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2023-04-05-accounts

THE FRED TOWLER CHARITY TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2023

Charity Number: 225026

THE FRED TOWLER CHARITY TRUST MEMBERS OF BOARD AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 5 APRIL 2023

THE BOARD OF TRUSTEES

Mr R J R Allan (Chairman) Mr P Fattorini Mr P G Meredith Miss S M Patchett Mr M Sweeney Miss B Craig Mrs J Lister Mr A Wintersgill Mr P W Geldeard (appointed 28 July 2023) Miss T Ackernley (appointed 27 July 2023)

BANKERS

Barclays Bank PLC 10 Market Street Bradford BD1 1NR

INVESTMENT MANAGER

Mr D Miller Quilter Cheviot Ltd One Kingsway London WC2B 6AN

ACCOUNTANTS AND INDEPENDENT EXAMINER

Richard Lewis FCCA RSM UK Tax and Accounting Limited Fifth Floor Central Square 29 Wellington Street Leeds LS1 4DL

1

THE FRED TOWLER CHARITY TRUST TRUSTEES’ ANNUAL REPORT YEAR ENDED 5 APRIL 2023

The trustees present their report and the financial statements of the charity for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

NAME AND REGISTERED OFFICE OF THE CHARITY

The full name of the charity is The Fred Towler Charity Trust and its principal operating address is Fifth Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL.

CONSTITUTION

The Fred Towler Charity Trust was formed in 1942 by the will of Fred Towler deceased. The trust is governed by the will proved at the Principal Probate Registry on 1 February 1943 and scheme of 11 March 1969.

The trust is a registered charity (registration number 225026) and is unincorporated.

OBJECTIVES

When planning the activities for the year, the trustees have considered the Charity Commissioner’s guidance on public benefit. The objectives of the trust are to provide holidays and grants for the sick, aged and youth resident in Bradford.

METHOD OF ELECTION OF TRUSTEES

Any trustee is able to nominate a person to stand as a trustee and they are elected by consent of all trustees via a deed of resolution of the trustees.

INVESTMENT POWERS

The trustees may invest as if they were beneficially entitled.

INVESTMENT POLICY

The investment objectives are:

The investment sub-committee of Messrs P G Meredith, R J R Allan and Mrs J Lister deal with the review of investment recommendation advice from stockbroker and other financial institutions.

Guidelines for the performance of the funds have been set and will be reported upon on a yearly basis.

Until 2013, separate investment portfolios were maintained for the holiday fund and general fund. In 2013 they were combined into a single portfolio. Since that time investment income, acquisitions and disposals have been allocated 32.5% to the holiday fund and 67.5% to the general fund, this being the ratio of the respective values at the date of amalgamation.

ETHICAL RESTRICTIONS

There are no ethical restrictions within the charity trust.

RESERVES POLICY

The policy of the charity is to maintain sufficient capital to allow the trustees to carry out the objectives of the charity.

The balance held as restricted funds at 5 April 2023 was £286,486. During the year we spent £5,580 on holiday grants. Therefore, the current level of restricted reserves is at a sufficient level to continue paying holiday grants in the future.

2

THE FRED TOWLER CHARITY TRUST TRUSTEES’ ANNUAL REPORT YEAR ENDED 5 APRIL 2023

The balance held as unrestricted funds at 5 April 2023 was £1,174,685. During the year general grants of £23,350 were paid to sick, aged and youth residents in Bradford. Therefore, the current level of unrestricted reserves is at a sufficient level to continue paying general grants in the future.

RISK FACTORS

The trustees annually assess the major risks to which the charity is exposed and are all satisfied that systems are in place to mitigate exposure to the major risks.

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

The trustees made grants relating to holidays amounting to £5,580 during the year (2022 – £8,000).

In addition, the trustees made general grants totalling £23,350 (2022 - £15,730).

Income for the year was £39,647 (2022 - £293,103) which after the costs of general grants, holiday grants, overheads and investment gains/(losses) resulted in a net outflow of resources for the year of £137,622 (2022 – £277,591 inflow)

The general grant making policy of the trustees is to make payments to charities representing the sick, aged and youth residents of Bradford.

