REGISTERED CHARITY NUMBER: 1159079
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024
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 2024
| 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 |
THE PUREY CUST TRUST CIO
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5TH APRIL 2024
| TRUSTEES | Dr M P Cust |
|---|---|
| Mrs M A Sykes | |
| Mr M A J Green | |
| Mr P Bodmer | |
| Dr J C Hamilton | |
| Mrs G Casswell | |
| Dr D Heseltine | |
| Mrs A Moore | |
| PRINCIPAL ADDRESS | c/o Construction House |
| James Nicolson Link | |
| York | |
| YO30 4GR | |
| REGISTERED CHARITY NUMBER | 1159079 |
| INDEPENDENT EXAMINER | C J Darwin FCA |
| Thomas Coombs Limited | |
| Chartered Accountants | |
| 3365 The Pentagon | |
| Century Way | |
| Thorpe Park | |
| Leeds | |
| West Yorkshire | |
| LS15 8ZB | |
| BANKERS | CAF Bank |
| 25 Kings Hill Ave | |
| Kings Hall | |
| West Malling | |
| ME19 4TA | |
| SOLICITORS | Wrigleys Solicitors LLP |
| 3rdFloor, 3 Wellington Place | |
| Leeds | |
| LS1 4AP | |
| 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 2024
Introduction
The Trustees present their annual report together with the financial statements of the charity for the year ended 5 April 2024.
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 – ie 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 2024
Achievements and Performance
Headline Data
Grant making in the accounts for 2023-24 shows a total of £113,182, a slight decrease from the previous year’s £117,488 and above the Trustees’ target of £100,000 per annum. However, the overall total comprised £107,026 committed and paid during the year, plus £20,453 committed in previous years and paid in this, new forward commitments over the next two years of £18,027 and grants previously made and withdrawn or re-paid of £11,871.
This is the second 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 2014-2024
£124,084
£120,000 £117,488 £113,182
£99,036
£100,000
£82,663
£80,672
£80,000 £72,063
£69,670
£63,862
£60,000
£39,598
£40,000
£20,000
£-
£39,598 £63,862 £69,670 £99,036 £72,063 £82,663 £80,672 £124,084 £117,488 £113,182
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
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Applications
In 2023-24, 54 applications were received (2022-23:55; 2021-22:58 and 2020-21:44) and of these 42 grants were awarded. Of the 12 applications not supported (2022-23:12 and 2021-22: 14), 11 were refused outright and one was asked to re-apply with details of York residents requiring support.
Trustees continue to refuse generic applications from national charities, even those that pro-rate York costs and without specific York activity being evidenced most likely to be refused. Trustees have altered their stance on multi-year grants and are more open to such support, given the benefits it affords applicants in terms of project sustainability, momentum and forward planning. However, Trustees continue to employ a discretionary approach, assessing applications on merit, value and evidence of need.
Over the past ten years, Trustees have been keen to increase the number of applications and overall have had some success with this. The next chart shows total grant applications received and awarded, although it should be noted that until 2019-20, all grants paid to individuals through City of York Council (CYC) were counted individually. Since 2019-20, a block grant scheme has been successfully administered by CYC on the Trust’s behalf, reducing the overall number of applications received but increasing the value of grants awarded. A similar block grant scheme has also been established with York CVS and the funds used to address barriers faced by individuals in accessing support through social prescribing.
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024
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 2014-2024
70
60
50
40
30
20
10
0
Total Refused by Withdrawn Deferred Grants Awarded
Applications Trustees
2014-15 2015-16 2016-17 2017-18
2018-19 2019-20 2020-21 2021-22
2022-23 2023-24
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This year, £3,380 (2022-23: £4,550) was paid to CYC to award in sums up to £250 to individuals in need. In addition, £1,855 (2022-23: 5,102, 2021-22: £8,434) was paid to CYC for individuals requiring support in excess of £250. This latter sum was used to support 3 (2022-23:7, 2021-22:8) individual grants, all individually approved by Trustees.
The block grant scheme provided £4,084 to York CVS, with a further £2,465 being paid to them to support grants for 3 individuals.
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 2014-2024
£2,500
£2,000
£1,500
£1,000
£500
£0
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
Average Grant Value
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024
Grants by Type
The analysis of grants by type is shown on the chart below for 2023-24, including future commitments, the total grants value awarded was £125,053.
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Total Awarded by Type 2023-24
£300
£10,000 £12,875
activity or self-help group
£13,544
£22,073 disability equipment
individual health/well being
community health/wellbeing
£10,061
therapy/treatment
capacity building
capital expenditure
£16,700
training/education
£36,500
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Grants Strategy
Going forward, Trustees would like to expand the Trust’s contribution to the local community by funding an increasing number of charities across York working hard to improve health and well-being across the city. Trustees will also continue to focus the limited resources of the Trust on projects that support vulnerable individuals and address inequality of access to services.
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THE PUREY CUST TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024
Financial Review
The Trustees awarded charitable grants totalling £113,182. A list of grants can be found in note 8 to the financial statements. The total income for the year was £81,101 and the expenses of administering the charity were £14,513.
Reserves policy
The Trust reviewed its investment policy, which was implemented towards the previous year end. This was to maintain the capital asset at £3m+RPI year on year and to thereafter maximise income.
