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2023-12-31-accounts

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023

Registered Charity Number 216255

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

Trustees Annual Report

For the year ended 31 December 2023

1. Legal and Administrative Information

Name: The Non Ecclesiastical Charity of William Moulton Charity No: 216255 Principal Address/Contact: Clerk to the Trustees Mr Roger Gray 42 Richardson Gardens Shiremoor Newcastle Upon Tyne NE27 0FH Trustees: Ex Officio Trustee – The Very Reverend Lee Batson Dean of Newcastle Nominative Trustees (Newcastle City Council): Mr C W Schardt City Councillor Rob Higgins Vacant Co-optative Trustees: Mr David Cook – Appointed 31 March 2023 Mr Andrew Elliot Mrs Susan Pearson Mr Adam Fletcher – Resigned 31 March 2023 Bankers: Nat West Bank plc Northumberland Street (A) 16 Northumberland Street Newcastle upon Tyne NE1 7EL Independent Examiner: Jim Dodds 33 The Glebe NE61 6HW Independent Investment Managers: Evelyn Partners 45 Gresham Street LONDON EC2V 7BG

1

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

Trustees Annual Report For the year ended 31 December 2023

2. Structure, Governance and Management

Three Nominative Trustees appointed by the Council of the City of Newcastle upon Tyne.

Three Co-optative Trustees being persons who through residence, occupation or employment, or otherwise have special knowledge of the City of Newcastle upon Tyne. They are appointed for a term of five years by a resolution of the Trustees passed at a special meeting.

The initial induction of the Trustees is undertaken by the Chair of the Trust who outlines the work of the Charity and the role of the Trustees.

At their first meeting new Trustees are introduced and receive general guidance from other Trustees. The Clerk and Trustees are available to offer further guidance. New Trustees also have access (on request) to a file containing the following:

  1. “Guidance Notes for the management of the William Moulton Charity”.

  2. A copy of a report setting out the Charity’s current position in relation to “Risk Management”.

  3. A copy of the Charity’s “Scheme” as issued by the Charity Commission on 15 March 1973.

  4. A copy of a report outlining the duties and responsibilities of the Clerk to the Trustees.

  5. A copy of the Charity Commission’s “The Essential Trustee: What they need to know”.

Because of the nature of the work of the Charity no specific training is given to the Trustees. Through their attendance at structured monthly meetings Trustees quickly become conversant with their role in assessing applications for financial assistance and overseeing the management of the Charity’s finances and investment portfolio.

Trustees meet on a regular basis (usually monthly) to consider and determine the business set out on the agenda circulated in advance by the Clerk to the Trustees. The agenda, in the main, comprises minutes of the previous meeting, a monthly financial statement and a copy of all applications for financial assistance to be dealt with at the meeting. Decisions are recorded and actioned by the Clerk.

Financial awards in the form of cheques are usually signed by the Clerk and countersigned by a Trustee.

No decisions or transactions occur outside of the formal meetings of Trustees.

2

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

Trustees Annual Report

For the year ended 31 December 2023

3. Objects and Activities

The basic policy/criteria applied is that the applicant must have lived within the boundaries of the City of Newcastle for at least the last 12 months. Also, applicants would only be able to submit one application for support in any twelve months period.

Periodic meetings with the local agency support workers to ensure that the systems and processes we have adopted work to the best benefit of the needy of Newcastle. Feedback received is taken into account and where appropriate adjustments made.

4. Achievements and Performance

The Trustees have been able to meet monthly to consider applications for support throughout the Year. During the Year one new Nominative Trustee and one Cooptative Trustee have been appointed. Towards the end of 2023 the Trustees also welcomed the new Dean of Newcastle as an ex officio Trustee for the Charity.

Following the retirement of the previous Independent Examiner the Trustees are pleased to confirm the appointment of Jim Dodds as its new Independent Examiner and look forward to working with him in the future.

During the year the Trustees made 220 awards to people/organisations amounting to a total value of £37,817. These ranged from financial support to the Mothers Union for the organisation of short breaks at the coast for vulnerable families, providing the Chaplaincy at the RVI with funds to provide one off ad hoc small value payments for people arriving at accident and emergency with no funds for refreshments/transport home etc to the provision of carpets, flooring and white goods to individuals in need where the provision of a fridge or washing machine would have a significant impact their day to day lives/general well-being.

