NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIEry REPORT AND FINANCIAL STATEMENTS FOR TH YEAR ENDED 31ST DECEMBER 202 Page1. NORTHERN COUNTIES CHILDREN'S BENEVOLENT OCIETY CONTENTS PAGES Trust Infom)atlon Trustees, Annual Report 3to5 Independent Examiners, Report Statement of Financial Activities Balance She8t Notes to th8 Accounts 9t011 Page 2. NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY TRUST INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 2023 Trustees Chair Adam Waugh Rev D R J Holloway Dr E Jones Mrs E Browne-swinbur Mr J Cockbum Ruth Foster Trust8es Remuneratlon No Trustee shall receive remuneration. or be intere$t8d in the supply of worf( or goods. at the cost of the Charity. Secretary Mrs G M Mackie 30 Princes Road Newcastle upon Tyne NE3 5rr Bankers Lloyds TSB Bank PLC 102 Grey Street Newcastle upon Tyne NE99 1SL Independent Examiner Derek Reah Reah & Mc8ride Certified Accountants Suitè 28 North Sands Business Centre Liberty Way Sunderland SR6 OQA Charlty Number 219696 Page 3. NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 The Trustees are pleased to present their report together with the financial statements of the Charity for the year ended 31st December 2023. By a Scheme of the Charity Commission sealed on 18th September 1980 the Charities called Th8 North8m Counties Orphan Institution (founded in the year 1864). The George tksnkin Fund, and the Charity of Hannah Ochlltree were administrated and managed together as one Charity under the title Northern Counties Orphan's Benevolent Society. The Adamson Memorial Fund and the Adamson Memorial Chapel Fund were excluded from the Scheme because there was no trace of these small funds being registered charities. By a further Scheme of the Charity Commission sealed on 24th January 2000. the name of the Charty was changed to THE NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY. Structurè, Govornanca and Management Constitutlon The object of the Charity is that it shall be for the benefit of thild￿n who are in need through si¢kness, disability or other causes and who are resident in the area of benefit with a preference for children who are orphans and in special cases the benefit of children as aforesaid who are resident elsewhere in England or Wales. There have been no Changes in the objectives since the last annual rep¢xL Method of appolntm•nt of •l•ctlon of Tru8tee8 The body of the Trust6es when complete shall consist of ewht persons. New Trustees shall be appointed by the continuing Trusl8e8. Policiès adopted for the Inductlon and tralnlng of Tru8tO08 There are no formal procedures for the indudion and training of Trustees. Senlor Trustees ensure, on an informal basis, that new Trustees are given adequate infomation to ensuffj that they have knowledge of the Charity and their role. Organl8atlonal 8tru¢turo and daclslon maklng Trustees cary out the decision making process in a committee of unpaid individuals with r818vant èxperienc6 In the fields of medicine, finance, the law, thildren's care and education. This committee deals with funding and investment decisions. Truslees meet at least four times 8 year to wnskler all applications for SUPFQrt and other applIca￿onS for funds. R•latod party transactlons The Trustees are not employed by tha Chanty or any other paty to which the Charity makes grants. No Trustee lakes part in any decision of the Charity where they or a project with vA)ich they have an interest might benefit. Risk management The Trustees have assessed the major rlsks to which the Charity is exposed. Th8y consider that the major risks are in the area of investrnent management and the Gontrol of the recon￿ling of donations receivable. Systems have been implemented by the Trustees to mitigate these risks and they consider the controls to be adequate and appropriate. The effectiveness of these controls is reviewed on an ongoing basis. Page 4. NORTHERN cOu￿riEs CHILDREN'S BENEVOLENT SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 Objectivgs and Activltles Continued Pollcies and objectlves The main area of benefits shall be the Counties of Cheshire, Cleveland, Cumbria, Durham, Greater Manchester, Humberside, Lanc2shire. Merseysth. Northumberland. North Yorkshire, South Yorkshire, Tynè and Wear and West Yorkshire. Strateglos for achlovlng obi•ctive8 The Trustees tske all reasonable steps to fully enquire into the circumstances arising from the request of support including the financial circurnslances. Usually home visits where possible are undertaken to review matters with the applicants and rep￿$ are obtained from relevanl medical, school or other Ihird parties who can provide supporting evidenrA and information. Actlvltles for achlevlng objoctives The Charity makes use of the Considerable knowledge and contsds availab18 to it from its Trustee membership to 8nsure that relevant support needs are brought to the attenlion of the Charity. As the dernand for funding exceeds the supply of funds available to the Charity. il is able to choose those projects and posts that most closely match its objectives. Grant maklng pollclos The Charity currently offers support in thé fom of contributbons towards school fees, school clothing etc. Invariably th8 need for support arises through the premature death or severe