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2022-11-30-accounts

Charity registration number 1066520

THE CARRIEJO CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022

THE CARRIEJO CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Statement of financial position 8
Statement of cash flows 9
Notes to the accounts 10 - 16
Investment schedule 17

THE CARRIEJO CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Marchioness of Donegall Mrs Joanna Lascelles Secretary Rathbones Trust Company Limited Charity number 1066520 Principal office / address for appeals 8 Finsbury Circus London EC2M 7AZ Independent examiner Kerry Roberts TEP FMAAT MCSI Rathbones Trust Company Limted Port of Liverpool Building Pier Head Liverpool L3 1NW Bankers and investment managers Rathbones Investment Management Limited 8 Finsbury Circus London UK EC2M 7AZ

THE CARRIEJO CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2022

The trustees present their annual report and financial statements for the year ended 30 November 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's deed, 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)”.

Objectives and activities

The trustees hold unrestricted funds from which they make donations for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the trustees may, in their absolute discretion, think fit.

Other than the operation of the investment portfolio no other fund raising activity is undertaken to support the work of the charity.

The aims of the charity are to apply, at the discretion of the trustees, grants to organisations in furtherance of the charity's objectives.

The charity is essentially investment based and the trustees consider the funds held as defined as capital and income and hold those funds with a view to distributing the income generated from the investment portfolio and, as far as may be necessary, the capital for or towards the grants the trustees have decided to make.

Public benefit

The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The trustees support a number of charitable organisations, as shown within note 19 to the financial statements.

Charitable activities

The trust is solely involved in grant making, and as such, the activities it undertakes pertain to raising and maintaining funds for the application of its chosen grants.

Grant making policy

The trustees meet annually to review applications for funding. Only successful applicants are notified of the trustees' decision. Certain charities are supported annually, although no commitment is given.

During the year under review, the trustees resolved to support 37 individual charities. A detailed schedule of donations is provided in note 19 to these accounts. All the grant payments were to charitable institutions. The trustees' current policy is to make regular payments to a number of national and local charities with which they have long established connections. The trustees also reserve a proportion of their income resources to enable them to make ad hoc larger donations when approached for funding from those charities with which they are more closely involved.

Achievements and performance

During the year the trust generated sufficient income from the investments held and a grant from the MacdonaldBuchanan Charitable Trust to apply towards its chosen grants for the year.

THE CARRIEJO CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

Investment performance

The investment objective of the Charity is for a balance between longer-term capital growth and income, in-line with risk strategy 5, as defined by Rathbones Terms of Business.

As at 30 November 2022, the portfolio was valued at £55,380 with an estimated gross annual income of £1,516 or a yield of 2.74%.

Over the year the investment portfolio for the Charity rose 0.89% in total return terms, compared to the MSCI PIMFA Balanced index which fell 3.79%. The UK gilt market over the same period fell 22.69% and the FTSE All World fell 1.08% on a total return basis.

Over 12 month period to 30 November 2022, this was the worst year for financial assets since the 2008/9 era. Bond markets saw sharp falls as interest rates rose globally, with the UK Gilt market seeing a decline of 22.7%. Globally, growth stocks and medium and smaller sized companies saw sharp falls and Asian markets have also been weak due to the continued concerns over Covid in China. Most of those declines occurred in the first half of the year. While we have seen better returns from the FTSE 100 index in the second half, the partial recovery in global equities since June has been largely offset by the strength of sterling post the UK’s economic crisis induced by our mini budget.

Over the period, asset allocation was broadly unchanged however due to the volatile markets and elevated geopolitical tension we reduced equity exposure slightly, which is 87% of which 31% is invested in the UK and 56% international markets. Diversifiers represents 11% with a small balance in cash.

Financial review

Total incoming resources were £26,434 (£11,180 in 2021), with £21,800 (£20,672 in 2021) being committed to charitable activities of which £2,700 (£1,972 in 2021) relates to support and governance costs. Costs of fundraising amounted to £165 (£167 in 2021), There was an unrealised gain of £478 (gain of £5,324 in 2021) on investments and in addition a realised loss of £1,611 (loss of £0 in 2021) resulting in net inflow of funds of £3,336 (outflow of £4,335 in 2021).

Reserves

The trustees have a balanced investment policy and therefore distribute income on an annual basis and retain capital for the maintenance and growth of the Fund. The trustees have full and unrestricted powers to distribute all or any part of the capital if they so desire.

Investment policy

The investment objective for the Charity is for a balance between capital growth and income over the long-term, within a medium-risk profile as defined by Rathbone's Terms of Business.

As there are no specific restrictions of investment powers under the governing deed, the trustees have full discretion over the investments held. The trustees have delegated their investment powers to Rathbones Investment Management Limited to have full discretionary day to day control of the investments. The trustees have reviewed current policies and do not feel any amendments are necessary.

