The Walter Guinness Charitable Trust - A Registered Charity
Report and Financial Statements
5 April 2022
The Walter Guinness Charitable Trust - A Registered Charity
CONTENTS
| Page | |
|---|---|
| TRUSTEES' ANNUAL REPORT | 1 - 4 |
| INDEPENDENT EXAMINER'S REPORT | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 6 |
| BALANCE SHEET | 7 |
| STATEMENT OF CASHFLOWS | 8 |
| NOTES TO THE FINANCIAL STATEMENTS | 9 - 15 |
The Walter Guinness Charitable Trust - A Registered Charity
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2022
The Trustees present the financial statements and annual report for the year ended 5 April 2022. 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 Charity's trust deed dated 6 December 1961, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (effective 1 January 2019) and Financial Reporting Standards FRS 102.
Reference and Administration Details of the Charity its Trustees and Advisors
| Settlor | Rt Hon Bryan Walter, Second Lord Moyne |
|---|---|
| Registered Charity Number | 205375 |
| Trustees | The Hon Finn Benjamin Guinness |
| The Hon Rosaleen Elisabeth Mulji | |
| The Hon Catriona Rose Guinness | |
| The power of appointing Trustees is vested in The Honourable Rosaleen | |
| Elisabeth Mulji. | |
| Principal Office | Biddesden House |
| Andover | |
| Hampshire | |
| SP11 9DN | |
| Solicitors | Withers LLP |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Independent Examiner | Stephen Mason BSc FCA |
| FKCA Limited | |
| 260-270 Butterfield | |
| Great Marlings Luton | |
| Bedfordshire | |
| LU2 8DL | |
| Accountants | TMF Global Services (UK) Ltd |
| 960 Capability Green | |
| Luton | |
| Bedfordshire | |
| LU1 3PE | |
| Investment Managers | Cazenove Capital Management |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Bankers | Royal Bank of Scotland plc |
| 28 CavendishSquare | |
| London | |
| W1G 0DB |
1
The Walter Guinness Charitable Trust - A Registered Charity
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2022
Trust Provisions The settlement was made in memory of the Settlor's Father, Walter Edward, First Lord Moyne. By the deed dated 6 December 1961, the trust fund as to capital (expendable endowment) and income is held for such charitable purposes as the Trustees think fit. The trust deed included a twenty-one year power to accumulate income, which ended on 6 December 1982. After that date income should be used for charitable purposes as far as it is possible.
Tax
Under existing law the Charity is exempt from income tax, inheritance tax and capital gains tax.
Financial Review Main achievements in the year
The Trustees received income of £154,722 (2021: £139,854) for the financial year reflecting an increase in investment income of £14,868.
During the year the Trustees have continued to apply the Charity's income by making grants totalling £160,595 (2021: £134,046) to a wide range of charities. The Trustees were pleased to be able to make 104 grants in the year (2021: 85 grants were made).
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Activities
Expenditure during the year ended 5 April 2022 amounted to £194,229 (2021: £166,200). The expenditure included grants of £161,095 (2021: £134,046) as detailed on pages 11 and 12. The Trustees aim to spend the estimated income from each year, aiming to have no significant income reserves at each year end. Administration services are provided at no cost by the Guinness family.
Objectives, Structure, Governance and Management
The Charity's ongoing activities and policies are set at the discretion of the Trustees in accordance with the objectives of the trust deed. The Charity's principal activity is its grant making programme. The Trustees meet regularly to determine distributions to well researched charitable projects. In addition, the Trustees meet annually to review investment performance and receive quarterly reports on the Bryth ICVC shares.
The Trustees have wide powers of investment, as though beneficially entitled. The investment objectives are to balance income and capital growth. Cazenove Capital Management have discretionary management over the Charity's portfolio with the exception of the Diageo holding, on which they advise the Trustees. The Charity's investment portfolio (excluding the Bryth ICVC shares but including cash) has increased in value by 14.67% over the year. In comparison the FTSE100 index has increased by 11.58% over the same period.
The Trustees are satisfied with Cazenove's investment performance as they adopt a cautious conservative approach to long-term investment.
2
The Walter Guinness Charitable Trust - A Registered Charity
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2022
Activities - continued Objectives, Structure, Governance and Management continued
The Endowment Fund represents the Charity's reserves which are used to generate the income as necessary to maintain the donations made.
The Trustees confirm that the major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate the risks.
