Registered Charity Number 1127105
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VENTURERS TRUST ENDOWMENT FUND
Annual Report and Financial Statements
31 August 2022
VENTURERS TRUST ENDOWMENT FUND
REPORT AND FINANCIAL STATEMENTS 2022
Contents
| TRUSTEE, OFFICERS AND PROFESSIONAL ADVISERS | ! |
|---|---|
| TRUSTEE’S REPORT | 2 |
| INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OFTHE VENTURERS TRUST ENDOWMENT FUND |
5 |
| STATEMENTOF FINANCIAL ACTIVITIES | 9 |
| BALANCE SHEET | 10 |
| NOTESTOTHEFINANCIALSTATEMENTS | [I |
VENTURERS TRUST ENDOWMENT FUND
TRUSTEE, OFFICERS AND PROFESSIONAL ADVISERS
TRUSTEE
Venturers Trust Gatehouse Avenue Bristol BS13 9AJ
GOVERNING DOCUMENT
Trust Deed dated 31 August 2008
CONSTITUTION
Unincorporated Chartlable Trust
REGISTERED OFFICE
Merchants’ Hall The Promenade Clifton Bristol BS8 3NH
BANKERS
NatWest Bank plc 32 Corn Street Bristol BSI [HQ
SOLICITORS
Womble Bond Dickinson (UK) LLP 3 Temple Quay Temple Back East Bristol BSI 6DZ
INVESTMENT ADVISERS
Evelyn Partners Portwall Place Portwall Lane Bristol BSI 6NA
AUDITOR
Bishop Fleming LLP 10 Temple Back Bristol BSI 6FL
VENTURERS TRUST ENDOWMENT FUND
TRUSTEB’S REPORT
The Trustee presents its annual report and the audited financial statements of the endowment fund for the year ended 31 August 2022. The Trustee has adopted the provisions of the Accounting and Reporting Ay 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 tretand (FRS 102), in preparing the annual report and financial statements of the Charity.
REFERENCE AND ADMINISTRATIVE INFORMATION
Venturers Trust Endowment Fund (the Charity) is registered as a charity, number 1127105 (England and Wales). Details of the Trustee, officers and professional advisers and other information are sct out on page |,
STRUCTURE GOVERNANCE AND MANAGEMENT
Governance
The Charity is governed by a Trust Deed made on 31 August 2008 which was amended on OL September 2012, 14 November 2012, 02 May 2019 and 04 July 2019.
Structure and Management
The Trustee ts Venturers Trust. In practice the Endowment Fund is managed by an Endowment and Fund Raising Committee, which reports directly to the main Venturers Trust board. Committee members are appointed by the Trustees of Venturers Trust, with the Chair of the charity being independent of the Venturers Trust Board. The members of[this] Committee are as follows:
Mr T Smallwood Chainnan Mr M Bothamley Mr A Currte Dr S Allpress Mrs M Baker Mr T Hood Mr R Davis
OBJECTIVES AND ACTIVITIES
Charitable Objectives
The charity's objects are to provide funding for activities of Venturers Trust to advance the educational offering of the pupils, by providing grants or other financial assistance to assist pupils in financial need to undertake extra-curricular activities and provide awards, prizes or other rewards and provide direct grants to the schools for extra-curricular activities,
Objectives for the year
The objectives for the year were to maximise income from investments and provide grants and assistance to Venturers Trust schools in accordance with the funding criteria of the Trust.
Public Benefit
The Trustee has had regard to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The Charity provides grants to assist pupils across all the schools within Venturers Trust, which are schools providing educational services, at least equivalent to local authority schools, and places are available for all parents’carers to apply for their children. No complaints have been received from the public.
In particular the Trustee considers how planned activities will contribute to the charily's aims and the objectives they have set.
