Charlty numb•r.' 1133280 THE EARLE AND STUART CHARITABLE TRUST UNAUDtrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
THE EARLE AND STUART CHARITABLE TRUST CONTENTS Page Rdernn¢o and admlnlstratlv• qlotsils ol th• Charlty. Its Trust••s arKI advis•rs Tiustees. rewt Indewndent exJnin•rf$ report StatWnO of financlal activities Balance shoot Notss te the financlal slatem 10-19
THE EARLE AND STUART CHARtfABLE TRUST REFERENCE AND ADMINISTRATIVE DAlLs OF THE CHARiff. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2021 Trustees James K Morgan J knne Richardg)n Charfty r•gist¢r•d number 1133260 Prfnciyl offi Westgale Hwse 42 Chapel Street King's Ly N(¥fdk PE30 1EF Larting Gowen LLP Chartered Accwntsnls King Street H(yJse 15 Upper lfjng Street Normich NR3 1RB Investm•nt Managérs Bro Shipley & Co mIte(l Flchmond Pk)use 1fv20 Regent Street Cambri CB2 1D8 Page 1
THE EARLE AND STUART CHARThABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2021 The Trustees PreSt their annual repcwl tTr3ethw V4ith the fInCIal statements of the Charity for the 1 Novembw 2020 to 31 Octcèar 2021. The financAal 5tstemenls have been wepar•J in Ccaftce V•ith the ac£wnbr¥J pcAiries t out in notes lo the accounts and wmply the ChariWs goveming (IrxwmenL the Charities Act 2011 and Accounting and Rewting by Charitie& Statement of Recommend&Y Practice applicable lo charities preparing thr accounts in accordance wth the Financkil RerKwb'rKJ StaThlwd applica in Ihe UK and RUbliC of Ireland {FRS 102}. ObJectlv68 and actlvltSoS a. Polkles and obi•¢tiv•s The Trustees shall hcld the capital arKI InCe of the Trust fund Up Trust to apFdy the income. and all or such part or parts of Ihe eaprtal, at suth time or times and in wch mamw lo. or for the er11 of. wch exclusively charita8 objIS and purposes for the public Lwefit in Ihe United Kingdcfft as the Trustees may in their discretion see rrt. The Trustees may in thew discretion. for the pericKY of 21 years for the date of the Tnjst de, instead of applying the income of the charity in any year. 8ccumulate all ary part of suth inccne by investing the same, and the re9Jlling inc(e, in ary invements auth0ri58d by this deed or by18w as an accreti lo and a5 part of Ihe caytal of the Charity, WIthc prejuthce to thekr right to aFoly the vknole or any part of such cumulated inojme in any b$eqUt year as if ts wne Ire income of the Charity arising in the then current year. b. Grant-making polkles The Charity objects are achiev8J by widiro financial grants to UK registered tharities that provide assistance diredy lo bweficiari8s. The levels of grdnts made are detem)ined by refgrence lo available funds in Ihe Trust's bank acccmjnts and the nalure of w[tae prr4ec Main activhles undtaken to furthar tho Charfty's Purpo for th• public benefit The Trusiees confirm IhaL in exerosing their pEr$ and duties. they have complied with the duty to have due regard to the guidan public benefit publisWJ by the Charity CMion. The Charilvs ch8rilabie acbvibes consist of makn.ng grants lo inluti(S ithin the UK. Thg Trust995 COnd that the aims of these instituti$ are lor the benrfil of the public and therefore as princÉpally all of the Charitys activities are directed tovrards these InttiOnS, the Charitys aims are carried out vknolly for the public benefit. In the event that they became awere of any concem as to the public benefit of any of the Charity's bg)efic#aries. the Trustees (rfder tr1r having rewd to the Charity Commissi¢M's above- mentioned guidance. Page 2
