REGISTERED CHARITY NUMBER: 1123491
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 5 April 2022
for
The Christopher Moyes Memorial Foundation
The Christopher Moyes Memorial Foundation
Contents of the Financial Statements for the Year Ended 5 April 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. 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:
-
Giving money direct to an individual via a weekly allowance, or money to cover a specific item to help relieve them of financial hardship;
-
Provision of items to an individual that will assist with relieving them from financial hardship;
-
Payment of expenses, bills or services on behalf of an individual;
-
Provision to individuals with disabilities or sickness items to assist them in keeping a good standard of living;
-
Donations to a charity that assists people suffering from financial hardship, sickness or disabilities.
Assistance for education:
-
Payment towards the provision of education to an individual;
-
Provision of items to an individual that will assist with the provision of education;
-
Donations to education charities;
-
Donations to charities who assist with the provision of education.
Page 1
The Christopher Moyes Memorial Foundation
Report of the Trustees for the Year Ended 5 April 2022
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 £56,377 (2021: £99,944) were made to the University of Durham. Grants totalling a further £17,844 were made to a former Durham graduate to support her with a research project at Glasgow University.
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 managed by Rathbones.
During the year income generated from investments was £55,396 (2021: £51,054).
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 has identified free reserves at 5 April 2022 of £266,098 (2021: £72,646). This includes an amount of £274,370 held within the investment portfolio in the form of short duration bonds.
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 2022/23.
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.
Page 2
The Christopher Moyes Memorial Foundation
Report of the Trustees for the Year Ended 5 April 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT 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.
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 A LT Holt (appointed 27 January 2022)
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 2022
Approved by order of the board of trustees on 30 January 2023 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 2022.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
30 January 2023
Page 5
The Christopher Moyes Memorial Foundation
Statement of Financial Activities for the Year Ended 5 April 2022
| 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 on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted funds £ 266 55,396 55,662 14,269 74,221 13,881 102,371 132,313 85,604 2,844,214 2,929,818 |
2021 Total 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 |
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 2022
| 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 |
2022 Unrestricted funds £ 2,938,090 44 35,961 36,005 (44,277) (8,272) 2,929,818 2,929,818 2,929,818 - 2,929,818 2,929,818 |
2021 Total 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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2023 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 2022
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...
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The Christopher Moyes Memorial Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
| 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 Individuals |
2022 2021 £ £ 266 62,650 2022 2021 £ £ 37,360 31,472 18,036 19,582 55,396 51,054 2022 2021 £ £ 14,269 9,769 Grant funding of activities (see note 6) £ 74,221 2022 2021 £ £ 74,221 99,944 |
2022 2021 £ £ 266 62,650 2022 2021 £ £ 37,360 31,472 18,036 19,582 55,396 51,054 2022 2021 £ £ 14,269 9,769 Grant funding of activities (see note 6) £ 74,221 2022 2021 £ £ 74,221 99,944 |
2022 2021 £ £ 266 62,650 2022 2021 £ £ 37,360 31,472 18,036 19,582 55,396 51,054 2022 2021 £ £ 14,269 9,769 Grant funding of activities (see note 6) £ 74,221 2022 2021 £ £ 74,221 99,944 |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| 56,377 | 99,944 | ||
| 17,844 | - | ||
| 74,221 | 99,944 | ||
continued...
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The Christopher Moyes Memorial Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
7. SUPPORT COSTS
| Governance | ||
|---|---|---|
| costs | ||
| £ | ||
| Other resources expended | 13,881 | |
| Support costs, included in the above, are as follows: | ||
| Governance costs | ||
| 2022 | 2021 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Insurance | 448 | 448 |
| Bank charges | 21 | - |
| Legal and professional | 11,992 | 9,642 |
| Independent examiner's fees | 1,420 | 1,350 |
| 13,881 | 11,440 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
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 on investments |
Unrestricted funds £ 62,650 51,054 |
|---|---|
| 113,704 | |
| 9,769 99,944 11,440 |
|
| 121,153 | |
| 565,100 |
continued...
