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2021-04-05-accounts

REGISTERED CHARITY NUMBER: 1123491

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 5 April 2021

for

The Christopher Moyes Memorial Foundation

The Christopher Moyes Memorial Foundation

Contents of the Financial Statements for the Year Ended 5 April 2021

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 14

The Christopher Moyes Memorial Foundation

Report of the Trustees for the Year Ended 5 April 2021

The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

The principal objectives of the charity are:

The relief of hardship; to help children, families, the elderly, and people who are sick or who have disabilities who are in need of financial assistance;

Education; to assist in the provision of education by way of financial support towards the provision of education to individuals, educational establishments and charities that assist with the provision of education.

The objectives are achieved by the making of grants and donations to suitable individuals and organisations in the local area of the county of Durham. Criteria applied in respect of grants made are detailed under grant making policies below.

Public benefit

The charity's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charity's charitable purposes for the public benefit. The trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and the trustees have paid due regard to this guidance in deciding what activities the charity should undertake.

Grantmaking

The trustees are open to requests of funding from individuals, educational establishments and other charities. Requests will be considered with regard to the aims and objectives of the charity and to the availability of funds at the time.

The trustees will provide the grants by one of the methods listed below;

Relief of financial hardship:

Assistance for education:

Page 1

The Christopher Moyes Memorial Foundation

Report of the Trustees for the Year Ended 5 April 2021

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The objectives of the charity are achieved by the making of grants and donations to suitable individuals and organisations in the local area of the county of Durham.

During the year grants totalling £99,944 (2020: £43,745) were made to the University of Durham. No other grants were made in this year (2020: £10,256) as the recipients were unable to travel to the UK due to Covid-19 restrictions.

The charity has a designated fund, the IHRR Durham University Fund, to provide the funds to sponsor and support up to three graduate students studying at the Institute of Hazard, Risk and Resilience.

Investment performance

In line with the organisation’s investment policy, monies are invested in a long term investment portfolio now managed by Rathbones, who replaced Brown Shipley during the year.

During the year income generated from investments was £51,054 (2020: £67,339).

Principal risks and uncertainties

The principal risks faced by the charity lie in the performance of investments.

The trustees consider variability of investment returns on the permanent endowment to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.

Factors likely to affect future development

The factors likely to affect future development are changes to the Global market performance.

FINANCIAL REVIEW

Investment policy and objectives

The Trustees' investment powers are generated by the Trust Deed and they have delegated the management of the investment portfolio to Rathbones. The portfolio is a combination of different asset types and weightings to take into account both long term investment behaviours and shorter term prevailing market conditions.The investment objective aims to provide the opportunity for growth in income and therefore the Board's policy is to adopt a medium risk investment strategy.

Reserves policy

The charity has a low level of operating costs and maintains an operating reserve of £10,000 sufficient to settle any short term liabilities. The charity had free reserves at 5 April 2021 of £72,646 (2020: £178,251).

FUTURE PLANS

The charity aims to continue to provide relief for financial hardship and assistance for education by making grants and donations in the local area of the County of Durham. In doing this, the trustees have agreed to grant funding to a further student to fund postgraduate doctoral research in 2021/22.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The charity was established on 9 June 2006 as The Prebend Trust and changed its name to The Christopher Moyes Memorial Foundation on 12 May 2008.

Recruitment and appointment of new trustees

Trustees are appointed unanimously by the existing trustees after due consideration of the needs of the charity at that time and the relevant skills and experience of potential candidates. There must be no more than four trustees, with a quorum being two. Induction and training of trustees takes place on an informal basis.

Organisational structure

At the trustee meetings the trustees agree the strategy for the charity, including consideration of grant making, investment, reserves and risk management. All decisions relating to the ongoing administration and operation of the charity are taken by the trustees and require a simple majority.