Risks

The trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of greater returns over the longer term. The trustees are satisfied that systems are in place to mitigate exposure to major risks and continue to review the adequacy of the systems in place.

Plans for future periods

The trustees do not envisage any significant changes to their aims and objectives and they intend to continue supporting the various causes to a similar level.

THE CARRIEJO CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

Structure, governance and management

The trust was created by a charitable trust deed dated 11 June 1997.

The trustees are to hold the capital and income of the trust fund upon trust to apply the income, and as far as may be necessary, the capital for and towards such charitable objects and purposes and to make donations to such charitable bodies or institutions in the United Kingdom or any other part of the world at such times and in such manner as the trustees may in their absolute discretion think fit.

The trustees who served during the year were: Mrs Mary Philipson (Deceased 8 March 2023) Marchioness of Donegall Mrs Joanna Lascelles

Recruitment and appointment of new trustees

The continuing trustees have the power to appoint new or additional trustees to act jointly with them as they see fit.

Organisation and decision making structure

The trustees meet annually to consider applications for funding, investment performance, income levels and the financial statements. In between trustee meetings the applications are considered and a full presentation is made at the annual meeting.

Induction and training of trustees

Incoming trustees are to be made aware of their responsibilities and the trust's objectives from the existing trustees and their other professional advisors at the date of their appointment. The trustees are also to be kept up to date on relevant matters by their professional advisors.

Trustees will be selected based on their connection with the current trustees in accordance with their skills.

The Accounts

The trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations and the accounts comply with current statutory requirements.

The trustees' report was approved by the Board of Trustees.

Marchioness of Donegall

Trustee

13 September 2023

THE CARRIEJO CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 NOVEMBER 2022

The trustees are responsible for preparing the Trustees' Report and the 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.

The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charity and of the incoming resources and applications of resources, including the income and expenditure, of the charity for the period.

In preparing these accounts, the trustees are required to:

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.

THE CARRIEJO CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CARRIEJO CHARITABLE TRUST

Independent examiner's report to the Trustees of the Carriejo Charitable Trust - charity no: 1066520

I report on my examination of the above charity ("The Trust") for the year ended 30 November 2022, which are set out on pages 7 to 16.

Responsibilities of the Trustees and Independent Examinert

As the charity's trustees, you are responsible for the preparation of the financial statements 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 Trust's financial statements 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 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 financial statements 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 financial statements present 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. I confirm that no matters have come to my attention which cause me to believe that in any material respect:

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 financial statements to be reached.

Kerry Roberts TEP FMAAT MCSI

Rathbones Trust Company Limited

Port of Liverpool Building

Pier Head Liverpool L3 1NW

Dated: 28 September 2023

THE CARRIEJO CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2022

Unrestricted Unrestricted Unrestricted Unrestricted
2022 2021
Notes £ £
Income
Donations and legacies 3 25,000 10,000
Investments 4 1,434 1,180
Total income 26,434 11,180
Expenditure
Raising funds 5 165 167
Charitable activities 6 21,800 20,672
Total resources expended 21,965 20,839
Net income before investment (losses)/gains 4,469 (9,659)
Net (losses) / gains on investments 11 (1,133) 5,324
Net movement in funds 3,336 (4,335)
Fund balances at 1 December 2021 71,649 75,984
Fund balances at 30 November 2022 74,985 71,649

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CARRIEJO CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2022

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
2022
£
56
23,419
23,475
(3,870)
£
55,380
19,605
74,985
74,985
74,985
2021
£
-
17,875
17,875
(3,612)
£
57,386
14,263
71,649
71,649
71,649

The financial statements were approved by the board of Trustees and authorised for issue on 13 September 2023 and are signed on its behalf by:

Marchioness of Donegall Trustee Dated: 13 September 2023

THE CARRIEJO CHARITABLE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 NOVEMBER 2022

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
16
Investing activities
Purchase of intangible assets
Proceeds on disposal of intangibles
Purchase of investments
Dividends and interest received from investments
Net cash generated from investing
activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
18
2022
£
(7,951)
9,077
-
1,378
£
3,293
2,504
5,797
18,402
24,199
2021
£
-
-
(10)
1,180
£
(8,867)
1,170
(7,697)
26,099
18,402

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022

1 Accounting policies

The charity was created by deed on 11 June 1997 and is an unincorporated charity.

Charity information

The Carriejo Charitable Trust is a registered charity. Charity number 1066520.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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.

1.2 Going concern

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations received by the trust include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

1.5 Debtors

Debtors are receivable at their expected settlement amount.

1.6 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

1.8 Resources expended

Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Grants are included in the financial statements when approved by the trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements.

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

1 Accounting policies

(Continued)

1.9 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction 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 the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The trustees do not invest in any complex financial instruments.

1.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

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 are 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.