Following discussions with the Evelyn Partners (the portfolio managers) the Charity’s investment portfolio has been adjusted/realigned to improve the levels of income from the investments. In June 2023 it was agreed to draw down the funds held in the portfolio cash account (£26,067) to ensure that the

3

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

Trustees Annual Report

For the year ended 31 December 2023

Trustees had funds readily available to continue to provide support to those in need at similar levels to previous years. This is now makes up part of the balance held in the Charity’s bank account.

The investment income from the Portfolio increased from £33,088 in 2022 to £36,695 in 2023. This was the highest level received since 2019. The financial markets had been impacted significantly because of the wars in Ukraine and the middle east and the continuing high interest rates. These national and global events have impacted the income available for distribution and increased the numbers of those in need of support in the City. The Trustees will continue to work closely with Evelyn Partners to ensure that it maintains income levels from the Investment Portfolio within agreed risk and investments strategies.

Recognising the importance of supporting the needy and vulnerable of Newcastle and the volume of applications for assistance being received the Charity has continued to maintain the level of grant awards above the generated annual income but within overall resources.

The Trustees receive monthly financial updates on the funds available so that they can maximise the number of awards made whilst ensuring that all commitments can be met. There is careful scrutiny of each application received so that those in most need are allocated resources whilst others might not receive the levels of support requested. Applications where a person has a regular income from paid employment and their financial situation is considered adequate are not supported.

The portfolio’s benchmark comprises UK and Overseas Equity, Fixed Interest (Bonds), Alternative investments, Commercial Property and Cash. Income has been in line with the previous year.

Trustees have considered the guidance produced by the Charity Commission on the provision of public benefit and they confirm that public benefit has been provided by the range of activities as described above.

Trustees have considered the guidance produced by the Charity Commission on the provision of public benefit and they confirm that public benefit has been provided by the range of activities as described above.

5. Financial Review

• Reserves Policy

In line with guidance of the independent investment managers, the reserves policy is to hold the equivalent of approximately 1 year of income (at present levels) within the “Accumulation of Income” in order to sustain financial support in the event of a major reduction in investment dividends. At the 31 December 2023 the unrestricted reserves were £37,097 (2022: £22,407) and is equivalent to approximately 1 year of income. This policy continues to be kept under review and will be revisited during 2024.

• Investment Income

To keep the investment portfolio under regular review, particularly following receipt of the quarterly report and valuation from the independent investment managers.

The primary policy is to maintain a diverse balance between bond, equity, property and cash holdings in order to provide a level of income whilst securing capital growth.

6. Plans For Future Periods

The Trustees expect to continue the activities of the charity in accordance with their current objectives, assisting as many people as the funds available to them will allow.

4

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

Trustees Annual Report

For the year ended 31 December 2023

7. Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable Charity Law and United Kingdom Generally Accepted Accounting Practice.

Charity Law requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board on:

12th April 2024

and signed on their behalf by: Susan Pearson ________ Chair

5

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

For the year ended 31 December 2023

I report on the financial statements of The Non-Ecclesiastical Charity of William Moulton for the year ended 31 December 2023, which are set out on pages 7 to 16.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I 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 accounts to be reached.

Jim Dodds 33 The Glebe NE61 6HW

Date: 12th April 2024

6

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2023

Investments
6
Other income
7
Expenditure on:
8
9
16
22
Charitable activities
Cost of grant making
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
Net movement of funds
Total income
Income from:
Incoming resources from generated
funds:
Raising funds
Notes
Total funds carried forward
Reconciliation of funds
Total funds brought forward - restated
Net income/(expenditure) before
investment gains/(losses)		 Unrestricted
Funds
£
-
-
-
-
48,072
48,072
( 48,072 )
-
( 48,072 )
62,762
14,690
22,407
37,097		 Endowment
Funds
£
37,541
-
37,541
9,858
-
9,858
27,683
82,188
109,871
( 62,762 )
47,109
1,381,625
1,428,734		 Total
2023
£
37,541
-
37,541
9,858
48,072
57,930
( 20,389 )
82,188
61,799
-
61,799
1,404,032
1,465,831		 Restated
Total
2022
£
66,204
2,912
69,116
50,575
64,846
115,421
( 46,305 )
( 102,849 )
( 149,154 )
-
( 149,154 )
1,553,186
1,404,032

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities

The notes on pages 9 to 16 form an integral part of these accounts.

