THE DORIS BOUGHTON TRUST FUND (Registered Charity No. 210324) REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2024 TC GROUP CELIXIR HOUSE STRATFORD BUSINESS & TECHNOLOGY PARK INNOVATION WAY BANBURY ROAD STRATFORD UPON AVON WARWICKSHIRE CI'37 7GZ
THE DORIS BOUGHTON TRUST FUD REPORT AND ACCOUNTS CONTENTS PAGE Trustees and Adviser5 TSteeS and Management Committee's Report Ind¢pendcnt Examiners. Report Statement of Financial Activili¢s Balance Sheet Notes to the Accounts
THE DORIS BOUGHTON TRUST FUND TRUSTEES ADVISERS CUSTODIAN AND II¥VESTMENT ADVISOR Ev¢lyn Parnicrs 103 Colmore Row Birniingham B3 3AG TRUSTEES B Singh Nagra- Chairnian - appointed as a Trustee on 18 October 2023 and app)inted as Chairnian on 17 January 2024 C M Bowden l L¢ach R Sparkes B Smart T D Williams A Shurvinton- appointed 18 October 2023 W Ryan- apw)inted 18 Odob¢r 2023 KEY MANAGEMENr C Shaw- AdministratOT M Wilcox . Tr¢asureT INDEPENDENT EXAMINERS TC Group Celixir House Stratford Business & Technology Park Innovation Way Banbury Road Stratford upon Avon Watwickshire CV37 7GZ BANKERS Bar¢lays Batth plc I Churchill Place Leicester LE87 2BB ADDRESS: 39 Admington Drive Hatton Patk Warwick CV35 z
THE DOIUS BOUGHTON TRUST FUD REGISTERED CHARrrY Iyo. 210324 TRUSTEES, ANNUAL REPORT The Trustees present tb¢ir report along with the financial statements of th¢ Charity for thc ycar ended 5 April 2024. The financial statements have b¢¢n prq)ared in accordance with the accounttng policies set out on page 7 and comply with thc Ttust Deed, the Chatities Act 2011 and "(FRS 102),: Accounting and Reporting by Charities: Statement of Recommcnded Practice applicable lo charities prq)aring their accounts in accordance with the Financial Reporting Standard applicable ill the UK and Republic of Ir¢land effective l January 2019. Strueture, Governance and Management The Fund was established by Trust Deed on 26 September 1949 and is governed by the Trust Dced between Edward Bishop Boughton and Barclays Bank Trust Company Limited the Custodian Trustee. On 6 September 2001. 8 January 2014 and on 20 April 2015, the Charity Commissioners approved a s¢hcm¢ to amend Ihc original Trust Deed to reflect the future strncture of the TTUSt and discharge Barclays Bank Trust Company Limit from its trnst¢eship appointing the members of the existing Committee in theiT plac¢. Public Benefit The trustees confiTm they have complied with their duty under se.0 4 of the Charities Act 201 I to have due regard to the Charity Cotnmission s general guidance on public benefit. Objectives and Activities To maximise the income tu Ihe Fund to give financial assistance to employees and ex employees (including their dependants) of Ivhitnash PLC (formerly Automotive Products PLC) togelhcr with the Continuing businesses ,hICh were UK Subsidiaries of Automotive Products Group Ltd at any time up to 31 December 2006, who are, in the opinion of the Trustees, in need of such assistance. The Trustees have givcn consideration to the Charity Commission's general guidance on public benefit when reviewing its aims and objectives. Aehievements and Performance Grants totalling £24,500 We made to 40 beneficiaries duTing the year (2023.. £30,685 to 58 beneficiaries). Financial Review The Statetnent of Financial Activities on page 5 shows net incoming resources for the year of £9,620 (2023 net outgoings £1,404). The change in the value of the Fund due to recognised gains on investments during the year was £54.7?4 {2023 Tecognised losses £136,9?8) makinb. the total net movement in the year an increase in the Fund's &ssets of £64,344 (2023: decrease of £138,332)- Investment Report and Performance Th¢ Inveslment Managers aim to manage the funds so that they generate sufficient income from the investmcnts to maintain current benefits whilst also maintsining the real long-terni value of the invcstmcnts to support th¢ paym¢ni of future benefits. The investment income for the year increased £5.720 (10.770/ ) due to the general increase in dividcnds and interest rates in the year. The value of the investments rose by £53,245 to £1,726,780 which was a slight und¢rpcrfonnance compared to the benclllnarks used by the investment managers. The trustees are in dtgeussions with the investment manag5 OV¢T actions to improvc the total investment perfomiance of the fund.
