THE BLYTH WATSON CHARITABLE TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 REGISTEREO CHARITY No. 1071390
THÉ 8LYTH WATSON CHARITABLE TRUST TRUSYEES. ANNUAL REPORT AND FINANCLAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 CONTENTS Pagg REPORT OF THE TRUSTEES REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCiAL ACTtVlTIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 8.14
THE BLH WATSON CHARITABLE TRUST REPORT OF THE TRUSTÉES FOR THE YEAR ENDED 30 JUNE 2023 The tharity's trustees are tyeased to wesent th"r Iru51e8s' fgFryt Iogether ith the finaro statements ofthe charty year Jur 2023. R•f•renco and Admlnlstratlon Oetalls Full narn8. The Btyth Watson Charita& Trusi Registered Crity ThThber. 10713W) Prwpal address.. BDB Pitrnans LLP One BarthokffjwCbs•, Lorbjefi. EC1A 78L Trustees. JastaSr Jthn Calvert Ce4 Elizabeth Ann Neale ministrators 808 Pilmans LLP Onè Barthdomtw Ch)¥e. L(th. ECIA 78L Independent EX1[ Pre Bailey LLP Tenny$ House CambrKYge Bugrw Pa CambrKlge C84 OWZ Iweslmeni adwsers. Rathbm IeStMent Mamgemerrt 8 Fin$bury Q'roty, LryKkM EC2M 7AZ 8trutlur•. Gov•rm•nc• •nd Manag•m•n¢ The Charity is governed by daJse 7 olthe IMI of Mrs Hilda Blylh lneewatsl dated 19 April 1974 who (Jied on 1 September 1997. The Charty was established in aC£ord wlh the temis of Mrs 81ylh's Wll in April 1998 Fu5 wtre derived ffcth Mrs Blyth's esi8ie aThJ from funds held in her husband's Wll Charity over whKh she W a general pwr ofaprx)intr))wl eXerC>Sab by 11. Mrs 8Iyth chose io apwnt pro1Onal Iwstees teJms of Wll, Mr E N W Brown and Mr M Mactsrtane being onginal trustees. Th oJrr8nt Injslees. Aastaircollett ancs Eloabelh Neale are partners al BDB Pilmans LLP Tl current Iiu5teeswould be resnsIble fly In¢ludion and Ir8ining ol new trustees. New trustees are prowthd cwes ofthe charrty's d(KurrntS and meet with conbnuiThJ Iruslees. and adminthlors if wt*$led in wder tts gain an understanding of the charity. The tnJ5tees we the key managemenl of the charty.
THE BLYTH WATSON C+IARITABLE TRUST REPORT OF THÉ TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 Obiectivos and A¢tivrfio The Charity Wds e5taNi5hed to awy the Chanty fvnds aThJ Ihe 8ring IO crf lowards charitable purwses. charilable insbtutions chatitat4è loJndab"or¢J Sur ww)rtion6 as the Irusiees shall in their absclute d15cretK)n think ft cdenTrJ vknat was kTh)) ol Ihe •shes of Mr$ 8tyth. Ihe Irustees generalty make grants for the public benefit towards causes based In the UK. WI1 exduding the rx)ssitMlIty of (yjnsidenng all appeals brought to Ih8ir notice. They make to registered Cari1$. They do not make donations lo charit$ supportir9 arwmal 1[are. The trustees ¢$kjer appltis forgrants al th'r meets"ngSCkn are hdd a ygar walty in the summer and wnter and (tcasi(oIty cwder rewe be?n metings The grants are a eombinatth of wular oll payrrrts. R M#n#g•nNhl Th8 trusteès havt assessed the major risks lo ¥thich the thatty is exposed pa1CUt8Y thos¢ Sks related lo the inveslrnenl 51raiogy. They review the prwedures in place lo mitlgala exposure to these risks afKI have an inveslment poliw in pl8¢¢. They undèrstand Ihal systems can onty provide reasonable. ng1 absduta, asgjrance The tnJstees are ¢nvesled for the long t8rm. Th• inveslmenls have maintain&J Ihtrr value in the current year Th8 trustètrs meet with their Investment advisors. Rathbore8. al lea51 Ort6 a year. Rathbones manage th¢ portfolio on ¢1s¢relionary ba515. Ottspie fluctual)n9 m value aTrJ income