VENTURERS TRUST ENDOWMENT FUND
TRUSTEE’S REPORT (continued)
OBJECTIVES AND ACTIVITIES (continued)
Strategic Report
The Trustee provided grants to all schools across the Trust during the year and funded or partly funded activitics ranging from assistance with school trips, residential trips, support for extra-curricular clubs and workshops run in the schools. In the year a grant of £22,686 (2021:£70,000) was provided to support the fit out of the Bradbury Centre, which sceks to offer research and training opportunities for teachers and others working with vulnerable, complex and disadvantaged students.
Going Concern
The Trustee believes that the charity will be able to maintain positive cash flows for the foreseeable future. The fund has a healthy cash and investment position which enables it to meet its obligations. As a result, the going concern basis of accounting has bcen adopted.
Financial Review and results for the year
Income ts derived from donations and income generated from invested funds. No income is derived from fundratsing from the public. The net income generated is held for the benefit of Venturers Trust, and specifically for the enhancement of education for pupils from low income families. This year £123,951 was provided to the schools (2021: £156,570) in line with the schools’ requirements. In 2021 following the impact of theCOVID pandemic a £99,964 grant was awarded for a laptop project. In 2022 with the easing of restrictions schools have been able to undertake more extra-curricular activities.
There has been a (10.2%) decrease in investment value during the period (2021: 20.5% increase) and a 3.8% dividend yield (2021: 3.1%). The Trust has a low to moderate approach to risk. The Endowment Fund has appointed the Society of Merchant Venturers to assist with oversight of[the][Investment][Advisers][and][to][monitor][investment][performance.]
RESERVES POLICY
Under the terms of the Deed of Gift dated 31 August 2008 the permanent element of the Trust Deed totalling £1 million cannot be spent unless approved by the Charity Commission. Additionally, £109,624 of the amount transferred in from Merchants’ Academy Endowment Fund is a permanent endowment and may only be spent on such terms for the replacement of the amount spent as the Charity Commission may approve in advance.
The Trust aims to distribute tts income in accordance with the criteria as stated in its objectives.
INVESTMENT POLICY
The Trust’s investment policy is to maximise income available and generate capital appreciation to support the on-going education and advancement of pupils at the Trust schools and to ensure that it has sufficient resources to meet its current and future activities effectively.
The investment policy balances long-term capital growth, to preserve the permanent clement of the Endowment Fund, with short-term returns to enhance the activities of the Trust.
GRANTMAKING POLICY
All grants are made to Venturers Trust. The Endowment and Fund Raising Committee receives grant requests from the schools and decides on how much to grant and any restrictions imposed on the grants. The level is dependent on the investment income and donations reccived during the year.
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VENTURERS TRUST ENDOWMENT FUND
TRUSTEE’S REPORT (continued)
PRINCIPAL RISKS AND UNCERTAINTIES
The Governing document provides the Trustee with a wide ranging power of investment, and therefore the major risk is in respect of the placing of investments. The Deed of Gift sets out restrictions on the investments and the Trustee has specific duties of care in respect ofthe[suitability][and][diversity][of][ investments][and][the][obligation][to][seck][proper][advice][in] respect of these. The Trust has a low to moderate approach to risk. The risks are mitigated by using an independent professional firm of Investment Managers.
Income may be affected, but in the short term the current level of grants can be maintained with the use of reserve funds,
FUTURE PLANS
The Trustee will continue to provide grants to all schools across the Trust and fund or partly fund activities which are requested provided that they meet the Trust’s criteria.
Statement of Trustee's responsibilities
Under charity law, the Trustee is responsible for preparing the Trustee’s Annual Report and financial statements for each financtal year which show a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period. The Trustee has clected to prepare the financial statements in accordance with UK Accounting Standards, including FRS (02 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In preparing these financial statements, the Trustec is required to:
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° select suitable accounting policies and then apply them consistently; ° make judgments and estimates that are reasonable and prudent;
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° state whether the recommendations of the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
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. assess the charity’s ability to continue as a going concern, disclosing, as applicable, maticrs related to going concern; and
. use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
The Trustee is required to act in accordance with the trust deed of the charity, within the framework of trust law. It is responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable it to ensure that, where any statements of accounts are prepared by it under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. it is responsible for such internal control as it determines is necessary to enable the preparation of[financial][statements][thal][are][frec][from][material][misstatement,][whether duc][to][fraud][or][error,][and][has][gencral] responsibility for taking such sleps are reasonably open to il to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
AUDITOR
Bishop Fleming LLP have expressed their willingness lo continue in office as auditor and a resolution to reappoint them will be proposed at the forthcoming Annual Gencral Mecting.