THE DOIUS BOUGHTON TRUST FUND REGISTERED CHARITY NO. 210324 Reserve$ Policy TRUSTEES, ANNUAL REPORT It is the policy of the Charity to maintain unrestricted funds at a level which provides sufficient funds to ¢ovcr fflanag¢meni and administration and support Costs to respond to applications for grants. Unrestrictcd funds were maintained at this level throughout the year. Responsibility of the Trnstee$ in relation to the financial Statements The chan.ly trustees are responsible for preparing a trustees annual report and financial statements in accordance with applicable law and United Kingdom Accounting SLdards. The law applicabl¢ to charities in England and Wales requires the trustee(s) to prepare financial stateTnen15 for each financial year which give a trne and fair view of the charity's financial activities during the y&qr and of its financial FN)sition at the end of the year. In preparing financial statemts giving a true and fair view, th¢ trustces should follow best practice and: sclect suitable accounting policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasouable and PTud¢nt" slate whether applicable aecounting standards have becn followed. subject to any material departures that must be disclosed and explainoj in the financial statements; piepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charity will continue in operdtion. The trnstees are reswnsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure thal the financial statements covnply with the Charities Act 2011, the applicable Chariti¢5 (Accounts and Reports) Regulations and the provisions of the tnlst ded. They arc also responsible for Safe&arding the assets of the charity and taking i¢asonable steps for the prevention and detection of fraud and other iTrcgularities. Approved by the TnteeS 2nd signed on their b¢half by: Signed: B SINGH NAGRA Chainnan Approvcd by the Trustees on: Datc.. 171112oU+
IThTDEPENDENT EXAMIIYERS, REPORT TO THE TRUSTEES OF THE DORIS BOUGHTON TRUST FUND I report to the charity trustec5 on my examination of th¢ accounts of the charity for the year ended 5 April 2023 which are sa out on pages 5 to 9. Responslbllities and basis of report As the charity's trustees you are reswnsible for the preparation of the accounts in accordance with the r¢quirements of ihe Charities Act 2011 ('the Act.). I report in iespect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions givcn by th¢ Charity Commission under section 145(5)Ib} of the Act. The charity's trust¢es consider that an audit is not requir¢d for this year under section 144 of the Act and that an independent examination is n¢eded. Independent examlners, statement Your attention is drawn lo th¢ fact that th¢ charity has prepared financial statements in accordance with Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities". Statement of Recommended Practice issu¢d on l April 2(K)5 which is referr&J to in the extant regulations bul has now bcen wiihdrawn. l understand that this has bcen done in order for financial staiements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for r¢porting periods begyinningi on or after l January 2015. I hav¢ LOMplet my examinalion. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respecl.. accounting records were not kept in respect of the charity as rquired by section 130 of the Acl. or the accounts do not aOrd with tho$¢ records; or the accounts do not comply with the applicable requirements conccrning the forn) and rontent of accounts set oul in th¢ Charitics {Accounts and Reports) Regulations 2008 oiher than any requirement that the accounts givc a "true and fair view, which is not a matter considered as part of an independent ex9mination. I havc no wncems and have come across no other matters in connection with the examination to which attention should b¢ drawn in this report in order to cnable a proper understanding of the accounts to be reached. Certificate Date............... .. TC Group C.elixir House Stratford Business & Technology Park Innovation Way, Banbury Road Stratford upon AOn. Warwiekshire CV37 7GZ
THE DORIS BOUGHTOIY TRUST FUND STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Incoming Resources Investment Income 58,827 53,107 Interest received 39 Total Income 58,866 53.107 Resources Expended Investrnent Management Costs Charitable Activities Governance Costs 11.770 24,5 12,976 12,050 30,685 11,776 Total Expenditure 49,246 54.511 Net ineome/(expenditure) before investment gains and los 9.620 (1,404) Loss on sales of Inveslments Gainsl(losses) on Investments (8,235) 62.959 5,602 (142,530) Net Movemcnt in Funds 64,344 (138,332) Reconeiliation of funds: Total funds brought fonvard as at 6 April 2023 1.695,320 1,833.652 Total funds carried forward as at 5 April 2024 1,759,664 1,695J20 The notes on pages 7 to l O forn) part of these accounts.
