Registered Charity Number 1127105
VENTURERS TRUST ENDOWMENT FUND Annual Report and Financial Statements 31 August 2023
VENTURERS TRUST ENDOWMENT FUND
## REPORT AND FINANCIAL STATEMENTS 2023
## Contents
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||||
|---|---|---|
|TRUSTEE,|OFFICERS AND PROFESSIONAL ADVISERS|]|
|TRUSTEE’S REPORT|2|
|INDEPENDENT AUDITORS’|REPORT TO THE TRUSTEES OF THE VENTURERS TRUST ENDOWMENT|
|FUND|5|
|STATEMENT OF FINANCIAL|ACTIVITIES|9|
|BALANCE SHEET|10|
|NOTES TO THE FINANCIAL STATEMENTS|I|
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## 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 Charitable Trust
## REGISTERED OFFICE
Merchants’ Hall The Promenade Clifton Bristol BS8 3NH
## BANKERS
NatWest Bank plc 32 Corn Street Bristol BS1 1HQ
## SOLICITORS
Womble Bond Dickinson (UK) LLP 3 Temple Quay Temple Back East Bristol BSI 6DZ
## INVESTMENT ADVISERS
Evelyn Partners Portwall Place Portwall Lane Bristol BS! 6NA
## AUDITOR
°
Bishop Fleming LLP 10 Temple Back Bristol BS1 6FL
:
1
## VENTURERS TRUST ENDOWMENT FUND
## TRUSTEE’S REPORT
The Trustee presents its annual report and the audited financial Statements of the endowment fund for the year ended 31 August 2023. The Trustee has adopted the provisions of the 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 ofIreland (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 set 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 01 September 2012, 14 November 2012, 02 May 2019 and 04 July 2019.
## Structure and Management
The Trustee is 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 Chairman Mr M Bothamley Mr A Currie (Resigned 11 May 2023) Dr § Allpress Mrs M Baker (Resigned 11 May 2023) Mr T Hood (Resigned 28 February 2023) Mr R Davis Mr J Laycock (Appointed 11 May 2023) Mr C Patterson (Appointed [1 May 2023)
## 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.
haveIn particularset, the Trustee considers how planned activities will contribute to the charity’s aims and the objectives they
2
## 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 activities 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 £nil (2022:£22,686) was provided to support the fit out of the Bradbury Centre, which seeks 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 been adopted.
## Financial Review and results for the year
Income is derived from donations and income generated from invested funds. No income is derived from fundraising 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. In 2023 the voluntary income increased as a result of a one off donation of £125,000. The Trustee plans to spend this over 5 years.
This year £158,646 was provided to the schools (2022: £146,637) in line with the schools’ requirements. The increase was primarily related to increased donations to support the hardship fund, which seeks to assist pupils and their families experiencing difficulties with costs of living.
There has been a (7.1%) decrease in investment value during the period (2022: 10.2% decrease) and a 4.5% dividend yield (2022: 3.8%). 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 its 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 element 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 ftom 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 received during the year.
3
## 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 of the suitability and diversity of investments and the obligation to seek 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 financial 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 elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic ofIreland.
In preparing these financial statements, the Trustee is required to:
- ° select suitable accounting policies and then apply them consistently; . make judgments and estimates that are reasonable and prudent; ° 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;
- ° assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
- « use the going concern basis ofaccounting 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 201 1, 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 that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps are reasonably open to it to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
## AUDITOR
Bishop Fleming LLP have expressed their willingness to continue in office as auditor and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.
Approved on behalf of the Trustee on j la | Roy and signed on its behalf by:
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CoS “Broee,
AG Bragg
Director of the Trustee
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4
,
## 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 2023 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 in their preparation is 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:
+ give a true and fair view of the state of the charity’s affairs as at 31 August 2023, and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
+ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
+ have been prepared in accordance 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 of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities 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 thereon.
Our 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 materially 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.
5
## VENTURERS TRUST ENDOWMENT FUND
## INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE VENTURERS TRUST : ENDOWMENT FUND (continued)
## Matters on which we are 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:
* the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
* the charity has not kept adequate accounting records; or
* the financial statements are not in agreement with the accounting records and returns; or
* we have not received all the information and explanations we require for our audit.
## Responsibilities of trustee
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 concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do sO.