Approved on behalfof the Trusteeon 22 OCOFCEMBER Rena
and signed on its behalf by:
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Cos flocs
AG Bragg
Director of the Trustee
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VENTURERS TRUST ENDOWMENT FUND
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE VENTURERS TRUST ENDOWMENT FUND
Opinion
We have audited the financial statements of The Venturers Trust Endowment Fund (the ‘charity’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied tn their preparation ts applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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e = give a true and fair view of the state of the charity’s affairs as at 31 August 2022, and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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e have been properly prepared tn accordance with United Kingdom Generally Accepted Accounting Practice; and
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e have been prepared in accardance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of[the] financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of[the][financial][statements][is][appropriate.]
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period ofat least twelve months from when the financial statements are authorised for issuc.
Our responsibilities and the responsibilitics of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thercon.
Out responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be matcrially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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VENTURERS TRUST ENDOWMENT FUND
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE VENTURERS TRUST
ENDOWMENT FUND (continued)
Matters on which we arc required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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¢ the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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e the charity has not kept adequate accounting records; or « the financial statements arc not in agreement with the accounting records and returns; or * we have not received all the information and explanations we require for our audil.
Responsibilities of trustce
As explained more fully in the trustee’s responsibilities statement, the trustee is responsible for the preparation of[the] financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting utless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do 50.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of[users][taken][on][the][basis][of][these][financial][statements.]
Irregularities, including fraud, are instances ofnon-compliance with laws and regulations. We design procedures in line with our responsibilitics, outlined above, to detect material misstatements in respect of irregularitics, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
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° the nature ofthe[sector,][control][environment][and][the][Charity’s][performance;] . results of our enquiries of management and the Trustee board, including the committees charged with governance over the Charity’s finance and control, about their own identification and assessment of the risks of irregularitics;
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. any matters we idenlified having obtained and reviewed the Charity’s documentation of[their][policies][and] procedures relating to identifying, evaluating, and complying with laws and regulations and whether they were aware of any Instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations:
As a result of these procedures, we considered the opportunitics and incentives that may exist within the organisation tor fraud, which included incorrect recognition of revenue, management override of controls using manual journal entrics. We identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal cntrics.
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VENTURERS TRUST ENDOWMENT FUND
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE VENTURERS TRUST
ENDOWMENT FUND (continued)
In common with all audits under [SAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of[the][legal][and][regulatory][frameworks][that][the][Charity] operates in, focusing on provisions of[those][laws][and][regulations][that][had][a][direct][effect][on][the][determination][of] material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011 and tax legislation.
In addition, we considcred provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or to avoid a material penalty. These included safeguarding regulations, data protection regulations, occupational health and safety regulations, education and inspections legislation, building legislation and employment legislation.
Our procedures to respond to risks identified included the following:
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’ reviewing the financial statement disclosures and testing to supporling documentation to assess compliance with provisions of[relevant][laws][and][regulations][described][as][having][a][direct][effect][on][the][financial][statements;]
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. reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
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. enquiring of Trustee and management and those charged with governance concerning actual and potential litigation and claims;
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. performing procedures to confirm material compliance with the requirements of its regulators; . performing analytical procedures to identify any unusual or uncxpected relationships that may indicate risks of material misstatement due to fraud;
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. reading minutes of meetings ofthose charged with governance and reviewing internal control reports, and . in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounling estimates arc indicative ofa potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all cngagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities is available on the FRC's website at: https: www. fre org.uk/auditors‘auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor®oE2° 080%99s-responsibilitics-for This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charitics (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charily’s trustecs those matters we arc required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charily’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
i
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hone LS UP
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Bishop Fleming LLP Chartered Accountants Statutory Auditor 10 Temple Back Bristol BSI 6FL Date: | j | W21Z
Bishop Fleming LLP is eligible to act as an auditor in terms of section 1212 of the Companics Act 2006.
