Charity registration number: 1146767 Algernon Gordon Doyle Will Trust Annual Report and Financial Statements for the year eTrd 5 April 2024
Contents Reference and Administrative Details... Trustees, Report................................. ... ...... 2to5 Independent Examinerfs Report....................................... StatementofFinanaalActivities.................................................... Balance Sheet... NotestotheFinancialStatements................................................... 9t016
Algernon Gordon Doyle Will Trust Reference and Administrative Details Charity name Algemon Gordon Doyle Will Trust Charity registration number 11466767 Principal office Salisbury House London Wall London EC2M 5PS Trustees Mr M N Duncan MrAJGrier Mr P R Campbell Mrs E West-sadler Rev C West-sadler Independent examiner Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Investment Manager Quilter Cheviot Senator House 85 Qu*n Victoria Street London EC4U 4AB Pagel I
Algernon Gordon Doyle Will Trust Trnstees, Report The Trustees present their report and Einancial statements for year ended 5 ApTiI 2024. The financial statements have been prepared in accordan with the accounting poliaes set out in note l of the financial statements and compSy with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to dritieS preparing their financial statements in accordan with the Finanaal Reporting StandaTd applicable in the UK and Republic of Ireland (FRS 102) (effective January 20191. Structure, governance and nwiagement Constitution By his will dated the 27 October 1950, Mr. Algernon Gordon Doyle appointed Alan David Melville, John Hardy Bentley and Reginald Gordon Doyle executors and trustees. Mr. A. G. Doyle died on the 18 May 1955 domiciled in Tanganyika and Probate was granted on the 28 September 1955 to the said executor5 by the Prinapal Probate Registry. Pursuant to a dause in the will, originally an annuity of £30 per annum was paid to the Vicar and Churchwardens for the titne being of the All Saints Church in Sydenham. By agreetnent with the then Vicar and Churchwardens of All Saints Church in Sydenham, a payment of £250 was made in full and final satisfaction of the annual annuity and acknowledged by way of Eormal receipt on 9th DecembeT 1985. A Scheme was made by the Charity Comrnission in June 2019 in order that this is no longer a charitable object since it was fulfilled and confirmed that the trusts of the Charity take effect with Clause 7lb) of the Governing Document having been deleted. Under the terms of the will the residue is held on trust to pay the income as follows: A} Half to David Lincoln Gordon durins his lifetime. On his death on 25 December 2005 the income is paid to the Dean and Chapter of Canterbury Cathedral for and towards the maintenance of the fabric of the cathedral. and B) Half to the Church of England Pensions Board. By a letter of 16 February 2(KB (ref xr14978) the HM Revenue & Customs have accepted that the Trust IS a charity for tax purposes. The Trust was entered in the Register of Charities on 3 April 2012 under Registered Charity number 1146767. Method of appointment or election of Trustees New trustees are appointed by the existing trustees by way of a meeting and a Subsequent deed fornia1Ing the appointment, or simply by deed alone. Policies adopted for the induction and training of trustees Due to the small size OE the charity, there is no fonnal induction prOsS save the attendan at meetings and information made available to that trustee by the existing trustees. Related party relationships All related party relationships are noted elsewhere in these accounts. Page12
Algernon Gordon Doyle Will Trust Trustees, Report Risk management The trustees have identified the main risks applicable to the charity and these concem the value of the investments. The tsustees have mitigated this risk by appointing Quilter Cheviot as investment managers, to manage the p)rtfolio on their behalf. The twst*s appointed (auilter Cheviot to manage the investment portfolio. This is managed by referen to a policy document which sets out the objectives of the trustees as regards the investments and the respective responsibilities. The portfolio is currently managed under a 'baland. approach between capital and income. Objectives and Activities Policies and objectives The trustees shall hold the capital and income upon trust and to apply the income in such a manner for the benefit of those identified under the charitable objects (above)- The trustees have agreed a policy statement with Quilter Cheviot and monitor the performance of the investments regularly by way of reporting and other communications received from Quilter Cheviot (formerly Charles Stanleyl- Strategies foT achieving objectives The tru5tee5 have regard to the Charity Commission guidan concerning the public benefit when furthering the objectives of the charity. Activities for achievins objectives The charity holds income to half for the Dean and Chapter of Canterbury Cathedral towards the maintenance and fabric of the cathedral and half to the Church of England Pensions Board. Achievements and perfonnanee Review of activities Payments in respect of the charitable objects of the charity totaling £25,381 (2023: £23,262) were made during the year. Investment policy and perforniance The value OÉ the investments increased marginally in the period under review, as a result of improved market sentiment. The Trustees continue to monitor the perfortnance of the portfolio along with the investment manager in light of global events. Page53
Algernon Gordon Doyle Will Trust Trustees. Report Financial Review Results The Trust had a net increase in funds for the period of £44334, increasing total funds from £685,573 to £719,907. Reseryes policy The trustees do not constder that they should retain any reserves, given the objects of the trust. The trustees recognise that the objects of the trust are not suth as to nonnally 8ive rise to any special contingenaes and the income TS distributed on a quarterly basis direct from the portfolios. Plans for future There are no significant changes planned for the charity which will continue with its current objectives. Page14
