| Page | ||
|---|---|---|
| Report ofthe Trustees | 1-4 | |
| Independent Examiner's |
Report | 5-6 |
| Statement of Financial | Activities | |
| Balance Sheet | ||
| Notes to the Accounts | 9- 17 |
| Unrestricted | Permanent | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Income | Endowment | 2023 | 2022 | ||||
| Notes | |||||||
| Incoming Resources |
|||||||
| Investment income |
50,526 | 50,526 | 48,373 | ||||
| 50,526 | 50,526 | 48,373 | |||||
| Resources Expended | |||||||
| Charitable expenditure: |
|||||||
| Grants payable | 45,000 | 45,000 | 40,425 | ||||
| Management expenses |
7,135 | 7,596 | 14,731 | 14,509 | |||
| Total Resources Expended | 52,135 | 7,596 | 59,731 | 54,934 | |||
| Net expenditure before |
gain/ | ||||||
| (losses) on investments | (1,609) | (7,596) | (9,205) | (6,561) | |||
| Increase/(decrease) in |
unrealised | ||||||
| revaluation of investments |
60,878 | 60,878 | (102,857) | ||||
| Realised net gain/(losses) | on | ||||||
| investments | 10,261 | 10,261 | (25,397) | ||||
| Net (expenditure)/income | (1,609) | 63,543 | 61,934 | (134,815) | |||
| Fund balances brought |
forward at | ||||||
| 1january 2023 |
51,869 | 1,257,985 | 1,309,854 | 1,444,669 | |||
| Fund balances carried forward | |||||||
| 31December 2023 | 50,260 | 1,321,528 | 1,371,788 | 1,309,854 |
| Unrestricted | Permanent | Total | Total | ||
|---|---|---|---|---|---|
| Income | Endowment | 2023 | 2022 | ||
| Note | |||||
| Fixed Assets | |||||
| Investments | 1,321,528 | 1,321,528 | 1,257,985 | ||
| Current Assets | |||||
| Income tax recoverable | |||||
| Lloyds Bank Plc current account | 52,054 | 52,054 | 53,663 | ||
| Quilter Cheviot income account | |||||
| Cash in hand |
30 | 30 | 30 | ||
| 52,084 | 52,084 | 53,693 | |||
| Less Creditors: | |||||
| Amounts falling due within one year |
8 | (1,824) | (1,824) | (1,824) | |
| Net Current Assets | 50,260 | 50,260 | 51,869 | ||
| Total Net Assets | 50,260 | 1,321,528 | 1,371,788 | 1,309,854 | |
| Funds (Page 7) | 50,260 | 1,321,528 | 1,371,788 | 1,309,854 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Investment | income | from | UK | listed investments | 33,166 | 33,659 |
| Investment | income | from | non-UK listed investments | 17,360 | 15,078 | |
| Investment | income | receivable | adjusted | (364) | ||
| 50,526 | 48,373 |
| 3. | Grants Payable | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023f | 2022f | |||||||||
| a) Primary Objective (per page 2) |
||||||||||
| The Prince's Trust | 20,000 | 20,000 | ||||||||
| School ofjewellery, Birmingham |
City | University | ||||||||
| Design for Industry Final Degree Module |
Awards | 4,500 | 6,000 | |||||||
| Design for Industry New Designers |
Event | Awards | 4,000 | 4,000 | ||||||
| Artist in Residence Bursary |
4,500 | 2,000 | ||||||||
| 33,000 | 32,000 | |||||||||
| b) Second Objective (per page 2) | ||||||||||
| Age Concern, Birmingham |
7,000 | 7,000 | ||||||||
| c) Third Objective (per page 2) | ||||||||||