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VENTURERS TRUST ENDOWMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 August 2022
| Permancnt | Permancnt | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Note | Unrestricted funds |
Restricted funds |
Endowment funds |
Total 2022 |
Total 2021 |
||||||
| “Tacomingresources os | von | secant | £ ienner vateete |
£ a |
£ £ ane ene nee tee i |
£ eee ee |
|||||
| Voluntary income | 3 | 13,853 | - | - | 13,853 | 44,100 | |||||
| Investment income | 4 | 123,789 | - | - | 123,789 | 86,755 | |||||
| Totalincoming resources | 137,642 | - | -_ | - | 137,642 | 130,855 | |||||
| Charitable activities | |||||||||||
| Donations to Venturers Trust | (123,951) | (22.686) | - | (146,637) | (226,572) | ||||||
| Governance costs | (2,499) | - | - | (2,499) | (2,213) | ||||||
| Totalexpenditure | (126,450) | (22.686)SSsS~~S~~*~S~S~«M 98H) |
«(28,785 | ||||||||
| — | |||||||||||
| Net incoming (outgoing) | |||||||||||
| resources | 11,192 | (22,686) | - | (11,494) | (97,930) | ||||||
| Net (loss)/gain on investment | |||||||||||
| assels | 5 | - | - | (287,660) | (287,660) | 480,875 | |||||
| “Netmovementin funds9~—=SS™S~«'z;«CTS.=~=~=~=«(2.686)—==«(287,660) ee eae geen ete enna netent een ennai |
(299,154) 382.945, inet interne nine eeenineecene |
||||||||||
| Totalfundsbroughtforward | 402,882 | 26,483 | 2.593.020 | 3,022,385 | 2.639440 |
The accompanying notes are an integral part of this statement of financial activities.
AIl of the above results derive from continuing activities,
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VENTURERS TRUST ENDOWMENT FUND
BALANCE SHEET
ACSL August 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Investments | § | 2,539,980 | 2,827,640 |
| CURRENT ASSETS | |||
| Cash at bank and in hand Debtors |
7 | 319,740 11,548 |
334,567 - |
| CREDITORS: AMOUNTS FALLING DUE | 331,288 | 334,567 | |
| WITHIN ONEYEAR | BY | (148,037) | (139,822) |
| NETCURRENTASSETS | 183,25] | 194,745 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES, | |||
| BEING NET ASSETS | 2,723,231 | 3.022.385 | |
| FUNDS AND RESERVES | |||
| Permanent endowment | 9 | 2,305,360 | 2,593,020 |
| Unrestricted funds | 9 | 414.074 | 402 882 |
| Restricted capital funds | 9 | 3,797 | 26.483 |
| TOTALFUNDS | 10 | 2,723,231 | 3,022,385 |
The financial statements of Venturers Trust Endowment Fund (charity number 1127105) were approved by the Trustee and authorised for issueon 22 O8CE MBER, 2EOR7
Signed on behalfof the Board ofTrustees of Venturers Trust:
AG Bragg Director of the Trustee
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VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2022
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed asset investments, and in accordance with applicable United Kingdom accounting standards. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) and in accordance with the Charities Act 2011 and applicable United Kingdom accounting standards. The Venturers Trust Endowment Fund meets the definition ofa public benefit entity under FRS102.
The Endowment Fund is included within the consolidated financial statements of Venturers Trust, available from the address given on page I, and therefore the exemption available under FRS 102 not to prepare a cash flow statement has been taken.
Going concern
The Trustee believes that the charity will be able to maintain positive cash flows for the foreseeable future. The fund has a healthy cash and investment position which enables it to meet its obligations, certainly in the short term without any reduction in grant levels. As a result, the going concern basis of accounting has been adopted.
Fund accounting
The Endowment Fund is a permanent fund which is restricted, whereby the funds arc to be used in accordance with the specific restrictions imposed by Deed of Gift.