illness of the major breadwinner, or the break-up of the family unit. The financial circumstances of the family are ful enquired into by the Trustees before an award is made. Flnanclal actlvlty During the yeer grants totalling £126951 were avrdrded to 29 individual beneficlaries. The Trust's capital funds have been invested in a portfolio of speual and wider range securities. There were revaluation loss on investments during the year of £{7437) répresenting 0.4% of the market valu8 at 31 st December 2023. statement of Trustse8' Ro8ponslbllltle8 The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Aocepted Accounts'ng Practice. The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the Statement of Financial Activib'es of the Trust for that period. In preparing those financial statements the Trustees arg required to: Sel8ct suitsble accounting policies and then appty consistently. Make judgement5 and estimates that are reasonable and prudenc and Prepare the financial ststements on the ongoing concem basis unless it is inappropriate to presume that the Trust will continu9 to operate. Page 5. NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 Continued The Trustees are responsible for keeping proper records which disdose the reasonable accuracy at any time the financial position of the Trust. They are also responsib￿ for safeguarding the assets of the Trust and hence for taking reasonable steps for prevention of and detection of fraud and other irregularities. On behalf of the Trustees A. Waugh Truste8 Date Page 6. NORTHERN cOU￿￿Es CHILDREN'S BENEVOLENT SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY I report to the trustees on my examination of the accounts of the Northem Counties Children's Benevolenl Society for the year ended 31st December 2023. This report is made solely to the Trust's Truste8s. as a body, in accordance with part 4 of th8 Charities (Accounts and Reports) Regulations 2008. My work has begn undertaken so that I might statè to the Trust's Trustees those matters l am r8quired to state to them in an Independent Examiner's report and for no other purpose. To the fullest exlent permittad by law. I do not accept or assume responsibillty to anyone other that th8 Trust and the Trustees as a body, for my work or for this r8POrt. RESPONSIBILITIES AND BASIS OF REP RT As the charity Irustees of the Trust you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 2011(Ihe Act.). I report in respect of my examinalion of the Trust's accounts camed out under section 145 of the 2011 Act 8nd in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515Xb) of the Act. INDEPENDEN MIN TATEMENT I have completed my examination. I confirm that no materlal matters have come to my attention in connection with the examination giving me caus8 to believe that in any material respect: 1. accounting records were not kept in resp8Ct of the Trust 88 required by section 130 of the Act; or 2. th6 accounts do not accord wlth those records; or 3. th8 accounts do not comply with the applicable requirèments concemlng the forn) and content of accounts sel out in thè Charities (Accounts and Reports) Regulalions 2008 other Ihan any requirement that the accounts give a fair and 'true view, which is not a matter considered as part of an Independent examination. I hgvo no eone•mg and have come across no othar matters in connection with thè examination to which attention should be drawn in this report in order to 8nable a proper understanding of the eccounts to be reached. Derek Reah REAH & MCBRIDE, Certrfied Accountants Suite 2B North Sands Business Centr8 Liberty Way Sunderland SR6 OQA Date: Iq JI 2214 Page 7. NORTHERN COUNTIES HILDREN'S BENEVOLENT SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 ST DECEMBER 2023 Endowment Total Total Fund Funds Funds 2023 2022 Income Fund Notes INCOME Income Donations and legacies Sir John Priestman Charity Trust Truslees of the lale J S Frazer Trustees of Melvlll8 Weir dec8ased Donations Charles Arch Thorpe Trust 23SO 1000 5000 240 1000 1000 240 146815 240 146815 Investment Income Dividends Bank inter8St 100504 1152 100504 1152 92841 61 TOTAL INCOME 249711 249711 101492 EXPENDITURE Investment management fees 5655 5655 5743 Charitable adivities Education and clothing grants Support costs Governance Costs Other resources expended 126951 7493 888 1872 126951 7493 27316 7819 864 1872 1872 137204 137204 37671 TOTAL EXPENDITURE 142859 142859 43414 NET (EXPENDITURE) BEFORE GAINSILOSSES ON INVESTMENTS 106852 106852 58078 G8insl{loss8s) on inv6Stments (714) (6723) (7437) (145977) NET INCOMEI{EXPENDITURE) AND MOVEMENT IN FUNDS 106138 {6723) 99415 (87899} TOTAL FUNDS AT 1 ST JANUARY 2023 150973 1713181 1864154 1952053 TOTAL FUNDS AT 31 ST DECEMBER 2022 257111 1706458 1963569 1864154 Page 8. NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY BALANCE SHEET AS AT 31ST DECEMBER 2023 Notes 2022 FIXED INVESTMENTS Investments at market value 2035833 1885435 CURRENT ASSETS Short temi deposits Cash at bank 4183 36533 4183 49222 40716 53405 LIABILITIES.. AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS 39828 52541 TOTAL ASSSETS LESS CURRENT LIABILITIES 2075661 1937976 Deferred grants payabl8 112092 73822 NET ASSETS 1963569 1864154 INCOME FUND Unrestncted 257111 150973 CAPITAL FUND Endowmont 