPENSARY TRUST BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible fixed assets Investments Sinking fund investments 1.535,000 775,713 593,167 1.535,000 714,738 528,805 2,903,880 2,778.543 CURRENT ASSETS Sundry debtors Cash al bank and in hand 1,415 65,184 2.010 52,662 66.599 54,672 CREDITORS: Amounts falling due within one year Accrued liabilities 14,980) 129.7911 NET CURRENT ASSETS 61,619 24,881 NET ASSETS £2,965,499 £2.803,424 CAPITAL FUNDS Unreslricled Reslricled 2,452.331 513.168 2,354,618 448,806 TOTAL FUNDS £2.965,499 £2,803,424 These accounts wore approved by the Trustèe$ on 21 January 2025. Chairman D Nichol Honorary Treasurer The notes on pages 10 10 14 forrn part ol these financial stalemenls.
THE CHARLTON BEQUEST AND OISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis ol Pre aration The financial 51alernents have been prepared Ltnder the historical cost convention. as modified by the revaluation of fixed assets, with items recognised al cost or transaction value unless otherwise slated in the relevant notes lo Ihe financial slatemen15. The financial slalemenls have been prepared in accordance with Ihe second edition of the Charities Slalemenl of Recommended Practice issued in Oclober 2019, Ihe FinanGial Reporting Slandard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011. The charity conslilules a public benefit entity as defined by FRS 102. Pre aration of the Financlal Statements on a Goin Concern 8asls The Trustees consider that there are no material uncertainties about the Charity s ability to continue as a going concern. There are no significant judgements or key sources of eslimalion uncertainty that affect the financial slalemenls, Cash Flow Statement The Trustees have taken advantage of the exemption from including a cash flow slalemenl In the financial slal8menls on the grounds that the charity is small. Incom All income is recognised once the charlly has enlitlemenl to the income. it is probable Ihal the Income wlll be received and the amounl of incorne receivable can be measured reliably. Don8lions and grants are recognised when the ¢harity has been notified in wriling of both the amount and Ihe settlement dale. In the event that a donation is subject lo conditions that require a level of performance before the charity is enliiled lo Ihe funds. the income is deferred and not reco9nised until either those conditions are fLJlly mel, or the fulfilmenl of those conditions is wholly within conliol of the charlly and il is probable that those conditions will be fulfilled in the reporting peiiod. Investment income Is included when receivable. Incoming resources from charitable activities are accounted for when receivable. Interest on funds held on deposit is included when receivable and Ihe amount can be measured reliably by the charity.. this is nom)ally upon notification of Ihe interest paid or payable by Ihe bank. Divldends are recognised once the dividend has been declared and nolificalion has been received of the dividend due. endlture and Irrgcoverablo VAT ExpenditLtre is recognised once there Is a legal or conslrucllve obligatlon lo make a payment lo a third party.11 is probable that selllemenl will be required and Ihe amount of the obligalion can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes the costs of performances, events and olher activities undertaken to further the purpose of the Charity and their associated support costs. Govemance costs includes those costs associated with meeting the conslilulional and slalutory requirements of the charity and include Ihe Independent examination fee5 and cosls linked to the strategic management of the Charity. Irrecoverable VAT is charged as a cost againsl the aclivlty for whl¢h Ihe expendllure was incurred. 10
