REIGISTEREID CHARtTY NUMBF.R: J134907 REPORT OF THE TRUSTF.F.S AND FINANCIAL STATEI Mli NTS FIOR THE YEAR F.NDlI D 31 DEI CEMBEI R 2023 FOR COMPTON VERNEY FUND Wallwork Nelson & Johnso Chaitei'ed Accountants & Statutoi'y AuditOlS Chandlei. Hoiise 7 Feriy Road Office P8Tk Rivei"SWcly PRF.8TON Lancashiir PR2 2YFI
COIMPTON VEIINEtY FUND CONTENTS OF TFIE FINANCIAL S'I'ATF.ME4NTS FOR THE YEAR E4NDED 31 DECEMBER 1023 Page Report of tlie Tru5tee5 Report of the Indcpelldent Auditor5 Statement of Fin*nci21 Activitie5 Balance Sheet Cgsh f4 loiv Statemeiit 10 Notes to the Cash Flow State]nent Notes to the Fiiigncial Statetnents 12 to 18
COMPTON VE4RNEY FIUND RE4 PORT OFTHE TRUSTEES riOR THE YEAR E4NDE4 D 31 DECEMBEIR2023 The tl"LlStees present their I'epoi't with tlie financial statements of the charity for the yec1r ended 31 December 2023. The trustces have adopted the provisions of A¢¢ountinrT and Repoilinrw by Charities.. Statcinent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportlDg Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019). OBJfCTIVES AND ACTIVITIES Objectives aDd'aims Claiise 3 of the Trust Deed states.. The Trustees shall hold the Trust Fund and its inCOllLe upon trll5t to apply them for the pthposes of '. the preservation of Coinpton Vemey for the benefit oFthe publi¢. and maintaining and supporting for the benefit of the public the museum, gallery and education centre at Compton Vei'iiey. The Ti'ustee5 confJrn] that they have referred to the giiidance coiiiained within the ChaTity Commission's geneixl guidance on public benefit when reviewing the Charity's aims and objectives and in plaM)ing futs]it activities and setting its slra(egic plans. V(Jlunteers The trust does not make use of voliinteei's or funthzi5ers. AC.HIEVEMfi NT AND PERFORMANCE Charitable activitie5 The'l'i'ust supports the related charitable coinpany Compton Ve1cY House Charity (CVHC}. Investment perl'oi'inaijce The charitg5 inve5tsnent policy is to ensure funds are g¢nerated to meet the flltu commitments to siipport CVHC. The results for the pei'iod are consider¢d satisfactory. rilNANCIAL REVIEW Prii)eipAI funding soiirce5 The Trust Fiind is invested wEth the advice olthe Investtnent adyisor5 to oenerate income and capital gxowth. With the aid of investment advisoi'5' services. costing £227.471 (2022.. £230,268) for the period, the charity invested in the stock mai'ket and money Inarktts to generate funds. Page I
COMPTON VERNEY fiUNI) REPORI. ()F I'FII,: 'I'RUS'I'Efi..S roR'fHC YEIAR ENDED 31 DECEMJIF.R 2023 FINANCIAL RFVIEW Invc5ttnetit i)olicy and objectives l. 'I'rLislee5' investinent powers Uiider Clause 4 of the Ti'ust Decd dated 8 Maich 2010 tlie Ti'usiees have absolute disci'etioji to invest the TrLiSt Fund and its illcoihe anyivhere in the world ic lid in such stoLks, funds, shares, propety oi. other investments as they think fit. In exercising their powers the trustees al'e required io apply Such care as is I'easonable in Ilie circuiiistantes" to have regaTd tn the suitability of the lliveslinent5 and to the need for diversification" to obtain advice fi.ojn suitably qualified advisors" 2. Investtnent objectives The Ti'iistces liave adopted a toldl return approacli to investinenl, as permitted by Clause 3 of the J)eed of (iift dated 23 March 2010. 'I'hey bear in inind that thc Peitnanent Endc)wment Fund inust not be allowed to fall below tlie figure of £22,825,000 stated Il Claiise 3.4 of tlie Deed of Gift. Theii. objectives aiE to generate siich total irturn, Ineasured ovei. a period of yeai"s ]d allowing foi. market fliictuations, vvill Inaintain the v&lue of the entire fiiiid and at the s(iine time enable Iheiii to pi"ovide siipport to Coinplon Vemey Hoiise Chai'ity, at the rate of £1,550,000 foi. the yeai. ended 31 December 2023. The gTant was incirased to £1,600,000 per anniim from the secoiid quarter of 2023. 3. Total fid The fiind consists of the siitn of £25,000,000 ttansfeiTed undei. tlie Deed of Gift dated 23 March 2010 tooethei. with the sum of £l1.260,843 lThnsfei'i'ed by the ti'ustees of the Peter Moores Lliaritable Trust iii Janiiary Ii n(1 Mai¢h 2017. It is considereil that the 2010 Giti is to be regai'ded as Permanent Eiido%vin£nt and that the 2017 Gift is to be iEgaiYied as UDiestrictcd Fiinds. 