## 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 of assurance 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 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, 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:
* the nature of the 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 irregularities; * any matters we identified 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 ofany actual, suspected or alleged fraud; the intemal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
6
VENTURERS TRUST ENDOWMENT FUND
INDEPE4 NDENT AUDITORS, REPORT TO THE TRUSTEES OF THE VENTURERS TRUST
ENDOWMENT FUND (continued)
A5 a result of these proc¢dur¢s, we coR5idertd the opportunities and incentives ihat Tn?y cxist within the organisation
for frdud, which included incorrect recognition of revenue, manag¢m¢ni oveJTide of controls using rnalial journal
tries. We idcniified the greatest potential for fr¥ud as incorr¢¢t recoÈni¢ion of revenut and rnanag¢metLt ovetTide
using manual joumal ¢ntries.
In common with all audi under ISAS {UK), we are a150 rcquired to perforni specific proc¢dur¢s to respoiid to the risk
of manag¢ment override. We also obtained an understanding of ihe legal and regulatory framework5 that the ChaTiIy
op¢rdte5 in, focu$iJi8 on provisions of th05¢ laws and regulaiions that had a direct effect on the detennination of
mat¢rial amowits and disc105ures in the financial statements. The key laws and regulations we considercd in this context
includcd the Charities Act 2011 aiid tax legislation.
In addition, we considered provisions of other laws and re8ulations that do not have a diTea effect on the financial
statetnettts but compliance with which may be fundamentsl to the Charity'5 &bility to operate or to avoid a m8leri21
penalty. Th¢se included 5afeguJrdin8 regulations. data prot¢¢tton resulations. occupational health and s&fety
regulatLOILS, ¢ducation and inspe¢ttons legislation, building1¢8islation aDd employment legi51a¢ioTh.
Our pr(Kedures io respond to risks identifted included th¢ folliNin8.'
• revtewing the financial statemen( di5tlosurc5 and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as haviTrg a dTr¢¢t effect on Ihe financial statements.,
rcvi¢wing the fiiiancial statement disclosures and testing to supporting documentation to assess the recognition of
revcnuc-
enquiring of Tn]stee and management and those charged with govemaiice concemiiig actUAI ond PDtenlio1 liti8atio
and clasms.
p¢rlorniiTJg procedures ti> confirm material compliance with the requirements of its r¢guiators'
performing ?Nalytical procedures io identify any unusual or un¢xpected relationships that may indicate risks of
material mis5tatem¢nt due to fraud.
' reading mtnutes of meetings of those chai'g¢d wilh governartce and rtviewing internal control r¢ports,' and
in 8ddr¢$5iThg ihe risk of fraud through management ovcrride of controls, iesting the appropriai¢n¢$s ofjouTnal entrie5
and other adju5tm¢nts.' and assessing whether the judgements made ID making accounting estimatrs are indicative of a
potential bias.
Wc a150 communicated relevant identifjed laws and tegiilation5 Rnd potential fraud risks to all ¢ngagemeni team
member5 and remained alert to any indications of fraud or non.compliance with law5 and regulation5 thrvughoul the
audiL
Our audit procedures were designed to respond to risk5 of mai¢rial mis5taiement in the financial 5(aremcnts, recognising
that the risk of not detecting & material misstatement duE to fraud is higher than the risk of not deiecting one resuliillg
from an error, as fraud may involve delib¢raLe con¢¢almcnt by, for example, forgery, tnEsrew¢senta(ions or through
collusion. Ther¢ are inherent limitatl0ll5 its the audit procedures perfomied and ihe further removed nO-COMPlianCC
with law5 attd regulations is from th¢ events and transactions refle¢ted in the financial siateTn¢nts, the less likely we
would become aware of it.
A further descriptiort of responsibilities is available on the FRC'S website at-. http5.'Ilwww.frc.org.uklallditor51audit-
assuranc&lauditor-s-1¢5ponsibilities-for-th¢-auditryof-the-fLlde5Grioion-of-thtrauditor%E2Vo800/099S-responsibiliticf0r
This descripiion for]ns part of our auditor's r¢port.
Use ofour report
This report is made solely fo the charity's ISte¢, as 2 body, in 8ccordance wilh Pgrt 4 of ¢h¢ Chariiies {Ac¢outLls attd
Reports) Regulations 2008. Our 2udit work has been undertaken so that we might state to the charity's trustees th05C
matters we are Tequired to state io them in a¥ auditor's r¢port and for no other purpose. To the fullest extenl pemiitted
by l&w, we do not accept or a55ume rcsponsibillty to anyone othcr ihan th¢ chaTlty and the chariiy's trustCe5 as a body,
for our audtt work, for this reprt or for the oplnions we have formed.