lh• Injsiees antPpte they can m•ifit8in • slmilar Iw81 ol grant awards Fundr4kn1ry Tf chaiity's IrKome is gènerated fr(m the inveslmenls hdd, the trusteès do not undertake fundraisirs a¢bvilies Thèy are }mIhe$S mindlul ofthe coje issuod by the lundraigr¥J wulator. Thtr chanty has not receNed any COMalnI8 dunng the year bul Ifit ever (kl rvive a coMalni, thra ¥srulO be revieYd Immgdiaioty by the Irustees treated thg utrTro 5ofh)usn&ss. Ach01 P0rf0rnwn •TMI Publk 8•MIfiL At the hall-yearty rneeling5. Ihè trustees miewed the grant appliution5 recèivèd 8nd wevious iJonation$ rnade. The Iwsiees deoded lo conbnue lo provide funds on an annu81 basis lo various thariiies Ilurther details In nole 61 11 was agreed at their meetsngs lo make Individual grants ntst usually more than t7.IYX). The Iruslees ltinUe lo consder 8 numberolsignificani off grants of £10,OCQ to £20.OJO to a small number of charibes and have made Iwo of these in the period. £10.(YX) 10 8art$ Chanty for their 9 Fund and £15.(KKJ for New College. Oxford for building works They maintained a policy of sUprting registered charities. recommended to them as worthy of support The trustee5 plan lo ¢tInUe to meet on a bi-annual basis to review the achievements and perfomiance of Ihe charity a5 EII as to agree on dislnbution$ lo be made lo UK based registe charities with a guideline of £50.{j to £55.(XK) lo be spent Per rn861ing.
THE BL WATSON CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2023
Flnanelal Revlew
In¥gstm•nt Pollcy P¢rfornwnce
Th8 trustees have Instructed Rathbones Invèsknenl Management to aoi5e on thwr inve$trnent$.
They have an Investment Polity Stalemenl in a£e. Theirp1¢Y is to maintain a balan between
Capital and incorne with a high level of risk. as d8fined by Ihe manag¢r$ The trustees had set a
target for a Minimum incorne of £140,(KYJ per annum lapproximalely 3%) frorn the portlolio. Th8
investment manager h8s informed the trustees that their irthme may be affected by the ongolng
economic cnsi$. The Irustees conlinually ieview this and a¢fvice from the manager throughout the
year. Tht Investment manager has attende
THE BLYTH WATSON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 The trustees have assessed Ihe Charty's requirements fLY the tseseeable tutu. 1nd1[vj the Charity's conlngery plans il the Investsneni irrome L8 ygrukanty reduceil. and are confident thai suffi¢ien¢ funds 11 be available lo enable operations lo nbDue at a sustainable level tr a penod of al least 12 months Irom the dale of approval of Ihese fina $tatemenis The Charity thef0 cwts.ns to adopt the going conc4m basis in preparing its finawal $lalemeTht5 As stth. lh9 faal statements have been prepared on a goirvJ Cnrn bogs as the TNst&es bdieve Ihat Th) malenal uncert8irt*s exL8t The Iruslees confirm that IW havè Ccmplied wlh the in secbon 17 01 the Charibes Act 2011 to ha Elue ward to pub benefil 9J¢dae wblished ty the Chty CoTnmiss¥)n In determining the activities undertaken ty the tharty. Is IoL4 120 Alastair John Cawl Cdlell Daig Trustee
