||||Page||
|---|---|---|---|---|
|Report ofthe Trustees||1|to|5|
|Report ofthe Independent<br>Auditors||6|to|7|
|Statement<br>ofFinancial Activities|||||
|Balance Sheet|||||
|Cash Flow Statement|||10||
|Notes to the Cash Flow Statement|||||
|Notes to the Financial Statements||12|to|20|
|Detailed Statement ofFinancial|Activities||21||





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||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Endowment|Total|Total|
||||||fund|fund|funds|funds|
|||||Notes|||||
|INCOME AND ENDOWMENTS|||FROM||||||
|Investment<br>income||||2|1,582,381||1,582,381|1,526,439|
|EXPENDITURE|ON||||||||
|Raising<br>f'unds|||||214,925||214,925|297,628|
|Charitable<br>activities|||||||||
|Grant funding|||||812,350||812350|742 806|
|Total|||||1,027,275||1,027,275|1,040,434|
|Net. gains/(losses)|on investments||||~527,527)|198,685|~328,842)|1,1711,999|
|NET INCOME|||||27,579|198,685|226,264|1,665,004|
|Transfers<br>between funds||||14|(1,230,760)|1,230,760|||
|Other recognised<br>Gains/(losses)<br>on|gains/(losses)<br> revaluation<br>offixed assets||||~3,316,685)||~3,316,685)||
|Net movement<br>in|funds||||(4,519,866)|I,429,445|(3,090,421)|1,665,004|
|RECONCILIATION<br>OF FUNDS|||||||||
|Total funds brought<br>forward|||||47,952,023|2,800,000|50,752,023|49,087,019|
|TOTAL FUNDS|CARRIED|FORWARD|||43,432,157|4,229,445|47,661,602|50,752,023|





||||||2023|2022|
|---|---|---|---|---|---|---|
||||Unrestricted|Endowment|Total|Total|
||||fund|fund|funds|funds|
|||Notes|||||
|FIXEDASSETS|||||||
|Tangible assets||8|1,700,000||1,700,000|1,700,000|
|Investments|||||||
|Investments||9|19,499,993||19,499,993|18,029,417|
|Investment<br>property||10|21,006,914|4,229,445|25,236,359|29,212,462|
||||42,206,907|4,229,445|46,436,352|48,941,879|
|CURRENT ASSETS|||||||
|Debtors||11|263,013||263,013|397,388|
|Cash at bank|||1,981,430||1,981,430|2,144,188|
||||2,244,443||2,244,443|2,541,576|
|CREDITORS|||||||
|Amounts<br>falling due within|one year|12|(773,125)||(773,125)|(576,373)|
|NET CURRENT ASSETS|||1,471,318||1,471,318|1,965,203|
|TOTAL ASSETS LFSSCURRENT|||||||
|LIABILITIES|||43,678,225|4,229,445|47,907,670|50,907,082|
|CREDITORS|||||||
|Amounts<br>falling due after more than one year||13|(246,068)||(246,068)|(155,059)|
|NET ASSETS|||43,432,157|4,229,445|47,661,602|50,752,023|
|FUNDS||14|||||
|Unrestricted<br>funds|||||43,432,157|47,952,023|
|Endowment<br>funds|||||4,229,445|2,800,000|
|TOTAL FUNDS|||||47,661,602|50,752,023|





## 

|||||2023|2022|
|---|---|---|---|---|---|
||||Notes|||
|Cash flows from operating|activities|||||
|Cash generated<br>from operations||||859,085|316,336|
|Net cash provided<br>by operating||activities||859,085|316,336|
|Cash flows from investing|activities|||||
|Purchase offixed asset investments||||(6,216,346)|(7,625,222)|
|Purchase ofinvestment<br>property||||(840,582)|(109,706)|
|Sale offixed asset investments||||4,218,243|7,618,143|
|Sale ofinvestment<br>property||||1,698,685||
|Interest received||||8,345|3,350|
|Dividends<br>received||||109,812|185,167|
|Net cash (used in)/provided|by|investing|activities|~1,021,843)|71,732|
|Change in cash and cash|equivalents||in|||
|the reporting<br>period||||(162,758)|388,068|
|Cash and cash equivalents|at|the||||
|beginning<br>ofthe reporting|period|||2,144, 188|1,756, 120|
|Cash and cash equivalents|at|the end|of|||
|tlie reporting<br>period||||1,981,430|2,144,188|





