Ch•rity règistration number 2150S6 Company regiBtratlon number 00325195 (Enyland and Wale$l THE BOUGHEY TRUST COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BOUGHEY TRUST COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION TrusteeBIDify¢torn Mr G Foster {Chalrmanl Mr M Pitchlord (Vice Chairman} Mr G Davies Mrs E Allan Mr D Wa55ell Mr E Davies Mr C M Ingram Mr A Rumbles Ms E Funde Mrs R Barton Mr K Brolherton Mr P Davidson MT J Good (Appointed 13 April 2023) (Appointed 13 April 2023) IAppoTrnted 13 April 2023) (Appointed 13 April 20231 Ex Offlclo Tru¥te¥¥ Mr G Hickey Mrs S Syrda Retrd M Smith Sècretary Mrs A Stokes Charity number 215056 Company number 00325195 Regi¥tsred offl Abbey Court High Strgel Newport ShTopshire TF10 7BW Indèpondtnt Examiner MrA M Bridge FCA Dains Avdit Limited Suite 2 Albion House Etruria Office Village Stok&on-Tienl Slaffordshirp ST15RQ Bankers Bardays Bank PIC 23 Church Street Tèlford, Shropshire TF1 1DQ Invèstrn•nt Manager Barclays Wealth 1 Colmore Square BiTmin9ham B4 6ES
THE BOUGHEY TRUST COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Proporty Managers Davies. White & Perry 4547 High Street Newport, Shropshire TF10 7AT Tempertons 2>25 High Slrè8t Newport, ShTopshire TF107AT Soli¢itorn Tery Jones 64 Upper 8ar Newport, Shropshire TF10 7EJ
THE BOUGHEY TRUST COMPANY LIMITED CONTENTS Pag• Trusteès report Independent examinevs report Staternenl of financial actiwlles Balance sheet Notes to the finanual 818lemÈnls 9-16
THE BOUGHEY TRUST COMPANY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEAIIBER 2023 Introductlon Sir Thomas Boyghey died on 30 August 1906. By his will he left the BaTley Mow in Newport, Shropshire lo Lady Annabellts Btsughey on trÈÈst for her lo estsblish a trust for promoting the healthy and benefiaal occupation of the inhabitants of Newport and District. By a Tnlst Deed dated 15 October 1906, Lady Boughey established the Trust in a[dance with her late husband's wishes. In 1937 the Tru51 was incorporated a5 8 company limf(ed by guarantee and il was subsequentty approved by the Lord Chancellor as a Trust Corporation enabling il lo hold property to other trusts and organisalions as ¢ustodian trustee. Oblectlves and a¢ti¥llles The objectives of the Trust are as dgs¢ribed in ttko introduction. The Trustees hold investmenlg and property and appty the in¢ome generaled by these asset5 to making grants lo other organisations in Newport and the surrounding area, having particular regard lo prornoling the hoallh ond welkbeing of th6 inhabitan15 of Newport and surrounding areas. The Tmslees will consider applications from suitable instilulions and organisation5 al any lime, but, subject to havir)g suffi¢t&nt financial resour¢e5. the trustees actively seek applications every year thiough the local press. Public beneflt The pybb'¢ nerrtS Irom the activites ol the Trust due to its focus on the htrallh and welkbeing of the inhabitants ot Newport anrj Ihe surrounding areas. Although r(s activities are limited geographically, the Trust does not discriminate on the ground of p&rsonal background, faith, gender, age or personal circumstances other than lo focus ils grants to local insrtkrtions where there is a proven need for its support in pursuit of its objectives. Flnancial rovlew In 2023, The Trust generated lolal income of £74,416. After management and adminislralion expense5 of £73,720, il made grants of £6,2CXJ as listed in note 5. The addlK)nal realised and uniealis8d gains and losses on investments of £25.833 SuItIng in a nel movement in funds of £20.329, before the levalualion of the investment properties. Taking into account the revaluations. as listed in note 10. the nel moveThent in funds was £410,329. Achlevèments and pÈrforn)ance l am very encouraged thal the trust h8$ continued lo func150n smoolhty, meelSng regularly, with a number of new trustees now on the trust. We as a trust Still feel strongly that we ¢ontinue ID be rèsponsible landlord .' as we continually reinvesting and mainlaining our propety portfolio to hlgh rentable standard. whilst also allocating grants to tsrganisations here in Newport and our surrounding district. We have become more confident as a tru51 that we are getting back lo the level$ ot awarding community gianls.. though wè know there is still a lot more