1706458 1713181 1963569 1864154 Approved by the rdofT teeso ..A Waugh Truste8 ..Mrs G M Mathie Secretary The notes on pages 9 to 11 fomi part of these accounts Page 9. NORTHERN COU￿1Es CHILDREN'S BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS AT 31ST DECEMBER 2023 ACCOUNTING POLICIES 1.1 Accountin convention The financial statements have been prepared under the historical cost convention, with items recognised at cost unless olherwise stated in the ￿levant notes. The financial statements have been prepared in accordance with the Ststement of Recommended Practice. Accounting and Reporting by Charities prèparing their accounts in accordanc9 with the Financial Reporting Standard applicabb8 in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014, the Financial Reporting Stsndard applicable in United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practic6 as it applies from 1 January 2015. The charty constitutes a publiG benefii entty as defined by FRS 102. The financial statements have been prepared to give a Irue and faif view and have departed from the Charities (Accounls and Reports) Regulations 2008 only to the extent required to provide rue and fair vi8w'. This dèparture has involved following Awunting and Reporting by Charities preparing their accounts in accordanGe with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities., Statement of Recommended Practi¢e effective from 1 April 2005 whlch h88 since beén wlthdrawn. 1.2 Fund accoun In General funds are unrestricted funds which are availabl8 for use at the discretion of the trustees in furtherance of the g8neral objectives of the chanty and which h8V8 not been designated for other purposes. Desonated funds comprise unrestricted funds that have been set aside by the truslees for Particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. R8slri¢ted funds are funds which are to b8 used in accordance wllh specific restrictions Imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administrating such funds are Charged against the specific fund. The alm and use of each restricted fund is set out in not8S to the financial statements. Inv¢atrrt•nt in¢om•, 9aine and los￿$ ar8 allocated to the appropriate fund. 1.3 Investmen Inveslments are valued at market value on 31st December 2023. The statement of financlal activlties Includ8s the net gains and losses arising on revaluation throughout the year. 1.4 Incomin and ex nditure Income from investments is credited on a receipts basis. Exp8nditure is chargèd on an accruals b8SiS. Grants payable are: Agreed grants paid durirvJ the year Agreed grants which have not been paid which are payable on the satisfaction of a condition on the part of thg grantee which has not been satisfied. Page 10. NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY THE FINANCIAL STATEMENTS AT 31ST DECEMBER 2023 Continued NOTES T ort costs Secretarial fees are apportioned belween Support Costs arKI administration. 1.6 Govemance costs Governance costs comprise all cost involving public accountability of the Charity and its compliance with regulations and good practice. These costs indude ￿5t related to ststutory audit or examination and legal fees. 1.7 Realised ains and All gains and losses are taken to the statement of financial activitl8s as they arise. Re81ised galns and losses on investments ar8 calculated as the difference belwe8n sales proceeds and opening market value {purchase date rf later). Unrealis8d gains and10ss8s are calculated as the difference belween the market value at the year and and opening market value (or purchase date if lat8rl. Realised and unrealised gains are not separated in the Statement of Financial Activities. 1.8 Cashfl w statemenl The Trustees hav8 taken advantage of the 8xemption conferred by FRSI to dispense with the requirement to prepare a cash flow ststement on th8 grounds that the trust qualifies as a small entity. her resources e 2022 Secretsrlal 1872 1872 Tran f f betwean fund During the year monies hav8 been transferred from th8 endowment to the income fund to 8n8ble an increase In the level of support provided as grants. Inv•Btm ntz 202 2022 Market value al 1st January 2023 Increasel(reduction) in investments Net investment gainsl(losses) (unrealised) Net inveslment gainsl (losses) {realised) 1885435 157835 4571 (12008) 2037253 {5841) (111817) (34160) Market value at 31st December 2023 2035833 1885435 Cost at 31 st December 2023 1942728 1799558 nrestri ed funds 2023 2022 General fund Adamson Memorial Fund Adamson Memorial Chapel Fund 246655 5866 4590 140517 5866 4590 257111 150973 Page11. NORTHERN COUNTIES CHILDREN'S BENEVOLENT SOCIETY NOTES TO THE FINANCIAL STATEMENTS AT 31 ST DECEMBER 2023 Continued Permanent 8nd¢Jwment The pemanent endowment fund was established under a stheme approved by the Charity Commissioners on 18th September 1980. The income of the fund is available for general purposes. Reconcilia d 31st D8c6mber 2023 Unrestricted fund Permanent ndowment Total At 1 st January 2023 Net movements of resources in year 150973 106138 1713181 1864154 16723) 99415 Balance carried forward at 31 st Dec8mber 2023 257111 1706458 1963569 Represented by: Investments Nel current assets Deferred grants payabl8 329375 39828 (112092) 1706458 2035833 39828 (112092) 257111 1706458 1963569