## **G.E. BESSELL DFM SETTLEMENT**
## **Report and Financial Statements**
**Year ended: 25 March 2023**
**Charity no: 1089910**
**G.E. BESSELL DFM SETTLEMENT**
## **Contents**
Report of the Trustees
Independent Examiners report Receipts and Payments Account
Statement of Assets and Liabilities
**G.E. BESSELL DFM SETTLEMENT**
## **Report of the trustees for the year ended 25 March 2023**
The trustees submit their annual report and the financial statements for the year ended 25 March 2023.
The charity is constituted as a trust and is governed by a deed of settlement dated 25 March 1997.
## **Reference and administrative details of the charity, its trustees and advisers**
The trustees who held office during the period were as follows:
Mr Stephen Cole Mrs Rosalie Hillman Mr Peter Cole Mrs Charlotte Louise Bishop
The principal address of the charity is:
Trafalgar House Nelson Street Southend-on-Sea Essex SS1 1EF
During the year, the charity used the following professional advisers:
Tolhurst Fisher Trafalgar House Nelson Street Southend-on-Sea Essex SS1 1EF
Rickard Luckin Limited 19 Clifftown Road Southend-on-Sea Essex SS1 1AB
## **Structure, governance and management**
The deed of settlement provides for a minimum of 2 trustees. Where there is a requirement for new trustees, these would be identified and appointed by the existing trustees. The existing trustees would be responsible for the induction of new trustees.
The trustees regularly review the risks that the charity faces. These mainly relate to investment management and these have been reduced by diversified portfolio management. The trustees are also aware of the risks associated with making donations and therefore they review the spending programmes of the benefactors.
## **Objectives and activities**
Its objectives are to act as a grant making charity for the RAF Benevolent Fund, Great Ormond Street Childrens Hospital, South East Essex Christian Hospice (Fairhavens), St. Joseph’s Hospice Hackney London and the British Red Cross.
The trustees have considered the Charity Commission guidance on public benefit and are satisfied that the Trust’s activities meet the principles laid out in that guidance.
**G.E. BESSELL DFM SETTLEMENT**
## **Report of the trustees for the year ended 25 March 2023 cont.**
## **Achievements and performance**
## **Financial review**
The charity’s investments are subject to daily fluctuations in the stock market. During the year, the trustees in conjunction with their advisers made changes to the investment portfolio which are reflected in the details of non-monetary assets and liabilities. Some of the income from listed investments is automatically reinvested and is therefore not reflected in the receipts and payments account.
The trustees aim to maintain a level of reserves in order to generate sufficient income and growth to make substantial but discretionary payments to each of the organisations listed above. Whilst the trustees have not set a specific level of reserves, they consider the current levels to be reasonable.
## **Plans for future periods**
The plans for the forthcoming periods are to improve the capital position of the charity, whilst making donations to the organisations listed above and monitoring the performance of those organisations to ensure appropriate spending programmes are in place.
This report was approved by the Trustees on …………………………….
………………………….…. Trustee
**G.E. BESSELL DFM SETTLEMENT**
## **Independent examiners report to the Trustees**
I report on the accounts of the charity for the year ended 25 March 2023 which comprise the Receipts and Payments account and Statement of Assets and Liabilities.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that 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**
In the course of my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect:
- accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Jamie Nice ACA Rickard Luckin Limited 19 Clifftown Road Southend-on-Sea Essex SS1 1AB
Date:………………….
## **G.E. BESSELL DFM SETTLEMENT**
## **Receipts and Payments account for the year ended 25 March 2023**
|
**Receipts:**
Dividends
Interest
Donations
Proceeds from sale of investments
Total receipts
**Payments:**
Legal Fees
Accountancy Fees
Cost of purchases of investments
Management fees
Donations
Total payments
Net receipts/(payments)
Cash funds b/fwd
Cash funds c/fwd|**2023**
**£**
24,471.14
4,710.91
6.41
_________
28,188.46
65,137.43
_________
93,325.89
_________
-
642.00
-
7,233.50
40,000.00
_________
47,875.50
__________
45,450.39
32,872.34
__________
78,322.73
|**2022**
**£**
17,129.55
4,744.11
5.00
_______
21,873.66
187,595.63
________
209,474.29
_________
900.00
618.00
176,969.73
7,958.36
50,000.00
_________
236,446.09
__________
(26,971.80)
59,844.14
__________
32,872.34
|
|---|---|---|
**G.E. BESSELL DFM SETTLEMENT**
## **Statement of Assets and Liabilities as at 25 March 2023**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Monetary assets:**|||
|Tolhurst Fisher current account|-|-|
|TSB deposit account|11,395.84|531.43|
|Cash on deposit – JM Finn & Co|49,137.59|14,630.29|
|Income account – JM Finn & Co|17,789.30|17,710.62|
||________|_______|
||78,322.73|32,872.34|
||________|_______|
|**Non Monetary assets and liabilities:**|||
|**Investments**|||
|CG Portfolio Fund PLC – The Dollar D Inc|50,496.00|52,467.00|
|Invesco Fund Managers IP Corporate Bond|-|51,543.21|
|SVS Church House Inv Grade|38,097.50|40,460.00|
|M&G Securities Corporate Bond|46,085.00|50,817.00|
|Mercantile Investment Trust|67,060.00|76,300.00|
|Murray Income Trust|70,465.00|73,610.00|
|Finsbury Growth & Income Trust|52,620.00|49,320.00|
|Law Debenture Corp|78,400.00|79,500.00|
|Artemis – UK Special Situations Fund|81,308.70|83,254.60|
|North Atlan SM CO|29,410.00|34,042.50|
|Findlay Americal USD Inc|67,859.54|69,849.98|
|Blackrock Fund Managers|43,444.72|43,223.20|
|Henderson – European Capital Growth Fund|54,816.00|51,024.00|
|Aberdeen New India Inv Trust|20,160.00|22,280.00|
|Pacific Horizon Investment Trust|34,980.00|42,180.00|
|JPMorgan Japanese Investment Trust|30,355.00|33,670.00|
|Templeton Emerging Markets Investment Trust|37,300.00|37,850.00|
|Herald Investment Trust|35,640.00|37,400.00|
|Foreign & Col Investment Trust|71,920.00|67,840.00|
|Monks Investment Trust|46,575.00|53,500.00|
|Alliance Trust Ordinary|23,775.00|24,275.00|
|Mid Wynd Intern Invest|46,900.00|54,950.00|
|M&G Securities Ltd Global Dividend|43,425.00|44,475.00|
|Digital 9 Infrastructure|13,860.00|21,640.00|
|Greencoot UK Wind|26,673.00|25,466.00|
|Caledonia Investments Ord|33,500.00|35,500.00|
|Aberdeen Diversified Inc & Gth|18,304.00|42,461.00|
|Personal Assets Trust|60,000.00|62,625.00|
||_________|_________|
||1,223,429.46|1,361,523.49|
||_________|_________|
**G.E. BESSELL DFM SETTLEMENT**
## **Debtors**
|Tax refund due
-
_______
**Statement of Assets and Liabilities as at 25 March 2023 Cont.**
**Liabilities**
Accountancy fees
660
Legal Fees
-
_______
660
_________|-
_______
642
-
_______
642
_________|
|---|---|