The Noel Buxton Trust Registered Charity No. 220881
Report and Accounts For the year ended 31 December 2022
THE NOEL BUXTON TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Reference and administrative details
Settlor: Noel Edward Buxton, subsequently Lord Noel-Buxton
Name of the Charity: The Noel Buxton Trust
The principal governing document is a Settlement dated 28 June 1919.
The Trust is a private charitable trust controlled by its Trustees.
Charity Registration No:
220881
Trustees:
Emma Compton-Burnett (Chair) Tahera Aanchawan Katie Aston, OBE James Buckley Katie Buxton Simon Buxton Sir Brendan Gormley, KCMG Jo Tunnard (Vice-chair)
Principal Office Address:
Principal Office Address: P O Box 520 Fleet GU51 9GX www.noelbuxtontrust.org.uk Manager: Anne Murray Applegate, Crondall Road Crookham Village Hampshire GU51 5SS Independent Examiner: Gilroy and Brookes Accountants Limited Suite 15, The Enterprise Centre Coxbridge Business Park Farnham GU10 5EH Bankers : CAF Bank Limited Kings Hill West Malling Kent ME19 4TA
Investment Managers : M&G Charities
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THE NOEL BUXTON TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
PO Box 9038 Chelmsford
CM99 2XF
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THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Investment powers : Under the 1919 Settlement Trustees have broad discretion over the classes of investments that may be held.
Objects of the Charity: The promotion of the welfare of the community.
Our concerns were with development in Africa; with the welfare of families affected by domestic abuse and with the welfare of prisoners and their families in Britain.
We present our annual report and financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2016 and Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102) applicable to charities preparing accounts for the accounting period beginning on or after 01 January 2019.
Objectives and activities for the public benefit
We confirm that we have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.
The Objects of the Trust reflect the Founder’s world-wide view of human welfare. They require the Board to promote the welfare of communities both by direct means and by supporting social reform. We seek to enact these broad objectives though grant-making. In 2022 worked for public benefit by making grants supporting voluntary organisations working in three areas, where we have many years of experience:
-
Sustainable livelihood projects in Africa, such as small business support and training, and microfinance in both urban and rural, regions; and projects that support and protect street children.
-
Work with families affected by domestic abuse in Britain. We fund projects that work with survivors or perpetrators of domestic abuse.
-
Work by organisations that help to improve the lives of prisoners and former offenders in Britain. We fund projects that offer practical help to rehabilitate offenders and help them to prepare for life after release.
Public benefit statement
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THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
In shaping our objectives for the year and planning our activities, we have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.
Principal funding sources
The principal funding source of the Charity is dividend income from the investment portfolio.
Grant making policies
Grants are awarded after submission of an eligible application by the applicant to the Trustees. We review the application to judge if the grant falls within the charity’s objectives and whether the application meets its requirements in terms of the benefits it gives. Each application is discussed, reviewed and decided upon by Trustees. All decisions are reported at their regular meetings.
Structure, governance and management
The Noel Buxton Trust was established by Trust Deed in 1919, and it is registered as a charity (Charity Number 220881). The Trust is managed by a Board of Trustees who are chosen for their relevant knowledge and experience and from those who share the ethos of the Trust.
The Board met twice in 2022 via the internet. Grant decisions were formally approved at the meetings. We delegate daily running of the Trust’s business to an experienced manager, who reports directly to the Chairman. Trustees receive no benefits, although the Trust will cover reasonable travel expenses.
The Trust continued its membership of the Association of Charitable Foundations and took advantage of ACF’s meetings and publications, which help to inform us about good practice in grant-making.
Achievements and performance
We have decided that, with the modest budget at our disposal, we must direct grants in an effective manner. We set out guidelines to help potential applicants understand the kinds of applications that are likely to be funded, and those that cannot be considered. We publish criteria and exclusions for each of the three areas of work, on our website, which was improved this year.
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THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Under our guidelines, we considered 87 appropriate new appeals and made 20 new grants.
In addition, we renewed grants to 13 existing beneficiaries, making, in total, 33 grants.
This year, we spent £117,733 (2021: £110.133) supporting work that had direct public benefit in the form of grants. A full list of grants is given in pages 14-17.
We reviewed both our Africa and our Family programmes. The outcomes of the reviews led us to think about effective ways to support work in these areas. The main lesson from the Africa review was that we should support African organisations with muti-year grants as far as possible. Within the family programme, we decided to proactively seek a few key partnerships with organisations working on projects that we strongly endorse.
As ever, we intend to learn from the experience of making grants, and actively encourage beneficiary organisations to report on their work. We also hope to meet with organisations, when we judge that this can help with our decisions and learning.
