THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION FINANCIAL STATEMENTS OF ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE MARY JANE ENTWISTI.E CHARITABLE FOUNDATION CONTENTS CHARITY DETAILS TRUSTEES, REPORT INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES STATEMENT OF FtNANCIAL ACTIVITIES BALANCE SHEET 10 NOTES TO THE ACCOUNTS
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page I CHARITY DETAILS Trustees S M Entwistle (died I l January 2024) D H Haslam P R Entwistle (appointed 22 January 2024) Registered Address 86 Old Hall Drive Bamber Bridge Preston PR5 6FX Charity Number 1088405 Bankers Barclays Bank plc 38 Fishergate Preston Lancashire PRI 2DD Investment Managers Union Bancaire Privee (UK) Limited One Bank Street Canary Wharf London E144SG Brewin Dolphin Ltd 12 Smithtield Street London EC14 9LA Independent Examiners Hayes & Co Chartered Accountants I l Dalton Court Commercial Road Danven BB3 ODG
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 2 TRUSTEES, REPORT The trustees present their report and financial statements of the foundation for the year ended 30 September 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the foundation. The linancial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the foundation's governing document, the Charities Act 2011 and Accounting and Reporting by Charilies: 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. Constitution and Objects and activities for the public benefit The Mary Jane Entwistle Charitable Foundation is a registered charity governed by a deed of settlement dated 6 February 2001 approved by the Charity Commissioners. The Trustees, powers of investment are deterniined by the deed of settlement. The trust provides assistance throughout the area from South Ribble to Chorley North, bul special needs elsewhere can be considered. Its aims are to provide for the benefit of persons underprivileged and needy and where stale benefits are not available. The truslees generally meet on a quanerly basis to address the business of the foundation. The secretary handles the day to day running of the foundation. Trustees and appointment of new trustees The trustees who have served during the year are sel out on page l and were appointed in accordance with the deed settlement. Trustees are appointed for lit"e' the deed of settlement stipulates the number of trustees shall be not less than 2 and not more than 5. In the event that a vacancy should occur then the trustees will look to appoint new trustees with appropriate expertise and knowledge and who have an involvement in actii'ities for which grants are sought. Investment olic Background and Financial Objectives The Mary Jane Entwistle Charitable Foundation (Registered Charity No. 1088405) was Ih established on 6 February 2001 by Thomas Entwistle, the settlor, and David Howard Haslam for the general benefit of the inhabitants of the area specified on the map within the trust deed (from South Ribble to Chorley North) and fornier employees of Golden Glow Nui Food Company Limited and such other person who the Trustees in their absolute discretion detern]ine for the provision of financial assistance, goods and services; the provision of amenities and facilities. the advancement of education. and for the relief of sickness. The object of the charity is to utilise its resources to make charitable donations for general charitable purposes, educationltraining, the advancement of health or saving of lives and the prevention of relief of povety through grants to both individual and other charities or voluntary bodies.
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 3 TRUSTEES, REPORT The charity's total assets are £3,079,760 of which the majority is appointed in equal shares to two discretionary investment managers. The balance is held in cash. Investment Poivers The Trustees jointly liaise with the appointed discretionary investment managers and review their perforn]ance against industy benchmarks. Investment Objectives The charity seeks to produce the best financial return within an acceptable level of risk. The charity's primary objectives for investing are for both the income produced and the capital value to keep up with inflation and ideally outpace it over the long terni, after expenses. To allow the charity to maintain the real value of the invested portion of its assets, whilst funding annual distributions in the region of1.50/0 of the value of the investment portfolio. To produce a sustainable regular income whilst also allowing for some capital growth. Attitude to risk The charity is not reliant on the investment portfolio's returns to fund grant making as it has no requirement to continue in peryetuity. Granls are generally one-off awards and the number and value of ihese rnay vary depending on circumstances. Inflation is a key risk to the long-tenn sustainability of the charity's grant making. The Trustees understand that this is likely to mean that investment will be concentrated in assets which have the ability to produce capital and income returns over and above inflation and that the capital value will fluctuate. The Trustees do noi have a specific income target. Available for Investment All asset classes can be considered The charity's assets can be invested widely and should be diversified by asset class, by manager (where invested through collectives) and by security. Asset classes could include cash, bonds, equities, propety, hedge funds, structured products, private equity, commodities and any other asset that is deemed suitable for the charity. The Trustees are charged with agreeing a suitable asset allocation strategy with the investment managers, which is set to achieve the overall charity's investment objective.