we car) do to gel OUT name out there. On¢e again through this report as Chaimian, I wvuld like lo put on record aoain my sincwe thanks lo all our trust members for Ihtrir valuable support over the la8112 months, and espeaalty lo our contractOTS, have once Again carried out iepairs and mainlenan¢e to enable the propertios lo be maintained to a very high siandards and keèp ijur tenant5 safe and ¢omfortable. I would also like tts 8¢kn0wledge that our contractors are usuauy available at very short notice. I would also like once again in my report lo expiess my sir>cere thanks to Mrs. Annette Stokes ,our TDJSt secretary, for heT continuing thoroughness and due diligence regarding Trust business. As I mentioned eartier the Trust has now found holding rneetings much easier than when we were in the grips of the pandemic and with new members now on board- holding méetir4Js with sufficient members. The age of the properties which the Trust owns means Ihere is Still a continual requirèment for investment to maintain their integfty. and also help solve issues which tenants bring to our attenlion.This ¢ontinual investment in maintenance still means a sleady income for the Trust though draining of funds Thi5 still provides a desirablo rental portfolio for residents who wish to live here in NgWPOrt. Once agaln Chet*rynd House has continued lo be 8 pr()p8rty which requires Considerable Teinveslment due to ils age and its Construction .' wfÉh regular maintenance- includin9 plumbing . decor81ion and also damp issues.
THE BOUGHEY TRUST COMPANY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Due lo this increased expendsture il is now a wish of the Trust that we look seriously at our property portfolio and corne lo a derjsitsn as a Trust as to whether it is finanaally frugal to continue owning some due to their upkeep. and how this takes a lol of money from our grant pot. The Tennis Club s5nce lasl year has beèn offered thè opportunity to be more setf-relianl and the opportunity lo run its own affairs induding being totally financialty independent-,We continue lo discuss this with the Tennis club. In the short temi the Trust conlinL¢es to provide lunds lor Moss tatment , hedge cutting, gener81 m8intenanc8 which were paid jointly by the trust and the Tennis Club. The replacement ol the ¢ourVs surfaces will be needed in the near fvture. This is somelhirsg we will be helping the tennis dub with through a large yr8nt from the Trusts held funds using rnonies held in the tennis club account. A$ mentioned we Bre wtshing frtr the dub to be more sew reliant and be able lo genorate Its own ftjnds to cover a ils wnning costs . The club are now paying lor Iheii own electriaty usage. To help the dub with this move we as a Trust are very grateful lo M$ Fundell and Mr Brtslherton and Nlr Davidson who very kindly sil on the Tennis Clubs management committee this 9ivès thè Tnjsl a voice and a direct link wFth Ihe day lo day running of tho dub and the management towards ils self reliance. There are a number of issues regarding accèss and car parking on the adjacent land whi¢h causes the Trust issues which we are still working on with the Tennis club and the Literary instilule. The 'Pop in, room as previously mentioned in my POrts Wos decorated 4 year5 ago ,Ihrough the inst[9110n of a $en$or controlled heating control and insulation. This makes the room a more desirable meeting roorn. offering the Trust 0S1Onal rental opportunities from weddings though this has proven to be drfficull due lo the overheads for the Council to rnanaye. It is used occasionally for meetings, and for community groups lo gel together, being advertised on our Trusts websile.This eonts'nues to benefit to help cover and help lo Ver costs. 