THE DORIS BOUGHTON TRUST FUND (Registered Charity No. 210324) REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2023 MURPHY SALISBURY LIMITED CELIXIR HOUSE STRATFORD BUSINESS & TECHNOLOGY PARK INNOVATION WAY BAIYBURY ROAD STRATFORD UPON AVON WARWICKSHIRE CV37 7GZ
THE DOIUS BOUGirroN TRUST FUND REPORT AND ACCOUNTS CONTEIYTS PAGE Trustees and Advisers Trustees and Manag¢m¢nt Committee's Report Indendent Examiners, ReFK)rt Ststement of Financial Activities Balance Sheet Notes to the Accounts
THE DORIS BOUGHTON TRUST FUND TRUSTEES AND ADSERs CUSTODIAIY AND INVESTMENT ADVISOR Evelyn Partners 103 Colmore Row BiTmingh&n B3 3AG TRUSTEES C M Bowden l Leach R Sparkes B Smart T D Willtams- appointed 20 October 2022 Mr K Miles- resigned 26 April 2022 KEY MANAGEMENT C Shaw- Administrator M Wilcox - Treasurer INDEPENDENT EXAMINERS Murphy Salisbury Limited Celixir House Stratford Business & Technology Park Innovation Way Banbury Road Strdtford upon Avon Warwickshire CV37 7GZ BAI¥KERS Barelays Bank plc I Churchill Place Leicester LE87 2BB ADDRESS: 39 Admington Drive Hatton Park Waniick CV35 7TZ
THE DOIUS BOUGirroN TRUST FUND REGISTERED CHARrrY NO. 210324 TRUSTEES, ANNUAL REPORT The Trustees present their retK)rt along the financial ststements of the Charity for the year ended 5 April 2023. The fmancial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Tnt Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin I published on 2 Febnlary 2016). Struethre, Governance and Management The Fund was established by Trust Deed on 26 September 1949 and is governed by the Trust Deed between Edward Bishop Boughion and Barclays Bank Trust Company Limited the Custodian Trustee. On 6 SeptembeT 2001, 8 January, 2014 and on 20 April 2015: the Charity Commissioners approved a scheme to amend the original Trust Deed to reflect the future structure of the Trust and discharge Barclays Bank Trust Company Limited from its tnl¢eShlp apintIng the members of the existing Committee in their place. Objectives and Aetivities To maximise the income to the Fund to give financial assislance to employe¢5 and ex employees (including their dependanls) of Illhitn&sh PLC (fornierly Automotive Products PLC} together with the continuing businesses which ere UK Subsidiaries of Automotive Products Group Ltd at any time up to 31 tkc¢mbeT 2006: who are: in the opinion of th¢ Trustees: in need of such assistance. The Trustees have gien consideration to the Charity Commission"s general guidance on public benefit when reviewing its aims and objectives. Aehievernents and Perfonnance Grants totalling £30,685 were made to 58 F*neficiaries during the year (2022 '. £40,209 to 61 beneficiaries). Financial Review The Siatement of Financial Aclivities on page 5 shows net outgoing resources for the year of £1,404 {2022 n¢t outgoings £22,323). The change in the value of the Fund due to recognised losses on investments during the year w&s £l)6:928 {2022 recognised gains £52,269) making the total net moiement in the year a decrease in the Fund's &ssels of £138,332 (2022.. gain of £29:946). Inveslmcnt Report and P¢rforniance The Inveslment Managers aim to manage the fimds so that they generate sufficient income from the investments to maintaTn cuent benefits whilst also maintaining the real long-term value of the investments to support the payment of fijture benefits. The investment income for the year tncreas¢d £8,139 (18 % ) as dividends returned to their pre-pandemic levels and interest rates increased. The value of the inveslments fell by £136,928 to £1,673,535 principally due to the decline in World'1de stock markels in the fIrst quarter of ihe year. Despite Èhis, over Ihe lasl six years the value of the investhieni portfolio has gro by £219.766.