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||RECONCILIATION|RECONCILIATION|OF NET INCOME TO NET CASII FLOW FROM|OF NET INCOME TO NET CASII FLOW FROM|OPERATING||
|---|---|---|---|---|---|---|
||ACTIVITIES||||||
||||||2023|2022|
||Net income for the|reporting||period (as per the Statement ofFinancial|||
||Activities)||||226,264|1,665,004|
||Adjustments<br>for:||||||
||Losses/(gain)<br>on investments||||328,842|(1,178,999)|
||Interest received||||(8,345)|(3,350)|
||Dividends<br>received||||(109,812)|(185,167)|
||Decrease in debtors<br>Increase/(decrease)|in|creditors||134,375<br>287,761|39,455<br>~20,607|
||Net cash provided|by|operations||859,085|316,336|
|2.|ANALYSIS OF CFIANGES|||IN NET FUNDS|||
|||||At 1.4.22|Cash flow|At 31.3.23|
||Net cash||||||
||Cash at bank|||2,144, 188|~162,758)|1,981,430|
|||||2,144,188|~162,758)|1,981,430|
||Total|||2,144, 1118|~162,758)|1,981,430|





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|||2023|2022|
|---|---|---|---|
|Rents receivable||870,456|813,681|
|Income from listed|investments|593,768|524,241|
|Lease terminations|and extensions|109,812|185,167|
|Interest receivable||7,023|387|
|Other income||1,322|2,963|
|||1,582,381|1,526,439|



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|Investment|management|management|costs|||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|Property<br>maintenance||cost||||125,229|215,044|
|Professional|fees for property|||management||79,104|69,683|
|Legal and professional||fees for||property|management|10,592|12,901|
|||||||214,925|297,628|



## 

|4.|CHARITABLE ACTIVITIES COSTS||||
|---|---|---|---|---|
|||Grant|||
|||funding of|||
|||activities|Support||
|||(see note|costs (see||
|||5)|note 6)|Totals|
||Grant funding|766,938|45,412|812,350|
|5.|GRANTS PAYABLE||||
||||2023|2022|
||Grant fundtng||766,938|699,909|





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|GRANTS PAYABLE - continu|ed||||||
|---|---|---|---|---|---|---|
||||||2023|2022|
|The Academy,<br>Selsey||||||5,000|
|Apuldram<br>Centre||||||5,000|
|Blesma|||||2,000|2,000|
|Calibre Audio|||||2,000|1,000|
|Cancer wise|||||15,000||
|Carers Support West Sussex||||||20,000|
|Chichester Bell Tower Youth Drop||in Centre|||3,000|2,000|
|Chichester<br>Boys' Club||||||5,000|
|Chichester<br>Canoe Club||||||2,000|
|Chichester<br>Harbour<br>Conservancy||||||77,528|
|Chichester<br>Harbour Trust||||||18,400|
|Chichester<br>Rugby Football Club|||||75,000||
|Chichester<br>Runners<br>and Athletic|Club|||||20,000|
|Dementia<br>Support||||||150,000|
|Donnington<br>House Care Home|||||10,000||
|Downview<br>Community<br>Youth Group|||||60,000||
|Downview<br>Community<br>Hall|||||828||
|East Wittering<br>&Bracklesham|Parish Council||||2, 104||
|Friends ofEast Wittering<br>Community|||Primary|School|59,000|7,531|
|Friends ofWest Wittering<br>Primary||School|||1,500||
|Friends ofWittering<br>Medical Centre|||||1,749||
|Home-Start<br>Chichester<br>and District|||||136,606||
|Kent, Surrey &Sussex Air Ambulance|||||25,000|15,000|
|Local Primary<br>Schools STEM Project|||||285,000||
|Manhood<br>Peninsula<br>Partnership||||||1,500|
|Manhood<br>Wildlife<br>and Heritage|Group|||||80,000|
|PBCFoundation|||||375|365|
|Pregnancy<br>Options Centre|||||5,000|3,000|
|RNIB|||||1,500|1,600|
|Rotary Club ofChichester<br>Harbour|||||15,000|10,000|
|Sanctuary<br>in Chichester|||||2,000||
|Sidlesh&un<br>Primary<br>School|||||10,000||
|Spinal Injuries Association|||||2,000|1,000|
|St. Anthony's<br>School||||||16,000|
|St Peter's Roman Catholic Church||Hall|||80,000||
|University<br>ofChichester|||||468|161,507|
|Unloc|||||22,050||
|Walking<br>with the Wounded|||||2,000|2,000|
|West Sussex Mediation<br>Service||||||1,200|
|West Wittering<br>Cricket Club||||||3,500|
|West Wittering<br>Memorial<br>Hall||||||1,065|
|West Wittering<br>Parish Council|||||800|26,496|
|West Wittering<br>Parochial<br>Church||Council|||10,000||
|West Wittering<br>Parochial School||||||50,000|
|Witterings<br>&District Bowls Club||||||7,500|
|Witterings<br>Short Mat Bowls Club||||||4.000|
|Wittering<br>United Football Club|||||650||
|Youth Dream Selscy|||||7,758||
|Less grants written off in year|||||838,388<br>~71,450)|701,192<br>~1,283)|
|Iotal grants|||||766,938|699,909|





