**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** **----- Start of picture text -----**
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. Page 2 **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. **----- Start of picture text -----**
£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. Page 3 **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: **----- Start of picture text -----**
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. **----- Start of picture text -----**
£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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Page 4 **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. **----- Start of picture text -----**
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. Page 5 **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 Page 6 **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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Page 7 **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 Page 8 ## **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 Page 9 **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... Page 10 **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... Page 11 **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. Page 12 **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 Page 13 **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 Page 14