REGISTERED CHARITY NUMBER: 1159079
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
FOR
THE PUREY CUST TRUST CIO
Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB
THE PUREY CUST TRUST CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 13
Detailed Statement of Financial Activities 14
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THE PUREY CUST TRUST CIO
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5TH APRIL 2023
| TRUSTEES | Dr M P Cust |
|---|---|
| Mrs M A Sykes | |
| Mr M A J Green | |
| Mr P Bodmer | |
| Dr J C Hamilton | |
| Mr N P Shaw (resigned 31/10/22) | |
| Mrs G Casswell | |
| Dr D Heseltine | |
| Mrs A Moore (appointed 31/10/22) | |
| c/o Construction House | |
| PRINCIPAL ADDRESS | James Nicolson Link |
| York | |
| YO30 4GR | |
| 1159079 | |
| REGISTERED CHARITY NUMBER | |
| Thomas Coombs Limited | |
| INDEPENDENT EXAMINER | Chartered Accountants |
| 3365 The Pentagon | |
| Century Way | |
| Thorpe Park | |
| Leeds | |
| West Yorkshire | |
| LS15 8ZB | |
| CAF Bank | |
| BANKERS | 25 Kings Hill Ave |
| Kings Hall | |
| West Malling | |
| ME19 4TA | |
| SOLICITORS | Wrigleys Solicitors LLP |
| 19 Cookridge Street | |
| Leeds | |
| LS2 3AG | |
| INVESTMENT MANAGERS | RBC Brewin Dolphin |
| 10 Wellington Place | |
| Leeds | |
| LS1 4AN |
Page 1
THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
Introduction
The Trustees present their annual report together with the financial statements of the charity for the year ended 5 April 2023.
The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2019) as detailed in the accounting policies.
Structure, Governance and Management
The Purey Cust Trust CIO (the “Charity”) was registered as a charitable incorporated organisation on 16 June 2014, number 1159079.
Trustees are appointed by the Board of Trustees and meet four times a year to consider applications and deal with the governance of the charity, applications for assistance are considered at each meeting and in cases where decisions are needed quickly, the Trustees operate a fast-track grant processing system for sums up to £500.
The secretary is appointed by the Trustees to assist in the day-to-day administration of the charity.
The induction process for newly appointed Trustees comprises an initial meeting with one or more Trustees to brief them on their legal obligations under charity law, the decision-making processes of the charity and its policies and procedures. Trustees are provided with a handbook detailing relevant aspects of the trust once appointed.
Risk management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to ensure regular reports are produced for Trustees to ensure all necessary actions are taken to lessen the risks.
Public benefit
The Trustees have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit and in planning the activities for the year, have kept this in mind.
Objectives and Activities
The primary objective is the promotion of health and well-being in and around the City of York by way of charitable grants. This includes both grants to organisations and via third parties to individuals.
Grants to organisations could be for: medical equipment; mental health or other therapies; activity or self-help groups; capacity building – i.e. expansion of services; capital costs for improvements to service delivery; training; education or raising awareness of health-related conditions; respite care or trips/activities for those with long term or life limiting conditions.
Grants for individuals must be made by a third-party referee, such as GP, social worker, housing association or local authority. Such grants could be for: medical or disability related equipment; domestic or personal items for health or disability related issues (including mental health); health or disability related training; activities to alleviate health or disability related conditions (including mental health).
The trust continues to prioritise one off grants for specific purposes rather than supporting ongoing routine or core costs, such as rent, rates and salaries and continues to prioritise making awards that will have the greatest impact. However, multi-year funding will be considered on a reducing basis over a maximum of 3 years.
The trust welcomes applications preferably using the application form available on the Trust’s website. The Trustees and Secretary are always willing to informally discuss possible applications to advise if they fall within the remit of the trust.
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
Achievements and Performance
Headline Data
Grant making in 2022-23 stood at a total of £117,488, a slight decrease from the previous year’s £124,084 and above the Trustees’ target of £100,000 per annum. However, the overall total comprised £91,408 paid during the year, plus forward commitments over the next two years of £32,082 and grants previously made and withdrawn or re-paid of £6,002.
This is the first year that multi-year grants have been awarded, with all being paid at a maximum of 75% in Year 2 and 50% in Year 3. As the table below shows, grant totals continue to fluctuate, although Trustees are committed to increasing awareness of the Trust’s work through PR opportunities, leaflets, increased word of mouth, social media and a website that provides for online applications.
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£140,000
Total Value of Grants Awarded 2013-2023
£124,084
£117,488
£120,000
£99,036
£100,000
£82,663
£80,672
£80,000
£72,063
£69,670
£63,862
£60,000
£50,685
£39,598
£40,000
£20,000
£-
£50,685 £39,598 £63,862 £69,670 £99,036 £72,063 £82,663 £80,672 £124,084 £117,488
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
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Applications
In 2022-23, 55 applications were received (2021-22:58 and 2020-21:44) and of these 42 grants were awarded. Of the 13 applications not supported (2021-22: 14), 11 were refused, 1 was asked to apply the following year when there was more evidence of project delivery being established and 1 grant was awarded and subsequently not taken up by the applicant.
