The Claude Ballard Southall Memorial Charity A Charitable Incorporated Organisation Registered Charity Number: 1208102 Report of the Trustees and Financial Statements YeaT Ended 5 April 2025 Higgs LLP 3 Waterfront Buslness Park Brlerley Hill West Midlands DY5 ILX
The Claude Ballard Southall Memorial Charity Index to the Financial Statements Year Ended 5 April 2025 Page Contents Reference and Admlnistrative Information Trustees, Annual Report statement of Flnancial Activltles Balance Sheet 9-11 Notes to the Accounts
The Claude Ballard Southall Memorial Charity Reference and Admlnistrative Information Year ended S Aprll 2025 Governing Document The Charéty is govemed by the CIO Foundatlon Constitution dated 2 May 2024. The Charlty's registered charity number is 1208102. Trustees John Bruce Rostron (Chalr) Dorothy Smith David John Nightingale Julla Annette Savage Secretary Ms KSr5ty McEwen Bankers CAF Bank Ltd 25 Kings Hlll Avenue Kings Hill West Mailing Kent ME19 4JQ SollcitorJ Higgs LLP 3 Waterfront Busine55 Park Brlerley Hill West Midlands DY5 ILX Investment Managers Mr M Neale Vertis Private Wealth Management Limited Campion House Green Street Kiddermlnster DYIO IJL Accountants Higgs LLP 3 Waterfront Business Park Brlerley Hi11 West Mldlands DY5 ILX
The Claude Ballard Southall Memorial Charity Trustees, Annual Report Year ended 5 Aprll 2025 The Trustees present thelr annual fftport and financial statements of the Charity for the year ended 5 April 2025. Tre financial Statements have been prepared in accordance with the accounting pollcoes set out in note I to the accounts and comply with the Charity's governing document, the Charlties Act 2011 and the Statement of Recommended Prartice applicable to the charities preparing their awounts with the Financial Reporting Standard appllcable on I January 2019. structure, Governance and Management The Charity was registered with the Charity Commlsslon on 2 May under reglstered charity number 1208102, and is constituted under the CIO Foundatlon Constitution dated 2 May 2024 {"the Governln9 Document"). The Charity does not aclively fundraise and seeks to contlnue charitable work through the careful stewardshbp of Its exlsting resources. The Governing Document provldes for a minimum of two Trustees and a maxlmum of slx Trustees. Trustees must hold at least one meeting each year, either in person or by suitable electronic means. The quorum at any meeting is at least one thlrd of the total number of Trustees at the tlme, or two, whichever is the greater. At the Tru5tees' meetings, the Trustees agree the broad strategy and areas of activities for the Charity, includlng consideration of grant maklng, investment, reserves and risk management pollcles and performance. The day to day admirbistration of grants and the processing and handling of applications prior to conslderatlon by the Trustees is delegated to the Secretary. The Trustees would take account of the recornmendations of the ICSA best prartI guide 'Recruitment, Appointment and Indurtion of Charity Tru5tee5' should the need to recruit new Trustees arlse. The Trustees would look to recruit in light of an appropriate skills audit of the current Board and taklng into account the experience, expertise and diversity of the current Board, as well as their knowledge of the Charity'5 area of beneflt and benefioal da55. New Trustees may be sought by open advertisement or through a dialogue wlth major grant recipients and local communlty groups re5pectlng the ethos of the Charity to continue the charltable work intended by the settlors, the Trustees attively seek those wlth a knowledge of the local area when considering any prospective candidate. The ultlmate decision on selettlon is a matter for the Trustees. On appoSntment new Trustees sign a Trustee Declaration and Undertaking committlng them to the giving of thelr tlme and expertise. It also confirms their ability to art in the role of Trustees. The Induction process has been changed to follow the ICSA good practice gulde wlth a formal induction programme for any newly appointed trustee being led by the Secretary, to include initlal training in the grant maklng process, the dutie5 and responslbilities of the Trustees and the role of any sub committees. The welcome pack include5, amongst other information and guldance, a brief history of the Trust, copy of recent Trustee (and sub committee) minutes, a copy of the last three years of arbnual reports and accounts, a copy of the Governing Document and a copy of the Charity Commission's guidance'The Essentlal Trustee.. What You Need to Know, and 'Charltles and Public Benefiy. The Trustees Intend in the upcoming year, with the support of the Secretary, to developing a code of conduct for Trustees including formal statements of roles and responsibillties and to undertake work on the Charity Governan Code.