11 must also be noted that the ¢¢ffee moming is still in operation on Fridays with Ih8nk$ lo the E8dies. The History soclety did meet regularly with ¢offee moming $110rS as part of their history work in the community, provtding displays and talks howeverjust recently Ihp society has moved lo new premises. Longford playgroup continues to still be a very successful venture in one of our other properties The nursery is very sew reh.anl in fegards of managing a lot of their own repairs and maintenance of the property, though we acbvely encourage them lo seek the Trust help.we often give them relrospective grants through work they do without seeking our support ..Very mMendable The trust continues renting one of the ¢8r parking spaces on Ihe high street nexl lo the 'Bod bar. as an enhanced Seating area for guests. The cottage att3ched lo the Bod is now rented out to a private lenanl whilst the garage adjacent is still rènted out by the local food bank for slora99. We a in the process ol transferring ihe fuse bctxes out of the garage and into 17a. A property which we very rarety report on which is part of our portfolio . is the Youth Centre at Lilleshall. We are currenlly in the process of leasing the property to The Scouts rnovernenl on a "pèpper com renl'so as lo alleviate the risk ol finanual pen81ty against the trust for Tepairs and maintenance. We have a solicilor currently working in this. Since last year slTUCtural and intèmal surveys have been undertaken and a number of issues which netrd attention. The Trusts wèbsii& still eontinues lo promote u5 to local residents in and around Newport, providing a plarfomi for grant applications and a v6hicle to celebrate our awards lo the widef community. This website still offers a means for local groups in the town to access grants to support their - this continues to be well received a valuable tool in promoting the Trust to Newport residents both now and in the firtur¢. We a going to review thls and also use start to use Facebook to promotè the Trust We have awarded a number of grants during the year induding ones lo the lown$ carnival ,Ihe Cottage Care hospital. Longford playgroup, Church Aston village hall. Se8 n(yle 5 for more detail.
THE BOUGHEY TRUST COMPANY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Pl4n$ for future periods The Youth CentTe in Lilleshall is still going through Ihe process of legally being laas8d to the Scouts movtrment., a5 I mentioned there may be funding fequir&d for upgrade 8nd repairs prior lo this bèing achieved. We are also still working even after a year to fesolve with thè land registry legarding land nexl to thè tennis dub ,which we owned and has been developed, regarding compensation for the land. As I conlinually report there will be a constant nèed for ongoing repairs and general maintenance work due to the age of trus15 PToperties.This may lead to us lookin9 at re slructuring our portfolio, selling some, and reinvesting in newer ones so as lo cut down on maintenance costs and a drain on our fLFnds. In the short term the constrLKtiort typè and listed Iconsevvalion area status of our buildings may still meon that somè caprtal expenditure will be required. The finanaal posilitsn of the Trust continues lo be relatively healthy. ovfrr the last 4years due to COVID 19 the Trusts income is not the same as in previous years, but now we are considtrrin9 how to get back lo how wè were. The trust still strives lo encourage genuine grant applications and seeks lo dislribijle several thousand5 of pounds every ye8r.All of the annual events ¢ancAlled in Newport during the pandemic are now again back in operation and will require grant support from the trust. We are now hoping that the Bovghey TrL1 will on¢¢ again continue lo support groups and societies , and ultimately th¢ residents here in Newport. Legal and Aqlminlstrative The Trust is a rnpanY limi(ad by guaranlee under number 325195 and as a eharty under number 215056. The trustees who are ?Iso the direcloTS for th¢ Purpose of company law, who served during the year and up lo the dale of signatur& of the financial statements weie: Mr G F051er {Chaimanl MT M Pit¢hford Ivice Chairman) Mr G Davies Mrs E Allan Mr D Wa5sell Mr E Davies Mr C M Ingram MrARumbles Ms E Fund811 Mr$ R B8rton Mr K Brolherion Mr P Davidson MrJ Good IAppoSntgd 13 April 20231 (Appointed 13 April 20231 (Appointed 13 April 20231 (Appointed 13 April 20231 Reserves Policy A substantial prow7rtion ol the Trust's reserves are represented by tre assets of the Trust. Othèr than these, and now that the significant works have been undertaken at Chehvynd Hovse and 172 High street the Trustees aim lo retain sufficient reserve$ as working capital lo rvian8ge the day-to-day affairs of the trust allowing for unforeseen expendlture al befvleen £20,000 and £3Ql.000. AI 31 De¢ember 2023. the trust had free reserves of £66,051.