Financial review
The Trust’s work is entirely dependent on the income derived from its investments. It was a difficult year for the asset classes that we hold, which are predominantly equities with some bonds. We were also mindful that the effect of higher inflation erodes the value of our spending. We therefore held firm to our commitment to support our beneficiaries and were able to maintain grant spending at approximately the same level as the previous year.
Investment performance
Following our investment review in 2021, we implemented recommendations to diversify our holdings, which were overly reliant on poorly performing bonds and the UK stock market. We have sold our M&G Corporate Bond but continue to hold M&G Charibond. We remain predominantly invested in M&G Charifund, albeit we have trimmed this holding. Our sales of Charifund and the Corporate Bond have enabled us to purchase iShares VII PLC S&P 500, an exchange traded fund which gives exposure to the US stock market. We also acquired Ecofin GBL, which specialises in green energy. These new holdings combine to make up approximately one fifth of the whole portfolio. They help to balance our geographical range and improve our engagement with ESG concerns.
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THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
The income from the investments was £117,999 (2021: £112,515). The total value under investment at year end was down on the previous year, in what has been a difficult year for investors globally. At year end our portfolio was valued at £2,479,438 (2021: £2,658,392).
Reserves policy
We have agreed to keep at least six-month’s running costs (approximately £65,000) in cash, at CAF Bank, as a reserve. This money ensures that the Trust can provide continuity of grant-making even if the investment income falters.
Risk management
We have assessed the major risks to which the charity is exposed. We have identified that the major risks are those affecting the finances (capital and/or income); the operation of the Trust (though loss of experienced Trustees or Manager); and reputational damage (e.g. fraudulent use of a grant) which might affect the Trust or individual Trustees; and cyber-security concerns. We monitor these risks at our meetings and, where appropriate, we set out policies and protocols to mitigate risk.
Plans for future periods
We plan to continue funding in the three areas that we have supported for many years.
We expect to benefit from a legacy left by Dr John Basil Ponsonby, a member of the Buxton family. Consideration will be given to the best way of investing and spending this legacy.
Signed …………………………
Emma Compton-Burnett Chair of Trustees Date: 18 May 2023
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THE NOEL BUXTON TRUST INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
I report on the accounts of the charity for the year ended 31 December 2022 set out on pages 8 to 13.
Respective Responsibilities of Trustees and Independent 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 43(2) of the Charities Act 1993 (the 1993 Act), as amended by section 28 of the Charities Act 2006) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 43(3)(a) of the 1993 Act, as amended);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the 1993 Act, as amended); and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination was carried out in accordance with the 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 41 of the Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
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2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Anna Coote, MAAT Dated
Independent Examiner
Gilroy & Brookes Accountants Limited Suite 15, The Enterprise Centre, Coxbridge Business Park, Farnham,
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THE NOEL BUXTON TRUST INDEPENDENf EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Surrey GUIO
THE NOEL BUXTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Not e |
2022 2021 Unrestric ted Unrestricted 117,999 112,515 64 1 1,012 |
|---|---|
| Income | |
| Investment income 3 |
|
| Bank interest | |
| Realised sale of investments 8 |
|
| Total income | 119,175 112,517 |
| - 128,526 120,635 - - |
|
| Expenditure | |
| Expenditure on raising funds |
|
| Expenditure on charitable activities |
|
| Grant-making 4 |
|
| Donation | |
| Total expenditure | 128,526 120,635 |
| - 13,487 -8,119 -178,953 223,840 |
|
| Net income / (expenditure) before gains and losses on investments |
|
| Net gains/(losses) on investments |
|
| Net movement in funds |
-188,304 215,721 |
| 2,789, 445 2,573,724 |
|
| Reconciliation of funds | |
| Total funds brought forward |
|
| Total funds carried forward |
2,601, 141 2,789,445 |
Continuing Operations
None of the Trust’s activities was acquired or discontinued during the above two financial years.
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THE NOEL BUXTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
Total recognised Gains and Losses
The Trust has no recognised gains or losses other than the above movement in funds for the above two financial years.
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THE NOEL BUXTON TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022
| Not e |
2022 2021 Unrestrict ed Unrestrict ed |
|---|---|
| Fixed assets | |
| Investments 8 |
2,483,57 5 2,658,392 |
| Total fxed assets | 2,483,57 5 2,658,392 |
| 117,566 131,053 |
|
| Current assets | |
| Cash at hand and in bank | |
| Total current assets | 2,601,14 1 2,789,445 - - |
| Liabilities | |
| Creditors falling due within one year |
|
| Net current assets | 2,601,14 1 2,789,445 |
| 2,601,14 1 2,789,445 |
|
| The fund of the charity | |
| Unrestricted fund | |
| Total charity fund | 2,601,14 1 2,789,445 |
These financial statements were approved by the members of the committee and authorised for issue on 18 May 2023 and are signed on their behalf by the Chair:
Signed …………………………
Emma Compton-Burnett Chair of Trustees
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THE NOEL BUXTON TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 13
THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The accounts (financial statements) 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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (FRSSE), and the Charities Act 2011 and applicable regulations. The 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.