THE EARLE AND STUART CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 31 OCTOBER 2021 Achievements and perforniance . Revlow of a1VItI95 The Charity's principal source of incne is denved from ils invethents. the inccrfne from Ithich was £79.633, 12020.. £97,) for the year. Grants tolaling £89,500 12020: £251.500) Mere mJe in year. Tr grants made to 10 institutions as detailed in Note 6. The nel expenclture, after grants arKI operati¢)nal expenses of £116.98412020.. £277.6981 was £38.195 {2020'. £179,732}. b. Invoslment stra8gy The trust deed gives the Trustees the pThr to acquire aThJ dispose of investments as they see fit. as well as poN%prs lo appoint a gjitably qualrfied inveslment Mana 1th ddegated Fohers of investment. wbjecl to an annual review. Sn praclice. half yeady reviev•S take p18ce and the invethenl manager has ijigLretionary power. Where possible. investments are Consid as to Iheir 9jitth.lity taking into accwnt 9)ual and ethi1 issuos, as well as risk, Capital and incc¥ne aspts. The inveslment p(Yttdio is to provide a regul¥ of irKcrfne and as suth conslitutes a low to medium risk portfolio, inc(w¥ating a concentration of high inttthe diftg sewritie& The Charity's investment pytfoh'o werdled a surplus the year las Statement of financial activities). reflecting the recovery following Ihe inibal global uncertainty in relabon to the cOraViruS ICOVI 191. The porfdio perfomianc ¢(1•nUeS to be m(ffiitored, arKI the Stockbroker advises on such matters. The cath hdd by the tharity will continue to be invesled in securities in line Aith th8 investment strategy. A suitable cash balanee will be maintained in order to meet the running Costs of the Charity and allow it to make grants in line with the grant Man9 pclicy. Financlal rèvièw a. Golng concwn The Tnjstees have Conderj the position of the Charity at the time of ggning the finanoal ststement. Having taken all rdevanl into account, the Trustees have a reasLMabl8 exp8ctation that the Charity wll have adequate resr¢eS lo C(nUe in operational existence for the for8seeable future. specifically al least t%%*lve months from the date of sgning financial statements. As a the Trustees consbder it remains appropriate lo adopt the ng cl¢eM bags of accounting in preparing the finanaal statements. Page 3
THE EARLE AND STUART CHRITA8LE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 b. R•serM policy The balance r)n the unrestrictsd ine furJ is held to fthNJ future grant making and operational Sts. As at 31 Octcthr 2021 this amounted to a deficit of £10,500 {2020." deficil £19,018}. There is a dogree of flexibility inwrpK)rated into uniestrided reseNes, allth%irw3 the balanee lo fluctuate depending on the need of grant Te1vij tharities or apwls fr s"r1e prq'ecls. The defiut arose in 2020 vknere the full ¢osl of a 3 year pr(¥ecl was recc•Jnised in Chtsb expenditure for thal year. The levd of grdnts exceed&J inveslmenl incLYne In the year to 31 October 2021 as the Charbty responded to the ne1 of local charities. as a result of the Covid- 19 global pandemic. More details can be found in nole 15 of these financial slalements. The expendat40 endLvhTnenl fund is inveed to irm for the charity's gwt making activities. This fund is managed in a ¥Yay to preserve the value of Ihe initial investrnenl. hoVer if an application VRS received or n89d idenbfied for a sgnificant Fjroiect. eonsideration thuil¢Y be gven lo ugn9 part of this fund. As at the 31 Odober 2021 total endtr•m)enl funds amounted lo £3.689,583 {2020.' £3,091,2&S). The charity hdds no restrithd funds (2020". £Nil}. Total funds as at 31 Octijber 2021 amtyjnl to £3.879.083 {2020.. £3.072.248). c. Princlpal rlsks and uncortaintles The Trustees have i¢kntified the maior ri4( as being fluctuations in the stock market and effect on the value and income weld of investments held. Stbrok$ are appnI to advise on these aspects. At a Twslees. meeting, it agre1 that the stetkbroker V•wld bo given authority lo manage the investrnent portfolio on a diretionary ba"s, V•ilhcxJt having to confirm any invesimenl recommeTrYab'ons wlh the Tnjslees al the regular meetings before lakiThJ the essary acticffi. The Tn ar6 abl8 to review Ihe poslion every 6 months, and an wthdr8w this auth(fftty if resSary. Slrudur•p govornance and manag•fflent •. cons1ftlOn The Earle and Stuart CharilaNe Trust is a rrylstwd drity, numbw 11332). and is cc4Wiluted under 8 Trust deed dated 24 Novernber 2009. b. Methods of appolntmert or decllon of Trnst60s Thè conlinuirKJ Twstoes wt for¥Yard any rec(#nmerKlations arKI make the decagws regarding new Trustees lo be appointed. Training is provid&J to the Tnjstees as feqLAred. . Organlsatlonal stnKlure and declslon4naklng pollclos The Trustees attend Trustee¥ meeb'ry as required ar¥J are in regular contact lo a(kninisler the affairs of Ihe Charity. d. Flnancial ri$k management The TSleeS have assessed the Maj risks lo *thich cwations armj financ8s of the Charity are exposed, including the ojrrent and I¢M9er term risks FKwd by the Covid-19 global pandgmi¢. The Trustees are satisfigj that given the systems arKI procedures in place, the Charity's reserves and liquid resources, that all appropriate steps have been taken to mikngale the Charity's exposure lo such risks. Page 4
THE EARLE AND STuT CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 statrnt Tnffjt•es' VOSPDn$ibililies The Twste8s are re5[(sIble Ifx pryirwj the Tntst&s' rw aThJ the finwal knents in aCCdanCe with 8Fplicable law and unit Kinglcln StaThJard5 (United KIdCffi GerallY Accepted Ac¢ounting Prtr). The law appli le to dwrities in Engla1 & Wales wuires the Trustees to prepare finanaal statements for h finwcial vknich give a Irue ar•Y fair view of lh8 e of affairs of the Charity and of ils inccrfning resreeS and application of resources. induding its ineune and expenditure. f(Y that WiC•J. In preparing these financial statements. the af8 rwmred to.. select suitable ac£wnling pollu and then ar¢Jly them congslentty,. obwve the methojs and prinoples of the Chwitbe5 SORP IFRS 102)., make jLKlgmgnts arKI a¢lnting eslimates that are re8xble •rKI prjan¢ stale vthether applicable UK £¢ntsng Standards IFRS 102) have been fdbcthJ, subj.ect to any material deparbjres di9Josed and explainwj in the fina181 statements; prye Ihe finanaal statements on the g(in9 c£(wn bags uths it is inaFvwate to prewme that the Charity thill conlnue in busnes The Trustees are res110 fty kow"rKJ adwle acxounling rwds th•t Wo lo sh(xv and explain Ihe Charity's transaclions and disdose wlh reagxatle racY at any time the finanoal poslion of the Charity aTrJ able Ihem to en9Jre that Ihe finwoal statement5 comply %ilh the Charities Act 2011. the Charity (Accwnts and Reports) Regulati¢Nts 2fJ)8 and provis of the Trust d4. They are also re¥)onsble for safeguarding the assets of the chw.ty fLY tshirvJ rnas18ble sty fof the Prevti and deltIon of fra and olher IegUlaritieS. prffoved by of the rnbS of the bod of Twslees aTrJ sgned their b&t*f by. James Morgan Trustee Dale.. Paga 5
THE EARLE AND STUART CHABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021 IndepeDdenl examlnrf8 r•port to Trustees of Tho Earl? and Stuart Charltable Trust (h• Charl) I reyt to the charity Trustees (m my eXaminatiC of the nts of the Charity for the year ended 31 October Rosponsibilitios and basls of rnport As the Twste8s of the Charity you are respcyBe fc Ihe preparati of th& acc(nIS in acrAydance with the requirements of the Charities Act 20111lhe 2011 Act'l. I report in re£t of my examinati¢ ol the ChariW$ 8ccoJnts carried out wtion 145 of the 2011 Act and in car.ng out my examination I have foll0v the applicable Directions given by the Charity Commissicl) under section 145(5Xb} of the 2011 Act Ind•pendent examlnerfs statwnert Your attention is dra%%n lo Ihe fact that the Charity has wepargd th8 acccthts in aCCordare 1th Accwnting and Reporting by Charits"es'. Staiement of Re¢mended Praclir appliCae lo eharilies