THE BOUGHEY TRUST COMPANY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, Governance and Management The prinapal assets of the Trust, compromising of a portfolio of investments and property, are managed by 8ardays VVe8tth and Dawes, While and Pery and Ternpertons. Day-topday management of the Twsl is undertak¢n by the Secretary. The TTuslees meet formally on a regular basls to review the affairs and financial perfoman¢e of tho trust and consider applieations for grants. Trustees are recruited from the inhabitants of Newport, are aPPDinted by the existin9 Tru$lees and inrluded into the role by the chairman. Training is PTovided wheTe necessary. Ri$k Management The Tru51ees annualty review the major risks to which the trust is exposed and the policies. practices and p¥ocedure5 in place lo miligale those risks. Where appropriate, the trustees take out insurance policies lo counter the risks identified and use professional managefs to manage their assets. Funds held as Custodian trustee The Investments and property held as as5el$ of the trust are held as cuslodlan trustee on behaw of the charity of Dame Sarah Annabella Boughèy. Complianee Ststement The Truslees have complied with their duty under section 4 of the Charities Act 2006 to have due regard lo the guidance i85ued by the Charity Commi¥$itsn Con¢ernlng Public benefiL Small Company Provisions Where they do not conflict with the requirements of the St8temenl of Recommended Practice 'Accounllng and Rèporbng by Charities" this report has been prepared in acc¢)fdance with the regime for small ¢ompanies as ¢onl8inèd within the Companies Act 2006. The Trustees report was approved by the Board of Trustees Foster Ichairrnan) Date..
THE BOUGHEY TRUST COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BOUGHEY TRUST COMPANY LIMITED I report lo the Trustees on my examination of the financial statements of The Boughey Trust Company Limrted Ilhe company) for the year ended 37 December 2023. Responslbillties and basls of report As the Trustees of the Company land also its directors for the purposes of company lawl you are respon&ble for the preparation of the finanual statements in accordance w*lh the requirements of the Companies Acl 20C6 Ilhe 2006 Having sab'sfied myself that the financial statements of the company are not required lo be audited under Part 16 of the 2006 Acl and are eligible for independent eyaminalion, I report in respect of my examination of the company's financial statements carried out under section 145 of the caritieS Act 2011 Ilhe 2011 Acll. In carrying out my examination I have followed all the applicable Difectsons given by the Charity Commission under section 14515)Ibl of the 2011 Act. Independent examlnerfs statement I have compleled my examination. I confirm that no matters have come to my attention in connection with the examination giving me caL¢se lo believe that any material respect.. aCunting reeords were not kept in respect of the Company as required by section 386 of the 2006 Act., or the financial slalements do not accord with those records,. or the financial statements do not comply wth the accounting requiremenls of section 39S of the 2006 Act other than any requirement Ih8t the accounts give a true and fair view which is not a matter considered as part of an independent examination", or the financial statements have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice for aOunting and reporting by charits'es applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK ar¥J Republic gf Ireland IFRS 1021. 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 financkal statements lo be reached. MrAM Bridge FCA Dalns Audlt Llmlted Suite 2 Albion House Etruria Office Village Stoke-on-Trenl Stsffordshire ST1 5RQ Dated.. 51:..1:
THE BOUGHEY TRUST COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrgstrlcted Endowment funds funds 2023 2023 Total Unrestricted Endowment funds funds 2022 2022 Total 2023 2022 Notes Investments 70,969 70,969 66,759 66,759 Raising funds 70,273 70,273 39,989 39,989 Charitable activities 6,200 6,200 1,300 1,300 Total expendlture 76,473 76,473 41,289 41,289 Net gainslllossesl on investments 25.833 25,833 152,363) (S2,3631 Nel Incomellexpendlturel for the yearl Revaluation of tangible fixed as5els Net movement In funds 390,000 410,329 390,000 410,329 {26.893) {26,8931 Fund balances al l January 2023 1.235,572 25,000 1,260,572 1,262,485 25,000 1,287,465 Fund balances at 31 December 2023 1.645,901 25,000 1,670,901 1,235,572 25.000 1,260,572 The statement oi financial activities ineludes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aetivities. The slalement of financial activities also complies with the requirements for an income and expenditure account under th8 Companies Act 2006.
