ELIZA MARTHA BELL TRUST
TRUST ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
ELIZA MARTHA BELL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
1. REFERENCE AND ADMINISTRATIVE DETAILS
The trust is registered with the Charity Commission under the reference 226634.
The registered office of the Charity is 30/32 Gildredge Road, Eastbourne, East Sussex, BN21 1RJ.
The trustees use advisors as follows:-
Bankers:Lloyds Bank Plc 104 Terminus Road Eastbourne East Sussex BN21 3AH
Investment Managers:Charles Stanley 30 Hyde Gardens Eastbourne East Sussex BN21 4PX
Independent Examiner:M N Preece BA FCA DChA Chartered Accountant Price & Company 30/32 Gildredge Road Eastbourne East Sussex BN21 4SH
2. TRUSTEES
The names of the trustees who held office throughout the year are:-
I H Ford Esq (Chairman) A T R Firth Esq (Hon Treasurer) Mrs M De Wirtz Dr S J Eyre R Dadswell Esq M Smith Esq
3. STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity originates from the will of the late Miss Eliza Martha Bell and has been operated in accordance with the Trust Deed dated 14 January 1921 and latterly under the revised scheme dated 26 October 1984.
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ELIZA MARTHA BELL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)
4. STRUCTURE, GOVERNANCE AND MANAGEMENT (CONT)
The Trust Deed provides for a maximum of seven competent persons, who hold the Protestant faith, to be appointed as trustees. New trustees are appointed for a term of five years by resolution at a special meeting of the continuing trustees. Such persons are to be made aware of their responsibilities, the history and procedures of the charity and should receive a copy of the previous year's accounts. To act as a trustee on appointment, the new trustee must first sign in the minute book of the Trust a declaration of acceptance and willingness to act.
5. OBJECTIVES AND ACTIVITIES
The trustees are required to apply the income of the Charity in or towards the provision of recuperative holidays for Christian women workers of the Protestant faith, being persons of limited means who require rest from some active missionary work or other Christian service.
The trustees meet and allocate funds annually to certain societies and missions stipulating that the funds be used for the benefit of Christian ladies, as outlined above.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
6. ACHIEVEMENTS AND PERFORMANCE
All the assets of the trust are held in stocks and shares and, apart from interest on monies held on deposit, all of the income derives from these investments.
The total value of the investments at 31 December 2020 amounted to £793,608, on which an income of £25,833 was generated; equating to an average yield of approximately 3.1%. Overall, the investment portfolio has fallen in value by 10.7% in the last twelve months, compared to decreases of 9.8% on the FTSE All Share Index and 11.5% on the FTSE 100 Index and an increase of 1.9% on the Balanced Index over the same period.
7. FINANCIAL REVIEW
The results for the year ended 31 December 2020 are shown in the attached financial statements and the trustees regard the financial situation at that date as satisfactory.
The trustees have reviewed the risks that the charity may be exposed to and have made appropriate arrangements to mitigate these risks.
Given the nature and purpose of the trust, there is no need to maintain substantial capital cash reserves and the policy of the trustees is to allocate the income as soon as possible after the year end.
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ELIZA MARTHA BELL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)
8. FINANCIAL REVIEW (CONT)
Stockbrokers act on behalf of the trustees and investment policy is to invest with medium risk. The overall objectives are balanced so as to produce a reasonable return of income, but with a view towards some capital appreciation to ensure that the level of giving can be maintained in future years.