'l-he ti'llstees have ¢onsideiEd ivhether the inve5ttiieiit objectives for tlie PeiThaiient Endowinent Fuiid shoiild be any diffei'ent to tliose applicable to the IEinainiJig fiinds, but have detern]ined that so long as the value of tlie Fund as a whole reinains at a level siiffieient to provide the I'equired I'etLtrn they have no need to do 50. 4. Attitude to Tisk I'he Ti'ustees recognise that investment in instruments quoted on recognised £tock Exchanges carries a level of risk. Hoi¥ever. based on advice receivcd and iii ljolit of investineiit ittiii'ns a5 rccoi'ded over lojig periods, tliey lake the view that theii objectives will be best Inet by iiivesttnent in a diversified poitfolio of bonds and eqiiilies liavints for the most pai'l a good level of market liqiiidity in iiorinal Liiriiinstances. 5. Investsnent Ic dvice 'rhc Triistccs iely 011 investinent iidvice provided by C¥PLI"ieiiLed inveslinenl advisers to whom thoy delegate the day to day managenient dillies. -Fliey receive qiiarterly w'itten repoi'ts (Ind Ineet witli the iiivesttnent adviseTS tsvice yearly. E(ich InanageT is aivai'e of the ti'ustees, ovenll iiivesiinejit i)olicy and needs. Eacli m1( iiager has s¢t beiichinai'ks for pei'foi'inaiice dnd these aiE used to Ineasure Irsults. 6. Liquidity needs The ti'ustees reco& ise that tliere may be tiines wl)en the total investtnent retiiin over a period falls sliort of that required to Ineet the annual reqiiiieinenls of Coinptoii V¢ri)ey Hoiise Chai'ity. Tn giiai.d t2gainst aiiy liqiii(lity problein - caiiscd for excimple by inai'kei conditioi)s at pai'iicular limes separately. they will froin time to tijne detennine a level OF cash to be held Page 2
COMPTON VEIRNEY fiUND RFI.PORT OF THE TRUSTELS riOR THE YEAR ENDED 31 DELCEIlqBER 2023 IINANCIAL REVIEW R¢serve5 policy Re5ei"ves al'e held in the Endowtnent Fund. the Unresti'icted Fund and the Unapplied Total Retuill Fund. Reasons for establishing a Reserves policy.. Undei. the requirement5 of Chai'ity Law, the Trustee5 al'e obliged to define the Chariws policy for holdit]g Reserve5. The intention lli esl<iblishit]g the Reserves Policy for CVF is to secuTe the contiiiuatioii of the Charity'5 activitie5 during its expected lifetime. The Poli¢y will. Preserve the vi3bility of the Charity Enable the Charity to meet its legal obligalioiis. Ensure that the i'eserves are at a level sufficient to disohaTge all the Charitys l¢gal obligations. Finaiieial revieiv The Trustees are pleased with the on the investinents and have been able to make a donation of £1,550,000 (2022.. £1,400,000) to CVHC. The level of reserves is considered to be Skttisfactoiy to achieve its objectives. At the period end the Èndowment fund totalled £25,000,000 {2022'. £25,000,000). the Uiiapplied total Tetum fvnd totalled £6,726,306 (2022: £4,706,969) aiid the Uniestricted fund totalled £1 1,798,179 {2022.. £11,208,653). The Trustees are satssfied that the accounts comply with current statutory requirements and the Trust Deed. STRUCTURE, GOVERNANCE AND MANAGEMEI NT Governiiig dociiineiil The chai'ity is COlltI'olled by its governing dociiinent, a deed of trist and constitutes an iitkincorpoi.ated Charity. Rccruitment and appointiiient of iieiv tl'U5tees There shall be at least four and not moiE than seven Trustees. The Trustees may appoint neNV and additional Trustees by a resolution of the Trustees pa&8ed at a TTUStees ineeting. 0rgani5atiot12 I sti'ucture The I'i'ustees will meet at Icast tlll'ee tiints in each yeai.. Evel'y mattel. sliall be detetinined by a majority of votes of the Trustees pi'eseiit arLd voting on the question, with the ¢liaii" of th¢ ineeting havino the casting votc. Indiiction and trainiiig of neiy Irustets The induction pi'ocess loi. iiewly apposnted Trustees comprises a cotnprehensive welcome pack of information on Compton Verney Fund and a Ineetiiig willi the Ti'ustees. Related pnj-ties 'rhe Coinpton Verney Fund (CVFI suppoits the LElated charitable company the Coinploii Verney l-loiise Charity (CVHC). This entity was initially founded by Sir Peter Moore8 (deceased) CBE DL who was the seltloi. of CVF. All related party traiisa¢tion5 are fiilly disclosed Note 12 of the financial statements.