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|TANGIBLE FIXED ASSETS||||
|---|---|---|---|
||Freehold|||
||property|Land|Totals|
|COST||||
|At 1st April 2022 and 31stMarch 2023|700,000|1,000,000|1,700,000|
|NFT BOOK VALUE||||
|At 31stMarch 2023|700,000|1,000,000|1,700,000|
|At 31st March 2022|700,000|1,000,000|1,700,000|





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|||||||Cash and||
|---|---|---|---|---|---|---|---|
|||||Listed|Unlisted|settlements||
||||investments||investments|pending|Totals|
||MARKET VALUE|||||||
||At 1stApril 2022||17,514,590||3,952|510,875|18,029,417|
||Additions||6,216,346|||7,166,889|13,383,235|
||Disposals||(5,129,722)|||(6,813,906)|(11,943,628)|
||Revaluations|||30,969|||30,969|
||At 31st March 2023||18,632,183||3,952|863,858|19,499,993|
||NET BOOK VALUE|||||||
||At 31stMarch 2023||18,632,183||3,952|863,858|19,499,993|
||At 31st March 2022||17,514,590||3,952|510,875|18,029,417|
||FIISTORICAL COST|||||||
||At 31 March 2023||||||16,777,901|
||At 31 March 2022||||||15,196,773|
||Investment<br>assets|held are detailed|as follows:|||||
|||||||2023|2022|
||UK|||||15,336,400|13,553,007|
||Europe|||||1,860,672|1,835,651|
||North America|||||1,435, 111|2,125,932|
||Cost or valuation|at 31st March 2023 is represented||by:||||
|||||||Cash and||
|||||Listed|Unlisted|settlements||
|||||investments|tnvestments|pending|Totals|
||Valuation<br>in 2023||18,632,183||3,952|863,858|19,499,993|
|10.|INVESTMENT|PROPERTY||||||
||FAIR VALUE|||||||
||At 1st April 2022||||||29,212,462|
||Additions||||||840,582|
||Disposals<br>Revaluation||||||(1,500,000)<br>~3,316,685)|
||At 31stMarch 2023||||||25,236,359|
||NET BOOK VALUF.|||||||
||At 31stMarch 2023||||||25,236,359|
||At 31st March 2022||||||29,212,462|





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|DEBTO|RS:AMOUNTS FALLING DUE WITHIN ON|E YEAR||
|---|---|---|---|
|||2023|2022|
|Due from|Astons|37,854|40,442|
|Due from <br>Dividends|I-Iellier Langston<br>in transit|19,532<br>122,021|139,148<br>123,917|
|Accrued|interest|1,188|160|
|Prepayments<br>and accrued income<br>Accrued income||31,843<br>50,575|39,227<br>54,494|
|||263,013|397,388|



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||||2023|2022|
|---|---|---|---|---|
|VAT|||12,533|12,231|
|Other creditors|||565,313|402,570|
|Accruals|and deferred|income|195,279|161,572|
||||773,125|576,373|