## VENTURERS TRUST ENDOWMENT FUND
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE VENTURERS TRUST ENDOWMENT FUND (continued)
he hy LS Li? Bishop Fleming LLP Chartered Accountants Statutory Auditor 10 Temple Back Bristol Date:BS! 6FL 6 [rv weLy
Bishop Fleming LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
## VENTURERS TRUST ENDOWMENT FUND
## STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 August 2023
|||||Permanent|||
|---|---|---|---|---|---|---|
||Note|Unrestricted
funds
£|Restricted
funds
£|Endowment
funds
£|Total
2023
£|Total
2022
£|
|Incoming resources:|||||||
|Voluntary income|3|138,860|-|-|138,860|13,853|
|Investment income|4|108,204|-|-|108,204|123,789|
|Total incomingresources||247,064|-|-|247,064|137,642|
|Expenditure on:|||||||
|Charitable activities|||||||
|Donations to Venturers Trust||(158,646)|-|-|(158,646)|(146,637)|
|Governance costs||(2,849)|-|-|(2,849)|(2,499)|
|Total expenditure||(161,495)|-|-|(161,495)|(149,136)|
|Net incoming /(outgoing)|||||||
|Net (loss)/gain on investment
assets|5|-|-|(181,007)|(181,007)|(287,660)|
|Netmovement in funds|9|85,569|-|(181,007)|(95,438)|(299,154)|
|Reconciliation of funds:|||||||
|Total fundsbroughtforward||414,074|3,797|2,305,360|2,723,231|3,022,385|
|Totalfundscarriedforward||499,643|3,797|2,124,353|2,627,793|2,723,231|
The accompanying notes are an integral part of this statement of financial activities.
Al of the above results derive from continuing activities.
9
## VENTURERS TRUST ENDOWMENT FUND
## BALANCE SHEET
At 31 August 2023
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|||||||
|---|---|---|---|---|---|
|Note|2023|2022|
|£|£|
|FIXED|ASSETS|
|Investments|5|2,358,971|2,539,980|
|CURRENT|ASSETS|
|Cash|at bank and|in hand|411,711|319,740|
|Debtors|7|5,188|11,548|
|CREDITORS:|AMOUNTS|FALLING DUE|416,899|331,288|
|WITHIN ONE YEAR|8|(148,077)|(148,037)|
|NET CURRENT ASSETS|268,822|183,25]|
|TOTAL NET ASSETS|2,627,793|2,723,231|
|FUNDS|AND RESERVES|
|Permanent endowment|9|2,124,353|2,305,360|
|Unrestricted funds|9|499,643|414,074|
|Restricted|capital|funds|9|3,797|3,797|
|TOTAL FUNDS|10|2,627,793|2,723,231|
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The financial statements of Venturers Trust Endowment Fund (charity number 1127105) were approved by the Trustee and authorised for issueon =) {> lrorey
Signed on behalf of the Board of Trustees of Venturers Trust:
AG Bragg Director of the Trustee
10
## VENTURERS TRUST ENDOWMENT FUND
## NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
I, 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: 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) and in accordance with the Charities Act 2011 and applicable United Kingdom accounting standards. The Venturers Trust Endowment Fund meets the definition of a 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 1, 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 are 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 activities 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: e donations and gifts 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 of an 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 activities.
## 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.
1
## VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023
2, TRUSTEE AND AUDITOR REMUNERATION
The Trustee neither received nor waived any emoluments 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 £1,540 (2022: £1,400).
3. VOLUNTARY INCOME
Voluntary income comprises donations, gifts and legacies received from the following sources:
