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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1134907

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

COMPTON VERNEY FUND

Wallwork Nelson & Johnson Chartered Accountants & Statutory Auditors Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH

COMPTON VERNEY FUND

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 19

COMPTON VERNEY FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Clause 3 of the Trust Deed states:

The Trustees shall hold the Trust Fund and its income upon trust to apply them for the purposes of :

The Trustees confirm that they have referred to the guidance contained within the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting its strategic plans.

Volunteers

The trust does not make use of volunteers or fundraisers.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Trust supports the related charitable company Compton Verney House Charity (CVHC).

Investment performance

The charity's investment policy is to ensure funds are generated to meet the future commitments to support CVHC.

The results for the period are considered satisfactory.

FINANCIAL REVIEW

Principal funding sources

The Trust Fund is invested with the advice of the Investment advisors to generate income and capital growth.

With the aid of its investment advisors' services, costing £230,268 (£2021: £241,279) for the period, the charity invested in the stock market and money markets to generate funds.

Page 1

COMPTON VERNEY FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW Investment policy and objectives

  1. Trustees' investment powers

Under Clause 4 of the Trust Deed dated 8 March 2010 the Trustees have absolute discretion to invest the Trust Fund and its income anywhere in the world and in such stocks, funds, shares, property or other investments as they think fit. In exercising their powers the trustees are required

" to obtain advice from suitably qualified advisors".

2. Investment objectives

The Trustees have adopted a total return approach to investment, as permitted by Clause 3 of the Deed of Gift dated 23 March 2010. They bear in mind that the Permanent Endowment Fund must not be allowed to fall below the figure of £22,825,000 stated in Clause 3.4 of the Deed of Gift. Their objectives are to generate such total return, measured over a period of years and allowing for market fluctuations, as will maintain the value of the entire fund and at the same time enable them to provide support to Compton Verney House Charity, at the rate of £1,400,000 for the year ended 31 December 2022, increasing to £1,600,000 per annum from the second quarter of 2023.

3. Total fund

The fund consists of the sum of £25,000,000 transferred under the Deed of Gift dated 23 March 2010 together with the sum of £11,260,843 transferred by the trustees of the Peter Moores Charitable Trust in January and March 2017. It is considered that the 2010 Gift is to be regarded as Permanent Endowment and that the 2017 Gift is to be regarded as Unrestricted Funds. The trustees have considered whether the investment objectives for the Permanent Endowment Fund should be any different to those applicable to the remaining funds, but have determined that so long as the value of the Fund as a whole remains at a level sufficient to provide the required return they have no need to do so.

4. Attitude to risk

The Trustees recognise that investment in instruments quoted on recognised Stock Exchanges carries a level of risk. However, based on advice received and in light of investment returns as recorded over long periods, they take the view that their objectives will be best met by investment in a diversified portfolio of bonds and equities having for the most part a good level of market liquidity in normal circumstances.

5. Investment advice

The Trustees rely on investment advice provided by experienced investment advisers to whom they delegate the day to day management duties. They receive quarterly written reports and meet with the investment advisers twice yearly. Each manager is aware of the trustees' overall investment policy and needs. Each manager has set benchmarks for performance and these are used to measure results.

6. Liquidity needs

The trustees recognise that there may be times when the total investment return over a period falls short of that required to meet the annual requirements of Compton Verney House Charity. To guard against any liquidity problem - caused for example by market conditions at particular times - they will from time to time determine a level of cash to be held separately.

Page 2

COMPTON VERNEY FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Reserves policy

Reserves are held in the Endowment Fund, the Unrestricted Fund and the Unapplied Total Return Fund.

Reasons for establishing a Reserves policy:

Under the requirements of Charity Law, the Trustees are obliged to define the Charity's policy for holding Reserves. The intention in establishing the Reserves Policy for CVF is to secure the continuation of the Charity's activities during its expected lifetime. The Policy will;

Financial review

The Trustees are pleased with the return on the investments and have been able to make a donation of £1,400,000 (2021: £1,400,000) to CVHC.

The level of reserves is considered to be satisfactory to achieve its objectives.