## 

|CRE|DITORS: AMOUNTS FALLING DUE A|FTER MORE THAN ONE YEAR||
|---|---|---|---|
|||2023|2022|
|Other|creditors|246,068|155,059|



||Schools STEM|Schools STEM|Project f151,66|7,|Homestart<br>Chichester<br>8c Dis|trict K83,051 and|Youth Dream Se|lsey f4,000.|
|---|---|---|---|---|---|---|---|---|
|14.|MOVEMENT||IN FUNDS||||||
|||||||Net|Transfers||
|||||||movement|between|At|
||||||At 1.4.22|in funds|funds|31.3.23|
||Unrestricted|funds|||||||
||General<br>fund||||47,952,023|(3,289,106)|(1,230,760)|43,432,157|
||Endowment|funds|||||||
||Endowment||||2,800,000|198,685|1,230,760|4,229,445|
||TOTAL FUNDS||||50,752,023|~3,D90,421)||47,661,602|
||Net movement||in funds, included||in the above are as follows:||||
||||||Incoming|Resources|Gains and|Movement|
||||||resources|expended|losses|in funds|
||Unrestricted||funds||||||
||General<br>fund||||1,582,381|(1,027,275)|(3,844,212)|(3,289,106)|
||Fndowment||funds||||||
||Endowment||||||198,685|198,685|
||TOTAL FUNDS||||1,582,381|1),027,275)|13,645,527)|13,090,421)|
||Compar atives for movement|||in|funds||||
||||||||Net||
||||||||movcnlcllt|At|
|||||||At 1.4.21|in funds|31.3.22|
||Unrestricted||funds||||||
||General<br>fuMI|||||46,287,019|1,665,004|47,952,023|
||Endowment||funds||||||
||Endowment|||||2,800,000||2,800,000|
||TOTAL FUNDS|||||49,087,019|1,665,004|50,752,023|





## 

||||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|---|---|
||||||resources|expended|losses|in funds|
|||||||f.|||
|Unrestricted|funds||||||||
|General<br>fund|||||1,526,439|(1,040,434)|1,178,999|1,665,004|
|TOTAL FUNDS|||||1,526,439|~1,040,434)|1,178,999|1,665,004|
|A current year||12 months|and prior|year 12 months|combined|position<br>is as follows:|||
|||||||Net|Transfers||
|||||||movement|between|At|
||||||At 1.4.21|in funds|funds|31.3.23|
|||||||f,|||
|Unrestricted||funds|||||||
|General<br>fund||||46,287,019||(1,624,102)|(1,230,760)|43,432,157|
|Endowment|funds||||||||
|Endowment|||||2,800,000|198,685|1,230,760|4,229,445|
|TOTAL FUNDS||||49,087,019||~1,425,417)||47,661,602|



|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended|losses|in funds|
||||||f.|
|Unr'estricted|funds|||||
|General<br>fund||3,108,820|(2,067,709)|(2,665,213)|(1,624, 102)|
|Endowment|funcls|||||
|Endowment||||198,685|198,685|
|TOTAL FUNDS||3,108,820|~2,067,709)|~2,466,528)|~1,425,4)7)|



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||||||2023|2022|
|---|---|---|---|---|---|---|
|INCOME AND ENDOWMENTS|||||||
|Investment<br>income|||||||
|Rents receivable|||||870,456|813,681|
|Income from listed investments|||||593,768|524,241|
|Lease terminations<br>and|extensions||||109,812|185,167|
|Interest receivable|||||7,023|387|
|Other income|||||1,322|2,963|
||||||1,582,381|1,526,439|
|Total incoming<br>resources|||||1,582,381|1,526,439|
|EXPENDITURE|||||||
|Investment<br>management||costs|||||
|Property<br>maintenance|cost||||125,229|215,044|
|Professional<br>fees for property|||management||79,104|69,683|
|Legal and professional|fees for||property||||
|management|||||10,592|12,901|
||||||214,925|297,628|
|Charitable<br>activities|||||||
|Grants to institutions|||||766,938|699,909|
|Support costs|||||||
|Governance<br>costs|||||||
|Auditors'<br>remuneration|||||13,867|12,323|
|Auditors'<br>remuneration<br>for non audit||||work||1,361|
|Accountancy<br>and legal fees|||||1,224|1,930|
|Trustee meeting<br>expenses|||||2,029|621|
|Trust administration|costs||||28,292|26,662|
||||||45,412|42,897|
|Total resources expended|||||1,027,275|1,040,434|
|Net income before gains||and|losses||555,106|486,005|
|Realised recognised|gains and losses||||||
|Realised gains/(losses)|on|fixed asset||investments|(558,496)|144,342|
|Realised gains/(losses)|on|investment||property|198,685||
|Net income|||||195,295|630,347|