Page 2

The Christopher Moyes Memorial Foundation

Report of the Trustees for the Year Ended 5 April 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have considered the major risks to which the charity is exposed and systems and procedures have been established to manage those risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1123491

Principal address

C/o Clive Owen LLP 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT

Trustees

J R Moyes R Fellows G J King

Independent Examiner

Christopher Beaumont BA(Hons) BFP FCA DChA Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT

Bankers

HSBC 1 Prospect Place Darlington Durham DL3 7LQ

Solicitors

Boodle Hatfield 240 Blackfriars Road London SE1 8NW

Investment Managers

Rathbones George House 50 George Square Glasgow G2 1EH

Page 3

The Christopher Moyes Memorial Foundation

Report of the Trustees for the Year Ended 5 April 2021

Approved by order of the board of trustees on 1 December 2021 and signed on its behalf by:

J R Moyes - Trustee

Page 4

Independent Examiner's Report to the Trustees of The Christopher Moyes Memorial Foundation

Independent examiner's report to the trustees of The Christopher Moyes Memorial Foundation

I report to the charity trustees on my examination of the accounts of The Christopher Moyes Memorial Foundation (the Trust) for the year ended 5 April 2021.

Responsibilities and basis of report

As the charity trustees of the Trust 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 accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set 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 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.

Christopher Beaumont BA(Hons) BFP FCA DChA Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT

1 December 2021

Page 5

The Christopher Moyes Memorial Foundation

Statement of Financial Activities for the Year Ended 5 April 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grants payable
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2021
Unrestricted
funds
£
62,650
51,054
113,704
9,769
99,944
11,440
121,153
565,100
557,651
2,286,563
2,844,214		 2020
Total
funds
£
575
67,339
67,914
15,762
54,001
11,931
81,694
(334,393)
(348,173)
2,634,736
2,286,563

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 6

The Christopher Moyes Memorial Foundation

Balance Sheet 5 April 2021

Notes
FIXED ASSETS
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds:
General fund
IHRR Durham University Fund
TOTAL FUNDS		 2021
Unrestricted
funds
£
2,771,568
50
75,914
75,964
(3,318)
72,646
2,844,214
2,844,214
2,810,219
33,995
2,844,214
2,844,214		 2020
Total
funds
£
2,108,312
568
181,662
182,230
(3,979)
178,251
2,286,563
2,286,563
2,152,624
133,939
2,286,563
2,286,563

The financial statements were approved by the Board of Trustees and authorised for issue on 1 December 2021 and were signed on its behalf by:

J R Moyes - Trustee

The notes form part of these financial statements

Page 7

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements for the Year Ended 5 April 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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 2019)', 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.

The financial statements have been prepared on a going concern basis.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Investments in managed funds are valued at the closing prices quoted by the investment managers. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Financial instruments

Basic financial instruments are measured at cost with changes recognised in gains or loss.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies the trustees are required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. The estimated and associated assumptions are based on historical experience and other factors that are considered to be relevant.

continued...

Page 8

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Dividends receivable
Interest receivable
4.
RAISING FUNDS
Investment management costs
Portfolio management
5.
CHARITABLE ACTIVITIES COSTS
Grants payable
6.
GRANTS PAYABLE
Grants payable
The total grants paid during the year was as follows:
University of Durham
Newcastle University
Individuals		 2021
2020
£
£
62,650
575
2021
2020
£
£
31,472
42,618
19,582
24,721
51,054
67,339
2021
2020
£
£
9,769
15,762
Grant
funding of
activities
(see note
6)
£
99,944
2021
2020
£
£
99,944
54,001		 2021
2020
£
£
62,650
575
2021
2020
£
£
31,472
42,618
19,582
24,721
51,054
67,339
2021
2020
£
£
9,769
15,762
Grant
funding of
activities
(see note
6)
£
99,944
2021
2020
£
£
99,944
54,001		 2021
2020
£
£
62,650
575
2021
2020
£
£
31,472
42,618
19,582
24,721
51,054
67,339
2021
2020
£
£
9,769
15,762
Grant
funding of
activities
(see note
6)
£
99,944
2021
2020
£
£
99,944
54,001
2021 2020
£ £
99,944 43,745
- 870
- 9,386
99,944 54,001

continued...