| General Grants to Institutions |
(towards | expenditure | as itemised) | |||||||
| BIRCH Network | 1,000 | |||||||||
| Special Olympics City of Birmingham |
1,000 | |||||||||
| Sudden Productions |
||||||||||
| (Costs of printing handouts) |
425 | |||||||||
| Sandwell Youth in Action |
1,000 | |||||||||
| Maryvale Community Project |
1,000 | |||||||||
| Sandwell Asian Development |
Association | 1,000 | ||||||||
| Make Them Smile | 1,000 | |||||||||
| Total number 10(2022: 7) |
5,000 | 1,425 | ||||||||
| Total Grants Payable | 45,000 | 40,425 | ||||||||
| Grants payable were attributable |
to | unrestricted | funds. |
| 3. | Grants Payable (continued) | Grants Payable (continued) | Grants Payable (continued) | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Reconciliation ofGrants |
Payable | |||||
| Commitments | made in the year |
45,000 | 40,425 | |||
| Commitments | at 1january | 2023 | ||||
| Grants paid during the year |
(45,000) | (40,425) | ||||
| Commitments | at 31 December 2023 | |||||
| 4. | Management | Expenses | ||||
| 2023 | 2022f | |||||
| Unrestricted | Income Fund | |||||
| Administration | fees (see below) | 4,620 | 4,320 | |||
| Independent | examination fees |
|||||
| Accountancy | charges | 1,800 | 1,800 | |||
| PO box | 300 | 284 | ||||
| Website | 361 | |||||
| Miscellaneous | expenses | 53 | 210 | |||
| 7,135 | 6,614 | |||||
| Permanent | Endowment | Fund | ||||
| Stockbroking | and investment | advice management | fee | 7,596 | 7,895 |
| 5. | Investments | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Permanent | Total | Total | |||
| Notes | Income f |
Endowment | 2023 f |
2022f | ||
| Market value at 31 December 2022 | 1,202,152 | 1,202,152 | 1,362,279 | |||
| Add: additions at cost | 230,623 | 230,623 | 103,346 | |||
| 1,432,775 | 1,432,775 | 1,465,625 | ||||
| Less: disposal at opening | ||||||
| market value or later cost | 6 | (217,698) | (217,698) | (160,616) | ||
| 1,215,077 | 1,215,077 | 1,305,009 | ||||
| Gain/(loss) on revaluation |
60,878 | 60,878 | (102,857) | |||
| 1,275,956 | 1,275,956 | 1,202,152 | ||||
| Quilter Cheviot client capital | acc | 45,572 | 45,572 | 55,833 | ||
| Market value at 31 December 2023 | 1,321,528 | 1,321,528 | 1,257,985 |
| . Realisation ofInvestm |
ents | ||||
|---|---|---|---|---|---|
| Gain/Loss | on | ||||
| Disposal | |||||
| Proceeds | Cost | Opening | From | From | |
| of | market | cost opening |
|||
| disposal | value | market | |||
| (excl | 5./ or | value | |||
| accrued | Later | 5./ or | |||
| interest) | cost | Later | |||
| cost | |||||
| UK Listed | |||||
| Anglo American USD0.54945 |
2,965 | 1,605 | 3,884 | 1,360 | (919) |
| 120 Ordinary | |||||
| Ashtead Group |
1,694 | 754 | 1,416 | 940 | 278 |
| 30 Ordinary | |||||
| Assura Plc |
16,013 | 20,172 | 15,547 | (4,159) | 466 |
| 28500 Ordinary | |||||
| Baillie Gifford Inv Funds II | 15,480 | 15,507 | 15,357 | (27) | 124 |
| 11250Ordinary | |||||
| Blackrock Continental European Inc D Dis |