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 4 TRUSTEES, REPORT Currency The base currency of the portfolio should be Sterling. However, there is no restriction on exposure lo currencies other than the base currency. Hedging of currency is pern]itted. Time Horizon The charity does not have a fixed time horizon. investment managers should aim to produce sustainable long tern] returns. Liquidity Needs The charity has no specific liquidity requirements. Investment Restrictions Tl)ere are no investment restrictions. Ethical Investment Policy The Trustees do not wish any ethical criteria to be considered in the management of the charity's investments. Grant-making policy The truslees make regular annual donations to a number ot" local charities, additionally applications are received from individuals and other charities on an ad hoc basis, the trustees peruse each application and grants are awarded al their discretion. Public benefit The truslees have referred to the guidance contained in the Charity Commission's general guidance on public benefit wlien reviewing the foundation's aims and objectives. An analysis of the assislance provided is shown in note 4 on page 2. Revieiv of a¢tivities-a¢hievements and performance During the year 16 grants (2023.'10) have been made by the foundation totalling £39,500 (2023.. £33,000). Financial Review The statement of Financial Activities (SOFA) for the period is set out on page 9. The foundation's income during the year amounted to £64,983 (2023: £53,190).
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 5 TRUSTEES, REPORT Resources expended during the year amounted to £65,709 (2023.. £59,451). Grants during the year amounted to £39,500 (2023: £33,000). During the year the value of the fimd increased by £297,637 (2023: increase £91,088) to £3,079,760 (2023: £2,782,123). This occurred as a result of realised gain of £40,211 (2023 realised loss.. £1 1,390) and unrealised gains of £258,152 (2023: unrealised gains £108,739). Future Plans The foundation intends to continue with its current investment, management and grant awarding policies. Reserves policy It is the policy of the foundation to maintain unrestricted funds, which are free reserves of the foundation, at a level that provides sufficient funds to cover grants payable and administration costs and to respond to emergency applications for grants which arise from time to time. Risk management The trustees have examined the major strategic, business and operalional risks which the foundation faces and confirni that systems have been established to enable regular reports to be produced so thal the necessary steps can be taken to lessen ihese risks. Trustees, responsibilities in relation to the financial statements The trustees are responsible for preparing the Trustees, Annual Report and ihe financial statements in accordance with appl icable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the foundation and of the incoming resources and application of resources of the foundation for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently observe the methods and the principles in the Charities Statement of Recommended Practice 2015 (FRS102)' make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been t"ollowed, subject to any material departures disclosed and explained in the financial statements prepaie the financial statements on a going concern basis unless it is inappropriate to presume that the foundation will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 6 TRUSTEES, REPORT any time the financial position of the foundation and enable them to ensure that the financial statenients comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees and signed on its behalf.. D H Haslam Date
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION PAge 8 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES 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. Anthony Nigel Totham Hayes & Co Chartered Accountants I l Dalton Court Commercial Road Danven Lancashire BB3 ODG Date
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Pag¢ 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the trustees on my examination of the accounts of The Mary Jane Entwistle Charitable Foundation for the year ended 30 September 2024 which are set out on pages 9 to 12 in this report. Respective responsibilities of Trustees and Examiner The chaTity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011. The charity's trustees consideT that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act; or tollow the procedures laid down in the applicable Directions given by the Charity Commissioners under section 145(5){b) of the 2011 Act. and state whether particular malters have come to my attention. Basis of Independent Examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination iiicludes a review of the accounling records kept by the Association and a comparison of the accounts presented with those records. It also includes consideralion of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence ihat would be required in an audit and, consequently, no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent Examiner's statement I have completed my examination. I can confirn) 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 2011 Act.. or The accounts did not accord with the accounting records. or The account did not comply with the applicable requirements concerning the forn] and content of accounts s¢t out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of the independent examination.