preparir#J their accounts in accordance knith the Finanual Reporb'ng Standard applicable in the UK ond Republic of Ireland IFRS 102} in preference to the A£counling and ReFKxting by chariti Statement of Recommended Practice Ied IM 1 April 2005 vknith 1$ refej lo in the extant regulations Ixrt has been v4itMrdvm. l understand that Ihis has been done in (th fcy Ihe accnts to prtr4ide a true fair view in aecord8nce wth the Generally Aeptfjd Accounting Praclic8 efftive fLY reFNb"ng p"clS Winning on or after 1 January 2015. I have completed my examinati¢. I confiryn thal no matters have cy)me lo my attenlK)n in ¢mction vAth the examinati¢ giving me re?nable cause lo believe that in any material rewt.. a(Lounting recdS Ire not kept in rew of the Charity as requred by sectic) 130 of the 2011 kl" the accounts do not ac£cd ith those re the aCCnIS do ccnply V•ilh Ihe awfylicable requirements C0rwrng the form content of accounts sel out in the Charities {AcCnts and Rwrtsl Regulations 2008 other than any requirement that Ihg accounts give a Inje fairf viaw is not a matter c(wdgrgd as part of an Indepwmjent examination. I confirm that are no othw matters to kn1¢h yr attents'c sh(xAd be dra to enae a proper understsnding of the OUnts to b8 rethd. Other matter Larking Gcphw LLP have provided tc(*-keeping Slee8 in relalion to th8 preparation of the &c(wnls. We have applied FInarla1 CThJncil's Revised Ethi(81 Starmdard in undertaking Independent ExaminatiC. Page 6
THE EARLE AND STUART CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 21 April 2022 Christopher Yeates FCA DChA
Larking Gowen LLP Chartered Accountants Norwich
Page 7
THE EARLE AND STUART CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021 Endowment iIDrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Income and endovmi•nts from: Investments 79.633 79,633 97.966 T¢>tsl Inc¢)me and ondowments 79.633 79.633 97,966 Expendlture on: Invgslment managent (x)sts Charitatle a¢tiviti8s 20.938 24.931 17,492 260,206 71.115 Total expondiiu 45.869 71.115 116,984 277,698 Nét {expendltureylncome before net galnslllosses) on Investm•nts Net gainslllossesl on investments 145.869) 644.186 8.518 (37,351) 644,186 (179, 732) (417, 107) Net movement In funds 598.317 8,518 606.835 (596,839) R•concillatlon of fvnds: Tot81 funds brought foryr Net movement in funds 3,091,266 598.317 (19.018) 8.518 3,072.248 606,835 3,669,087 (596,839) Total funds rrO•d forward 3.689,583 110.500) 3.679.083 3,072,248 The Ststement of fInCIal aclivities irbdudes all gains and los*s recowised in the year. The notes on page5 10 to 19 fom part of these finaniial statemen Page 8
THE EARLE AND STUART CHARITABLE TRUST BALANCE SHEEr AS AT 31 OCTOBER 2021 2021 2020 Flxed assets Inveslmenls 3.581.515 3,021,937 3,581,515 3.021,937 Curr•nt assets Debtors Cath at ba and in haTKI 12 3A11 108.876 4,328 7t.3 112.187 75,831 Creditors". arn(nts falling due within 13 114.619) (15.020) Net current ass•ts 97.568 ,811 Total assets less cwrent liabilities 3,679.OB3 3.082. 748 Qodito amounts falling due after more than one year 14 (10,500) Total net assets 3.670.083 3,072,248 Charfty fund$ Endoyament funds Unre51ricted funds 15 15 3,689.583 (10.500) 3.091,266 (19,018) Totsl funds 3,679,083 3,072,248 The financial statents V•ere approved and aUtha for ie by the Trustees and sgned on their behalf by.. Jam Trust Date.. K Morgan Thg notes on pages 10 to 19 fom part of these finanual ststements. Pagg 9
