THE NUTTALL TRUST TRUSTEES, ANNUAL REPOFrr AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
THE NurrALL TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2025 PAGE 1 ADDRESS 60 High Slreel Burnham-on-sea Somerset TA81PE REGISTRATION NUMBER -108519S OBJECTIVES AND ACTIVITIES The Trust was constituted by the Wills of the late Edna lone Nuttall 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. The objects of the Charity are Such charitable purposes lor the general benefit of the inhabitants of the Parishes of Brent Knoll, East Brent, Mark and Lympsham, and the trustees seek sultable recipients for grants from occupiers and organisations within the Parishes ol Brent Knoll, East 8rent, Mark and Lympsham. Trustpe Appointn7ent Trustees prior to appointment are subject to interview by the pxisting trustees and are selected on the basis of their local conneclions and their experience. Appointments can take place at any meeting of the Trustees lollowing the resignatlori of an incumbent trustee. Upon election as a trustee, they are required to sign a deed of appointment, which is then registered with the Charities Commission. There is no formal induction procedure is in place, but new trustees have the procedures and duties explained by existing trustees. Policy cn grant m2king The trustees continue to make grants to families In accordance with the grant making policy which is reviewed annually and updated where appropriate. PubliG Benefit .The trustees of The Nutlall Trust have regard and are aware of the Charity Commissions public benefit guidance when exercising their duties lo which Ihe guldance is relevant. Together we ensure that we carry out our charities purpose for Ihe public benefit. TRUSTEES The Trustees who have acted during the year are,. Mr J H Coun5ell Mr N Reclding Mr R C Banwell Mr J Baker The Trustees have full and unrestricted powers of investment.
THE NurrALL TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2025 PAGE 2 SOLICITORS Barrlnglon & Sons 60 High Street Burnham-on-sea Somerset TA81PE INDEPENDENT EXAMINER Mrs C Willlams FCA DChA Westcotl (SWI LLP 47 Boutporl Street Barnstaple Devon EX31 1SQ STOCKBROKERS JMFinn&Co St Brandons House 29 Great George Street Bristol S15QT BANKERS Lloyds Bank 73 High Street Burnham-on-sea Somersel TA8 1NP SUMMARY OF ACTIVITIES During the year the Trust received income of £72,270 which comprised dividends of £32,782, and the proceeds on the sale of investments of £39,488. Grants of £32,823 and payments of £10,201 were made leaving a surplus 01 £29,246 for the year. The Trust's principal sourc8s of funds The Trust holds a portfolio of listed investments which are managed by J M Finn & Co. At the year end. the total holdings were worth £1,202,995 (£1,163,803 at 31 January 20241. Reserves Policy The Trustees policy is to distribute the majority of the charity's income reserves, thus maintaining a low level of reserves. STATEMENT OF MAJOR RISKS Tho Trustees hereby agree that tho major risks to which the Charity is exposed are as lollows:. Inappropriate inveslment. Inability to act in a timely fashion to professional advice on investments. Establishing bona fides of Applicanls for Grants from the Trust, Securiiy of cash inveslments and security documents.
THE NurrALL TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2025 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 prolessional advice on investment, portfolio and investment documentation, local knowledge of potential applicants lor grants and acting in a collegiate fashiDn In decision making with any two Trustees able to act by and on behalf of all Trustees. STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Slandards (United Kingdom Generally Accepted AGCOUnting Practice> and applicable law and regulations, The law applicable to charities requires the trustees lo prepare financial statements for each Ilnancial year which give a true and fair view of the state ol affairs of the charity and of the incoming resources and appllcatlon of resources of the charity for that period, In preparing these financial slalemenls, the trustees are required lo: select suitable accoullling policies and th8n apply them consistently. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether appllcable accouniing standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriale to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible forlhe maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial stat8menls may differ f rom legislation in other jurisdictions. Approved by the Trustees and signed on their behalf by., N REDDING Daled
PAGE 4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NUTTALL TRUST FOR THE YEAR ENDED 31 JANUARY 2025 I report to the trustees on my examination of the accounts of The Nutlall Trust for the year ended 31 January 2025. Responsibllities and basis of report As the charity trustees ol The Nullall Trusl, you are responsible lor the preparation of the accounls in accordance with the requirements of the Charities Act 2011 I'the Act'}. I report in respeGt of my examination of The Nuttall Trust's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 145(51(bl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention In connectiDn with the examination giving me cause to believe that in any materlal respect,. 1. accounling records were not kept in respect ol Everything Ellie as required by section 1 $0 of the Act; or 2. the accounts do not accord with those records. Dr 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 lo enable a proper understanding ol the accounts to be reached. Catherine Vvilliams FCA DChA Independent Examiner Westcott ISWI LLP 47 Boutport Street Barnstaple Devon EX31 1 SQ
THE NurrALL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2025 PAGE 5 2025 2024 INCOME FUND Receipts Dividends (gross) Proceeds on investment5 sold 32,782 39,488 32,558 27,822 Payments Grants Independent Examiner's fee J M Finn & Co fees 32,823 38,146 930 9.894 10,201 Tolal expenditure 43,024 48,970 Surplus I (Deficit) for year 29,246 11,410 Capital funds brought forward Investments made 46,154 125,992) 58,636 123,892) Surplus carried forward 49,408 46,154 REPRESENTED BY: Lloyds Bank Barringtons - Client Account JMFinn&Co 34,254 34,294 15,154 11,860 49,408 46,154 All income and expenditure is unrestricted.