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Charity Number 216255

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

BALANCE SHEET

As at 31 December 2023

Fixed assets
Investments
17
Total fixed assets
Current assets
Cash at bank and in hand
17
Total current assets
Creditors:amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Total net assets or liabilities
Funds of the charity
Unrestricted income funds
Endowment funds
Permanent endowment
Total funds
Notes		 Unrestricted
Funds
£
-
-
37,697
37,697
( 600 )
37,097
37,097
37,097
37,097
-
37,097		 Endowment
Funds
£
1,403,700
1,403,700
25,034
25,034
-
25,034
1,428,734
1,428,734
-
1,428,734
1,428,734		 Total
2023
£
1,403,700
1,403,700
62,731
62,731
( 600 )
62,131
1,465,831
1,465,831
37,097
1,428,734
1,465,831		 Restated
Total
2022
£
1,341,260
1,341,260
63,272
63,272
( 500 )
62,772
1,404,032
1,404,032
22,407
1,381,625
1,404,032

The notes on pages 9 to 16 form an integral part of these accounts. These financial

statements were approved by the Board on: 12th April 2024 and are signed on its behalf by: Susan Pearson Chair

8

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

1 Accounting Policies

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2 Basis of accounting

2.1 Basis of preparation

These accounts 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 accounts.

The accounts 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) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Non-Ecclesiastical Charity of William Moulton meets the definition of a public benefit entity under FRS 102.

2.2 Preparation of the accounts on a going concern basis

The charity reported total unrestricted funds at the year end of £37,097 and has already secured a significant amount of funding for the current year. The trustees are of the view that the immediate future of the charity for the next 12 to 18 months is secure and that on this basis the charity is a going concern.

3 Income

3.1 Recognition of income

Income is recognised when the charity has entitlement to the resources, any performance conditions attached to the item(s) of income have been met, it is more likely than not that the resources will be received and the monetary value can be measured with sufficient reliably.

3.2 Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS102 SORP or FRS102.

3.3 Grants and donations

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance or provision of other specified service is deferred until the criteria of income recognition are met.

3.4 Volunteer help

The value of volunteer help received is not included in the accounts but is described in the trustees' annual report.

9

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

3.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

3.6 Income from membership subscriptions

Membership subscriptions received in the nature of a gift are recognised in donations and legacies.

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

3.7 Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investment and any gain or loss resulting from revaluing investments to market value at the end of the year.

3.8 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charities' work or for specific projects being undertaken by the charity.

4 Expenditure and liabilities

4.1 Liability recognition

Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

4.2 Charitable activities

Expenditure on charitable activities includes the costs of grant making and other activities undertaken to further the purposes of the charity and their associated support costs.

4.3 Governance and support costs

Support costs have been allocated between governance cost and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

4.4 Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

10

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

4.5 Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

4.6 Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

5 Assets

5.1 Tangible fixed assets for use by the charity

Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

The charity does not currently own any tangible fixed assets

5.2 Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments.

11

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

Analysis of income

6
Income from investments
7
Other income
Returned cheques
Interest on cash deposits
Dividend income
Other income		 Unrestricted
Funds
£
-
-
-
-
-
-		 Endowment
Funds
£
6,784
30,757
37,541
-
-
-		 Total
2023
£
6,784
30,757
37,541
-
-
-		 Total
2022
£
6
66,198
66,204
2,190
722
2,912

Income was £37,541 (2022: £69,117) of which £0 was unrestricted funds (2022: £35,935) and £37,541 was endowment funds (2022: £33,182).

Analysis of expenditure on charitable activities

8
Raising funds
Investment management costs
Other investment costs
Other costs		 Unrestricted
Funds
£
-
-
-
-		 Endowment
Funds
£
9,858
-
-
9,858		 Total
2023
£
9,858
-
-
9,858		 Total
2022
£
10,178
7,102
33,295
50,575

The charity undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities.

9 Charitable activities

Direct costs
Support costs
Governance costs
Postage & stationery
Independent examiner's fees for reporting on
the accounts
Staffing costs
Travel costs
Payroll charges
Ecclesiastical scheme
Grants to individuals
Grants to institutions
Printing/Shredding/MS Licence/Stamps etc.		 31,860
5,482
7,560
133
173
822
119
1,324
600
48,072		 -
-
-
-
-
-
-
-
-
-		 31,860
5,482
7,560
133
173
822
119
1,324
600
48,072		 54,501
-
7,200
160
100
862
152
1,371
500
64,846

12

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

9 Charitable activities continued

Expenditure on charitable activities was £57,930 (2022: £115,421) of which £48,072 was unrestricted funds (2022: £64,846) and £9,858 was endowment funds (2022: £50,575).