Prior to this, the investment policy was to maintain investments at such a level to generate sufficient cash funds annually to allow it to award in the region of £80,000 in the coming year. These cash funds were also to be sufficient to cover the expected annual administrative and governance costs of the charity excluding investment management fees.
During the year the level of dividends received was lower than the target of £80,000 and as a result, Trustees resolved to utilise unrestricted funds to meet the total grants and administrative costs of the Trust.
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 not adopted an ethical investment policy but keep the position under review.
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 ………………………………………………… and signed on its behalf by:
Mr MAJ Green
Chair of Trustees 30th 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 2024.
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: .............................................
Page 7
THE PUREY CUST TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities Grants awarded 8 Support costs (administrative and professional fees) Investment manager fees Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted fund £ 81,101 113,182 14,573 13,808 141,563 172,796 112,334 2,718,406 2,830,740 |
2023 Total funds £ 81,607 117,488 5,211 19,031 141,730 (195,466) (255,589) 2,973,995 2,718,406 |
|---|---|---|
The notes form part of these financial statements
Page 8
THE PUREY CUST TRUST CIO
BALANCE SHEET 5TH APRIL 2024
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2024 Unrestricted fund £ 2,797,607 69,283 (35,610) 33,673 2,830,740 2,830,740 2,830,740 2,830,740 |
2023 Total funds £ 2,626,243 126,554 (34,391) 92,163 2,718,406 2,718,406 2,718,406 2,718,406 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Mr M A J Green - Trustee
Page 9
THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024
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 cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
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.
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
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024
2. INVESTMENT INCOME
| Dividends received Interest |
2024 £ 80,947 154 81,101 |
2023 £ 81,443 164 |
|---|---|---|
| 81,607 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5th April 2024 nor for the year ended 5th April 2023. The Board of Trustees represent the key management personnel of the charity.
Trustees' expenses
There were trustees' expenses of £79 (2023 - £21) paid during the year.
Independent examination
Within administration and accountancy costs is £660 (2023: - £600) for the independent examination.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 81,607 |
| EXPENDITURE ON | |
| Charitable activities | |
| Grants awarded | 117,488 |
| Support costs (administrative and professional | |
| fees) | 5,211 |
| Investment manager fees | 19,031 |
| Total | 141,730 |
| Net gains/(losses) on investments | (195,466) |
| NET INCOME/(EXPENDITURE) | (255,589) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 2,973,995 |
| TOTAL FUNDS CARRIED FORWARD | 2,718,406 |
continued...
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024
5. FIXED ASSET INVESTMENTS
| 5. FIXED ASSET INVESTMENTS |
||
|---|---|---|
| MARKET VALUE At 6th April 2023 Additions Disposals Revaluations At 5th April 2024 NET BOOK VALUE At 5th April 2024 At 5th April 2023 There were no investment assets outside the UK. Cost or valuation at 5th April 2024 is represented by: Valuation in 2024 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants Payable Other creditors |
2024 £ 29,656 5,954 35,610 |
Listed investments £ 2,626,243 578,812 (592,044) 184,056 2,797,067 2,797,067 2,626,243 Listed investments £ 2,797,067 2023 £ 32,082 2,309 34,391 |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5th April 2024.
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THE PUREY CUST TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5TH APRIL 2024
8. GRANTS AWARDED
| Grants awarded (41 Awards) Cancelled or Refunded grants (3) Forward Commitments (3 Awards) Total grants awarded (41 Awards) 1:2:1 Counselling Afghan & Central Asian Associate Big Futures Foundation CAB York Cruse Bereavement Support CYC – Individual CYC – Individual CYC – Individual CYC – Block grant for individuals CYC – Block grant for individuals Door 84 Friends of New Earswick Pool Handicapped Children's Action Group Henshaw's Hey Smile Foundation Hob Moor Oaks School IDAS Living Paintings National Centre for Early Music One-to-One Trauma Support Restore York Stockton Hall Hospital The Hut The Hygiene Bank The Peasholme Charity United Response Whizz Kidz York CVS – Individual York CVS – Individual York CVS – Individual York CVS – Block grant for individuals York CVS – Block grant for individuals York CVS – Block grant for individuals York Families Wellbeing Service York Neighbours York Rescue Boat York Sea-cadets York Sharks Wheelchair Basketball |
£ 7,000 2,000 10,000 330 6,921 300 1,081 474 1,410 1,970 5,000 10,000 409 3,814 125 350 4,000 1,000 1,500 1,200 10,000 181 2,500 1,500 231 3,000 6,000 417 1,000 1,048 1,811 1,165 1,108 40 10,000 5,000 643 2,500 107,026 (11,871) 18,027 |
|---|---|
| 113,182 |
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 2024
| 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 Support costs Finance Bank charges Total resources expended Net expenditure before gains and losses Gains and losses on fixed asset investments Realised gains/(losses) on fixed asset investments Unrealised gains/(losses) on fixed asset investments Net income/(expenditure) |
2024 £ 80,947 154 81,101 81,101 13,808 14,513 98,998 14,184 141,503 60 141,563 (60,462) (11,260) 184,056 112,334 |
2023 £ 81,443 164 81,607 81,607 19,031 5,139 96,645 20,843 141,658 72 141,730 (60,123) - (195,466) (255,589) |
|---|---|---|
This page does not form part of the statutory financial statements
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