Algernon Gordon Doyle WIII Trust Trustees, Report Statement of trustees. responsibilities The trustees are responsible for preparing the Annual Report and the financial statements in accordan with applicable law and regulations. The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each Financial year in accordance with United Kingdom Generally ACpted Accountins Praeti (United Kingdom Accounting Standards and applicable law). The tru5tee5 must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, induding the income and expenditure, of the charity for that period. In preparing these Einancial statements, the trustees are required to: select suitable accounting poliaes and apply them consistently; observe the methods and principles in the Charities SORP.. make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subjett to any material departures disc105ed and explained in the financial statements,. prepare the financial statements on the going conrn basis unless it 15 inappropriate to presume that the charity will continue to operate. The trustees are responsible for kPIng sufficient accounting records that disclose with reasonable accuracy at any time the finanoal position of the charity and enable thetn to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulatio 2(X)8 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 the Trustees and signed on their behalf by: Mr M Duncan Trustee Date: 03 February 201 Page15
Independent Examinerfs Report to the Trustees of Algernon Gordon Doyle Will Trust I report to the trustees on my examination of the financial statements of the Algernon Gordon Doyle Will Trust ('the charity,) for the year ended 5 April 2024 whith comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity's trustees, as a body, in accordan with sertion 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charitys trustees those matters l am required to state to them in this 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. for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordan with the requiretnents of the Charities Act 20111'the Act'l. I report in respect OE my exatninalion of the charityrfs finanaal statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515){b) of the Act. An independent examination does not involve gathering all the eviden that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a 'true and fairf view and niy report is limited to those specific matters set out in the independent examinerfs statement. Independent exanunerfs statement I have completed my examination. I confinn that no material Tnatters have come to my attention in connection with the examination giving me 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 Act. or the financial statements do not accord with those records. or the linancial statements do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports} Resulations 2008 other than any requirement that the accounts 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 other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding OE the financial statements to be reached. Greg Stevenson Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Date..... .g./z/2oL Page16
v > DJ Page17
Algernon Gordon Doyle WIII TTUSt BaIance Sheet as at 5 April 2024 2024 2023 Note Fixed assets Investnients 726,(M)8 688,092 Assets Debtor5 io 334 1280 Cash at bank and in hand li 1092 Creditors: Amounts falling due within one year Net current assets 12 (8,1931 (5,133} {6,101) (1519) Net assets 719,7 685,573 The funds of the charity: Pemianent Endowment funds Unrestrirted funds 719,7 685,573 Total Funds 13 719,7 685,573 Approved by the Trustees on 03 February 2025 and signed on their behalf by: Mr M Duncan Trnstee Date: 03 Febnwy 2025 Page18
AIgernon Gordon Doyle Will Trust Notes to the Financial Statements for the year ended 5 April 2024 Accountingpoliaes Basis 0£ preparation The financial statements have been prepared in accordan with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 Iseeond edition) and the Financial RepoTting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charities Act 2011 and UK Generally ACpted Practi as it applies from l January 2019. The finanaal statetnents have bn prepared to give a'twe and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2(M)8 only to the extent required to provide a 'true and fair vie. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Rewrting StandaTd applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been wiihdTawn. The Algemon Gordon Will Trust meets the definition of 3 public benefit entity under FRS 102. sets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy notes. In the prior year, the accounts were prepared on a receipts and payments basis. Goin8 concern The trustees consider there are no material uncertainties about the charity's ability to continue as a going concern. The review of the financial position trustees Confiden the charlty remains a going concern foT the foreseeable future. Charitable funds Unrestricted income funds comprise those funds which the trust are free to use Eor any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretio have the power to create a fund for a specific purpose. Pernianent Endowment Endowment funds comprise of the initial amount settled in accordan with the will to establish the Trust. The fund is a pennanent endowment and whilst the two beneficiaries can be paid the income arisin& the Trustees do not have the power to convert all or part of the fund into income which can be spent in accordan with the charitable objectives. Income generated from the endowment fund investments IS spent on furthering the Charity's objectives. Page19