At the period end the endowment fund totalled £25,000,000 (2021: £25,000,000), the Unapplied total return fund totalled £4,706,969 (2021: £8,298,522) and the Unrestricted fund totalled £11,208,653 (2021: £11,908,851).

The Trustees are satisfied that the accounts comply with current statutory requirements and the Trust Deed.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

There shall be at least four and not more than seven Trustees.

The Trustees may appoint new and additional Trustees by a resolution of the Trustees passed at a Trustees meeting.

Organisational structure

The Trustees will meet at least three times in each year. Every matter shall be determined by a majority of votes of the Trustees present and voting on the question, with the chair of the meeting having the casting vote.

Induction and training of new trustees

The induction process for newly appointed Trustees comprises a comprehensive welcome pack of information on Compton Verney Fund and a meeting with the Trustees.

Related parties

The Compton Verney Fund (CVF) supports the related charitable company the Compton Verney House Charity (CVHC). This entity was initially founded by Sir Peter Moores (deceased) CBE DL who was the settlor of CVF.

All related party transactions are fully disclosed in Note 12 of the financial statements.

Page 3

COMPTON VERNEY FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1134907

Principal address

c/o Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH

Trustees

Joanna Vazquez ( Chairperson) - reappointed 8 March 2020 Kirsten Suenson -Taylor - reappointed 8 March 2020 Howard Jones - reappointed 17 February 2021 Matthew Woods - appointed 17 September 2019 Philip Bunt - appointed 23 September 2021

Appointed Until

7 March 2025 7 March 2025 16 February 2026 16 September 2024 22 September 2026

Auditors

Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH

Solicitors

Bates, Wells & Braithwaite 2 - 6 Cannon Street LONDON EC4M 6YH

Advisors

Waverton Investment Management 16 Babmaes Street LONDON SW1Y 6AH

Close Brothers Asset Management 10 Exchange Square Primrose Street LONDON EC2A 2BY

Asset Risk Consultants (UK) Limited 46 Chancery Lane London WC2A 1JE

Page 4

COMPTON VERNEY FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The administration of the Trust is dealt with by correspondence to:-

Mr P Woodburn C/o Wallwork Nelson & Johnson Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 6 July 2023 and signed on its behalf by:

Mrs J Vazquez - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COMPTON VERNEY FUND

Opinion

We have audited the financial statements of Compton Verney Fund (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' 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 trustees' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COMPTON VERNEY FUND

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine 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 trustees are 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 of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COMPTON VERNEY FUND

Use of our report

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wallwork Nelson & Johnson Chartered Accountants & Statutory Auditors Chandler House 7 Ferry Road Office Park Riversway Preston Lancashire PR2 2YH

6 July 2023

Page 8

COMPTON VERNEY FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Investment income
2
295,097
EXPENDITURE ON
Raising funds
3
88,064
Charitable activities
4
Compton Verney
-
Governance costs
-
Total
88,064
Net gains on investments
172,635
NET
INCOME/(EXPENDITURE)
379,668
Other recognised gains/(losses)
Gains/(losses) on revaluation of
fixed assets
(1,079,866)
Net movement in funds
(700,198)
RECONCILIATION OF
FUNDS
Total funds brought forward
11,908,851
TOTAL FUNDS CARRIED
FORWARD
11,208,653		 Restricted
fund
£
357,485
142,204
1,400,000
33,145
1,575,349
1,575,057
357,193
(3,948,746)
(3,591,553)
8,298,522
4,706,969		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
25,000,000
25,000,000		 31/12/22
Total
funds
£
652,582
230,268
1,400,000
33,145
1,663,413
1,747,692
736,861
(5,028,612)
(4,291,751)
45,207,373
40,915,622		 31/12/21
Total
funds
£
735,463
241,279
1,400,000
29,809
1,671,088
740,190
(195,435)
4,125,037
3,929,602
41,277,771
45,207,373