Activities for the public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when setting their grant making policy for the year, in line with the Charity's aims and objectives.
The Trustees are satisfied that all grants made during the year are for the benefit of the public and that the benefits of each and every grant are clearly identifiable. A list of significant grants can be seen in note 4 to the Financial Statements.
The Trustees in planning their grant making policy for the year consider that its objects are carried out by the wide range of grants made including: the provision of grants towards bursaries in the field of education; funding medical research; and making grants for specific and general projects relating to activities for the disabled, elderly, veterans, prisoners, children, families and youth.
Induction and training of new Trustees
When appointing a new Trustee, due consideration is given to the skills required by the Board of Trustees. The Trustees have adopted a policy in the event of the appointment of a new Trustee which includes a brief induction and training process. This includes a meeting with the existing Trustees to advise on investment policy, the grant making process and the powers and responsibilities of the Trustee board. In addition any new Trustee will be provided with a copy of the latest financial statements and annual return and any recent investment reports.
Future plans to achieve charitable objectives
The Trustees are satisfied with their grant making priorities and investment policy and it is their intention to continue on this basis to achieve the objectives of the Charity in the future. The Charity continues to concentrate on supporting Charities working in Wiltshire and would like to hear from these.
3
The Walter Guinness Charitable Trust - A Registered Charity
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2022
Statement of Trustees' responsibilities for the financial statements
Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and ensuring compliance with the trust deed.
Approved by the Trustees on:
31 October 2022
-----------------------------------------------------------
Date
and signed on their behalf by:
The Hon Rosaleen Mulji
4
INDEPENDENT EXAMINER'S REPORT
to the Trustees of The Walter Guinness Charitable Trust - A Registered Charity
I report to the Charity Trustees on my examination of the Financial Statements of The Walter Guinness Charitable Trust - A Registered Charity (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the Charity trustees of the Trust you are responsible for the preparation of the Financial Statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's Financial Statements 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the Financial Statements do not accord with those records; or
-
the Financial Statements do not comply with the applicable requirements concerning the form and content of Financial Statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the Financial Statements give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the Financial Statements to be reached.
Mr Stephen Mason BSc FCA For and on behalf of FKCA Limited 260-270 Butterfield Great Marlings Luton LU2 8DL
Date: 24 November 2022
5
The Walter Guinness Charitable Trust - A Registered Charity
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 5 April 2022
| Note INCOME AND ENDOWMENTS Donations and legacies 2a Investments 2b TOTAL INCOME EXPENDITURE Cost of raising funds 3 Charitable activities 4 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE GAINS AND LOSSES ON INVESTMENTS Net gains/(losses) on investments 7 NET INCOME/(EXPENDITURE) AFTER GAINS AND LOSSES ON INVESTMENTS TRANSFER BETWEEN FUNDS OTHER RECOGNISED GAINS/(LOSSES) Net gains/(losses) on foreign currency exchange NET MOVEMENT IN FUNDS FUND BALANCES BROUGHT FORWARD FUND BALANCES CARRIED FORWARD |
Expendable Endowment Income £ £ - - - 154,722 - 154,722 27,661 - - 166,568 27,661 166,568 (27,661) (11,846) 947,718 - 920,057 (11,846) (11,846) 11,846 8,176 - 916,387 - 10,308,805 - 11,225,192 - Unrestricted Funds |
Total 2022 £ - 154,722 154,722 27,661 166,568 194,229 (39,507) 947,718 908,211 - 8,176 916,387 10,308,805 11,225,192 |
Total 2021 £ 23,583 139,854 |
|---|---|---|---|
| 163,437 | |||
| 26,252 139,948 |
|||
| 166,200 | |||
| (2,763) 1,977,636 |
|||
| 1,974,873 - (1,617) |
|||
| 1,973,256 8,335,549 |
|||
| 10,308,805 |
6
The Walter Guinness Charitable Trust - A Registered Charity
BALANCE SHEET
as at 5 April 2022