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontinuedl ACCOUNTING POLICIES {continuedl ort Costs Support costs are those functions that assist in the work of the charity bul do not directly undertake charitable activite$ Support costs include office costs. finance and governance costs which support the charity, activilies. These ¢0515 have been included within expenditure on charitable activities. Fund Accountin Unrestricted funds are available for use al the discretion of the Trustees in furiheran¢e of the general Objectives of the Charity and are funds which have not been designated foi other purposes. Reslricled funds are lo be used in accordance with specific restrictions imposed by Iheir donors. Tan Ible Fixed Assats Individual fixed assets are capilalised al cost, where acquired, or lair value as determined by the Trustees and are depreciated over their eslimaled useful economic lives. Llsted Investments Listed investments are shown al market value. 1.10 Fixad Assèt Invoslments Investments are a form of basic financial instrument and are initially recognised al their Iransaclion value and subsequently measured al their fair value as al the balance sheet dale using the closing quoted market price. The slalemenl of financial activities include5 Ihe nel gains and losses arising on revaluation Ihroughoul the year. 1.11 Deb or Prepayments are valued 31 the amount prepaid nel of any trade discounts due. Accrued income is COgnised al the selllemenl amount due after any trade discounl offered. 1.12 Cash at bank and In hand Cash al bank and in hand comprises a bank current account and a small pety cash balance. 1.13 Crodltors and Provisl Creditors are recognised where Ihe charity has a presenl obligation as a result of a pasl event that will probably result in the transfer of funds lo a Ihird party and Ihe amount due lo sellle the obligation can be measured or estimated reliably. Creditors are normally recognised al their selllemenl amount after allowing for any trade discounts due. 1.14 Financial Inslruments The charity only has financial asse15 and liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllemenl dale, with the exTrplion of fixed asset inveslrnenls which are subsequently measured al their lalr value as at the balance sheet date using the closing quoted market price. 11
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontinuedl GOVERNANCE COSTS 2024 2023 Governance costs comprise.. Independent Examiners fee Adminislralion and accounlan¢y Honorarium and donations Subscriptions Professional Fees {managing surveyor) Other Investment Portfolio Management Fees Propety valuation fee5 948 1.722 300 305 878 1,680 300 229 1.820 855 6,832 900 290 6,882 £10.447 £13,294 LOSS ON SALE OF INVESTMENTS Unrestricted Funds 2024 Restricted Funds Total 023 Proceeds ol sale 31 March 2023 market value 70.403 171.2971 125,858 (129,6561 Loss on sale of inveslments £(8941 £13,798) 12
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 (continued} FIXED ASSETS 47 Llnskill Terrace 63 Percy Park Road Total COSTNALUATION Al 1 April 2023 Refurbishments at cost Revaluation surplus 595,000 940,000 1,535,000 Al 31 March 2024 595,000 940,000 1,535,000 NET BOOK VALUE At 31 March 2024 £595,000 £940,000 £1.535,000 At 31 March 2023 £595,000 £940.000 £1,535,000 The freehold properties were revalued on 14 June 2023 by NE Residential, Chartered Surveyors, on an existing use open market value basis and following the completion of significant refurbishment work. The Trustees agreed that it was appropriate to reflect the valuation in the 31 March 2023 accounls and in view of the substantial upgrade work carried out on both properties on a regular basis, they are of the opinion that any provlslon for depreciation would be inappropriate. INVESTMENTS Investments comprise equities, government securities and other fixed interest securitles which are shown al market value of £775,713 (2023 £714,738). The split is as follows.. 2024 UK Fixed Interest UK Equities Overseas Equities Allernalive Investments Cash 108,601 133,947 405,160 123,314 4,691 90.454 147,645 353,104 96.001 27,534 £775,713 £714,738 SINKING FUNDS The sinking fund is represented by: Orlglnal cost 024 Orlglnal Cost 2023 Market valuè 2024 Market value 2023 Nominal value Charity Commissioners {a} £1 Accumulative shares {47 Linskill Terrace) 432.21 590 590 111,107 99,050 (b) £1 Accumulative shares (63 Percy Park Road) 1,874.36 260,657 260,857 481.835 429,549 {c} £1 Income units 11.00 225 206 £261,247 £261,247 £593,167 £528,805 13