An analysis of grants paid is:

£
Sick 10,050
Aged 5,975
Youth 7,325
──────
Total 23,350
══════

A detailed summary of both general and holiday grants paid is available on page 18.

The trustees consider that the objectives of the charity have been met during the year.

THE TRUSTEES

Details of persons who served as trustees during the year were as follows:

Mr R J R Allan (Chairman) Mr P Fattorini Mr P G Meredith Miss S M Patchett Mr M Sweeney Miss B Craig Mrs J Lister Mr A Wintersgill Mr P W Geldeard Miss T Ackernley

Grants are made in July and December of each year to other charities. The grants are made within restrictions laid down by the will that[1] /3 of disposable income is allocated to holiday costs, whilst[2] /3 is allocated to making other general charitable grants.

3

THE FRED TOWLER CHARITY TRUST TRUSTEES’ ANNUAL REPORT YEAR ENDED 5 APRIL 2023

KEY MANAGEMENT PERSONNEL REMUNERATION

The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 8 to the accounts.

18/03/24 Approved by the trustees on ................................ and signed on their behalf by:

… .................................................... Trustee

4

THE FRED TOWLER CHARITY TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES YEAR ENDED 5 APRIL 2023

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

5

INDEPENDENT EXAMINER’S REPORT ON THE UNAUDITED FINANCIAL STATEMENTS TO THE TRUSTEES OF THE FRED TOWLER CHARITY TRUST

I report to the trustees on my examination of the financial statements of The Fred Towler Charity Trust for the year ended 5 April 2023, which are set out on pages 7 to 18.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in Section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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 accounts to be reached.

Richard Lewis

Richard Lewis FCCA The Association of Chartered Certified Accountants On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Central Square Fifth Floor 29 Wellington Street Leeds LS1 4DL

Date: 19/03/24

6

THE FRED TOWLER CHARITY TRUST UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2023

Note Total Total
Restricted Unrestricted Funds Restricted Unrestricted Funds
Funds Funds 2023 Funds Funds 2022
£ £ £ £ £ £
INCOME FROM:
Donations - - - - 264,847 264,847
Investments 2 12,886 26,761 39,647 9,183 19,073 28,256
────── ────── ────── ────── ────── ──────
TOTAL INCOME 12,886 26,761 39,647 9,183 283,920 293,103
────── ────── ────── ────── ────── ──────
EXPENDITURE ON:
Raising funds (3,374) (7,007) (10,381) (2,831) (5,880) (8,711)
Charitable activities 3 (7,677) (27,543) (35,220) (9,961) (19,804) (29,765)
────── ────── ────── ────── ────── ──────
TOTAL EXPENDITURE (11,051) (34,550) (45,601) (12,792) (25,684) (38,476)
────── ────── ────── ────── ────── ──────
NET (EXPENDITURE)/
INCOME AND NET
MOVEMENT IN FUNDS
BEFORE GAINS AND
LOSSES ON INVESTMENTS 1,835 (7,789) (5,954) (3,609) 258,236 254,627
Net gains/(losses) on
disposal of investment
assets 12 (6,993) (14,525) (21,518) (2,740) (5,690) (8,430)
Unrealised gains
on investments (35,662) (74,068) (109,730) 10,229 21,246 31,475
Equalisations (139) (281) (419) (10) (70) (80)
────── ────── ────── ────── ────── ──────
NET INCOME (40,959) (96,663) (137,621) 3,870 273,722 277,592
Total funds brought forward 327,444 1,271,348 1,598,792 323,574 997,626 1,321,200
────── ────── ──────── ────── ────── ────────
Total funds carried forward 286,486 1,174,685 1,461,171 327,444 1,271,348 1,598,792
══════ ══════ ════════ ══════ ══════ ════════

All activities derive from continuing activities.