| Note FIXED ASSETS Investments 7 CURRENT ASSETS Debtors 5 Cash at bank 8 LIABILITIES: amounts falling due within one year 9 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Representing: UNRESTRICTED FUNDS Expendable Endowment 10 Approved by the Trustees on: 31 October 2022 ----------------------------------------------------------- Date |
2022 £ 11,231,185 11,231,185 - 2,501 2,501 (8,494) (5,993) 11,225,192 11,225,192 11,225,192 |
2021 £ 10,315,383 |
|
|---|---|---|---|
| 10,315,383 | |||
| 35 2,501 |
|||
| 2,536 (9,114) |
|||
| (6,578) | |||
| 10,308,805 | |||
| 10,308,805 | |||
| 10,308,805 | |||
and signed on their behalf by:
The Hon Rosaleen Mulji
7
The Walter Guinness Charitable Trust - A Registered Charity
STATEMENT OF CASHFLOWS
for the year ended 5 April 2022
| Note Cash flows from operating activities: Net cash provided by (used in) operating activities 14 Cash flows from investing activities: Investment income Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing activities Cash flows from financing activities: Gift of shares Gain/(loss) on foreign currency exchange Net cash provided by (used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Note Represented by: Cash held within the investment portfolio 7 Cash at bank 8 |
2022 £ (194,814) 154,722 2,008,980 (1,912,607) 251,095 - 8,176 8,176 64,457 209,894 274,351 2022 £ 271,850 2,501 274,351 |
2021 £ (166,002) |
|---|---|---|
| 139,854 1,130,644 (1,028,239) |
||
| 242,259 | ||
| 23,583 (1,617) |
||
| 21,966 | ||
| 98,223 111,671 |
||
| 209,894 | ||
| 2021 £ 207,393 2,501 |
||
| 209,894 |
8
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS at 5 April 2022
1. ACCOUNTING POLICIES
The principal accounting policies adopted are as follows:
a) Basis of preparation and assessment of going concern
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 (FRS 102)) (effective 1 January 2019) and the Charities Act 2011.
The 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 Financial Statements.
b) Fund structure
The expendable endowment represents funds originally settled into the Charity and subsequent gifts of shares by family members. The Trustees are permitted to apply the endowment as though it were income.
c) Income recognition
All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Interest on funds held is included upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Income from donations and legacies is recognised as it is received by the Trustees.
d) Expenditure recognition
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. For more information on this allocation refer to note e) below.
Grants payable are payments made in furtherance of the charitable objectives of the Charity. Provision is made for grants approved by the Trustees in the year. During the year, all grants approved by the Trustees were paid.
e) Allocation of governance and other support costs
Governance and support costs have been allocated between charitable activities and governance based on the activity to which they relate. The allocation is analysed in note 5.
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the independent examination of the Charity and accountancy charges together with an apportionment of overhead and support costs.
f) Cost of raising funds
The cost of generating funds comprises the investment management charges.
g) Charitable activities
The expenditure on charitable activities comprises grants made in the year, governance costs and an apportionment of support costs as shown in note 4.
9
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 5 April 2022
1. ACCOUNTING POLICIES - continued
h) Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the Balance Sheet date using the closing quoted bid market price or an estimate provided by the investment managers. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
i) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
j) Currency
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
k) Foreign currency translation
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at yearend rates and translation differences are taken to the Statement of Financial Activities.
2. INCOME AND ENDOWMENTS
a) Donations and legacies
In the year to 5 April 2021 Fiona Guinness, a sister of the trustees, gifted £23,583 by way of shares.
b) Investment income 2022 2021
| Geographically: Within the UK Outside the UK Interest on cash deposits All investment income relates to quoted investments. COST OF RAISING FUNDS Investment management charges Bank charges |
£ £ 93,195 102,489 61,507 37,357 154,702 139,846 20 8 154,722 139,854 2022 2021 £ £ 27,659 26,252 2 - 27,661 26,252 |
|---|---|
3. COST OF RAISING FUNDS
4. ANALYSIS OF CHARITABLE ACTIVITIES
The Charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable objectives.