THE BLYTH WATSON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BLYTH WATSON CHARITABLE TRUST FOR THE YEAR ENDED 30 JUhlE 2023 I rèFN to Ihg tharity trustees my examinatKw ol ofthe thaity for the year eThJed 30 June 2023 whid) ar8 set ¢>Jt on pages 8 to 14. Rgspon$lbllltle8 and ba$1$ of report A8 the charity's trusiees ytyj arè re¥ble for preFwakn 01t4&yjnts n 0)rdWIth the réquir¢ments c"e3 2011 Ilhe Pd). I report in respecl of my èxamination ofts cW'ty'$ wxjnts cam&J ¢t section 145 of Ihe AL# and in calrying out my eXaminats. I have 101hy all the Dirnction8 given by ble Charfty CommiSOn under seth.on 145(5llbl olthè Atl. Ind•p•nd•nt •x•mln•r's #tatement I have crynpkted my examinabon. I c(fiM1 that material mattws have come to my att8ntion In connectson wlh the 8xaminatK)n 9MThJ me cause lo bdieve bw any matt r?SFef 8ectsJntiThJ rgcJJrdJ kept in reBFrft of th8 charity as by 1>) ol I Act.. or Ihe aectyjnts do not ateord wth Ilwe recwth.. or 3. Ihe xcujnts do not CcthyIh the apF&'C¥bknrewThnt8C£Mlra tho fijrm and cwlenl of acccxJnis sei out in thè Charrtles IAccounts Repcfflsl Regulatths 2008 other than any requirement that Ihe uniS give a'trua and law vvw. is nol a matter con&d•r•J •$ part oran independent examin8tion. I have no ¢ems8ndhaYe c4)m6acmssrt•ctharmatt•rs Incnl b)eexaminats"on towl attention should be dr in lfv's rep)rt In ¢Jfder lo tsnatl• a pr4)•r of the Kcounts to be 8¢he Shaun Jordan ACA For and on behalf of prtce Balley LLP Tenny50n House CarnbrKSge Bu5in8ss Pa Cambrk¥ge CB4 OWZ D4ie 29 April 2024
THE BLYTH WATSON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023 UNRESTRICTED EXPENDABLE FUND ENDOWMENT TOTAL 2023 TOTAL 2022 Not•s Incomè and Endowmenly from Investments 154,292 154.292 159,656 Total Incom 154,292 154,292 159,656 EXPENDITURE ON Ralslng Funds 20.286 20.286 22,180 Charltablg Actlvltles 139.154 9,008 148,182 121.646 Total Exp&ndlture 139,1S4 29.294 188,448 143,826 NET INCOMEIIEXPENDITUREI 15,138 {29.294) 14,1661 15,830 Nel galns I Ilossesl on InvgStment$ Net Movement In Funds 51,509 22,215 51,509 37.353 1446,3811 1430,551} 15,138 Reconclllatlon ot Fund¥ Fund Balances brought loTh¥ard 258,340 4,959,480 5,217.B20 5,648.371 TOTAL FUNDS CARRIED FORWARD AT 30 JUNE 2023 273,478 £ 4,981,695 £ 5,25S,173 £ 5.217,820 Page 6
THE BLYTH WATSON CHARITABLE TRUST BALANCE SHEET AS AT 30 JUNE 2023 Notes 2023 2022 Fixed Assets Investments 5.130,112 5,110,662 Current Assets Cash 143.489 157,868 Lass: Creditors Amounts fallSng due wlthln on8 year 18,428 $0.710 Nel Currènt Assets 125,061 107,158 Total Not A$s&ts £5,255,173 £ 5,217.820 Reprtssented by: Expendable Endowment Unrestricted Fund 4,981.695 273.478 4.959,480 258,340 Total Funds £S,2SS,173 £ 5,217,820 The notes on pages 8 to 14 form part ol the finan¢ial statements 2sIU411014 Approved by ihe Iwslees on.............. ..and *ned on their behalf by aslair John Calvert Collell- Trustee Charity registration No. 10713 Page 7
THE BLYTH WATSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Ac¢ounUng Poli¢lès The principal accounting kx)IKies a(lopted. judgements and key sources of eslimath.on nrtaInty In the preparation of the finanual stalements are a5 folhjws.. lal Ba$1$ of accounting The financial slalements have been prepared in accordance th Aetounb"ng and Reporbng by Charities.. Statement of Recommended Practice applvble lo charib'es preparing their accounts in accordance with the Financial Reports'ng Siandard apPIable in the UK and Republic ol Ireland issued in October 2019. the Financial Reporting Standard applrcable in UK and Republic of Ireland IFRS 1021. the Charitie$ Act 2011 and UK Generalty Accepted Attounb"ng Practice. The financial statemenis have teen prepafed lo give a true and faif view and hav& departed Irom the Charities {AUnts and Reports) Regulats"ons 2008 onty to the extent required io gwe a 'lrue and lai view. This departure has involved followtng the