## **RADSTOCK TRUST CIO** # **Trustees' Annual Report and Financial Statements For the Year Ended 31 December 2023** **Charity Registration Nº 1190744** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Rosemary J Brown|| |---|---|---| ||Geoffrey T Coyne|| ||Eduardo J Harris|| ||Doris Humphrey|| ||Martin J Lacey|| ||Geoffrey R Norris|| ||Barrie Prebble|(Chair)| ||Peter R Rawson|(Deceased September 2023)| |**Secretary**|Eduardo J Harris|| |**Charity Number**|1190744|| |**Principal Address**|9 Beechfield|| ||Banstead|| ||Surrey|| ||SM7 3RG|| |**Independent Examiner**|J Foxwell FCCA FCIE|| ||39 Enfield Road|| ||Poole|| ||BH15 3LJ|| |**Bankers**|NatWest Bank plc|| ||Wallington Branch|| ||27 Woodcote Road|| ||Wallington|| ||SM6 0LN|| |**Investment Managers**|BNY Mellon Fund Managers Ltd|| ||Client Service Centre|| ||PO Box 366|| ||Darlington|| ||DL1 9RF|| - 2 - **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the accounts|6 - 9| - 3 - ## **TRUSTEES' REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** The Trustees present their report and accounts for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO’s constitution, the Charities Act 2011, and “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)”. ## **Structure, Governance and Management** The Radstock Trust CIO was registered on 6 August 2020 and is governed by its Constitution dated 6 August 2020. The assets of the Radstock (Eccleston Hall) Trust, an unincorporated charity (number 219013), were transferred to the Radstock Trust CIO on 31 December 2020. This transfer was approved by the Charity Commission for England and Wales and the two charities have been merged. The Radstock (Eccleston Hall) Trust was set up by a Scheme Deed dated 11 January 1962 for the regulation of the Eccleston Hall charity which was set up on 30 June 1884. The Charity Commission issued an amendment Scheme dated 2 May 2007 and a Direction under clause 4(2) on 7 July 2015. Trustees are appointed in accordance with the CIO’s constitution for a period of five years by a majority of Trustees voting at the time of appointment. All matters are decided by the majority of votes of the Trustees present and voting on the question. A minimum of at least three Trustees is required for a quorum dependent on the number of Trustees at the time. Sadly, the Trustees must record the death of Peter Rawson on 5 September 2023. Peter served as a Trustee from November 2005. The Trustees who served during the year were: Rosemary J Brown Geoffrey T Coyne Eduardo J Harris Doris Humphrey Martin J Lacey Geoffrey R Norris Barrie Prebble (Chair) Peter R Rawson (Deceased September 2023) Mr E J Harris is an employee of the charity Lifewords which benefits from the CIO’s grant funding. Mr Harris absents himself from the decision-making process when grants to the connected charity are discussed. ## **Objectives and Activities** The objects of the CIO are “furthering the study and dissemination of the Holy Scriptures and Protestant Evangelical doctrines”. The original Eccleston Hall charity was set up in 1884 to manage the endowment of a leasehold property known as Eccleston Hall. Following a fire in 1956 that destroyed Eccleston Hall, the Charity Commission issued a Scheme in 1962 to manage the property known as Radstock House which was erected on the site of the old Eccleston Hall. In 2007 the Trustees surrendered the lease on the property, an amendment to the Scheme being first approved by the Charity Commission. This amendment allowed the sale proceeds from the property to be retained and invested as an Endowment in accordance with the original Deed. Following the Direction issued by the Charity Commission on 7 July 2015, the endowment designation was confirmed as being expendable. The dividends received from the investments are distributed as grants to Christian charities as set out in Note 2. - 1 - **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** In 2016, following the Direction issued by the Charity Commission confirming that both the capital and income of the charity may be expended by the Trustees for the objects of the charity, the Trustees carried out a strategy review and agreed to increase the level of annual grants to a sum representing approximately 5% of the value of the investments at the date of the review. Following the incorporation of the charity into a CIO the Trustees reviewed this strategy and have continued making grants at this level, using income and releasing some capital as needed. In 2020 the Charity incorporated and the net assets totalling £8,023,517 were transferred on 31 December 2020 by way of a gift from the Radstock (Eccleston Hall) Trust, an unincorporated charity (number 219013). ## **Achievements and Performance** The Trustees have invested the Endowment Fund in the Newton Growth & Income Fund for Charities as a long-term investment. At the end of the year this investment showed cumulative