Trustees continue to refuse generic applications from national charities, even those that pro-rate York costs and without specific York activity being evidenced are most likely to be refused. Trustees are also reluctant to provide significant year on year support to applicants, although there is no firm policy on this and Trustees employ a discretionary approach to assess applications on merit.
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
The chart below shows the total number of applications received and the number refused by trustees year on year:
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No. of Applications and Grants 2013-2023
70
60
50
40
30
20
10
0
Total Refused by Withdrawn Deferred Grants Awarded
Applications Trustees
2013-14 2014-15 2015-16 2016-17
2017-18 2018-19 2019-20 2020-21
2021-22 2022-23
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Over the past ten years, Trustees have been keen to increase the number of applications and overall have had some success with this. The chart above is helpful, but is skewed as until 2019-20, all grants paid to individuals through CYC were counted individually. Since 2019-20, the block grant scheme has been successfully administered on the Trust’s behalf, reducing the overall number of applications considered, but increasing the value of grants awarded. This year, £4550 (2021-22: £4046) was paid to CYC to award in sums up to £250 to individuals in need. In addition, £5102 (2021-22: £8434) was paid to CYC for individuals requiring support in excess of £250. This latter sum was used to support 7 (2021-22:8) individual grants, all individually approved by Trustees.
The Block Grants scheme enables grants to be made more quickly in-house by CYC, with regular reports being submitted to Trustees outlining how the grant funds have been used. Trustees have been very pleased with the way this scheme has been working and are committed to further support going forward as it is evident CYC are able to support more individuals with small grants than ever before.
Following the success of this scheme, Trustees have set up 2 additional block grant schemes, firstly to CYC Immediate Response Team and secondly to York CVS – payments of £1750 and £4415 respectively have been made during the year.
Average Grant Values
The average grant value across the last 10 years is shown on the graph below and for the current year was £2,940, slightly higher than the previous year’s average of £2,820.
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£3,500
£3,000 Average Grant Value 2013-2023
£2,500
£2,000
£1,500
£1,000
£500
£0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Average Grant Value
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
Grants by Type
The analysis of grants by type is shown on the chart below for 2022-23, including future commitments, the total grants value awarded was £123,490.
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Total Awarded by Type 2022-23
£2,500
£-
activity or self-help group
£17,630 disability equipment
individual health/well being
£17,267 community health/wellbeing
£59,775
therapy/treatment
£19,795 capacity building
training/education
£6,522
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Grants Strategy
Going forward, Trustees would like to continue their work raising awareness of the Trust’s work and the availability of grants for local projects and people. They will continue to focus the limited resources of the Trust on projects that are making a real difference in York and also to support vulnerable individuals via third party practitioners.
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
Financial Review
The Trustees awarded charitable grants totaling £123,490. A list of grants can be found in note 8 to the financial statements. The total income for the year was £81,607 and the expenses of administering the charity were £24,242.
Reserves policy
The Trust’s current investment policy was implemented towards the end of 2020/21 financial year. This was to maintain the capital asset at £3m+RPI year on year and to thereafter maximise income.
Reflecting global stockmarket volatility, the reserves for the charity amounted to £2.7m at 5[th] April 2023 following net investment losses of £195,466 during the year.
The Trustees remain committed to the long-term growth of the investment portfolio and funds of the charity and are in regular contact with the investment managers to monitor progress towards this long-term objective.
Investment powers and policy
Under the constitution, the charity has the power to make any investment which the Trustees see fit. The policy is to invest in a portfolio which will maximise return with a medium to low risk. The Trustees have an ethical investment policy in place, which excludes direct investment in Tobacco, Gambling or Alcohol companies and no investment funds which have over 5% invested in these restricted sectors. This policy has been adopted in furtherance of the Trust’s charitable objectives.
Plans for Future Periods
Trustees are pleased with the increase in multi-year grants awarded during the year and the increase in block grants schemes set up during the year, both of which were the direct result of a revised strategy and grants policy. Going forward to 2023-24, Trustees are keen to build on these types of relationship and to work longer term with more local organisations to increase the Trust’s impact. In addition, they are keen to continue to raise awareness of the Trust’s work to encourage both the quantity and quality applications received.
Approval
This report was approved by the Board of Trustees on 30[th] October 2023 and signed on its behalf by:
Mr MAJ Green Chair of Trustees 30[th] October 2023
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PUREY CUST TRUST CIO
Independent examiner's report to the trustees of The Purey Cust Trust CIO
I report to the charity trustees on my examination of the accounts of The Purey Cust Trust CIO (the Trust) for the year ended 5th April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 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 of the accounts to be reached.