COMPq'ON VERNIIY FUND RI,:I'OEII' OF THF. TRIJSTLLI. FOR THE YEAR LNDEI D 31 DLI CEI MIIEIR 2023 R£F4LRENcf. AND AI)fvIINISTRATIVE DETAILS Registi'r¢d Charily niitJibe2' 1134907 clo Wallwoi'k Nelson & Johnson CFLandlci' HuLise 7 Ferry Road Office Park Riversway Presloii LaJicasliiiE PR2 2YH Trustees Appointed Until Joanna Vazquez I ChaiI'person) Kirstcn Suen50n -Tayloi' Howard Joiies Matthew Woods Pliilip Blt - reappointed 8 Mai'ch 20?0 reappointed 8 Mairh 2020 I'eappoiiiled 17 Febi-uary ?021 appollited 17 Septembei 2019 appointed 23 September 2021 7 MaTch 2025 7 Ivlarch 2025 16 Februai'y 2026 16 September 2024 22 Septeinber 2026 Auditor5 Wallwork Ne150n & Johnsoii Chaiidlei. House 7 Feriy Road Office P81'k Iuvei'sway Preston Lanca5hire PR2 2YH Bates, Wells & Braithwaite 2 - 6 Cannon Sti'eet LOblDON E.C4M 6YH Advi50J'S Wavei'ton Investment Manic geinent 16 Babmaes Street LONDON SWIY6AH Close Brothers Asset Mdiiagement l O Excliange Squai'e Pj'iwose Street LONDON EC2A 2BY Asset Risk Consiiltanis (UK) Limited 46 Cliiincery Lane Loiidoji WC?A IJB The adiniiiisti'atioii of the Ti'ust Is dealt with by coriEspoiidence to'.- Mr P Woodbiirn Clo Wi£ Ilivoi'k Nel%oii & Joliiison Chc111dlei' 14ouse Page 4
COMPTON VERNEI Y FUND RfiPORT OF THE TRUSTEEI S FOR THE YEAR ENDED 31 DECEMBER 2023 7 Ferry Road OtTice Park Riversway Preston Lancashire PR2 2YH STATEI IMENI, or TRUSTEES, RESPOINSIBILITIES The trustees are responsible for prepaTing th¢ Rcpoi'i of the TTUStees and the fanCIal statements in accordance with applicable laiv United Kiiigdoin Accounting Standards (United Kingdom Generally Accepted Accountsng Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Chai.ty (Accounts and Reports) Regulations 2008 and the pi'ovisions of the trLlSt deed reqiiiies the tsStees to prepai'e fanCIal staleinents for ¢ach financial yeai which give a true and fair view of tlie state of affails of thc charity and o( the incoinints IEsources and application of resources, incliiding the income and expenditiire. of the charity for that period. In preparing those financial statements. thc triistees air Tequired to select suitable accounting policies and then apply thein consistently. observe tlie methods and principles In the Charity SORP. make judgement5 and estiinates that are i'easonable and pi"udent', state wlietliei. applicable accounting standards have been followed, subject to any m&tei'ial departLires disclosed and explained in the fanCial stateJnenls- prepare the financial stdtements on the going concei'n basis iinless it is inappropi'iate to presume that the chai'ity Ivill continue in business. The tnistees are responsible for keeping piY)per accoiinting records ivhich disclose with reasonable aCc.a¢Y at any time the financial position of the ¢hariLy and to enable thein to ensure that the fjnancial statements co]nply with the C'hat'itie5 Act 201 I, the Charity (Accounts and Repoits) Regulations 2008 and the provision5 of the trust deed. They are also responsible foi. safeguarding the assets of Iht chai'ity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaTlties. Approved by ol'd. of the boai'd of trustees on 5 August 2024 and signed on its behalf by.. MTS J Vazqiiez- Trustee
REI PORT OFTIIE INJ)fi.PfiNJ)F.NI' AUDITORS TO THE TRIJSTELI8 OF COMPTON VF4.RNEY IIUND Opiiiion Wtt have aiidited the financial stateinent5 of Compton Veiiiey Fiind (the 'chaTlty'l for the yeai. ended 31 t)eceinbei' 2023 which coinpi'ise the Stalcineiit of Fiiiancial Activities, the Bi£ lance Sheel, Ihe Cash F0W Statement and notes to the financial slateiiients, IllLludin8 a summary of significant accoiinting policies. The financial iepoi1ing fiatneivork that has been applied in their pi'epardtion is applicable law and Uniled lQinoduJii AccoiintillCF Standards Iuiiited Kingdom Generally Accepted Accounting Practice). In oiij. opinion the finaiicial statements.. give a true and fail. view of ihe state of the chai'ity's affairs as at 31 Deceinbei. 