THE EARLE AND STUART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 OCTOBER 2021 Accounting pollcl•s 1.1 Basis of prop¥atlon of financial slatem•nts The financial stal8ments have prepared in CordanCe the Charities SORP (FRS 1021- Accounting and Reping by clrI"es.. Ststement of Rec(ffimendgJ Practice applicable to charities prepariThJ their aec¢JJnts in are 1th the Finanoal Reng Slandard aliCable in the UK and Repu1¢ of Ifeland IFRS 1021 (effective 1 JanLry 20191, the Financial Reporbng Standard applicable in the UK and ReP)lIC of Ireland {FRS 102} and the tharitigs Act 2011. The finanual statements have been pwred to gve a Irue fairf view and have departed from the Charities (Accounts and Reports) RUl8CS 2(X)8 only to Ihe exlenl required lo provide a Irue aTrJ fairf view. This depariure has invofve(J follohing th8 Charities SORP (FRS 102} Publish 2020 ralher than the Ace(MJnting and Reportir@ by Charitie5: Statement of Recommendgd Practice effective frcffi 1 April 25 has since been v1thdr•. The Earfe and Stu¥i Charitsble Trust meets the definition of a public berfit entity Und FRS 102. 1.2 Golng nCern It is crrridwed that no material uncertainties exist thfjth regards to the ChariWs ability lo continue as a gclng conwn. The finanoal stateMts have, th8f be8n prepara on 8 soing c(cern basis. 1.3 Inm• Al inwme is 1wn1sl thè Charity has enbuemwl to the Inc. il is probable thal the inc(xne will be and Ihe amount of irCe recavable can bg m&asured reliably. 1.4 Expondlture Expile is rwThsed (ce thwe is a IwJal LY constructive obligaticm lo transfer ecc)omic benefit to a third party. it is prcthble thal a transfer of economic benefits V+ill be requirgd in setuement and the amount of the Obligth. can b8 measured reliably. Charita0 activities and GovemarKe ccEts are costs IncJJrrj on the Charitys grant making owats'ons including >Jpport costs and (x)sls relatir¥J to the grjvernance of the Charity apportioned to charitatAe activitie& Grants payat4e are charged in the year *then the offer is m&Je except in those vknere the offer is conditional. gjch grants ba.ro (JnI1 as expenditure vknen the conditions attsching are lulfi118d. Grants offerej sjbjeet lo conditions vknich have not been mel at the year end are noted as ccmmilmwt. but not accnHI as axpwmlilure. l expenthture is indugvo of irrecoverable VAT. 1.5 Int•rnSt rec•ivable Interest C fJ$ held on dep1 is e1Vable and the amount can b8 measured reliably by the Charity. this is normally Upon nriCatIon of the interest paid or payable by the institution wilh vthom the fulS arg deposited. Page 10
THE EARLE AND STUART CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Aeeountlng pollcles Icontinu•d) 1.6 Investments Fixed asset investments are a fomi of finrya1 instrument and are initially recognised at their transaction cost 8ThY sUbSequ11Y measured at fair value at the Balance sheet date, unless lh8 value cannot be measured rdiably in bthich case it is meagJred 81 cost less Impaient. Investment gains and losses, ether redised or uniealised. are combined and Presented aS.Gain(LOs¥eS} on investments. in the Statement of Finanual Activities. 1.7 Debtors Trdde and other debtors are wcgnised at the Settl)ent amount after any trade disctrjnt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.8 Cash at bank and In hand Cash al bank and in hand includes cash and thcwi-term highly liquid investsmenls wth a short maturity of three mthS or less frL¥n the dale of acquigbon or openirKJ of the dep09t or similar account. 1.9 Llabllllles and provisions Liabilities ¥8 racwised tsre is an Obligati al thg Balarte sheet date as a result of a past event. it is probable that 8 tr8nsfer of &(mmic benefit ill be required in setuement, and the artHnt of the setuemenl can be eStirnat rel18y. Liaknlilies are recogrused al the amount that Charity antipaleS il wll pay lo settle Ihe debt or the amounl it has received as advan PanlS the or sarvices il must provide. 1.10Flnancial instrum•nts The Charity ClY has finanrial assets and financial liabilities of a kind that qualify as basc financial instruments. Bassc ffinanoal instruments are initially rnISed at transaction value and subsequently me89Jr&J al their seluemenl value wth th& excepbon of bank loarrs 1¢h are 9JbseqUenY measur&J at am0S&j cosi ugrMJ the effects.ve interesi method. 