| in furtherance of its charitable objectives. | |
|---|---|
| 2022 | 2021 |
| £ | £ |
| Grant funded activity 160,595 | 134,046 |
| Support and governance costs - Governance - income 5,973 | 5,902 |
| 166,568 | 139,948 |
10
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 5 April 2022
4. ANALYSIS OF CHARITABLE ACTIVITIES - continued
Grants in furtherance of charitable objectives Grants over £1,000 in descending order of magnitude
| Payee Purpose 1 Listening Books for lending to people in Wiltshire 2 Marie Curie for work in Wiltshire 3 Samaritans help for people in Wiltshire 4 NSPCC Swindon Hub 5 Prisoners Advice Service General donation 6 Salisbury Cathedral Chorister bursary for a year 7 MHA for people In Wiltshire 8 FAB sight loss help in Southern Region 9 HELP Counselling Services for people unable to afford full fees 10 Wiltshire Air Ambulance General donation 11 Prisoners Education Trust 5 prisoners from Wiltshire 12 Clic Sargeant for patients from Wiltshire 13 Bridge Foundation early intervention in Wiltshire schools 14 Brighter Futures NHS Great Western Hospitals NHS Foundation Trust 15 Hazel Hill Trust Well being in Nature project 16 RABI ( Royal Agricultural Benevolent Institution ) farming families in Wiltshire 17 MNDA ( motore Neurone Disease assn ) for people in Wiltshire 18 Living paintings for blind & partially sighted in Wiltshire 19 Brendon Care towards 2 clubs in Andover 20 Amber Foundation workshops for homeless & unemployed 21 Independent Age for work in Wiltshire 22 Enham trust green house refurbishment 23 Sense Wiltshire deaf blind children 24 Second Chance special help for children -Hampshire 25 Julian House Employability through skills 26 MS Society helpline for SW England 27 Rainbow Trust families in SW England 28 REACT help for terminally ill children in Wiltshire 29 Brainwave on line therapy for Wiltshire children 30 RABI ( Royal Agricultural Benevolent Institution ) General donation 31 Friends of the Elderly for work in Wiltshire 32 Whizz -Kids for children in Wiltshire 33 Reach inclusive Arts drama project for disabled in Swindon 34 Independence at Home for work in Wiltshire 35 Wessex Childrens Hospice Trust for Naomi House & Jackspace 36 Treloar's towards extra-curricular activities 37 Home Start South Wiltshire General donation 38 Wiltshire Mind ( Mind Wiltshire) towards running costs of weekly support groups 39 Combat Stress peer support S of England 40 SHELTER for the Bristol Hub 41 Multiple Sclerosis Trust Swindon Live at Home Project 42 Tall Ships for children in Wiltshire 43 Dorchester Trust for Counselling & Psychotherapy General donation 44 Youth Adventure Trust activity day for 20 in Wiltshire 45 Sailors Childrens Society for children in Wiltshire 46 Revitalise catchup school at Vigo School Total grants over £1,000 Total of 58 other grants up to £1,000 Total of 104 grants in year Grant refunded |
Amount £ 5,000 5,000 5,000 5,000 4,000 4,000 3,500 3,000 3,000 3,000 2,690 2,500 2,500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,500 1,500 1,500 1,184 1,121 1,100 |
|---|---|
| 110,095 51,000 |
|
| 161,095 (500) |
|
| 160,595 |
11
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 5 April 2022
4. ANALYSIS OF CHARITABLE ACTIVITIES - continued
Grants by value
| £1 - £249 £250 - £499 £500 - £999 £1,000 - £2,499 £2,500 - £4,999 £5,000+ |
2022 No of Grants Total Value £ 2 200 - - 11 5,800 78 106,905 9 28,190 4 20,000 104 161,095 |
2021 No of Grants Total Value £ 4 350 - - 9 5,219 62 86,877 8 26,600 2 15,000 |
|---|---|---|
| 85 134,046 |
Grants by category
| All grants are made to institutions Projects outside of the UK Projects in Wiltshire & neighbouring areas Projects elsewhere in the UK |
2022 Number £ 3 2,500 88 142,174 13 16,421 104 161,095 |
2021 Number £ 2 3,000 74 119,871 9 11,175 |
|---|---|---|
| 85 134,046 |
5. ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS
Support costs and how these were allocated between Governance and Charitable Activities are shown below:
| UNRESTRICTED INCOME FUND Independent Examiner’s fees Accountancy and taxation services Postage stamps Information Commissioner Unrecoverable debtor |
2022 Charitable Governance Activities £ 1,230 - 4,607 - 66 - 35 - 35 - 5,973 - |
2021 Charitable Governance Activities £ 1,260 - 4,607 - - - 35 - - - |
|---|---|---|
| 5,902 - |
6. TRUSTEES EXPENSES AND REMUNERATION
None of the Trustees received any remuneration or reimbursement of expenses in respect of the financial year ended 5 April 2022 (2021: £Nil). The Charity has no employees (2021: Nil). The Charity had no secretarial fees for the year (2021: £Nil).