On behalf of the trustees
Mr I H Ford - Chairman
7 July 2021
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ELIZA MARTHA BELL TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELIZA MARTHA BELL TRUST
I report on the accounts of the Trust for the year ended 31 December 2020, which are set out on pages 5 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINERS
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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under Section 145 of the 2011 Act;
-
under Section 145 (5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the general Directions given by the Charity Commissioners. 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 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 matter has come to my attention:
-
a) which gives me reasonable cause to believe that in any material respect the requirements:
-
i) to keep accounting records in accordance with Section 130 of the 2011 Act; and
-
ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
30/32 Gildredge Road M N Preece BA FCA DChA Eastbourne Chartered Accountant East Sussex Price & Company BN21 4SH
7 July 2021
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ELIZA MARTHA BELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Current financial year | Unrestricted | ||||
|---|---|---|---|---|---|
| Income | Endowment | Total |
Total | ||
| Note | Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Investments | 3 | 25,903 | 25,903 | 35,268 | |
| _____ | _____ | _____ | _____ | ||
| Total income | 25,903 | 25,903 | 35,268 | ||
| _____ | _____ | _____ | _____ | ||
| Expenditure on: | |||||
| Raising funds: | |||||
| Investment management costs | |||||
| Stockbrokers’ fee | 3,707 | 3,707 | 4,383 | ||
| Charitable activities: | 4 | 36,440 | 36,440 | 36,410 | |
| _____ | _____ | _____ | _____ | ||
| Total resources expended | 36,440 | 3,707 | 40,147 | 40,793 | |
| _____ | _____ | _____ | _____ | ||
| Net gain (loss) on investments | 5 | (95,145) | (95,145) | 90,344 | |
| _____ | _____ | _____ | ______ | ||
| Net movement in funds | (10,537) | (98,852) | (109,389) | 84,819 | |
| Fund balances brought forward | |||||
| at 1 January 2020 | 50,418 | 896,273 | 946,691 | 861,872 | |
| _____ | ______ | ______ | ______ | ||
| Fund balances carried forward | |||||
| at 31 December 2020 | £39,881 | £797,421 | £837,302 | £946,691 | |
| ===== | ====== | ====== | ====== |
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ELIZA MARTHA BELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2019
| Prior financial year | Unrestricted | |||
|---|---|---|---|---|
| Income | Endowment | Total | ||
| Note | Funds | Funds | 2019 | |
| £ | £ | £ | ||
| Income from: | ||||
| Investments | 3 | 35,268 | 35,268 | |
| _____ | _____ | _____ | ||
| Total income | 35,268 | 35,268 | ||
| _____ | _____ | _____ | ||
| Expenditure on: | ||||
| Raising funds: | ||||
| Investment management costs | ||||
| Stockbrokers’ fee | 4,383 | 4,383 | ||
| Charitable activities: | 4 | 36,410 | 36,410 | |
| _____ | _____ | _____ | ||
| Total resources expended | 36,410 | 4,383 | 40,793 | |
| _____ | _____ | _____ | ||
| Net gain (loss) on investments | 5 | 90,344 | 90.344 | |
| _____ | _____ | _____ | ||
| Net movement in funds | (1,142) | 85,961 | 84,819 | |
| Fund balances brought forward | ||||
| at 1 January 2019 | 51,560 | 810,312 | 861,872 | |
| _____ | ______ | ______ | ||
| Fund balances carried forward | ||||
| at 31 December 2019 | £50,418 | £896,273 | £946,691 | |
| ===== | ====== | ====== |
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ELIZA MARTHA BELL TRUST
BALANCE SHEET AT 31 DECEMBER 2020
| Notes | 2020 | 2019 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Investments | 5 | 793,608 | 888,874 | ||
| Current Assets | |||||
| Cash | 6 | 46,070 | 60,335 | ||
| _____ | _____ | ||||
| 46,070 | 60,335 | ||||
| Creditors :Amounts falling due within | one year | ||||
| Accruals | 2376 | 2518 | |||
| _____ | _____ | ||||
| Net current assets | 43694 | 57817 | |||
| ______ | ______ | ||||
| Total assets less current liabilities | £837,302 | £946,691 | |||
| ====== | ====== | ||||
| Represented by:- | |||||
| Unrestricted funds: | |||||
| Endowment Fund | 7 | 797,421 | 896,273 | ||
| Income Fund | |||||
| Unallocated income | 39,881 | 50,418 | |||
| ______ | ______ | ||||
| £837,302 | £946,691 | ||||
| ====== | ====== |
Approved by the Trustees on 7 July 2021 and signed on their behalf by
Mr I H Ford - Chairman
The notes on pages 8 to 12 form part of these accounts.