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued} DEBTORS 2024 2023 Prepayments and accrued income £1,415 £2,010 CREDITORS: amounts falling due withln one year 2024 2023 Accruals and deferred income £4.980 £29,791 FUNDS 2gLILd Restrlctèd Balance al 1 April 2023 Surplus for year Unrealised gain on investment assets 2,354.618 28,881 68.832 448,806 84,382 Balance al 31 March 2024 £2,452,331 £513,168 Unrestricted Funds - these funds can be used in any way by the Trustees in accordance with the objectives of the charity. Restricted Funds are lo be used in accordance with specific restrictions imposed by their donors. 10. RELATED PARTY TRANSACTIONS Included wilhin governance costs is £1,722 (2023 £1,680) paid lo Nichol Goodwill 8rown Ltd in respect of accounlancy and additional administration seryices. D Nichol, honorary Ireasurer and Iruslee. is a director of that company. 11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL The charity had no paid employees during the current or previous financial year. The charity considers ils key management personnel comprises of the trustees. Trustees are reimbursed for any expenses incurred in connection with the aclivilies of the Charity. The aggregale amount reimbursed in the year was £99 {2023 £2,393) to one Trustee in respect of travel and telephone. An honorarium of £300 (2023 - £300} was paid for secretarial services. The charity Iruslees were not paid and did nol receive any other benefits from employment with the Charity in the year. 14
The Charlton B•qu•sl aftd Oispons•ry Tru8t Schedule of Inveslm8nl• lor tha year •nded 31 March 2024 Orlyinal cost or Origlnal COSt Of Markel value Market value Nomlnal valuatlon valuatlon UK BONDS Bomd Fund$ UK Govl Tfeasury eond 5% 2025 GCP Inlrastruciure Ip ord Tw¢nty Four AM Corp 8ond £1 Vanguard Inv Sef UK Gvi Bond Index Insi Pls Inc I Shares 111 pl¢ market 130XX Corp TOTAL FOR UK BONDS 8395.91 12,000 250 100 8.759 87 14.829.00 25.261 00 f1.Y800 8.619 06 10.224 00 20.487 SD 8.924 39 19.747 65 68,002 60 8.759.87 14,829 00 25,261.QO 11.346.00 19.637 00 79,832 87 8.444 28 8,676.OD 21,2fjQ QO &.600 62 20.Q43 10 67,024 00 19,637.W 79.832 87 OVERSÈAS BONDS Vanguard Inv Sor US Govt B¢nd enderson Inv Fixed Ini Monlhty Inume Janus Robeco Lux SA Gthal Credits 18H TOTAL FOR OVERSEAS 8ONO$ 220 32.203 65 1>.902.77 21.131 eo 7,258.00 48.291 77 19,092 33 16.$23 22 5.061.15 41.576 70 21.13100 7.258.00 28.J89 00 16.$13 00 S.928 40 22.451 4Q UK EauinES Royal Duteh Sh•ll'B' Ord Eui O OT Croda Ini•m4ii¢n•l Ofo sharei Rio Tinio ord Iop Exp¢rian ord USSO.10 Diageo 28p ord Taybr Wimpey Ip ord VniI8ver pl¢ 3 1111p Ofd Hal•On plc ord £0 01 GKS plc ord £0 3125 Relx ple £0 1444 Compass GfOUP I105p ¢rd Nalional Gnd ord 12 431289p Leo31 and Gèn•ral ord Z Sp Pr1*ni181 5p otd Sehr¢ders VTG Sh$ £1 S lof I feofg ES RIv•f & MercanliPe UK Equity Inc Kkrcanlil¢ Inv Tnjsl plc 25p ord 70D 10.11800 7.867.00 7.393 OQ 7.937.00 4.239 00 3.Q70.00 8,0SJ.OQ 477.00 16.159.50 11.04660 10.956 00 8,512.00 9.396.40 2.379 00 12.570.00 2.254 00 90.11800 786700 7,393.00 18.375 00 .)JJ 40 10.034 00 170 200 320 4.239 00 7.606. 2.741.00 11,926.50 2,331 70 9.588 16 13.011 20 12.590.66 5.863 00 7.832 00 2.QOO 300 700 560 3.070.00 8.053 00 477 tK) 2.035 00 7.22100 4.968 00 8.l2.40 2.035.00 7.221.00 4.988.00 2.784.00 6.746 00 9.948.4D 11.018.86 6,030,75 7.187.00 8,92fj.20 5.409.60 7.843.10 10,025.00 S42 550 3,000 810 1.178 3.003 5.000 2.784 00 6.746 00 8.62100 3.204 00 6.850 00 8.58$ 00 3.204.00 6.850.00 8.585.00 4,428.82 11.450.00 TOTAL FOR LIK EQUITIES 100.188 00 14T.644 81 83.6JO.00 133.946.88 15