12
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 5 April 2022
| 7. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| Total | Total | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Market value at 5 April 2021 | 10,107,990 | 8,232,759 |
|
| Disposal proceeds | (2,008,980) | (1,130,644) |
|
| Acquisitions at cost | 1,912,607 | 1,028,239 | |
| Net gains/(losses) on revaluation and disposal | 947,718 | 1,977,636 | |
| Market value at 5 April 2022 | 10,959,335 | 10,107,990 |
|
| Cash held within the investment portfolio | 271,850 | 207,393 | |
| 11,231,185 | 10,315,383 |
||
| Historical cost as at 5 April 2022 | 5,081,105 | 5,153,693 | |
| Split: | |||
| Listed investment assets in the UK | 9,146,658 | 8,345,788 | |
| Listed investment assets outside the UK | 1,372,884 | 1,438,925 | |
| Funds of unlisted investments | 439,793 | 323,277 | |
| 10,959,335 | 10,107,990 |
||
| Investments include the following with a value greater than 5% of the portfolio at 5 April | 2022: | ||
| Name | Holding | Market Value | |
| £ | |||
| Diageo – Ordinary 28 101/108p shares | 37,283 | 1,483,677 | |
| Bryth ICVC Fund | 4,014,655 | 4,861,748 | |
| M&G Global Class PP | 702,401 | 902,305 | |
| 8. | CASH AT BANK | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Stockbrokers income account | (840) | (28,537) |
|
| Bank account | 3,341 | 31,038 | |
| 2,501 | 2,501 | ||
| 9. | LIABILITIES - amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Independent Examiner's fees | 1,230 | 1,230 | |
| Accounting and taxation services | 1,306 | 1,306 | |
| Investment management charges | 5,958 | 6,578 | |
| 8,494 | 9,114 |
13
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 5 April 2022
10. UNRESTRICTED FUNDS
| UNRESTRICTED FUNDS | ||
|---|---|---|
| Expendable 2022 Endowment Unrestricted funds comprise the following: £ Investments 10,959,335 Cash 271,815 Creditors (5,958) 11,225,192 |
Income Fund £ - 2,536 (2,536) - |
Total 2022 £ 10,959,335 274,351 (8,494) |
| 11,225,192 |
11. RELATED PARTIES
The Trustees' investments are managed by Cazenove Capital Management, except for the Charity's holdings in Diageo and the Bryth ICVC, a UK open ended investment company. The Charity's shares in the Bryth ICVC were acquired in November 2007 in exchange for shares in Templeco 613 Limited, a UK private investment company. The Charity's shares in Templeco 613 Limited were in turn acquired in November 2003 in exchange for its common NPV shares in Bryth Limited, a company registered in Canada. The following Trustees have an interest in shares in the Bryth ICVC:
The Hon Finn Benjamin Guinness The Hon Catriona Rose Guinness
12. GRANT COMMITMENTS
There are no future binding or non-binding commitments.
13. VOLUNTEERS
Other than the Trustees, the Charity receives no contribution from volunteers.
14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net movement in funds (as per the Statement of Financial Activities) (Gains) on investments shown in investing activities (Gains)/losses on exchange rate Deduct investment income shown in investing activities Deduct gift of shares/voluntary contribution shown in financing activities (Decrease)/increase in creditors Decrease/(increase) in debtors Net cash provided by (used in) operating activities |
2022 £ 916,387 (947,718) (8,176) (154,722) - (620) 35 (194,814) |
2021 £ 1,973,256 (1,977,636) 1,617 (139,854) (23,583) 198 - |
|---|---|---|
| (166,002) |
14
The Walter Guinness Charitable Trust - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 5 April 2022
15. SUMMARY OF FUND MOVEMENTS
| Fund Name Expendable endowment Income Total Funds |
Fund balances brought forward £ 10,308,805 - 10,308,805 |
Income £ - 154,722 154,722 |
Expenditure £ (27,661) (166,568) (194,229) |
Transfers £ (11,846) 11,846 - |
Gains and losses £ 955,894 - 955,894 |
Fund balances carried forward £ 11,225,192 - |
|---|---|---|---|---|---|---|
| 11,225,192 |
The transfer of £11,846 from the Expendable Endowment to Income is in accordance with the Trustees’ objective of using the Endowment Fund as a reserve, which is used to generate income as necessary to maintain the donations made.
15