**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:
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
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...
Page 8
## **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...
Page 9
**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...
Page 10
## **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...
Page 11
## **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...
Page 12
## **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...
Page 13
**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).
Page 14