Registered charity number 1061537
The Maurice Glanville Trust
Report and Accounts
5 April 2023
The Maurice Glanville Trust Report and Financial Statements Contents
| Page | |
|---|---|
| Legal and administrative information | 2 |
| Report of the trustees | 3 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes forming part of the financial statements | 9 - 12 |
1
The Maurice Glanville Trust Legal and Administrative Information
Reference and administrative information
Charity Name:
Charity registration number: Correspondence address:
The Maurice Glanville Trust
1061537
63 Avon Road Devizes Wiltshire SN10 1PS
Trustees
Mr Michael McClelland (Chairman) Mr Paul Anthony Anning (Treasurer) Mr Robert Dundas Reid Simpson Mrs Valerie Prior
Independent examiners
Plumley & Co Ltd 26 Ilchester Crescent Bristol BS13 7HL
Investment Fund Managers
J M Finn & Co 22/24 Queen Square Bristol BS1 4ND
2
The Maurice Glanville Trust Trustees' Report
We are pleased to present our report together with the independently examined statements of the charity for the year ended 5 April 2023.
The legal and administrative information set out on page 2 forms part of this report.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and 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).
History, objectives and activities of the Trust
The Maurice Glanville Trust was formed by a declaration of trust on 4 October 1996. The Trust was started with a transfer of investments by the late Gertrude Ann Glanville in memory of her husband, the late Maurice Frank Glanville. Ann Glanville died on 3 February 2013 and left a legacy in the form of investments. Both the initial donation and additional amounts donated since have been under terms which allow the trustees to invest the capital and any funds representing income which are not required for immediate application in any manner permitted by law at their absolute discretion.
The trust deed gives the trustees the power to invest the capital and apply the income in or towards the upkeep, repair and improvement of the fabric of the 13th century parish church of St John, Long Street, Devizes in such ways as they think fit.
In the event that the church building ceases to exist, or ceases to be used for a charitable purpose consistent with the principles of the Church of England, the capital and income of the Trust are to be applied for other charitable purposes consistent with the principles of the Church of England in the Diocese of Salisbury, as the trustees think most suitable as a memorial to the late Maurice Glanville.
Management and governance arrangements
The Trust deed states that there should be at least three and not more than five individual trustees, and that at least two of the trustees must be members of the Church of England. The trustees in office are empowered to appoint any new trustees by resolution.
The trustees annually review the risks that the charity faces. To date these have mainly related to investment management and these have been ameliorated by the engagement of the services of professional fund managers.
Procedures and policy for grant making
The Parochial Church Council, which is the body legally responsible for the fabric of the church, approaches the trustees with requests for contributions when they have projects that need to be implemented. The trustees meet up to discuss the requests and grants are made if the projects are in line with the trust's objectives.
3
The Maurice Glanville Trust Trustees' Report
Objectives and activities for the public benefit
The objectives of the Trust are to maintain the fabric of the parish church of St John, Long Street, Devizes for the enjoyment of that parish. The trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in planning grant making for the year.
Achievements and performance of the Trust
The aim of the trustees is to make the best use of the funds available to satisfy its objectives. The grants made during the year were:
| Amount | Details |
|---|---|
| £ | |
| 4,814 | Church insurance |
| 1,014 | Roof alarm maintenance contract |
| 326 | Camera for Church roof |
| 6,154 | |
Financial review
The trust's quoted investments decreased by £35,832 during the year to £695,169. The trustees are satisfied with the position of the Trust at the balance sheet date and with the relative performance of the investment fund during the year.
Investment policy
Under the trust deed, the trustees have the power to invest in such assets as they see fit, subject to first seeking the advice of a financial expert. Accordingly, the trustees have delegated management of the Trust's investments to J M Finn & Co, specifying a medium risk profile with investment restrictions applying to Tobacco and Breweries and with equal emphasis given to income and capital growth.
Reserves policy
The trust deed requires the trustees to use the income of the Trust in promoting its objects. The use of the Trust's reserves is wholly at the discretion of the trustees, with no particular level of reserves required to be maintained.