3 Donations and legacies

Macdonald-Buchanan Charitable Trust
4
Investments
Income from listed investments
Interest receivable
2022
£
25,000
2022
£
1,425
9
1,434
2021
£
10,000
2021
£
1,180
-
1,180

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

5 Raising funds

Investment management fees
Charitable activities
Grant funding of activities (see note 7)
Share of governance costs (see note 8)
Grants payable
Children
Disabled
General
Medical & Research
Welfare
Hospices
2022
£
165
165
2022
£
19,100
2,700
21,800
2022
£
-
1,600
-
9,000
6,500
2,000
19,100
2021
£
167
167
2021
£
18,700
1,972
20,672
2021
£
1,500
1,700
500
7,000
3,500
4,500
18,700

6 Charitable activities

7 Grants payable

All of the above grants were payable to institutions

8 Support costs

Support
costs
Governance
costs
£
£
Independent examiner's fees
-
1,980
Legal and professional
-
720
-
2,700
2022
£
1,980
720
2,700
2021 Basis of
allocation
£
1,972 Governance
- Governance
1,972

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the charity during the year.

10 Employees

There were no employees during the year, or the previous year.

11 Net (losses) / gains on investments

2022
£
Unrealised gain on revaluation
478
(Loss) on sale of investments
(1,611)
(1,133)
2021
£
5,324
-
5,324

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

12 Fixed asset investments

Listed
investments
Cash in
portfolio
£
£
Cost or valuation
At 30 November 2021
56,859
527
Additions
8,192
-
Realised loss
478
-
Unrealised (loss)
(1,611)
-
Cash available to invest
-
253
Disposals
(9,318)
-
At 30 November 2022
54,600
780
Total
£
57,386
8,192
478
(1,611)
253
(9,318)
55,380

Investments representing more than 5% of the portfolios total market value:

Investment Units Market Value
Market Value
% of Total
£ Market Value
Capita Financial Trojan 1,556 6,154 11.26%
Ct Investment Funds 4,300 6,388 11.70%
Evenlode Investment Mgt Ltd 2,500 6,209 11.37%
Fil Investment Services (UK) Ltd 4,400 9,684 17.74%
JP Morgan Global Growth 1,619
7,083 12.97%
M&G Investment Management 6,942 8,832 16.17%
Murray Income Trust 550 4,614 8.47%
T Bailey Fund Services Ltd (Evenlode) 4,000 5.633 10.32%
Listed investments
Cash in investment portfolio
Historic cost of investments
13
Debtors
Amounts falling due within one year:
Investment income due
2022
£
54,600
780
55,380
38,357
2022
£
56
2021
£
56,859
527
57,386
39,271
2021
£
-

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
£ £
Independent examiners fee 3,870 3,612

15 Related party transactions

Mrs Joanna C Lascelles was also a trustee of the Macdonald-Buchanan Charitable Trust, which has made a donation to the Charity of £25,000 during the year (£10,000 in 2021).

16 Cash generated from operations

16 Cash generated from operations
2022 2021
£ £
Surplus/(deficit) for the year 3,336 (4,335)
Adjustments for:
Investment income recognised in profit or loss (1,434) (1,180)
Loss on disposal of investments 1,611 -
Unrealised gains and losses on investments (478) (5,324)
Movements in working capital:
Increase in creditors 258 1,972
Cash generated from/(absorbed by) operations 3,293 (8,867)
17 Analysis of changes in net funds
The charity had no debt during the year.
18 Cash and cash equivalents
Cash and cash equivalents
2022 2021
£ £
Cash at bank and in hand 23,419 17,875
Rathbones capital account 780 527
24,199 18,402

THE CARRIEJO CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022

19 Donations made during the year

Donations made during the year
Age UK
Alzheimer's Research UK
Bowel Disease Research Foundation
BREAK
Breast Cancer Haven
Breast Cancer Now
Cambridge Women's Aid
Changing Faces
East Anglian Air Ambulance
East Anglia's Children's Hospices
Erskine Hospital
FareShare
Fight for Sight
Great North Air Ambulance Service
Headway - The Brain Injury Association
Home-Start Essex in Uttelsford
ICVI - The Institute for Cancer Vaccines and Immunotherapy
Juvenile Diabetes Research Foundation
MacMillan Cancer Support
Marie Curie Cancer Care
MIND
Mobility Trust
Motor Neurone Disease Association
MS Society (Borders Branch)
National Osteoporosis Society
RDA (Borders)
RDA (Essex)
RNIB Talking Books
Roy Castle Lung Cancer Foundation
Royal Marsden Cancer
Royal Trinity
St Clare Hospice
The Addington Fund
The Cure Parkinson's Trust
The Respite Association
The Margaret Kerr Unit
Versus Arthritis (Previously Arthritis Care)
2022
£
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
1,000
500
500
500
500
400
500
500
500
400
400
400
500
1,000
500
500
500
500
500
500
500
19,100