THE BOUGHEY TRUST COMPANY LIMITED BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Not9$ Fixed a$$Èts Tangible assets Investments 10 11 1.127.080 477,770 737,08 438,359 1,604,85Ct 1.175,439 Current a$$¢ts Debtors Investments Cash at bank and in hand 12 13 5,462 8,388 55,167 5.217 17.203 65.826 68.997 88.246 Cr¢dltors: amounts faulng due within on yar 0th8T creditors 14 2,946 3.113 Nel current assets 66.051 85,133 Totsl as$ets less curyont Ilabilities 1.670,901 1.260,572 Capltsl fuAds Endowment fund$ Income fund5 nres ed funds Genèral unreslricled funds Fair Value reserve 16 25,000 25,000 17 17 589.941 1,055,960 569.612 665.9fj0 1.845,901 1,235,572 1,670.901 1.260,572
THE BOUGHEY TRUST COMPANY LIMITED BALANCE SHEET (CONTINUED} AS AT310ECEMBER 2023 The ¢ompany is entitled lo the exemption from Ihe audit requirement contained in section 477 of the Companies Act 2006, ftsr the year ended 31 December 2023. The directors acknowledge their re5ponsibililieg lor Complying with the requirements ol th& Cornpanles A 2008 with respect to accounting records and the preparation of finanrAal 51alemenls. The memb$rs have not required the company to obtain an audit of ils financial statements for the year in question in accordance with section 476. These financial slaternents have been prepared in 8¢¢ordanee with the provi$ion$ appli¢ablé to companies subj•ct to the small companies regime. ncial statements were approved by the Trustees on .......... . . Foster {Chairmanl Trustee Company reglstratlon numbtrr 00325195
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl&s Charity informatlon The Boughey Trust Company Limil&d is a private company limited by guarantee incorporated in England and Wales. The iegistered Offi is Abbey Court, High Slieet, Newport, Shropshire, TF10 78W. 1.1 Accountlng convention The finanaal statements have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 and the Charities SORP "Accosjnting and Reporting by Charities.. Statement of Recommended Practice applicable lo eharilies preparing their accounts in accoTdance with the Financi81 Reporting Standaid applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The company is a Public Benefii Entity as defined by FRS 102. 1.2 Charltable funds Unreslricled tunds are available for use at the discretion of the Trustees in furtherance of their charitable objectNes. Restricted fund5 are subseci lo specific conditsons by donorg or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the finan¢ial slatemenls. Investment income, gains and losses are 8llocated lo the appropriate fund. 1.3 Incomè In¢ome is recc¥Jnised when the Company is legally enlilled lo it after any performance conditions have been mel, the amounts can be measured reliably, ?nd il is probable that income will be ieceived. 1.4 Expendlture Expend¢ture is Tecognised once there is a legal or construetwe obligats'on lo transfer economic benefit lo a third party. it is probable that a transfer of eeonomic benefits will be required in gettlement. and the amount of the obligation can be measured reliably. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequenlty measured at cost or valuation, net ol depreciation and any impaimienl losses. Depreciation is recognised so as lo wrrte off the cost or valuation of 8ssels less their residual walues over their useful lives on the following bases.. Computer5 33Vg on Gost The gain or loss aiising on the disp05al of an asset is detemineé as the difference between the sale proceeds and the carrying value of the assèt, and is recognised in the statement of financial activities, Tangible fixed assels which are freehold investment properties are carried al market value, based on independent Professional valuations. There values are reviewed annually by the Tru51ees. No depreciation is provided on investment properties. Leasehold properties are carried at cost, which the trustees consider represents falr value. They are maintained in a gpod slate of repair, such that thr estim*èd residual value is not less than cost and onsequenlly they are not depreciated.