10 Fees for examination of the accounts

Independent examiner's fees for reporting on the accounts 2023
£
600
600		 2022
£
500
500

There were no other fees paid to the examiner (2022: £nil)

11 Analysis of staff costs, and the cost of key management personnel

Salaries and wages 2023
£
7,560
7,560		 2022
£
7,200
7,200

No employee received remuneration above £60,000 (2022: nil).

The key management personnel of the charity, comprise the trustees. The total employee benefits of the key management personnel of the charity were £0 (2022: £0).

12 Staff Numbers

The average monthly head count was 1 staff (2022: 1 staff) and the average monthly number of full-time equivalent employees during the year were as follows:

Administration
The parts of the charity in which the employee's work:		 2023
Number
0.4
0.4		 2022
Number
0.4
0.4

13 Transactions with trustees

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.

Trustees' expenses

No trustee expenses have been incurred in the year.

Transaction(s) with related parties

There has been no related party transactions in the reporting period.

13

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

14 Defined contribution pension scheme

The charity does not operates a defined contribution pension scheme as the sole employee is below the earnings thresholds for automatic enrolment.

15 Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

16 Fixed asset investments

Movement in fixed asset investments

Movement in fixed asset investments
Carrying (fair) value at the beginning of period
Additions to investments during period
Disposals at carrying value
Net gain/(loss) on revaluation
Carrying (fair) value at the end of period
Investment at market value Comprised:
Listed Investments
Cash held within the investment portfolio
Total investment		 Listed
Investment
£
1,341,280
580,460
( 600,228 )
82,188
1,403,700
1,403,700
25,034
1,428,734

17 Cash at bank and in hand

Cash held in investment account
Cash held in income account
Cash at bank		 2023
£
23,833
1,201
37,697
62,731		 2022
£
39,514
851
22,907
63,272

18 Creditors and accruals (payable within 1 year)

Accruals
Independent examination of accounts		 2023
£
600
600		 2022
£
500
500

14

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

19 Grant making

Purpose for which grants made
Small gifts and donations
Support for the local community		 Grants to
Institutions
£
-
5,482
5,482		 Grants to
Individuals
£
31,860
-
31,860		 Support
costs
£
-
-
-		 Total
£
31,860
5,482
37,342

20 Grants made to Institutions

Name of Institutions
RVI Chaplaincy
Mothers Union		 Purpose
Contributes towards short breaks for
disabled and disadvantaged adults and
children
Financial support for people to attend
hospital who have no funds to pay for public
transport
Total Grants to Institutions		 Total
£
5,000
482
5,482

21 Events after the end of the reporting period

No events (not requiring adjustment to the accounts) have occurred after the end of the reporting period but before the accounts are authorised which relate to conditions that arose after the end of the reporting period.

22 Reason for restatement

Prior year adjustment for changes made to fund balances.

Restated fund balances for the
year ended 31 December 2022
As previously stated
Endowment investments
Adjustment to unrestricted expenditure		 Unrestricted
Funds
£
111,936
( 82,524 )
( 7,005 )
22,407		 Endowment
Funds
£
1,299,101
82,524
-
1,381,625		 Total
2023
£
1,411,037
-
( 7,005 )
1,404,032

A prior year adjustment has been made to the financial statements for the year ended 31 December 2022. The first adjustment arises as the endowment's investment must be fully recognised in the endowment column of the statement of financial activities (SoFA). The second adjustment arises as the unpresented cheques (£7,005) were not included in the closing bank balance.

23 Capital commitments

As at 31 December 2023, the charity had no capital commitments (2022 -£nil).

15

THE NON-ECCLESIASTICAL CHARITY OF WILLIAM MOULTON

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

23 Analysis of charitable funds

Unrestricted funds
General funds		 Fund
balances
brought
forward
£
22,407
22,407		 Income
resource
£
-
-		 Resources
expended
£
( 48,072 )
( 48,072 )		 Transfers
£
62,762
62,762		 Gains /
(losses)
£
-
-		 Fund
balances
carried
forward
£
37,097
37,097

Purpose of unrestricted funds

General unrestricted fund The 'free reserves' of the charity

Endowment funds
Permanent Endowment		 Fund
balances
brought
forward
£
1,381,625
1,381,625		 Income
resource
£
37,541
37,541		 Resources
expended
£
( 9,858 )
( 9,858 )		 Transfers
£
( 62,762 )
( 62,762 )		 Gains /
(losses)
£
82,188
82,188		 Fund
balances
carried
forward
£
1,428,734
1,428,734

The Permanent Endowment, was established as a gift from William Moulton. The gift was made to the charity on condition that it is held as permanent endowment, the income from which is freely available to fund the activities of the charity.

16