1.11 Fund accounting General fun(Js are unreslricled funds %hich arg available for use at the discretion of the Trustees in furtherarKe of the general 0ectiVeS of Ihe Charity aTrJ which have not desgnated for other purposes. Endovmient fuTrJs comFxi¥e of expendatAe fund to be retaInj f¢X the benefit of the charity as 8 capi'tal fund. Trustees have the disuelion to CnVert endcvmient capitsl into income from charitable purpose& Invesbnent income, gains and lows a 8llcthted to the apwowate furKI. Page 11
THE EARLE AND STLIART CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Crltlcal accounting •slimatss and ar•as of judgment Estimates and judents are ¢J)ntinually evaluat ¥KI are bas1 on histrKi¢al 6xperience aTrJ other factors. incJLKling expectati($ of fubn events that ¥0 believ to be rea¥ble uThJer th8 circumstanc8& Criti1 acccAJnling eslimat8s and assufflptiorts: The Charity makes estimates and asAJmptions conceming th8 future. The reI"nY acLounling esbmales and 8sgJmplions wll, by definibon, sddcfft equal the reialed actual resulls. There are no estimates and aswmplions that have a s•grfIcant risk of causng a material adjustrnent lo the carrying amounts of assets and liabilities the ne finanaal year. Inv•stm•nt income Unre8trlct•d funds 2021 Total funds 2021 Dividends and interest receiv Bank and stockbroker intere 79.631 79.031 79.633 79.633 Total lunds 2020 fvnds 2020 Dividends and intwesl weivwj Bank and strKkbrc*er interest 97,333 633 97,333 633 97,966 97,966 Investment management costs Endowment funds 2021 Total funds 2021 Stockbrc&er fees 20,938 20,938 Pag8 12
THE EARLE AND STUART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Investment management costs Icontinued EndOwnnt fvnds 2020 Total funds 2020 St(Kkbroker f 17.492 17.492 Anatysls of expendltur• on charllable acllvlll Summary byfund ty Endowment Unrestrlctsd funds funds 2021 2021 Total funds Grants (note 61 G¢)vemarTh costs (note 71 24,931 64.9 89,500 24.931 71.115 96.046 Unrestricted lunds 2020 Total fvnds 2020 Grants (note 6} G0Vwnare co*s (note 7) 251,5C 8,706 251.5QO 8.706 260,206 260,206 Pagp 13
THE EARLE AND STUART CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Grants 2021 2020 EACH Glebe Hou Schcd- The Dc¢king Sehdarthip Gresham's Schod D(ing Scholarthip Lithelifts Motor Neurcne Disease Alation Ne1.$ Jouméy Ntjfdk Community Foundati( - Covid Appeal Norfolk Community Foundab"on - Cdlege Buwi8S Norfolk Howice Tapping Hws8 Norfdk Reading eCt pri1118 Baccffl N(xlolk Hospice Scotty's Little Soldi&rs Sl Martin's HousiThJ Trust The Pandora Prc¥ecl The Purfleet Trust lQng's Lynn University of East Anglia PhD Supp(Kt WymoTrJham S¢h¢A t)(k9 Scholarthip 10,01)0 6.000 10,LklO 12.000 25.000 21.IX)O 5.250 1,000 5.250 150.(KL) 21,0 5.000 5.000 31,500 89.500 251,500 AJI grants V•ve made lo institutirMk8: Tr) ants re paid to ir¥Sviduals. In the prior wicmj the charity enteraj into an awnenl to co4und a PhD Udent at the University of East Anglia a Dementi&Azheimerfs pro11 over a peri(J of 3 years and up to a maximum of £31,500. The gnI of £31,500 was recognised in the prior pen'crtd accounts. the seeond inslallment of £10.5(Kl was paKI in this perK¥I. Expgndftur• on gov•rnan¢o Unrostrlcted fvnds 2021 Total funds 2021 Indepethl examinerfs fee Management and admirMrati 2,300 4,246 2.300 4246 Page 14