2023 and of ils incoining resources and application of resources, for the year then ended., have been properly prepared in accordance with United KinrNdom Generally Accepted Accounting Practice., and have been piepared it] 8ccoI'dance witli the IEquirements of the Chai'ities Act 2011. Basi5 (Dr opEnion We conducted oiir audit in accordanee with Inteinational 8tandards on Aliditino {UK) (ISAS (UK)) alld api)licable laiv. Our responsibilities undej. those staiidard% are fi]rthei' desci'ibed in the AiiditQJ3' responsibilities for the audit of the financial stateinenls sectioi) uf Qui. i'epoit. We are indepeiidenl of the chai'ity in acLoi'dance ivith the ctliical iequiremenls that are relevant to oui. audit of the fu)ancicil stateTnents in the UK, includinrw the FRC'S Ethical Standard, and we have fulfilled our otliej. eihical responsibilities in accoi'dance with these Tequireinejits. We believe that the aiidit evidence we have obtained is suificient and appi'opi'iate to PTovide a basis foi" our opinion. Coii¢liJsions relating to going eoncern aiiditijig the fmancial stateineiits, we have concluded that the trusiees, use of the going eoncei'n basis oFaccounting in Ihe prepai'ation of the financi£il stateinents is appropi'iate. Based on the work we have pei'foiTred, we have not identified any material iijicertainties relating to events or conditions that. individually oi. collectively, Inay cast siJts ificant doubt on the chai'ity's ability to Continue as a tsoing concei'n for a period of at least twelve Inonths froin when the financial statements aTe aiithorised for issiie. Our responsibilities and the responsibilities of the trustees with respect to going ¢oncfflii are described in the relevant sections of this i'eport. Othet. infor]n2tion The tiustees ale respoiisible frjr the othei. inForniation. T]ie othei. illforination comprises the infoi'ii)ation included in the Anniial Rei)ort, otlier Ihan the finciTicial slateinenls and our Reporr of the Independent Aiiditoi's theieon. Our opinioii on the financial statejnenls does not covei. the i)thei' iiifomic1tion and, except to the extent otherwise explicitly staled in oiir repoi't, we do not expiEss <iny forin of assiii-ance concliisioii theieon. In connection witli our Riidit of the finaiicial stateinents, oiir itsponsibility is to lead the otlier infonnation and. in doing so, considei. whether the other infoiination is materi1211y inconsistent witli the finaiicial stcltements or oiir knoivledtse nbtained in thc aiidit or oiliei'wise ELppears to be materially niisstated. If we ideiltify suLh Inatei'idl inconsisteiiLies or appaient Inaterial nii5St2teinents, we are iequired to detei-jniiie wliellier this gives rise to a Inalerial misstatement lll the fiiiancic11 stateinents tlieinselves. If, based on the ivoi'k we Iiave peiformed. Nve conclude that thei'e is a Iiialei'idl misstaten?eiit of this other infoimation, we air iequiTed to I'epoj't that fact. We have nothing to IEPQI't in this regard. Mattet's oil ii'liicli ive are rcquit'ed to repoi't by ¢xcepltoii Ive have Jiutliing to report in respect of the following Inatters where the Chai'ities (Accoiiiils and Repoi'lsl R¢gulations 2008 requiies us to repoit to YOLI if, in oiii. opiiiion.. the iDfoi'mation givell in the Repoit of the Trustees is inconsistent in any Inatei'ial IEspect with the financial 5tateiiients; or sufficient accoiinting itc01S have not been kept.. or the financial %tatemeiits ale not iii aoi'eeinent ivith tlie accoiintints recoi'ds and ietiiiiis,. or we have not received all tlie ii)foillnalioii an(1 explanations ive reqiiiir ful- oiii. aiidit. Page 6
IlkPORT ()r'i'iiE INDF.PENDENT AUDITORS'I'O THE TIIUSTEI CIS OF COfvIPI"ON VEIRNF.Y FUND Responsibilitie5 uf ti'ustees As explained Inore fiilly in the Statement of Ti'iistees. Responsibilities, the trustees al'e responsible for the prepaiation of the Financial statemeiit5 which give a ttue and fair view. and for siich internal conti'ol as the trustees dctei"tnine is necessary to enable the preparalioii of flliancsal statements that are free film matei'ial Inisstatement, whether diie to fraud oi. eryor. ID preparing the financial stateinents, the trilee$ are i'espon5ible for assessino the charity's ability 10 CODtii)ue as a going concern, disclosing, as <ipplicable, ni<iLlers I'elaled to going concern and using the going coiicern bdsis of accounting unless the trustees either intet]d to liquidate the cliarity oi. to cease opeTations, or have no reali5lic alternative but to do so. Oui. responsibilities for the aiidit af the financial 5tatcinellts Wc h<ive beeli appointed as auclitors Iindci. Section 144 of the Chai'ities Act 2011 and report in accordance ivith the Act and E1¢Yattt regulation5 inade or having effect thereiinder. Ow. objectives al'e to obtain reasonable assurance about wheiher the fthancial statements as a whole are fi.ee from nJaterial Inissiateinent, whether due to fraud oi. error, and to issuc a Report of the Indepeiident Auditors that include5 OUI. opinion. Reasonable assiii'ance is a high level of assiirance, biit