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. Page 2 **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. **----- Start of picture text -----**
£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
**----- End of picture text -----**
## **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. Page 3 **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: **----- Start of picture text -----**
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
**----- End of picture text -----**
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. **----- Start of picture text -----**
£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
**----- End of picture text -----**
Page 4 **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. **----- Start of picture text -----**
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
**----- End of picture text -----**
## **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. Page 5 **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 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 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: 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: ............................................. 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 Page 10 **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... Page 11 **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. Page 12 **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.** Page 13 **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 Page 14