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Icontlnuedl 1.6 Flxed a55et investm9nts Fixed asset investments are initially measured al transaction price excluding transaction costs, and are Subsequently measured 21 fair value al each reporting dalg. Changes in fair value are reeognised in net incomellexpendilurel for the year. Transaction costs are expensed as ineurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call WFth bank5, other short-lerm liquid investments with original maluTilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. Investments Unrestrlcted Unrostrlcted funds fund$ 2023 2022 Rentsl Income Dividend income Interest receivable 59,108 11,455 406 56,585 9,428 746 70,969 68,759 ExpendituTr on ralslng funds Unrestricted Unrestrleted funds nd8 2023 2022 Tr#dlng costs Other trading actiwlies 63,562 34,325 Investment management 6,711 5,664 Total costs 70,273 39,989 10-
THE BOUGHEYTRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on ¢hwltsblè actIvie$ H¥ading
0¢982
2023 Hèading
ac982
2022 Direct costs Grant funding of aGtivilies (see note 51 6,200 1.300 Analysis by fund Unrestricted fund$ 6.200 1.300 Grnnts payable 2023 2022 Grants to institulions.. Church Aston Village H811 First Responders Camival Newport Girls FC Longford Playgroup Newport V15ually Impaired The Cottage Caro Hospital St Geor9ès Day Grant 900 1,0 5CQ 2,0 500 1,000 1,000 300 6,200 1.300 A¢¢ountants remmuneratlon Fee$ payabl• 2023 2022 Non4udit $¢Diieos All other ncn-audil semces 2,400 2,340
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees remuneratton None of the Trustees lor any person8 connected wilh them) received any remuneration or benefils from the Company during the year. The Trust In¢urred the following expenses in connedon with the work of the secretary= 2023 2022 £3,0(YJ £2,750 Expensos There were no employees in the year TTu$ts•s' expenses There werè no Trustees, expenses paid hr the year ended 31 Doc8mber 2023 nor for the year ended 31 Decembei 2022. Employetrs The aver896 monlhty numbei of employees during the year was.. 2023 Numb•r 2022 Number Total There wère no employees whose annual remuneration w8$ more than £60,000. Taxation The tharity is exempt from laxalion on 11$ a¢tiMli8s because an it5 incorne is applied for charitable purposes. 10 Tangible fixed a$$ets Froehokl14Trd bull¢Jln9S Le¥s•hold land and bulldlngs Computers Total Cost At 1 January 2023 Revaluation 700,000 390,000 37,080 484 737.564 390.IXIO At 31 December 2023 1,090,000 37,080 484 1,127,$64 Depr*eiation and Impalrnwnt At 1 January 2023 484 At 31 December 2023 484 Carrying amount Al 31 December 2023 1.090,000 37,080 1,127,080 At 31 December 2022 700,000 37.080 737,080 12_
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tanglbk fixed assets (Continued) Freehold investment propert(es were ievalued in 2023 by independent chartered surveyor5 Tempertons on onlinuing use basis. The historical ¢osl is £34,540. The freehold of the Guildhall, Newport Ss earri&d al £Nil as il is an inalieable historical asset that productss no in¢om8. 11 Fixed a$$•t Invèstments Llsted Investmtnts Cost or valuatlon Al 1 January 2023 Additions Valuation chanye$ Disposals 438.359 174,682 25.833 (161,1041 Al 31 December 2023 477,770 Carylng •mount Al 31 December 2023 477,770 Al 31 December 2022 438,359 Llsled investments indud¢d above.. 2023 2022 Bonds Equities Altemative 173.992 220,685 83,113 129,113 199,949 109,297 12 Debtors 2023 2022 Amounts falling due within on• year.. Piepaymenls and accrued income 5,482 5,217 13 Currnnt asset investments 2D23 2022 Unlisted investments 8,388 17,203 13-
