REGISTERED CHARITY NUMBER: 1123491 Report of the Trustees And Unaudited Finin¢i&l Statement$ for the Year Ended S April 2024 for The Chri$¢opher 1&Ye$ hlemoriAI Foundadon
The Christopher hfoye5 hlemorial Foundation Contents of the Financial SIAtementS for the Year Ended 5 April 2024 PAge Report of the Trustees Ind¢p¢ndent Exominer's Report Stalement of Financial Ac¢iNities Bal&nce Sheet A Otes to the Finan¢ia)1 Si*temenls 8 10 14
The Christopher Moyes Memorial Foundation Report of the Trustees for the Year Ended 5 April 2024 The tNslees prent iheir rcport with ihc financial statements of the charity for the year ended 5 April 2024. The tNstees have adopied the provisions of Accounting and Rewrting by Chari(ies'. SiaEcmcnl of Rccommended Praclice applicable lo charities preparing Iheir accounis in accoidancc wilh ihc Financial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AND AcfiviTIES Objectives and aims The principal objectives of the charity are= The rclief of hardship- 10 help children, famili& ihc cldcrly. and pci>plc who are sick OT who have disabiliiies who are in need of financial assianCe- Educalion,. lo assisi in the provision of educalion by way of financial suppon iowards ihe provision of cducation to individuals, educational eslablishmenis and chariiies ihat wist with ihe provision of education. Thc obJcctiVC5 are achieved by the making of grants and donations lo suiiable individuals and organisaiions. Criieria applied in respect of grants made are detailed under grani making policies below. Public benefit The charity's aims and achicvements 3Te sel out within this report. The acti¥'ities set out in this repon have been undertaken lo further the charily's chantablc purw)5Cs for thc public benefit. The Iruslccs havc complicd with the duty lo have due regard lo public benefil guidance published by ihe Charity Commission and the trustees have paid due regard to ihis guidance in deciding whai a¢iivities Ihe charity should undertake. GrAntmakin8 The ISte¢S are open lo requests of funding from individuals. educational establishments and other charilies. Requesls will be considered '1[h regard io the aims and objective4 of ihe chariiy and io ihc availability of funds al the lime. The trnslees will provide the granls by one of Ihe methods lisled below; Relief of financial hardship.. Giving money direct lo an individual via a weekly all0e, 01 rnoncy to covcr a spccific item lo help rclici'c thcm of financial hardship- Provision of items lo an individual ihai will assi with Telieving them from financial hardship. Paymeni of expenses. bills or scrvicc5 on bchalf of an individual- Provision to individuals M'ith disabilities or sickness iiems to a55i51 thcm in kceping a good slandard of living,. Donations 10 a charily that assi5 people suffering from financial hardship.. sickness or disabilities. Assistance for education= Payment toivards ihe provision of education io an Individual. Proi'ision of iiems to an individual Ihal will assist wilh ihe proi'ision of education- Donations to cducation charities- - Donations io ¢harilie5 who assi51 wilh the provision of educarion.
The Christophtr Mo>es Memorial Foundation Report of the Tnjstees for the Year Ended 5 April 2024 ACHIEVEMENf AND PERFORMknYCE ChAritable activRtie5 The objectives of ihe chariiy are achieved by the making of gtanls and donations to 5Uitablc individua15 and organisaiion5. During the ycar grants lotalling £44.200 (2023: £38,750) wcrc rnadc to ihc University of Durham. Grdnts Lotalling a further £38,573 were made to three students lo.