THE DORIS BOUGirtON TRUST FUND REGISTERED CHARrrY NO. 210324 TRUSTEES. ANNUAL REPORT Reserves Policy It is the policy of the Charity to maintain unTestricted fidS at a level which provides sufficient funds to cover Manement and administration and sUprt costs to respond to applications for grants. UTwestrieted fimds were maintained at this level throughout the yeaT. Responsibility of the Trustees in relation to the finantial statements The Charity trustees are responsible for preparing a trustees annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial stalemenls for each financiaI year which give a true and fair view of the charity""s financial activities during the year and of its financial tx)sition at the end of the year. In preparing financial statements giving a true and fair view. the trustees should follow best Practice and: select suilable accounting policies and then apply them eonsislently: observe the methods and principles in the applicable Charities SORP" make judgcments and estimates that are reasonable and prudent; state whether applicable accounting standaTds have been followed, subject to any material departures that musi be disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume Ihat the charity will continue in operation. The trustees are responsibl¢ for keeping accounting records that disclos¢ with reasonable accuracy at any time ihe financial position of the charity and to enable them to ensure that the financial statemenls comply wryth the Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations and ihe provisions of the Irust d¢¢d. They are a150 responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: Signed: M WILCOX Treasurer Approved by th¢ Trustees on: Date.. I * OL¥od (-rf 20 L.l............
INDEPENDENf EXAMINERS. REPORT TO THE TRUSTEES OF THE DORIS BOUGHTON TRUST FUND I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2023 which are sel oul on pages 5 to 9. R¢sponsibiliti¢s and basis of report As the ehaTity's trustees you are responsible for the preparation of the accounts in accordance with the Tequirements of the Charities Aci 2011 {'th¢ Act ). I report in respect of my examination of the charity's accounts caTTied out under section 145 of the Act and in carrying out my examination I have folloN*ed all the applicable Directions given by the Charity Commission under tion 145(5)(b) of the Act. The charity's trustees consider thal an audit is not required for this year under section 144 of the Act and that an independent examtnation is needed. Independent examiners. statement I have Completed my examinalion. I confirni that no malerial 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 res1 of the charity as required by section 130 of the Act" or 2. th¢ accounts do not accord wilh those r¢¢ords" or 3. the COUnt$ do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the a¢¢ounts give a 'true and fair view, which is not a nller considered as part of an independent examiDation. I have no concerns and have come across no other mattetE in CO[eCtiOn 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. Certificate Date........... Steve Walsh FCA Murphy Salisbury Limited Celixir House Stratford Business & Technology Park Innovation Way Banbury Road Strdtford upon Avon Warwickshire CV37 7GZ
THE DORIS BOI GFfros TRI"ST FI")D STATEMENf OF FINANCIAL AcfiviTtES FOR THE YEAR ENDED 5 APIUL 2023 2023 2022 Notes IncomRng Resources 5nvesttn¢nt Income 53,107 44,968 Total Income 53.107 44,968 Resources Expended Investment Management Costs Charitable Activities Governance Costs 12.050 30,685 11.776 13,095 40.209 13,987 Total Expenditure 54.511 67,291 Net income/(expenditure) before ini'estment gains and 1055es (1,404) (22,323) Profit on sales of Investments Gains/(losses) on Investments 5.602 (142.530) 133,441 (81.172) Net Movement in Funds (138,332) 29,946 Reconciliation of funds: Total funds brought forward as at 6 April 2022 1,833.652 1.803,706 Total funds carried fonvard as at 5 April 2023 1,695J20 1,833,652 The notes on pages 7 10 9 form part of these accounts.