The unaudited financial statements have been subjected to an independent examination. See report on page 6

7

THE FRED TOWLER CHARITY TRUST UNAUDITED BALANCE SHEET AS AT 5 APRIL 2023

HE FRED TOWLER CHARITY TRUST
NAUDITED BALANCE SHEET
S AT 5 APRIL 2023
Restricted Unrestricted Total Total
Note Funds Funds 2023 2022
£ £ £
FIXED ASSETS
Investments 4 455,371 945,771 1,401,142 1,543,027
──────── ──────── ──────── ────────
CURRENT ASSETS
Cash at bank - 230,509 230,509 231,407
CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR 5 (168,885) (1,596) (170,481) (175,642)
────── ────── ────── ──────
NET CURRENT (LIABILITIES)/ASSETS (168,885) 228,913 60,028 55,765
────── ────── ────── ──────
──────── ──────── ──────── ────────
NET ASSETS 286,486 1,174,685 1,461,170 1,598,792
════════ ════════ ════════ ════════
FUNDS
Restricted 6 286,486 - 286,486 327,444
Unrestricted 6 - 1,174,685 1,174,685 1,271,348
──────── ──────── ──────── ────────
286,486 1,174,685 1,461,171 1,598,792
════════ ════════ ════════ ════════

18/03/24

These financial statements were approved by the Board of Trustees on ................................................. and are signed on its behalf by:

… ................................................... Trustee

The unaudited financial statements have been subjected to an independent examination. See report on page 6

8

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

  1. ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The Fred Towler Charity Trust constitutes a public benefit entity as defined by FRS 102.

GOING CONCERN POLICY

The trustees have reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the financial statements.

INCOMING RESOURCES

All income is recognised in the statement of financial activities when the conditions for receipt have been met, where there is entitlement, probable assurance of receipt and the monetary value of incoming resources can be measured with sufficient reliability.

Dividends and fixed interest income (“investment income”) are recognised once the investment income has been declared and notification has been received of the investment income due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

RESOURCES EXPENDED

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure on raising funds is in relation to the management of the investment portfolio.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Governance costs include those incurred in the governance of the trust and are primarily associated with statutory requirements.

LISTED INVESTMENTS

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair 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.

The Trust does not acquire put options, derivatives or other complex financial instruments.

FUND ACCOUNTING

The restricted fund is used for the provision of grants to other charities who provide holidays to deserving people. In prior years, the restricted fund was used for the provision of holidays for the elderly.

The general fund is free for use in accordance with the charity’s objectives.

The unaudited financial statements have been subjected to an independent examination. See report on page 6

9

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

1. ACCOUNTING POLICIES (CONTINUED)

FINANCIAL INSTRUMENTS

The charity only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. These are recognised at transaction value and subsequently at settlement value.

RESOURCES EXPENDED

2. INVESTMENT INCOME

ESTMENT INCOME
Total Total
Restricted Unrestricted Funds Restricted Unrestricted Funds
Funds Funds 2023 Funds Funds 2022
£ £ £ £ £ £
Dividends received 12,833 26,652 39,485 9,078 18,855 27,933
Fixed interest 53 109 162 105 218 323
────── ────── ────── ────── ────── ──────
12,886 26,761 39,647 9,183 19,073 28,256
══════ ══════ ══════ ══════ ══════ ══════
ARITABLE ACTIVITIES
Total Total
Restricted
Unrestricted		 Funds Restricted Unrestricted Funds
Funds
Funds		 2023 Funds Funds 2022
£ £ £ £ £ £
(a) Provision of
Charitable Services
General grants (note 13) - 23,350 23,350 - 15,730 15,730
Holiday grants (note 14) 5,580
-		 5,580 8,000 - 8,000
────── ────── ────── ────── ────── ──────
5,580
23,350		 28,930 8,000 15,730 23,730
══════ ══════ ══════ ══════ ══════ ══════
(b) Governance costs
Accountancy 2,097
4,193		 6,290 1,961 4,074 6,035
Room hire for meetings - - - - - -
────── ────── ────── ────── ────── ──────
2,044
4,193		 6,290 1,961 4,074 6,035
══════ ══════ ══════ ══════ ══════ ══════
Total 7,677
27,543		 35,220 9,961 19,804 29,765
══════ ══════ ══════ ══════ ══════ ══════

3. CHARITABLE ACTIVITIES

Accountancy includes independent examiner’s fees of £1,000 (2022 - £1,000).

