ERSKINE MUTON TRUST FUND REPORT AND FINANCIAL sTATEMErs FOR THE YEAR ENDED S APRIL 2022 Charity Number 1130199
ERSKINE MUTON TRUST FUND CONTENTS PAGE Pages Referen and Administration Details Report of the Trustee Independent Examiner's Report Receipts and Payments Account S131ement of Assets and Liabilities Appendix 1
ERSKINE MUTON TRUST FUND REFERENCE AND ADMINISTRATION DEfAILS Corporate Trustee HSBC Trust Company (UK) Limited Current Directors of Corporate Trustee J Coyle P M Spencer J Hewilson Trust Manager A Mellish Prlncipal Office Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Independent Examlner Frances Millai ACA RSM UK Tax and Accounting Limited Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Bankers HSBC Bank plc Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
ERSKINE MUTON TRUST FUND REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The Trustee presents this report together with the financial statements of the charity for the year ended 5 April 2022, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the charty's constitution and applicable law. The purchase and sale of investments results from the day to day management of the investment portfolio by the Investment Manager. In accordance with the Charities Act, the financial statements have bee prepaied on the receipts and payments basis given that the definition of gross income excludes the receipl of any endowment, loans and proceed5 from the sale of inve51menls or fixed assets. Reference and administratlon The Erskine Muton Trust Fund is an unincorporated trust and is consliluled under the terms of the trust deed dated 27 May 2009. The trust is a registered charity Ino.11301991. The Corporate Trustee ha5 appointed a designaled trust managei to look after the affairs of the charity. The Investment Manager reviews the performance and provides recommendations on the structure of the investment portfolio. The power to appoint additional Trustees is vested in the current Trustee and is exercisable in writing. Should new Trustees be appointed, the existing Trustee would take responsibility for their induction. The Trustee has examined the major strategic, business and operational risks which the charity faces, and confirms that Systems have been established to enable regular reports lo be prOdUd so that the necessary steps can be taken lo lessen these risks. The main risk in the year was considered to be the variability of investment relufns. Objectives and activities The objectives ol the charty is to further the religious and other charitable work of the Church of England, as carried out in any church or churches in Dorset lexcluding Sl. Peter's Church, Eypel, bul with discretion to distribute in other areas. This is pursued through the awarding of grants, in accordance with the terms of the governing document. Achlevements and performance During the year 37 grants lolalling £253,000 12021". 17 grants lolalling £233,000) were awarded to charitable inslilutions. No grants were awarded to individuals in either year. Details of these grants are set out in Appendix I to the financial statements. Where grant payments are not banked by the beneficiary they are credited against grants paid in the period that the grant becomes stale. Financial revlew The fund generated income of £177,15712021." £212,283) in the year. which facililaled the expenditure on charitable activities of £377,243 12021.. £290,161) of which £253,000 12021. £233.0001 wa5 direct charitable expenditure in the fotm of grants to charitable institutions. The benef1ciaries are disclosed in Appendix 1 of the financial statements. Investment policy In accordance wth the govefning document, the Trustee has the power lo invest in such stocks. shares, investments and property as it sees fit. The Trustee engaged HSBC UK Bank plc a5 Investment Manager. The policy is to adopt 8 low to medium risk investment strategy lo protect, in absolute terms, the capital value of the fund whilst producing a 5U5t3inable and growing level of income, and also providing the potential for longef term growth of capital in ieal terms.
ERSKINE MUTON TRUST FUND REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED S APRIL 2022 Reserves policy The unrestricted funds, which are the free resee$ of the charity, and which are represented by the income arising are paid over to beneficiaries thioughout the year. The balance of unrestricted funds held at 5 April 2022 is £68,99912021-. £121,442). It is not the policy of the charty to maintain Specific reseThes and the Trustee is reviewing Potential beneficiaries to whom these funds may be distributed in the next financial year. The expendable endowment fund5 represent those assets which are held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objectives ol the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The Trustee has the power to convert this fund into income. Public beneflt We have referred to the guidance corstsined in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities. In particular, the Trustee considers how planned activities will contribute to the aims and objectives they have set. Plans for the future The Trustee intends to continue providing grant5 in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making. Related parties The Corporate Trustee and the Investsnent Manager are both wholly owned subsidiaries of HSBC Holdings plc. In addition to the fees shown on page 6, as a result of the acquisition and disposal of investments. the charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale al a percentage of the transactions value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK slandard accounting practi.
ERSKINE MUTON TRUST FUND REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 statement of Trustee's responsibilities In relatlon to the financial statements The law applicable lo charrties in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the char'ty's firsancial activities during the year and of il's financial position at the end of the year. In preparing financial statements giving a true and fair view. the Trustee should follow best practice and.. select suitable accounting policies and then apply them consistently.. make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and slalements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements-, and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the chaTrty will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuTacy the financial position of the charity. This enables them to ascertain the financial position of the charity and enables them to ensure the financial slalements comply with the Charities Act 2011. the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is responsible foi safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee and signed on its behalf by.. HSBC Trust Company IUKI Limited Dale.