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The Christopher Moyes Memorial Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. FIXED ASSET INVESTMENTS MARKET VALUE At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 There were no investment assets outside the UK. Cost or valuation at 5 April 2022 is represented by: Valuation in 2022 Cost |
Unrestricted funds £ 557,651 2,286,563 2,844,214 Listed investments £ 2,771,568 487,945 (416,541) 95,118 2,938,090 2,938,090 2,771,568 Listed investments £ 326,680 2,611,410 2,938,090 |
|
|---|---|---|
continued...
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The Christopher Moyes Memorial Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 13. MOVEMENT IN FUNDS Net movement At 6.4.21 in funds £ £ Unrestricted funds General fund 2,810,219 141,981 IHRR Durham University Fund 33,995 (56,377) 2,844,214 85,604 TOTAL FUNDS 2,844,214 85,604 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 55,662 (45,994) IHRR Durham University Fund - (56,377) 55,662 (102,371) TOTAL FUNDS 55,662 (102,371) |
2022 £ 44 2022 £ 44,277 Transfers between funds £ (22,382) 22,382 - - Gains and losses £ 132,313 - 132,313 132,313 |
2021 £ 50 2021 £ 3,318 At 5.4.22 £ 2,929,818 - |
2021 £ 50 2021 £ 3,318 At 5.4.22 £ 2,929,818 - |
2021 £ 50 |
||
|---|---|---|---|---|---|---|
| 2021 £ 3,318 |
||||||
| 2,929,818 | ||||||
| 2,929,818 | ||||||
| Movement in funds £ 141,981 (56,377) 85,604 85,604 |
||||||
| 85,604 | ||||||
| 85,604 |
Comparatives for movement in funds
| Unrestricted funds General fund IHRR Durham University Fund TOTAL FUNDS |
At 6.4.20 £ 2,152,624 133,939 2,286,563 2,286,563 |
Net movement in funds £ 657,595 (99,944) 557,651 557,651 |
At 5.4.21 £ 2,810,219 33,995 |
|---|---|---|---|
| 2,844,214 | |||
| 2,844,214 |
continued...
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The Christopher Moyes Memorial Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
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 £ 113,704 - 113,704 113,704 |
Resources expended £ (21,209) (99,944) (121,153) (121,153) |
Gains and Movement losses in funds £ £ 565,100 657,595 - (99,944) 565,100 557,651 565,100 557,651 |
Gains and Movement losses in funds £ £ 565,100 657,595 - (99,944) 565,100 557,651 565,100 557,651 |
|---|---|---|---|---|
| 557,651 | ||||
| 557,651 |
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 6.4.20 £ 2,152,624 133,939 2,286,563 2,286,563 |
Net movement in funds £ 799,576 (156,321) 643,255 643,255 |
Transfers between funds £ (22,382) 22,382 - - |
At 5.4.22 £ 2,929,818 - |
|---|---|---|---|---|
| 2,929,818 | ||||
| 2,929,818 |
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 £ 169,366 - 169,366 169,366 |
Resources expended £ (67,203) (156,321) (223,524) (223,524) |
Gains and Movement losses in funds £ £ 697,413 799,576 - (156,321) 697,413 643,255 697,413 643,255 |
Gains and Movement losses in funds £ £ 697,413 799,576 - (156,321) 697,413 643,255 697,413 643,255 |
|---|---|---|---|---|
| 643,255 | ||||
| 643,255 |
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.
Transfers between funds
A transfer of £22.382 (2021: £Nil) has been made to the IHRR Durham University Fund to cover the ongoing sponsorship and support of up to three graduate students.
continued...
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The Christopher Moyes Memorial Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
14. RELATED PARTY DISCLOSURES
During the year, J R Moyes, a trustee, made a donation inclusive of gift aid of £Nil (2021: £62,500).
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