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2021-12-31-accounts

ELIZA MARTHA BELL TRUST

TRUST ACCOUNTS

YEAR ENDED 31 DECEMBER 2021

ELIZA MARTHA BELL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

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 (Hon Secretary) M Smith Esq S D Francis - appointed 1 December 2021

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.

ELIZA MARTHA BELL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (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 2021 amounted to £885,985, on which an income of £29,306 was generated; equating to an average yield of approximately 3.5%. Overall, the investment portfolio has increased in value by 11.6% in the last twelve months, compared to a rise of 18.3% on the FTSE All Share Index and 18.4% on the FTSE 100 Index over the same period.

7. FINANCIAL REVIEW

The results for the year ended 31 December 2021 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.

ELIZA MARTHA BELL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (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

6 April 2022

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 2021, 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:

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:

have not been met; or

30/32 Gildredge Road M N Preece BA FCA DChA Eastbourne Chartered Accountant East Sussex Price & Company BN21 4SH

6 April 2022

ELIZA MARTHA BELL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year Unrestricted
Income Endowment Total Total
Note Funds Funds 2021 2020
£ £ £ £
Income from:
Investments 3 29,310 29,310 25,903
_____ _____ _____ _____
Total income 29,310 29,310 25,903
_____ _____ _____ _____
Expenditure on:
Raising funds:
Investment management costs
Stockbrokers’ fee 4,223 4,223 3,707
Charitable activities: 4 18,232 18,232 36,440
_____ _____ _____ _____
Total resources expended 18,232 4,223 22,455 40,147
_____ _____ _____ _____
Net gain (loss) on investments 5 113,485 113,485 (95,145)
_____ _ _ ______
Net movement in funds 11,078 109,262 120,340 (109,389)
Fund balances brought forward
at 1 January 2021 39,881 797,421 837,302 946,691
_____ ______ ______ ______
Fund balances carried forward
at 31 December 2021 £50,959
 £906,683 £957,642 £837,302
===== ======= ======= =======

ELIZA MARTHA BELL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Prior financial year Unrestricted
Income Endowment Total
Note Funds Funds 2020
£ £ £
Income from:
Investments 3 25,903 25,903
_____ _____ _____
Total income 25,903 25,903
_____ _____ _____
Expenditure on:
Raising funds:
Investment management costs
Stockbrokers’ fee 3,707 3,707
Charitable activities: 4 36,440 36,440
_____ _____ _____
Total resources expended 36,440 3,707 40,147
_____ _____ _____
Net gain (loss) on investments 5 (95,145) (95,145)
_____ ______ _____
Net movement in funds (10,537) (98,852) (109,389)
Fund balances brought forward
at 1 January 2020 50,418 896,273 946,691
_____ ______ ______
Fund balances carried forward
at 31 December 2020 £39,881 £797,421 £837,302
====== ======= =======

ELIZA MARTHA BELL TRUST

BALANCE SHEET AT 31 DECEMBER 2021

Notes 2021 2020
£ £ £ £
Investments 5 885,985 793,608
Current Assets
Cash 6 74,241 46,070
______ ______
74,241 46,070
Creditors :Amounts falling due within one year
Accruals 2,584 2376
_____ _____
Net current assets 71,657 43,694
_ _
Total assets less current liabilities £957,642 £837,302
======= =======
Represented by:-
Unrestricted funds:
Endowment Fund 7 906,683 797,421
Income Fund
Unallocated income 50,959 39,881
_ _
£957,642 £837,302
======= =======

Approved by the Trustees on 6 April 2022 and signed on their behalf by

Mr I H Ford - Chairman

The notes on pages 8 to 12 form part of these accounts.

ELIZA MARTHA BELL TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

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) (Effective 1 January 2019) 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.

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.

All incoming resources are included in the accounts on a receivable basis.

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.

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.

ELIZA MARTHA BELL TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

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 2021 are
represented by:- £ £ £
Investments 885,985 885,985
Current assets 52,441 21,800 74,241
Current liabilities (1,482) (1,102) (2,584)
____
TOTAL NET ASSETS £ 50,959 £906,683 £957,642
============================
3. INCOME FROM INVESTMENTS 2021 2020
This figure represents income from:-
Investments (Appendix A) 29,306 25,833
Bank interest 4 70
______ ______
£29,310 £25,903
===== =====

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

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:-

2021 2020
£ £
AIM International 600 1,200
Betel UK 500 1,000
Christian Witness to Israel 500 1,000
European Christian Mission 750 1,500
Gospel Literature Outreach 450 900
Interserve Fellowship Berhad 350 700
Interserve 1,000 2,000
Japan Christian Link 650 1,300
Keswick Convention Hospitality Fund 900 1,800
Latin Link 750 1,500
London City Mission 800 1,600
Malaysian Care 350 700
Operation Mobilization 1,000 2,000
Outreach UK 550 1,100
Overseas Missionary Fellowship International 750 1,500
Penhurst Retreat Centre 500 1,000
Pioneers 600 1,200
SIM UK 1,500 3,000
Soldiers' and Airmens' Scripture Readers Assoc. 750 1,500
The Navigators 500 1,000
The Leprosy Mission 500 1,000
UFM Worldwide 750 1,500
WEC International - 1,500
Wycliffe Bible Translators 1,000 2,000
Youth with a Mission 750 1,500
_____ _____
16,750 35,000
Governance / support costs:
Accountancy and Examiner’s fee 1,482 1,440
______ ______
£18,232 £36,440

====== ======

ELIZA MARTHA BELL TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

5. INVESTMENTS
 2021 2020
Fair value at 1 January 2021 793,608 888,784
Less:
Disposals at opening fair value 25,447 25,552
Proceeds from sale of rights/fractions 1,281 1,901
_____ _____
26,728 27,453
______ ______
766,880 861,421
Add:
Acquisitions at cost 8,796 17,261
Net gains (loss) on revaluation
at 31 December 2021 110,309 (85,074)
______ _____
119,105 (67,813)
_ _
Fair value at 31 December 2021 £885,985 £793,608
======= ======
Historical cost as at 31 December 2021 £469,910 £483,248
======= ======

Historical cost comprises either fair value at 31 December 1962 or subsequent cost.