Accounting and Retx)rtr'ng by Ch8ri1ies'. Slalemenl of Recommendod Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ifeland issued in October 2019 rather than the Accounting and Reporting by Charits'. Statement of Rec)mmended Practs'ce effective from 1 April 2(Xi5 which has since been withdrawn. {bl Income and Expendlture The financial slalemenls are presented in sterfing vthith is Ihe ftjnctional cJJrren¢y ol the charity and rounded lo the nearest £. Al investment income is )unted for when the charity is enlilled lo receive the income. Oividends are recognised when the shareholderfs right to receive payment is established. Al other income is recognised once the charity has enlillemenl lo incorne, il is probable that income wll be re¢eived and the amount of income receivable can be measured reliabty. Expenditure and liabilih'è$ are accounled for on an accruals basis. All expenditure is sh¢)wn as Charitable li.e. support costs associated wlh granlmakingl, with the excepbon ol Raising Funds linvestmenl management lees). 1¢) Fund8 Vnreslricled Funds comprise those hjnds vthich the truslees are free to use in accordanco with the charitsble objects. The Endowment Fund represents those assets which are held for the charity. principally investments. Income arising on the Endowment Fund can be used in accordance with the objects of the charity and is included in Ihe unreslricied income. Any pital gains or losses arising oft the investments fomi part ol this fund. Investment management tharges are char9ed against this fund. Legal lees are charged against both hjnds. The Endowment Ftsnd is an expendable fvnd lunrestri¢ledl, il needed il can be used for grants payable on the uncestn.cted Fund. Idl Investments Inve51menls represent UK quoted securities and are staled al market value al the balance Sheet dale. Realised gains and losses a taken to Ihe Stslemenl ol Financial Aclivits'es on disposal of investments and UnalISed gains and losses are tsken to the Statement of Financial A¢tivilies on ievalualion ol the assets each year. lel Grantmaking Gianis payable are payments made lo third parties in the furtherance ol the charrtable objects of the trust. Grants are accounted for vthen either the recipient has a reasonab expectation that they will r1ve a grant and the Iruslees have agreed to pay the grant without condition, or the recipient has a reasonable expectslion that they will receNe a grant and any condition attaching to the grant is outside the control ol the trust Page 8
THE BLYTH WATSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 l. Accounting Policies - Continued lfj Remuneration BDB Pilmans and Rathbones Investhienl Managemenl are paid for administering the Irusl. The Iruslees received no personal remuneratit)n or reimbursement ol expenses during the period under review, in their capacity as Iruslees. IglGolng Concern The Iruslees have considered the charivs finanual wsilton and the likety impact of the ongoing war in Ukraine annd the Cufrenl econom crisis on financial markets and ifs future investment income. The trustees are of the opinion that the charity has alequale resources lo continue in operational existence for the foreseeable future and there are ore no material uncertainbes aboul the charitys ability to continue as a going concern. The Iruslees have assessed Ihe tru$Vs requirements fot the foreseeable future, including the Irusl'$ contingency plans rf the investment income is sKJnificanlly reduced. and