The unaudited financial statements have been subjected to an independent examination. See report on page 6

10

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

4. INVESTMENTS

ESTMENTS
Note 2023 2022
£ £
UK quoted investments at market value
Market value at 6 April 2022 1,543,026 1,001,691
Acquisitions at cost 11 245,305 618,956
Disposals at opening book value 12 (265,787) (105,788)
Unrealised (losses)/gains on investments (139,596) (1,700)
────── ──────
1,382,948 1,513,159
Cash awaiting investment 18,194 29,868
────── ──────
Market value at 5 April 2023 1,401,142 1,543,027
══════ ══════
Investments comprise:
Equities 9 1,091,021 1,279,287
Fixed interest securities 10 272,230 233,872
Cash awaiting investment 37,891 29,868
────── ──────
Market value at 5 April 2023 1,401,142 1,543,027
══════ ══════
Historical Cost at 5 April 2023 1,357,076 1,397,321
══════ ══════

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost.

The following investment represents more than 5% of the net assets of the trust at 5 April 2023:

5.

Market
Value
£ %
Blackrock Collective Investment Fds 147,669 10.11
══════ ══════
EDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank overdraft 168,116 173,267
Accruals 2,365 2,375
────── ──────
Total 170,481 175,642
════ ════

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

The unaudited financial statements have been subjected to an independent examination. See report on page 6

11

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

6. FUNDS

Restricted funds, total donations and other income given for specific purposes.

Balance Incoming Resources Gains/(losses) Balance
at 06/04/22 Resources Expended on Investments Equalisations at 05/04/23
£ £ £ £ £ £
Holiday Fund 327,444 12,886 (11,051) (42,655) (138) 286,486
General Fund 1,271,348 26,761 (34,550) (88,593) (281) 1,174,685
──────── ────── ────── ────── ────── ────────
Total 1,598,792 39,647 (45,601) (131,248) (419) 1,461,171
════════ ══════ ══════ ══════ ══════ ════════
Balance Incoming Resources Gains/(losses) Balance
at 06/04/21 Resources Expended on Investments Equalisations at 05/04/22
£ £ £ £ £ £
Holiday Fund 323,574 9,183 (12,792) 7,489 (10) 327,444
General Fund 997,626 283,920 (25,684) 15,556 (70) 1,271,348
──────── ────── ────── ────── ────── ────────
Total 1,321,200 293,103 (38,476) 23,045 (80) 1,598,792
════════ ══════ ══════ ══════ ══════ ════════

The holiday fund is a restricted fund used to make donations to other charities which provide holidays to deserving people.

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Restricted Unrestricted
Total		 Total
Note Fund Fund
2023		 2022
£ £ £ £
Investments Equity 9 354,581 736,440
1,091,021		 1,279,287
Fixed Interest 10 88,475 183,755
272,230		 233,872
Cash products 6,402 13,295
19,697		 -
Un-invested Cash 5,913 12,281
18,194		 29,868
Cash at bank - 230,509
230,509		 226,407
Creditors (168,885) (1,595)
(170,481)		 (170,642)
────── ────── ──────── ────────
Net assets as at 5 April 2023 286,486 1,174,685
1,461,171		 1,598,792
══════ ══════ ════════ ════════
Restricted Unrestricted Total Total
Note Fund Fund 2022 2021
£ £ £ £
Investments Equity 9 415,768 863,519 1,279,287 778,119
Fixed Interest 10 76,008 157,864 233,872 190,584
Un-invested Cash 9,707 20,161 29,868 32,988
Cash at bank - 231,407 231,407 322,885
Creditors (174,039) (1,603) (175,642) (3,376)
────── ────── ──────── ────────
Net assets as at 5 April 2022 337,444 1,266,348 1,598,792 1,321,200
══════ ══════ ════════ ════════

The unaudited financial statements have been subjected to an independent examination. See report on page 6

12

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

8. RELATED PARTIES

None of the trustees received any remuneration or any other benefits from the charity during the year.

