LORD BELSTEAD CHILDREN’S SETTLEMENT
ACCOUNTS
5 APRIL 2021
MOORE GREEN CHARTERED ACCOUNTANTS SUDBURY SUFFOLK
LORD BELSTEAD CHILDREN’S SETTLEMENT
INDEX TO ACCOUNTS
5 APRIL 2021
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2 - 3 |
| Receipts and Payments Account | 4 |
| Statement of Assets and Liabilities | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Independent Examiner’s Report | 12 |
1
LORD BELSTEAD CHILDREN’S SETTLEMENT
CHARITY INFORMATION
TRUSTEES: Killik & Co. Trustees Ltd. 46 Grosvenor Street Mayfair London W1K 3HN OFFICES: Killik & Co. Trustees Ltd. Crown Office Crown Street Ipswich Suffolk IP1 3HS INVESTMENT MANAGERS: Killik & Co. Stockbrokers 46 Grosvenor Street Mayfair London W1K 3HN BANKERS: Bank of Scotland 11 Earl Grey Street Edinburgh EH3 9BN INDEPENDENT EXAMINER: Moore Green 22 Friars Street Sudbury Suffolk CO10 2AA REGISTERED CHARITY NUMBER 1095645
2
LORD BELSTEAD CHILDREN’S SETTLEMENT
TRUSTEES’ REPORT YEAR ENDED 5 APRIL 2021
CONSTITUTION AND OBJECTIVES OF THE TRUST
Lord Belstead Children’s Settlement is registered with the Charity Commission for England and Wales and constituted by Deed of Trust dated 14 November 1938. Under its terms, children of Lord Belstead were to benefit but in the absence of any issue, under a Court Order dated 21 February 1978, following a 21 year accumulation period, the Trust was established for exclusively Charitable purposes albeit that it might come to an end should Lord Belstead have a child. The settlement Trustees shall stand possessed of Lord Belstead’s Fund and Miss Ganzoni’s Fund; (A) Upon trust to pay transfer or apply the same to such Charity or Charities or for such charitable purposes as the Settlement Trustees shall with the consent of Miss Ganzoni during her life and after her death at their absolute discretion think fit and subject thereto and (B) upon trust to pay or transfer the same to the Trustees for the time being of the Ganzoni Charitable Trust Deed to be held as part of the Trust Fund referred therein.
FURTHERANCE OF THE OBJECTIVES OF THE TRUST
The Trustees are pleased to report that during the year they have donated £32,821 to the Ganzoni Charitable Trust and The Lord Belstead Charitable Settlement in accordance with the Charity’s objectives as outlined above.
ORGANISATION & CHARITABLE ACTIVITIES
The Trust is administered by the Trustees as shown on page 1. Currently surplus income is remitted biannually to the solicitors administering the Lord Belstead and Miss Ganzoni Charitable Trusts (Registered Charity Numbers 1095645 and 263583) to be distributed by the Trustees in accordance with their charitable purposes.
The Trust does not receive any donations, nor does it rely on any volunteer help.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Charities Act 2011 require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently (see Note 1);
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to do so;
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Act in accordance with the Charity’s constitution and rules.
The Trustees are responsible under Trust Law to ensure the propriety of transactions and for keeping adequate accounting records to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems established to mitigate those risks.
3
LORD BELSTEAD CHILDREN’S SETTLEMENT
TRUSTEES’ REPORT (CONTINUED) YEAR ENDED 5 APRIL 2021
RISK REVIEW
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to operations and finances of The Settlement, and are satisfied that systems are in place to mitigate exposure to the major risks.
RESERVES AND INVESTMENT POLICY
The Trustees’ policy is to maintain reserves such that income generated is sufficient to meet the running costs and secure the long term existence of the Charity.
On behalf of the Trustees
S Godden (Authorised Official)
4
LORD BELSTEAD CHILDREN’S SETTLEMENT
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Notes | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | ||
| RECEIPTS | |||||
| Investment and associated income | 2 | 31,637 | - | 31,637 | 41,968 |
| PAYMENTS | |||||
| Direct charitable expenditure | 3 | 32,821 | - | 32,821 | 43,305 |
| Indirect expenditure: | |||||
| Administration expenses | 4 | - | 19,129 | 19,129 | 17,896 |
| 32,821 | 19,129 | 51,950 | 60,931 | ||
| RECEIPTS LESS PAYMENTS | 6 | (1,184) | (19,129) | (20,313) | (18,963) |
| CAPITAL EXPENDITURE & | |||||
| FINANCIAL INVESTMENT | |||||
| Payments to acquire quoted investments | - | (169,552) | (169,552) | (312,346) | |
| Receipts from sale of quoted investments | - | 197,679 | 197,679 | 324,116 | |
| _____ | ______ | ______ | ______ | ||
| - | 28,127 | 28,127 | 11,770 | ||
| NET INCOMING (OUTGOING) | |||||
| RESOURCES | (1,184) | 8,998 | 7,814 | (7,193) |
5
LORD BELSTEAD CHILDREN’S SETTLEMENT
STATEMENT OF ASSETS AND LIABILITIES 5 APRIL 2021
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Capital Awaiting Investment Held by Killik & Co – Income TOTAL ASSETS LESS CURRENT LIABILITIES Represented by: FUNDS Unrestricted Restricted NET FUNDS 6 |
2021 £ 1,573,348 11,308 7,865 1,592,521 73,026 1,519,495 1,592,521 |
2020 £ 1,195,168 2,159 9,337 1,206,664 74,210 1,132,454 1,206,664 |
|---|---|---|
Approved by the Trustees on and signed on their behalf by:
(S Godden) – Authorised Official
6
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APRIL 2021
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Valuation of investments
The Charity’s quoted investments are stated in the balance sheet at market value as recommended by the SORP (FRS 102). The effect of including unrealised gains or losses is shown in Note 6.