The total net gain on investments during the year amounted to £113,485 as below:-

Profit on disposals 3,176
Gain on revaluation at 31 December 2021 110,309
_
£113,485
=======

ELIZA MARTHA BELL TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

6. CASH 2021 2020
Cash held comprises:
Lloyds Bank : Current Account 16,148 5,868
COIF Charities Deposit Account 38,500 38,500
Cash with Charles Stanley, Stockbrokers 19,593 1,702
_____ _____
£74,241 £46,070
===== =====
Representing:
Investment funds 21,800 4,749
Unallocated income 52,441 41,321
_____ ______
£74,241 £46,070
===== =====
7. ENDOWMENT FUND 2021 2020
Balance at 1 January 2021 797,421 896,273
Add:
Gains (losses) on investments 113,485
(95,145)
______ ______
910,906 801,128
Less:
Stockbrokers’ fee 4,223 3,707
______ _
Balance at 31 December 2021 £906,683 £797,421
====== ======

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.

ELIZA MARTHA BELL TRUST

SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2021

GOVERNMENT STOCKS
Treasury Stock
£20000 2.5% index linked stock 2024
EQUITIES
Astra Zeneca Plc
700 ordinary USD 0.25 shares
200“ “ “ “
500“ “ “ “
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
3850“ “ “
9400“ “ “
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
01.01.21
01.01.21
and sale of
rights)
Sales
Sales
Proceeds
31.12.21
31.12.21
Income
60,169
71,332
60,169
73,198
1,499
21,593
51,268
6,169
14,648
18,292
15,424
43,390
1,415
23,243
14,634
23,243
18,468
1,276
7,666
8,243
7,666
8,179
178
16,794
19,250
16,794
21,995
2,174
31,776
23,912
31,776
30,714
1,220
9,909
9,199
7,955
17,864
19,105
444
16,240
16,979
16,240
20,051
376
25,343
101,360
25,343
115,738
2,976
10,909
31,001
10,909
47,564
446
223,642
347,178
7,955
6,169
14,648
18,292
225,428
398,402
12,004

ELIZA MARTHA BELL TRUST

SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2021 (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
Following capital reduction and 9:10
consolidation now:
7605 ordinary 0.0761890476p 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
01.01.21
01.01.21
and sale of
rights)
Sales
Sales
Proceeds
31.12.21
31.12.21
Income
223,642
347,178
7,955
6,169
14,648
18,292
225,428
398,402
12,004
11,270
11,695
11,270
10,228
818
18,734
27,300
18,734
31,400
1,432
9,399
27,770
9,399
36,320
343
21,895
13,260
21,895
15,703
557
9,819
19,604
9,819
19,985
-
11,355
6,231
11,355
8,174
212
8,298
15,045
(1,267)
7,031
12,160
120
598
3,464
598
3,491
321
3,662
38,460
3,662
43,605
2,073
24,019
31,922
24,019
32,657
1,540
342,691
541,929
6,688
6,169
14,648
18,292
343,210
612,125
19,420

ELIZA MARTHA BELL TRUST

SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2021 (Continued)

brought forward
National Grid Plc
2814 ordinary 0.12431289p shares
Prudential Corporation Plc
1750 ordinary 5p shares – following demerger
Jackson Financial Inc
43 com US$0.01 class A shares
RIT Capital Partners Plc
1000 ordinary 1p shares
Rolls Royce Plc
895 ordinary 20p shares
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
01.01.21
01.01.21
and sale of
rights)
Sales
Sales
Proceeds
31.12.21
31.12.21
Income
342,691
541,929
6,688
6,169
14,648
18,292
343,210
612,125
19,420
13,360
24,341
13,360
29,823
1,383
3,746
23,573
(14)
3,732
22,304
1,044
841
841
841
735
12,247
20,650
12,247
27,500
353
13,843
9,958
13,843
9,958
9,596
449
15,113
449
19,469
1,716
15,357
17,483
15,357
26,503
361
14,952
11,781
14,952
12,070
380
10,739
47,750
10,739
55,400
1,875
12,597
46,907
12,597
42,138
1,576
439,981
759,485
7,515
20,853
25,447
28,623
426,643
847,332
27,108

ELIZA MARTHA BELL TRUST

SCHEDULE OF INVESTMENTS AND INCOME ARISING THEREON YEAR ENDED 31 DECEMBER 2021 (Continued)

Book Fair Purchases Fair Book Fair
Value Value (Equalisation Cost of Value of Sale Value Value
01.01.21 01.01.21 and sale of rights) Sales Sales Proceeds 31.12.21 31.12.21 Income
brought forward 439,981 759,485 7,515 20,853 25,447 28,623 426,643 847,332 27,108
Value & Income Trust
10845 ordinary 10p shares 26,789 20,930 26,789 26,407 1,345
Vodafone Group Plc
10909 common US$ 0.2095238 shares 16,478 13,193 16,478 12,246 852
_________________
£483,248 £793,608 £7,515 £20,853 £25,447 £28,623 £469,910 £885,985 £29,305

===========================================================================================================

Profit on realisation

£3,176 ======