unrealised gains of £1,002,239 (2022: £563,391). During the year there was a net income of £178,750 (being income less expenditure plus recognised gains and losses) (2022: net expenditure of £962,149). At the balance sheet date the Endowment Fund stood at £8,226,715 (2022: £8,047,108) and the General Fund stood at £2,140 (2022: £2,997). The position is considered satisfactory with the CIO being able to continue its objects in the forthcoming year from expected investment income and capital. The Trustees paid out grants totalling £484,000 (2022: £497,000). Total funds of £8,228,855 are held at 31 December 2023, as on the balance sheet (2022: £8,050,105). ## **Reserves Policy** The Trustees’ Reserves Policy is to retain sufficient funds as a reserve to cover the normal expenditure of the management of the CIO and to even out charitable donations as necessary. The balance of the General Fund at 31 December 2023 was £2,140, all of which is regarded as free reserves (2022: £2,997). Grants given each year are allocated to represent approximately 5% of the value of the investments. ## **Investment Policy** The Trustees wish to pursue on behalf of the charity an investment policy that provides a balance between income and capital growth with a medium level of risk over the longer term, thereby enabling the Trustees to meet their objectives in respect of the requirements of the charity. The Trustees are satisfied with the current return on capital. ## **Risk Policy** During the year the Trustees considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees’ policy is to carry out a review of the risks at least once a year. ## **Public Benefit** The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on Public Benefit. The object of the CIO is to apply the income of the charity in furthering the study and dissemination of the Holy Scriptures and Protestant Evangelical doctrines. This is carried out by making grants to charitable organisations to fulfill the aims of the Trust. On behalf of the Trustees **Barrie Prebble** Chair of Trustees Date: 24 May 2024 - 2 - ## **INDEPENDENT EXAMINER’S REPORT** ## **TO THE TRUSTEES OF RADSTOCK TRUST CIO** I report on the accounts of the Radstock Trust CIO for the year ended 31 December 2023, which are set out on pages 4 to 9. ## **Responsibilities and basis of report** As the charity trustees of the CIO 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 CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 CIO 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 requirement 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. ## **J Foxwell FCCA FCIE** ## **39 Enfield Road Poole BH15 3LJ** Date: 30 May 2024 - 3 - **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** **----- Start of picture text -----**
Notes General Endowment Total Total
Fund Fund 2023 2022
£ £ £ £
Income and endowments from:
Investments
Dividends and interest 195,989 195,989 184,103
TOTAL INCOME 195,989 - 195,989 184,103
Expenditure on:
Charitable activities 2 484,846 - 484,846 497,767
TOTAL EXPENDITURE 484,846 - 484,846 497,767
-
Net expenditure before transfers (288,857) (288,857) (313,664)
-
Net expenditure (288,857) (288,857) (313,664)
Other recognised gains and losses
-
Net gains/(losses) on investments 467,607 467,607 (648,485)
Net (expenditure)/income (288,857) 467,607 178,750 (962,149)
Transfers between funds 288,000 (288,000) - -
Net movement in funds (857) 179,607 178,750 (962,149)
Reconciliation of funds:
Total funds brought forward 2,997 8,047,108 8,050,105 9,012,254
Total funds carried forward 2,140 8,226,715 8,228,855 8,050,105
**----- End of picture text -----**
- 4 - ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2023** **----- Start of picture text -----**
Notes 2023 2022
Fixed Assets £ £
Investments 5 8,226,715 8,047,108
Total Fixed Assets 8,226,715 8,047,108
Current Assets
Cash at bank and in hand 2,665 3,497
Total Current Assets 2,665 3,497
Liabilities
Creditors: amounts falling due within one year 6 525 500
Net Current Assets 2,140 2,997
Total Assets less Current Liabilities 8,228,855 8,050,105
The funds of the charity:
Capital funds
Endowment fund 7 8,226,715 8,047,108
Income funds
General fund 7 2,140 2,997
Total Funds 8,228,855 8,050,105