Disposal of investments
Any surplus or deficits arising on the disposal of the Charity’s quoted investments are treated as increases/decreases in the restricted Funds of the Charity and are not included in the determination of the Charity’s net incoming (or outgoing) resources for any accounting period, as explained in Note 7 to these financial statements.
Restricted and unrestricted funds
The nature of these funds, within the meaning of the SORP so far as the Charity is concerned, is explained in Note 7 to these financial statements.
2 ACCOUNTING POLICIES
Investment income
Investment income is included when received. Tax credits relating to such income are included when received, even if that is during an accounting period later than when the income was received.
Allocation of payments
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. The Trustees decide the most appropriate heading, within the “Payments” section on page 4, under which each individual expenditure type should be included.
Realised and unrealised gains (losses) on investments
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(a) Realised gains (losses) represents the excess (deficiency) of sale proceeds over the valuation of the investment at the previous year end.
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(b) Unrealised gains (losses) represents the excess (deficiency) of the valuation of the investments at the year end over the previous year end or, where the investment was purchased during the year, over cost.
7
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APRIL 2021 (CONTINUED)
| 2. INVESTMENT INCOME Fixed Interest Interest on Invesco Perpetual Income Inc Nav Interest on Invesco Corporate Bond Z Interest on Veritas Glob. Eq. Inc. Interest on Lazard emerging markets S inc Interest on 3I Infrastructure Equities Unilever Plc Ord Prudential Corporation 5p Accenture Plc Vodafone Group Barclays 25p Astra Zeneca 25p Standard Chartered Royal Dutch Shell Scottish & Southern Energy National Grid Lloyds Banking Group Law Debenture Corp Microsoft Corp Verizon Communications JP Morgan Chase & Co ASML Holding United Health Heidelberg Cement Npv Xylem Inc. Civitas Social Housing 3I Infrastructure plc Tritax big box REIT PRS REIT Abbott Laboratories Airbus SE Ecolab Inc Ferguson PLC Nike Inc Carried forward |
2021 £ - 1,802 - 785 1,491 934 531 442 835 140 1,036 - 591 1,093 - - 2,490 416 - 607 401 - 145 328 1,935 951 2,460 1,800 360 - 210 - 221 22,004 |
2020 £ 1,939 1,996 3,031 927 - 1,137 1,584 468 780 420 1,310 227 1,765 326 1,504 1,451 1,248 440 333 535 480 238 494 305 1,908 2,294 2,633 2,160 85 363 104 200 55 32,740 |
|
|---|---|---|---|
8
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR TO 5 APRIL 2021
- INVESTMENT INCOME (Continued)
| Equities Continued JLEn Assets Group BP Cineworld Orsted A/S Ping AN Insurance Tencent Holdings Limited Thermo Fisher Scientific Rio Tinto E.On SE CME Group Inc Nestle SA Newmont Corporation Visa Inc First Sentier Investments UK Stewart Inv Asia Brought forward Equalisation US Tax adjustment Accumulation Dividends 3. DIRECT CHARITABLE EXPENDITURE Donations to The Lord Belstead and Miss Ganzoni Charitable Trusts 4. ADMINISTRATION EXPENSES Professional Fees Trust Administration Fees Investment Management Fees |
|
|---|---|
9
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
YEAR TO 5 APRIL 2021
5. QUOTED INVESTMENTS
Invested through Killik & Co
| 2021 |
2020 | ||
|---|---|---|---|
| Market | Market | ||
| Value | Value | ||
| £ | £ | ||
| Fixed interest: | |||
| 5,057.715 | First State Investments (UK) Asia Pacific Lenders | 48,689 | 67,498 |
| 30,206.64 | Invesco MGRS per Corporate Bond Z Inc | 66,500 | 62,857 |
| 33,531.4533 | Lazard Fund Emerging Markets S Inc | 39,165 | 28,951 |
| 317.06 | Veritas Funds Global Equity | - | 53,564 |
| Equities: | |||
| 44,500 | Lloyds Banking Group | 19,033 | 12,338 |