9. SCHEDULE OF EQUITY INVESTMENTS

HEDULE OF EQUITY INVESTMENTS
Holdings Book cost Market value
£ £
BP ord USD0.25 3,000 15,038 15,324
3i Group ord GBP0.738636 530 7,020 8,931
3i Infrastructure ord NPV 2,500 4,693 7,825
Abrdn European Logistics Income Pic ord GBP0.01 7,500 8,175 5,123
Advanced Micro Devices 80 6,185 6,359
Allianz Se (Regd) (Vinkuliert) 25 4,169 4,679
Amazon Com Inc Com USD0 80 9,949 6,702
Aptiv Pic Com USD0.01 55 5,975 5,004
Aquila European Renewables Pic ord EUR0.01 (GBP) 12,200 10,739 10,157
ASML Holding NV EUR0.09 8 5,198 4,399
Assura Pic ord GBP0.1 O 24,000 13,177 11,726
Astrazeneca 260 8,078 29,203
Baillie Gifford Inv Funds 23,200 28,760 31,482
Bank of America Corporation 170 5,781 3,943
Barclays Pic ord GBP0.25 4,000 7,310 5,832
Blackrock Collective Investment Fds 156,204 113,131 147,669
Blackrock Continental Eurpn Inc Fd Blackrock 20,000 24,881 36,434
BNY Mellon Investment 26,000 30,319 39,021
Chevron Corporation Com USD0.75 85 6,023 11,248
Compass Group Pic ord GBP0.1105 300 4,950 6,099
CT Property Growth & Income Fd ICVC CT Property 1,678 18,222 14,547
Diageo ord GBP0.28101/108 320 10,735 11,565
ES AllianceBernstein UK OEIC ES AllianceBernstein 20,000 20,540 24,020
Experian ord USD0.10 235 5,975 6,251
Fidelity Investment Funds 13,200 17,833 18,124
Franklin Templeton Funds 475 5,367 3,375
GSK Pic ord 500 7,517 7,145
Haleon Pic ord 1,225 3,269 3,945
Halma ord GBP0.10 290 5,544 6,464
Harbourvest Global Private Equity ord 225 5,023 4,613
HG Capital Trust Pic ord GBP0.025 3,250 12,979 11,148
Hipgnosis Songs Fund Ltd ord NPV 6,800 8,473 5,508
IMI ord GBP0.28571428 440 6,455 6,750
Intermediate Capital Group Pic 325 7,158 3,955
International Public Partner ord GBP0.0001 7,583 11,599 10,980
Intuit Inc Com USD0.01 15 5,864 5,424
Janus Hend Investment Fds Series I Janus Henderson 10,000 11,297 13,000
JD Sports Fashion Pic ord 3,750 6,172 6,666
JPMorgan Chase & Co. Com USD100 85 9,720 8,983
JPMorgan Fund ICVC JPM 58,000 36,498 38,489
Legal & General Group ord 8,000 3,646 19,112
Legal & General UCITS ETF Pic Robo Global 500 10,006 8,808
Linde Pic Com EUR0.001 25 5,841 7,207
London Stock Exchange Group 100 7,979 7,868
LVMH Moet Hennessy Vuitton SE EUR0.30 7 4,906 5,199
LXI REIT Pic ord GBP0.01 5,750 8,335 5,658
M& G Investment 6,700 8,023 8,084
M& G Pic Ord GBP0.05 2,600 6,190 5,148
Marsh & McLennan Companies Inc Com USD1 00 55 6,071 7,429
────── ──────
Carried forward 596,788 682,625

The unaudited financial statements have been subjected to an independent examination. See report on page 6