%uprM)rt ihem wilh research projecls. The charity has a designated fund. the tHRR Durham University Fund, lo provide the funds io sp)nsor and support up io three graduate students studying at the Inslitute of Ha7_ard. Risk and Resilience. Ini'estment performance In line with the organisalion's investment policy. monics are invesled in a long temi invesimeni portfolio managed by Rathbones. During ihe year Income generated fmm invc51Tncnts a5 £68,165 (2023= £63,819). Principal risks and uncertainties The principal risks faced by Ihe charity lie in the perfomiance of invesEmenis. The injsiees consider variability of invesirnent returns m the pemianenl endowment to constitute the charily's major financial risk. This is miligated by retaining expert investment nwiagers and having a diversified investment ponfolio. Factors likelv to Affect future dei'elopment The factors likely to affeci fUre developmeni are changes 10 Ihe Global market perforniance. FINANCIAL REVIEW InvestJnent policy 2nd objectives Thc Tnjstees. invesimeni powers a generaied by the Trus1 Deed and they have delegaicd thc manag¢rncnl of Ihc ini'cstmeni ponfokn"o to Raihbones. The ponfolio Is a combinaiion of diffcrent assei lypcs and wcig'htings lo lakc inlo account both long term invcslmcnt bchaviours and shorter tcrm PTcvailing markct conditions.The invcstmcnt objective aims 10 provide Ihe opportunity for growih in income and therefore the Board's policy is io adopt a medium risk investment strategy. Reserves policy The charily has a low Icv¢l of opcrdling costs and mainlains an opcrdling rcscrvc of £10,1 sufficient to scltlc any short lenn liabilities. The charity has identified free reserve5 at 5 April ?0?4 of £346.073 (2023.. £281.7571 This includes an atnount of £319,49212023-. £238,798) held wiihin the investmenl portfolio in the fomi of short duraiion bonds. FirruRE PLANS The charity aims io coniinue io provide relief for financial hardship and assistance for educaiion by making grants and donations. srRUCTURL GovERNNCE Ai%D •mANAGEIENT Governing document Thc charity is controlled by lis governing documeni, a deed of INSI. and consiiruies an unincorporated charily. The charity wa5 establi5hcd on 9 Junc 2006 a5 Thc Prcbcnd Trust and changed ils namc lo The Christopher Moyc5 Mcmorial Foundaiion on 12 May 2(. Recruitment and appointment ol hem. tntslees Trustccs are appointcd unanimously by the existing trustees after due consideration of the needs of Ihe charily al Ihal lilne and ihe relevani skills and expenence of potential candidalcs. Thcrc rnU bc no tnore than four Irustcc& with a quorum being Iwo. Induction and training of Iruslee5 takes place on an infornial basis. OrgAni5ationg1 structure At the trnstee meeiings the Iruslees agree the slniegy for ihc charily. including considcralion of granl making. investmcnt, rcservcs and risk managcmcnt. All dccisions rclating to thc ongoing adrninistration and opcration of the charity are taken by the irusiees and require a simple majority. Page 2
The Chrislopher Mo>es Memori21 Foundation Report of lh¢ Trustee5 (or the Year Ended 5 Apri12024 STRUCTURE, GOVEIiNANCE AND MANAGEMENT Risk management The INstees have a duly lo identify and revieH' ihe risks io which ihe charity is e¥posed and to ensure appropriate contro15 arc in place lo provide reasonable assurance against fraud and eor. The trustees have considered the major sks io which the charily is cxplicd and 5y51cms and pr(Kcdurcs havc bccn c5tablishcd to manage those risks. REFER'CE AND ADmIlSTRATIvE DETAIiS Registered Charity number 1123491 Principal addre55 Cio Clivc Owcn LLP 140 Coniscliffe Road DARLtNGTON Co Durham DL3 7RT Trustees J R Moyes R Fellows Gjlthng AL THoli dependent Examiner Chrislopher Beaumont BA{Hons) BFP FCA DChA Clive Owen LLP Chartered Accounlanls 140 Coniscliffe Road DARLNGTON Co Durham DL3 7RT Ballkers HSBC I Prospeci Placc Darlington Durham DL3 7LQ Solieitors Fladgaie LLP 16 Great Quccn Sireet London WC2B 5DG Investment Manager5 Raihbones Invesimenl Management Georgc House 50 George Square Glasgow G2 IEH Page 3
The Christopher Moye5 i¥lemori41 Foundation Report of the Trustees for the Ye4r Ended 5 April 2024 Approved by order of thc board of tru.4tees on .. signed on Ils behalf by.. J R Moyes. Trustee Page 4