is not & guarantee that an audit conducted in ac¢oi'dance with I%As {UK) will always detect a material Inisstatement when it exi%ts. Missiatetnent5 can arise fi'om fiaud or eri'or aiid are considered material if, individillY or in tlie a&(Tregate, tliey could Teasonably be expected to influellce the economic decisions of users taken i)n the basis of these finaiicial stateinents. The extent to which oiii proceduTes are capable of detecting in'egularities, iiicluding fitud is detailed below: En(Illll'y of Jnanatreinent and those chaTged ivith governance ai'ouiid actiial and potential litigation and claims. Eiiquiry of entity staflin tax and complianco functions to identify aiiy instances of non-coinpliance with law5 and regulations. Reviewi1 IDinutes of Ineetlligs of those charged with (rovemance. ReviewiRg fanCial stateinent disc105ures and tcstino to support documentation to assess compliance with applicable laws and regulations. Auditillfw the iisk of iiianageinent override of conts'ols and evaluating the business rationale of significant (ransactions outside the nonnal course uf busines5. i further description of oiir responsibilities for the aiidit of Ihe fjnancial statements is loc8ted on the Fiiiancial Repoi"iin Coiijicil's iveb51tc at ivww.fi'c.org.uldauditOFsiesponsibilities. I'his description fotms part of our Report of the Independent Aiiditors. Use of our repoi't l-liis i'epoi'l is Inade solely to the charity's ttiistees, as a body, in accoi"dance with Part 4 of the Charities (Accounts and Reports) Regiilations 2008. Our aiidit work has been undei'iaken so tliat we niiglit state to the chai'ity's thiistees those matters we are IEquired to state tu Iliein iii ali ic U(litoi's' report and for TIO Othei. purpuse. To the fullesl extcnt p¢rmittcd by laiy, we do not accept oi. assiime responsibility to aiiyone otlier than the charity and the cliai'ity's ti'ustees a5 a body, foi. our aiidit work, for this report, oi" foi. the opinions we have fom)cd. Ki Wallkvoi'k Nelson & Johnson Cliartej'ed Accountants & Stahitory Aiiditors Clndler House 7 Fei"ry Road olCe Pai'k RiveiENYay PRESTON Lancashue PR2 2YH 5 Aiitsust 2024 Page 7
COMPTON VERNE1 Y FUND STATEMENT OF FINANCIAL ACTlVI'rics FOR'I'HE YF.AR ENDF,D 31 DF,C£I MBER2023 2023 'rotal fiind5 2022 Total funds Unrestricted nd Resh"icted fiind Endowinent fund Notes INCOME AND END()WMEI NTS FROM Investment income 294,086 564,616 858.702 652,582 EXPENDITURE ON Raising funds 85,571 141,900 227,471 230,268 Cliaritable aetivitie5 Coinpton Vcrney Govei'nance costs 1,550,000 32,326 1,550,000 32,326 1,400,000 33.145 Total 85,571 1,724,226 1,809,797 1,663,413 Net gains on investments 109,984 228.307 338,291 1,747,692 NET INCOME4 1(EI XPEI NDITUREI Othei. reeognised gain51(losses) Gain%l(losses) on i'evaliiativn of fixed assets 318,499 (931,303) (612.804) 736,861 271.027 2,950,640 3.221,667 (5,028,612) Net movetnent in funds 589,526 2,019,337 2,608,863 (4,291.751) RECONCILIATION OF FUNDS Total liwds brought forwai'd 11,208,653 4,706.969 25,000,000 40,915,622 45,207.373 TOTAI, fiUNDS CARIUED FORWARD 11.798,179 6,726,306 25,000,000 43.524,485 40.915,622 The notes foTJn part of Iliese fillancial 5tateinents
COMPTON VERNEY FUND BALANCE SHEET 31 DE4 CEMBER2023 2023 Totsi fiinds 2022 Totsl nds Unrestricted fiiiid Resti'icted fund Cndow]nent rund Notes FIXED ASSE4TS Inveslinents 9,312,579 6,481,110 25,000,000 40,793,689 37,535,393 CURIIENT ASSETS Debtors Cash at bank and in hand 4,454 365,515 4,454 2,851,115 4,286 3,410,871 2,485,600 2,485.600 369,969 2,855,569 3,415,157 CREDITORS Aiiiounts falling diie within one year 10 (124,773) (124,773) (34,928) NET CURRENT ASSEITS 2,485,600 245,196 2,730.796 3,380,229 TOTAL ASSETS LESS CURRf,NT LIABILITIES 11,798.179 6,726,306 25,000,000 43,524,485 40,915,622 NET ASSETS 11,798,179 6,726,306 25,000,000 43.524,485 40,915,622 FUNDS Uiyestricted fidS Re%tricted lldS Endowment funds 11,798,179 6,726,306 25,000.000 11,208,653 4.706,969 25,000.000 TOTAL FUNDS 43,524,485 40,915,622 The financial statements were appi'oved by the Board of Trustees and authorised for issiie on 5 August 2024 and were signed oll its belialf by., J Vazquez- Ti'ustee The iiotes ftsi'ni pai't of these fii)aiicial stateinents
