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 BL￿H 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 C￿rity ThThber. 10713W) Prwpal address.. BDB Pitrnans LLP One Barthokffj*wCbs•, Lorbjefi. EC1A 78L Trustees. JastaSr Jthn Calvert Ce4 Elizabeth Ann Neale ministrators 808 Pilmans LLP Onè Barthdomtw Ch)¥e. L(th. ECIA 78L Independent EX￿1[ Pr￿e Bailey LLP Tenny$￿ House CambrKYge Bugrw Pa CambrKlge C84 OWZ Iweslmeni adwsers. Rathbm I￿eStMent Mamgemerrt 8 Fin$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 lneewats￿l 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 Fu￿5 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 pro1￿Onal 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 res￿nsIble fly In¢ludion and Ir8ining ol new trustees. New trustees are prowthd ￿ cwes ofthe charrty's d(Kurr￿ntS and meet with conbnuiThJ Iruslees. and adminthlors if wt*$led in wder tts gain an understanding of the charity. The tnJ5tees we the key managemenl of the charty. THE BLYTH WATSON C+IARITABLE TRUST REPORT OF THÉ TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 Obiectivos and A¢tivrfio The Charity Wds e5taNi5hed to awy the Chanty fvnds aThJ Ihe 8ri*ng IO crf lowards charitable purwses. charilable insbtutions ￿ chatitat4è loJndab"or¢J ￿ Sur* ww)rtion6 as the Irusiees shall in their absclute d15cretK)n think ft c￿￿denTrJ vknat was kTh)￿) ol Ihe *•shes of Mr$ 8tyth. Ihe Irustees generalty make grants for the public benefit towards causes based In the UK. WI￿1 exduding the rx)ssitMlIty of (yjnsidenng all appeals brought to Ih8ir notice. They make to registered C*ari1￿$. They do not make donations lo charit￿$ supportir9 arwmal ￿1[are. The trustees ¢￿$kjer appl￿ti￿s forgrants al th*'r meets"ngS￿￿Ckn are hdd a ygar walty in the summer and wnter and (tcasi(￿oIty cwder rewe* be￿?￿n me*tings The grants are a eombinatth of wular oll payrr*rts. R￿￿ M#n#g•nN*hl Th8 trusteès havt assessed the major risks lo ¥thich the thatty is exposed pa1￿CUt8￿Y thos¢ Sks related lo the inveslrnenl 51raiogy. They review the prwedures in place lo mitlgala exposure to these risks afKI have an inveslment poliw in pl8¢¢. They undèrstand Ihal systems can onty provide reasonable. ng1 absduta, asgjrance The tnJstees are ¢nvesled for the long t8rm. Th• inveslmenls have maintain&J Ihtrr value in the current year Th8 trustètrs meet with their Investment advisors. Rathbore8. al lea51 Ort6 a year. Rathbones manage th¢ portfolio on ¢1s¢relionary ba515. Ottspie fluctual￿)n9 m value aTrJ income lh• Injsiees ant￿Pp￿te they can m•ifit8in • slmilar Iw81 ol grant awards Fundr4kn1ry Tf* chaiity's IrKome is gènerated fr(m the inveslmenls hdd, the trusteès do not undertake fundraisirs a¢bvilies Thèy are ￿}mIh￿e$S mindlul ofthe coje issuod by the lundraigr¥J wulator. Thtr chanty has not receNed any COM￿alnI8 dunng the year bul Ifit ever (kl rvive a coM￿alni, thra ¥srulO be revie*Yd Immgdiaioty by the Irustees treated thg utrTro￿ 5ofh)usn&ss. Ach￿0￿1￿ 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 sUp￿rting 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 ao*i5e on thwr inve$trnent$. They have an Investment Polity Stalemenl in ￿a£e. Theirp￿1¢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$. The Irustees conlinually ieview this and a¢fvice from the manager throughout the year. Tht Investment manager has attende. Ai the yew end lh• Ch•rty were hdd In inveslmen15 and cash Total expenditure was £168.44812022. £143.8261 Fth*aisthJ costs adMir#Strati￿ Lv$ts had been kept under re*1￿. FuThJrai$ing tt6t5 and part of the admirwslrakn costs 81$ th8ryed to expen4a¥le endownenl. £29.294 (2￿22. £29.6481 The Irttstees noted the realiwj aThJ unrtalised gains and losse$ on thwr InN*stmtfits nel 9ws of £51,gJ9in 2￿22r2312022". net loss of £446.3811, reflecting the ovèrall stock rnarkel srtuali¢J). ProvisK)n has been madè fcf Ihe administration f¢es Paky to BDB pitmans LLP earry ¢Xrt the adminislratson ofts f￿j aThJ tha tses irthr￿1 oxamiw. Golng Con¢•m Th& trustses have Iho fl1an￿ pwts.￿. level of reserves aTrJ fu￿￿ c4.eds ofthe charity and have COr￿jUded that il reasonat4e 10 exFed Ihal Charity adeouate resourres lo continue in operational existencè the fOreseea￿e luture For this reason Itv continue lo adopt wng ojncom Ijws in Ihe k¥eparatK)n Oft￿ finwtsal statemwts. 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￿. 1nd￿1[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 the￿f0￿ cwts.n￿s to adopt the going conc4m basis in preparing its finawal $lalemeTht5 As stth. lh9 f￿a￿al statements have been prepared on a goirvJ C￿n￿rn bogs as the TNst&es bdieve Ihat Th) malenal uncert8irt*s exL8t The Iruslees confirm that IW havè Ccmplied wlh the in secbon 17 01 the Charibes Act 2011 to ha Elue ward to pub￿ benefil 9J¢da￿e wblished ty the Ch￿ty CoTnmiss¥)n In determining the activities undertaken ty the tharty. Is IoL4 120 Alastair John Cawl Cdlell Daig Trustee THE BLYTH WATSON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BLYTH WATSON CHARITABLE TRUST FOR THE YEAR ENDED 30 JUhlE 2023 I rèFN* to Ihg tharity trustees ￿ my examinatKw ol ofthe thaity for the year eThJed 30 June 2023 whid) ar8 set ¢>Jt on pages 8 to 14. Rgspon$lbllltle8 and ba$1$ of report A8 the charity's trusiees ytyj arè re¥￿￿ble for preFwakn 01t￿4&y￿jnts n ￿0)rd￿WIth 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 CommiS￿On 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 Ccth￿y￿Ih the apF&'C¥bknrew￿Thnt8C£￿Mlr￿a 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 Inc￿n￿l*￿ 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 ￿n￿rtaInty 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 apPI￿able 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 {A￿Unts 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 Charit*s'. 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 Un￿alISed 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 r￿1ve 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 or￿lUd8 the adjustrnènis that y￿uld 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