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
a) Accounting convention
The accounts (financial statements) 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 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102.
b) Going Concern
At the time of approving the accounts, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees’ continue to adopt the going concern basis of accounting in preparing the accounts.
- c) Taxation
The trust is registered as a charity with the Charity Commissioners and is exempt from United Kingdom taxation.
- d) Income funds
The income funds of the trust are unrestricted, but must be applied in accordance with the objects of the trust set out in the trustees' report.
- e) Incoming resources
All incoming resources are included in the accounts on a receivable basis.
f) Resources expended
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them
Grants payable are payments made to third parties in the furtherance of the charitable objectives.
- g) Allocations
Allocations of funds are recognised when paid.
h) Investments
Investments are stated at fair value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
2. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2. ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||
|---|---|---|---|
| Income | Endowment | Total |
|
| Fund | Fund | Funds | |
| Fund balances at 31 December 2020 are | |||
| represented by:- | £ | £ | £ |
| Investments | 793,608 | 793,608 | |
| Current assets | 41,321 | 4,749 | 46,070 |
| Current liabilities | (1,440) | (936) | (2,376) |
| ____ | |||
| TOTAL NET ASSETS | £39,881 | £797,421 | £837,302 |
| ============================ | |||
| 3. INCOME FROM INVESTMENTS | 2020 | 2019 | |
| This figure represents income from:- | |||
| Investments (Appendix A) | 25,833 | 35,008 | |
| Bank interest | 70 | 260 | |
| _____ | _____ | ||
| £25,903 | £35,268 | ||
| ===== | ===== |
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NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
ELIZA MARTHA BELL TRUST
4. CHARITABLE ACTIVITIES
Grants to societies and missions for the provision of recuperative holidays for Christian women workers, were as below:-
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| AIM International | 1,200 | 1,200 |
| Betel UK | 1,000 | 1,000 |
| Christian Witness to Israel | 1,000 | 1,000 |
| European Christian Mission | 1,500 | 1,500 |
| Gospel Literature Outreach | 900 | 900 |
| Interserve Fellowship Berhad | 700 | 700 |
| Interserve | 2,000 | 2,000 |
| Japan Christian Link | 1,300 | 1,300 |
| Keswick Convention Hospitality Fund | 1,800 | 1,800 |
| Latin Link | 1,500 | 1,500 |
| London City Mission | 1,600 | 1,600 |
| Malaysian Care | 700 | 700 |
| Operation Mobilization | 2,000 | 2,000 |
| Outreach UK | 1,100 | 1,100 |
| Overseas Missionary Fellowship International | 1,500 | 1,500 |
| Penhurst Retreat Centre | 1,000 | 1,000 |
| Pioneers | 1,200 | 1,200 |
| SIM UK | 3,000 | 3,000 |
| Soldiers' and Airmens' Scripture Readers Assoc. | 1,500 | 1,500 |
| The Navigators | 1,000 | 1,000 |
| The Leprosy Mission | 1,000 | 1,000 |
| UFM Worldwide | 1,500 | 1,500 |
| WEC International | 1,500 | 1,500 |
| Wycliffe Bible Translators | 2,000 | 2,000 |
| Youth with a Mission | 1,500 | 1,500 |
| _____ | _____ | |
| 35,000 | 35,000 | |
| Governance / support costs: | ||
| Accountancy and Examiner’s fee | 1,440 | 1,410 |
| _____ | _____ | |
| £36,440 | £36,410 |
====== ======
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
5. INVESTMENTS 2020 2019
| Fair value at 1 January 2020 | 888,874 | 801,536 | ||
|---|---|---|---|---|
| Less: | ||||
| Disposals at opening fair value | 25,552 | 21,198 | ||
| Proceeds from sale of rights | 1,901 | - | ||
| _____ | _____ | |||
| 27,453 | 21,198 | |||
| ______ | ______ | |||
| 861,421 | 780,338 | |||
| Add: | ||||
| Acquisitions at cost | 17,261 | 16,827 | ||
| Net gains (loss) on revaluation | ||||
| at 31 December 2020 | (85,074) | 91,709 | ||
| ______ | _____ | |||
| (67,813) | 108,536 | |||
| ______ | ______ | |||
| Fair value at 31 December 2020 | £793,608 | £888,874 | ||
| ======= | ====== | |||
| Historical cost as at 31 December 2020 | £483,248 | £490,528 | ||
| ======= | ====== |
Historical cost comprises either fair value at 31 December 1962 or subsequent cost.