Page 9

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

7. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Other resources expended 11,440

Support costs, included in the above, are as follows:

Governance costs

2021 2020
Other
resources Total
expended activities
£ £
Insurance 448 448
Legal and professional 9,642 10,233
Independent examiner's fees 1,350 1,250
11,440 11,931

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grants payable
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)		 Unrestricted
funds
£
575
67,339
67,914
15,762
54,001
11,931
81,694
(334,393)
(348,173)

continued...

Page 10

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
10.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6 April 2020
Additions
Disposals
Revaluations
At 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020
There were no investment assets outside the UK.
Cost or valuation at 5 April 2021 is represented by:
Valuation in 2021
Cost		 Unrestricted
funds
£
2,634,736
2,286,563
Listed
investments
£
2,108,312
1,833,328
(1,735,172 )
565,100
2,771,568
2,771,568
2,108,312
Listed
investments
£
354,907
2,416,661
2,771,568		 Unrestricted
funds
£
2,634,736
2,286,563

continued...

Page 11

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Accruals and deferred income
13.
MOVEMENT IN FUNDS
At 6.4.20
£
Unrestricted funds
General fund
2,152,624
IHRR Durham University Fund
133,939
2,286,563
TOTAL FUNDS
2,286,563
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
113,704
(21,209)
IHRR Durham University Fund
-
(99,944)
113,704
(121,153)
TOTAL FUNDS
113,704
(121,153)
Comparatives for movement in funds
Net
movement
At 6.4.19
in funds
£
£
Unrestricted funds
General fund
2,465,668
(294,172)
IHRR Durham University Fund
169,068
(54,001)
2,634,736
(348,173)
TOTAL FUNDS
2,634,736
(348,173)		 2021
£
50
2021
£
-
3,318
3,318
Net
movement
in funds
£
657,595
(99,944)
557,651
557,651
Gains and
losses
£
565,100
-
565,100
565,100
Transfers
between
funds
£
(18,872)
18,872
-
-		 2020
£
568
2020
£
757
3,222
3,979
At
5.4.21
£
2,810,219
33,995
2,844,214
2,844,214
Movement
in funds
£
657,595
(99,944)
557,651
557,651
At
5.4.20
£
2,152,624
133,939
2,286,563
2,286,563

continued...

Page 12

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
IHRR Durham University Fund
TOTAL FUNDS		 Incoming
resources
£
67,914
-
67,914
67,914		 Resources
expended
£
(27,693)
(54,001)
(81,694)
(81,694)		 Gains and
Movement
losses
in funds
£
£
(334,393)
(294,172)
-
(54,001)
(334,393)
(348,173)
(334,393)
(348,173)		 Gains and
Movement
losses
in funds
£
£
(334,393)
(294,172)
-
(54,001)
(334,393)
(348,173)
(334,393)
(348,173)
(348,173)
(348,173)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
IHRR Durham University Fund
TOTAL FUNDS		 At 6.4.19
£
2,465,668
169,068
2,634,736
2,634,736		 Net
movement
in funds
£
363,423
(153,945)
209,478
209,478		 Transfers
between
funds
£
(18,872)
18,872
-
-		 At
5.4.21
£
2,810,219
33,995
2,844,214
2,844,214

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
IHRR Durham University Fund
TOTAL FUNDS		 Incoming
resources
£
181,618
-
181,618
181,618		 Resources
expended
£
(48,902)
(153,945)
(202,847)
(202,847)		 Gains and
Movement
losses
in funds
£
£
230,707
363,423
-
(153,945)
230,707
209,478
230,707
209,478		 Gains and
Movement
losses
in funds
£
£
230,707
363,423
-
(153,945)
230,707
209,478
230,707
209,478
209,478
209,478

IHRR Durham University Fund provides funds for the sponsorship and support of up to three graduate students studying at the Institute of Hazard, Risk and Resilience at the University.

continued...

Page 13

The Christopher Moyes Memorial Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

14. RELATED PARTY DISCLOSURES

During the year, J R Moyes, a trustee, made a donation inclusive of gift aid of £62,500 (2020: £nil).

There is a balance of £nil (2020: £757) due to J R Moyes included within other creditors at the year end.

Page 14