| 450 | Astrazenica Ord USD 0.25 | 32,274 | 42,864 |
| 14,000 | Barclays Ord 25p | - | 11,234 |
| 2,125 | Prudential Corp 5p | 32,969 | 19,554 |
| 10,363 | Vodafone Group | 13,851 | 11,505 |
| 630 | Unilever Plc Ord | 25,339 | 25,433 |
| 38,434 | Tritax Big Box REIT Plc. | 69,566 | 40,740 |
| 25,700 | 3I Infrastructure – Ord | 76,201 | 61,809 |
| 45,000 | Civitas Social Housing – Ord | 48,420 | 43,425 |
| 6,400 | Law Debenture Corp | 46,272 | 28,800 |
| 56,500 | JLEN Asset Group | 62,828 | 62,433 |
| 1,200 | Royal Dutch Shell | 16,025 | 17,021 |
| 115 | ASML Holdings NV | 51,858 | 42,218 |
| Carried forward | 648,990 | 632,244 |
10
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR TO 5 APRIL 2021
| 5. QUOTED INVESTMENTS (CONTINUED) Equities: 23 Amazon 10,400 Cineworld 370 Heidelberg Cement 280 Microsoft Corporation 5,620 BP Ord 8,600 Glencore 230 Accenture PLC 45,000 PRS REIT 300 Airbus SE 480 Xylem Inc 800 Tencent Holdings 260 JP Morgan Chase & Co 27 Alphabet Inc 4,000 Standard Chartered Plc 1,360 SSE Plc 630 Vonovia SE NPV 3,150 Eon SE 290 Orsted A/C 2,050 Deutsche Telekom AG NPV 2,800 Ping AN Insurance 295 Nestle SA 170 Ecolab Inc 330 Nike Inc Class B 115 Thermo Fisher Scientific Inc 365 Abbott Laboratories COM NPV 545 Rio Tinto Ord 0.10 65 Keyence Corp NPV 445 Newmont Corporation Com USD 1.60 135 CME Group Inc Com USD 0.01 195 Walt Disney Company USD 0.01 135 Visa Inc Com USD 0.01 120 Alibaba Group Holdings Ltd TOTAL |
2021 Market Value £ 53,639 - 24,220 50,402 28,169 - 46,750 39,420 25,656 36,926 48,633 28,871 43,449 19,608 19,815 30,341 26,709 33,949 30,111 24,383 23,897 26,894 32,245 38,701 31,633 29,866 22,233 20,104 20,239 26,568 21,383 19,544 1,573,348 |
2020 Market Value £ 35,738 3,793 12,260 41,391 18,956 10,320 28,520 34,425 13,097 23,675 31,653 17,820 24,150 16,256 14,593 24,720 24,180 27,334 21,056 22,094 25,192 20,410 21,215 26,437 23,639 - - - - - - - 1,195,168 |
|---|---|---|
11
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR TO 5 APRIL 2021
6. RECONCILIATION OF MOVEMENT IN NET FUNDS
| Restricted Unrestricted Funds Funds Endowment - Expendable £ £ Increase (Decrease) in Cash (Page 4) (19,129) (1,184) Net Capital Expenditure 28,127 - and Investment Activity (Page 4) Realised Profit/(Loss) on Investments 43,346 - Unrealised Profit/(Loss) on Investments 334,697 - 387,041 (1,184) FUNDS BROUGHT FORWARD AT 6 APRIL 2020 1,132,454 74,210 FUNDS CARRIED FORWARD AT 5 APRIL 2021 1,519,495 73,026 |
Total £ (20,313) 28,127 43,346 334,697 385,857 1,206,664 1,592,521 |
|---|---|
7. RESTRICTED AND UNRESTRICTED FUNDS
The Trustees consider that all the assets of the fund at 5 April 2021 constitute the restricted funds of the Charity and must be retained under their administration and management.
The Trustees consider these funds represent an expendable endowment in accordance with the SORP. The income of the Charity each year, to the extent it has not been expended in accordance with the Scheme’s objectives, is carried forward as unrestricted funds for disbursement in accordance with those objectives in future years.
12
LORD BELSTEAD CHILDREN’S SETTLEMENT
Registered Number : 1095645
Independent Examiner’s Report to the Trustees of Lord Belstead Children’s Settlement.
I report on the accounts of the Trust for the year ended 5 April 2021 which are set out on pages 4 to 12.
Respective Responsibilities of Trustees and Examiner
As the charity’s trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters 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 Commissioners. 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 you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 41 of the Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met ; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Matthew M Wilkinson FCA
Moore Green Chartered Accountants
22 Friars Street Sudbury Suffolk CO10 2AA
Dated