THE DOIUS BOUGHTON TRUST FUND BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Notes FIXED ASSETS Managed Fund Investments - Government Securities Fixed Interest Indexed Linked UK Equities Unli Trust Properti, Funds North America Europe Far East Rest of World 198.675 21.066 489.311 193,234 132,814 78.953 27.720 175,538 356,224 156,336 44,552 557,496 267,234 157,958 85,045 26,325 199,535 306,585 1.67J.535 1,801.066 CURRENT ASSETS Cash at Bank 36.791 45.634 36,791 45,634 CREDITORS: Amounts falling due within one year 15.006 13,048 NET CURRENT ASSETS 21,785 32,586 NET ASSETS 1,695J20 1,833,652 FUNDS OF THE CHARITY Unrestricted Funds 1.695J20 1333,652 Approved by th¢ Committee on . (Treasurer) M WtLCOX
THE DORIS BOUGirroN TRUST FUND NOTES TO THE ACCOUIYTS FOR THE YEAR ENDED 5 APRIL 2023 Basis of Accounting The financial slatements have been ppared in accordance Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued OTJ 16 July 2014 (as amended by Update Bulletin I published 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial slatements have been prepared under the historical ¢ost convention with the exception that investments aTr included al market value. The charity constitutes a public benefit entity as defined by FRSIO2. The trustees consider that there are no material uncertainties about the Tnt'S ability to continue as a going concern. Accounling Policies a) Incoming Resources All incoming resources ate recognised once the Charity has entitlement to the resources, it is c¢rtain thai the resources 11] be received: and the monetary value of incoming resources can be me&%ured with suificient reliability. b} Rtsourees Expended Expendilure is recogDised on an aCcnl basis 2$ a liability is incurred. Expenditu includes irrecoverable VAT and is reported as part of the expenditure to which it relates. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. The grdnis are only recognised in the accounts when a ovntnitment has been made and there are no conditions to be met relaling to the grant which remain in the Charity's control. Gov¢rnanc¢ Costs comprise all costs involving public accounLqbility of the charity and its complianc¢ regulation and good practice. c) Fixed Asset Invcstments Investments are stated at market value as at the Balance Sheet date. Th¢ statement of financial activitie5 includes the net gains and losses arising on revaluation and disposals throughout the year.
THE DOIUS BOUGirroN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APIUL 2023 (Continued) d) Realised Gains and Losses All gains and losses are taken to the slalemenl of financial activities as they aTiSe. Realised gains and losses on investments are calculaled as the difference between sale proc¢eds and opening markel value (purchas¢ dale if later). Unrealised gains and losses are calculated as the difference between the mXTket value at the end of the year end and opening market value (or purchase dale if later). Realised and unrealised gains ate not separated in the Ststement of Financial Activities. 3. Charitable Activiti 2023 2022 Grants of financial &ssistance to individuals 30.685 40209 Anatysis of Governance Costs 2023 2022 Salaries Independent Examiners, Fee Accounlancy Stationery and Postage Professional Fee Other admin Expenses 9.272 801 1263 118 144 178 11.897 1.013 l.(K)7 70 11,776 13,987 5. Truste¢s' Remuneration and Related Party Transactions The following Key Management received salaries and expenses during the year. 2023 2022 Salaries: M Wilcox C Inglis C Shaw 3.272 3,140 8,757 9372 11,897 2023 2022 Expenses: C Shaw 45 No other Key Management or Trustees received remuneration or expenses. The average number of employees during the year 2 (2022: 2).
THE DORIS BOUGHTON TRUST FUND NOTES TO THE Accouwfs FOR THE YEAR ENDED 5 APRIL 2023 (Continued) 6. Fixed As$¢t Inveslmcnts 2023 2022 Market Value 6 April 2022 Add: additions to investtnents at cost Less: disposals at cost Add: net gain l(loss) on revaluation 1.801.066 163,809 (148.810) (142,530) 1.770.438 293.279 (181.479) (81.172) Market Value 5 April 2023 1.673535 101,066 Historical Cost of Managed Fund Investments £ 1,435,443 £ 1.420.445 The Truslees have given the Investment Advisers responsibility for the Management of the Investment Portfolio in accordance with an investment approach agreed by the trustees. 7. Creditors 2023 2022 Amounts falling due within one year: Accruals Payroll Tax 14,540 466 12,452 596 15,006 13,048 8. Revenue Reserves The funds recognised &s Revenue Reserves ai 5 April 2023 wer¢ £133.800 (2022: £129,137) and it is confirnied thai ihere are sufficient funds available to cover fluctuating levels of requesis for SUPFK)rt. N'hich may exceed a single }'ear's incom¢. for the foreseeable future, in line the policy of the Tnlst.