The Restricted Fund relates to other donations and investment income from the permanent endowment fund that can be utilised by the Fund in accordance with the restrictions placed upon them.
Donations and grants
The Trust provides grants or other financial assistance to assist pupils in financial need to undertake extracurricular activities and provide awards, prizes or other rewards and provides direct grants to the schools for extra-curricular activities. Donations and grants are recognised within the financial statements once the transfer of funds are committed.
The sole recipient of grants is Venturers Trust and all grants are made in relation to the single charitable activity of funding prizes and extra-curricular aclivitics for pupils in financial need.
Incoming resources
All incoming resources are included in the SOFA (Statement of Financial Activities) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. These specific policies apply to the following categories of income:
° donations and gifls are recognised upon receipt; . income from bank accounts, deposits held and dividend income are accounted for on a receivable basis.
Investment valuation method
Investments are stated at the closing mid-market value at the balance sheet date. This is not in accordance with FRS 102 which recommends bid value but is consistent with the entity's performance management process. Using bid values would lead to a reduction in the valuation of these listed investments ofan amount which is considered by the Trustee to be immaterial. Any realised or unrealised gains and losses on revaluation or disposal are combined in the statement of financial activitics.
Taxation
No tax has been provided in the financial statements of Venturers Trust Endowment Fund as the income of the charity is covered by the exemption granted by part 10 of the Income Tax Act 2007.
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VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2022
TRUSTEE AND AUDITOR REMUNERATION
The Trustee neither received nor waived any cmoluments during the year or the prior year. No out-of-pocket expenses were reimbursed to the trustee. The fees payable to the fund's auditor, excluding VAT, for the audit of the annual accounts is £1,400 (2021: €1,300).
VOLUNTARY INCOME
Voluntary income comprises donations, gifts and legacies reccived from the following sources:
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Individuals|1,313|1,327|
|Charitable|Trusts|12,540|42,773|
|13,853|44,100|
|INVESTMENT|INCOME|2022|2021|
|£|£|
|Interest|receivable|26,887|265|
|investments|listed|on|a|recognised|stock|exchange|96,902|86,490|
|123,789|86,755|
|INVESTMENTS|
|Investments|placed|by|the|Trust|at|the|year-end|comprised:|2022|2021|
|£|£|
|Sterling|Bonds|374,972|442|828|
|Overseas|Fixed|Interest|investments|114,082|109,076|
|Alternative|investment|funds|572,191|605,797|
|Global|equities|386,227|396,715|
|UK|equities|$34,029|624,351|
|Overseas|equities|523|564|607,129|
|Funds|on|deposit|awaiting|investment|34,915|41,744|
|2,539,980|2,827,640|
|Analysis|of movements|of investments:|£|£|
|Market|value|at|beginning|ofycar|2,827,640|2,346,765|
|Additions|in|the|year|378,164|583,133|
|Disposals|in|the|year|(376,339)|(591,128)|
|(Loss)gain|on|revaluation|(287|662)|480,875|
|Net|movement|in|cash|held|in|portfolio|(1,823)|7,995|
|Market|value|at|end|of year|2,539,980|2,827,640|
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VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 3f August 2022
| : | INVESTMENTS (continued) | 2022 | 2021 | |
|---|---|---|---|---|
| £ | £ | |||
| Investments held overseas | 1,023,873 | 1,112,920 | ||
| Investments held in the UK | 1,516,107 | {,714,720 | ||
| 2,539,980 | 2,827,640 | |||
| All investments are held by the Endowment Fund to | provide a return for the | Charity. | ||
| Debtors | 2022 | 2021 | ||
| £ | £ | |||
| Accrued income | 11,548 | - | ||
| 11,548 | - | |||
| BF | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2022 | 2021 | |
| £ | £ | |||
| Amounts due to Venturers Trust | 146,637 | 138,572 | ||
| Accruals | 1,400 | 1,250 | ||
| 148,037 | 139,822 | |||
| TOTAL FUNDS | ||||
| Net movement | ||||
| 2021 | in funds | 2022 | ||
| £ | £ | £ | ||
| Permanent endowment fund | 2,593,020 | (287,660) | 2,305,360 | |
| Restricted Funds | 26,483 | (22,686) | 3,797 | |
| Unrestricted funds | 402,882 | 11,192 | 414.074 | |
| 3,022,385 | (299,154) | 2,723,231 |
BF
This permanent endowment fund was initially provided by Montpelicr High School (formerly Colston’s Girls’ School Academy) and the Society of Merchant Venturers and was added to in September 2017 with the transfer of the Merchants’ Academy Endowment Fund on the merger of the Merchants’ Academy Trust into Colston’s Girts’ School Academy Trust to form Venturers Trust. The original decd states that the endowment fund income must be used in the enhancement of pupils’ education for pupils from low income familics.