Independent Examiner'5 Report to the Trustees of The Christopher Moyes Memorial Foundation Independent examiner's report to the tru51ees of The Christopher Moyes ftrlemorial Foundation I report lo the charity Iruslcc5 on my cxamination of Ihc accounts of Thc Christopher Moyes Memorial Foundalion (the Trust) for thc y¢ar cnded 5 April 2024. Re5pon5ibilities and basis of report As the eharity iNstees of ihe Trusi you are responsible for ihe preparation of ihe accounts in accordance wilh rhe rcquiremcnls Df ihc Charilic5 Act 2011 ('thc Act,). I report in respect of my examination of the Trusi's accounts camed out under Scction 145 of the Act and in carying out my exatnination I have followed all applicable Directions given by the Chariiy Commission under Seciion 145(5)(b) of the Act. Independent examiner'5 Statement I have completed my examination. I confTTm that no malcrial martCT5 havc comc to rny attention in connection wilh the examination giving mc cau5C to belicve that in any matcrial rcspecl.. accounting records were not kept in respect of the Trust as required by Section 130 of ihe Acl. or Ihc accounts do not accord with those records.. or Ihc accounts do not comply with the applicable requirements concerning Ihe forni and content of accounts sel ou( in ihe Charities {Account5 and Reports) Rcgulalions 2(X)8 othcr than any requircmcnl that the accounls give a true and fair view which is a maller considered as part of an independeni examination. I have no concerns and have come across no other matters in connection with ihe examination to which allenlion should bc drawn in this rcport in ordcr to cnablc a propcr undcrstanding of the accounls to be reached. Christopher Beaumont BA(Hons} BFP FCA DChA Clive Owcn LLP Chartered Accounlanls 140 Coniscliffe Road DABLtNGTON Co Durham DL3 7RT Dale= .. Page 5
The Christopher Nloyes Memorill FoundAtion StAtement of Fin*neial Artivitif5 for (he Year Ended 5 April Z024 2023 Total fund5 Unrestncled funds N¢xes INCOML ENDOWI¥IEiwfs FROI¥I DonatlOn5 and legacies 94,743 63,203 Inve5tmeni income 68.165 63.819 Total 162.908 127,022 EXPENDITURE ON Raising funds 13.614 13,232 Charitable activities Grants payable 96,454 72.082 Total 110,068 85.314 Net gainsl{lo%ses) on invesimenis 1551.818 (162.175) NET INCOMEI(EXPENDITURE) 211,658 (120,467) RECONCILIATION OF FUNDS Total funds broughi fotiyard 2.809.351 2,929.818 TOTAL FUNDS CARRIED FORWARD 3.021,(K>9 2,809,351 CONTINUING OPERATIONS All incomc and expenditure has arisen fTom continuing aclivilic5. The notes forni part of ihese financial stalcmcnls Page 6
The Christopher Moyes L¥lemorial Foundfdtion BAlante Shttt 5 April 2024 20?4 Unreslricicd funds 2023 Total funds Ne$ FIXED ASSETS Investments 10 2.994,428 2,766,392 CURREYI r ASSETS Debtors Cash ai bank 19,110 94.152 62.787 22,311 113.262 85.098 CREDITORS Amoun15 falling due within one year 12 (86,681) (42,139) LYET CURREN[ ASSETS 26.581 42,959 TOTAL ASSETS LESS CURRENT LIABILITIES 3.021.009 2,809.351 NET ASSETS 3,021,009 2,809.351 FuDs Unreslricled funds= Gcncral fund IHRR Durham Universiiy Fund l3 2.981.359 39,650 2,730.721 78.630 3.021,iJ)9 2.809,351 TOTAL FUNDS 3,021,(K 2,809,351 The financia Statemcnts iverc approved by ihe Board of Trustccs and auihorised for issue ..&>F and were signed on its bchallby: on J R Moyes - Trusiee The noies form part of thtic financial statements Page 7
The Christopher Moyes leOrial Foundation Notes to the Finaneial Statements for the Year Ended S April 2024 ACCoU1,G POLICIES Basis of prepAring the fmaneial strdtements The financi31 statemenls of the charity, which is a public benefit enlity under FRS 102, have been prepared in accordance with the Charilies SORP (FRS 102) 'Accounlin¥ ar)d Rcporting by Charitics: Stalctnenl of Recommended Praciice applicable to chatiiies preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecllve l January 2019).. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charilies Aci 2011. The financial Statements have ken prepared undcr the hislorical cost onvenlion, with the exception of invellmcnls which are included ai market value. as modified by ihe revaluation of certain assets. The finat)cial statcmcnts havc Ien prepared on a going concem basis. I'he principal accounting policies adopied In the preparation of Ihe financial slalemenls are set oui below and have remained unchanbed from the previous year. and also have been consisienily applied within (he same accounis. Income All income is reco&wni%cd In Ihc Sialctncnt of Financial Activitics oncc ihe charity has enlitlemenl to (he funds, il is probable Ihat Ihe inLUffle will bc rcceivcd and thc amount can bc measured reliably. xpenditure Liabilities are reco¥nised a% expendilure as soon as there is a legal or conslNclive obligaiion committing ihe charity lo ihai expendiiure. il is probable thai a transf of cconotnic bcncfits will bc rcquircd in 5ciilement and Ihe am(NJni of the obligation can bc mcasured reliably. Expendilure is accounied for on an accruals bas1% and ha5 been ClSIfied under headings Ihal aggregate all cosi relaied 10 the caiegory. Where cos15 cannot be directly a(Iributed lo particular headings they have been allocated io activilies on a basis consisteni wilh the use of iesourccs. Grdnts offered subject to conditions which havc not bccn mct at thc ycai cnd datc arc noicd as a cofflmilmciii but not accrued as expendilure. TAxation The charily 15 cxcmpt from tax on i15 Charilable aclivities. Fund accounting Unreslricled funds can be in accordance wilh the charilable objeciives ai the discretion of ihe irusitts. Reslricied funds can only be used for particular resiri¢ted purposes within the objects of Ihe charity. Restriclions ansc when spccificd by thc donoT or when funds are rdi.sed for particular reslricled purposes. Dcsignaied funds are unr¢siriaed funds eattnaTkcd by thc ITu5tCC5 loi particular putP05CS. Further explanation of the nature and purpose of each fund i.s includcd in Ihc noies lo (he financial .siaiemenl5. Investments Investmenis in managed funds are valued at th¢ Closing prices quoled by Ihe inveslmeni managers. The Siatemeni of Financial Aclivilies includes Ihe net gains and losses arising on revaluations and disposals throughoul the year. Finan¢i41 instTument5 Basic financial inslrnments are measured ai CO wilh ¢hanges recognised in gains or loss. Critical accounting judgements &nd kev sources of estimation uncerlainty. In the application of the charily's accounting policie5 the Ie¢S are required io make Judgements, esiimales and assumptions about the carrying amcmjnl of certain assets and liabililies. The esiifflated and a55o¢iated assumplions are based on historical experience and other factors that are considercd to bc relevant. Page 8 continued.
The Christopher L¥Ioy¢s Memorisl Foundation Note5 to the FinanciY41 Statements- continued for the Year Ended 5 April 2024 DONATION'S AND LEGACIES 2024 202J Donations Gift aid Legacies 75.830 18,913 435 62.768 94.743 63,203 INVESTI%IEiYf Il%COME 2024 2023 Dividends receivable Interest receivable 39,533 28.632 42,199 21,620 68,165 63,819 RAISIIN G TrUNDS Investment management cosls 2024 2023 Portfolio managemenl 13,614 13.232 CHARITABLE AcfiviTIES COSTS (itant funding or Support cosls {5ee noie 7) (see noie 6) Totals Grdnls payable 82,773 13.681 96.454 GRvrS PAYABLE The lolal granis paid during ihe year w'as as follows= 2024 2023 Universiiy of LrhaM Individuals 44.?00 38.573 38,750 20,918 82.773 59,668 Page 9 continued...
The Chris¢opher Mo>e$ imemori Foundation i otes to the Financial Statements- eontinued for the YeAr Ended 5 April 2024 SUPPORT cosrs Governance and other support cosis Grants payablc 13,681 Support costs, included in the above. are as follows- Governance and other support Costs 2024 Grants payable 2023 Total actlVl(ies Insurance Training Bank char8CS Legal and prOfei0al Independent exaTnincrf5 fccs 309 228 83 11,461 1.600 459 61 10,394 1,500 13.681 12,414 TRUSTEES, REIMUYERATION BENEFITS There were no Iruslees, remuneralion or oiher benefiis for the year ended 5 April 2024 nor for rh¢ year ended 5 April 20?3. Trustees, exptn5es There were no Iruslees, cxpen5cs paid lor ihc ycar cndcd 5 April 2024 nor for ihe year ended 5 April 2023. CO,NIPARATIVES FOR THE STATELIIENT OF FlIYthCIAL AcfiviTIES Unrestricied funds INCOlE AND ENDOWMENTS FROM Donations and legacies 63,203 Investment income 63.819 To¢01 127.022 EXPENDITURE OY Raising funds 13,232 CharitAble activities Gran15 payablc 7?.082 Total 85.314 Net gain.(1055cs} on invesiments {16? 175) Page 10 continued...