The total net gain on investments during the year amounted to £95145 as below:-
| Loss on disposals | 10,071 | |||
|---|---|---|---|---|
| Gain on revaluation at | 31 | December | 2020 | 85,074 |
| _____ | ||||
| £95,145 | ||||
| ===== |
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ELIZA MARTHA BELL TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
| 6. | CASH | 2020 | 2019 |
|---|---|---|---|
| Cash held comprises: | |||
| Lloyds Bank : Current Account | 5,868 | 6,512 | |
| COIF Charities Deposit Account | 38,500 | 48,500 | |
| Cash with Charles Stanley, Stockbrokers | 1,702 | 5,323 | |
| _____ | _____ | ||
| £46,070 | £60,335 | ||
| ===== | ===== | ||
| Representing: | |||
| Investment funds | 4,749 | 8,507 | |
| Unallocated income | 41,321 | 51,828 | |
| _____ | _____ | ||
| £46,070 | £60,335 | ||
| ===== | ===== | ||
| 7. | ENDOWMENT FUND | 2020 | 2019 |
| Balance at 1 January 2020 | 896,273 | 810,312 | |
| Add: | |||
| Gains (losses) on investments | (95,145) | 90,344 |
|
| ______ | ______ | ||
| 801,128 | 900,656 | ||
| Less: | |||
| Stockbrokers’ fee | 3,707 | 4,383 | |
| ______ | ______ | ||
| Balance at 31 December 2020 | £797,421 | £896,273 | |
| ====== | ====== |
The fund is represented mainly by investments, the income from which is available for the general purposes of the trust.
8. TRUSTEES’ REMUNERATION AND EXPENSES
The trustees have received no remuneration and no expenses have been reimbursed to them during the year.
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ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2020
| GOVERNMENT STOCKS Treasury Stock £20000 2.5% index linked stock 2024 EQUITIES Astra Zeneca Plc 700 ordinary USD 0.25 shares Aviva Plc 4500 ordinary 25p shares Aviva Investors UK SVOS Ltd 8054.6968 Strategic Bond 5 Nav Unites BHP Billiton Plc 1000 ordinary USD0.50 shares Blackrock Commodities Income Inv Trust 30500 ordinary 1p shares Blackrock North American Inv Trust 5550 ordinary 1p shares British Land Plc 4000 ordinary 25p shares Bunzl 695 ordinary 0.32142857p shares CCLA Investment Management Ltd 5627.53 income shares Croda International Plc 470 ordinary 0.10609756p shares carried forward |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.20 01.01.20 and sale of rights) Sales Sales Proceeds 31.12.20 31.12.20 Income 60169 72239 60169 71332 1485 21593 53249 21593 51268 1512 23243 18842 23243 14634 270 7666 7894 7666 8243 219 16794 17768 16794 19250 917 31776 21533 31776 23912 1220 9909 10600 9909 9199 444 22640 25552 22640 25552 15481 256 16240 14352 16240 16979 357 25343 95267 25343 101360 2918 10909 24064 10909 31001 423 |
|---|---|
| 246282 361360 22640 25552 15481 223642 347178 10021 |
ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2020 (Continued)