**----- End of picture text -----**
The notes on pages 6 to 9 form part of these accounts. The accounts were approved by the Trustees on 29 April 2024 and signed on their behalf by: **Barrie Prebble** Chair of Trustees Date: 24 May 2024 - 5 - **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **1 Accounting policies** ## **1.1 Basis of preparation** The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Charities Act 2011 and “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)”. The CIO constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the CIO’s ability to continue as a going concern. ## **1.2 Incoming resources** Investment income is shown in these accounts on the accruals basis. ## **1.3 Resources expended** Grants payable are accounted for on the date of the payment and are paid to Christian charities in accordance with the terms of the CIO’s Constitution. Investment management costs associated with the Endowment are charged to the fund or included in the price value of the unit trusts held. ## **1.4 Investments** Fixed asset investments are stated at market value at the accounting date. All unrealised gains and losses representing the change in value from the previous accounting date are charged against the appropriate fund. ## **1.5 Accumulated funds** The Endowment Fund of the Radstock (Eccleston Hall) Trust had been subject to a specific condition that the capital should not be distributed without prior written approval of the Charity Commission. However, in a Direction issued by the Charity Commission on 7 July 2015, the endowment designation was confirmed as being expendable. - 6 - **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **2 Expenditure** **----- Start of picture text -----**
2023 2022
£ £
Grants:
Lifewords 350,000 350,000
Naval & Military Bible Society 70,000 87,000
African Pastors Fellowship 10,000 10,000
Al Massira 10,000 10,000
-
Program of Theological Education 10,000
Wycliffe Bible Translators 10,000 10,000
Proclamation Zambia - 10,000
-
Through the Roof 10,000
Misc gifts not exceeding £9,999: 6 grants (2022: 2 grants) 24,000 10,000
Grants paid 484,000 497,000
Governance costs 525 500
Other costs - sundry expenses 321 267
Total expenditure on charitable activities 484,846 497,767
**----- End of picture text -----**
Governance costs include payments of £525 for independent examiner's fees (2022: £500). ## **3 Trustees** None of the Trustees (or any persons connected with them) received any remuneration during the year (2022: £nil). There were no reimbursements for travelling and office expenses. ## **4 Employees** There were no employees during the reporting period or prior period. - 7 - **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **5 Fixed asset investments** |**Fixed asset investments**|| |---|---| |At 31 December 2022
Disposals
Realised gains during the period
Unrealised losses during the period
**Market value at 31 December 2023**
**Historical cost:**
At 31 December 2022
Disposals
**Historical cost at 31 December 2023**
**Unrealised gains at 31 December 2023**
**Investment disposals**
Disposals at historical cost
Unrealised gains at 31 December 2022
Disposals at opening book value
Realised gains in year|**Listed**
**Investments**
**£**
8,047,108
(288,000)
9,242
458,365
**8,226,715**
7,483,717
(259,241)
**7,224,476**
**1,002,239**
259,241
19,517| ||278,758
9,242| |**Disposals during year**|**288,000**| Listed investments are represented by 4,971,426 units in Newton Growth & Income Fund for Charities at a book value of £7,224,476 (2022: £7,483,717). The cumulative unrealised gains on these investments are £1,002,239 (2022: £563,391). ## **6 Creditors: amounts falling due within one year** |**2023**|**2022**| |---|---| |**£**|**£**| |Accruals
525|500| |**Total Creditors**
**525**|**500**| - 8 - **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **7 Movement in funds** **----- Start of picture text -----**
Balance at Incoming Resources Transfers Realised Unrealised Balance at
31 December resources expended gains gains 31 December
2022 in year in year 2023
£ £ £ £ £ £
Endowment 8,047,108 - - (288,000) 9,242 458,365 8,226,715
General 2,997 195,989 (484,846) 288,000 - - 2,140
Total Funds 8,050,105 195,989 (484,846) - 9,242 458,365 8,228,855
**----- End of picture text -----**
The Endowment Fund represents capital funds held to earn income for the CIO and to be expended at the Trustees’ discretion when appropriate. It is invested in long-term unit trusts. The General Fund of the charity is held in short-term bank deposits. ## **8 Analysis of net assets between funds** **----- Start of picture text -----**
General Endowment Total
Fund Fund
£ £ £
Fund balances at 31 December 2023 are represented by:
Investments - 8,226,715 8,226,715
Current assets 2,665 - 2,665
-
Creditors: amounts falling due within one year (525) (525)
2,140 8,226,715 8,228,855
Unrealised gains included above:
On investments - 1,002,239 1,002,239
-
1,002,239 1,002,239
Reconciliation of movements in unrealised gains/losses
-
Unrealised gains at 31 December 2022 563,391 563,391
-
In respect of disposals in year (19,517) (19,517)
-
Gains on revaluations in year 458,365 458,365
-
Unrealised gains at 31 December 2023 1,002,239 1,002,239
**----- End of picture text -----**
## **9 Related parties** Mr E J Harris is an employee of the charity Lifewords which benefits from the CIO’s grant funding. Mr Harris absents himself from the decision-making process when grants to the connected charity are discussed. During the year Lifewords received grants from the CIO of £350,000 (2022: £350,000). - 9 -