## **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. - 1 - ## **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. - 2 - ## **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 - 3 - ## **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 - 4 - ## **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**| |||**=====**|**======**|**======**|**======**| - 5 - ## **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**| |||**=====**|**======**|**======**| - 6 - ## **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. - 7 - ## **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. - 8 - ## **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| |||=====|=====| - 9 - **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| ====== ====== - 10 - ## **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| |||||=====| - 11 - ## **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. - 12 - ## **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 ======