COMPTON VERNFY fiUND C.ASII FLOW STATEMENT b'OR I'HE YCIAR EiJNDfi D 31 DEiC.fi,MBER 2023 2023 2022 Notes Casli floiys fi-oin operating activities Cash generc2ted froin opeL"atioIis Interest Pc1id 11,720,106) (1,708,417) Net ca.sh iised in operating activities {1,720,120) {1,708,435) Cgsli floivs from inve51iiig Aetivilies Piii"chase of fixed asset investments Sale of fixed asset investillents Dividends received (1,934,248) 2,235,910 858.702 (3,906,713) 5,004,175 652,582 Net cash provided by investing activities 1,160,364 1,750.044 Change in cash and casli eqiiivalenls in tlie repoi'tiiig perio Cash aiid casli equtvglenls at the begint]iiig of Éhe t'epoi'ting pcriod (559,756) 41,609 3,410,871 3,369,262 Casli and cash equivalents at the end of the reporting period 2,851,115 3,410,871 The notes forni Pc11'1 of tl)ese liRaiicial siateinents 10
COMPTON VEIINLY FIUND NOTES TO THE CASFI fi LOW %I'A'I'Et Mf4 NT FOR THE YEAR EIYDED 31 DECEMBCI 112023 RECONCILIATION or NCT (EIXPENDITURE)IINCOME TO NF.T CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net (exptrtditurc)linco]ne for the r¢porting pei'iod (as per the StRt¢ment of fiiiaiicial Aclivitses) Adjustmejits foi.: Gain on investinent5 tnteiyst paid Dividends rtceived Increase in debtors InCre¢/(deCi.case} in creditois (612,804) 736,861 (338,291) (1,747,692} 14 18 (858,702) {652,582) (168) 181) 89,845 (44,941) Net cash used in operntions (1,720,100) (1.708,417) ANALYSIS OF CHANGIIS IN NET fiUNDS At l.1.2) Cash flow At31.12.23 Net casli Cash at batd( and in liand 3,410.871 {559.756) 2,851.115 3,410,871 (559,7561 2.851.115 Total 3,410,871 {559,756) 2,851,115 Tl)e notes foi'in pait of these financial stateinents Pa(Te I I
COMPTON VERNEI Y fillND NOI'L4.8 TO THf. Fi INANCIAI, S'fA'I'El1I N'l S FOR TEIE YC4 AR LI NDCÉ D 31 DE4cfi MBEEI 2023 ACCOIINTING POLICIES BasEs of pi'tpariiig thc fiiiaiicial statemcnts The fiiiaiiciBI slateihenls of the charity, wliicli is a piiblic beiitfil eiitity uiidei. FRS 102, have been prepared i a¢cordancc with the Charities SORP (FRS 102) 'A¢counling and Repoi'tiiig by Charities.. Siateinent of Recoininended P12clice applicablc to chai'ities preparing Iheii- accounts in accoi-dance with the finatieial Repoi'ling Standard applicable in the UK and Republic of Ireland (FRS 102) (effeciive l Janiiary 2019),, Financial Reportiiio Staiidai'd 102 'Tlie financial Repurtiiig Standard applicable in the UIC and Repiiblic of ITeland' atTrd the ChaTlties Act 2011. The financial statements have been prepared under the histOTical cost convention, with tlie exception of uivestinents which are included at market value, as modified by the revaluation of cei'lc1in assets. Income All income is iEcognised in the Statement of Financial Activities once the charity has entitleinent to the funds, it is probable that the itlcoine will be received and the amoiint Can be ineasui'ed reliably. E¢ xpenditui'e Liabilities al'e reLoÉFnised as cxpenditUTe as soon as thei'e is a legal oi. coiistructive obligation committing the cliai-ity to thai expenditiii'e, it is pi-obable tliat a tiansfei- of ecoiiomic benefits will be required in settleinent and tlie ainounl of the obligation can bc measuTed reliably. Expenditure 15 accoiintcd for on an acci'uals basis atid has been classified linder lieadings Ihat a_4gregate all cost i"elated to the category. Wher¢ costs canjiot be directly ttributed to pai'ticiilar headiiio> they have been iillocated to actville5 on a basis consisttnl with the use of resource%. Governance e05ts Govci'nance costs iepi"eseiit tliose costs of the straletsic manageinent of the charity and of ¢omplyinty ivith coiistittitional and Slatulory requii'ements. Taxation Tlie charity is exeinpt fi'om on its chai'itable activities. Fund 2ccounting Uiiirstrictcd fiinds can be used sn accordance witli the charitable objectives At the discretion of the tl-LlStees. Re.stricted fiinds can only be iised for pai'ticulai. I'esti'icted piii'poses witliin the objects of the cliai'ity. Restrictions arise when specified by tlie donoT oi. when funds ale 17ised for pailiciilar restricted puJ'pos¢S. Fiiither explanalion of the iiatui'e and purpose of ea¢h fund is included in tlie notes to the finaii¢ial staleTneiits. F(JJ'eixn LiiJ'f¥iiLi15 Assets and lidbilities in foTeign ciii'rencies are translated into sterling at the rates of exchange ruling at the balaiice slieet dale. Transactions in foieign ciiit'encies are ti'anslated into slei'ling at the rate of exchange I'iiling at the d<lte of tmnsaction. Exchange differences are taken into accouiit in ai"J'iving at the opeiatino i'esult. Rccogniscd g4?iiis1 (Iosscs) 011 itiYestt]ieJit asset5 Investinents liave been st&ted at inarket value accoi'dance with rhe SORP. Net iiiyestment gaiiis ai)d losses are disclosed in note 8. Page 12 coii(iniied...