ERSKINE MUTON TRUST FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF ERSKINE MUTON TRUST FUND I report to the Trustee on my examination of the financial statements of Erskine Mulon Trust Fund lor the year ended 5 April 2022, which are set out on pages 6 to 7. Responsibilities and basis of report As the Trustee of the charity you are responsible for the prepaialion of Ihe financial statements in accordance with the requirements of the Charities Act 2011 ('Ihe 2011 Act,). I report in respect of my examination of the charity's financial statements carried out under sectson 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charrty Commission under section 145151(bl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequentty does nol cover all the matters that an auditor considers in giving their opinion on the financial stalements. The planning and conduct of an audtt goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial Statements present a 'true and fair view. and my report is limited to those speeific matters set out in the independent examinerfs statement. Independent Examiner's $latement I have completed my examination. I confim that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act.. or 2. the financial statements do not accord with those records.. or 3. the financial statements do not comply with the applicable requirements concerning the fomi and content of finar7cial statements set out in the Charrties {Accounls and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no othef matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to reached. Frances Millar ACA Chartered Accounlant The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Date.. 27-Jan-2023
ERSKINE MUTON TRUST FUND RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED S APRIL 2022 Unrèstrictgd funds EndovMnt funds Total 2022 Total 2021 Re¢elpts hvesl[nI inccme 1TX,157 177.157 2t2,283 177.157 177.157 212.283 Investnnt sale proceeds Prweeds from the Sa of investmen15 7.647,111 7,647,111 6,129.486 Total receipts 177.157 7,647,111 7,824,268 6,341.769 Paynnts Cost of generating funds Investment charge 49,675 49,675 2,600 Charltable activities Grants paid other antscated costs 253.000 124.243 253,000 124,243 233,(KJO 57,161 Governance co$ts Independent examiner's lee 3,072 3.072 2.982 380,315 49,675 429,990 295.743 InvestThnt purchases Payments for purchases ofinveslmenls 7.304,033 7,304.033 6,275,230 Total paynts 380.315 7,353,708 7.734,023 6.570.973 Nel re¢pts/lpayrnen1s> 1203.1581 293,403 90,245 1229.2041 Transfers beeen fund5 150,715 1150,7151 Cash invested al S April 2021 121,442 97,436 218,878 448,082 Cash Invest al 5 ri1 2022 68,999 240.124 309,123 218,878 These unaudited financial statements have been subjected to independent examination. See report on page 5.
ERSKINE MUTON TRUST FUND STATEMENT OF ASSETS AND UABILITIES AS AT 5 APRIL 2022 Vnrestricted funds End0%lEnt funds Total 2022 Total 2021 InVeStEnts UK equities UK fixed interest securities Overseas fixed interest securitEs Overseas equities and unit trusts ternative irsvestmenls Other trust assets Cash 348,168 1,745.160 3,217,145 2,842,729 147,389 348,168 1,745.160 3,217,145 2,842,729 147,389 853.472 3.117,918 4.363,712 68,680 68,999 240.124 309.123 218,878 Totsl assets 68,999 8.540,716 8,609,715 8,622,661 Liabilities Professional fees payable 3,235 3,235 3,080 Approved by the Truslee and authorised for issue on and signed on its behalf by.. HSBC Trust Company IUKI Limrted These unaudited financial statements have been subjected to independent examination. See report on page 5.
ERSKINE MUTON TRUST FUND APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS Number of Grants Amount Institutions Assumption of the Virgin Batcombe PCC BlarKlford PCC Charmouth St Andrew Cheselbourne PCC Emmanuel Evershot Gussage St Michael PCC Longblrton PCC PCC Compton vae PCC Puddlelown Fabric PCC of Sticand Sl Aklhelm Church Sl Aklhelm, Worth Matravers Sl Barthobmew, Shapwck St Cuthbert, Oborne St Georges PCC Lar¥Jton St Giks, Wimbome St James Church Mikon Abbas St James Poo St John's Church Broadstone St John's PCC Wimborr St John The Baptist PCC St Mary, Fifehead Magdan Sl Marys PCC Sl Nicholas, Worth Malravers Sl PauLs ChLrch Weymouth Sl Peter, Portesham Stourpain The WimborrE Villages PCC Treasurer West Luknrth Wimbome Minster PCC Yelminsler PCC 3,000 12,000 10,000 26,000 5,000 8,000 10,000 4,000 4,000 4,000 5,000 15,000 1,000 5,000 2,000 5,000 1,000 7,000 30,000 10,000 2,000 7,000 15.000 3,000 5,000 5.000 5,000 10,000 3.000 5,000 15,000 25,000 5,000 37 253.000