THE NurrALL TRUST STATEMENT OF ASSETS AND LIABILITIES AT 31 JANUARY 2025 PAGE 6 2025 2024 CAPITAL FUND INCOME FUND CAPITAL FUND INCOME FUND CASH AND BANK DEPOSITS Lloyds JMFinn&Co Barringtons- Client Account 34,254 15,154 34,294 11,860 INVESTMENTS Stocks and shares at cost {as per attached schedule) {Valuation at 31 January 2025 £1,202,995) (Valuation at 31 January 2024 £1,163,803} 531,574 610,107 631,574 49,408 610,107 46,154 These accounts were approved by the Trustees on and signed oll theii behalf by: N FIEDDING
THE NurrALL TRUST NOTES TO THE FINANCIL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 PAGE 7 1 Accounting pollcles Basis of preparatlon The accounts have been prepared on a receipts and payments basis and prepared in accordanco with applicable accounting standards and Statements of Flecommended Practice and comply with the Charities Act, statutory requirements and the governing instrument. Going concern The trustees consider that thero are no material uncertaintles about the charlty's ability to continue as a going concern. Income and endowments All incoming resources are included in the statement of financial activities when the charity receives the income. Expenditure Expenditure is recognised on a payments basis. Expenditure includes any VAT which cannot be lully recovered, and Is reported as part of the expenditure to which it relates. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid Investments that are readily convertible to a known amount of cash and are subjecl lo an insignificant risk ol change in value. 2 Trustee remuneralion No retlluneration or other benefits have been paid or are payable to any trustee or connected person in the period under review. 3 Taxation The charity is a regislerod charity and is therefore exempt from taxation.
THE NUTTALL TRUST SCHEDULE OF INVESTMENTS AT 31 JANUARY 2025 PAGE 7 Quantity Securlty Cosi @ 31 January 2025 Valuatlon 2025 Valuation 2024 2,100 Aberforth Smaller Companies 750 Anglo American plc 1,700 Associated British Foods pl 450 Ball Corp 11,930.77 BNY Mellon Fund Managers 5,000 BP plc 370 Capita l Gearing Trust 1,900 Diageo plc 28 2,200 Experian Group plc 360 Ferguson plc 16,500 Legal & General Group plc 4,000 Lindsell Train Ltd 18,000 Lloyd5 Banking Group plc 2,367 National Grid plc 880 Nestle SA Ordinarv 1067 Rio Tinto plc 1,550 RIT Capital Partners 1,803 Royal Dutch Shell plc 10,000 Scottish Mortgage & Trust plc 2,100 Smith & Nephew plc 1,350 SSE- Scottish & Southern Energy plc 36,000 TR European Smaller Co'5 PLC 14,425 Troy Trojan O Inv 12,900.00 UI( Treasury 1.25% Idx-Lkd 2027 17,250 UK Treasury 0.125% Idx-Lkd Gilt 22103/29 400 Unilever PLC Ord 350 1(one OYJ NPV 12000 Bankers Investment Trust 1,000 Guinness Asset Management Fund PLC 3,000 Impax Environmental Markets 2,100 Polar Capita l Funds Global Insurance 70 CG Portfolio Fund PLC 9500 SVS Church House Investments 2,400 Schroder Asian Total Return 11,000 Greencoat UK Wind PLC 10000 Allianz UK & European Inv Funds Strategic 85 Roche HLDNGS 100 Microsoft Corp Com STK 2000 Segro PLC 100 Essilorluxottica 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 12,440.10 14,578.26 20,728.97 15,849.02 27,103.51 11,855.80 13,737.52 14,329.78 14,659.73 29,810.33 7,545.77 11,734.67 17,894.31 9,606.10 14,826.96 24,762.23 24,863.74 15,768.69 14,885.21 9,855.38 15,673.23 12,005.43 10,183.43 14,828.27 10,581.65 12,199.74 13,998.87 15,680.81 13,517,26 24,563.32 20,109.78 17,866.53 17,686.25 30,408.00 17,853.75 32,334.00 20,225.94 28,398.81 21, 125.00 17,834.00 45,961.00 88,154.00 52,615,05 39,979,50 19,529.20 11,221.20 23,191.87 6U,369.39 52,186.97 30,566.00 48,293.36 108,550.00 21,672.00 22,025.25 63,864.00 19,834.29 26,912.26 28,227.08 18,528.00 14,630.88 15,048.00 22,957.80 12,210.00 20,477.52 13,246.24 10,521.25 11,808.00 18,996.17 13,233.00 8,427.00 21,524.32 33,492.84 14,348.00 22,213.86 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 53,46Q.00 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.OU 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 20,116.7D 11,385.00 17,262.42 13,197.10 10,426.25 10,128.DO 16,038.89 15,862.00 8,971.00 19,216.20 31,349.20 17,636.00 631,573.53 1,202,994.80 1,163,802.90