(b) Funds structure
The Charity’s assets are unrestricted. The Trustees have wide powers of investment and are able to spend both capital and income in pursuance of the objects of the Trust.
(c) Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the applicable expenditure headings in the statement of financial activities. For more information on this allocation refer to note (f) below.
Grants payable are charged in the year when the offer is made. Grants offered subject to conditions that are not met at year end are noted as a commitment, but not accrued as expenditure.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Allocation of support and governance costs
Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and
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THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
legal fees together with an apportionment of overhead and support costs relating to trustee Board and sub Committee meetings. The allocation of support and governance costs is analysed in notes 6 and 7.
(h) Charitable activities
The expenditure on charitable activities includes grants made, governance costs and support costs. A full list of grants made in 2022 is given at the end of these notes.
(i) Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
(j) Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
2. Related party transactions and Trustees’ expenses and remuneration
The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil). Expenses paid to the Trustees in the year totalled zero (2021: £nil). There were no related party transactions.
3. Investment income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Dividend income | ||
| M&G Charifund | 103,429 | |
| 99,582 | ||
| M&G Charibond | 5,665 | |
| 6,438 | ||
| M&G Corporate Bond Sterling A |
5,578 | 6,495 |
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THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Inc. | 3,188.19 - 883.62 - |
|---|---|
| Ecofn GBL UTILITI ORD |
|
| iShares VII PLC S&P 500 UCITS ETF |
|
| 117,99 9.20 112,515 |
4. Analysis of charitable expenditure
| Grants to benefcia ries £ Governa nce and support £ Total 2022 £ Total 2021 £ |
|
|---|---|
| Direct costs |
117,733 10,793 128,52 6 120,635 |
5. Analysis of grants
| Numbe r 2022 Total 2022 £ Numbe r 2021 Total 2021 £ Grants supporting African communities 9 41,333 9 40,133 Grants supporting families afected by domestic abuse 8 32,000 9 32,000 Grants supporting prisoners 16 44,400 14 38,000 |
Numbe r 2022 Total 2022 £ Numbe r 2021 Total 2021 £ Grants supporting African communities 9 41,333 9 40,133 Grants supporting families afected by domestic abuse 8 32,000 9 32,000 Grants supporting prisoners 16 44,400 14 38,000 |
|---|---|
| Grants supporting African communities |
|
| Grants supporting families afected by domestic abuse |
|
| Grants supporting prisoners |
|
| 33 117,733 32 110,133 |
|
| Management and administration costs Support costs 2022 £ Support costs 2021 £ Administrator’s fee 9,000 9,000 |
6. Management and administration costs
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THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7.
| Post, email, web hosting and other ofice expenses, including manager’s transport to meeting |
468 531 222 235 94 - 108 - - - |
|---|---|
| Bank fees | |
| Charles Stanley custodian charge |
|
| Registration of Legal Entity Identifer |
|
| Sundries | |
| 9,892 9,766 |
|
| Governance costs | 2022 £ 2021 £ 356 250 72 36 - - 474 450 |
| Annual subscriptions | |
| Meeting expenses | |
| Trustees' expenses | |
| Independent examiner's fees | |
| 902 736 |
8. Fixed asset investments
| Market value | 2022 2021 £ 2,658,392 2,434,552 484,733 - 485,745 - -178,953 223,840 1,012 |
|---|---|
| At 1 January 2022 | |
| Additions | |
| Disposals | |
| Unrealised gain/(loss) on investment |
|
| Realised gain | |
| At 31 December 2022 | 2,479,438 2,658,392 |
The Trust’s holdings at market value
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THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| No. units held 31 Dec 2022 M&G Charifund 116,98 6.61 M&G Charibond 257,51 0.73 M&G Corporate Bond Sterling A Inc. - ISHARES VII PLC S&P 500 UCITS ETF 35,810 ECOFIN GBL UTILITI ORD 113,384 |
31 December 2022 £ No. units held 31 Dec 2021 1,719, 142 134,570.86 8 278, 910 257,510.73 - 621,118.01 235,343 - 246,043 - 2,479,438 |
31 December 2021 2,094,192 312,026 252,174 - - |
|---|---|---|
| 2,658,392 |
9.Grant commitments
At 31 December 2022 the Trust had commitments in respect of grants offered subject to conditions which have not been met at year end:
| 2022 2021 |
|
|---|---|
| Within one year: | £68,333 £43,333 |
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THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2022
Grants supporting organisations working in Africa
----- Start of picture text -----
Organisation Location Project Grant
ADOVIC Anti
To supply protective clothing
Domestic £4,00
Jinja, Uganda for marginalised women as
Violence 0
they take up job opportunities.