13

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

  1. SCHEDULE OF EQUITY INVESTMENTS (CONTINUED)
Holdings Book cost Market value
£ £
Brought forward 596,788 682,625
Mayfair Capital Investment Mgm Ltd 32,101 29,000 25,488
Medtronic Pic 65 6,156 4,250
Merck & Co Inc 120 6,303 10,354
Microsoft Corp Com 55 12,166 12,860
National Grid ord 1,902 15,970 20,855
NatWest Group 2,400 6,174 6,326
NB Global Monthly Inc 3,109 3,245 2,254
NB Private Equity Partners Limited 450 7,624 6,323
Netflix Inc 18 7,827 5,043
Pacific Capital UCITS Funds Pic 3,000 37,452 35,436
Palo Alto Networks Inc 75 9,292 12,150
Persimmon 250 5,319 3,140
Prudential 600 8,004 6,612
Reix Pic 340 6,388 8,901
Rio Tinto 440 22,980 24,103
Roche Holdings Ag Genusscheine 16 4,349 3,701
Rockwell Automation Inc 45 10,083 10,710
S& P Global Inc 20 5,945 5,592
Schroder Investment Fund Company 29,600 16,313 16,339
Segro Pic 600 7,793 4,606
Shell Pic 1,030 23,618 23,778
Smith {DS) 2,500 4,305 7,863
Standard Chartered 1,350 7,475 8,292
Supermarket Income 8,490 8,999 7,352
T- Mobile US Inc 70 6,609 8,223
The Renewables Infrastructure 13,200 16,476 16,474
Thermo Fisher Scientific Inc 16 6,529 7,479
Unilever 170 7,248 7,123
Union Pacific 35 6,445 5,713
United Rentals 25 6,408 8,024
Urban Logistics REIT 8,880 15,096 11,366
Vanguard Funds 700 23,608 20,417
Veritas Funds 14 11,372 11,895
VH Gbl Sustainable Energy Opps 8,251 8,251 8,334
Visa 40 6,492 7,314
Vodaphone 8,018 16,354 7,160
Walt Disney Company 50 6,434 4,060
Whitbread 260 8,587 7,766
Zoetis Inc 35 5,091 4,720
──────── ────────
Total 1,020,568 1,091,021
════════ ════════
Allocated to:
Holiday fund 331,685 354,581
General fund 688,883 736,440
──────── ────────
1,020,568 1,091,021
════════ ════════

The unaudited financial statements have been subjected to an independent examination. See report on page 6

14

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

10. SCHEDULE OF FIXED INTEREST INVESTMENTS

HEDULE OF FIXED INTEREST INVESTMENTS
Holding Book
Cost		 Market
Value
£ £
AXA Investment Managers
US Sht Duration High Yield Bonds 11,902 12,352 9,733
Hermes Fund Managers Ireland 17,901 17,841 15,049
M&G Securities
United Kingdom (Government of)
Idx/Lkd Snr Bds 21,000 37,743 29,593
Royal London
Bond Funds ICVC 50,000 64,433 57,750
Vanguard Investments 455 47,135 42,139
United Kingdom Treasury
0.875% Stock 2042 20,000 18,470 17,069
1% Stock 2024 25,000 24,533 24,230
1.5% 2047 15,000 16,229 9,420
2.75% 2024 24,000 23,719 24,230
4.25% 2047 20,000 26,606 21,220
4.5% 2042 20,000 32,328 21,797
────── ──────
TOTAL 321,389 272,230
Allocated to: ══════ ══════
Holiday fund 104,451 88,475
General fund 216,938 183,755
────── ──────
321,389 272,230
══════ ══════

The unaudited financial statements have been subjected to an independent examination. See report on page 6

15

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

11. CHANGES ON INVESTMENTS – ACQUISITIONS

ANGES ON INVESTMENTS – ACQUISITIONS
Shares Cost
acquired £
FIL Investment Services (UK) Limited Asia Pacific 13,200 17,833
IMI 440 6,455
JP Morgan Global Core Real Assets 14,000 14,141
LVMH Moet Hennessy Vuitton SE 7 4,906
M & G Investment Funds 6,700 8,023
NatWest Group Plc 2,400 6,174
Pacific Capital UCITS Funds 3,000 37,452
Royal London Bond Funds ICVC 20,000 19,521
Royal London Bond Funds ICVC 12,500 14,650
Royal London Unit Trust Managers Sterling Credit 12,500 15,475
Standard Chartered ord 1,350 7,475
United Kingdom (Government of) 0.875% Snr Bds 16,000 14,656
United Kingdom (Government Of) 1% Bds 25,000 24,580
United Kingdom (Government Of) 2.75% Gilt Snr Bds 14,000 13,837
United Kingdom (Government Of) 2.75% Gilt Snr Bds 10,000 9,971
Vanguard Investment Series 160 15,595
Vanguard Investment Series 100 9,268
Zoetis Inc 35 5,091
Equalisations - 202
──────
Total 245,305

