THE NUALL TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JANUARY 2024
THE NUALL TFIUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 PAGE 1 ADDRESS 60 High Street Burnham-on-sea Somerset TA81PE REGISTRATION NUMBER 1085196 GOVERNING INSTRUME The Trust was constituted by the Wills of the late Edna lone Nultall who died on 9 January 1999 and the late James Nuttall who died on 12 January 1999 and amalgamated in The Nuttall Trust by deed dated 12 January 2001. OBJECTS The objects of the Charity are such charitable purposes for the general benefit of the inhabitants of the said Parishes of Brent Knoll. East Brent, Mark and Lympsham. The Trust is administered by the Truslees. TRUSTEES The Trustees who have acted during the year are: Mr J H Counsell Mr N Redding Mr R C Banwell Mr J Baker The Trustees have full and unrestricted werS of investment. SOLICITORS Barrington & Sons 60 High Street Burnham-on-sea Somerset TA81PE INDEPENDENT EXAMINER David Wright Westcotts (SW) LLP 80 Oxford Street Burnham-on-sea Somerset TA81EF
THE NurrALL TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 PAGE 2 STOCKBROKERS JMFinn&Co St Brandons House 29 Great George Slreet Bristol BS15QT BANKERS Lloyds Bank 73 High Street Burnham-on-sea Somerset TA8 INP SUMMARY OF ACTIVITIES The Trustees sought suitable recipients for grants from occupiers and organisations within the Parishes of Brent Knoll, East Brent, Mark and Lympsham. The total holdings were worth £1,163,803 at January 2024 (£1,179,175 at 31 January 2023). The Trustees policy is to distribute the majority of the charty's income reseNes, thus maintaining a low level of reserves. Grants of £38,146 were made leaving a deficit of £23,864 for the year under review. REMUNERATION No remuneration or other benefits have been paid or are payable to any trustee or connected person in the period under review. ACCOUNTS The accounts have been prepared on a receipts and payments basis and prepared in accordance with applicable accounting standards and Statements of Recommended Practice and comply with the Charities Act, statutory requirements and the governing instrument. STATEMENT OF MAJOR RISKS The Trustees hereby agree that the major risks to which the Charity is exposed are as follows:_ Inappropriate investment. Inability io act in a timely fashion to professional advice on investments. Establishing bona fides of Applicants for Grants from Ihe Trust. Security of cash investments and security documents.
THE NUThALL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 PAGE 3 STATEMENT OF MAJOR RISKS Continued The Trustees having reviewed these major risks certify that they have adequate systems in place by the taking of timely professional advice on investment. portfolio and investment documentation, local knowledge of potential applicants for grants and acting in a collegiate fashion in decision making with any two Truslees able to act by and on behalf of all Trustees. Approveol by the Trustees and signed on their behalf by: N REDDING Dated
PAGE 4 INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE NUTTALL TRUST FOR THE YEAR ENDED 31 JANUARY 2024 Responsibilities and basis of reporl I report to the trustees on my examination of the accounts of the above charity (llhe Trust'l for the year ended 31 January 2024. As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act"). I report in respect of my examination of the Trust's accounls carried out under section 145 of the 2011 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. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records. or Ihe accounts did not comply with the applicable requirements concerning the forrn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. 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 accounts to be reached. DAVID WRIGHT WESTCOTTS (SW} LLP CHARTERED ACCOUNTANTS 80 OXFORD STREET BUFINHAM-ON-SEA SOMERSET TA81EF 11.12.24