Centre
Jonglei,
Anglican Western and Working with partners in Juba,
£5,00
International Central AID runs a micro-finance
0
Development Equatoria, initiative for women.
South Sudan
Buhaguzi
Action for To help groups of women
Kikuube
Rural farmers improve food security £5,00
District,
Development by running a goat-herding 0
Uganda
Foundation scheme.
(BUARDEFO)
To run a food security project
Community
Western Bahr by providing women and
hope Agency £3,00
el Ghazal, young people with access to
for Rural 0
South Sudan agricultural equipment and
Development
training.
To support young mothers to
become more financially £5,00
Edukid Acholi, Uganda
secure by offering micro credit 0
and business training.
To support refugee farmers by
Maban County, helping them get access to £5,00
PartnerAid
South Sudan land, seeds and tools so they 0
can feed their families.
To help develop
agribusinesses with women
Riana
Homa Bay, and youths from £6,00
Development
Kenya disadvantaged communities 0
Network
and link them with other
development funders.
To set up vocational training
for street children who come
£2,33
We See Hope Nakuru, Kenya into the 'transit town' of
3
Nakuru, Kenya and are
otherwise prey to drug gangs.
To support women-led micro-
Bugosa
Zena Launch businesses in Busoga Uganda £6,00
Region,
Pad to gain access to UK and US 0
Uganda
markets.
----- End of picture text -----
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THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2022
£41,3 Total of nine grants 33
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THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2022
Grants supporting organisations working with families surviving domestic abuse
----- Start of picture text -----
Organisation Location Project Grant
To help with the running costs
£3,00
Llamau Wales of the volunteering service
0
that supports survivors.
To support the core costs of a
New Leaf domestic abuse charity that £4,00
South East
Support offers a range of services to 0
families in Kent.
To support a free legal advice
Norfolk service that is working in
£5,00
Community England partnership with local
0
Law Service domestic abuse charities in
Norfolk.
To help run a support project,
Pandora Open The Box, which has been £5,00
England
Project designed by survivors of 0
abuse.
To help with the core costs of
£3,00
Salcare England a small grass roots
0
organisation.
To help fund an online craft
group that is a safe space for
£5,00
Staying Put England women affected by domestic
0
abuse to meet peers during
lockdown.
To support core costs of
The Dash charity that offers help to £3,00
England
Charity families affected by domestic 0
abuse
To help fund support groups
Women's Yorkshire and for young women and £4,00
Health Matters Humberside pregnant women who are 0
affected by domestic abuse
£32,0
Total of eight grants
00
----- End of picture text -----
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THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2022
Grants supporting organisations working with prisoners and former offenders
----- Start of picture text -----
Organisation Location Project Grant
ABOB helps young male
A Band of
offenders with rehabilitation,
Brothers £2,50
East Midlands using a programme of peer
Leamington 0
mentoring with a range of role
Spa
models.
To help fund a training
programme for volunteers £2,00
AVID UK-wide
joining AVID's support work 0
with immigrations detainees.
To help expand the in-person
Changing music and performance £2,00
South West
Tunes services for prisoners and 0
former offenders.
To help fund a performance
Dundee rep £2,00
Scotland bringing prisoners and their
SDT 0
children together on stage.
To meet women as they leave
£1,50
Jericho Road Midlands prison and to support them
0
with essential needs.
To help fund BikeBack, a
programme offering training £2,50
Lifecycle UK South West
in bike mechanics and work 0
placements to prisoners.
To support the core costs of an
online volunteering project to £4,00
Nepacs North East
help support prisoners during 0
court visits.
To help fund the criminal
justice casework which £2,50
One25 South West
provides advice and advocacy 0
for women prisoners
To run training placements for
RAW prisoners at woodwork and £4,40
South
Workshop recycling enterprise with peer 0
support and mentoring.
----- End of picture text -----
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THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2022
----- Start of picture text -----
To help with the core costs of £3,00
Resolve West South West
a restorative justice project. 0
To run music workshops for
£2,50
Resonate South people held at Hellingly
0
Centre Medium Secure Unit
To expand a programme of
£2,50
Sing inside UK volunteer-led singing
0
workshops in prisons.
To run MentorMe, a project
that brings prisoners and
£4,00
Sixty One South West former offenders together with
0
volunteers trained to listen
and advise.
To support older ex-offenders
with mentoring and training
Surrey Care £3,00
South East by providing supervised
Trust 0
environmental work along the
river Wey.
To support UR4Driving - a
project that teaches former
The Upper £3,00
South East offenders to drive in return for
Room 0
their contribution as
volunteers.
To help fund a volunteer-led
helpline giving advice to ex- £3,00
Unlock England
offenders who face barriers to 0
employment and housing.
£44,4
Total of 16 grants
00
----- End of picture text -----
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