The Claude Ballard Southall Memorial Charity Trustees, Annual Report Year ended 5 Aprll 202S All Trustees give of their tome freely and no Trustee remuneratlon was paid in the year. Trustees are entitled to claim reasonable out of pocket expenses and where they do those are noted In the accounts. Trustees are required to disclose annually (and as they arlse) any potential Interests whlch mlght conflict and register them wlth the Secretary and in accordance with the Charlty's written conflicts of Interest policy. Rlsk Management The Trustees have considered the major risks to which the Charity is exposed and have revlewed those risks and established systems and procedures to manage those risks. The major financbal risk is the variablllty of Investment returns on the portfollo and its impatt on income levels and capital growth. The Trustees have artively sought to mana9e this risk by appointing Vertls Prlvate Wealth Management Limited to advise the trustees on the investments held in the investment portfolio. Their role is to monltor the performance of the portfolio, to take appropriate action to mitigate any loss to the portfollo, and to ensure that the objertives as detalled in the Investment Policy Statement are followlng and reviewed annually. The major operational risk is the extent to which grants awarded to individua15 and charitable or not for profit organisations adVanS the objetts of the Charity and demonstrate sufficient public benefit. The Charity has managed Its risk by retaining Trustees of sufficient expertlse and experience, and through the quality of the Institutlons and the people who they support. In addition, the Trustees rely on the Secretary to undertake approprlate and proportionate due dlligence on applicatlons and ensure all grant giving retains a focus on the public benefit. The major regulatory impatt of the Common Reportlng Standard {'the CRS,), on the operation of the Charity. CRS is belng an international tax transparency reglme aimed at preventlng tsx evasion. CRS came into force from l January 2016 and the Charlty is now required to provlde Informatlon about their beneflciaries, tax resldency status to HMRC, who wlll then share this informatlon wlth the appropriate tax authorlty in other jurisdlrtions. The Charlty is subject to this regime because it relles on investments for more than 50Wo of Its income and those investments are professionally managed by a ffinanclal institution under advisory mandate. This means the Trustees are required to carry out dLJe diligence to establish a tax residency statu5 of all beneflclaries, keep records of efforts to comply with the regime, register with HMRC as a financial institutlon ("Financlal Institution,? if they have reportlng requirements and report to HMRC If required. The grant appllcation pro5$ is revbewed annually and the grant appllcatlon form expanded to ollert the necessary due dillgence information that is requlred In order to establish tax residency status of all grant recipients. both individuals and charity and not for profit organisatlons. This includes additional Infomiatlon i ncluding tax resident Jurisdiction, tax identification number (for individuals) and entity status (for organisations)- The Trustees wlll keep thi5 under review. ObJects and Activltles for the Public Benefit The objects of the CIO are to advan such charitable purposes (according to the law of England and Wales) as the charity trustees see fit from time to time wlthln the Clty of knverpool and the Wirrall ("the Aa of Benefit"). The Trustees have set a Grant Making Policy and revlew thls on an annual basls. Thls Is available on request. The Trustee5 have a wide dlscretion to make grants to charities and for charfitable purposes.
The Claude Ballard Southall Memorial Charity Trustees. Annual Report Year ended 5 Aprll 2025 By focusing on these areas, the Charity achleves its strateglc priorlty of maintalnlng a stable grant making programme, v4ith balancing support to individuals and to charities and voluntary organlsatlons (for excluslvely charltable purp05es). Grant Maklng Policy The Charlty has established Its grant making poliry to achleve its objerts for the public benefit, to improve the lives of Indlviduals within the area of beneflt. The Trustees vIeW the grant making policy annually to ensure It reflects the Charity's objects and thereby advances public benefit. The Trustees have power to spend or retain both capital and income. Thus both Income and capital is expendable without distinttion in furtherance of the objects. The Charity's beneficlartes are in the Clty of Liverpool and the Metropolltan Borough of Wlrral. The general pollcy of the Trustees Is not to give retrospective grants and the Trustees wlll only consider one appllcatlon from any applicant. Grant Maklng Procedure Applications can only be consldered If they are on the Charlty's standard appllcation form. The application form tnust be completed and retumed (together with a copy of any supporting informatSon relevant to the application) to the Secretary at least four weeks before the meetlng at which the applicatlon Is to be considered. The Trustees meet two tlmes a year to consider appllcatlons. It Is the policy of the Trustees to conslder grants on an equal opportunities basis, regardless of gender, rellgion and ethnic background. Public Benefit The Trustees conflrm that they have referd to the informatlon contained In the Charlty Commi55ion's general guidance on publlc benefit when reviewlng the Charity's objects and actlvltles, their grant maklng pollcy and plar)s for future period. The gbjects and activities of the Charity are largely determined by the provisions of the Governing Document, and from there the Trustees exercise a discretion In considering how best to meet the public benefit test and ensure that as many individuals and charitable and not for proflt organisations wlth particular needs will galn advantage. Monltoring and Acnievement The Trustees have contlnued with an asplration to seek a reasonable return over the long term. It is intended that the portfolio will show a welcomed recovery and that the long term objectives to meet income needs and grow the capital are obtsinable. Financlal Review The Charity's work is entirely reliant on Income and investment returns from its capital. A5 at 5 Aprll 2025, the value of the Capital fund stood at £0. During the year the income of the Charity was £0.