The Charlton Bequo$1 and Di$pn$4ry Trust Scbedul• 01 IN$tntS lor tha year nd•d 3tIG312024 l¢oniinuedl Orlglnal CO8t or Market vJlv• cost or Martet value Norninal v&luation 31. valuitton 1.03.24 NOR TH AMERICAN EQUITIES Slryk•r Corp Com Stock SO 10 Artemi5 Fd r$ V$ Select Insiil JP Morgan Fbn¢J5 Llé US Equity In¢ I Sh•r¢g S&P 500 Bookin9 Holdings ID¢ Com $0 008 Van9uard Funds plc SSP 500 UCITS Fiaelity UCITS ICAV US Ou21ily Incomo TOTAL FOR NOR TH AMERICAN EQUITIÉS 33 17.000 20.000 1.700 7.187.85 35.227 00 25.410.00 31.203.00 8.176.00 41,876.00 7.61998 42.054 60 63,976 08 53.129.25 8.$81.84 55,828.00 7.187.85 35.227 00 11,67988 31.203.QO 8,176.00 41,876.00 15.222.32 150 $72 OS 9.345 79 80.506 40 32.580 00 70,577.63 11.48390 67,217 15 17,822 00 269,S32 87 850 2,240 149.079 BS 231.189.75 EURopeAN EQUITIES Blackrock FM Ltd Euro Dynarn FD Inc 8lackroc FM Ltd Conll Euro Inc Fund 5.000 76.000 5.814.00 23,439 00 13.219.14 29.14707 5.814.00 23,439 00 15.428.57 31.092 89 TOTAL FOR EUROPEAN EQUITleS 29.253 00 42.356.21 29.253.OD 46.521.26 JAPANESE EQUITIES &G Inw Funds Japan Bal11 Giflord Japan•$e B N4v l)c TOTAL FOR JAPANESE EQUITIES 17.900 1.250 23.017.92 26,663.84 18.4e5 00 18.465 00 19.362,50 19.3fj2 50 23.017 92 26.663 84 ASIA PACIFIC EQVITIES Fir51 SeniierlSiev4art Invr$ Asia Bny Mellon N¢wi¢n Asi& Inc s.joo 28.000 14.252.37 27,399.00 16,459.85 31,780.00 14,252.57 27.399.00 17,073.63 32.821.60 TOYAL FOR ASIA PACIFIC EQUITIES 41.851.57 48.239.85 41.651.57 49,895.25 EMERGING MARKET EQUITIES JP Morgan Ass1 Man Emg Mk15 TOTAL FOR EMERGING MARKET EQUITIES 18.000 17.448.00 11,448.00 11.94480 11,944.80 11.448.00 11.448.00 12.546.00 12.546.lJO GLOBAL INVÈSTMEP4rs Fr•nklin Tmtyiin Clarbnd9e Gbl Inf• knc Scottish Mortgago Inv TNSI 5p 10.000 1.000 10.020.00 2.679 00 13.230.00 6.786 00 10.020.00 2.679 00 I2.0.00 8.940.00 TOTAL FOR GLOBAL INVESTMENTS 12.699 00 20,016 12,899.00 21.29000 16
Tho Charlton Bequest and Dispensary Trn$t Schèdule ol In¥ostm8nts lor Ihe ye•r •hd•d 3110J12024 Icontlnutdl Orlglnal eO8t or cost or M•rktrt Nomin•l valuation valuallon valuo ABSOLUTE RETURN INVESTMENTS JP Morgan I¢VC Fund Global M•¢ro BNY Mellon Fnc Mangr Gl Dynamic Muzinich funds Gbl Tactical Hgd S In¢ P?r$¢nal Assets Tnjsl pt eo 125 TOTAL A880LUTE RETURN INVESTME14TS 4264 321 15.000 96.61 7.047.60 14.536 00 9.689.00 21.981.CM) 53.253.fl) 6.656.61 12,888.03 9,17627 24,025 00 52,745.85 14 536.00 13.060 30 9.689 00 21.981.00 46.206.00 9 032.26 23.875 00 5,000 00 PROPERTY Plackrock FU Lld I shai•s Prop S8¢$ 10,500 19.302 17.153 19,302 17.71559 TOTAL FOR PROPER TY 19.302 17,153 19.302 17.715.S9 OTHEA INVESTMEPITS HICL Inlraslrucluie plc ord £0 0001 TOTAL FOR OTHER INVESTMENTS 14.720 43 14.720 43 12.8e5.00 12.865.00 14.720.43 14,720 43 1Q.491.20 10,491 20 CASH PRODUCT 81ackrock Insiilulional C•8h Senes Pr•mi•r TOTAL FOR CASH PRODUCT 27.073 21.093.00 21.093 00 21.073 00 21.073.DQ CASM Cash deposil and dealing account Inmme •¢counl 25.678.09 1.856 31 25.6Y8.09 1.856.37 2.949 19 1.74185 2.949 19 1,741.85 TOTAL CASH 27,534.46 27.534.46 4,69104 4.691.04 TOTAL FOR ALL INVESTMENTS 578.709.t8 714.737.81 593.456.25 775,713.48
THE CHARLTON BEQUEST AND DISPENSARY TRUST PURCHASE OF INVESTMENTS FOR THE YEAR ENDED 31 MARCH 2024 DATE NAME ANO SHARE 1210412023 FDDI Vanguard US Govt Bond 3010512023 FDDI Vanguard US Govt Bond 3010512023 Fidelity UCITS US Quality Income 3010512023 JP Morgan ICVC Fund Global Macro 2510812023 818ckrock Ins. Cash Premier 0110912023 M&G Japan Inv Funds NO. 170 50 2,240 4,264.321 21,073 17,900 COST 15.426.15 4,476.62 15,222.32 7,047.60 21,093.00 23,017.92 86,283.61 18
InvostmeDt Salei10r the yt•iidEd 5alesPrOIEtds Net gf CDrnml5510 9.394 32 011¢snil 31103/IOIJ arket ¥•1 on M4rltV4lu• Coit 1210412043 Piuden115 JPkloryiDFundlCVC US Equity VS50 10 8.6211Th) 532 23.403 012 139141 117 60 2210812013 3JIQ81202) 8.629 60 7.9J7 00 .51100 15.367 50 18.4¥5 00 19.362 50 692 71.296.?5 21649 19