SIR JOHN AND LADY AMORY’S CHARITABLE TRUST
ACCOUNTS
YEAR ENDED 5 APRIL 2023
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Contents Page
Trustees’ report -
Reference and administration details 1
Trustees’ report -
Narrative section 2.3
Independent examiner’s report 4
Receipts and payments account 5
Statement of assets and liabilities 6
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1
SIR JOHN AND LADY AMORY’S CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS
Charity name
Sir John and Lady Amory’s Charitable Trust
Registered charity number 203970
Charity’s principal address
The Island
Lowman Green Tiverton Devon EX16 4LA
Trustees
Sir Ian Heathcoat Amory, Bt Lady Heathcoat Amory Mr William Francis Heathcoat Amory
Independent examiner
Mrs M Hutchings
Apsleys LLP
21 Bampton Street Tiverton
Devon EX16 6AA
2
SIR JOHN AND LADY AMORY’S CHARITABLE TRUST TRUSTEES REPORT
OBJECTIVES AND ACTIVITIES
Summary of the objects of the charity set out in its governing document
Any charitable purposes (at the trustees’ discretion).
The trustees believe the objectives of the trust are to support any institution whose purpose is wholly charitable and individuals in particular need, with primary concern to benefit the inhabitants of the county of Devon and to assist the poor or aged and to advance education.
Summary of the main activities in relation to these objectives
The trust meets its objectives by following a general policy of distributing the trust’s income whilst maintaining the substance of the trust’s investments to enlarge its grant-giving potential.
Policy on grant making
The trustees invite, or respond to, applications from a wide variety of established charities or groups promoting charitable causes. Their preference is to support smaller groups, mostly in the south west of England, which do not have access to sophisticated fund raising campaigns and on whicha relatively small donation may have a significant effect. In this manner the aims of the charity are for the public benefit.
The trustees have had due regard to guidance published by the Charity Commission on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Summary of the main achievements of the charity during the year
The charity has continued to run steadily, making donations out of investment income to local institutions and individuals.
During the year the charity made donations of £62,939 (2022: £45,605).
Donations of £5,000 or more: Blundell's School £5,976
FINANCIAL REVIEW
Policy on reserves
. It is the policy of the trust to maintain sufficient reserves to meet its commitments to grants awarded but not yet paid and to maintain the trust’s grant-giving potential in real terms.
Investment policy
The trust employs Rathbone Investment Management Ltd to manage most of its investment portfolio. The remainder of the portfolio is invested in companies in the county of Devon.
Out-turn
Investment income for the year was £67,367 (2022: £62,384) representing a 2.4% return (2022: 2.2%) on the market value of the portfolio at the beginning of the year.
At the year end the market value of investments held was £2,751,709 (2022: £2,8 14,650).
3 SIR JOHN AND LADY AMORY’S CHARITABLE TRUST
TRUSTEES REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Type of governing document Trust Deed dated 10 November 1961
How the charity is constituted
Trust
Trustee selection method
The minimum number of trustees required to administer the charity is three. However two trustees may administer the charity provided the vacancy is filled as soon as possible. Appointment is by the existing trustees under statutory powers.
Trustees consideration of risks
The trustees have examined the major strategic, business and operational risks which the trust faces and confirm that systems have been established to lessen those risks.
OTHER INFORMATION
Administration
Rathbone Investment Management Ltd manage the investment portfolio and Lowman Manufacturing Co Ltd manage the day to day administration. The trustees determine to whom the donations are paid by reviewing requests for donations.
Signed on behalf of the Trustees
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Sir Ian Heathcoat Amory
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Date: 2t.tv. BA
4
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SIR JOHN AND LADY AMORY’S CHARITABLE TRUST
I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2023 which are set out on pages 5 to 6
Responsibilities and basis of report
As the 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination J 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:
- | accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records
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.
we Wakes
Mrs M Hutchings Apsleys LLP Chartered Accountants
21 Bampton Street Tiverton EX16 6AA
Date: 22\u0\0 3)[ae]
5
SIR JOHN AND LADY AMORY’S CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT YEAR TO 5 APRIL 2023
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| RECEIPTS | |||
| Income receipts | |||
| Dividends and interest from investments | 67,367 | _ | 62,384 |
| 67,367 | 62,384 | ||
| Proceedsfrom the saleofinvestmentassets | —__1,041,156_ | FFA,116. | |
| Total receipts for the year | 1,108,523 | 1,006,500 | |
| PAYMENTS | |||
| Direct charitable expenditure | |||
| Donationsmade to charitable and other institutions | 62,339 | 44,455 | |
| Donations madeto individuals | 600 | 1,150 | |
| Management and administration | |||
| Management charges | 9,874 | 16,853 | |
| Exchange ratemovement | (15,037) | (795) | |
| 57,776 | 61,663 | ||
| Purchase ofassets held for investmentpurposes | 1,116,191 | 844,382 | |
| 1,173,967 | 906,045 | ||
| Net receipts (payments) | (65,444) | 100,455 | |
| Cash funds at 5 April2022 | 175,929 | 75,474 | |
| Cashfundsat5April2023 | 110,485 | 175,929 |
6
SIR JOHN AND LADY AMORY’S CHARITABLE TRUST STATEMENT OF ASSETS AND LIABILITIES
AT 5 APRIL 2023
| 2023 | 2022 | |
|---|---|---|
| MONETARYASSETS | £ | £ |
| Cash funds | ||
| Bank account | 42,637 | 33,510 |
| Brokers income account | 5,819 | 10,876 |
| Brokers capital account | 62,029 | 131,543 |
| 110,485 | 175,929 | |
| Investments at market value | ||
| Listed investments | 2,520,324 | 2,583,265 |
| Unlisted investments | 231,385 | 231,385 |
| 2,751,709 | 2,814,650 | |
| Debtors | ||
| Tax repayment | - | - |
| Aggregatemonetaryassetslessliabilities | 2,862,194 | 2,990,579 |
Approved by the trustees on 2 ly (223 4 1a
and signed on their behalf by:
Sir Ian Heathcoat Amory