2023-04-05-accounts

Charity number: 226747

MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

CONTENTS

	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 14

MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023

Trustees	LadyNeill,DL
	Mr N J A Hutton,MBE
	Dr C J Lawrenson
	Mrs S D Neill
	Mrs P M Jewitt
Charity registered number 226747 Principal office Marjorie Coote Old People's Charity Fund Barn Cottage Lindrick Common Worksop S81 8BA Contact Email: [e-mail] Website: neillcharities.com Accountants BHP LLP 2 Rutland Park Sheffield S10 2PD Bankers National Westminster Bank plc 42 High Street Sheffield S1 2GE Virgin Money plc Jubilee House Gosforth Newcastle-upon-Tyne NE3 4PL Solicitors Wrigleys Solicitors Derwent House 150 Arundel Gate Sheffield S1 2FN Investment advisors Investec Wealth & Investment Limited 61 Napier Street Sheffield S11 8HA Independent examiner Rachel Heath FCCA DChA BHP LLP 2 Rutland Park Sheffield S10 2PD

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their report and accounts for the year ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity Fund's Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (second edition - October 2019).

Structure, governance and management

a. Constitution

The Charity Fund was established by a Trust Deed dated 29 September 1958 with gifts made by Marjorie Wike Coote, a daughter of James Neill and an aunt of the late Sir Hugh Neill.

The Trustees who served during the year are: Lady Neill, DL Mr N J A Hutton, MBE Dr C J Lawrenson Mrs S D Neill Mrs P M Jewitt

b. Methods of appointment or election of Trustees

Trustees are appointed by existing Trustees with the appointment being confirmed in writing.

All Trustees give their time freely and no Trustee was remunerated in the year.

c. Financial risk management

The principal risks to which the charity is exposed are the security and performance of the investments and cash. The Trustees are satisfied that they have arrangements in place to mitigate those risks.

Objectives and activities

a. Policies and objectives

Marjorie Coote Old People's Charity Fund is to be applied by the Trustees in such manner as they shall in their absolute discretion think fit for the benefit of old people of small means who were born in, or have resided for not less than 20 years in, the area of jurisdiction of the Company of Cutlers in Hallamshire, this being substantially the same as the County of South Yorkshire. Please note however that Doncaster lies outside the funding area.

The Trustees provide benefit in two ways. Firstly, it is the policy of the Trustees to concentrate their support mainly on established charitable organisations which work actively for the benefit of old people in the area of jurisdiction. Secondly, the Trustees give sympathetic consideration to requests from organisations for one-off grants to meet start up costs, capital costs offering long-term benefits, or costs arising from unforeseen circumstances.

The Trustees will in future, meet in September each year to consider appeals, which should be submitted by email during the month of July. Appeals received at other times of the year are deferred until the following September unless they require consideration for an urgent "one off'' grant for a specific project.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

Objectives and activities (continued)

b. Public benefit

The Trustees have complied with the duty In section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Details of the activities carried out to deliver a public benefit are set out in the achievements and performance section below.

Achievements and performance

a. Main achievements of the charity

During the year, the Trustees provided financial support totalling £137,250 to 24 organisations. Details of support and the grants made are set out in the notes to the accounts.

Financial review

a. Review of the year

The attached accounts show the current state of the charity's finances.

Total income for the year was £153,088 (2022: £143,175).

Total expenditure for the year was £163,634 (2022: £150,007). Investment management costs were £18,432 (2022: £18,583). Grants to institutions were £137,250 (2022: £125,750). Support costs were £7,952 (2022: £5,674).

Net expenditure for the year was £219,257 (2022: £215,587 net income) after taking into account the losses on investment assets of £208,711 (2022: £222,419 gains). There was a deficit on the unrestricted fund of £453 (2022: £20,806 surplus) and a loss on the endowment fund of £218,804 (2022: £194,781 surplus).

Total funds carried forward at 5 April 2023 are £3,443,085 (2022: £3,662,342) of which endowment funds are £3,182,331 (2022: £3,401,135) and unrestricted funds are £260,754 (2022: £261,207).

The Trustees consider the overall finances of the charity to be sound.

b. Reserves policy

At 5 April 2023 the charity had unrestricted reserves amounting to £260,754. The Trustees consider it to be prudent to hold reserves of this order partly so that the level of grants in the immediate future can be sustained in the event of any unforeseen fall in incoming resources and partly to enable the Trustees to make one or more particularly substantial grants without prejudicing the normal pattern of grant making.

c. Going concern

There are no material uncertainties in relation to going concern. Further details about the adoption of the going concern basis are given in note 1.2 to the accounts.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

d. Investment policy

The expendable endowment fund assets are held substantially in quoted securities covering a diversified range of assets including Fixed Interest, UK and Overseas Equities, Commercial Property and Alternative Investments.