Christopher James Darwin FCA
Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB
Date: 30[th] October 2023
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THE PUREY CUST TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities Grants awarded 8 Support costs (administrative and professional fees) Investment manager fees Other (loss on sale of investment property) Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 81,607 117,488 5,211 19,031 - 141,730 (195,466) (255,589) 2,973,995 2,718,406 |
2022 Total funds £ 72,498 |
|---|---|---|
| 124,084 10,205 18,952 2,744 |
||
| 155,985 | ||
4,455 |
||
| (79,032) 3,053,027 |
||
| 2,973,995 |
The notes form part of these financial statements
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THE PUREY CUST TRUST CIO
BALANCE SHEET
5TH APRIL 2023
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS CREDITORS NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS Cash at bank and in hand Amounts falling due within one year 6 |
2023 Unrestricted fund £ 2,626,243 92,163 2,718,406 2,718,406 2,718,406 2,718,406 126,554 (34,391) |
2022 Total funds £ 2,833,871 157,248 (17,124) |
|---|---|---|
| 140,124 | ||
2,973,995 |
||
| 2,973,995 2,973,995 |
||
| 2,973,995 |
The financial statements were approved by the Board of Trustees and authorised for issue on 30[th] October 2023 and were signed on its behalf by:
............................................. Mr M A J Green - Trustee
The notes form part of these financial statements
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
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.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling, which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
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 costs 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.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
Fixed asset investments
Investments are a form of basic financial instrument.
continued...
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
1. ACCOUNTING POLICIES - continued
Fixed asset investments
Investments are stated at market value at the balance sheet date. The investment portfolio is held to generate returns and gains for the charity and accordingly is designated as fair value through profit and loss ("FVTPL"). Under this designation the portfolio is revalued at each period end to its fair value as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the SoFA
2. INVESTMENT INCOME
| Dividends received Interest |
2023 £ 81,443 164 81,607 |
2022 £ 72,498 - |
|---|---|---|
| 72,498 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5th April 2023 nor for the year ended 5th April 2022.
Trustees' expenses
There were trustees' expenses of £21 (2022 - £45) paid to N P Shaw during the year.
Independent examination
Within administration and accountancy costs is £600 (2022: - £600) for the independent examination.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5[TH] APRIL 2022
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 72,498 |
| EXPENDITURE ON | |
| Charitable activities | |
| Grants awarded | 124,084 |
| Support costs (administrative and professional | |
| fees) | 10,205 |
| Investment manager fees | 18,952 |
| Other | 2,744 |
| Total | 155,985 |
| Net gains on investments | 4,455 |
| NET INCOME/(EXPENDITURE) | (79,032) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 3,053,027 |
continued...
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
| 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued TOTAL FUNDS CARRIED FORWARD 5. FIXED ASSET INVESTMENTS MARKET VALUE At 6th April 2022 Additions Disposals Revaluations At 5th April 2023 NET BOOK VALUE At 5th April 2023 At 5th April 2022 There were no investment assets outside the UK. Cost or valuation at 5th April 2023 is represented by: Valuation in 2023 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Other creditors |
2023 £ 32,082 2,309 34,391 |
Unrestricted fund £ 2,973,995 Listed investments £ 2,833,871 360,480 (372,642) (195,466) 2,626,243 2,626,243 2,833,871 Listed investments £ 2,626,243 2022 £ 4,965 12,159 17,124 |
|---|---|---|
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5th April 2023.
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2023
8. GRANTS AWARDED
| Organisation Bank Worker's Charity British Blind Support Cancer Support UK Childrens Heart Surgery Fund City of York Council Small Grants (3 Awards) CYC Immediate Response Team CYC Grant for Individuals (7 awards) Cruse Bereavement Services Disability Action Yorkshire Guide Dogs Hearing Dogs HM Probation Service (2 Awards) Hob Moor Oaks School Home Group Home Start York Hygiene Bank Kyra Leeds Cares Living Paintings Trust Medical Needs Teaching Service Mobility Trust Older Citizen's Advocacy York Our Father's Heart Shine 2021 Survive TCV The Church of the Latter Day Saints- Acomb Food Bank The Island Tree of Hope York CVS Small grants (3 awards) York Early Music Foundation Grants to Institutions (42 Awards) Cancelled or Refunded grants Forward Commitments Total grants awarded (42 Awards) |
£ 1,000 1,855 450 2,700 4,550 1,750 5,102 2,500 1,767 3,000 3,000 600 230 180 10,000 1,521 4,022 2,490 815 2,321 812 250 10,000 2,500 11,172 7,500 1,000 574 1,832 4,415 1,500 91,408 (6,002) 32,082 117,488 |
|---|---|
Grants paid to CYC were all for the relief or improvement of physical or mental ill-health conditions of individuals engaged with CYC social care services
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THE PUREY CUST TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2023
| INCOME AND ENDOWMENTS Investment income Dividends received Interest Total incoming resources EXPENDITURE Charitable activities Investment management fees Administration and accountancy Grants to institutions Grants to individuals Other Loss on sale of investment property Support costs Finance Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure Bank charges Total resources expended Net expenditure before gains and losses |
2023 £ 81,443 164 81,607 81,607 19,031 5,139 117,488 - 141,658 - (195,466) (255,589) 72 141,730 (60,123) |
2022 £ 72,498 - 72,498 72,498 18,952 10,065 100,489 23,735 153,241 2,744 4,455 (79,032) - 155,985 (83,487) |
|
|---|---|---|---|
This page does not form part of the statutory financial statements
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