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VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 22
NET ASSETS BY FUND 2022
| Permanent | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | |||
| fund | fund | fund | Total | ||
| £ | £ | £ | £ | ||
| Investments | 234,620 | - | 2,305,360 | 2,539,980 | |
| Net current assets | 179,454 | 3,797 | - | 183,251 | |
| Total | 414,074 | 3,797 | 2,305,360 | 2,723,231 | |
| : | NET ASSETS BY FUND 202! | ||||
| Permanent | |||||
| Unrestricted | Restricted | Endowment | |||
| fund | fund | fund | Total | ||
| £ | £ | £ | £ | ||
| Investments | 234,620 | - | 2,593,020 | 2,827,640 | |
| Net current assets | 168,262 | 26,483 | - | 194,745 | |
| Total | 402,882 | 26,483 | 2,593,020 | 3,022,385 |
I4
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 22
VENTURERS TRUST ENDOWMENT FUND
2021 STATEMENT OF FINANCIAL ACTIVITIES
| Permanent | |||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | |||
| funds | Restricted funds | funds | 2021 | ||
| £ | £ | £ | £ | ||
| Incoming resources: | |||||
| Voluntary income | 44,100 | - | - | 44,100 | |
| Investment inconic | 86,755 | - | - | 86,755 | |
| Total incoming resources | 130,855 | - | - | 130,855 | |
| Expenditure on: | |||||
| Charitable activities | |||||
| Donations to Venturers Trust | (156,572) | (70,000) | - | (226,572) | |
| Governance costs | (2,213) | - | - | (2,213) | |
| Total expenditure | (158.785) | (70,000) | - | (228,785) | |
| Net (outgoing)/incoming | |||||
| resources | (27,930) | (70,000) | - | (97,930) | |
| Net gain/{loss) on investment assets | § | - | - | 480,875 | 480,875 |
| Net movement in funds | (27,930) | (70,000) | 480,875 | 382,945 | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 430,812 | 96.483 | 2.112,145 | 2,639,440 | |
| Totalfundscarriedforward | 402,882 | 26,483 | 2,593,020 | 3,022,385 |
i ACCOUNTING ESTIMATES AND JUDGEMENTS
Critical accounting judgements and key sources of estimation uncertainty
In applying the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amounts ofassets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The Trustee does not consider that there are any critical accounting judgements made in the preparation of[the][financial][statements.]
:
15
VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 22
RELATED PARTY TRANSACTIONS
The Sponsors of the Venturers Trust are the Society of Merchant Venturers and the University of Bristol. No donations were directly received from the Society of Merchant Venturers or the University of Bristol during the year (2021: £nil),
During the course of the year the Endowment Fund made donations of £146,637 (2021: £226,572) to the Venturers Trust in accordance with its declared trusts.
On 6" May 2020 The Society of Merchant Venturers was appointed to perform accounting services for the Endowment Fund. During the year £1,099 was paid to The Society of Merchant Venturers for these services (2021: £912).
ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The Directors of the Trustee consider that the charity is controlled by the Society of Merchant Venturers as it nominates the majority of the Directors of the Trustee, Venturers Trust, which consolidates this Endowment Fund into its group financial statements.
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