Algernon Gordon Doyle WIII Trust Notes to the Financial Statements for the year ended 5 April 2024 Incoming resources All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investsnent income is recognised on a receivable basis. Grants Payable Grants payable are payments made to the Dean and Chapter of Canterbury Cathedral and the Church of England Pensions Board in the furtherance of the charitable objectives. Resources expended Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and service5 for ils benefiaaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirectnature necessary to support them. Governance costs Governance costs include costs of the preparation and examination of the statutory financial statements and the cost of any legal advice to trustees on governan or constitutional matters. Investments Fixed asset investments which are publidy traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Fixed asset invesbnents which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairrnent. Realised gains and losses on investments are calculated as the differen between sales proceeds and their market value al the start ofthe year. or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal. Unreali5ed gains and losses represent the movement in market values duTing the year and are credited or charged to the statement of Einanaal activities based on the market value at the year end. Cash held for investments PUTposes is induded within investments. Page | 10
Algernon Gordon Doyle Will Trust Notes to the Financial Statements for the year ended 5 April 2024 Financial instruments Basic financi31 instruments. which include debtors, creditors, equity investments and bank balans, are initially measured at transaction Pri induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanan8 transaction, where the transaction is measured at the present value of the future reipts discounted at a tnarket rate of interest. The trust only has basic financial instruments. Cash and cash equivalents Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less frorn the date of acqui5Ltion or opening of the deposit and similar account. Creditors Creditors are recognised where the charity has a present obligation resultiThg from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nonnally recognised at their settlement amount after allowing for any discounts due. Judsments The preparation of the finanaal statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature OE estimation means that artual outcome5 could differ from those estimates. In the trustees, opinion there are no significant judgements and there have been no material SouTs of key estimation uncertainty. Investment income 2024 2023 Interest income Income from investments 231 23,031 13,262 25,304 25,381 Expenditure on raisins funds 2024 2023 Investment management fees 5,074 Pagel 11
Algernon Gordon Doyle Will Trust Notes to the Financial Statements for the year ended 5 April 2024 Charitable activities 2024 2023 Governance costs Trustee expenses Counsel's Éees 48 1,2(K) Independent examiner's fees Administration fees 1,704 1,662 5,052 7,41 6,756 10,370 Charitable activities Charitable donations (note 7) 25,381 23,262 32,137 33,632 Charitable donations by category 2024 Religious activities 25,381 Charitable Donations 2024 Church of Ensland Pensio Board Dean and Chapter OE Canterbury Cathedral- Fabric Fund 12,684 12,697 25,381 Trustees, remuneration and expenses No trustees reiVed any remuneration during the peTiod. No trust&s reiVed expenses during the year12023: £48)- TheTe were no employees during the period. Page | 12
AIgernon Gordon Doyle Will Trust Notes to the Financial Statements for the year ended 5 April 2024 Investtnents held as fixed assets Listed Investments 2024 Total 2023 Market value Brought forward Additions 686.XH 114.870 (123,518) 14,118) 50,212 765.847 98,836 1116,594} {8,949) 152,636) 686,504 Disposals Realised gainl(lossl on investments Unrealised gains on investments Net book value 723,950 Cash available to invest 2,058 726,IK)8 1,588 688,(92 As at 5 April 2024 Material Investments At 5 April 2024, one holding had a value greater than 5% of the quoted securities portfolio value: as follow5.. JP Morgan American Investment Trust £47,946 Investment assets can be further analysed as follows: Overseas Totsl Total 2023 Listed investments Cash deposits 465,718 2,058 467,776 258,232 723,950 2,058 T26,(X)8 686,504 1,588 688,092 258,232 l O Debtors Total Total 2023 Due from benefioaries 334 Pagel 13
Algernon GoTdon Doyle Will Trust Notes to the Financial Statements for the year ended 5 April 2024 li Analysis of cash and cash equivalents 2024 2013 Cash available to invest Cash at bank and in hand 1058 1092 4,150 1,588 2,280 3,868 12 Creditors: Amounts falling due within one year 2024 2023 Due to benefiuaries Accruals 461 7,732 8,193 5,133 5,133 13 Analysis of funds 2024 Unrestricted Funds Pernianent Total Funds Endowment Funds 2024 Investments 4,789 721.219 726,LK)8 Current assets 1092 1092 Accruals (6,881) (1,3121 (8,193) Assets 719,9)7 719,907 Funds caTh be further analysed as follows:_ Dean & Chaptei at Canterbury Cathedral- Fabric Fund Unrestricted Funds Pernwient Total Funds Endowment 2024 Fund5 Investment5 2,394 360,754 363,148 Current assets 1,046 Accruals 13.440) 16661 {4,106) Assets 360,088 360,088 Pagel 16
Algernon Gordon Doyle Will Trnst Notes to the FinanciaI Statements for the year ended 5 ApTi12024 13 Analysis of funds Icontinued) Church of England Pensions Board Unrestricted Funds Pernianent Total Funds Endowment 2024 Funds Investtnents 1395 360,465 361860 1,046 Current assets Accruals (3.441) {646) {4087) Assets 359,819 359,819 2023 Total Unrestricted Funds Pernianent Tofal Funds Endowment 2023 Funds Investments 688,(F)2 688,(Y)2 CurTent assets 1614 2,614 Accruals (5,133) {5,133) Assets 685,573 685,573 14 Related parties During the period Druces LLP provided admintstration Servic to the A G Doyle Will Trust amounting to £5,052 (2023.. £7.460}. Trustees Mr M Duncan and Mr P Campbell are also partneTS of Druces LLP. These serVIS are not related to Mr M Dunean and Mr P Campbell's trusteeship and therefore are not deemed to be Trustees, remuneration. At the balance sheet date the amount due to DnIS LLP was £3,054 (2023: £653). Pagel 16