Future Plans
The trustees anticipate making appropriate grants when requested by the PCC. The next quinquennial review of the church is due shortly and the trustees aniticipate this will lead to grant requests for fabric repair work identified.
4
The Maurice Glanville Trust Trustees' Report
Statement of trustees' responsibilities
Charity law requires the trustees to prepare financial statements for each financial year, which show a true and fair view of the state of affairs of the charity, and its financial activities for that period. In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies that are reasonable and prudent;
-
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
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.
Members of the Trustee Board
Members of the Trustee Board, who served during the year and up to the date of this report are set out on page 2.
We certify that so far as we are aware, the independent examiner has been made aware of all relevant information.
Approved by the trustees and signed on their behalf on 17 October 2023
Mike McClelland Trustee
5
The Maurice Glanville Trust Independent Examiner's Report for the year ended 5 April 2023
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibilty to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with 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 present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
-
1 which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
-
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
George Plumley ACA CTA
Date: 17 October 2023
6
The Maurice Glanville Trust Statement of Financial Activities for the year ended 5 April 2023
| Notes | Notes | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|---|
| Endow- | Total | Endow- | Total | |||||
| Unrestricted | ment | Funds | Unrestricted | ment | Funds | |||
| £ | £ | £ | £ | £ | £ | |||
| Income from: | ||||||||
| Investments | 29,173 | - | 29,173 | 24,809 | - | 24,809 | ||
| Deposit interest | 385 | - | 385 | - | - | - | ||
| Total income | 2 | 29,558 | - | 29,558 | 24,809 | - | 24,809 | |
| Expenditure on: | ||||||||
| Charitable activities | 6,299 | 125 | 6,424 | 6,052 | 10 | 6,062 | ||
| Raising funds | - | 3,631 | 3,631 | - | 3,564 | 3,564 | ||
| Total expenditure | 3 | 6,299 | 3,756 | 10,055 | 6,052 | 3,574 | 9,626 | |
| Net income/(expenditure) before | ||||||||
| investment gains/(losses) | 23,259 | (3,756) | 19,503 | 18,757 | (3,574) | 15,183 | ||
| Net gains/(losses) on investments | - | (26,044) | (26,044) | - | 55,142 | 55,142 | ||
| Net movement in funds | 23,259 | (29,800) | (6,541) | 18,757 | 51,568 | 70,325 | ||
| Total funds brought forward | 35,356 | 739,175 | 774,531 | 16,599 | 687,607 | 704,206 | ||
| Total funds carried forward | 58,615 | 709,375 | 767,990 | 35,356 | 739,175 | 774,531 |
7
The Maurice Glanville Trust Balance Sheet as at 5 April 2023
| Notes Fixed assets Investments 6 Current assets Creditors: amounts falling due within one year 7 Net current liabilities Net assets Funds Endowment funds Unrestricted funds Total charity funds 8 |
- 250 |
2023 £ 768,240 (250) 767,990 709,375 58,615 767,990 |
- 2,472 |
2022 £ 777,003 (2,472) 774,531 739,175 35,356 774,531 |
|---|---|---|---|---|
The financial statements were approved by the trustees on 17 October 2023
Paul Anning Trustee
8
The Maurice Glanville Trust Notes to the Accounts for the year ended 5 April 2023
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the previous year.
Basis of accounting
The financial statements have been prepared under the historical cost convention as modified to include the revaluation of fixed asset investments. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2022.
The Trust constitutes a public benefit entity as defined by FRS 102.
Fund accounting
The charity has a permanent endowment fund created by gifts from the late Gertrude Ann Glanville. These donations have been made under terms which allow the trustees to invest the capital and any funds representing income which are not required for immediate application in any manner permitted by law at their absolute discretion. The terms of the endowment allow the capital of the fund to be spent if the trustees so determine.
Unrestricted funds held by the charity are are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
The movement in the funds is set out in note 8.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Investment income is included when receivable.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in its grant-making activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource.