The Claude Ballard Southall Memorlal Charlty Trustees. Annual Report Year ended 5 Aprll 2025 Investment Policy and Performance The Investment power5 of the Trustees are wide and allow the Trustees to Invest funds In any matter (after taking such advlce as they consider necessary) and having regard to the suitèbility of Investments and need for dlver5ification. The prfncipal investment holdings of the Charity comprise funds and portfolios of quoted securltles. As at 5 April 2025, it is intended the value will represent IOOO/o of the Charity'5 Investments. The management of the portfolio is undertaken on an advisory basls by Vertis Private Wealth Management Llmlted arld the written investment policy is reviewed on at least an annual basis by the Secretary in conjunction wlth the investment managers and ultlmately approved by the Trustees. The investment managers are Instructed to advise on maxitni5ing the Income on the portfolio whilst preservlng the capital, within the constraints of a medium rlsk investment portfolio. Following investment advlce, the Trustee5 held cash on deposlt wlth CAF Bank Ltd of £0. Reserves Policy The whole of the Charity's capltal 15 expendable and this distinction between opital and income Is not relevant. The Trustees appreclate that the general principles of charlty law require Trustees to spend thelr Income within a reasonable period of receipt. The Trustees have set and agreed a pollcy which broadly Identifles the framework withln whlch the Charity will operate its reserves. The Intentlon Is that the Charity wlll retai n an approprO3te and reasonable level of reserves whilst concurrently ensuririg that it uses the income in a manner that is withln the objects at the best interests of the Charity and its beneficiaries. Slnce the Charity receives all of Its income from the Investment portfollo, the Trustees are mindful that the source of income be volatile and subject to sudden changes In the market. They are concemed that in any year there is a risk that they cannot meet their ongoing administration and professional expense commltments as and when they arise, due to any fluctuatlons in the market which may prevent or signifficantly reduce income. The Trustees have therefore ConsIded, In conjunctlon wlth the professional advisers, the level of reserves to retain from surplus unrestCted funds. They have declded to build up a pot of reserves equivalent to one year'5 adrninistrative and professional expenses but excluding grant commitments. This will ensure that should there be any fluctuations In the market which reduce the income avallable for distribution, the Charity can use its reserves to continue to meet its obligatlons and liabilities as and when they fall due. Plan for Future Periods The Trustees belleve their grants will translate into significant public beneflt. In cementing the arrangements already in p5ace, and beginning with its artivlties as set out this report, so that the many and varied charitable and not for profit organisations, and i ndividuals may contlnue to benefit in real terms from its financial support, the Charity aims to provide a long term commitment and thereby encourage and support indlviduals and charitable and not for proffit oryanisations.
The Claude Ballard Southall Memorial Charity Trustees, Annual Report Year ended 5 Aprll 2025 The intention is to establlsh a programme of grant giving which will translate Into slgnificant publSc benefit. The Trustees will focus on those Indlviduals and organisatlons who would benefit In real temis (Impact) from Its flnandal support, thus provldlng and ensurlng a longer- term comrnitment to support. Trustees" Responslbllltles In Relatlon to the Flnanclal Statements The Trustee5 are respDnslble ftir preparlng the Trustees. Report and the flnanclal statements In accordantr wlth appllcable law and regulatlons and United Klngdom A¢countlng Standards. The law appllcable to charities in England and Wales requlred the Trustees to give a true and falr vlew of the stste of affalrs of the Charlty and of the Incomlng resources and appllcatlon of resOUrs, Includlng Income and expenditure of the Charity for that period. In preparlng these flnanclal statements, the Trustees a required to: •selert suitsble accounting policies and then apply them conslstentlyi •observe the methods and prlnclples of the Charities SORP, •make judgements and estlmates that are reasonable and prudent: •51ate whether applScable accountlng stsndards have been followed, subject to any material departures d15c105ed and explained in the finandal statements. and •prepare the flnanclal statements on the going Conrn ba51s unless It Is Snapproprlate to presume that the Charity will continue in operatlon. The Trustees are sPonSIble for keeplng adequate accounting records that are sufficient to show and explaln the Charlty's transactSons and dlsclose wlth reasonable accuracy at any tlme the financlal positlon of the Charity and enable them to énsure that the financlal statements omply wlth the Charltles Act 2011, the Charity (Accounts and Reports) RegulatSons 2008 and the Govemlng Document. They are also responsible for safeguarding the assets of the Charfty and hence for taklng reasonable steps for the preventlon and detectlon of fraud any trther irregularitles. The Trustees are responslble for the maiAtenance and integrlty of the Charlty and financlal infomiation included on the Reqister of Charities. Approved by the Trustees and signed on their behalf by: Mrj B Rostron Chalr