COMPTON VLRNEIY FIJND NOTII STO TFIE filNANCIAL STATEMEI NTS- continucd FOR THE YEAR ENDEID 31 DLICEI MBfi.R 2023 INVESTMENT INCOME 2023 2022 Dividends 858,702 652,582 RAISING PIUNDS Investtnent management Costs 2023 2022 Portfolio inanageinent 227,471 230,268 CHARIT ABLE AvfIviTIES COSTS Support costs (see note 5) Direct Costs Totals Coinpton Verney Governance costs 1,550,000 1,550,000 32,326 32,326 1,550,000 32,326 1,582,326 SUPPORT COSTS Governance costs Goveillance costs 32,326 Govei'naiice costs 31112123 31112r22 Tiustees expenses Legal fees Aiiditors remuneration Ti'iistee indeinnity insurance Ac¢oiintancy Bank chw'ges 144 2,340 3,600 3,668 22,560 14 3,300 3,600 3,667 22.560 18 32,326 33.145 Page 13 continued...
COIMPTON VERNEY FUND NOTES TO THE fiNANCIAI. SI'A'I'F.MENTS- cojitijiucd FOR THE YEAR Ei INDfi D 31 DLC'EtVlBER 2023 TRUS'fE£4S' REMUNCIRATION AND BENl4f4lTS 1.heie were no trustees. remunei'ation or other benefits foi. the yeai. ended 31 December 2023 nor foT the yeai. ended 31 Deceillbei. 2022. Tru5tees' ¢.Ypeiises 2023 2022 Trustees expeDses 144 COMPARATIVES FOR THE STATF.MEI NT or filNANCIAL ACTIVITIES Uni'estricted Resti'icted nd fund Endowment fund Total fut]ds INCOfvIE AND ENDOWIWIENTS FROM Investinent iiicome 295,097 357,485 652,582 EXPENDITURE ON Raising funds 88,064 142,204 230,268 Charitable acttvities Campton Verney Goyernaiice costs 1,400,000 33.145 1,400,000 33,145 Total 88,064 1,575.349 1.663,413 Net gains on investments 172,635 1,575,057 1.747,692 NF.T INCC)ME Othet. r'ecogijised gaiiisl(losses) Gainsl(lossesl 011 Tevaliiation of fixed assets 379,668 357,193 736.861 (1,079,866) (3,948,746) {5,028,612) Net fflovement in funds {700.1981 (3,591,55J) (4,291,751) R£4CONCILIATION OF F(JNDS Total funds broiioht forwai'd 11.908,851 8,298,522 25,000.000 45,207,373 TOTAL FUNDS CARRIED FORWARD 1,208,653 4,706,969 25,000,000 40,915,622 Page 14 continiied...
COMwfoNI VF.RNE4 Y fuND NOTfi.STC) THr. rilNANCIAL STATEMENTS- Continued FOK TFIE YE4 AR f4 NDEID 31 J)ECEMBE4 R 2023 FIXED ASSEIT INVEI STMENTS Listed investsnents IVIARKfiT VALUE At l January 2023 Addit10115 Disposals Revaluations 37,535,393 1,934,248 (1,897,619) 3.221,667 At 31 December 2023 40.793,689 NET IIOOICVALU At 31 De¢einber 2023 40,793,689 At 31 Deceinber 2022 37,535,393 Thc global analysis of the investment assets ss as follows:_ Listed inve5hnents Unlisted investments Totals Within the Ulc Outside th¢ UK 10,656,209 30,137,480 10,656,209 30,137,480 40,793,689 40,793.689 Cost or valuation ic t 31 December 2023 is represellttd by.. Listed investtnenis Valiiation in 2020 Valuation iii 2021 Valiiatioii in 2022 Valiiaiion iii 2023 Cost 5,565,756 4,125,037 {5,028,611) 3,221,667 32,909,840 40,793,689 Paue 15
COMPTON VCI RNEY F4UND N()i'f4 S 'l'O THE fiNANCIAL STA Tf4,MLI N'fs- cotjtiiiued FOR'I'HE YEAR ENDF.D 31 DficftMIIF.R 2023 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YC4AR 2023 2022 Other debtors 4,454 4,286 io. CREDITORS.. AtVlOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditoiB 124,773 34,928 MOVEI iVIENT IN FUNDS Net Jnovement in funds At 31.12.23 At 1.1.23 Unresti'ieted fulld5 Genei'i£ I fund 11,208.653 589,526 11,798,179 Resti'icted fiinds Unapplied total Jetutn fund 4,706,969 2.019,337 6,726,306 Ei ndoivmenl funds EiidowiThellt 25,000,000 25,000.000 TOTAL FUNDS 40,915,622 2,608,863 43,524,485 Net movement in funds. included in the above 8re as follows.. Kesoiirce5 expended CJains and losses Moveinenl in funds IE50llI'¢es Uiji'estricted funds General fund 294.086 (85,571) 381.011 589.526 Rcsti-icted funds Unapplied total retiii'n fund 564,616 {1,724,226) 3.178,947 2,019,337 TOTAL FUNDS 858,702 11,809.797) 3,559,958 2,608,863 Page 16 coiitiiiued...