9
The Maurice Glanville Trust Notes to the Accounts for the year ended 5 April 2023
Fixed asset investments
Investments are included at closing market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
- 2 Total income
| Investment income - J M Finn Portfolio- page 13 Deposit interest |
2023 2022 29,173 24,809 385 - 29,558 24,809 |
|---|---|
3 Total expenditure
| Costs of generating funds £ Costs directly allocated to activities Donations and grants: - Investment management fees 3,631 Support costs allocated to activities Independent examiner's fees - Bank charges - Sub-total 3,631 Allocation of support and governance - Total expenditure 3,631 Costs of generating Prior year funds £ Costs directly allocated to activities Donations and grants: - Investment management fees 3,564 Support costs allocated to activities Independent examiner's fees - Bank charges - Sub-total 3,564 Allocation of support and governance - Total expenditure 3,564 Maintaining fabric of St John's Church, Devizes Maintaining fabric of St John's Church, Devizes |
Grant- making £ 6,154 - - - 6,154 270 6,424 Grant- making £ 6,042 - - - 6,042 20 6,062 |
Gover- 2023 nance Total £ £ - 6,154 - 3,631 250 250 20 20 270 10,055 (270) - - 10,055 Gover- 2022 nance Total £ £ - 6,042 - 3,564 - - 20 20 20 9,626 (20) - - 9,626 |
|---|---|---|
Bank charges have been allocated to unrestricted funds. Accountancy and Independent examiner's fees have been allocated equally between unrestricted and endowment funds.
10
The Maurice Glanville Trust Notes to the Accounts for the year ended 5 April 2023
4 Trustee remuneration
No trustee received any remuneration or claimed any expenses in this or the previous year.
5 Taxation
As a registered charity, The Maurice Glanville Trust is exempt from tax on income and gains under Part 10 of the Income Tax Act 2007 to the extent that these are applied to its charitable objects. No tax charges have arisen in the year.
6 Investments
The portfolio of quoted investments is administered on the advice of J M Finn & Co. The portfolio at 5 April 2023 is summarised as follows:
| Stocks and shares at market values Cash Total investments Listed investments summary: Market value at 6 April 2022 Additions at cost Disposals at market value Gains/(losses) arising in the year realised (29) unrealised (26,015) Market value at 5 April 2023 Historical cost at 5 April 2023 Unrealised revaluation gains to date 7 Creditors: amounts falling due within one year Accruals |
2023 £ 695,169 73,071 768,240 731,002 - (9,789) (26,044) 695,169 545,231 149,938 2023 £ 250 |
2022 £ 731,001 46,002 777,003 673,742 42,458 (40,340) (9,071) 64,213 55,142 731,002 555,049 175,953 2022 £ 2,472 |
|---|---|---|
11
The Maurice Glanville Trust Notes to the Accounts for the year ended 5 April 2023
| 8 Movement in funds Endowment funds Unrestricted funds Prior year Endowment funds Unrestricted funds |
Unrealised Gains/ At 6 April gains/ (losses) At 5 April 2022 Income Expenditure (losses) on sales 2023 739,175 - (3,756) (26,015) (29) 709,375 35,356 29,558 (6,299) - - 58,615 774,531 29,558 (10,055) (26,015) (29) 767,990 Unrealised Gains/ At 6 April gains/ (losses) At 5 April 2021 Income Expenditure (losses) on sales 2022 687,607 - (3,574) 64,213 (9,071) 739,175 16,599 24,809 (6,052) - - 35,356 704,206 24,809 (9,626) 64,213 (9,071) 774,531 |
|---|---|
9 Analysis of net assets between funds
| Unrestricted £ Investments 58,740 Current liabilities (125) Net assets at 5 April 2023 58,615 Unrestricted Prior year - restated £ Investments 36,592 Current liabilities (1,236) Net assets at 5 April 2022 35,356 |
Endowment £ 709,500 (125) 709,375 Endowment £ 740,411 (1,236) 739,175 |
Total Funds £ 768,240 (250) 767,990 Total Funds £ 777,003 (2,472) 774,531 |
|---|---|---|
10 Related party transactions
There were no related party transactions during the year (2022: none).
12