61,672 | 43,496 | 60,347 | 18,177 | 1,325 |
| 35000 Ordinary | |||||
| Blackrock World Mining Trust |
19,251 | 6,391 | 20,910 | 12,860 | (1,659) |
| 3000 Ordinary | |||||
| Dechra Pharmaceuticals | 22,321 | 16,513 | 16,513 | 5,808 | 5,808 |
| 600 Ordinary | |||||
| Henderson Far East Income Ltd |
16,837 | 24,645 | 17,761 | (7,808) | (924) |
| 6500 Ordinary | |||||
| National Grid |
11,289 | 12,830 | 11,969 | (1,542) | (680) |
| 1200 Ordinary | |||||
| Persimmon | 12,239 | 12,717 | 12,170 | (478) | 69 |
| 1000Ordinary | |||||
| Rio Tinto | 3,036 | 2,446 | 3,479 | 589 | (443) |
| 60 Ordinary | |||||
| Sandoz Group | 811 | 496 | 496 | 316 | 315 |
| 35 Ordinary | |||||
| Tesco | 16,454 | 21,210 | 15,044 | (4,756) | 1,410 |
| 6710Ordinary | |||||
| 3i Group | 27,896 | 16,807 | 22,806 | 11,089 | 5,090 |
| 1700Ordinary | |||||
| Grand Total | 227,959 | 195,590 | 217,698 | 32,369 | 10,261 |
| Market | |||||||
|---|---|---|---|---|---|---|---|
| Cost | Value | ||||||
| UK Listed | |||||||
| 800 | 3i Group ord GBP0.738636 | 7,909 | 19,368 | ||||
| 255 | Anglo American USD0.54945 |
3,410 | 5,025 | ||||
| 235 | Ashtead Group ord GBP0.10 |
5,905 | 12,836 | ||||
| 175 | Astrazeneca ord USD0.25 |
7,502 | 18,550 | ||||
| 65,000 | AXA Fixed Interest Investment | ICVC AXA US Short Dur | 65,955 | 55,367 | |||
| High Yield ZI Gross DIS | |||||||
| 11,250 | Baillie Gifford Inv Funds II ICVC Japanese | Inc Gth W4 | 15,507 | 15,199 | |||
| Dis | |||||||
| 6,000 | Barclays Plc Ord GBP0.25 | 9,372 | 9,227 | ||||
| 7,000 | Blackrock World Mining Trust ord GBP0.05 |
14,911 | 41,090 | ||||
| 3,000 3,730 |
BP ord USD0.25 CT Property Growth 5Income |
Fd ICVC | Q | GBP | Dis | 15,772 40,188 |
13,985 35,832 |
| 3,400 | Draktrace Plc |
11,442 | 12,468 | ||||
| 60,078 | Fidelity European R GBP Dis |
61,692 | 65,005 | ||||
| 43,416 | Fidelity Moneybuilder Income Fund |
45,397 | 35,484 | ||||
| 20,000 | Gresham House Energy Storage Fd Plc |
23,082 | 21,800 | ||||
| 15,000 | HICL Infrastructure Plc Ord |
22,133 | 20,790 | ||||
| 2,000 | HSBC Holdings Plc ord USD0.50 |
10,488 | 12,710 | ||||
| 1,500 6,500 |
Intermediate Capital Group Plc ord GBP0.2625 Legal 5General Group ord GBP0.025 |
10,900 17,150 |
25,208 16,322 |
||||
| 13,000 | MRG Investment Funds (1)M5G japan |
Sterling | PP Dis | 15,537 | 17,189 | ||
| 10,750 | MRG Plc Ord GBP0.05 | 23,875 | 23,908 | ||||
| 20,000 | Mercantile Investment Tst Pic (The) Ord |
GBP0.025 | 26,681 | 44,300 | |||
| 19,550 | Octopus Renewables Infra Tr Plc ord GBP0.01 |
20,177 | 17,595 | ||||
| 750 | Prudential GBP0.05 |
11,265 | 6,654 | ||||
| 315 | Rio Tinto ord GBP0.10 | 12,844 | 18,402 | ||||
| 25,000 | Royal London Bond Funds ICVC Sterling |
Credit | Z | 29,076 | 30,225 | ||
| 1,250 | Shell Plc ord EURO.07 | 17,725 | 32,144 | ||||
| 3,750 | Smith(DS) ord GBP0.10 | 15,932 | 11,524 | ||||
| 175 | Unilever Plc ord GBP0.031111 |
3,300 | 6,650 | ||||
| (2022: Cost f880,513; Market | Value f1,123,554) | 565,128 | 644,857 |