## 4.
5,
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||||||||
|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Individuals|6,285|1,313|
|Charitable|Trusts|132,575|12,540|
|138,860|13,853|
|INVESTMENT INCOME|2023|2022|
|Interest|£|£|
|receivable|2,302|26,887|
|Investments|listed on a recognised|stock exchange|105,902|96,902|
|108,204|123,789|
|INVESTMENTS|
|Investments|placed by the Trust|at the year-end comprised:|2023|2022|
|Sterling|£|£|
|Bonds|292,220|374,972|
|Overseas|Fixed|Interest|investments|98,461|114,082|
|Alternative|investment funds|441,794|572,191|
|Global|equities|375,588|386,227|
|UK equities|592,353|534,029|
|Overseas|equities|526,340|$23,564|
|Funds on|deposit awaiting|investment|32,215|34,915|
|2,358,971|2,539,980|
|Analysis|of|movements|of investments:|£|£|
|Market value|at beginning of|year|2,539,980|2,827,640|
|Additions|in the year|507,758|378,164|
|Disposals|in|the year|(504,060)|(376,339)|
|(Loss)/gain on|revaluation|(181,007)|(287,662)|
|Net movement|in|cash|held|in portfolio|(3,700)|(1,823)|
|Market value|at end|of year|2,358,971|2,539,980|
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12
## VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023
|6.|INVESTMENTS (continued)||2023|2022|
|---|---|---|---|---|
||||£|£|
||Investments held overseas||1,000,391|1,023,873|
||Investments held in theUK||1,358,580|1,516,107|
||||2,358,971|2,539,980|
||All investments are heldby the EndowmentFund to provide a return forthe||Charity.||
|7.|Debtors||2023|2022|
||||£|£|
||Accrued income||5,188|11,548|
||||5,188|11,548|
|8|CREDITORS: AMOUNTS FALLINGDUEWITHIN ONEYEAR||2023|2022|
||||£|£|
||Amounts due to Venturers Trust||146,537|146,637|
||Accruals||1,540|1,400|
||||148,077|148,037|
|Y.|TOTAL FUNDS||||
||||Net movement||
|||2022|in funds|2023|
|||£|£|£|
||Permanent endowment fund|2,305,360|(181,007)|2,124,353|
||RestrictedFunds|3,797|-|3,797|
||Unrestricted funds|414,074|85,569|499,643|
|||2,723,231|(95,438)|2,627,793|
Y. TOTAL FUNDS
The permanent endowment fund was initially provided by Montpelier High School (formerly Colston’s Girls’ School Academy) and the Society ofMerchant 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 Girls’ School Academy Trust to form Venturers Trust. The original deed states that the endowment fund income must be used in the enhancement of pupils’ education for pupils from low income families.
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.
## VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023
## 10. NET ASSETS BY FUND 2023
||||Permanent||
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment||
||fund|fund|fund|Total|
||£|£|£|£|
|Investments
Netcurrent assets|234,618
265,025|-
3,797|2,124,353
-|2,358,971
268,822|
|Total|499,643|3,797|2,124,353|2,627,793|
|NETASSETS BYFUND 2022|||||
||||Permanent||
||Unrestricted|Restricted|Endowment||
||fund|fund|fund|Total|
||£|£|£|£|
|Investments
Netcurrent assets|234,620
179,454|-
3,797|2,305,360
-|2,539,980
183,251|
|Total|414,074|3,797|2,305,360|2,723,231|
## lt. NET ASSETS BY FUND 2022
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## VENTURERS TRUST ENDOWMENT FUND
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023
(2, 2022 STATEMENT OF FINANCIAL ACTIVITIES
|||||Permanent||
|---|---|---|---|---|---|
|||Unrestricted
funds|Restricted funds|Endowment
funds|Total
2022|
|||£|£|£|£|
|Incoming resources:||||||
|Voluntary income||13,853|-|-|13,853|
|Investment income||123,789|-|-|123,789|
|Total incoming resources||137,642|-|-|137,642|
|Expenditure on:||||||
|Charitable activities||||||
|Donations to VenturersTrust||(123,951)|(22,686)|-|(146,637)|
|Governance costs||(2,499)|-|-|(2,499)|
|Total expenditure||(126,450)|(22,686)|-|(149,136)|
|Net (outgoing)/incoming||11,192|(22,686)|-|(11,494)|
|resources||||||
|Netgain/(loss) on investment assets|5|-|-|(287,660)|(287,660)|
|Netmovement in funds||11,192|(22,686)|(287,660)|(299,154)|
|Reconciliation offunds:||||||
|Total fundsbrought forward||402,882|26,483|2,593,020|3,022,385|
|Totalfundscarriedforward||414,074|3,797|2,305,360|2,723,231|
(3. ACCOUNTING ESTIMATES AND JUDGEMENTS
Critical accountingjudgements and key sources ofestimation uncertainty In applying the charity’s accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets 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.
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NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2023
## VENTURERS TRUST ENDOWMENT FUND
Jd, 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 (2022: £nil).
During the course of the year the Endowment Fund made donations of £146,537 (2022: £146,637) 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 £1,309 was paid to The Society of Merchant Venturers for these services (2022: £1,099).
## Ip. 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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