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 9 STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 SEPTEMBER 2024 Note Year ended 30 September 2024 Year ended 30 September 2023 Unrestricted fund Unrestricted fund Income Donations Investment income 64,983 53,190 Total incoming resources 64,983 53,190 Expenditure Administration costs 26,209 26,451 Donations 39,500 33,000 Total Resources Expended 65,709 59,451 Net Gains l {losses) on the revaluation of investments Realised 40,211 (11,390) Unrealised 258,152 108,739 298,363 97,349 Net movement in funds 297,637 91,088 Total funds brought forward 2,782,123 2,691,035 Total funds earried forward 3,079,760 2,782,123 All funds are uni"estricted.
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 10 BALANCE SHEET YEAR ENDED 30 SEPTEMBER 2024 Note 2024 2023 Investments at Market Value 2,960,373 2,646,436 Current Assets Bank interest bearing current accounts 120,575 136,527 Current Liabilities {1,188) (840) Accruals Net assets 3,079,760 2,782,123 Unrestricted Funds l October 2023 2,782,123 2,691,035 Net movement in funds 297,637 91,088 30 September 2024 3,079,760 2,782,123 The accounts were approved by the Trustees on .>.$. . Trustee Trustee
THE MARV JANE ENTWISTLE CHARITABLE FOUNDATION Pagell NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l Accounting Policies Convenlion The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with the provisions of Section IA 'Small Entities. of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" They have been prepared in accordance with tlie Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102 and the Charities Act 2011. The trustees consider that there is no material uncertainties about the Trust's ability to continue as a going concern. Investments and Investnteni Income Investments are included at closing mid-market value at the balance sheet date as provided by the investment managers, Union Bancaire Privee Limited and Brewin Dolphin Limited. Gains or losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities. Investment income is accounted for in the period in which the charity is entitled to receipt. Resoui'ces Expended Expenditure is included on an accruals basis. Grants awaTded are charged in the year the recipient receives the grant. Grants which have been awarded but have not been paid at the year end are noted as a commitment. but not accrued as expenditure since grant applicants do not always take up their awards, particularly where they have obtained alternative funding. 2 Investment income 2024 2023 Income from Investment Managers 64,983 53,190 64,983 53,190 3 Administration Costs The Charity's administrdtion costs were settled by the Trnstees. 2024 2023 Administration fees Investment managers, fees Auditor's and Independent examiners, fees 4,416 20,725 1,068 4,000 21,557 894 26,209 26,451
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 12 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 4 Donations 2024 2023 Individuals Si Catherine's Hospice Derian House Childrens, Hospice The Salvation Anny Barnado's Royal Star & Garter Brindle Si James Church Alzheimers Society South Ribble Pensioners Association The Panathlon Foundation Strive for Excellence Rosemere Foundation All Saints Church Christian Community Larder Swimming Together & Recreational Support Bamber Bridge FC Special Needs Disco 3,000 10,000 6,000 1,000 1,000 1,000 5,000 10,000 6,000 1,000 1,000 1,000 ( 1,000) 5,000 5,000 2,000 1,000 1,000 3,000 1,000 3,000 1,000 3,000 1,500 1,000 39,500 33,000 5 Quoted Investments 2024 2023 Movements During the Year Markel value al l October 2023 2,646,436 2,500,665 Additions Disposals Net realised investment gainsl(losses) Net unrealised investment ains/ losses 584,573 (568,999) 40,211 258,152 738,235 (689,813) (11,390) 108,739 Market value at 30 Se tember 2024 2,960,373 2,646,436 Historical cost ai l October 2023 Additions Dis osals 2,610,908 584,573 528,788 2,573,877 738,235 701,204 Historical cost at 30 Se lember 2024 2,666,693 2,610,908 There is only one investment fund. Part of the portfolio of £2,960,373 is managed by Union Bancaire Privee (UK) Limited and part by Brewin Dolphin Limited. All investments are listed investments.
THE MARY JANE ENTWISTLE CHARITABLE FOUNDATION Page 13 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 6 Movement in funds Unrestricted fund 2024 2023 General Fund Balance l October 2023 Income Expenditure Revaluation 2,782,123 64,983 (65,709) 298,363 2,691,035 53,190 (59.451) 97,349 Balance 30 September 2024 3,079,760 2,782,123 7 Related Party Transactions An administration fee shown of £4,200 was paid to DH Haslam, trustee, for various matters including administration of the Charity and attendance at all meetings with the investment managers. Expenses ot"£216 were also accrued for the trustees.