are confident that suffi'cient funds will be available to enoble opeièlions lo continue al a sustainable level for a P&riLxI of al least 12 months from the dale ol approval of these financial sialements. The irusl therefore conts'nues to adopt the going concern basis in preparing its financial statements. As such, the financial stslemenls have been prepared on a going rx)ncern basis as the Trustees believe that no material uncertaiftlies exist. The financial ststements do not orlUd8 the adjustrnènis that yuld result if the trust was unable lo eonlinue as a going concern Ihl Cash or cash equlvalents Cash and cash equivalents includes cash and short lefm hwjhty liquid investments wlh short term maturity of three months or less from the date ol acquisthon or opening of the depjsil or similar aecounl. lil Creditors and provlslons Creditors and provisions are recognised ere the charity has a presenl obligation resulting from a past event that will probably resull in the transfer ol funds lo a third paty and Ihe amount due lo selllè the obligab'on Can be measured or eslimale<l reliably. Creditors and proviS)nS are normally recognised al their seluemenl amount after allowing lor any trade digctiunls due. The trustees do not eonsljer there lo be any significant esu'rnales orjudgemenls. (11 Financlal Instruments Th& ¢harity onty has financial assets and financial liabilities of a kind Ihal qualify as bast financial instruments. Basie finanual Snsifuments. including trade and othei debtors and ClI0r5 are initially ognised al transaCtn value and subsequently measured at their settlement value. The por0110 of Investments held by U)e charity is included al fair value. 2. Investment Incom• 2023 2022 Income from investments 154,292 £ 159,656 Page 9
THE 8LYTH WATSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 3. Raising Funds 2023 2022 Rathbones Investment management fees 20.286 22,180 All expenditsjre ¢Jn raising funds in Ihe current and prKJr year are paid from the Expendable Endowment Fund. 4. Charitable Acuvltleg 2023 2022 madelcomm 41 Grants madel committed in the year12021.' 37 grants) Further details in ftole 8 126,800 104,000 Su Costs Independent examiners fe85 Bank charges BDB Pilmans LLP- fees {shared equalty tfven funds) 3,336 10 18.016 2,700 10 14,936 Total Charltablt Aclivltlos 148,162 121.646 Expenditure on charitable aclivib'e5 includes £139.15412022 - £114,178) spent from Unst[le funds and £9,00812022- £7.4681 spent from expendable endowment funds. 5. Investrnents Addltlons at ¢08t Realised and Dl$posals Unrealised galnsl (losses) 2022 2023 Quoted securities 5,110.662 345,326 1377.3851 51,509 5,130,112 Historic Cost as al 30 June 2023 is £3,248.84012022 . £3,189.6361 Realise(I rosses Unrealised gains {11,8291 63,337 Page 10
THE BLYTH WATSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 6. Cash Melrobank BDB Pilmans LLP Ralhbone Inveslrnenl Management 24.626 14 118.849 79,334 14 78,520 143,489 157,868 7. Crgditor8 2023 2022 Accruals Grants payable 4.428 14.000 3,710 47.000 18,428 50.710 Movement In recognisBd grant commitments durlng the year 2023 2022 Grant Commitments recognised al the stsrt ol the year New grant commitments Charged lo the SOFA (note 4 & 81 Grants paid during Ihg year 47,000 126.800 1159.8001 63.750 104,000 1120,750) Amount of grant commitr)7ents recognised: 30 Junè 2023 £ 14,000 47,000 Page11