The notes form part of these financial statements

Page 9

COMPTON VERNEY FUND

BALANCE SHEET 31 DECEMBER 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
8
8,999,293
CURRENT ASSETS
Debtors
9
-
Cash at bank and in hand
2,209,360
2,209,360
CREDITORS
Amounts falling due within one
year
10
-
NET CURRENT ASSETS
2,209,360
TOTAL ASSETS LESS
CURRENT LIABILITIES
11,208,653
NET ASSETS
11,208,653
FUNDS
11
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
fund
£
3,536,100
4,286
1,201,511
1,205,797
(34,928)
1,170,869
4,706,969
4,706,969		 Endowment
fund
£
25,000,000
-
-
-
-
-
25,000,000
25,000,000		 31/12/22
Total
funds
£
37,535,393
4,286
3,410,871
3,415,157
(34,928)
3,380,229
40,915,622
40,915,622
11,208,653
4,706,969
25,000,000
40,915,622		 31/12/21
Total
funds
£
41,913,775
4,205
3,369,262
3,373,467
(79,869)
3,293,598
45,207,373
45,207,373
11,908,851
8,298,522
25,000,000
45,207,373

The financial statements were approved by the Board of Trustees and authorised for issue on 6 July 2023 and were signed on its behalf by:

J Vazquez - Trustee

The notes form part of these financial statements

Page 10

COMPTON VERNEY FUND

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31/12/22
£
(1,708,417)
(18)
(1,708,435)
(3,906,713)
5,004,175
652,582
1,750,044
41,609
3,369,262
3,410,871		 31/12/21
£
(1,681,741)
(9)
(1,681,750)
(2,662,336)
3,848,475
735,463
1,921,602
239,852
3,129,410
3,369,262

The notes form part of these financial statements

Page 11

COMPTON VERNEY FUND

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Gain on investments
Interest paid
Dividends received
(Increase)/decrease in debtors
Decrease in creditors
Net cash used in operations		 31/12/22
£
736,861
(1,747,692)
18
(652,582)
(81)
(44,941)
(1,708,417)		 31/12/21
£
(195,435)
(740,190)
9
(735,463)
20,169
(30,831)
(1,681,741)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1/1/22
£
3,369,262
3,369,262
3,369,262		 Cash flow
£
41,609
41,609
41,609		 At 31/12/22
£
3,410,871
3,410,871
3,410,871

The notes form part of these financial statements

Page 12

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Governance costs represent those costs of the strategic management of the charity and of complying with constitutional and statutory requirements.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Recognised gains/ (losses) on investment assets

Investments have been stated at market value in accordance with the SORP. Net investment gains and losses are disclosed in note 8.

continued...

Page 13

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2.
INVESTMENT INCOME
Dividends
3.
RAISING FUNDS
Investment management costs
Portfolio management
4.
CHARITABLE ACTIVITIES COSTS
Compton Verney
Governance costs
5.
SUPPORT COSTS
Governance costs
Support costs
Governance costs
Legal fees
Auditors remuneration
Trustee indemnity insurance
Accountancy
Bank charges		 Direct
Costs
£
1,400,000
-
1,400,000		 31/12/22
£
652,582
31/12/22
£
230,268
Support
costs (see
note 5)
£
-
33,145
33,145		 31/12/21
£
735,463
31/12/21
£
241,279
Totals
£
1,400,000
33,145
1,433,145
Governance
costs
£
33,145
31/12/22 31/12/21
£ £
3,300 -
3,600 3,600
3,667 3,640
22,560 22,560
18 9
33,145 29,809

continued...

Page 14

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

2022
£
Trustees expenses
-
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
fund
fund
fund
£
£
£
INCOME AND ENDOWMENTS FROM
Investment income
273,318
462,145
-
EXPENDITURE ON
Raising funds
117,108
124,171
-
Charitable activities
Compton Verney
-
1,400,000
-
Governance costs
-
29,809
-
Total
117,108
1,553,980
-
Net gains on investments
188,689
551,501
-
NET INCOME/(EXPENDITURE)
344,899
(540,334)
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
976,118
3,148,919
-
Net movement in funds
1,321,017
2,608,585
-
RECONCILIATION OF FUNDS
Total funds brought forward
10,587,834
5,689,937
25,000,000
TOTAL FUNDS CARRIED FORWARD
11,908,851
8,298,522
25,000,000		 2022 2021
£ £
- -
Total
funds
£
735,463
241,279
1,400,000
29,809
1,671,088
740,190
(195,435)
4,125,037
3,929,602
41,277,771
45,207,373

Page 15

continued...