The Christopher Moves Memori41 Found•tion No¢es to the Financial Statements- continued for the Year Ended 5 April 2024 COMPARATIVES FOR THE STATEMENT OF FIIIANCIAL AcfiviTIFS- cotttinued Unrestricted fund. NET INCOMEJ(EXPENDITURE (120.467) B£COLYCILIATION OF FUNDS Toial funds brought forward 2,929,818 TOTAL FUNDS CARRJED FORWARD 2.809.351 io. FIXED ASSET l'vEsTmErs Lislcd investments MARKET VALUE At 6 April 2023 Additions Disposals Revaluations 2,766.392 388.166 (311,377) 151,247 Al 5 April 2024 2,994,428 NET BOOK VALUE At 5 April 2024 2,994,428 At 5 April 2023 ?,766,392 Cost or valuation ai 5 April 2024 Is Tepiesentcd by: Listed invcstmcnts Valuation in 2024 Cost 322,462 2.671.966 2.994,428 Pagell continued...
The Christopher Moyes leMOrial Foundation otes to the Financial S14temenls- continued for the Year Ended 5 April 2024 DEBTORS: AMOUNTS FALLING DUE IVITHIN ONE YEAR 2024 2023 Other debtors 19.110 62.787 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 Accruals and defcrrcd income 86.681 42.139 13. MOVEi¥IENT IIY FUYDS Ncl movement in fijnds At 5.4.24 Ai 6.4.23 Unrestricted funds General fund IHRR Durham University Fund 2,730,7?1 78.630 250,638 (38,980) 2,981,359 39,650 2.809.351 ?11,658 3.021,009 TOTAL FUIYDS 2.809.351 211,658 3.0?1,009 Nd movement in funds. included in the atM)ve are as follows- Incoming resources Re50urccs expended Gains and Movement in funds UThre5tricted funds General fund IFtEiR Durham University Fund 162.908 (71,088) {38.980) 158,818 250,638 (38.980) 162,908 (I 10,tkn8) 158,818 211,658 TOTAL FUNDS 162.908 (110.(168) 158.818 211.658 CompArfitives for movemtnt in funds Nd moiiemeni in funds Transfcrs between funds Al 6.4.22 5.4.23 Unrestricted funds General fvnd IHPJi Durham University Fund 2.929.818 (81.717} (38.750 (117,380) 117.380 2.730,721 78.630 2.929,8l8 (120.467 } ? 809,351 TOTAL FUh'DS 2.929.818 (170.467) 2,809.351 Page 12 conlinued...
The Christopher iMo)es Memorisl Foundation 'olos to the Finan¢i*l St&temenls- ¢ontinued for the Year Ended S April 2024 13. MOVEMENT IN FUNDS - continued Comparative nei movement in funds. included in Ihe above ar¢ as follows-. Incoming rc50urccs Resources expcndcd Gains and losses Movemeni in funds Unrestricted funds Gcneral fund IHRR Durham Universily Fund 127,022 {46.564) (38.750) (162,175) (81,717) (38,750) 127,022 (85.314) (162,175) (120,467) TOTAL FUIYDS 127,022 (85.314) {162,175) (120.467) A currcnl year 12 monihs and prior yrar 12 months combined posiiion is a5 follows-. Ner movement in fund5 Transfers bctwccn At 5.4.24 Al 6.4.?2 Unrestricted fund5 General fund IFtRJi Durham Universily Fund 2.929,818 168.921 (77.730) (117.380) 117.380 2.981,359 39,650 2.929.818 91.191 3.021,009 TOTAL FUNDS 2.929,818 91.191 3.021,009 A current year 12 monihs and prior year 12 monihs combincd net movement in funds, included in the above are as follow5- Ineoming resources Resources expended Gains and 1055C5 Movemcnt in funds Unrestricted funds General fund IHRR Durham University Fund 289.930 (117.652) {77,730) (3,357) 168,921 {77,730 } 289.930 (195,382) 13.357) 91,191 TOTAL FUNDS 289.930 {195,382) (3.357) 91,191 IHIiR Durham University Fund provides funds for Ihe sponsorship and supwrt of up lo ihree graduat¢ siudenls siudying at the Insliluie of Hazard. Risk and Resilicncc at thc Unii'ersiiy. Page 13 coniinued.,.
The Christopher Moyes i¥lemorial Foundatlon Notes lo the Finan¢ial Ststement5- rontinved for the Year Ended 5 April 2024 14. RELATED PARTY DISCLOSURES During lh¢ year J R Mi oyes, a trusiee, made a donation of £75.0(K) (2023: £300). Page 14