The Claude Ballard Southall Memorial Charity statement of Financial Activities Year ended 5 April 2025 Notes Unrestricted Funds Total Funds 2025 2024 Income resour¢es: Income resources from generated funds Total Incomlng resources Resources expended: Cost of 9enerating funds Charitable activities Cost of grant making Governance costs Total resource5 expended Net (outgoing)/incoming resources before other recognised gains and losses Realised gains/(losses) on investment assets Unrealised gainsl(losses) on investment assets Net movement In funds Reconclliation of funds Total funds brought forward Total funds carrled forward
The Claude Ballard Southall Memorlal Charlty Balance Sheet Y¢ar ended S Aprll 2025 Not Unrestricted Funds Total Funds 2025 2024 Flxed Assets Investments Total Flxed Assets Current Assets Cash with bank and investment managers Debtor5 Total current assets Llabllltle Credltor5 falllng due wlthln one year Net current assets Total Jssets less current Ilabllltles Creditors falling due after more than one year Net asset$ The fund$ of the Charlty Unrestricted income funds Total Charlty funds The notes on pages 9 to 11 fomi a part of these accounts. Approved by the Trustee5 and signed on thelr behalf by.. Mr Chalr ostron
The Claude Ballard Southall Memorlal Charity Notes to the Accounts Year ended S April 2025 l. Accountlng pollcles {a) Basls of preparatlon The financial statements have been prepared under the historic cost convents'on, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reportlng by Charities (FRSEE) issued in January 2015 and applicable UK Accountin9 Standards nd the Charitles Act 2011. (b) Funds Strurture The Charity has one fund, an unrestricted income fund. This is a fund which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purDose, {c) Incomlng resources All incoming resources are recognised once the Charity has entitlement to the resourS, it is certain that the resour$ will be received and the monetary value of incoming resources can be measured with sufficient reliabllity. Id) Expendlture on ralslng fund$ Liabilities are recognised as resources expended as soon as there Is a legal or constructive obligation committing the Charity to the expenditure. All expendrture is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to charitable organisations in the furtherance of the charitable objects of the trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there Is uncertainty about either the timing of the grant or the amount of the grant payable. le} Expenditure on generatlng funds The costs of generating funds consists of investment management fees, le9al fees, accountsncy fees and other governan and regulatory fees. If) Charitable activities The cost of charitable artivlties includes grants made. Ig) Governance costs Governance costs comprise all costs involving the public accountabiltty of the Charity and its compliance with regulatlon and good practice. These costs include costs related to the preparation of the accounts, the independent examination fee and legal fees. (h) Fixed asset investment Investments are stated at market value as at the balance sheet date. The statement of financial activib'es indudes the net gain and losses arising on revaluation and disposals throughout the year. (i) Realised galns and 10s$es All gains and losses a taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale5 proceeds and opening market value Ipurehase date if later). Unrealised gains and losses are calculated as the difference between and market value at the year end and opening market value lor purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
The Claude Ballard Southall Memorial Charity Notes to the Accounts Year ended 5 April 2025 {j) Contlngent liabilities and provlslons In accordance with the SORP, a contingent liability is disclosed for those grants. which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees, control. Provisions are recognised for those grants where there is uncertainty as to the timing or amount, and any uncertalnty regarding the amount is more than one of determining a basis for reasonable estimation of the liability arising from that constructive obligation. 2. Related party transactions and Tru5tees' remuneration There were no related party transactions or Trustees, remuneration paid for the financial year ending 5 April 2025. 3. Investment inwme 2025 2024 Dividends - UK equltities Dividends - Non-UK equities Interest - UK fixed interest securities Interest on cash deposits Interest - Non-UK fixed interest securities 4. Investment Manager's Costs 2025 2024 Transact - Investment maT)agement fees Vertls- Investment management fees 5. Analysis of charitable expendlture The Charity undertakes its charitsble activities through grant making and awarded grants to a umber of organisations in furtherance of its charitsble activities. Grant funded activitie5: 2025 2024 Total io
The Claude Ballard Southall Memorial Charity Notes to the Accounts Year ended 5 April 2025 6. Governance costs 2025 2024 Independent examination fee Bank charges Vertis Wealth Management fee Legal fees: Admlni5tration Accounts preparatlon VAT 7. Fixed a55et investments Movement In flxed asset investments Market valLse as at 5 April 2024 Additions to investmeTrts at cost Disposals at carrying value Net gain/{loss) on revaluation Net movement on cash Market value as at 5 April 2025 Investments at market value comprised: 2025 2024 Equitie5 Fixed interest securities Cash held within portfolio Total 8. Analysis of current liabilitites and long term creditors Creditors under l year Legal fees Independent examiner's fee