THE EARLE AND STUAT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 UMestriL#8d funLIs 2020 Tolal fvnds 2020 INJependenl examinerfs fee Mark7gemenl and administrati( 930 7,7T6 930 7,7T6 8. 706 8, 706 Indgp•nd•nt examin•rfs rnmunwion 2021 2020 Fees payable to the Charivs IndepeIent examin for lh6 indeFTrJent examinalion of the Charity's annual Unts 930 The Charity has no employees. The Trustees are to be the key manag8menl of the Charity. did not receive any remulration {2020- £NILI. No empk)yee reiVed remunerion amounting to more than £60.OCQ in either year. 10. Trustees. r•muneration and expens Duiing the year. no Trustees reVe any remuneratic or 0r benefits12020- £NIL). During the ygar erKled 31 Octd>er 2021. rn Twste8 exp8nse$ have been incurred (2020- £NIU. Page 15
THE EARLE AND STUART CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 11. FIX ass Investmonts Llsted Investmènts Cost or valuation Al 1 Novemtw 2020 Additions Disposals Revaluaticns 3.021,937 607.666 (692.274) 644.186 Al 31 Octobw 2021 3.581,515 hist¢yi¢al cost of fixed asset investments held at 31 Octeber 2021 vras É2.695.750 12020.. f2,639,6471. All fix1 8ssel investrnents are held in the UIQ 12. Debtors 2021 2020 Duo within one year Prepayments arKI ac(yuaJ inccffie 3.311 4,328 3,311 4.328 13. Crodltors: Amounts falling due wlthiTh on• y 2021 2020 Acuuals Acuuwl grants payable to inslitirtirms 4.119 10.500 4.520 10,500 14619 1&020 Page 16
THE EARLE AND STUART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 14. Credltors: Amounts falllng du• aftw more than one year 2021 2020 Ac£rued grants pay&Jle to instiluii$ 10,500 15. SLitement of funds Statement of funds . current year Balance at 1 Novembor 2020 Balance at Gains1 31 October (Lossos) 2021 Incom¢ EndIture Unrestrlcted furKIs Goneral Funds (19.018} 79.633 171.115) (10,500) Endowment furbds uesl from A Stuart 3.091.266 (45.869) 644,186 3,689,583 Totsl of funds 3.072.248 79.633 (116.984) 644.186 3,679,083 In the pri¢y ygar the charity c(xnmitted to ¢fur a PhD slu¢Y&)t at the University of East Ans4ia for a Demen1iAzhrnes prq"ect. The full cosl of Ihis 3 year project was been recojnised in the year ended 31 October 2020. The remaining inallmenl of this grant. as oJdin&J in Th)te 13, will be funded from future unrestricted income and reents the deficit on unre&ricled fuThJs al the year . The trustees believ& Ihat the levd of fft avrard&Y in thg ygar lo 31 Oct(l)er 2022 111 not exceed investmt inccme for that period consequenvy unrestricted funds 111 retum to a surplus potion. Page 17
THE EARLE AND STUART CHARrrA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 15. Statement of funds (contln Stat•menl of fvnds - wior year Balance al Balance 81 Gainw 31 October Inc4Th &peThYiturg (Losses) 2020 2019 Unrestrkted funds General Funds 143.222 9T.966 (260.206) (19,018) Endovlment funds Bequest frC A Stuart 3,525.865 (17,492) (417. 107J 3,1%11,266 Totsl of fund$ 3,669,087 97.966 (27T,698) {417. 107) 3,072,248 Page 18
THE EARLE AND STUART CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 OCTOBER 2021 1& Analysls of net ass¢ts behwen funds Anafysls of net a8s•ts bot*4en funds- curr•nt y•ar Endowrn•nt Unrestrlcted funds funds 2021 Totsl funds 2021 Fixed asset investsnents Current assets Creditors due within (Th year 3,581,515 109.887 11.8191 1581.515 112.187 (14.619) 112,8CKI) Total 3,689.583 110,5001 3,679.083 Analysis of net assets betw•en fvnds- PTior ye Total funds 2020 furtls 2020 funds 2020 Fixed asset investments Current assets CrgJilors due Ylithin ¢Me Crditors due in than e year 3,021.937 69.329 3,021,937 T5,831 (15.020J (10,500J 6,502 (15.020J (10.5LX)) Totsl 3,091,266 (19.018) 3,072.248 17. Relatsd party trwwctions A Trustee is conted lo a rim) pr(Niding wofessonal athice to the Charity. The firm charges the Charity for thwr services as prnItted in the Charitys Trust deed. The amounts paid under these temis during the pwicxl are as foll 2021 2020 J K Morgan - Morgan Trusts and Tax PlannirvJ Limited. ScAieitors 4,140 5.580 4140 5,580 The Charity hdds cash funds in a man Trusts and Tax Hanning Limited dient accc#mt. The alxount balae at the 31 October 2021 vras £3.279 {21T20.. £5,465). Page 19