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Other crndltors falllng due wlthin one year 2023 2022 Other creditors Accruals and defwred income 546 2.400 756 2,357 2,946 3,113 15 Endowment fund$ Endowment funds represent assets whlch musl be held p¢rman¢ntty by the Company. Income arising on the endowment funds can be used in accordance with the objects of the Company and is induded a5 unrestricted income. Any capital gain5 or losse5 arising on the assets fom part of Ihe fvnd. At l Jolluary 2023 At31 D•umb•r 2023 Pennanent endowments 25,000 25.IX)O Prevlou8 year. At 1 January 2022 At31 December 2022 P•rn7anent endowments 25,000 25.000 16 Anatysls of net a$sets be¢t fund$ Unrostrict•d Endowment funds fund$ 2023 2023 Totsl 2023 Fund balan¢e$ at 31 December 2023 are repre$•nted by: Tangible assets Inveslments Curront assetsllliabilil¢esl 1,127,080 477.770 41,347 1.127,080 477,770 66,051 25,000 1,646,197 25.000 1,670.901 14
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Analys1$ of net a¥82ts betw•$n fund$ IContlnu¢dl Unrestrlcted Endowment funds funds 2022 2022 Totsl 2022 Fund balance$ at 31 Decembtrr 2022 ale rnpresented by: Tangible assets Investments Current asselslOi¥bklitses> 737,080 438.359 60,133 737,080 438,359 85,133 25.000 1,235.572 25,00 1,260.572 17 Movoment in Funds Movement in funds12022} lftcomlng RgFources Galns and B8lan¢o at r8sources expend•d 108sesf January 2023 I JBnuary 2022 General Fund Falr Value Reserve Endowment Fund 596,505 665,960 25.000 66,759 141,289) 152.3631 569,812 665,960 25,000 1.287.465 66,759 141,289} 152.3631 1,260.572 Movement In funds120231 Incoming resources Rosourcts •xpBnded Galns and Balance at 1088•5 31 December 2023 l January 2023 General Fund Fair Value Reserve Endowment Fund 569,612 665,960 25,OOQ 74,416 390,000 179,9201 25,833 589,941 1,055,960 25,QOO 1.260,572 464,416 (79,9201 25,833 1,670.901 18 Relatsd party transa¢tion$ During thè year the company made payments to Tempertons Estate Agents, a rim) in which MrA Temperton is a partner, for management servi¢es at 17a High Street Newport totalling £66412022 £8281. The company also made payments to KRM Contractors Limited, a company in whi¢h Mr A Rurnbles 15 a dIor and shareholder. for variou5 repairs and improvements at properties owned by the ¢harity totalling £27.79712022 £8,503). 15
THE BOUGHEY TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Members Liability The company is a company limited by guarantee and nol having share capital. Mernbers, who are the TwstèeslDirectors will contribute £1 ea¢h in the event of winding UP. Endowment funds rtrprestrnt the ¢riginal leg8¢y left by Dame Sarah Annabella Boughey to set up th8 charity and are reylricted lund$. 16-
Draft Flnanclal Slatampnts at 11 Aprll 2024 at 16:53:43 THE BOUGHEY TRUST COMPANY LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOIAEAND ENDOWMENTS Rent5 1Ved Quoted investsnents Interest received 59,108 11.455 406 56,585 9.428 746 Totsl incoming re80urces 70,969 66,759 EXPENDITURE Support costs M•na9•mgnt Propèty management cosls Investment rnanagemenl costs Rates and water Accountancy Repairs and m8intenhftce Website costs Grants and donations Secretary fees Heat and light Insurance 5.301 6.711 329 2,383 42,435 462 6,200 3.000 2.615 7.037 5,824 5.664 1.218 1.966 13.S99 1.300 2,750 1.941 7,027 Total resources expond$d 76,473 41.289 Net inc4Jmellexpenditurel befora gains and losses {5.5041 25.470 Reallse¢J galnsl{lossesl on fixed asset Invesbnents 25,B33 152.3631 Net ineomè 20.329 126,893)