COMPTON VERNEY fiUND NOTl4S TO THC FINANCIAL STATEMENTS- continiied FOR T14f. YEIAR ENI)F.D 31 DECIIMBER 2023 ii. OVEI MENT IN f*UNDS- continued Coinparatives for tnovemeNt in funds Net Inoveinent in funds At 31.12.22 At 1.1.22 Unrestrieted furyds General ftind 11,908,851 (700,198) 11,208,653 Re5ti'i¢ted funds UDapplied total iEturn fuiid 8,298,522 (3,591,553) 4,706,969 Endowmeiit fuDds Endowment 25.000,000 25,000,000 TOTAL FUM)S 45,207,373 (4.291,751) 40,915,622 Compai'ative net movement in funds, included in the above are as follows.. Incoining i'esources Resoiii'ce5 expended Gaiiis and losses Movement in funds Unresti'icted fund5 General fund 295,097 (88,064) (907,23 1) (700,198) Restricted funds Unapplied total i'eturn fimd 357,485 (1.575,349) {2,373,689) (3,591,553) TOTAL fiUNDS 652,582 (1,663,413) (3 ?80,920) (4,291.751) A cwi'ent year 12 months prioi. year 12 months coinbined position is as follow5.. Net ovement fiinds At 31.12.23 Ai 1.1.22 Uni'estricted funds Genej'al fund 11,908,851 (110,672) 11,798,179 Re5ti'icttd fuiid5 Unapplied total relurn fund 8,298.522 (1,572,216) 6,726,306 Endoivfftetlt funds Endowinent 25,000,000 25,000,000 TOTAL FUNDS 45.207,J73 (1,682,888} 43,524,485 Page 17 continue(l...
COMPTON VERNEY fiUND NOTES TO T14L FINANLIAL STATEVI IEN'I'S- coiitiiiueil FOR THE YEAR ENDE4 D 31 DIICEMBEI R 2023 MOVEMIINT IN FUNDS- coiitinued A cui'ient year 12 Inonths and prior yeai. 12 tnonths cornbined net movement in funds, included in the aix)ve are as follows.. Incoinin(r resoiirces Resoiirces expended Gaiiis and losses Movement in fvnds Unrestritted fiinds Genth'al fund 589,183 (173,635) (526,220) (110.672) Restricted funds Unapplied total retlli'ii fund 922,101 (3,299,575) 805,258 {1,572,216) TOTAL FUNDS 1.511,284 (3,473,210) 279,038 11,682.8881 General fiind The Pcter Moores Chai'itable TTUSt IPMCTI gifted to Coinpton Vei'ney Fund (CVF) the balance of its fvnds of £11,260.843 on being wound up on 16 March 2017. Unapplied total i-etui-ii fund Incoine generated from Ihe endowinent are held ui this fuod. Eijdtsivmeiit fund On 6 Api'il 2010 CVF reteivcd a donation of £25 million fi'om the Peter fvIooiES Foundation IPMF). This donation is held in an endowment fund, aiid the income generated froin this fund will be iised to siipport the charitable pui'p05es of Coinpton Vei'ney House Charity {CVHCI. RELATF.D PARTY DISCLOSURES 12. CVF siiPPOlts the related chai'itable compan). CVHC. This entity ivas initially foiinded by Sii. Peter Moores (deceased) CBE DL ivlio ¥vas tile settlni. of cvr, Pmc'f and PMF. The Triistees of CVF inade a grant of £1,550,000 12022.. £1,400,000) to CVHC. Philip Bunt {ts"ustee) is a director and trustee of CVHC. The TTUStee% of CVF paid professional fees to IVitheTS LLP of £2,340 (2022.. £3,300). Matthew Woods (ti'ustee) is a partnei. of Withers LLP. Page 18