The unaudited financial statements have been subjected to an independent examination. See report on page 6

16

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

12. CHANGES ON INVESTMENTS – DISPOSALS

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Shares|Market|Sale|Gain/| |disposed|Cost|Value|proceeds|(loss)| |£|£|£|£| |EQUITY| |3i Infrastructure|2,000|3,754|6,950|6,650|(300)| |Adobe Inc|14|6,515|4,851|4,273|(578)| |BP|2630|13,183|9,872|12,743|2,871| |Cellnex Telecom|100|5,059|3,682|3,209|(473)| |First Sentier Invers (UK) Fds Ltd|8850|18,128|27,051|25,846|(1,205)| |GSK|480|7,216|2,256|6,783|4,528| |Janus Henderson|1000|8,742|11,014|9,707|(1,307)| |JD Sports Fashion|3000|4,938|4,448|4,844|396| |JP Morgan Global Core|14,000|14,141|14,141|15,469|1,328| |Lloyds Banking Group|16,400|7,260|7,717|6,986|(731)| |Ocado Group|520|10,919|6,089|3,376|(2,713)| |Pimco Fds Global Investors|3000|37,452|37,452|34,350|(3,102)| |Priviledge Sands US|1405|25,497|50,352|34,655|(15,697)| |Smith (DS)|2285|3,934|7,360|7,996|637| |Sparx Funds Japan|75|9,261|8,819|8,095|(724)| |Sterling GBP|1708|1,708|1,708|1708|-| |Sterling GBP|831|831|831|831|-| |Trane Technologies|65|8,816|7,549|6,448|(1,101)| |Vanguard Funds|240|8,091|7,870|7,344|(536)| |Volkswagen AG Non Vtg Prf|30|4,923|3,967|3,620|(347)| |Vontobel Fund|370|40,331|37,270|37,337|67| |Xylem Inc|70|6,745|4,539|4,177|(362)| |─────|─────|─────|─────| |247,444|265,788|246,447|(19,349)| |═════|═════|═════|═════| |Allocated to:| |Holiday fund|86,382|80,095|(6,288)| |General fund|179,406|166,352|(13,061)| |─────|─────|─────| |265,788|246,447|(19,349)| |═════|═════|══════|

----- End of picture text -----

The unaudited financial statements have been subjected to an independent examination. See report on page 6

17

THE FRED TOWLER CHARITY TRUST NOTES TO FINANCIAL STATEMENTS AS AT 5 APRIL 2023

13. GENERAL GRANTS PAID

13.GENERAL GRANTS PAID
2023 2022
£ £
Aire Valley District Scout Council - 250
Bradford Court Chaplaincy 2,000 2,000
Bradford Nightstop 1,000 -
Bradford Sea Cadets 4,000 -
Bradford Tradesmen’s Homes - 4,000
Bradford Junior PHAB Club - 450
British Dyslexics - -
British Epilepsy Action - 300
Carers’ Resource 3,000 -
Childrens charity circle 800 1,000
Clayton Community Association 500 1,230
Clothing Solutions for Disabled People - 2,000
Epilepsy Action 800 300
Haworth Riding for the Disabled 900 -
Lifelites 1,500 -
Listening books 1,100 1,200
Make Them Smile 750 -
One in a Million 1,290 1,000
Police Community Clubs Bradford 1,500 1,000
Rotary Youth leadership - -
Rotary Club of Bradford Blaze 1,975 1,000
The Engineering Development Trust 1,235 -
Whizz Kids 1,000 -
───── ─────
23,350 15,730
═════ ═════
14.GRANTS RELATING TO HOLIDAYS
2023 2022
£ £
Carer’s Resource - 3,500
Dream Holidays 1,580 -
Howarth Riding for the Disabled - 500
Make them Smile - 1,000
Nell Bank 4,000 3,000
───── ─────
5,580 8,000
═════ ═════

The unaudited financial statements have been subjected to an independent examination. See report on page 6

18