| brought forward Direct Line Insurance Group Plc 3666 ordinary 0.109090909p shares Edinburgh Investment Trust 5000 ordinary 25p shares Experian Plc 1000 ordinary US$10 shares HSBC Plc 3500 ordinary US$0.50 shares Intercontinental Hotels Plc 418 0.208521303p shares Lloyds Banking Group Plc 17100 ordinary 1p shares Melrose Industries Plc 8450 ordinary 0.06857143p shares M&G Plc 1750 ordinary 5p shares M&G 2802 charifund income units Murray International Ltd 2825 ordinary 25p shares carried forward |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.20 01.01.20 and sale of rights) Sales Sales Proceeds 31.12.20 31.12.20 Income 246282 361360 22640 25552 15481 223642 347178 10021 11270 11456 11270 11695 799 18734 31300 18734 27300 1413 9399 25520 9399 27770 372 21895 20716 21895 13260 9819 21770 9819 19604 11355 10688 11355 6231 8298 20288 8298 15045 598 4151 598 3464 381 3662 46532 3662 38460 1877 24019 35595 24019 31922 1511 |
|---|---|
| 365331 589376 22640 25552 15481 342691 541929 16374 |
ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2020 (Continued)
| brought forward National Grid Plc 2814 ordinary 0.12431289p shares Prudential Corporation Plc 1750 ordinary 5p shares RIT Capital Partners Plc 1000 ordinary 1p shares Rolls Royce Plc 3000 ordinary 20p shares 4049 " " " Rights entitlement 4049 " " " Rights sold 5951" " " Rights bought 8951" " " C Shares (entitlement) Royal Dutch Shell Plc 1200 'B' shares Euro.07 Segro 1845 ordinary 10p shares Smiths (DS) Plc 3145 ordinary 10p shares Temple Bar Investment Trust 5000 ordinary 25p shares Unilever Plc 1068 ordinary 0.031111p shares carried forward |
Book Fair Purchases Fair Book Fair Value Value (Equalisation Cost of Value of Sale Value Value 01.01.20 01.01.20 and sale of rights) Sales Sales Proceeds 31.12.20 31.12.20 Income 365331 589376 22640 25552 15481 342691 541929 16374 13360 26573 13360 24341 1367 3746 25358 3746 23573 437 12247 21150 12247 20650 350 13570 20496 (1901) 1904 13573 9958 138 270 - 270 - 449 26874 449 15113 884 15357 15357 17483 127 14952 12083 14952 11781 - 10739 73800 10739 47750 2432 12597 46463 12597 46907 1552 447261 842173 15360 22640 25552 15481 439981 759485 23661 Appendix (Continued) |
|---|---|
ELIZA MARTHA BELL TRUST
SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2020 (Continued)
| Book | Fair | Purchases | Fair | Book | Fair | ||||
|---|---|---|---|---|---|---|---|---|---|
| Value | Value | (Equalisation | Cost of | Value of | Sale | Value | Value | ||
| 01.01.20 | 01.01.20 | and sale of rights) | Sales | Sales | Proceeds | 31.12.20 | 31.12.20 | Income | |
| brought forward | 447261 | 842173 | 15360 | 22640 | 25552 | 15481 | 439981 | 759485 | 23661 |
| Value & Income Trust | |||||||||
| 10845 ordinary 10p shares | 26789 | 30691 | 26789 | 20930 | 1312 | ||||
| Vodafone Group Plc | |||||||||
| 10909 common US$ 0.2095238 shares | 16478 | 16010 | 16478 | 13193 | 860 | ||||
| _________________ | |||||||||
| £490528 | £888874 | £15360 | £22640 | £25552 | £15481 | £483248 | £793608 | £25833 |
===========================================================================================================
Loss on realisation
£10071
======