THE BLYTH WATSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2023 B. Grants commltted 2023 2022 Agreed at tho Decomber 2022 meeting Barts Charity Christmas Apwl Behind Every lfjck Chailey Heritage Foundation Crisis CystK Fibrosi Footstops Hackney Night Shèlttr Harringey Law Cen Magic Breakfast Off the Record Twi¢kenham Royal Trinity Hospr Sherriff and Rocordofs Fund Society for the Relief ol Distre Smor South Wesl London L¥# C•ntr St John's Hospice Street Storage Streèts ol LcdOn Swaffham Bulbeth Primary S¢ltr)ol The Conn•clion al St Martins The Ways and Means Trust 1,000 1.000 1.000 2,000 2,000 1,000 2,000 3.OOD 2.000 2,000 5.¢XIO 3,¢J)O 5,000 2,000 3,000 5.000 1,000 5.000 3,000 3,000 3,000 5,000 3.000 10.000 5.000 5.CX)O 5,000 Agr¢ed at th? Jun• 2023 m•ètlng Barts Charity Ballen Di$èas• Famity Associal*)n Eve Appeal Harringey Law ctra Horseback UK LMK ILet Mè Knowl Malaria Consortium Princess Alice Hospiee Royal Academy of Mus Royal Trinity HOsptr Sherriff and Recorde$ FvrKI iety for thè R6liel of Distress Sw'ety ol Friends of ForeigTher5 sn Distrèss &)ulh West London Law Centre St Sepulchre without Newgalg The Big Give Trust via DEC- Ukraine ApFeal Trussell Tru51 10,0fy) 2.000 2.000 3.000 1,000 I,cK)o 1,000 2,000 2,000 5.000 5.000 5,000 1,000 3,(M)O 2,000 5.000 2,000 3,000 2,000 5,000 3,000 5,000 3,000 3.000 Other payments Slepchange New College Oxford The Big Give Tusl via Nab"onal Youth CHr 2.000 15,000 2021122 grants not repeated In 2022123 35,(KJO Total grants for th• yèar •nded 30 June 2023 £126,800 £104,000 Page 12
THE 8LYTH WATSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 9. Anatys5s of a$$¢ts between funds Unrestricted Fund Endowment Fund Total 2023 Total 2022 Investments Current Assets Creditors Inter fund borrowir 5,130,112 {10.8031 19.420) 1128,194) 5,130.112 143.489 118,428} 5.110.662 157.868 150,710} 154,292 19.008) 128,194 Total Net Assets 273,478 £ 4.981.695 £ 5,255,173 £ 5,217.820 Prlor yèar comparatlvg: Unrestricted Fund Endowment Fund Total 2022 Total 2021 Investments Current Assets Creditors Inter fund borrowing 5,110,662 5,110.862 157,868 150,710) 5.576,376 140,321 168.326) 157,868 {50,1151 150,587 15951 {150.587} Tolal Not Assèts 258,340 £ 4,959,480 £ 5,217,820 £ 5,648,371 10. Informatlon regardlng Trust•&s r•muneratlon and i¢lated party tran$actlon$ The charity has no employees12022.' none). No trustee receNed remuneration and no oxpenses were rèimbursed during the year current or prior year. The Iruslees of the charity are partners al 8DB Pilmans LLP administer the charity. Fees of £18,016 12022.. £14.9361 were payable lo BDB Pitmans by the charity in the period ended 30 June 2023. Al the year end amounts lo BDB Pilmans lotalled £1.500 {2022'. £1.190} these are included wthin the accruals. There were no other related party lTrnsaclions {2022'. none). Page 13
THE BLYTH WATSON CHARITABLE TRUST 11. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 showing the split between Funds Unrestrlcted Fund Expendable Total Funds Endowmant 2022 Fund Incorne and Endowments from: Investments 159.656 159,656 Total Incom• 159,656 159,656 Expendlture on: Raising fund$ 22,180 22,180 Chari(abk activities.. 114,178 7.468 121'.646 Total gxpgnditur8 114.178 29.648 143,826 Ngt Income l {0xndItuTe) 45,478 {29,6481 15,830 Nel (losses) I gains on Investments {446.3811 {446.3811 Net movgmtnl In lund$ 45,478 {476,0291 1430,5511 Reconclllatlon of funds: Balances bfoughl lorvrard from vIouS year 212,862 5,435,509 5,648,371 Balances Carrled forward at year end £258,340 £4,959,480 £5,217,820 Page 14