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

8. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Listed
investments
£
41,913,775
3,906,713
(3,256,483)
(5,028,612)
37,535,393
37,535,393
41,913,775

The global analysis of the investment assets is as follows:-

Listed
investments		 Unlisted
investments		 Totals
£ £ £
Within the UK 10,521,549 - 10,521,549
Outside the UK 27,013,844 - 27,013,844
37,535,393 - 37,535,393

Cost or valuation at 31 December 2022 is represented by:

Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost		 Listed
investments
£
5,565,756
4,125,037
(5,028,611)
32,873,211
37,535,393

Page 16

continued...

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
11.
MOVEMENT IN FUNDS
At 1/1/22
£
Unrestricted funds
General fund
11,908,851
Restricted funds
Unapplied total return fund
8,298,522
Endowment funds
Endowment
25,000,000
TOTAL FUNDS
45,207,373
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
295,097
(88,064)
Restricted funds
Unapplied total return fund
357,485
(1,575,349)
TOTAL FUNDS
652,582
(1,663,413)		 31/12/22
£
4,286
31/12/22
£
34,928
Net
movement
in funds
£
(700,198)
(3,591,553)
-
(4,291,751)
Gains and
losses
£
(907,231)
(2,373,689)
(3,280,920)		 31/12/21
£
4,205
31/12/21
£
79,869
At
31/12/22
£
11,208,653
4,706,969
25,000,000
40,915,622
Movement
in funds
£
(700,198)
(3,591,553)
(4,291,751)

continued...

Page 17

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1/1/21
in funds
£
£
Unrestricted funds
General fund
10,587,834
1,321,017
Restricted funds
Unapplied total return fund
5,689,937
2,608,585
Endowment funds
Endowment
25,000,000
-
TOTAL FUNDS
41,277,771
3,929,602
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
273,318
(117,108)
1,164,807
Restricted funds
Unapplied total return fund
462,145
(1,553,980)
3,700,420
TOTAL FUNDS
735,463
(1,671,088)
4,865,227
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1/1/21
in funds
£
£
Unrestricted funds
General fund
10,587,834
620,819
Restricted funds
Unapplied total return fund
5,689,937
(982,968)
Endowment funds
Endowment
25,000,000
-
TOTAL FUNDS
41,277,771
(362,149)		 At
31/12/21
£
11,908,851
8,298,522
25,000,000
45,207,373
Movement
in funds
£
1,321,017
2,608,585
3,929,602
At
31/12/22
£
11,208,653
4,706,969
25,000,000
40,915,622

continued...

Page 18

COMPTON VERNEY FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Unapplied total return fund
TOTAL FUNDS		 Incoming
resources
£
568,415
819,630
1,388,045		 Resources
expended
£
(205,172)
(3,129,329)
(3,334,501)		 Gains and
losses
£
257,576
1,326,731
1,584,307		 Movement
in funds
£
620,819
(982,968)
(362,149)

General fund

The Peter Moores Charitable Trust (PMCT) gifted to Compton Verney Fund (CVF) the balance of its funds of £11,260,843 on being wound up on 16 March 2017.

Unapplied total return fund

Income generated from the endowment are held in this fund.

Endowment fund

On 6 April 2010 CVF received a donation of £25 million from the Peter Moores Foundation (PMF). This donation is held in an endowment fund, and the income generated from this fund will be used to support the charitable purposes of Compton Verney House Charity (CVHC).

12. RELATED PARTY DISCLOSURES

CVF supports the related charitable company CVHC. This entity was initially founded by Sir Peter Moores (deceased) CBE DL who was the settlor of CVF, PMCT and PMF.

The Trustees of CVF made a grant of £1,400,000 (2021: £1,400,000) to CVHC. Philip Bunt (Trustee) is a director of CVHC.

The Trustees of CVF paid professional fees to Withers LLP of £3,300 (2021: £Nil). Matthew Woods (Trustee) is a partner of Withers LLP.

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