THE DORIS BOUGHTON TRUST FUND BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Managed Fund Investments - 1.726.780 1,673,535 CURRENT ASSETS Cash at Bank 42.828 36,791 CREDITORS: Amounts falling due within one year NET CURRENT ASSETS 42.828 36,791 9,944 15,006 32.884 21.785 NET ASSETS 1,759,664 1.695J20 FUNDS OF THE CHARITY Unrestricted Funds 1.759.664 1,695J20 ..(Chairn]an) B SINGH NAGRA . (Treasurer) M WILCOX
THE DORIS BOUGHTON TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APIUL 2024 Basis of Accounting Th¢ financial statements have been prepared in accordance with th¢ Charity's Trust Deed, the Charities Act 2011. FRS 102 -The Financial Rwrting Standard applicable in the UK and Republic of Ireland-"(-"FRS102"") and the Charities SORP "'Accounting and Reporting by Charities: Ststem¢nt 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 l January 2019). The charity is a Public Benefit Entity as defin¢d by FRS 102. The financial statements have b¢en prepar&] under the historical cost convention with the exception that investments are included al market value. The charity constitutes a public benefit entity as defined by FRSI 02. Th¢ trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concem. Accounting Policies a) Incoming Resources All incoming reSoUeS are recognised once the ChaTity has entitlement to the r¢sources, it is certain that the resources will be Teceived, and the monetary value of incoming resources can be measured with suffici¢nt reliability. b) Resources Expended ExpenditUT¢ is recognised on an accrual basis as a liability is incurred. Expenditure includes irrecoverable VAT and is rqK>rted as part of the expenditure to which it relates. Grants payable are payments made to third parties in the fi]rtheranc¢ of the charitable objectives of the Trust. The grants are only recogni5ed in the accounts when a omm2tm¢nt has been made and there are no condition5 to be met relating to the grant which remain tn the Charit), s control. Governance costs comprise all costs involving public accountability of the charity and its Compliancc with regulation and good practicc. c) Fixed Asset Investments Investments are stated at market value as at the Balance Sheet date. The statement of financial activities includes the gains and losses arising on revaluation and disposals ihroughout the year. d) Realised Gains and Los$es All gains and losses are taken to the statement of financial activities as they aTiSe. Realised gains and losses on investments are caleulated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculatcd as the difference between thc market value at the end of the year end and opening rnket value (or purchase date if later). Realis and unrealised gains are not separated in the Statement of Financial Activities.
THE DORIS BOUGHTON TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 (Conlinued) e) Charitable Funds Unrestricted funds are available for use at the discretion of the Trust¢es in furtherance of their charitable activities. 3. Charitable Activities 2024 2023 Grants of financial &ssistance to individuals 24,500 30,685 4. Analysis of Governance Costs 2024 2023 Salaries Independent Examiners, Fee Accountancy Stationery and Postage Professional Fee Other admin Expenses 10,431 907 1,368 59 9,272 801 .263 118 211 178 12,976 11,776 5. Trnstees, Remuneration and Related Party Transactions The following Key Managemcnt received salartes and expenses during the year. 2024 2023 Salaries: M Wilcox C Shaw 3,531 6,900 3.272 6.(K)O 10,431 9,272 2023 2023 Expenses.. C Shaw 45 No other Key Management or Trnstees reccived remuneration or expenses. The average number of employees during the year was 2 (20?3: 2).
THE DOIUS BOUGHTON TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 (Coniinued) 6. Fixed Asset Investments 2024 2023 Market Value 6 April 2023 Add.. additions to investffl¢nts at cost Less.. disposals at cost Add: net gain l(loss) on revaluation 1,673.535 59,814 (69,528) 62,959 1.801,066 163,809 (148,810) (142,530) Market Value 5 April 2024 1,726,780 1,673535 Historical Cost of Managed Fund tnvesth)ents £ 1,425,730 £ 1,435,443 The Trustees have given the Investment Advisers responsibility for the Managernent of the Investment Portfolio in accordance with an investment approach agreed by the trustees. 7. Creditors 2024 2023 Amounls falling due within one year. Accruals Payroll Tax 9.503 441 14,540 466 9,944 15,006 8. Revenue Reserves The funds reCOlSed as Revenue Reserv&s at 5 April 2024 were £158,083 (2023.. £133,800) and it is confimied that there are sufficient funds available to cover fluctuating levels of requests for support, which Tnay exceed a single year.s income, for the foreseeable future, In line with the policy of th¢ Trust. 9. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purpose5.
- Managed Fund Investments 2024 2023 Government Securities Fixed Interest Indexed Linked UK Equities Unit Trust Property Funds North America Europe Far East Rest of World 57,113 221,295 198,675 21,066 489.31 193.234 132,814 78,953 27,720 175,538 356,224 464,659 192,856 104,633 91.277 32.310 184.483 378.154 1,726.780 1,673,535 io-