THE NUThALL TRUST RECEIPTS AND PAYMEKfs ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 PAGE 5 2024 2023 INCOME FUND Receipts Dividends {net} Surplus/(Deficit) on investment sold 32.558 (6,012) 35,424 2,268 Payments Grants Independent Examiner's fee J M Finn & Co fees Barringtons Fee 38,146 930 9,894 1440 31,945 1,668 10,184 1,440 Total expenditure 50,410 (45,237) Surplus l (Deficil) for year (23.864) (7.5451 Capital funds Investments made Investments sold (see note below) 58,636 (23,892) 33,834 51,049 (44,672) 59,803 Surplus carried forward 44,714 58,635 REPRESENTED BY: Lloyds Bank Barringtons- Client Account JMFinn&Co 34.294 41.477 774 17,824 11,860 46.154 60,075 Current Assets Current Liabilities (1,440) (1,4401 44,714 58,635
THE NurrALL TRUST STATEMENT OF ASSETS AND LIABIUTIES AT 31 JANUARY 2024 PAGE 6 2024 2023 CAPITAL FUND INCOME FUND CAPITAL FUND INCOME FUND CASH AND BANK DEPOSITS Lloyds JMFinn&Co Barringtons - Client Account 34.294 11.860 41,477 17,824 774 OTHER MONETARY ASSETS Income tax repayments OTHER MONETARY LIABILITIES Creditors (1.4401 (1,440} INvESTMErs Stocks and shares at cost (as per attached schedule) (Valuation at 31 January 2024 £1.163,803} (Valuation at 31 January 2023 £1,179,175) 610,107 620,048 610,107 44.714 620,048 58,635 These accounts were approved by the Trustees on and signed on their behalf by.. N REDDING
THE NurrALL TRUST SCHEDULE OF INVESTMENTS AT 31 JANUARY 2024 PAGE 7 Quantity Security Cost @ 31 January 2024 Valuation 2024 Valuation 2023 2,100 Aberforth Smaller Companies 750 Anglo American plc 1,700 Associated British Foods plc 450 Ball Corp 11,930.77 BNY Mellon Fund Managers 5,000 BP plc 370 Capital Gearing Trust 1,900 DiaEeo plc 28 3,000 Experian Group plc 360 Ferguson plc 2,906 Land Securities Group plc 16,500 Legal & General Group plc 4,000 Lindsell Train Ltd 18,000 Lloyds Banking Group plc 1,833 National Grid plc 880 Nestle SA Ordinary 1.067 Rio Tinto plc 1,550 RIT Capital Partners 1,803 Royal Dutch Shell plc 13,000 Scottish Mortgage & Trust plc 2,100 Smith & Nephew plc 1,350 SSE- Scottish & Southern Energy plc 36,000 TR European Smaller Co's PLC 14.424.94 Troy Trojan O Inv 12,900 UK Treasury 1.25% Idx-Lkd 2027 17,250 UK Treasury 0.125% Idx-Lkd Gilt 22103/29 400 Unilever PLC Ord 230 Kone OYJ NPV 12,000 Bankers Investment Trust 1,000 Guinness Asset Management Fund PLC 3,000 Impax Environmental Markets 2,100 Polar Capital Funds Global Insurance 70 CG Portfolio Fund PLC 9,500 SVS Church House Investments 14,000 GCP Infrastructure Investments Ltd 2,400 Schroder Asian Total Return 100 Findlay Park Funds ICAV American 11,000 Greencoat UK Wind PLC 10,(X)O Allianz UK & European Inv Funds Strategic 85 Roche HLDNGS 100 Microsoft Corp Com STK 2,000 Segro PLC 15,123.10 6,896.00 13,550.01 9,045.55 11,380.02 19,900.60 15,901.25 14,046.35 14,701.94 14,578.26 28,224.00 14,224.50 39,797.00 19,675.06 25,827.73 23,122.50 17,020.00 54,349.50 85,696.00 53,460.00 28,980.00 25,998.75 31,552.00 21,287.07 25,685,75 24,442.50 18,259.50 66,880,00 76,778.00 40,896.00 20,586.10 41,910.00 16,300.40 9,464.40 18,788.25 86,963.27 67,423.73 30.349.00 42,803.22 97,396.00 23,404.50 23,267.25 58,680.00 18,013.86 25,250.66 26,209.69 10.271.25 10,155.48 12,336.00 18,293.50 12,900.00 16,438.59 14,020.30 10,397.75 13,552.00 10,560.00 13,405.95 17,523.00 10,130.00 21,493.19 20,128.01 20,728.97 15,849.02 27,103.51 8,411.50 13.737.52 14,329.78 14,659.73 29.810.33 9,809.50 11,734.67 17,894.31 9,606.10 14,826.96 24,762.23 24,863.74 15,768.69 10.023.22 9,855.38 15,673.23 12,005.43 10,183.43 14,828.27 10,581.65 42,075.00 17,092.00 7,656.30 19,338.15 79,352.25 58,717.01 29,388.00 44,119.41 100,594.00 23,320.50 22,747.50 57,420.00 18,406.22 26,314.77 27,426.43 15,388.00 9,006.31 12,456.00 20,116.70 11,385.00 17.262.42 13,197.10 10,426.25 12,199.74 13,998.87 15,680.81 13,517.26 24,563.32 20,109.78 17,866.53 10,128.00 16,038.89 15,862.00 8,971.00 19,216.20 31,349.20 17,636.00 610.100.56 1,163.802.90 1,179,174.92