The investment objective is to maximise the funds of the charity through a mixture of the above assets, achieving a level of income commensurate to the asset mix and capital growth ahead of inflation over time. This objective should be achieved undertaking only a moderate level of risk. Around 60% of the unrestricted income fund is currently held in quoted securities.

The balance of the expendable endowment fund and the unrestricted income fund is held in cash on deposit.

The Trustees' investments are managed by the investment advisors on a discretionary basis.

e. Asset cover for funds

Note 11 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity's obligations on a fund by fund basis.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' 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 & 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 its incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP 2019 (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 Charity (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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Lady Neill DL

Date:

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 5 APRIL 2023

Independent Examiner's Report to the Trustees of Marjorie Coote Old People's Charity Fund ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2023.

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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me 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.

Signed:

Dated:

Rachel Heath FCCA DChA

BHP LLP 2 Rutland Park Sheffield S10 2PD

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Raising funds 3 Charitable activities: 4,5 Grants to institutions Support costs Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 153,088 153,088 - 137,250 7,952 145,202 7,886 (8,339) (453) 261,207 (453) 260,754	Endowment funds 2023 £ - - 18,432 - - 18,432 (18,432) (200,372) (218,804) 3,401,135 (218,804) 3,182,331	Total funds 2023 £ 153,088 153,088 18,432 137,250 7,952 163,634 (10,546) (208,711) (219,257) 3,662,342 (219,257) 3,443,085	Total funds 2022 £ 143,175
				143,175 18,583 125,750 5,674
				150,007 (6,832) 222,419
				215,587 3,446,755 215,587
				3,662,342

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure amounts relate to continuing activities.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

BALANCE SHEET

AS AT 5 APRIL 2023

Note Fixed assets Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Endowment funds 10 Unrestricted funds 10 Total funds	132,246 132,246 (3,834)	2023 £ 3,314,673 3,314,673 128,412 3,443,085 3,182,331 260,754 3,443,085	124,360 124,360 (3,834)	2022 £ 3,541,816
				3,541,816 120,526
				3,662,342
				3,401,135 261,207
				3,662,342

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Lady Neill, DL

Date:

The notes on pages 8 to 14 form part of these financial statements.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Marjorie Coote Old People's Charity Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity and rounded to the nearest £.

1.2 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.

The charity has sufficient reserves to enable it to continue for the foreseeable future. Therefore, the trustees believe it is appropriate for the financial statements to be prepared on the going concern basis.

1.3 Income

Dividends and interest are taken into account in the year in which they are received.

1.4 Expenditure

Expenditure is included on an accruals basis inclusive of any irrecoverable VAT.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

AlI governance and secretarial costs are akin to support costs under SORP 2019 (FRS 102). All costs other than investment fees are therefore shown as support costs under charitable expenditure.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies (continued)

1.5 Taxation

The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.6 Investments

Investments are included at their market value on 5 April and the unrealised net gains or losses arising from the revaluation are recognised in the Statement of Financial Activities.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Fund accounting

Expendable Endowment Fund

This fund represents the value of the original gift to the charity in 1958, together with the net investment gains, realised and unrealised, since that time.

This comprises funds that may be held in perpetuity which the Trustees are able to use in accordance with the charitable objects detailed in the Trust Deed. Therefore the Trustees consider that the capital should be regarded as expendable endowment.

Unrestricted Income Fund

These are the reserves which the Trustees are free to use in accordance with the charity's objectives.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

2. Investment income

Income from listed investments Interest receivable Total 2022	Unrestricted funds 2023 £ 152,836 252 153,088 143,175	Total funds 2023 £ 152,836 252 153,088 143,175	Total funds 2022 £ 143,160 15
			143,175

3. Raising funds

Investment management costs Total 2022 Grants payable Grants to institutions Total 2022	Endowment funds 2023 £ 18,432 18,583 Unrestricted funds 2023 £ 137,250 125,750	Total funds 2023 £ 18,432 18,583 Total funds 2023 £ 137,250 125,750	Total funds 2022 £ 18,583
			Total funds 2022 £ 125,750

4. Grants payable

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

4. Grants payable - continued

Grants to institutions comprise: Age UK Barnsley Age UK Rotherham Age UK Sheffield Age UK Sheffield (Dementia Wellbeing Centres) Active for Life Solutions CIC Asthma Relief BIADS Carmel Care Centre Carers UK Cavendish Cancer Care Doncaster Mind Heeley City Farm Ignite Imaginations Lost Chord Manor Community Transport Motor Neurone Disease Association Making Space Paces Sheffield Reengage Royal Voluntary Service Sheffield Churches' Council for Community Care Sheffield Hospital Charity Sheffield Royal Society for the Blind Sheffield Dial a Ride Club St Luke's Hospice St Wilfrid's Centre St Mary's Community Centre St Paul's Wordsworth Avenue (Capital appeal) Stocksbridge Community Care Group Ltd The Broomgrove Trust Voluntary Action Sheffield	2023 £ 11,000 11,000 22,000 - 2,500 - 5,000 2,000 - 15,000 - - 2,000 2,000 1,000 2,000 - 500 500 500 3,000 1,250 1,000 10,000 25,000 3,500 2,500 2,000 2,000 - 10,000 137,250	2022 £ 10,000 10,000 20,000 10,000 - 250 - - 3,000 15,000 1,000 3,000 - - - - 1,000 - 500 - - - - 10,000 25,000 3,000 - - 1,000 3,000 10,000
		125,750

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

5. Support costs

Accountancy charges Independent examination charges Bank charges Legal charges Administration costs	2023 £ 3,282 552 29 - 4,089 7,952	2022 £ 3,282 552 22 1,567 251
		5,674

6. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 5 April 2023, expenses totalling £147 were reimbursed or paid directly to 1 Trustee (2022 - £251 to 1 Trustee) in respect of postage, stationery and other office costs during the year.

7. Employees

There were no employees during either year.

8. Fixed asset investments

	Unrestricted funds	Endowment funds	Total 2023	Total 2022
	£	£	£	£
Listed investments:
At 6 April 2022	157,047	3,377,027	3,534,074	3,323,758
Additions	19,770	498,833	518,603	95,562
Disposals	(19,770)	(520,871)	(540,641)	(107,665)
Revaluations	(8,339)	(200,372)	(208,711)	222,419
At 5 April 2023	148,708	3,154,617	3,303,325	3,534,074
Investment cash	-	11,348	11,348	7,742
At 5 April 2023	148,708	3,165,965	3,314,673	3,541,816
Historical cost	114,258	2,641,931	2,756,189	2,668,641

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

9. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Accruals	3,834	3,834

10. Statement of funds

Statement of funds - current year

Unrestricted funds General funds Endowment funds Expendable endowment fund Total of funds Statement of funds - prior year Unrestricted funds General funds Endowment funds Expendable endowment fund Total of funds	Balance at 6 April 2022 £ 261,207 3,401,135 3,662,342 Balance at 1 April 2021 £ 240,401 3,206,354 3,446,755	Income £ 153,088 - 153,088 Income £ 143,175 - 143,175	Expenditure £ (145,202) (18,432) (163,634) Expenditure £ (131,424) (18,583) (150,007)	Gains/ (Losses) £ (8,339) (200,372) (208,711) Gains/ (Losses) £ 9,055 213,364 222,419	Balance at 5 April 2023 £ 260,754
					3,182,331
					3,443,085
					Balance at 5 April 2022 £ 261,207
					3,401,135
					3,662,342

Descriptions for the above funds can be found in the accounting policy in note 1.11.

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MARJORIE COOTE OLD PEOPLE'S CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

11. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 148,708 115,880 (3,834) 260,754	Endowment funds 2023 £ 3,165,965 16,366 - 3,182,331	Total funds 2023 £ 3,314,673 132,246 (3,834) 3,443,085

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 157,047 107,994 (3,834) 261,207	Endowment funds 2022 £ 3,384,769 16,366 - 3,401,135	Total funds 2022 £ 3,541,816 124,360 (3,834) 3,662,342

12. Related party transactions

The charity paid £25,000 (2022: £25,000) to St Luke's Hospice of which Lady Neill, DL is President.

The charity paid £10,000 (2022: £10,000) to Sheffield Dial A Ride Club of which Mr N J A Hutton, MBE is a Trustee. The charity paid £22,000 (2022: £30,000) to Age UK Sheffield of which Mr N J A Hutton, MBE is President.

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